Forward Air Corp (Delaware) (FWRD) 2025 Q3 法說會逐字稿

Welcome to the Forward Air third-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Forward Air 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給財務和投資者關係高級副總裁托尼·卡雷尼奧。

Thank you, operator, and good afternoon, everyone. Welcome to Forward Air's third-quarter 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 the press release announcing Forward Air's third quarter 2025 results, which was also furnished to the SEC on Form 8-K. We have also furnished a slide presentation outlining third quarter 2025 earnings highlights and a business update.

謝謝接線員，大家下午好。歡迎參加 Forward Air 2025 年第三季財報電話會議。今天下午和我們在一起的是執行長肖恩·史都華和財務長傑米·皮爾森。現在，您應該已經收到了 Forward Air 發布的 2025 年第三季業績新聞稿，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。我們還提供了一份幻燈片演示文稿，概述了 2025 年第三季收益亮點和業務最新情況。

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.

本次電話會議的新聞稿和投影片簡報均可在 Forward Air 網站 forwardair.com 的投資者關係部分查閱。

Please be aware that certain statements in the company's earnings release announcement and on this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes statements which are based on expectations, intentions and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts, including statements regarding our fiscal year 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 actual results to differ materially from those expressed or implied by such forward-looking statements.

請注意，公司獲利發佈公告和本次電話會議中的某些陳述屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這包括基於對公司未來業績、預期事件或趨勢以及其他非歷史事實事項的預期、意圖和預測的聲明，包括關於我們 2025 財年的聲明。這些聲明並非對未來績效的保證，並且受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致實際結果與此類前瞻性聲明中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 SEC and the press release and slide presentation relating to this earnings call. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this call. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. During the call, there may also be a discussion of financial metrics that do not conform to U.S. generally accepted accounting principles or GAAP.

有關這些風險和因素的更多信息，請參閱我們向美國證券交易委員會提交的文件以及與本次財報電話會議相關的新聞稿和幻燈片演示文稿。聽眾請注意，不要過度依賴這些前瞻性陳述，這些陳述僅代表截至本次電話會議之日的情況。除非法律另有規定，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。電話會議期間，可能還會討論不符合美國公認會計原則（GAAP）的財務指標。

Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in today's press release and slide presentation.

管理層在內部使用非GAAP指標來了解、管理和評估我們的業務並做出營運決策。今天的新聞稿和幻燈片簡報中包含了這些非GAAP指標的定義以及與最直接可比較的GAAP指標的調節表。

I will now turn the call over to Shawn.

現在我將把通話交給肖恩。

Good afternoon, everyone, and thank you for joining us. Today, there are 3 main topics that I'd like to cover. First, I will provide an update on our strategic alternatives review process. Second, I will provide an update on the progress we are making on our transformational journey, and I will close with a few comments on the third quarter results before turning the call over to Jamie.

各位下午好，感謝各位的參與。今天，我想談三個主要話題。首先，我將報告我們的策略方案評估流程的最新進展。其次，我將介紹我們在轉型之旅中取得的進展，並在將電話會議交給傑米之前，對第三季業績做一些評論。

Beginning with the strategic alternatives review, we are aware of the rumors in the market over the last several months. I want to be clear that the strategic alternatives review process is ongoing. I also want to acknowledge the length of the process to date and emphasize a few critical points. Over the course of this review, we have had discussions with multiple interested parties and discussions are continuing. We conducted appropriate proactive outreach to interested parties.

首先，在進行策略選擇評估時，我們注意到過去幾個月來市場上的各種傳言。我想明確指出，戰略方案評估過程仍在進行中。我還想指出迄今為止整個過程耗時較長，並強調幾個關鍵點。在本次審查過程中，我們已經與多個相關方進行了討論，討論仍在繼續。我們主動聯繫了相關各方，採取了適當的溝通方式。

Along the way, other parties have also initiated dialogue with us at different points in time. Obviously, we welcomed inbound inquiries, the timing of which was out of our control and has contributed in part to the length of this review.

在這個過程中，其他各方也在不同的時間點與我們展開了對話。顯然，我們歡迎各方前來諮詢，但諮詢的時間不在我們的控制範圍內，這也在一定程度上導致了本次審查的篇幅較長。

The review to date has been a thorough and inclusive process to explore all available opportunities to maximize value. The process has and continues to include the evaluation of a potential sale, merger or other strategic or financial transactions relative to the long-term value potential of the company on a stand-alone basis, as well as a review of the components of our portfolio to ensure there is a long-term strategic fit. Our Board is taking the time it needs to be methodical, thoughtful and comprehensive to ensure that we pursue the best possible outcome for the company and all of our shareholders. With all that said, we do not intend to disclose further developments relating to the process until we determine an update to be appropriate or necessary. And when we do, we will let you know.

迄今為止，審查過程全面而徹底，旨在探索所有可利用的機會，以最大限度地提高價值。該流程過去和現在都包括對潛在的出售、合併或其他策略或財務交易進行評估，以確定其與公司獨立營運的長期價值潛力之間的關係，以及審查我們投資組合的組成部分，以確保其具有長期的策略契合度。我們的董事會正在花時間進行有條不紊、深思熟慮和全面周密的決策，以確保我們為公司和所有股東爭取最佳結果。綜上所述，在我們認為有必要或合適的時候，我們不打算揭露與該流程相關的進一步進展。如有進展，我們會通知您。

Our policy is not to comment on rumors, and that will continue to be our policy.

我們的政策是不對謠言發表評論，而且這項政策將繼續保持不變。

On a commercial and leadership basis, the good news is that we did not recognize at the outset, is how much this process would bring our team together. We are more aligned and more in tune and more connected beyond what I would have ever thought. And as you will see when Jamie previews the results, we are focused on running the business and are continuing to deliver positive period-over-year results in one of the most challenging markets in years. As for my second point and our continued transformation, I am pleased that we are also continuing to execute our plan to become a unified company as discussed on previous calls.

從商業和領導角度來看，好消息是我們一開始沒有意識到，這個過程會多麼有效地凝聚我們的團隊。我們之間的目標更加一致，彼此更加協調，聯繫也更加緊密，這遠遠超出了我的想像。正如 Jamie 在預覽業績時您將看到的，我們專注於業務運營，並在近年來最具挑戰性的市場之一中繼續取得同比正增長的業績。至於我的第二點以及我們持續的轉型，我很高興我們也在繼續執行先前電話會議中討論過的計劃，成為一家統一的公司。

Over the past several quarters, as we work to transform the operations of our U.S. and Canadian businesses, we have focused on a clear and strategic goal, which was to unify our operations under a new regional structure and harmonizing our blueprint. The goal laid the foundation for the creation of our One Ground Network, a positive step forward in aligning our business for the long-term success under a single leader, Tim Osborne, President of U.S. and Canada Operations. The One Ground Network brings together the operations of our businesses to form a more cohesive and agile organization.

在過去的幾個季度裡，為了改革我們美國和加拿大業務的運營，我們專注於一個清晰的戰略目標，那就是在新區域結構下統一我們的運營，並協調我們的藍圖。這一目標為創建我們的「一體化地面網絡」奠定了基礎，這是朝著使我們的業務在單一領導人——美國和加拿大營運總裁蒂姆·奧斯本的領導下實現長期成功邁出的積極一步。One Ground Network 將我們各業務部門的營運整合在一起，形成一個更具凝聚力和靈活性的組織。

It includes the unification of our U.S. domestic ground operations and brings together key service lines: line haul, pickup and delivery, truckload brokerage, and expedited services into a single streamlined structure. By doing so, we are removing silos, simplifying how we work and unlocking new efficiencies. However, it is important to note that we expect our sales channels to continue to function separately, providing the same solutions and service that they always have, while our operations remain fully agnostic across the network, delivering the same best-in-class, on-time service and one, if not the best industry claims results. Our team handles every shipment with the same discipline, precision and care, keeping our focus where it belongs on service-sensitive freight and operations excellence.

它包括整合我們在美國國內的地面運營，並將關鍵服務線（幹線運輸、取貨和送貨、整車經紀和加急服務）整合到一個精簡的結構中。透過這樣做，我們打破了資訊孤島，簡化了工作方式，並釋放了新的效率。然而，值得注意的是，我們期望我們的銷售管道繼續獨立運作，提供與以往相同的解決方案和服務，同時我們的營運在整個網路中保持完全獨立，提供同樣一流的準時服務以及業內最佳（如果不是最好的話）的索賠結果。我們的團隊以同樣的嚴謹、精準和細緻的態度處理每一批貨物，始終將重點放在對服務要求高的貨運和卓越的運營上。

For our customers, it means the same seamless and reliable experience that they have been accustomed to and expect from us. For our employees, it means clear priorities, enhanced collaboration and more opportunities to grow within a connected network. For our business and future results, it positions us to accelerate and leverage growth. We are also continuing to rationalize our tech stack, including upgrading and minimizing the number of systems across the company. We expect these changes to enhance efficiencies, improve real-time data-driven decisions and drive cost savings as a result.

對我們的客戶而言，這意味著他們將繼續享受他們一直以來所習慣和期望的那種流暢可靠的體驗。對我們的員工而言，這意味著明確的優先事項、更緊密的協作以及在互聯網中獲得更多發展機會。對我們的業務和未來業績而言，這將使我們能夠加速和利用成長。我們也不斷優化技術架構，包括升級和減少公司內部的系統數量。我們預計這些變化將提高效率，改善即時數據驅動的決策，並最終節省成本。

Regarding the quarterly financial results, we reported a consolidated EBITDA, which is calculated pursuant to our credit agreement of $78 million, in line with the $77 million reported in the second quarter of this year. I am extremely proud of our team for focusing on what they can control and delivering a solid quarter as we navigate through an extended freight recession, a strategic alternatives process and continued transformation of the company. We are focused on delivering industry-leading quality of service with our world-class leaders, while tightly managing cost and prudently managing the business. We are optimistic that market conditions will eventually rebound, and our focus is on continuing the progress we have made over the past year and keeping that momentum over the long term.

關於季度財務業績，我們公佈的合併 EBITDA 為 7,800 萬美元，這是根據我們的信貸協議計算得出的，與今年第二季報告的 7,700 萬美元一致。我為我們的團隊感到無比自豪，他們專注於自己能夠控制的事情，並在應對長期貨運衰退、戰略選擇流程和公司持續轉型的過程中，取得了穩健的季度業績。我們致力於憑藉世界一流的領導團隊，提供業界領先的服務質量，同時嚴格控製成本，謹慎經營業務。我們樂觀地認為市場狀況最終會反彈，我們的重點是繼續保持過去一年的進展，並長期保持這種勢頭。

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

接下來，我將把電話交給傑米，讓他詳細介紹第三季的業績。

Thanks, Shawn, and good afternoon, everyone. As you heard from Shawn, we reported consolidated EBITDA of $78 million in the quarter. The third quarter and LTM results were favorably impacted by cost reduction initiatives that we enacted equating to approximately $12 million on an annualized basis. The initiatives primarily included rightsizing our business to align with the current freight demand and on our ongoing transformation strategy that Shawn discussed earlier. On an adjusted EBITDA basis, we are cranking out very consistent performance, reporting $75 million in the third quarter of this year compared to $74 million in the second quarter of this year and $76 million in the third quarter of last year.

謝謝肖恩，大家下午好。正如肖恩向你透露的那樣，我們本季的合併 EBITDA 為 7800 萬美元。第三季和過去 12 個月的業績受到我們實施的成本削減措施的正面影響，這些措施按年計算可節省約 1,200 萬美元。這些舉措主要包括調整我們的業務規模，以適應當前的貨運需求，以及肖恩之前討論過的我們正在進行的轉型策略。以調整後的 EBITDA 計算，我們的業績非常穩定，今年第三季實現 7,500 萬美元，而今年第二季為 7,400 萬美元，去年第三季為 7,600 萬美元。

At the Expedited Freight segment, third quarter reported EBITDA was $30 million with a margin of 11.5%. The margin is the second highest since the fourth quarter of 2023, and is in line with the $30 million reported EBITDA and 11.6% margin in the second quarter of this year. In the third quarter a year ago, reported EBITDA was also $30 million with a margin of 10.4%.

在加急貨運業務方面，第三季報告的 EBITDA 為 3,000 萬美元，利潤率為 11.5%。該利潤率是自 2023 年第四季以來的第二高，與今年第二季報告的 3,000 萬美元 EBITDA 和 11.6% 的利潤率相符。去年第三季度，報告的 EBITDA 也為 3,000 萬美元，利潤率為 10.4%。

Despite a challenging freight environment and a decline in tonnage, we have significantly improved pricing programs and actively managed discretionary expenses. Our focus has been on maintaining the right freight mix in our network at optimal prices, which has resulted in an improvement in reported EBITDA, as it has grown from $18 million in the fourth quarter of 2024 to $30 million in both the second and the third quarters of 2025, and the margin has improved from 6.6% to 11.6% and 11.5%, respectively.

儘管貨運環境充滿挑戰，貨運量有所下降，但我們已大幅改善定價方案，並積極控制可自由支配的支出。我們一直致力於在網路中保持合適的貨運組合和最優價格，這使得報告的 EBITDA 有所改善，從 2024 年第四季度的 1800 萬美元增長到 2025 年第二季度和第三季度的 3000 萬美元，利潤率也分別從 6.6% 提高到 11.6% 和 11.5%。

At the Omni Logistics segment, we're excited with the steady progress that we're seeing. In the third quarter, we achieved the highest revenue and reported EBITDA, excluding the impact of goodwill since the transaction in the first quarter of last year. Sequentially, from the second quarter to the third quarter of this year, revenue increased by $12 million to $340 million and reported EBITDA increased from $30 million to $33 million. The margin also improved sequentially by 60 basis points to 9.6%. On a year-over-year basis, reported EBITDA improved from $27 million in the third quarter last year compared to $33 million this year, which is a 22% increase.

在全通路物流領域，我們對目前的穩定進展感到興奮。第三季度，我們實現了最高的營收和 EBITDA，不包括自去年第一季交易以來商譽的影響。從今年第二季到第三季度，營收季增 1,200 萬美元，達到 3.4 億美元；報告的 EBITDA 從 3,000 萬美元成長到 3,300 萬美元。利潤率也較上季提高了 60 個基點，達到 9.6%。與去年同期相比，報告的 EBITDA 從去年第三季的 2,700 萬美元增至今年的 3,300 萬美元，增幅達 22%。

The margin also improved by 160 basis points, up from 8%.

利潤率也提高了 160 個基點，從 8% 上升至 160 個基點。

Relative to the challenges in the broader market and especially port activity, the Intermodal segment and the drayage business we service continues to deliver solid results. This management team persevered and performs well in both good and challenging market environments. In my opinion, they are the best team in the drayage space. In the third quarter, this segment reported EBITDA of $8 million, which was in line with the $9 million in the second quarter of this year and the third quarter a year ago.

相對於更廣泛的市場，特別是港口活動所面臨的挑戰，我們所服務的聯運領域和短途運輸業務繼續取得穩健的業績。這支管理團隊堅持不懈，在順境和逆境中都表現出色。在我看來，他們是短程運輸領域最好的團隊。第三季度，該業務類股的 EBITDA 為 800 萬美元，與今年第二季的 900 萬美元和去年同期的第三季基本持平。

Rolling up all of the segments and on an LTM basis, consolidated EBITDA was $299 million. As usual, we have detailed the information used to reconcile the adjusted and consolidated EBITDA results on Slide 31 of the presentation. And as a quick heads-up regarding consolidated EBITDA for the prior 3 quarters, you will see that we have adjusted the previously reported amounts by the actions we took in the third quarter to improve our cost structure.

將所有業務板塊匯總起來，按過去 ​​12 個月計算，合併 EBITDA 為 2.99 億美元。像往常一樣，我們在簡報的第 31 頁詳細列出了用於核對調整後 EBITDA 結果和合併 EBITDA 結果的資訊。另外，關於前三個季度的合併 EBITDA，需要快速說明一下，您會發現我們已經根據第三季度為改善成本結構而採取的措施，對先前報告的金額進行了調整。

The credit agreement allows for the inclusion of unrealized and pro forma savings from these actions to be included in our historical consolidated EBITDA and requires that they be spread back in time to the period in which the expense would have occurred. As such, we appropriately adjusted the prior quarters to reflect the impacts of the cost savings. If you would, please reference Page 12 in the slide presentation issued today, and you will be able to see what we reported in the past and updated for the most recent cost-out and pro forma actions.

此信貸協議允許將這些措施產生的未實現和預計節省計入我們歷史合併 EBITDA，並要求將這些節省向前推算至費用發生期間。因此，我們對前幾個季度進行了適當調整，以反映成本節約的影響。如果您願意，請參考今天發布的幻燈片簡報第 12 頁，您將能夠看到我們過去報告的內容以及根據最新成本核算和形式行動進行的更新。

Turning to cash flow, cash and liquidity. We reported $53 million in cash provided by operations in the third quarter, which is a $2 million increase compared to the $51 million in cash provided by operations a year ago. For the first 3 quarters of 2025, we've reported $67 million of cash provided by operations, which is a $113 million improvement compared to the same period a year ago. As for liquidity, we ended the third quarter with $413 million in total liquidity, comprised of $140 million in cash and $273 million in availability under the revolver. This is a $45 million increase compared to the $368 million at the end of the second quarter.

接下來談談現金流、現金和流動性。第三季度，我們報告經營活動產生的現金流量為 5,300 萬美元，比去年同期經營活動產生的現金流量 5,100 萬美元增加了 200 萬美元。2025 年前三個季度，我們報告經營活動產生的現金流量為 6,700 萬美元，比去年同期成長了 1.13 億美元。至於流動性方面，截至第三季末，我們的總流動性為 4.13 億美元，其中包括 1.4 億美元的現金和 2.73 億美元的循環信貸額度。與第二季末的 3.68 億美元相比，增加了 4,500 萬美元。

And as usual, I'd like to leave you with a few additional thoughts for the quarter. The first of which is, as you've heard from Shawn in his opening remarks, we are making progress upgrading our tech stack as a part of the broader transformation. This includes the One ERP initiative to move from multiple ERP systems to one. This project will unite all company financial systems on a single streamlined platform. With all financial data in one place, standardized reporting and uniform processes, we expect our team will be more efficient and more effective.

最後，像往常一樣，我想和大家分享一些關於本季的額外想法。首先，正如肖恩在開場白中所說，作為更廣泛轉型的一部分，我們正在升級技術堆疊，並取得了進展。這其中包括將多個 ERP 系統合併為一個 ERP 系統的「一體化 ERP」計劃。該項目將把公司所有財務系統整合到一個簡化的平台上。將所有財務數據集中在一個地方，採用標準化的報告和統一的流程，我們期望我們的團隊能夠更有效率、更有效。

The project will have a phased rollout and with a completion expected by the end of next year.

該項目將分階段實施，預計明年年底完成。

Point two, in a tough market, we continue our focus on controlling expenses and adjusting to demand by rightsizing our cost structure commensurate with the support needed to continue serving our customers at the highest level, and the level they are accustomed to receiving from us. It is important to note that the focus on our cost structure did not impact our service levels and still led to another solid quarter and sequential improvement in consolidated EBITDA. The final point is prioritization and focus on cash generation. As you heard earlier, cash provided by operations significantly improved by more than $100 million in the first 9 months of this year compared to a year ago. On Slide 23 of the earnings presentation, you will see that on a non-GAAP basis, we generated $79 million in operating cash flow in the third quarter and $176 million year-to-date through the third quarter.

第二點，在市場競爭激烈的情況下，我們將繼續專注於控制支出，並透過調整成本結構來適應需求，從而為繼續以最高水平和他們習慣於從我們這裡獲得的水平為客戶提供服務提供必要的支援。值得注意的是，我們對成本結構的關注並沒有影響我們的服務水平，反而使合併 EBITDA 又實現了穩健的季度和環比增長。最後一點是優先考慮並專注於現金流的產生。正如您之前聽到的，今年前 9 個月的經營活動產生的現金流量比去年同期大幅增加了 1 億美元以上。在財報的第 23 頁投影片中，您將看到，以非 GAAP 準則計算，我們在第三季產生了 7,900 萬美元的經營現金流，而截至第三季末，今年迄今的營運現金流為 1.76 億美元。

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

現在我將把麥克風交還給肖恩，請他在問答環節之前作總結發言。

Thank you, Jamie. In closing, I want to express my deep pride in our team for their unwavering dedication and consistent focus on the customer. Their ability to execute operationally with precision while maintaining rigorous control over cost has been truly exceptional. This disciplined approach not only strengthens our day-to-day performance, but also positions us well for the challenges and opportunities ahead. Despite the uncertainty in today's macroeconomic environment, I remain confident in the strength of our team.

謝謝你，傑米。最後，我要表達我對我們團隊堅定不移的奉獻精神和始終如一的客戶至上的理念的深深自豪。他們能夠在嚴格控製成本的同時，精準地執行營運任務，其能力確實非常出色。這種嚴謹的態度不僅能提升我們的日常工作表現，也能讓我們更能應對未來的挑戰和機會。儘管當前宏觀經濟環境存在不確定性，但我對我們團隊的實力仍然充滿信心。

We have built a solid foundation that is well equipped to drive sustainable long-term growth. Our team's commitment to excellence ensures that we continue to deliver meaningful and measurable value to our customers and are positioned very well for when the freight stabilizes. As we go into Q&A, I would like to focus our comments on the state of the industry, the business and not on the strategic alternatives review process. As you know, we cannot further comment. Thanks in advance for your understanding.

我們已經建立了堅實的基礎，完全有能力推動永續的長期成長。我們團隊對卓越的不懈追求確保我們能夠繼續為客戶提供有意義且可衡量的價值，並為貨運市場穩定後的發展做好充分準備。在進入問答環節之前，我希望我們將討論的重點放在產業現況和業務發展上，而不是策略替代方案審查過程。如您所知，我們無法對此事作進一步評論。感謝您的體諒。

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

現在我將把電話轉交給接線員回答問題。操作員？

(Operator Instructions) Bruce Chan, Stifel.

（操作說明）Bruce Chan，Stifel。

Maybe just wanted to start with Omni. That business has certainly come a long way, and it looks like you're finding some stability here with EBITDA margins. But the segment has also gone through a lot of change, especially given the volatile environment. So maybe as you think about that business longer term, if you could just remind us what your longer-term margin targets would be there? What kind of earnings power you think you can see in that business?

或許只是想從 Omni 開始。這家企業確實取得了長足的進步，而且看起來你們的 EBITDA 利潤率也趨於穩定。但鑑於當前動盪的市場環境，該領域也經歷了許多變化。所以，當您考慮該業務的長期發展時，能否提醒我們您的長期利潤目標是什麼？你認為這家公司能有什麼樣的獲利潛力？

And then how do you -- maybe think about that in the context of seasonality as we move into Q4 and 2026?

那麼，隨著我們進入第四季和 2026 年，您又該如何——或許應該從季節性的角度來思考這個問題呢？

Bruce, it's Shawn. So yes, I would say we've done a really good job of turning this business around. really driving the synergy selling where we had segments of customers' revenue in one of our many diversified offerings and spreading that more into the other offerings. And that's really where the growth is coming from. I would say it's rather hard to say right now what that optimal margin is because it's suppressed right now just because of the overall market.

布魯斯，我是肖恩。所以，是的，我認為我們在扭轉公司局面方面做得非常出色。我們真正推動了協同銷售，將客戶的部分收入分散到我們眾多多元化產品中的某一部分，並將其更多地分散到其他產品中。而這才是成長的真正來源。我認為現在很難說最佳利潤率是多少，因為目前由於整體市場狀況，利潤率受到抑制。

But Jamie, do you want to comment at all on margins or?

但是傑米，你對邊際效益有什麼看法嗎？

Yes. Bruce, if you look at Page 28 in the slide deck, it's one of my favorite pages because it has a couple of different interpretations. I'm going to go right to left. And then I might answer your question on Omni specifically because that's what you're asking. If you look at the Intermodal, the drayage business continues to be at the highest end of the publicly traded peers.

是的。Bruce，如果你看一下投影片中的第 28 頁，那是我最喜歡的一頁，因為它有幾種不同的解釋。我要從右往左走。然後我可能會特別回答你關於 Omni 的問題，因為這正是你問的。如果觀察多式聯運產業，短程運輸業務在上市同業仍處於最高水準。

I mean -- and there is no pure comp. We all know that. But they continue to be a market leader in terms of margin in the Intermodal side.

我的意思是——而且沒有純粹的比較。我們都知道這一點。但在多式聯運領域，他們在利潤率方面仍然是市場領導者。

And then on the Omni, we've got a collection here of 5 comps. You've already done the analysis, you know who they are. But we're at the upper end of the margin already in our collection of assets. And the real upside is on the LTL or the expedited side of the business. So we've got -- that's where I'd say the greatest opportunity is.

然後，在 Omni 上，我們這裡有 5 個合集。你已經做過分析了，你知道他們是誰。但就我們的資產組合而言，我們已經處於利潤率的高端了。真正的成長點在於零擔運輸或加急運輸業務。所以，我認為這就是最大的機會所在。

And the one thing that I think it's lost here on this page, even talking to you specifically on -- or answering your question specifically on Omni is that when you buy 1 share of stock in Forward Air, you're buying a portfolio or a collection of logistic assets. And Omni is one of those. And it actually is performing very well, especially on the contract logistics side of the equation. So I think we've exceeded, in my opinion, and many different people out there can argue with me. But I think we've exceeded most people's expectations in the way that this particular segment has performed since the acquisition.

我覺得在這個頁面上，甚至在 Omni 上專門和你談論或回答你的問題時，有一點被忽略了，那就是當你購買 Forward Air 的 1 股股票時，你購買的是一個物流資產組合或集合。Omni就是其中之一。實際上，它的表現非常出色，尤其是在合約物流方面。所以我覺得我們已經做得非常好了，當然，很多人可能會不同意我的看法。但我認為，自收購以來，該特定業務板塊的表現已經超出了大多數人的預期。

So I'd say that's an incredibly long-winded answer to your question that we're at the upper end of the margins already.

所以我覺得，對於你提出的「我們已經處於邊緣地帶」這個問題，我的回答非常冗長。

No, that's really good color. So I guess if I could just follow up on that. It sounds like we're at the point now where we can start to think about maybe some more seasonality in this business and other businesses. And if I could expand on that a little bit, any kind of commentary on how you're thinking about fourth quarter? I know you all tend to have a little bit more retail exposure, for example, than some of your peers.

不，這顏色真好看。所以我想就此做個後續說明。聽起來我們現在可以開始考慮在這個行業和其他行業中引入一些季節性因素了。如果我能再詳細說說，您對第四季有什麼看法？我知道你們大家在零售業方面的經驗可能比一些同齡人要多一些。

Yes. So are you talking about Omni specifically or the portfolio?

是的。所以你指的是 Omni 這個品牌本身，還是指整個產品組合？

Yes. First part, Omni and then if you want to brought that up to the rest of the portfolio.

是的。第一部分是 Omni，然後如果你想把它提升到投資組合的其他部分，也可以這麼做。

Yes. So if you look at Omni, it's not going to be as seasonal as I think you would otherwise -- would surmise that it would be only because of the warehouse side of the business, right? So that's a pretty stable business. It doesn't have a real seasonal trend to it as much as it does the air and the ocean. I'm looking forward, Bruce, to the day soon in the next probably couple of quarters that we're going to be able to break that -- those segments into their different services.

是的。所以，如果你觀察 Omni，你會發現它的季節性不會像你想像的那樣明顯——我猜想這僅僅是因為其倉儲業務的緣故，對吧？所以這算是一個相當穩定的行業。它不像其他季節那樣具有明顯的季節性趨勢，而是更多地受到空氣和海洋的影響。布魯斯，我期待在接下來的幾個季度裡，我們能夠將這些細分市場拆分成不同的服務。

But I'll tell you right now, on the Omni basis, it's going to be a little bit more muted than you would otherwise anticipate because it doesn't have that seasonality.

但我現在就可以告訴你，就 Omni 而言，情況會比你預期的要稍微平靜一些，因為它沒有季節性。

Now on Intermodal, if you see the port volumes as they're forecasted in the next 3 months, by month, it's going to be continued, what I would say, malaise, not a great port read. But I'll tell you what, this team continues to stroke out $8 million to $10 million in EBITDA every single quarter, irrespective of the environment in which they operate.

現在來看多式聯運，如果你看看未來三個月的港口吞吐量預測，你會發現情況依然低迷，港口市場前景並不樂觀。但我可以告訴你，無論在何種環境下運營，這支團隊每季都能持續創造 800 萬至 1000 萬美元的 EBITDA。

And then lastly, on the LTL side, what we're noticing is no different than what our peers, our competitors said on their calls, is more of the same of what we have right now. I'm not seeing a seasonal leg down nor am I seeing a -- it's not going to be increasing, obviously, now in November being an 18-day month. But I'm just seeing a little -- I'm seeing more of what we've experienced over the last couple of quarters.

最後，在零擔運輸方面，我們注意到的情況與我們的同行、競爭對手在電話會議上所說的話並無不同，那就是我們目前的情況依然如此。我既沒有看到季節性的下降趨勢，也沒有看到——顯然，現在11月是18天的月份，銷量不會上升。但我只是看到了一些——我看到了更多我們在過去幾季所經歷的事情。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

I wanted to follow up on the LTL side. Look, I think in previous calls and in our conversations, you've talked a lot about really fine-tuning the organization on the LTL front and really just getting, I guess, adjusting operating costs to revenue, and it clearly remains a really weak environment. So maybe you could give us a little bit of an update on the progress on kind of realigning costs, and maybe kind of bifurcate what's just been a function of this is a weak environment and what is something that we think is sustainable that really speaks to the actions that you've made over the last year?

我想跟進一下零擔運輸方面的情況。你看，我認為在之前的通話和我們的談話中，你多次談到要對零擔運輸業務進行精細調整，真正地將運營成本與收入掛鉤，但顯然，這仍然是一個非常疲軟的環境。那麼，您能否給我們簡要介紹一下在調整成本方面取得的進展，並區分一下哪些是受疲軟環境影響的結果，哪些是我們認為可持續的，真正體現了您在過去一年中所採取的行動？

Stephanie, it's Shawn. So I'll take the first part of that and let Jamie add in. So the one thing that -- especially to our peer group on comps, the one thing that we want to make sure to constantly remind the analysts, especially is that we are not a fixed cost network. We're a variable cost network. And a majority of our fleet is owner operators.

史蒂芬妮，我是肖恩。所以我先說前半部分，然後讓傑米補充。所以有一點——特別是對於我們的同儕比較群體，我們想要不斷提醒分析師的一點是，我們不是一個固定成本網。我們採用的是變動成本網路。而且我們車隊的車輛大部分都是自僱者。

And so one of the things that the team does extremely well is they adjust their purchase transportation cost based on volume. So when volume is down, mainly what we do is we move those drivers from an LTL segment to the Truckload segment. And right now, truckload is booming. And so we're not letting go of any drivers. We're just moving them from LTL to TL.

因此，團隊做得非常出色的一點是，他們會根據採購量調整採購運輸成本。所以當貨運量下降時，我們主要做的就是把這些駕駛從零擔貨運領域調到整車貨運領域。現在，卡車運輸市場正蓬勃發展。因此，我們不會解僱任何司機。我們只是把它們從零擔運輸 (LTL) 轉移到整車運輸 (TL)。

And we've really capitalized by doing so. And so that brings down the purchase transportation cost.

我們這樣做確實獲得了巨大收益。這樣一來，就能降低採購運輸成本。

And then a couple of internal initiatives that we've done is, obviously, we've dramatically improved to the operating team, our productivity measures on the floor, as well as we've introduced and we've been running for several quarters now, 2 different optimizers looking at the miles that we run and the service that we offer and how do we do that with less miles and still not jeopardizing our service. And we've -- Tim and team have now decided on one optimizing tool that we will use moving forward. It's not a tool that was here, at least when I got here, and they've done a fantastic job. So that's more of not just removing the drivers from LTL over to TL, but at the same time, drawing down miles and being more optimal as we manage through this time. But it's something you should do anyways even in high seasons as well as these low seasons.

此外，我們還採取了一些內部舉措，例如，我們顯著提高了營運團隊的現場生產力指標，並且引入了兩種不同的優化器，並且已經運行了好幾個季度，用於分析我們的行駛里程和我們提供的服務，以及我們如何在減少里程的同時又不損害服務品質。蒂姆和他的團隊現在已經決定使用一種優化工具，我們將在未來繼續使用。至少在我來這裡的時候，這裡還沒有這個工具，他們做得非常好。所以，這不僅僅是將零擔貨運司機轉移到整車貨運司機，而且與此同時，還要減少里程數，並在我們度過這段時期時更加優化運營。但無論如何，無論是在旺季還是淡季，你都應該這麼做。

So hopefully, that helps, but I'll be quiet and see if you have any questions to what I just said.

希望這些對你有幫助，但我先不說話了，看看你對我剛才說的還有沒有其他問題。

Steph, let me add on it real quick with a little bit more specificity. If you think about it on a year-over-year basis, in terms of improved operating performance, we took out a little more than 300 FTEs on a year-over-year basis. And over that same period of time, we actually improved safety, arguably improved quality, held claims flat at one of the best rates in the entire industry, and we have fewer labor hours per shipment. So operationally, pretty damn good.

Steph，讓我再補充一點細節。如果從同比角度來看，就營運績效的改善而言，我們比前一年減少了 300 多名全職員工。在同一時期，我們實際上提高了安全性，可以說提高了質量，將索賠率保持在全行業最佳水平之一，並且每次發貨所需的人工時間也減少了。所以從營運層面來說，相當不錯。

And then to build on Shawn's point about it being more of a variable versus a fixed solution, certainly helps us flex down in times such as this. But if you look at Page 13 of the earnings presentation, on a reported basis, even though we've got slightly lower revenue, we're still cranking out $30 million in reported EBITDA and a mid-11% EBITDA margin.

然後，肖恩指出，這更像是一個變數而不是一個固定的解決方案，這肯定有助於我們在這種時候靈活應對。但如果你看一下收益報告的第 13 頁，按報告數據來看，儘管我們的收入略有下降，但我們仍然實現了 3000 萬美元的報告 EBITDA 和 11% 左右的 EBITDA 利潤率。

Yes. No, absolutely. And I think -- and Shawn, I think that's crystal clear. Maybe just as a follow-up question, I appreciate that you really can't and don't want to speak on terms of anything on the process or the like. But maybe asked a different way, is there any update on when you might be able to speak on the process?

是的。不，絕對的。我覺得──肖恩，我覺得這一點很清楚。或許可以再問一個後續問題，我很理解您確實不能也不想就流程或其他類似事宜發表任何評論。但或許可以換個方式問，您何時能就此過程發表演說？

I would say, Steph, if I had that, I would. So look, it's a very detailed process that the Board is running. And as soon as we can, we will update you.

史蒂芬，如果我有那個，我會說的。你看，董事會正在執行的是一個非常詳細的流程。一旦有最新消息，我們會立即通知您。

(Operator Instructions) Scott Group, Wolfe Research.

（操作說明）Scott Group，Wolfe Research。

So I just want to -- I know you can't say much, but I just want to make sure I'm understanding what you were trying to communicate in your prepared comments about the duration of this process. Is the point you were trying to make that -- not that there is a lack of interest or the interest was dropping, it's that there was incremental new interest and that is what's slowing down the process? Is that the point you were trying to make?

所以我想——我知道您不能說太多，但我只是想確認一下，我是否理解了您在事先準備好的評論中，關於這個過程持續時間的表達方式。你想表達的觀點是──不是說缺乏興趣或興趣正在下降，而是說雖然出現了一些新的興趣，但這反而減緩了進程？這就是你想表達的意思嗎？

So Scott, this is Shawn. No, I think I was pretty clear in the points I was trying to make. There was a good interest, obviously, in our organization and whereas different periods of times where interested parties came in. I'm not blaming wholeheartedly that that's what's elongated it. But between interested parties and other parties coming in at different times is where we are today.

斯科特，這位是肖恩。不，我覺得我已經很清楚地表達了我的觀點。顯然，人們對我們的組織很感興趣，而且在不同的時期，都有感興趣的各方參與其中。我並不是完全責怪這就是導致它變長的原因。但如今，各方利害關係人和其他各方在不同時間介入的情況就是如此。

Okay. You made a comment a minute ago that Truckload is booming. I have not heard that from anyone. And then, Jamie, you made a comment LTL was not really -- is stable and not really dropping off and a lot of the other guys have talked about LTL really dropping off. So those were just 2 interesting comments I haven't heard from others.

好的。你剛剛評論說整車運輸業正在蓬勃發展。我沒有聽任何人說過這件事。然後，Jamie，你評論說 LTL 並不太穩定，並沒有真正衰落，但其他很多人卻說 LTL 的影響力正在迅速下降。以上是我沒從其他人那裡聽到的兩個有趣的評論。

So maybe if you could just add some color to those 2 things.

所以，或許你可以為這兩樣東西增添一些色彩。

Well, to be clear, our Truckload is booming. There's a lot of high tech moving. And that high tech requires asset-only companies, of which we are and a lot of security, and that is something that we're really great at. And so our Truckload is booming.

坦白說，我們的整車運輸業務非常火爆。很多高科技企業都在搬遷。而高科技需要只擁有資產的公司（我們正是這樣的公司），還需要大量的安全保障，而這正是我們非常擅長的。因此，我們的整車運輸業務蓬勃發展。

Yes. And I'd even say that's the circle of livestock for us. So when I say LTL is stable, volume is down, but that volume is being -- modality is shifting from LTL to TL. So we're picking up some of the volume that we're losing on the LTL side on the TL side of the house, to support Shawn statement.

是的。我甚至可以說，這就是我們畜牧業的循環。所以當我說 LTL 穩定時，銷量雖然下降了，但銷量正在——模式正在從 LTL 轉向 TL。所以，為了支持肖恩的說法，我們正在彌補LTL方面在TL方面損失的一些業務量。

And then in terms of LTL being stable, look, I don't -- I'm not trying to say that our volume is stable. That's not what I'm saying. It's clearly not. Volume is down, but there's 2 other things that we're doing in order to deliver stable earnings. And that is an increase in pricing and an absolute maniacal focus on operating more efficiently.

至於 LTL 的穩定性，你看，我並不是說我們的銷售是穩定的。我不是那個意思。顯然不是。銷量下降了，但為了實現穩定的收益，我們還在做另外兩件事。這意味著價格上漲，以及對提高營運效率的絕對狂熱追求。

So the stability of my comment is more on the $30 million of reported EBITDA for last quarter, this quarter and the quarter a year ago.

因此，我的評論的穩定性更多地取決於上季、本季和去年同期報告的 3000 萬美元 EBITDA。

Okay. And then maybe just lastly, Jamie, just give us an update on how you're thinking about cash flow going forward into Q4? I know seasonally, there's the interest ramp in the debt payments. And then just remind us the calendar of when the credit, the covenants start to get a little tougher.

好的。最後，Jamie，能否為我們介紹一下你對第四季現金流的看法？我知道債務支付的利息會隨著季節變化而增加。然後提醒我們一下，信貸和契約何時會開始變得更加嚴格。

Yes. Scott, you're all over it. So the semiannual senior secured note payments gets made in April and October. So the quarter that is in between is when we make all the money and then we generally lose a little bit in the quarter that we make that payment. We're just going to make more in the quarter that we don't.

是的。史考特，你全都搞定了。因此，半年一次的優先擔保票據付款分別在四月和十月進行。所以，中間的季度是我們賺到所有錢的時候，然後在支付款項的那個季度，我們通常會損失一些錢。我們只是要在本季賺到比平常更多的錢。

And it's exactly what we did this quarter. I'd say we did very well in terms of not only managing the operations, but also managing the balance sheet, which then increased cash by $45 million in this quarter as a stand-alone period. And then in terms of the covenant step down, we're at 6.75x this quarter. Next quarter, it starts to tighten by 0.25x and it does so every single quarter into the fourth quarter of 2026. At what point it levels out at 5.5x and it stays there through maturity.

而這正是我們本季所做的。我認為我們在營運管理方面做得非常好，而且在資產負債表管理方面也做得非常好，這使得本季度現金增加了 4500 萬美元（作為一個獨立時期）。至於契約減損部分，本季我們達到了 6.75 倍。下一季度，增速將收緊 0.25 倍，並且這種情況將持續到 2026 年第四季。當它穩定在 5.5 倍時，就會保持到成熟期。

Christopher Kuhn, Benchmark.

克里斯托弗·庫恩，基準。

I think in the past, you guys talked about the benefit of the combined company and giving us some examples. I mean, I'm just wondering if you have an update on that.

我認為過去你們曾談到合併後公司的好處，並舉了一些例子。我是想問你有沒有什麼最新進展。

Run that past me one more time, Chris, sorry.

克里斯，不好意思，你再跟我解釋一遍。

Yes. I think in the past, you've talked about winning business as a combined company with Omni and the LTL business and some of the other businesses within Omni. So I don't know if, obviously, you still feel that way, but if you have any sort of thoughts on that?

是的。我認為過去您曾談到與 Omni 和 LTL 業務以及 Omni 內部的一些其他業務合併，以贏得業務。所以，我不知道你是否仍然這麼想，但你對此有什麼想法嗎？

Yes. I mean, look, we -- on the Omni side, we win business regardless. And obviously, we want to put that into the, I'll say, the legacy Forward Air LTL. But if there's a solution that's better to get it -- to gain that business than outside of our network, we'll gain the business on the Omni side.

是的。我的意思是，你看，我們——在全通路方面，無論如何我們都能贏得業務。顯然，我們希望將其融入到，我稱之為，傳統的 Forward Air LTL 中。但是，如果有一種更好的解決方案來獲得這筆業務——比從我們的網路之外獲得這筆業務更好，那麼我們將在全通路方面獲得這筆業務。

But I would say in a lion's share, we put the majority of -- if it's a ground or a domestic sell only, we really focus on -- if we can't find a way initially to get in the network, we figure out a way eventually to put it in the network. So the combination of the 2 organizations really support the growth. But at the same time, we're still able to handle the legacy, what we call the indirect market with our fantastic freight forwarders and 3PLs, and do that in a proper mannerism to help them continue to grow with very minimal to none of conflict between our organizations. I'm not going to say there's none, but there's very minimal, and we've managed those through our partners. So it's working and it's working well.

但我想說，在絕大部分情況下，如果只是地面或國內銷售，我們會投入大部分精力——如果我們一開始找不到進入網路的方法，我們最終會想辦法將其進入網路。因此，這兩個組織的合併確實促進了成長。但同時，我們仍然能夠處理傳統業務，也就是我們所說的間接市場，我們擁有優秀的貨運代理和第三方物流公司，並且能夠以適當的方式幫助他們繼續發展，同時最大限度地減少甚至消除我們組織之間的衝突。我不會說完全沒有，但確實很少，而且我們已經透過合作夥伴解決了這些問題。所以它運作正常，而且運作良好。

And I'm really pleased with what we are able to do as a combined company, especially compared to the onset of everybody thought this was going to be a disaster at least when I got here. So I think we're in a good place.

我對我們合併後的公司所取得的成就感到非常滿意，尤其是與當初大家認為這將是一場災難相比，至少在我剛來的時候是這樣。所以我覺得我們現在處境不錯。

And then I think you talked about the LTL to TL conversion. I mean, obviously, any updates on that? Is that still going on? I guess, what do we need this TL sort of spot prices to start going back up to get that reversed?

然後我想你談到了零擔貨運 (LTL) 到整車貨運 (TL) 的轉換。我的意思是，顯然，這方面有什麼最新進展嗎？這件事還在進行嗎？我想，我們需要TL現貨價格開始回升到什麼程度才能扭轉這個局面？

Yes. You've got a couple of things there that, yes, we need the spot rate to go up. The team moves our assets, LTL,TL, back and forth depending on volumes in LTL and depending on need on the TL side. And so that's a pretty constant move back and forth on a weekly or daily basis. But yes, going back to -- when you look at overall volumes with the spot market the way it is as low as it is, when you look at LTL volumes, they're in the Truckload capacity.

是的。是的，我們需要現貨匯率上漲。團隊會根據零擔貨運量和整車貨運需求，在零擔貨運和整車貨運之間來回調配我們的資產。因此，這種情況每週甚至每天都會發生，而且相當頻繁。但是，是的，回到正題——當你觀察現貨市場的整體貨運量時，你會發現它非常低，而零擔貨運量卻在整車貨運能力範圍內。

And if an organization is able to trap and put it in a Truckload at a lower per pound rate basis than a traditional LTL, whether it be us or anybody else, that's what they're doing. But as that rate moves up, that shift from TL will start to slowly come back into LTL. And that's really what we -- that's the majority of where the volume is today that's not in LTL today.

如果一家公司能夠以低於傳統零擔運輸的每磅價格將貨物裝入整車運輸，無論是我們還是其他任何公司，他們都會這樣做。但隨著匯率的上漲，這種從傳統貨幣（TL）轉變為傳統貨幣（LTL）的轉變將開始慢慢回歸傳統貨幣（LTL）。而這才是我們真正關注的重點──目前大部分貨運量都集中在零擔貨運領域之外。

Jamie, you want to add?

傑米，你想補充什麼嗎？

So you think that shift occurs over time. It's not like it takes a while for them to go back from TL to LTL or it depends where you look at?

所以你認為這種轉變是隨著時間而發生的。他們從整車運輸（TL）轉回零擔運輸（LTL）並不需要很長時間，還是說這取決於你從哪個角度來看？

It just depends on what their procure rate is and the longevity of that contract with those truckload providers.

這完全取決於他們的採購費率以及與這些整車運輸供應商簽訂的合約期限。

Yes, I would actually say it's not an event.

是的，我其實覺得這不算是什麼事件。

Yes, it's not a onetime event. It's over time.

是的，這不是一次性事件。這需要時間。

Yes. So if you look at the Cass, and the Cass Index being like $1.25 a mile, it would probably have to creep back up over to the $1.50 a mile before you see something meaningful, but it's going to happen along the way. Anything above $1.50 to $1.60 per mile on the Cass, I would say is getting back to what I would term is a more normalized balanced LTL to TL market.

是的。所以，如果你看看卡斯指數，它現在大約是每英里 1.25 美元，那麼它可能需要慢慢回升到每英里 1.50 美元才能看到一些有意義的變化，但這終究會發生。卡斯公路每英里超過 1.50 至 1.60 美元，我認為這意味著回到了我所說的更正常、平衡的零擔貨運與整車貨運市場。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

I wanted to go to the mix detail that you kind of broke out for us a bit more functionally earlier this year on Slide 7. I mean that's 2024. I know we can do some of this with your reported revenues, but we don't have a lot of breakdown on Omni. If we looked at that 70%, 12%, 9%, 9% split you laid out for '24, how would that look different today for kind of where we're exiting '25 as we think about the business and sort of cyclical views into '26?

我想深入探討您今年早些時候在第 7 張幻燈片中更詳細地向我們介紹的混合細節。我的意思是，那是2024年。我知道我們可以根據你們報告的收入做一些工作，但是我們對 Omni 的細分數據並不多。如果我們回顧一下您在 2024 年制定的 70%、12%、9%、9% 的比例，那麼在我們展望 2025 年末的業務和周期性觀點進入 2026 年之際，這個比例今天會有什麼不同呢？

Yes. We don't, Bascome, to be direct. We picked this as a point in time to show -- give an indication or tip of the hat where we're going to start reporting the business in 2026. So it's more of a lift than you would ever imagine. But this is how we intend to report the business starting next year.

是的。坦白說，我們不需要，巴斯科姆。我們選擇這個時間點來表明——或者說預告一下，我們將在 2026 年開始報告業務情況。所以，這比你想像的更像一次提升。但從明年開始，我們將以這種方式報告業務。

But in terms of how that's changed since last year, I wouldn't say meaningfully, but it does change. It changes every single day, but it's a $2.5 billion battleship. So it takes -- it would have to take a seismic change to move these numbers materially.

但就與去年以來發生的變化而言，我不會說發生了實質的變化，但確實發生了變化。它每天都在變化，但它是一艘價值 25 億美元的戰艦。所以，需要發生翻天覆地的變化才能實質地改變這些數字。

Maybe if I ask it just directionally another way. Within Omni, has the air and ocean side of the business from a profit perspective, outgrown or undergrown the warehousing and value-added piece?

也許我換個方式問會更好。從獲利角度來看，Omni 集團的空運和海運業務是超過了倉儲和加值業務，還是落後於倉儲和加值業務？

Yes. We don't break out that level of detail. At least today, we don't. You'll see it next year in the level of detail that you want. Right now, we consider all 3 of those still in a single segment.

是的。我們不會透露那麼詳細的資訊。至少今天，我們可不這麼認為。明年你就能看到你想要的詳細程度了。目前，我們仍然將這 3 個面向視為同一個部分。

I know you're asking, Bascome, but I'm not going to answer.

我知道你想問，巴斯科姆，但我不會回答。

No, understood. Well, and as we look into next year and kind of think about the business, just directionally from your opportunity to improve the bottom line further versus either cyclical or other risks you want to flag, like what are the 1 or 2 biggest upside potential drivers that you see for EBITDA in the next year and the 1 or 2 biggest risk across the entire portfolio?

不，明白了。展望明年，當我們思考業務發展時，從進一步改善獲利狀況的機會，以及您想要指出的周期性或其他風險來看，您認為明年 EBITDA 最大的 1 或 2 個潛在成長驅動因素是什麼？整個投資組合中最大的 1 或 2 個風險又是什麼？

You want to go first?

你想先來嗎？

Yes, go ahead.

好的，請繼續。

Yes. So in terms of the biggest upside right now is just operating leverage in the Expedited segment, whether that be in the form of additional volume or price, I don't not going to say that I'm indifferent because I am very different. I'd rather have the price and the volume. But right now, we've got this network at a level that any incremental shipment, just one shipment has a disproportionate positive impact to the bottom line. So I'd say that's going to be just increased density on the Expedited side.

是的。所以就目前而言，最大的上漲空間就是加急運輸業務的營運槓桿，無論是增加銷售還是提高價格，我不會說我漠不關心，因為我的看法非常不同。我比較看重價格和銷量。但就目前而言，我們的網路規模已經達到了這樣的水平：任何增量發貨，即使只是一次發貨，都會對最終利潤產生不成比例的積極影響。所以我覺得，加急運輸方面的密度只會增加。

And then on the downside, I mean, this is -- I don't want to say that we've been operating in this environment for the last 3 years, but we've been operating in this environment for the last 3 years. If you think about ISM is below 50 for the last 34 out of 36 months. Tonnage in this space is down 21 out of 22 months and Cass is negative for 33 months. That's about 3 years any way you want to slice and dice it. So I think that we are found, at least from my perspective, the bottom.

但另一方面，我的意思是——我不想說我們過去三年一直處於這種環境下，但我們過去三年一直處於這種環境下。如果你考慮到過去 36 個月中有 34 個月 ISM 指數低於 50，那麼情況就不同了。該領域的噸位在過去 22 個月中有 21 個月呈下降趨勢，而卡斯港的噸位已連續 33 個月呈負增長。無論怎麼算，那大約是三年時間。所以我覺得，至少從我的角度來看，我們已經跌到谷底了。

Can it get worse? Absolutely, can always get worse. So I guess the biggest risk would be further macro deterioration. And if that happens or not, Bascome, you know better than I do.

情況還會更糟嗎？當然，情況總是會更糟。所以我覺得最大的風險是宏觀經濟情勢進一步惡化。至於這件事是否會發生，巴斯科姆，你比我更清楚。

It appears there are no further questions at this time. Let me turn it over to Mr. Stewart for any final remarks.

目前看來沒有其他問題了。我現在把發言權交給史都華先生，請他作最後的總結發言。

All right. Thank you, Angela. Listen, we really appreciate your interest and support. We remain extremely confident in our strategy and look forward to updating you at the next quarterly earnings call. So if you have any questions, please follow up directly with Tony, and we look forward to talking to you soon. Take care.

好的。謝謝你，安吉拉。我們非常感謝您的關注與支持。我們對我們的策略仍然充滿信心，並期待在下次季度財報電話會議上向您報告最新情況。如果您有任何疑問，請直接聯絡 Tony，我們期待盡快與您溝通。小心。

This concludes today's Forward Air third-quarter 2025 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

Forward Air 2025 年第三季財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。