Forward Air Corp (Delaware) (FWRD) 2025 Q1 法說會逐字稿

Welcome to the Forward Air's first quarter 2025 earnings conference call.

歡迎參加 Forward Air 2025 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Tony Carrino, Senior Vice President of Treasury and Investor Relations.

（操作員指示）現在，我想將電話轉給財務和投資者關係高級副總裁 Tony Carrino。

Thank you, operator, and good afternoon everyone. Welcome to Forward Air's first quarter of 2025 earnings conference call. With us this afternoon are Shawn Stewart, Chief Executive Officer; and Jamie Pierson, Chief Financial Officer. By now you should have received a press release announcing Forward Air's first quarter of 2025 results, which was also furnished to the SEC on Form 8-K.

謝謝接線員，大家下午好。歡迎參加 Forward Air 2025 年第一季財報電話會議。今天下午與我們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)。現在您應該已經收到了一份新聞稿，宣布 Forward Air 2025 年第一季的業績，該新聞稿也以 8-K 表格的形式提交給了美國證券交易委員會 (SEC)。

We've also furnished a slide presentation outlining first quarter of 2025 earnings highlights and a 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 ir.forwardaircorp.com.

我們還提供了幻燈片演示，概述了 2025 年第一季的盈利亮點和業務更新。本次電話會議的新聞稿和投影片簡報均可在 Forward Air 網站 ir.forwardaircorp.com 的投資者關係部分查閱。

Please be aware that certain statements in the company's 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.

請注意，公司發佈公告和本次電話會議中的某些聲明屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。這包括基於對公司未來業績的預期、意圖和預測的聲明。

Anticipated events or trends and other matters that are not historical facts, including statements regarding our fiscal year 2025. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause extra results to differ materially from those expressed or implied by such forward-looking statements.

預期事件或趨勢以及其他非歷史事實的事項，包括有關我們 2025 財年的聲明。這些聲明並非對未來績效的保證，並且受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致額外結果與此類前瞻性聲明所表達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 this earnings call. Listeners are cautioned not to place undue influence on these forward-looking statements which speak only as of the date of the call.

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。以及與本次收益電話會議相關的新聞稿和投影片簡報。敬請聽眾不要對這些前瞻性陳述產生不當影響，因為這些陳述僅代表通話當日的觀點。

The company takes no obligation to update any forward-looking statements, whether the results of new information, future events, or otherwise unless required by law. 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-gap measures internally to understand, manage, and evaluate our business and make operating decisions.

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，無論是新資訊的結果、未來事件或其他情況。通話期間，也可能討論不符合美國公認會計原則或 GAAP 的財務指標。管理層在內部使用無差距指標來了解、管理和評估我們的業務並做出營運決策。

Definitions and reconciliations of these non-gap measures to their most directly comparable GAAP measures are included in today's press release and slide presentation.

今天的新聞稿和幻燈片簡報中包含了這些非差距指標與其最直接可比較的 GAAP 指標的定義和對帳。

I will now turn the call over to Shawn.

現在我將電話轉給肖恩。

Good afternoon, everyone.

大家下午好。

Before I get into the substance of today's call, I want to take a moment to thank our customers for their trust and loyalty during this unprecedented time in the global logistics market. We have always prided ourselves in solving our customers' problems and it is during these times when we can add the most value to their supply chains. So with that, thank you. I appreciate you entrusting us with your business.

在我開始今天電話會議的實質內容之前，我想花點時間感謝我們的客戶在全球物流市場前所未有的時期給予我們的信任和忠誠。我們始終以解決客戶的問題而自豪，正是在這些時候，我們可以為他們的供應鏈增加最大的價值。就這樣吧，謝謝大家。感謝您將業務委託給我們。

I also want to thank our employees around the world for their dedication to meeting our customers' needs on such a consistent basis. Our employees set the industry standard for exemplary service and commitment to best in class service. To our shareholders and lenders, thank you for investing your time and money in our company.

我還要感謝我們遍佈全球的員工始終如一地致力於滿足客戶的需求。我們的員工為模範服務和提供一流服務的承諾樹立了行業標準。對於我們的股東和債權人，感謝你們為我們公司投入時間和金錢。

We communicate with you on a regular basis, and I sincerely appreciate your belief in our team and in the transformation journey that we are on. As you have heard from us in the past, we are committed to increasing transparency into our business. We are excited to share our new investor slide presentation that matches how we view the new combined business, which also provides direction on how we intend to report on the business by the end of the year.

我們定期與您溝通，我真誠地感謝您對我們團隊以及我們所經歷的轉型之旅的信任。正如您過去聽到的，我們致力於提高業務透明度。我們很高興與投資者分享我們的新幻燈片演示，該演示符合我們對新合併業務的看法，同時也為我們打算如何在年底前報告業務提供了方向。

Continuing on the theme of transparency as we look to the remainder of 2025 and into 2026, we expect to have fully integrated the two legacy companies and be progressing down the path of transforming the company from a tangled web of global legal entities with multiple and sometimes duplicative technology systems to a more streamlined entity with the appropriate level of support and simplicity to grow the business.

展望 2025 年剩餘時間和 2026 年，我們將繼續以透明度為主題，期望完全整合兩家傳統公司，並逐步將公司從擁有多個甚至有時重複的技術系統的錯綜複雜的全球法律實體網絡轉變為一個更加精簡的實體，並提供適當的支持和簡化流程以發展業務。

With this backdrop, our goal is to double the business over the next five years, going from the $2.5 billion revenue entity that it is today to $5 billion. Obviously, that assumes that we return to a normal freight environment and the macro headwinds do not persist for an extended period. While we are in uncertain times, what is certain is the tremendous opportunity we have ahead of us. It is an exciting time to lead our company as we continue to transform Forward Air into a global logistics leader.

在此背景下，我們的目標是在未來五年內將業務規模翻一番，從目前的 25 億美元收入增加到 50 億美元。顯然，這假設我們恢復到正常的貨運環境，而宏觀逆風不會持續很長一段時間。儘管我們處於不確定的時期，但可以肯定的是，我們面前有著巨大的機會。這是一個令人興奮的時刻，我們將繼續帶領公司將 Forward Air 打造為全球物流領導者。

With that, I want to cover three topics on today's call. First, review our first quarter consolidated results. Second, share an update on the actions to improve the expedited freight segment. And third, provide an overview of our sales by service and by region before turning the call over to Jamie to cover the financial results in more detail.

因此，我想在今天的電話會議上討論三個主題。首先，回顧一下我們第一季的綜合業績。第二，分享改善快速貨運領域行動的最新進展。第三，在將電話轉給 Jamie 更詳細地介紹財務結果之前，請先概述我們按服務和按地區劃分的銷售情況。

Starting with the results. We had a solid quarter and reported a consolidated EBITDA of $69 million compared to $63 million a year ago. On a sequential basis, the results are consistent with the $69 million we reported in the fourth quarter of last year. With the year-over-year improvement, the last 12 months consolidated EBITDA was $313 million. Importantly, we generated positive free cash flow during the first quarter and increased liquidity by $11 million to $393 million.

從結果開始。本季我們表現穩健，合併 EBITDA 為 6,900 萬美元，去年同期為 6,300 萬美元。以環比計算，這一結果與我們去年第四季報告的 6900 萬美元一致。隨著同比的改善，過去 12 個月的合併 EBITDA 達到 3.13 億美元。重要的是，我們在第一季產生了正的自由現金流，並將流動性增加了 1,100 萬美元，達到 3.93 億美元。

Second, a key area of emphasis has been on correcting the previous pricing strategies at the Expedited Freight segment that focus more on growth than profitability.

其次，重點關注的領域是糾正加急貨運部門先前的定價策略，該策略更注重成長而不是獲利。

As previously communicated, we began taking corrective pricing actions during the fourth quarter of 2024 and finished implementing the improvement strategy in February of this year. We're pleased to share that in the back half of the quarter, we began to see the improvement that we were anticipating. As expected and shared on the last earnings call, we shed some of the poorly priced freight from our network as a result of our pricing actions, which leads to some additional capacity in our network.

如同先前所傳達的，我們於 2024 年第四季開始採取糾正定價措施，並於今年 2 月完成實施改善策略。我們很高興地告訴大家，在本季後半段，我們開始看到我們所預期的改善。正如預期和上次收益電話會議上所分享的，由於我們的定價行動，我們從網路中剔除了一些價格低廉的貨運，從而增加了我們的網路容量。

What is incredible was the team's ability to cut costs in line with the decrease in volume on an almost real-time basis, which led to a 10.4% reported EBITDA margin for the quarter up almost 400 basis points from last quarter.

令人難以置信的是，該團隊能夠幾乎即時地根據銷量的下降削減成本，這使得本季度的 EBITDA 利潤率達到 10.4%，比上一季高出近 400 個基點。

I have been very clear that it usually takes months to rectify a single poor pricing decision and shedding unprofitable freight as part of the process. While we all know that there was additional opportunity in the Expedited Freight segment's margin, I am very proud of how our team reacted and handled a very difficult situation especially when you consider the incredible volatile environment in which they did it in. This quarter's results affirm my view that the fundamentals are intact. The Expedited Freight segment includes one of the largest expedited LTL networks in North America and is an industry leader in serving time-critical and high-value freight.

我已經非常清楚，糾正一個錯誤的定價決策並在此過程中淘汰無利可圖的貨運通常需要幾個月的時間。雖然我們都知道加急貨運部門的利潤率還有額外的機會，但我對我們的團隊如何應對和處理非常困難的情況感到非常自豪，特別是當你考慮到他們所處的令人難以置信的動盪環境時。本季的業績證實了我的觀點，基本面完好無損。加急貨運部門包括北美最大的加急零擔貨運網絡之一，在服務時間緊迫和高價值貨運方面處於行業領先地位。

We believe the quality of service we provide will be the driver of customer retention, growth and ultimately pricing and profitability. The third topic is providing additional detail on our revenue, both in terms of service provided and customer region. With the first year as a combined company behind us, we plan to go to market and eventually transition to reporting our financial results by service as we move away from the legacy legal reporting structure. The four main products consist of ground transportation, air and ocean Fording, intermodal drayage, warehousing and value-added services.

我們相信，我們提供的服務品質將成為客戶保留、成長以及最終定價和利潤的驅動力。第三個主題是提供有關我們收入的更多詳細信息，包括所提供的服務和客戶區域。作為一家合併後的公司，我們已經度過了第一年，我們計劃進入市場並最終過渡到透過服務報告我們的財務業績，擺脫傳統的法律報告結構。四大主要產品包括地面運輸、空運及海運涉水、多式聯運、倉儲及加值服務。

Based on our 2024 consolidated revenue, approximately 70% of our business was attributable to ground transportation business in North America across our legacy Forward and omni businesses. This includes less than truckload, pickup and delivery, truckload brokerage services. Approximately 12% of our 2024 revenue was from Air and Ocean Forwarding with another approximately 9% from our intermodal drayage business.

根據我們 2024 年的合併收入，我們約 70% 的業務歸因於我們傳統的 Forward 和 Omni 業務在北美的地面運輸業務。這包括零擔運輸、提貨和送貨、整車經紀服務。我們 2024 年營收的約 12% 來自空運和海運代理業務，另外約 9% 來自我們的多式聯運短程運輸業務。

The final product category is warehousing and value-added services, which also is approximately 9%. Supplementing these products is our customs brokerage that we're able to integrate as needed. You can see the summary of the product breakout on Pages 7 and 8 of the slide presentation issued today.

最後一個產品類別是倉儲和加值服務，也佔約 9%。作為這些產品的補充，我們可以根據需要整合報關服務。您可以在今天發布的幻燈片簡報的第 7 頁和第 8 頁上看到產品細分的摘要。

As for our revenue by region, utilizing 2024 calendar year customer billing data, we estimate that approximately 88% of our revenue is attributable to customers build in the United States. Another estimated 7% of our revenue is from customers built in Asia Pacific region, while approximately 4% is from customers build in North, Central and South America, excluding the United States.

至於我們按地區劃分的收入，利用 2024 日曆年的客戶帳單數據，我們估計大約 88% 的收入來自美國的客戶。另外，我們約有 7% 的收入來自亞太地區的客戶，約有 4% 的收入來自北美、中美和南美（不包括美國）的客戶。

Finally, less than 1% of our revenue is from customers built in Europe, the Middle East and Africa. You can see a summary of the estimated revenue by region on Page 9 of the slide presentation. Please note that we do not have information on our customers' shipments points of origin, especially as it pertains to our Intermodal segment.

最後，我們的收入中不到 1% 來自歐洲、中東和非洲的客戶。您可以在投影片簡報的第 9 頁看到按地區劃分的預計收入摘要。請注意，我們沒有關於客戶貨物原產地的信息，特別是與我們的聯運部分有關的信息。

In pursuit of continuing to improve the transparency of our disclosures, I hope you find the additional information helpful to your understanding of what this combined business is capable of. When you combine the services we offer with our global reach, we believe Forward Air is uniquely positioned and it separates us from the competitors and sets the stage for growth. We have more than 250 facilities in 21 countries and can offer our customers one-stop shopping and single point of contact with end-to-end international services for specialized products.

為了持續提高我們資訊揭露的透明度，我希望這些附加資訊能幫助您了解合併後的業務能夠發揮什麼作用。當我們提供的服務與我們的全球影響力結合時，我們相信 Forward Air 具有獨特的優勢，這使我們有別於競爭對手，並為我們的成長奠定基礎。我們在 21 個國家/地區擁有 250 多家工廠，可以為客戶提供一站式購物和單一聯絡點以及專業產品的端到端國際服務。

As we look ahead, I am very excited about our sales opportunities to drive growth and margin expansion.

展望未來，我對我們的銷售機會感到非常興奮，這將推動成長和利潤率的擴大。

With that, I will now turn the call over to Jamie to go through the results for the first quarter.

說完這些，我現在將電話轉給傑米，讓他來報告第一季的業績。

Thanks, Shawn, and good afternoon, everyone. As Shawn already stated, we reported solid results in the first quarter of this year with $613 million in revenue which was at 13.2% or $71 million increase on a required GAAP basis as compared to the first quarter of the prior year. The increase in revenue was primarily driven by the Omni acquisition that closed on January 25 of last year.

謝謝，肖恩，大家下午好。正如肖恩所說，我們今年第一季的業績表現穩健，收入為 6.13 億美元，與去年同期相比，以 GAAP 計算增長了 13.2%，即 7,100 萬美元。營收的成長主要得益於去年 1 月 25 日完成的 Omni 收購。

Since we did not own Omni for the entire first quarter of '24, I will also include comparisons for the Omni segment on a sequential basis. The good news is that this is the last time that I'm going to have to say that next quarter will be our first fully comparative period.

由於我們並沒有在 2024 年整個第一季度擁有 Omni，因此我還將按順序對 Omni 部門進行比較。好消息是，這是我最後一次說下個季度將是我們第一個完全比較的時期。

However, back to the point and on a more sequential and comparative basis, consolidated revenue decreased 3.1% or $20 million from $633 million in the fourth quarter of last year to $613 million this quarter. As for our 3 reporting segments, Expedited Freight, Omni Logistics and Intermodal, revenue at Expedited Freight decreased $24 million or 8.8% to $249 million from the previous year's comparable quarter of $273 million. The decrease was driven by a 10.9% decrease in year-over-year tonnage per day and one less business day in the first quarter of 2025 compared to the first quarter of 2024.

然而，回到正題，從連續和比較的角度來看，綜合收入從去年第四季的 6.33 億美元下降到本季的 6.13 億美元，降幅為 3.1% 或 2,000 萬美元。至於我們的三個報告部門，即特快貨運、全物流和多式聯運，特快貨運的收入較去年同期的 2.73 億美元減少了 2,400 萬美元，即 8.8%，至 2.49 億美元。造成這一下降的原因是，2025 年第一季的每日噸位同比下降了 10.9%，與 2024 年第一季相比，工作日減少了一個。

And that was partially offset by a 2.5% increase in revenue per hurdle weight, excluding fuel. You can see the revenue per hundredweight by quarter on Slide 14 of today's presentation. The 2.5% increase outperformed the LTL industry average on a year-over-year basis, as did the 4.3% sequential increase from the fourth quarter to the first quarter.

但這成長被每欄重量收入（不包括燃料）2.5%的增幅所部分抵銷。您可以在今天簡報的第 14 張投影片上看到每英擔按季度計算的收入。2.5% 的增幅超過了 LTL 行業同比平均水平，而第四季度與第一季相比連續 4.3% 的增幅也超過了 LTL 行業平均水平。

At Omni Logistics, revenue in the first quarter increased by $99 million to $323 million compared to the $224 million a year ago. Again, the increase was primarily due to the 24 days of less ownership in 1Q 24 compared to 1Q 25. More relevantly, however, on a sequential basis, the first quarter revenue of $323 million was essentially flat to the fourth quarter 2024 revenue of $326 million.

Omni Logistics 第一季的營收從去年同期的 2.24 億美元增加了 9,900 萬美元，達到 3.23 億美元。再次，這一增長主要是由於 2024 年第一季與 2025 年第一季相比，持有時間減少了 24 天。但更相關的是，以環比計算，第一季 3.23 億美元的營收與 2024 年第四季 3.26 億美元的營收基本持平。

Revenue in the Intermodal segment in the first quarter increased $6 million or 11% to $62 million compared to the prior year's comparable $56 million. The increase is attributable to a 7.4% increase in revenue per shipment and a 2.9% increase in the number of trade shipments. As you heard from Shawn, consolidated EBITDA as defined in our credit agreement was $69 million or 11.2% margin compared to the $63 million or 10.2% margin on a pro forma basis a year ago.

第一季多式聯運部門的營收與去年同期的 5,600 萬美元相比增加了 600 萬美元，增幅為 11%，達到 6,200 萬美元。這一增長歸因於每批貨物收入增加 7.4% 以及貿易貨物數量增加 2.9%。正如肖恩所說，根據我們的信貸協議定義，合併 EBITDA 為 6,900 萬美元，利潤率為 11.2%，而去年同期的預測利潤率為 6,300 萬美元，利潤率為 10.2%。

With the Omni acquisition closing in the first quarter of last year, there were a ton of transaction-related expenses. And as promised, we are now seeing the quality of earnings to improve when compared to the last year's comparative period. To that end, and as usual, we have detailed the information used to build up the consolidated EBITDA results on Page 28 of the presentation.

隨著去年第一季 Omni 收購交易的完成，產生了大量與交易相關的費用。正如承諾的那樣，與去年同期相比，我們現在看到盈利品質有所提高。為此，與往常一樣，我們在簡報的第 28 頁詳細說明了用於建立合併 EBITDA 結果的資訊。

Turning to cash flow, cash and liquidity, we reported $28 million in positive cash flow from operations in the first quarter, which was a $79 million improvement compared to the $52 million of cash used by operations a year ago. On a sequential basis, that same $28 million in positive cash flow from ops in the first quarter is a $51 million improvement compared to the $23 million in cash used by operations in the fourth quarter of last year.

談到現金流、現金和流動性，我們報告第一季營運現金流為 2,800 萬美元，與去年同期營運現金流 5,200 萬美元相比增加了 7,900 萬美元。以環比計算，第一季營運現金流為 2,800 萬美元，較去年第四季營運現金流 2,300 萬美元成長 5,100 萬美元。

As for liquidity, we ended the fourth quarter with almost $400 million in total liquidity. Specifically, $393 million, which was comprised of $116 million in cash and $277 million in availability under the revolver. This represents an $11 million improvement compared to the end of the fourth quarter of last year. And as usual, and commensurate with my past practice, I would like to leave you with a few additional thoughts for the quarter.

至於流動性，截至第四季末，我們的總流動性接近 4 億美元。具體來說，3.93 億美元包括 1.16 億美元現金和 2.77 億美元循環信貸額度。與去年第四季末相比，這一數字增加了 1,100 萬美元。像往常一樣，並按照我過去的做法，我想給你們留下一些關於本季的額外想法。

The first of which is an update on our consolidated first lien net leverage ratio. As one of the only financial covenants in our credit facility, net debt to consolidated LTM EBITDA was 5.3x compared to a maximum reliable level of 6.75x. The good news is both cash and LTM consolidated EBITDA were up sequentially, which led to a $66 million cushion at the end of the quarter. This is an improvement of $7 million when compared to the $59 million of implied cushion at the end of the fourth quarter of last year.

首先是我們的合併第一留置權淨槓桿率的更新。作為我們信貸安排中僅有的財務契約之一，淨債務與合併長期EBITDA之比為5.3倍，而最高可靠水準為6.75倍。好消息是，現金和長期EBITDA均較上季成長，導致本季末形成了6,600萬美元的緩衝。與去年第四季末的 5,900 萬美元隱含緩衝相比，這一數字增加了 700 萬美元。

Point 2 is our continued focus on cash conversion and liquidity. We Cash flow from ops and thus cash increased quarter-over-quarter, leaving us again with a little less than $400 million in total liquidity at the end of the quarter. Given our cash flow performance and our current $393 million liquidity, we believe we're in very good shape today.

第二點是我們繼續關注現金轉換和流動性。我們的經營活動現金流和現金環比增加，導致本季末我們的總流動資金略低於 4 億美元。鑑於我們的現金流表現和目前 3.93 億美元的流動資金，我們相信我們目前的狀況非常好。

Point 3, as provided by Shawn in his opening remarks, you now have an overview of our sales by service and by region around the world. We know that you've been asking for more details on what the combined company looks like. And I think this quarter's earnings presentation is a huge step in that direction. And as for the potential impact of tariffs, I'm going to still align from one of my peers and say that you would have to be nostrodomis to actually know what the future holds.

第三點，正如 Shawn 在開場白中提到的，現在您已經對我們在全球按服務和按地區劃分的銷售情況有了大致的了解。我們知道您一直在詢問有關合併後公司情況的更多詳細資訊。我認為本季的收益報告朝著這個方向邁出了一大步。至於關稅的潛在影響，我仍然會與我的一位同行一致認為，你必須是預言家才能真正知道未來會發生什麼。

However, we do not believe that we're overly exposed to any one region around the world outside of the United States with approximately 1% of our 2024 revenue coming out of customers build in Mainland China and approximately 5% from customers build in Hong Kong.

然而，我們認為我們不會過度依賴美國以外的全球任何一個地區，我們 2024 年約 1% 的收入來自中國大陸的客戶，約 5% 來自香港的客戶。

In my opinion, the real impact of tariffs will not be from the inflationary impact of the tariffs themselves, but rather the impact the headlines have on consumer confidence and the downstream impacts purchasing has on volumes. And given the daily news out of Washington, including this weekend, we may not know what those impacts may or may not be for another 60 to 90 days.

我認為，關稅的真正影響不是來自關稅本身的通膨影響，而是新聞對消費者信心的影響以及購買對銷售的下游影響。根據華盛頓每日發布的新聞（包括本週末的新聞），我們可能在未來 60 到 90 天內都無法知道這些影響會是什麼。

Finally, as everyone knows, we filed an 8-K on January 6, indicating that we are launching a strategic alternatives review process. Since the announcement, we have completed a significant amount of work with our advisers and have recently commenced discussions with potentially interested parties. There is no guarantee that we'll enter into a transaction of any kind and do not plan to update the market on the details of the process as it progresses. If and when there is anything of substance to update, we will let you know. Until then, just know that we will continue running the business and providing the same best-in-class services and solutions as we did before and plan to provide in the future.

最後，眾所周知，我們在 1 月 6 日提交了一份 8-K 表，表明我們正在啟動策略替代方案審查流程。自宣布以來，我們已與顧問完成了大量工作，並最近開始與潛在感興趣的各方進行討論。我們無法保證一定會達成任何類型的交易，也不打算在交易進度中向市場更新交易細節。如果有任何實質內容需要更新，我們會通知您。在此之前，請知悉，我們將繼續經營業務，並提供與以前一樣併計劃在未來提供的一流的服務和解決方案。

I will now pass the mic over to Shawn for closing comments before Q&A..

現在，我將把麥克風交給 Shawn，讓他在問答環節之前發表結束語。

Thank you, Jamie. I will wrap up our comments with a focus on the remainder of 2025 and early 2026. Right now, some market participants are narrowly focused on either last quarter's historical results or even the current quarter's tariff results. As for our company and more specifically our leadership team, we are focused on our employees and our customers knowing that if we get those right, they will take care of our shareholders.

謝謝你，傑米。我將總結我們的評論，重點關注 2025 年剩餘時間和 2026 年初。目前，一些市場參與者只關注上個季度的歷史結果，甚至是本季的關稅結果。對於我們的公司，更具體地說是我們的領導團隊，我們專注於我們的員工和客戶，因為我們知道，如果我們把這些做好，他們就會照顧好我們的股東。

In closing, I would say that in the face of a very challenging industry and equally volatile macro environment, our team has made tremendous progress since the transaction closed. As you have heard us say before, we do not expect progress to be linear, however, we also do not intend to let the recent market noise slow us down as we look ahead and focus on the rest of the year and into 2026. Either the investments have been made or the plans have been developed and are in process of being implemented, and I remain confident in our ability to execute our strategy, grow the company and enhance shareholder value.

最後，我想說，面對極具挑戰性的產業和同樣動盪的宏觀環境，自交易完成以來，我們的團隊取得了巨大的進步。正如您之前聽到我們說的，我們並不期望進展是線性的，但是，我們也不會讓最近的市場噪音減慢我們的速度，因為我們會展望未來並專注於今年剩餘時間和 2026 年。無論是已經進行的投資，還是已經制定並正在實施的計劃，我仍然對我們執行策略、發展公司和提高股東價值的能力充滿信心。

Finally, before we begin the Q&A, I want to acknowledge the public disclosure this morning from one of our investors. As you just heard from us, the Board and management team are entirely focused on taking deliberate actions to maximize shareholder value. The Board is actively engaged in leading the strategic review process, which, as we noted, is underway and the continued oversight of our transformation strategy, we firmly believe that all of our directors are vital to these efforts.

最後，在我們開始問答之前，我想感謝我們的一位投資者今天上午的公開披露。正如您剛才聽到的，董事會和管理團隊完全專注於採取深思熟慮的行動來最大化股東價值。董事會積極參與領導策略審查進程，正如我們所指出的，該進程正在進行中，並持續監督我們的轉型策略，我們堅信所有董事對這些努力都至關重要。

We look forward to filing our definitive proxy materials in the coming days. Beyond that, we're not going to comment any further, and we ask that you keep your questions focused on our earnings results. I will now turn the call over to the operator to take questions. Operator?

我們期待在未來幾天提交最終的代理材料。除此之外，我們不會發表進一步的評論，並且我們希望您的問題集中在我們的獲利結果上。我現在將把電話轉給接線員來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Bruce Chan, Stifel

布魯斯陳（Bruce Chan），Stifel

This is Andrew Cox on for Bruce. I appreciate the consolidated revenue breakout here and understand the lack of visibility into some of the problem -- some of the shipments in intermodal. But we just wanted to kind of get a sense of -- we felt that expedited might have a little bit more exposure to international end markets than maybe some of the LTL peer set.

我是安德魯·考克斯 (Andrew Cox)，代替布魯斯。我很欣賞這裡的綜合收入突破，並且了解對一些問題缺乏了解——一些聯運貨物的問題。但我們只是想了解一下——我們覺得加急運輸可能比一些 LTL 同行更容易接觸國際終端市場。

And we just kind of wanted to know if you felt that was a fair statement. And if you could give an estimate or give some color on how much of that -- the revenue in that division or volumes, however you want to discuss it may be tied to inbound China or Asian volumes?

我們只是想知道您是否認為這是一個公正的說法。您是否可以給出一個估計或說明，該部門的收入或銷量有多少，無論您想如何討論，它可能與中國或亞洲的入境量有關？

Thank you.

謝謝。

Yes. So Andrew, this is Shawn. It's a great question. So when we gave our guidance on the 10% to 15%, it's actually below 10%, and we've put in a buffer. We don't always know in the expedited LTL because it's coming out of a U.S. DC mainly. We don't know where its original country of origin was. And so that's an unknown to anybody in the space.

是的。安德魯，這是肖恩。這是一個很好的問題。因此，當我們給出 10% 到 15% 的指導時，實際上低於 10%，而且我們設定了一個緩衝。我們並不總是知道加急的 LTL 情況，因為它主要來自美國 DC。我們不知道它的原產國是哪裡。因此，這對於該領域的任何人來說都是未知的。

So we put in a buffer to kind of who we know if we know the customer and if we know they're importing, and that's where we get it from. But -- it's a pretty good coverage. I can't say it's 100% scientific, but it's a pretty good coverage of that exposure.

因此，我們設置了一個緩衝區，以便我們了解客戶，並知道他們正在進口，這就是我們從那裡獲得的資訊。但是——這是一個相當不錯的報道。我不能說它是 100% 科學的，但它對這種曝光的報導相當不錯。

Okay. That's helpful. And as a follow-up here, there's been kind of mixed opinions on whether the numbers this quarter have been a result of pull forward, not just at FORWARD but across the space. We just kind of wanted to get a sense of maybe conversations you've had with customers and how much you think there might be some pull forward in the numbers here?

好的。這很有幫助。作為後續行動，對於本季的數字是否是向前推進的結果，人們的看法褒貶不一，不僅是在 FORWARD，而是在整個領域。我們只是想了解您與客戶之間的對話，以及您認為這裡的數字可能會有多少進步？

And maybe if you have any detail what categories or divisions have you seen it in? And then are you baking in an air pocket potentially coming through starting here soon?

也許您可以詳細了解它在哪些類別或部門中出現過？那麼，您是否很快就會在可能出現的氣穴中烘烤？

Yes. We didn't see a whole lot of pull forward. I won't say there was not any, but towards the end, the last 2 weeks of March, there was quite a bit of significant uptick but we don't know how much of that was truly a pull forward versus just projects seasonality projects that we had hit and it wasn't just us. It was some of our indirect customers as well through our network that had the same project. So I can't really comment that it was so much of a pull forward but I can tell you, I hope there's more coming in Q2.

是的。我們並沒有看到太多的進步。我不會說沒有任何變化，但到了三月的最後兩週，出現了相當明顯的上漲，但我們不知道其中有多少是真正的拉動，而不是我們遇到的季節性項目，而且不僅僅是我們。透過我們的網絡，我們的一些間接客戶也擁有同樣的專案。所以我無法評論這是否是一個很大的進步，但我可以告訴你，我希望第二季會有更多進步。

Stephanie Moore, Jefferies

史蒂芬妮·摩爾（Stephanie Moore），傑富瑞

I wanted to touch on the pricing performance within Expedited for the quarter. Maybe just trying to get kind of a better understanding of the run rate as we go through the rest of the year. It looks like very strong yield performance in 1Q and benefiting from the corrective actions that you've taken, but how much -- just given the timing of those actions, which I think you called out didn't fully get influenced at the end of the first quarter.

我想談談本季 Expedited 的定價表現。也許我們只是想在度過今年剩餘的時間時更好地了解運行率。看起來第一季的收益率表現非常強勁，並且受益於您採取的糾正措施，但考慮到這些措施的時機，我認為您所說的這些措施在第一季末並沒有完全受到影響。

So, as you look at the run rate for the first quarter. Should we then expect a bit of a step-up in 2Q and then for the rest of the year as those actions kind of fully take hold?

因此，當您查看第一季的運行率時。那麼，隨著這些措施全面生效，我們是否應該預期第二季以及今年剩餘時間內會出現一些成長？

Stephanie, and welcome back. Yes. So the pricing actions, it's kind of a -- it's a double-edged sword. So the pricing actions that we took in regards to our class-based tariffs are solid and we're seeing the necessary results. And just for a context of the timing, the final action was February 6 and so we basically have half of February and all of March, so let's just say half of the quarter was impacted if that helps you. In regards to you also lose some volume although more of our volume declination was the overall market and not just from our pricing actions.

史蒂芬妮，歡迎回來。是的。因此定價行為就像一把雙面刃。因此，我們針對基於類別的關稅採取的定價行動是可靠的，並且我們看到了必要的結果。僅就時間背景而言，最後一次行動是在 2 月 6 日，因此我們基本上有二月份的一半和整個三月份，因此，如果這對您有幫助的話，我們只能說本季度的一半受到了影響。至於您也會損失一些交易量，儘管我們的交易量下降更多的是來自整體市場，而不僅僅是我們的定價行為。

So what you heard in my opening was -- we also have to make sure that we are reducing the cost of the network and optimizing that network based on volume, whether it be by customer declinations the greater market or pricing actions that we choose to take. So it's not just about pricing. It's also about how we adjust our network and our modeling from an optimization standpoint to bring the cost down when the revenue is not there. So it's a double-edged sword in how we really control that from making sure that we're bringing the most margin into the organization as possible with those actions.

所以，您在我開場白中聽到的是——我們還必須確保降低網絡成本，並根據容量優化網絡，無論是透過客戶拒絕、更大的市場還是我們選擇採取的定價行動。所以這不僅涉及定價。它還涉及我們如何從優化的角度調整我們的網路和模型，以便在沒有收入的情況下降低成本。因此，我們如何真正控制這一點是一把雙刃劍，以確保透過這些行動為組織帶來盡可能多的利潤。

And Stephanie, it's Jamie. If I can add, since those -- the previous pricing action that led to the situation was taken in late 2023. 2024 should be all else being equal, a fairly easy comp. So you compound the fact that a Shawn said about only this -- only half of the impact was captured in the first quarter with the fact that the pricing action happened in late '23 carried throughout most of 2024, I would anticipate fairly easy comp. That doesn't mean that we shouldn't do better but this pace on a year-over-year basis, we should see fairly good performance.

史蒂芬妮，我是傑米。如果我可以補充的話，由於那些——導致這種情況的先前定價行動是在 2023 年底採取的。 2024 年應該在其他所有條件相同的情況下，是一個相當容易的比較。因此，你把 Shawn 所說的事實綜合起來看——第一季只捕獲了一半的影響，而定價行動發生在 23 年底，並持續到 2024 年的大部分時間，我預計比較會相當容易。這並不意味著我們不應該做得更好，但以這個速度年比來看，我們應該會看到相當不錯的表現。

Got it. And then -- got it. And then just maybe touching on the margin expectations for this year. Look, I think, Jamie, Shawn, you both have talked about the opportunity to continue to improve the expedited margin profile and kind of compare it to other LTL peers. But can you talk a little bit about what we should expect in terms of OR improvement expected in 2025?

知道了。然後——就得到了。然後也許會觸及今年的利潤預期。聽著，我認為，傑米、肖恩，你們都談到了繼續改善加急利潤狀況的機會，並將其與其他 LTL 同行進行比較。但是您能否稍微談談我們對 2025 年 OR 改進的預期是什麼？

Yes. Well, Stephanie, what I would say on that is if you look at Page 25 of the--

是的。嗯，史蒂芬妮，我想說的是，如果你看一下第 25 頁——

I am on the slide.

我在溜滑梯上。

Yes. If you think about a $1 billion business on the LTL side of the house being a $1 billion business, if you just do simple math, the average is 18.5%, at 9.8%. So that's about 8.7% gap and then if you go back even 5 to 7 years ago, not recently, and I am leaving COVID out for a very specific reason.

是的。如果您將 LTL 方面的 10 億美元業務視為 10 億美元業務，那麼如果您進行簡單的計算，平均為 18.5%，即 9.8%。因此，差距大約是 8.7%，如果你回顧 5 到 7 年前，而不是最近，我出於一個非常具體的原因沒有將 COVID 考慮在內。

We were asked at 15% to 17% range. So this network and this company is capable of they have. It's not that they're capable of. We actually have hit these numbers before. And I don't mean this offensively to our peers but I think we have a far superior service and product offering. So there's no reason why we shouldn't be at least average.

我們被要求的比例是 15% 到 17%。所以這個網絡和這家公司有能力做到。這並不是他們有能力做到的。事實上，我們之前就已經達到這些數字。我這樣說並不是想冒犯我們的同行，但我認為我們提供的服務和產品要優質得多。所以我們沒有理由不至少達到平均。

So, we talked about, obviously, the pricing side coming in and impressed by those results. You talked about your -- just now your superior service, which I would agree. So what is left, I guess, ultimately close that gap, if anything.

因此，我們顯然討論了定價方面的問題，並對這些結果印象深刻。您剛才談到了您的優質服務，我同意這一點。因此，我想，如果可以的話，剩下的最終將彌補這一差距。

Yes. For me and I'll let Shawn as the closure kind of clean up we took these pricing actions in those pricing actions, we created excess capacity in the network. And you know as well as anybody else how the operating leverage works in this space.

是的。對我來說，我會讓肖恩作為結束類型的清理，我們採取了這些定價行動，在這些定價行動中，我們在網路中創造了過剩容量。您和其他人一樣清楚，在這個領域，經營槓桿是如何發揮作用的。

So from my perspective, and we need to be disciplined on pricing and simply add volume to the network. We've created space in the network space that already existed in the network. So now going forward, if priced appropriately, there's no reason why every incremental dollar shouldn't have that additional operating leverage included.

因此從我的角度來看，我們需要在定價上嚴格遵守紀律，並簡單地增加網路容量。我們在網路空間中創造了網路中已經存在的空間。因此，現在展望未來，如果定價合適，那麼每一美元的增量都沒有理由不包含額外的經營槓桿。

So we just got to grow Stephanie. The network is good. The pricing is solid. The service and solution is solid. We just got to grow.

所以我們只需要培養史蒂芬妮。網路很好。定價很穩定。服務和解決方案非常可靠。我們只是需要成長。

Understood. Thank you for the time.

明白了。感謝您抽出時間。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks.

嘿，謝謝。

Any chance you can give us the monthly tonnage trends throughout the quarter in April? And I just want to make sure I'm getting the message right just near term, right? We've got a full quarter benefit of the pricing actions in Q2, so that will help, but there's this sort of import cliff or whatever you want to call it, that I imagine impacts the airport-to-airport business. So sort of do you think we should expect to see sequential improvement in expedited revenue and margin and earnings in Q2? Or is that too much to ask? I don't know.

您能否向我們提供四月份整個季度的月度噸位趨勢？我只是想確保我近期能正確傳達訊息，對嗎？我們在第二季的定價行動中獲得了整整一個季​​度的收益，所以這會有所幫助，但存在這種進口懸崖或無論你想怎麼稱呼它，我想這會影響機場到機場的業務。那麼，您是否認為我們應該期待看到第二季營收、利潤率和收益的連續改善？或者說這個要求太過分了？我不知道。

Of course, there's too much to ask, Scott, but I wouldn't expect anything other than that from you. And I mean that lovingly. So the way I would answer that is if you look at 1Q, '25 as the baseline, if we can anchor Scott, on 1Q '25 what we're seeing are similar trends as our peers as they have pre-released and what historical patterns would imply, which is very directly a little softer in April and a little stronger in May relative to April. So it's following similar trends to what our peers are pre-released to and also similar trends of what we've historically performed at.

當然，斯科特，要求太多了，但我不會對你有任何期望。我滿懷愛意地這麼說。因此，我的回答是，如果你以 2025 年第一季度為基準，如果我們可以參考斯科特的數據，那麼在 2025 年第一季度，我們看到的趨勢與我們的同行在預先發佈時看到的趨勢類似，歷史模式也暗示了這一點，即 4 月份經濟會比 4 月份略微疲軟，而 5 月份經濟會比 4 月份略微強勁。因此，它遵循與我們的同儕預發布類似的趨勢，也遵循與我們歷史表現類似的趨勢。

Right now, we are prioritizing and myopically focused on the broader transformation plan. And the longer-term profitability of the company and I mean this to say, the last quarter is in the rearview mirror. The current quarter is turbulent. It's noisy. It's full of headlines than it is really actual performance. And we're focused on making really the necessary investments and the decisions to fundamentally improve the operating characteristics of this company, especially in the back half of this year moving into 2026. I think I can speak for the entire ELT is that we're looking forward to putting points on the board and reporting our results in the next quarter here in a few short months.

目前，我們優先考慮並短視地關注更廣泛的轉型計劃。而公司的長期獲利能力，我的意思是說，上個季度已經成為過去。本季形勢動盪。太吵了。它充斥著標題，而非實際表現。我們專注於進行真正必要的投資和決策，從根本上改善公司的營運特徵，特別是今年下半年到 2026 年。我想我可以代表整個 ELT 發言，我們期待在短短幾個月後的下一季在董事會上提出要點並報告我們的結果。

And then I think you had a comment that $2.5 billion of revenues growing to $5 billion of revenue. Is that an organic comment? Or is that -- is there some assumption of M&A? And then just like the other like strategic question, at least to me, this talk about bonded warehousing is somewhat new. Just how big of a market is it? How big of a business is it for you? And like -- do you have any color you can share because I think it's interesting to the market overall, like is the activity in these bonded warehouses like going through the roof right now? Or is it sort of just business as normal?

然後我認為您曾評論說 25 億美元的收入增長到 50 億美元。這是自然評論嗎？或者－是否存在一些併購假設？然後就像其他策略問題一樣，至少對我來說，關於保稅倉儲的討論有些新穎。這個市場到底有多大？對你來說這是多大的生意？而且—您有什麼可以分享的嗎？因為我認為這對整個市場來說很有趣，例如現在這些保稅倉庫的活動是否正在蓬勃發展？或者這只是正常的業務？

So yes, it's a lot. So I would say, yes, organic expansion by strengthening and scaling our customer relationships are also promoting -- we haven't done a great job in cross-selling of our products and services across the current and future customer base, meaning giving all of our services, not just selling one service that we were in the previous legacy companies. and obviously driving our sales force effectiveness and improve their pipeline. So that's really the main areas that we see taking it from where we are today to that $5 billion in 5 years.

是的，很多。所以我想說，是的，透過加強和擴大我們的客戶關係來實現有機擴張也在促進——我們在當前和未來的客戶群中交叉銷售我們的產品和服務方面做得併不好，這意味著提供我們所有的服務，而不僅僅是銷售我們以前的傳統公司提供的一項服務。顯然，這提高了我們的銷售團隊的效率並改善了他們的管道。所以，這些確實是我們認為可以在 5 年內從現在的水平達到 50 億美元水平的主要領域。

Yes, to answer your next question, bonded warehouses and foreign trade zones in the United States are going to be very important are important today and even more important tomorrow. And so where we have our bonded warehouses today and fairly good coverage around the United States. We're in the process right now of expanding our foreign trade zones in those bonded warehouses to further take a strategic advantage to the market and based on what our customers' needs are.

是的，回答你的下一個問題，美國的保稅倉庫和對外貿易區現在和將來都將非常重要，甚至更重要。因此，我們今天在美國擁有保稅倉庫，而且覆蓋範圍相當廣。我們目前正在擴大這些保稅倉庫的外貿區，以進一步在市場上佔據戰略優勢並滿足客戶的需求。

But do you have any -- can you give us any perspective how big is this business for you? Like how rapidly is it growing right now?

但是您有什麼——您能否告訴我們這項業務對您來說有多大？例如現在它的成長速度有多快？

I can't. I would be link in my finger and hold enough to catch the wind. So it's not fair to really comment on that one.

我不能。我會把它握在手指裡，緊緊抓住風。因此，對此進行評論是不公平的。

Okay, all right, thank you.

好的，好的，謝謝。

Bascome Majors, Susquehanna Financial Group.

巴斯科姆梅傑斯、薩斯奎漢納金融集團。

To follow up on some of the mix disclosure here. Within that 12% of air and ocean forwarding, can you give us a rough breakdown between the air and the ocean contribution? And if we look at that plus the warehousing value add, as really the legacy Omni contribution to that, call it, 60-40 Air Ocean warehousing value add on the revenue top line, how does the bottom-line contribution differ from that 60-40 split?

跟進此處的一些混合披露。在 12% 的空運和海運運輸中，您能否粗略地細分一下空運和海運的貢獻？如果我們將其與倉儲增值進行比較，作為 Omni 對此的真正貢獻，我們可以稱之為 60-40 的空運海運倉儲增值，那麼底線貢獻與 60-40 的分成有何不同？

Yes, Bascome. We're just trepidatiously putting our telling water on this one. We're going to start with revenue -- by the time we get into the year, we intend to actually continue to increase those disclosures. But right now, to say that what the -- or try to break apart air-ocean and warehouse and VAS outside of what we've already disclosed not prepared to do so. I would say I agree with you your direction errors a little bit bigger than ocean within that segment. But I think everyone is very well aware of what's going on with our warehousing operations relative to the volume on ocean in particular, and air.

是的，巴斯科姆。我們只是忐忑不安地把我們的信念傾注在這上面。我們將從收入開始——到今年，我們打算繼續增加這些披露。但現在，要說——或者試圖將空運海運、倉儲和增值服務分開，除了我們已經披露的內容之外，我們還沒有準備好這樣做。我想說我同意你的觀點，你的方向錯誤比那段內的海洋大一點。但我認為每個人都非常清楚我們的倉儲業務相對於海運和空運的運量而言的情況。

And I appreciate the guidance approach here, but we really don't have a baseline of what seasonality looks like in the combined business. Could you just give us a high-level view of what a normal and, of course, is anything but normal environment might directionally look like in some of the broad stroke business lines in a typical 1Q to 2Q and I guess we can do our own work on where we think it might diverge for what's happening.

我很欣賞這裡的指導方法，但我們確實沒有合併業務中季節性的基準。您能否從總體上向我們介紹一下，在典型的第一季到第二季中，一些廣泛的業務線在正常和非正常環境下可能會呈現什麼樣的方向，我想我們可以自己研究一下在哪些方面可能會出現分歧。

Well, you just said it for me, Bascome, but seasonality is, I think, out the window. But if we went typical your Q1 is usually lower than the other 3 quarters in a normal calendar segment. You end with -- in Q1 with a strong March typically. You usually start off Q2 with the light April with an improvement in the following quarters -- I mean, the following months. So typically your Q2 is a little latter Q3 to Q4 end up ramping up in the year.

好吧，巴斯科姆，你剛才替我說出了這一點，但我認為季節性已經不重要了。但如果我們按照典型情況來看，您的第一季通常低於正常日曆段中的其他 3 個季度。通常情況下，第一季的三月業績會表現強勁。通常，第二季的開始會從四月份的清淡開始，然後在接下來的幾季（我的意思是接下來的幾個月）中會有所改善。因此，通常情況下，第二季會稍晚一些，而第三季至第四季則會在年內逐漸增加。

So typically your Q2 is a little latter Q3 to Q4 end up ramping up in the year. So that's typical but I think we're anywhere from typical what we don't have the crystal ball on is, yes, we've got the 90-day reprieve, what's that going to do? We did see a large destocking would they get to like 14% on the destocking. Yes. prior to all this tariff conversation, our sources are now telling us that's probably back up to the levels that post COVID '23 levels.

因此，通常情況下，第二季會稍晚一些，而第三季至第四季則會在年內逐漸增加。這是很典型的情況，但我認為我們並不典型，我們沒有水晶球，是的，我們有 90 天的緩刑期，那會有什麼用呢？我們確實看到了大規模的去庫存化，去庫存率將達到 14%。是的。在所有這些關稅討論之前，我們的消息來源告訴我們，這一水平可能已經回升至 COVID '23 之後的水平。

So a lot of forward stocking coming back in. So we just don't know. Jamie and I look at consumer confidence is probably the main KPI. -- because how those consumer confidence, all else is just kind of a feed to that. So that's what we're going to continue to watch. And if the consumer confidence starts to come back up. I think things especially for you as an analyst, should start to trigger some positive things to come. But I think we're going to have to see more of that.

因此，大量前期庫存又回來了。所以我們只是不知道。傑米和我所關注的消費者信心可能是主要的 KPI。 ——因為消費者信心如何，其他一切都只是對此的一種回饋。因此我們將繼續關注此事。如果消費者信心開始恢復。我認為，特別是對於你作為分析師來說，事情應該開始引發一些正面的事情。但我認為我們將會看到更多這樣的情況。

Yes, best on a better way. normal, who knows, but if you just look at pages, I would say, '13, '16 and '17 in the materials you'll see the shape of the curve. And I'm going to work backwards on this one. 17 is intermodal. It's like a pad dispenser. You hit the button, $10 million comes out. If you look at '16 on Omni, going into the beginning of 2024, there's probably some transaction-related what I'd say, headwinds there, but the shape of the curve there looks about right.

是的，以更好的方式做到最好。正常，誰知道呢，但如果你只看頁面，我會說，材料中的'13、'16 和 '17 你會看到曲線的形狀。我要從頭開始做這件事。 17 是多式聯運。它就像一個墊子分配器。你按下按鈕，就會產生 1000 萬美元。如果你看一下 Omni 的 2016 年，進入 2024 年初，可能會出現一些與交易相關的阻力，但曲線的形狀看起來是正確的。

And then on 13 for expedited freight, we all know that 4Q shouldn't be that low. So if you were to extrapolate a little bit better for a fourth quarter, that probably is not too dissimilar to what I would say, outside of a tariff-related industry and a weak freight environment would be probably not too dissimilar to what I would expect.

然後對於加急貨運，價格為 13，我們都知道 4Q 不應該那麼低。因此，如果你對第四季度的情況進行更好的推斷，那可能與我所說的並不太相似，除了與關稅相關的行業和疲軟的貨運環境之外，可能與我的預期並不太相似。

Chris Kuhn, Benchmark.

克里斯·庫恩（Chris Kuhn），Benchmark。

Yeah, hi, thanks for taking the questions. It sounds like so an expedited the volume decline, I think you said was largely due to the market. Some is due to that shedding a poorly priced freight. Do you expect that to continue as the year progresses? Or have you shed most of that freight?

是的，你好，謝謝你回答這些問題。這聽起來好像加速了交易量的下降，我認為你說的這主要是由於市場的原因。部分原因是由於丟失了廉價的貨物。您預計這種情況會隨著時間的推移持續下去嗎？還是您已經丟掉大部分貨物了？

I think most of it Chris has shed. We've been in further dialogue with some of those customers on some revisit, not that we're changing pricing, but just to continue the conversations and the need -- if their needs change, we'll see what we can do as well. But yes, I think the majority of that, so it's really down to the market situation, if that's really your question.

我認為克里斯已經把大部分都丟掉了。我們一直在與一些客戶進行進一步對話，並不是說我們要改變價格，而只是繼續對話和需求——如果他們的需求發生變化，我們也會看看我們能做些什麼。但是的，我認為大部分都是如此，所以這實際上取決於市場情況，如果這真的是你的問題的話。

Yes. No, that's helpful. And so -- yes, that was my next question. I mean, do you think it's possible some of these customers come back just given your service level compared to where the alternative is.?

是的。不，這很有幫助。是的，這是我的下一個問題。我的意思是，您是否認為，與其他選擇相比，考慮到您的服務水平，這些客戶中有可能有人會再次光顧嗎？

I am a pretty humble guy. So I don't want to be cocky here, but I think our service any time somebody leaves and goes and try something else, we're kind of hard to beat. And I'm being proud and humble at the same time. So yes, I do think so. But we're going to continue to -- we're not just sitting on our hands and we're making this network better every day. And we have an outstanding team that is looking for perfection and not just staying status quo. And so as we continue to make things better, make things faster, quality is improving, and it's hard to improve from a pretty outstanding quality that it is today. Yes, we're kind of hard not to use.

我是一個相當謙虛的人。所以我不想在這裡自大，但我認為我們的服務在任何時候都很難被擊敗。我既感到自豪，又感到謙卑。是的，我確實這麼認為。但我們將繼續努力——我們不會袖手旁觀，而是每天都在讓這個網路變得更好。我們擁有一支優秀的團隊，他們追求完美，而不僅僅是維持現狀。因此，隨著我們不斷改進，使事情變得更快，品質也在提高，而且很難在目前相當出色的品質基礎上再進一步提高。是的，我們很難不使用。

Okay. And then you've taken the costs out. You've done a good job there to offset the volume loss. Do you think though that you have enough capacity if we're all hoping volumes come back?

好的。然後你就把成本扣除了。您已經做得很好了，彌補了銷售損失。如果我們都希望銷量回升，你們認為你們有足夠的產能嗎？

Yes, there's no doubt about it. We run pretty -- between our fleet owners and partners to our independent contractors to our own employee drivers we can scale this thing up and down pretty damn quick. So yes, that's not going to be a problem for us. That will be a good situation, not a problem.

是的，毫無疑問。我們的營運非常順暢——從我們的車隊所有者和合作夥伴到我們的獨立承包商，再到我們自己的員工司機，我們可以非常快速地擴大或縮小規模。所以是的，這對我們來說不是問題。那將是一個好的情況，而不是問題。

Yes, exactly. Just lastly, it's small, but the intermodal business, would it -- what is the impact of the lower West Coast imports? And will that actually benefit from some East Coast imports picking up again as the Red Sea situation is alleviated?

是的，確實如此。最後，雖然規模很小，但是多式聯運業務－西海岸進口量下降會產生什麼影響？隨著紅海局勢的緩解，東岸進口量再次回升是否真的會對其有利？

And you're like my top sales guy for intermodal right now. So yes, you'll love this. So our intermodal team, which is a fantastic group. We pretty much are focused up and down the East Coast into the Gulf, and then we have one operation in Seattle-Tacoma. So that's where our sweet spot is we catch most of our West Coast traffic in the intercountry rail yards from an intermodal standpoint, and that's where we grab the cans. So we're not heavily focused ourselves on the West Coast, L.A. Long Beach ports.

你現在是我聯運業務的頂級銷售人員。是的，你一定會喜歡這個。所以我們的聯運團隊是一個很棒的團隊。我們的業務主要集中在東海岸至墨西哥灣地區，此外我們在西雅圖-塔科馬也有一個業務。因此，從多式聯運的角度來看，我們的最佳位置是我們在跨國鐵路站場捕獲大部分西海岸的交通，並且我們在那裡抓取罐頭。因此，我們的重點並不集中在西海岸、洛杉磯長灘港口。

And so we feel that we're in the right sweet spot for grabbing as much as we have today and increased off the East Coast because that's where we are.

因此，我們認為我們正處於一個最佳位置，可以盡可能多地獲取利潤，並增加東海岸的利潤，因為那就是我們所在的位置。

Got it. Thanks for the questions. Appreciate.

知道了。感謝您的提問。欣賞。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey guys, Thanks for the follow-up. I just -- I want to try to understand a little bit better. And I totally get -- we're not giving guidance, and there's a lot of -- there's not a ton of visibility right now. But -- and the disclosure is helpful 88% U.S. customers, 70% ground transportation. But my assumption has been that a lot of that ground business is the airport to airport and thus, ultimately tied to imports in the U.S. And so if there is a drop in imports into the U.S., that shows up as a headwind to volume in May and June, right, as we start to see this drop in import -- is that the right way to think about your business?

嘿夥計們，謝謝你們的關注。我只是——我想嘗試更好地理解一點。我完全明白——我們沒有提供指導，而且目前還有很多——沒有太多的可見性。但是—揭露資訊對 88% 的美國客戶和 70% 的地面交通有幫助。但我一直認為，許多地面業務都是從機場到機場的，因此最終與美國的進口掛鉤。所以，如果美國的進口量下降，那麼 5 月和 6 月的進口量就會受到阻礙，對吧，當我們開始看到進口量下降時——這是看待您的業務的正確方式嗎？

And are you seeing that? Or you think it's more truly domestic and it's going to be more like what the other LTLs are talking about and seeing. I just want to make sure I am understanding like how to think about the business drivers.

你看到了嗎？或者您認為它更真正屬於國內，而且更像其他 LTL 所談論和看到的。我只是想確保我理解如何思考業務驅動因素。

Yes, it does. I would say that we're an import consuming country. And so I can't even give you the right number, but I would say so much of what we consume in the United States is imported into the United States. So it's an impact. But I would also say what a lot of people -- and this is my view, what a lot of people don't understand is the tariff conversation, if this was Trump administration's first period, we would all have a lot more questions. But since it's not, and this is Trump 2.0 A lot of these concerns, in my opinion, are already mitigated because we had the first 4 years and another 4 years to prepare for this.

是的。我想說我們是進口消費國。因此，我什至無法給出正確的數字，但我想說，美國消費的許多東西都是進口到美國的。所以這會產生影響。但我還要說的是，很多人——這是我的觀點，很多人不理解關稅對話，如果這是川普政府的第一個任期，我們都會有更多的問題。但事實並非如此，這是川普 2.0，在我看來，許多這些擔憂已經得到緩解，因為我們有前 4 年和另外 4 年的時間來為此做準備。

And so I know a lot of people don't understand is new conversation, but a lot of what we call China plus 1 has already moved to those plus 1 countries where these tariffs aren't as impactful as China. And so we're people are seeing the biggest decline right now is in China, but most of that, which is not really a conversation is coming off the cancellation of the 3-2-1 de minimis rule. And so a lot of this is more the volume is coming down out of China for the e-commerce business, the small parcel business than it is about the density real cargo that rides in our network. So I don't know if I helped you or confuse you more, but I don't think that this is going to be a real impact to our total volume in the LTL sector.

所以我知道很多人不理解這是新的話題，但我們所謂的「中國+1」已經轉移到那些關稅影響不如中國大的「+1」國家。因此，我們現在看到的下降幅度最大的是中國，但其中大部分（這並不是真正的談話）是由於取消了 3-2-1 最低限度規則。因此，這在很大程度上取決於來自中國的電子商務業務和小包裹業務的貨運量下降，而不是我們網路中實際貨物的密度。所以我不知道我是否對您有幫助或讓您更加困惑，但我認為這不會對我們在 LTL 領域的總量產生真正的影響。

That's super. And just so it doesn't sound like the stuff that -- the typical step that's part of the de minimis like the [Indiscernible]of the world, that stuff doesn't really flow through your network on the--.

太棒了。這聽起來不像是——典型的步驟，是世界最低限度的一部分，例如[音訊不清晰]，這些東西實際上不會在你的網路中流動——。

I won't say it doesn't flow, but it's minimal.

我不會說它不流暢，但它太少了。

Very helpful. Thank you.

非常有幫助。謝謝。

Your question has got our exposure compared to other LTL, I think Shawn articulated it perfectly.

您的問題涉及了我們與其他 LTL 相比的曝光度，我認為 Shawn 對此進行了完美的闡述。

Andrew Cox, Stifel.

安德魯·考克斯（Andrew Cox），斯蒂費爾（Stifel）。

Hey guys, thanks for let me jump in, Andrew again. I just wanted to kind of get a temperature check on price competition in the premium LTL services. It seems like others have been pretty deliberate about building market share in this segment, including standing up smaller A2A networks. So how would you characterize the competition and the competitive environment right now?

嘿夥計們，再次感謝安德魯讓我加入。我只是想了解一下優質 LTL 服務中的價格競爭情況。看起來其他人也一直在刻意擴大這一領域的市場份額，包括建立較小的 A2A 網路。那麼您如何描述當前的競爭和競爭環境？

So Andrew, I don't -- I mean, again, to be humble, we have people playing in the space, but they don't have true networks. Not a full bespoke like we have. So Yes, there's people out there playing the space. Pricing competition for our service, I don't really see it on a day-to-day basis. If they want to lower their rates, if they've got good density lanes than they're buying it, let them have it for a lower margin.

所以安德魯，我不——我的意思是，再說一次，謙虛一點，我們有人在這個領域工作，但他們沒有真正的人脈。不像我們那樣是完全客製化的。是的，確實有人在玩太空遊戲。我日常並沒有看到針對我們服務的價格競爭。如果他們想降低費率，如果他們擁有高密度車道，他們就會購買，讓他們以較低的利潤購買。

But what we're doing is focused on our quality and the rate that is market competitive to have the great service we provide, and that's where we're playing and let them do what they want to do. We're staying focused really on us and being better every day than comparing ourselves to them.

但我們所做的是專注於我們的品質和具有市場競爭力的價格，以提供優質的服務，這就是我們的業務所在，讓他們做他們想做的事情。我們真正地關注自己，每天都變得更好，而不是與他們比較。

Okay. And I guess, if I can just have one more here. I don't apologies if we've missed it. But just wanted to get an update on the PT insourcing. Do you still feel like you're in a good place there, especially with respect to line haul? And are you seeing that market get any tighter or really any changes to that market?

好的。我想，如果我可以再來一個的話。如果我們錯過了，我不會道歉。但只是想了解 PT 內部採購的最新情況。您是否仍覺得自己處於有利地位，尤其是就乾線運輸而言？您是否看到該市場變得更加緊張或確實發生了任何變化？

Thank you.

謝謝。

You're talking about purchase transportation APT?

您說的是購買運輸 APT 嗎？

I think we're best in class there. We've got really outstanding drivers and owner operators and fleet owners. There's not a huge influx of overall demand there. So we give them a great rate to run our cargo as well as we work very closely with them to ensure that they get home as much as possible. And so it's not just about rate, it's how they're treated. And we feel like we do that best in class against any of our competitors. So I don't see that really being a huge issue this year in '25.

我認為我們是班上最好的。我們擁有非常出色的司機、業主經營者和車隊所有者。那裡的整體需求量並不大。因此，我們給他們一個很優惠的價格來運輸我們的貨物，並且我們與他們密切合作，以確保他們盡可能多地回家。所以這不僅關乎費率，還關乎他們所受到的待遇。我們感覺我們在這方面比任何競爭對手都做得最好。所以我認為這不會成為 25 年的一個大問題。

Okay, thank you for the time.

好的，感謝您抽出時間。

And there are no further questions in queue at this time. Let me turn the call back over to Mr. Stewart for any final remarks.

目前沒有其他問題。請允許我將電話轉回給史都華先生，請他做最後的評論。

All right. Well, I want to personally thank everyone for joining the call today. Really appreciate it and look forward to connecting with you soon. If you have any questions, please follow up directly with Tony, and he'll get back to us if needed or take your calls. Really appreciate it. Take care.

好的。好吧，我個人要感謝大家今天來參加電話會議。非常感謝，並期待很快與您聯繫。如果您有任何疑問，請直接與 Tony 聯繫，他會在需要時回覆我們或接聽您的電話。真的很感激。小心。

This concludes Forward Air's first quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful evening.

Forward Air 2025 年第一季財報電話會議到此結束。請立即斷開您的線路並祝您度過一個美好的夜晚。