Forward Air Corp (Delaware) (FWRD) 2026 Q1 法說會逐字稿

Welcome to Forward Air's first-quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加 Forward Air 2026 年第一季財報電話會議。（接線員指示）

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

現在我想把電話交給資金管理與投資人關係資深副總裁 Tony Carreño。

Thank you, operator, and good afternoon, everyone. Welcome to Forward Air's first quarter earnings conference call. With us this afternoon are Shawn Stewart, President and Chief Executive Officer; and Jamie Pearson, Chief Financial Officer.

謝謝，接線員，各位下午好。歡迎參加 Forward Air 第一季財報電話會議。今天下午與我們一同出席的有總裁兼執行長 Shawn Stewart，以及財務長 Jamie Pearson。

By now, you should have received the press release announcing Forward Air's first quarter 2026 results, which was also furnished to the SEC on Form 8-K. We have also furnished a slide presentation outlining first-quarter 2026 earnings highlights and a business update. Both the press release and a slide presentation for this call are accessible on the Investor Relations section of Forward Air's website at forwardair.com.

截至目前，您應已收到新聞稿，宣布 Forward Air 2026 年第一季業績；該新聞稿亦已以 8-K 表格提交給美國證券交易委員會（SEC）。我們也提供了一份投影片簡報，概述 2026 年第一季財報重點與業務更新。本次電話會議的新聞稿與投影片簡報皆可於 Forward Air 官網 forwardair.com 的投資人關係（Investor Relations）專區取得。

Please be aware that certain statements in the company's earnings release announcement and on this conference call may be considered forward-looking statements. 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 2026.

請注意，公司財報新聞稿公告及本次電話會議中的某些陳述，可能被視為前瞻性陳述。這包括基於對公司未來表現、預期事件或趨勢，以及其他非歷史事實事項之期望、意圖與預測所作的陳述，其中亦包含關於我們 2026 會計年度的陳述。

These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

這些陳述並非對未來表現的保證，且受已知與未知的風險、不確定性及其他因素影響，可能導致實際結果與此等前瞻性陳述所明示或暗示者存在重大差異。

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.

有關上述風險與因素的更多資訊，請參閱我們向 SEC 提交的文件，以及與本次財報電話會議相關的新聞稿與投影片簡報。提醒聽眾勿過度依賴此等前瞻性陳述；其僅截至本次電話會議日期為準。除非法律要求，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陳述之義務。

During the call, there may also be discussion of financial metrics that do not conform to US generally accepted accounting principles or GAAP. Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in today's press release and slide presentation.

在本次電話會議中，也可能討論不符合美國一般公認會計原則（GAAP）的財務衡量指標。管理層在內部使用非 GAAP 指標，以了解、管理與評估我們的業務並作出營運決策。此等非 GAAP 指標之定義，以及與最直接可比之 GAAP 指標的調節表，已載於今日的新聞稿與投影片簡報中。

I will now turn the call over to Shawn.

現在我把電話交給 Shawn。

Good afternoon, everyone, and thank you for joining us. I appreciate your interest in Forward Air Corporation. There are three main topics that I'd like to cover on today's call. First, I will provide an update on the customer transition and our strategic alternatives review that we announced in our press release. Second, I will share some thoughts on our first quarter results and the logistics market in general. Third, I will comment on recent awards earned by our team before turning the call over to Jamie.

各位下午好，感謝各位加入。我感謝各位對 Forward Air Corporation 的關注。今天的電話會議我想涵蓋三個主要主題。第一，我將就我們在新聞稿中宣布的客戶移轉，以及我們對策略替代方案的檢視，提供最新進展。第二，我將分享對第一季業績以及整體物流市場的一些看法。第三，在把電話交給 Jamie 之前，我將評論我們團隊近期獲得的獎項。

Let me start with the customer transition. While no formal notices have been delivered, we are in discussions with one of our largest customers to transition a significant portion of their business to other business will be transitioned and the timing thereof are still being discussed, but we are currently anticipating that the majority of what will ultimately transition will start in early 2027 and take place throughout the balance of the year.

我先從客戶移轉談起。雖然尚未收到任何正式通知，但我們正與我們最大客戶之一討論，將其相當大一部分業務移轉至其他供應商。將移轉的業務範圍及其時程仍在討論中，但我們目前預期，最終將移轉的大部分業務將於 2027 年初開始，並在該年度其餘期間陸續進行。

It is important to note that we believe this has little, if anything, to do with the impeccable level of service that we provide them and more about their own internal diversification strategy. We are still in active discussions to retain as much of the business as possible, and we are doing everything we can to minimize the impact to our company.

需要強調的是，我們認為這與我們所提供的無可挑剔服務水準幾乎無關（若有也極少），而更多是出於對方自身的內部多元化策略。我們仍在積極洽談以盡可能保留更多業務，並正竭盡所能將對公司的影響降至最低。

I want to reiterate that we believe the customer's decision is entirely related to their own operation and supplier diversification initiatives and has nothing to do with the exceptional service we provide them during our long-term partnership. And this leads me to an update on our strategic review and the new actions we are now pursuing to enhance value and help offset this potential impact.

我想再次重申，我們相信該客戶的決定完全與其自身營運及供應商多元化倡議相關，與我們在長期合作關係中所提供的卓越服務無關。這也引出我對策略檢視的最新進展，以及我們目前為提升價值並協助抵銷此潛在影響而採取的新行動。

As you know, in January 2025, the Board initiated a comprehensive review of strategic alternatives to maximize shareholder value negotiations and discussions with multiple parties. However, due to a variety of factors, including the developments that I just mentioned, no actionable proposals for sale of the company were received.

如各位所知，董事會於 2025 年 1 月啟動全面性的策略替代方案檢視，以最大化股東價值，並與多方進行協商與討論。然而，由於多項因素（包括我剛才提到的發展），我們並未收到任何可執行的公司出售提案。

We continue to consider all opportunities to enhance shareholder value, and we are now pivoting our focus to pursue a sale of noncore assets, including our Intermodal segment and two of our smaller legacy Omni businesses, which in aggregate represent approximately $394 million of our 2025 revenue. These targeted sales are intended to advance our efforts to delever the balance sheet and further focus our services around the core of what we do every single day, which is providing service-sensitive logistics to our customers around the world in air, ocean, ground and contract logistics markets.

我們仍持續評估所有可提升股東價值的機會，並正將重點轉向出售非核心資產，包括我們的聯運（Intermodal）事業部，以及兩項較小的 Omni 傳統業務；上述資產合計約占我們 2025 年營收的 3.94 億美元。這些目標性出售旨在推進我們降低槓桿、改善資產負債表的努力，並進一步聚焦於我們每天所做的核心業務：在空運、海運、陸運及合約物流市場中，為全球客戶提供對時效敏感的物流服務。

With that, let's turn to the second topic, our quarterly results. In the midst of an incredible complex integration, a fairly weak industry backdrop, changing tariff regulations and the disruption in the Middle East, our team continues to make progress executing our transformation plan, overhauling operations and improving the quality of our earnings results, which is reflected in our results.

接著談第二個主題：本季業績。在極其複雜的整合過程中、相對疲弱的產業環境、關稅法規變動以及中東地區的干擾之下，我們的團隊仍持續推進轉型計畫的執行、全面改善營運並提升獲利品質，而這也反映在我們的業績表現上。

For the first quarter, we reported operating income of $20 million compared to $5 million last year and consolidated EBITDA, which is calculated pursuant to our credit agreement, was $70 million compared to $73 million a year ago. Regarding the overall logistics market, domestic transportation supply has continued to tighten, driven in large part by increased regulatory and enforcement actions over the past year. These dynamics have accelerated carrier exits, particularly among smaller operators while limiting capacity additions.

第一季我們的營業利益為 2,000 萬美元，去年同期為 500 萬美元；合併 EBITDA（依我們的信貸協議計算）為 7,000 萬美元，去年同期為 7,300 萬美元。就整體物流市場而言，國內運輸供給持續收緊，主要受過去一年監管與執法行動增加所驅動。這些動態加速了承運商退出市場，尤其是較小型的業者，同時也限制了運能的新增。

A tightening supply environment is a component in rebalancing the freight market and supporting a return to a more favorable market dynamics after years of prolonged freight recession. However, supply is only one side of the equation. Improvement in demand will ultimately determine the pace and sustainability of a recovery. Encouragingly, early indicators suggest that the industrial economy, which is weighed on freight demand may be approaching an inflection point. Manufacturing PMIs have now remained in expansion territory for four consecutive months.

供給收緊的環境是貨運市場再平衡的一環，並有助於在多年延長的貨運衰退後，回到更有利的市場動態。然而，供給只是方程式的一端。需求的改善最終將決定復甦的速度與可持續性。令人鼓舞的是，初步指標顯示，對貨運需求造成壓力的工業景氣可能正接近轉折點。製造業 PMI 已連續四個月維持在擴張區間。

Readings above 50 have historically served as a leading indicator for increased freight volumes as rising manufacturing activity typically drives higher shipment of raw materials. Additionally, the ratio of inventory sales continues to decline.

PMI 讀數高於 50，歷來被視為貨運量增加的領先指標，因為製造活動上升通常會帶動原物料出貨增加。此外，庫存對銷售比率仍持續下降。

Outside of the post-COVID destocking, the current levels are at or slightly below the 10-year average with shippers operating with conservative inventory levels amid ongoing tariff uncertainty and evolving trade policy. While this has suppressed freight demand in the most recent past, it also creates the potential for a restocking cycle, which could serve as a meaningful tailwind for the freight volumes when demand improves.

除新冠疫情後的去庫存階段外，目前水準已達到或略低於 10 年平均值；在關稅不確定性持續及貿易政策演變之際，託運人以保守的庫存水位運作。雖然這在最近一段時間抑制了貨運需求，但也創造了補庫存循環的可能性；當需求改善時，這可能成為推升貨運量的重要順風。

Also, do not lose sight of the recent increase in truckload spot rates and corresponding spike in tender rejection rates. That said, while the VIX may have settled, macroeconomic risks remain. Ongoing geopolitical tensions in the Middle East and the associated rise in fuel prices introduce a key source of uncertainty.

同時，也不要忽視近期整車（Truckload）即期運價的上升，以及相應的投標拒絕率飆升。儘管如此，即使 VIX 可能已趨於平穩，總體經濟風險仍然存在。中東地緣政治緊張局勢持續，以及隨之而來的燃油價格上升，帶來一項關鍵的不確定性來源。

Sustained increases in energy costs could pressure manufacturers and consumers, raising input costs, compressing margins and ultimately dampening demand. Outside of this week's announcement and subsequent sell-off in oil, if elevated fuel prices persist, they could lead to tempered demand, offsetting some of the positive momentum emerging in the industrial economy and delaying a recovery in the freight markets.

能源成本若持續上升，可能對製造商與消費者造成壓力，提高投入成本、壓縮利潤率，並最終抑制需求。除本週的宣布及其後油價下跌之外，若燃油價格維持在高檔，可能導致需求趨於溫和，抵銷工業景氣中浮現的部分正向動能，並延後貨運市場的復甦。

While we are optimistic about the improving freight dynamics, we remain focused on prioritizing customer service and thoughtful cost management. We have been operating as one company for over two years now, and I am proud of what our team has accomplished and even more excited about our future.

儘管我們對貨運市場動態改善抱持樂觀態度，我們仍專注於優先確保客戶服務與審慎的成本管理。我們以「一家公司」的方式運作已超過兩年，我為團隊所完成的成果感到自豪，對我們的未來更感到振奮。

Finally, it gives me a great deal of pride for our team of dedicated logistics professionals to be recognized for their hard work, diligence and commitment to our customers. Forward Air was recently named the 2026 Surface Carrier of the Year by Air Forwarders Association, whose members are freight forwarders that rely on our expedited ground network to maintain the integrity of their airfreight schedules.

最後，我對我們這支敬業的物流專業團隊能因其辛勤付出、嚴謹態度與對客戶的承諾而獲得肯定，感到非常自豪。Forward Air 近期獲航空貨運代理協會（Air Forwarders Association）評選為 2026 年度地面承運商（Surface Carrier of the Year）；該協會會員為貨運代理商，仰賴我們的快速地面運輸網路以維持其空運時程的完整性。

This recognition reflects the strength of our network, our team's performance and our commitment to delivering exceptional service on a consistent basis. Forward Air was also recently named to Newsweek's list of the most Trustworthy Companies in America 2026.

此項肯定反映了我們網路的實力、團隊的表現，以及我們持續提供卓越服務的承諾。Forward Air 近期也入選《Newsweek》2026 年美國最值得信賴公司（Most Trustworthy Companies in America）榜單。

The annual ranking recognizes companies across the industries that have earned strong trust among customers, employees and investors. This award follows the company's selection to Newsweek's list of most Responsible Companies in 2025. This recognition underscores the significant transformation our team has achieved over the past two years in optimizing operations, improving performance and enhancing customer relationships. Both of these honors are a reminder of the high service standards that we are known for. They reflect the dedication of our people whose efforts continue to drive our reputation for excellence.

該年度排名表彰各產業中在客戶、員工與投資人之間贏得高度信任的公司。此獎項緊接著公司於 2025 年入選《Newsweek》最具責任公司（Most Responsible Companies）榜單之後獲得。這些肯定凸顯了我們團隊在過去兩年中，透過優化營運、改善績效並強化客戶關係所達成的重大轉型。這兩項榮譽提醒我們一向以高服務標準著稱，也反映了我們員工的投入；他們的努力持續推動我們卓越的聲譽。

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

那麼，我現在把電話交給 Jamie，請他說明第一季的詳細業績。

Thanks, Shawn, and good afternoon, everyone. As you heard from Shawn, we reported consolidated EBITDA of $70 million in the first quarter compared to $73 million in the first quarter of '25.

謝謝，Shawn，各位下午好。如同 Shawn 所提到的，我們第一季的合併 EBITDA 為 7,000 萬美元，較 25 年第一季的 7,300 萬美元略低。

As a reminder, the comparable results attributable to a year ago were favorably impacted by $4 million of annualized cost reduction initiatives that were actioned in the second half of 2025. The credit agreement allows for the inclusion of the unrealized and pro forma savings from these actions to be included in our historical consolidated EBITDA and required that they be spread back in time to the period in which the expense would have occurred.

提醒一下，去年同期可比結果受到 2025 年下半年推動的年度化成本削減措施 400 萬美元之有利影響。依據信貸協議，這些措施所帶來的未實現及備考（pro forma）節省可納入我們歷史合併 EBITDA，並要求回溯分攤至原本會發生成本費用的期間。

On an LTM basis, consolidated EBITDA was $304 million. Like we normally do, we have detailed the information used to reconcile the adjusted and consolidated EBITDA results on slide 30 of the presentation. On an adjusted EBITDA basis, we reported $70 million in the first quarter compared to $69 million in the first quarter of last year.

以 LTM（過去十二個月）計，合併 EBITDA 為 3.04 億美元。如同以往，我們已在簡報第 30 頁詳細列示用以調節調整後 EBITDA 與合併 EBITDA 的資訊。以調整後 EBITDA 計，第一季為 7,000 萬美元，去年第一季為 6,900 萬美元。

Turning to the segments. Expedited Freight's reported EBITDA improved to $28 million compared to $26 million a year ago, with the exact same margin of 10.4%. The Expedited Freight segment's first quarter results also improved sequentially when compared to the $25 million of reported EBITDA and a margin of 10.1% in the fourth quarter of 2025.

接著看各事業部。加急貨運（Expedited Freight）事業部的已報告 EBITDA 提升至 2,800 萬美元，較去年同期的 2,600 萬美元增加，且毛利率（margin）同為 10.4%。與 2025 年第四季已報告 EBITDA 2,500 萬美元及 10.1% 的毛利率相比，加急貨運事業部第一季結果亦呈現季增。

At the Omni Logistics segment, reported EBITDA of $25 million in the first quarter of this year was in line with the $26 million we reported a year ago. The margin improved from 8.3% to 7.9% last year, driven by an increase in contract logistics volume with a higher margin compared to a decrease in air and ocean volumes that have lower margins.

在 Omni Logistics 事業部方面，今年第一季已報告 EBITDA 為 2,500 萬美元，與去年同期我們報告的 2,600 萬美元大致相當。毛利率由去年的 8.3% 改善至 7.9%，主要係因合約物流（contract logistics）量增加且毛利率較高，同時空運與海運量下降，而其毛利率較低。

At the Intermodal segment, we continue to see a challenging market, especially from reduced port activities. International trade-related softness among several core customers contributed to the decline in shipments and revenue per shipment compared to a year ago. In the first quarter, the Intermodal segment's reported EBITDA and margin were $5 million and 10.1%, respectively, compared to $10 million and 16.4% a year ago.

在聯運（Intermodal）事業部方面，我們仍持續面臨具挑戰性的市場，尤其是港口活動減少所致。若干核心客戶的國際貿易相關需求疲弱，導致出貨量及每票收入較去年同期下滑。第一季聯運事業部已報告 EBITDA 與毛利率分別為 500 萬美元與 10.1%，去年同期則為 1,000 萬美元與 16.4%。

Externally and going back into the back half of the year, we expect to see capacity tighten as JIP supply chains for our BCO customer base loosens as tariffs stabilize, and as additional capacity exits the market due to financial difficulties and bankruptcies of smaller drayage carriers. Internally, we have a strong pipeline and have recently enacted strategic rate increase to several key accounts.

就外部環境而言，展望下半年，隨著關稅趨於穩定、我們 BCO 客戶群的 JIP 供應鏈限制逐步鬆動，以及因財務困難與較小型短途拖運（drayage）承運商破產而有更多運能退出市場，我們預期運能將趨於吃緊。就內部而言，我們有強勁的商機管線，且近期已對數個關鍵客戶採取策略性調價上調。

Turning to cash flow, cash and liquidity. Net cash provided by operating activities in the first quarter was $46 million, an improvement of $18 million or more than 60% compared to $28 million in the first quarter of last year. As for liquidity, we ended the first quarter with $402 million, which is an increase of $35 million compared to the end of the fourth quarter of '25 and about a $10 million increase from last year's comparable $393 million. The $402 million is comprised of $141 million in cash and $261 million in availability under the revolver.

接著談現金流、現金與流動性。第一季營運活動提供的淨現金為 4,600 萬美元，較去年第一季的 2,800 萬美元增加 1,800 萬美元，增幅超過 60%。就流動性而言，我們第一季末為 4.02 億美元，較 25 年第四季末增加 3,500 萬美元，也較去年同期的 3.93 億美元增加約 1,000 萬美元。4.02 億美元包含 1.41 億美元現金，以及循環信貸（revolver）可動用額度 2.61 億美元。

And as usual, I'd like to leave you with a couple of additional thoughts. The first of which is liquidity and how we manage the business, especially in uncertain times. As you heard earlier, our ending liquidity included $141 million in cash, which is the highest ending cash balance in the past eight quarters.

照例，我想再補充幾點想法。第一點是流動性以及我們如何經營管理，特別是在不確定的時期。如先前所述，我們期末流動性包含 1.41 億美元現金，這是過去八個季度中最高的期末現金餘額。

When compared to our publicly traded peers, we are at the upper end of the spectrum when calculating liquidity as a percent of both total assets and LTM revenue. And on Slide 22 of the earnings presentation, you'll also see on a non-GAAP basis, we generated $58 million in operating cash flow in the first quarter, which is approximately $12 million better than last year's comparable results.

與我們的上市同業相比，以流動性占總資產與 LTM 營收的比例來看，我們位於區間的上緣。此外，在財報簡報第 22 頁你也會看到，以非 GAAP 口徑計算，我們第一季產生的營運現金流為 5,800 萬美元，較去年同期約好 1,200 萬美元。

Secondarily, as you heard from Shawn, we are cautiously optimistic about improvements in freight demand, especially in the most recent past. However, there are numerous cross currents, including potential continued improvements in the freight demand, counterbalanced by ongoing headwinds from inflation, subdued consumer confidence and macroeconomic risks will need to play out to see if the improvement in demand is sustainable.

第二點，如同 Shawn 所提到的，我們對貨運需求改善抱持審慎樂觀，尤其是最近一段時間。然而，仍存在許多相互拉扯的因素，包括貨運需求可能持續改善，但同時仍有通膨、消費者信心低迷以及總體經濟風險等逆風；這些因素仍需時間發酵，才能判斷需求改善是否具可持續性。

Regardless of when we see the market fully turn in a positive direction, we plan to continue focusing on the customer, increasing sales and tightly managing expenses.

無論市場何時全面轉為正向，我們都計畫持續以客戶為核心、提升銷售動能，並嚴格控管費用。

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

我現在把電話交回接線員，開始問答。接線員？

(Operator Instructions) Bruce Chan, Stifel.

（接線員指示）Stifel 的 Bruce Chan。

This is Andrew Cox on for Bruce. I just wanted to touch on the customer loss or customer transition here. We understand that nothing is set in stone, but we are talking about 10% of total revenue. I would just like to get some more details on maybe what segment it is in and what maybe the margin profile is and how much fixed or structural costs are associated with this customer and how fast do you guys expect to be able to backfill the revenues?

我是代替 Bruce 的 Andrew Cox。我想先談一下這裡的客戶流失或客戶轉移。我們理解目前尚未完全定案，但我們談的是約占總營收 10%。我想再多了解一些細節，例如這主要落在哪個事業部、可能的毛利率概況、與該客戶相關的固定或結構性成本有多少，以及你們預期多快能把這部分營收補回來？

Andrew, it's Shawn. So, thanks for the question. Yes. So it's quite diverse and dynamic of what service offerings we provide them. It's mainly in contract logistics and some transportation.

Andrew，我是 Shawn。謝謝你的問題。是的，這部分相當多元且動態，取決於我們提供給他們的服務內容。主要是在合約物流，以及部分運輸服務。

So margins are different depending on what area -- what segment of that -- that I just said is in. But we're still in conversations, so it's very fluid. Obviously, we want to be transparent today. But we are still in heavy negotiation -- not negotiations, but conversations. And it's a very good relationship.

因此毛利率會因所屬領域——也就是我剛提到的那個區塊/事業部——而有所不同。但我們仍在溝通中，所以變動性很高。我們今天當然希望保持透明。不過我們仍在密集協商——不是協商，而是持續對話。而且雙方關係非常良好。

So, it's not a situation of anything other than what we understand and believe to be diversifying their overall supply chain portfolio between providers.

所以，這並不是任何其他狀況；我們的理解與判斷是，他們只是想在供應鏈服務提供商之間分散其整體供應鏈組合。

Yes. If I can add on there, Andrew. I mean we're positioning ourselves to hold on to as much of this business as possible. Shawn said it perfectly, which is it's our belief that this isn't about service. It's about their growth and their concentration with this. It's just a simple diversification play. I think it's important to note that we don't see any meaningful impacts to the current year. And as you noted, it's ongoing. And to date, the conversations have been positive.

是的，Andrew，我補充一下。我們正把自己定位在盡可能留住這些業務。Shawn 說得很到位：我們相信這不是服務問題，而是他們的成長以及在此方面的集中度考量；這就是單純的分散化策略。我認為重要的是，我們不預期對本年度造成任何重大影響。而且如你所說，這仍在進行中。截至目前，對話都是正面的。

Okay. That's helpful. Let's -- I guess, let's move on to strategic review. It seems like we've got a conclusion here, and that's positive. And we appreciate the background on the total revenue between the 3 businesses you guys are looking to sell. But is there any kind of timeline we can expect here or any more details on the sale process?

好的，這很有幫助。那我們——我想——轉到策略檢討（strategic review）。看起來你們已經有結論了，而且是正面的。我們也感謝你們提供關於你們打算出售的三項業務之總營收背景。不過，這裡是否有任何可預期的時間表，或是能分享更多出售流程的細節？

Yes. I'll jump at that first and then let Shawn back clean up. Yes, in terms of the timing, the 2 smaller legacy Omni ones, I think we anticipate 60 to 90 days. On the larger intermodal, we're just kicking that off. I think we'll be done by the end of the year, at least that's our expectation.

好的，我先回答，之後再請 Shawn 補充。就時程而言，兩個較小、傳統的 Omni 業務，我想我們預期約 60 到 90 天。至於較大的聯運業務，我們才剛啟動。我想我們會在年底前完成，至少這是我們的預期。

So, I'd say small proceeds in the next 60 to 90 days. And then the expectation again is being able to sell the intermodal business by the end of the year.

所以，我會說在接下來 60 到 90 天會有小額處分款入帳。然後再次強調，我們的預期是在年底前能出售聯運業務。

Stephanie Moore, Jefferies.

Jefferies 的 Stephanie Moore。

I guess maybe going back to the situation with the customer. Maybe I'll ask this a little more direct than the prior question. I guess I'm trying to understand how much leeway or time you saw this coming? Like has this been a conversation that's been going on for some time. I think it's hard to believe for a customer of this size to kind of make these changes so quickly.

我想回到客戶的情況。我可能會比前一個問題問得更直接一些。我想了解的是，你們對這件事有多少緩衝或提前預見的時間？例如這是否已經討論了一段時間？我覺得對於這麼大的客戶而言，要在這麼短的時間內做出這些改變，似乎很難想像。

If you could give a little bit of color on maybe what services this customer provides or end market, just to get some color there. Maybe a little history on maybe other customer losses if it's not due to service and it just diversification, it's obviously having a really large impact this year. So if you could just touch a little bit more about when this started kind of happening? And then at the same time, what can be done on your end to hopefully try to retain this as possible?

另外，如果你們能提供一些背景，例如這個客戶提供哪些服務或其終端市場是什麼，讓我們更有概念。也想聽一些過往案例：如果不是因為服務問題、而只是分散化，這顯然對今年造成很大的影響。所以如果可以，請再多談談這件事大概是從什麼時候開始發生的？同時，你們這邊可以做些什麼來盡可能保留這些業務？

Yes. Stephanie, Jamie here. I'll jump in there first. In terms of the timing, it's still happening. I think Shawn said it, I certainly did is the dialogue to date is active.

是的。Stephanie，我是 Jamie，我先來回應。就時程而言，事情仍在進行中。我想 Shawn 也提到過，我當然也提過，截至目前的對話是積極進行的。

I mean it's on an ongoing basis. And I'd say it's constructive. We're putting ourselves in the best possible spot to hold on to as much of the business as we can. And if it was a service-related issue, I might feel differently. But if we look at our service KPIs with this customer, we're incredible.

我的意思是，這是持續性的。我會說這些對話是具建設性的。我們正把自己放在最佳位置，盡可能保留更多業務。若是服務相關的問題，我可能會有不同感受。但如果看我們對這位客戶的服務 KPI，我們表現非常出色。

In my opinion, it's my opinion, these are my words seething nobody else's. We're incredible. So, it's more about their concentration with us. They've grown with us. They've been a long-term partner with us. So I think it's more about a risk management perspective on their behalf than anything else.

以我看法——這是我的看法、我的用詞，不代表任何其他人——我們非常出色。所以，這更多是他們對我們的集中度問題。他們與我們一起成長，長期以來一直是我們的合作夥伴。因此我認為，這更多是他們從風險管理角度的考量，而非其他因素。

In terms of how quickly -- it's May, at the beginning of May, it's going to take some time. The best as we can tell is there's not going to be any impact to 2026. It won't be until early '27 that we see anything meaningful and material, if at all. I mean, we're -- again, we're not throwing in the towel, but we felt it was the right thing to do to let you guys know that we're in these discussions as quickly as we possibly could.

至於會有多快——現在是 5 月、5 月初，這需要一些時間。就我們目前所知，2026 年不會有任何影響。即使有，也要到 2027 年初才會看到任何有意義且重大的影響（如果真的會發生的話）。我的意思是，我們——再次強調，我們並沒有放棄，但我們覺得，盡可能早讓各位知道我們正在進行這些討論，是正確的做法。

Well, I guess my question on this, too, is, I guess, you worded it today in the release that part of maybe the strategic alternative review process was impacted by this development with this customer. So, as we think about this, how much does this weigh on maybe that strategic process? And then once there is some definitive maybe decision here, whether it is bad or this customer does decide to walk away, what does that mean in terms of ongoing strategic processes once this is cleared up?

嗯，我想我對這件事的問題也是，我想你們今天在新聞稿中措辭提到，策略替代方案審查流程的一部分可能受到這位客戶這項進展的影響。所以，當我們思考這件事時，這對那個策略流程的影響有多大？另外，一旦這裡有了某種明確的決定，不論結果是不好，或這位客戶決定離開，這在釐清之後，對後續的策略流程意味著什麼？

Yes. I don't know -- I can't answer that second question about how -- what will happen after it's cleared up. In terms of the impact, any time you've got a large customer concentration like this, it's going to weigh in either positively or negatively. I mean you get one or the other, right? So, in terms of its impact on the Strat, the fact that you look at a customer that is approximately $250 million plus or minus in revenue, it is going to have an impact.

是的。我不知道——我無法回答你第二個問題，也就是在釐清之後會如何發展。就影響而言，只要你有像這樣的大客戶集中度，就一定會在正面或負面上產生影響。我的意思是，你會得到其中一種結果，對吧？所以，就對策略審查（Strat）的影響而言，當你看一個約 2.5 億美元、上下浮動的營收客戶時，它一定會有影響。

Yes, absolutely. I guess one last one for me. just sorry, some of that was a clarification. But just on the core business itself, I wanted to get a sense of just the ongoing pricing environment. I mean I think this is good -- there's some -- certainly some green shoots and some positives in the underlying freight environment.

是的，絕對。那我最後一個問題。抱歉，其中一些是釐清。就核心業務本身而言，我想了解一下持續的定價環境。我是說，我認為這是好的——在基本的貨運環境中確實有一些新芽與正面訊號。

So, if you could just talk a little bit about just pricing across your business and just your level of comfort given we are seeing what appears to be a bit of an uptick in the underlying freight market.

所以，如果你能談談你們整體業務的定價情況，以及在我們看到貨運市場似乎有些回升的情況下，你們的信心程度。

Steph, it's Shawn. So pricing, we feel really strong about. We had the hiccups in a prior period, and I feel strongly that we are extremely solid in all of our revenue streams, whether it be in the global freight forwarding market and/or the ground LTL business in truckload and what we're doing both on a cost management basis and on a revenue generation basis. And as you can see, the consistency in our margins and profitability. So, it's a proof that we learned a lot and we've continued to enhance our sales from there on forward.

Steph，我是 Shawn。關於定價，我們感覺非常強。我們在先前一段期間有過一些小波折，而我很有信心，我們在所有營收來源都非常穩健，不論是全球貨運承攬市場，和／或地面 LTL 業務、整車運輸，以及我們在成本管理與營收創造兩方面所做的事情。你也可以看到我們毛利率與獲利能力的一致性。這證明我們學到了很多，並且從那之後持續強化我們的銷售。

And if I can jump in a little bit. If you look at the spot, which I know you do, it's up, I think, by 40% since late last year. Tender rejections are up almost 2 times or up 100%. ISR continues to lean out. So, I think all of the macro indicators and PMI is positive for four months in a row.

我也補充一下。如果你看現貨市場（我知道你會看），自去年年底以來我認為已上漲約 40%。投標拒收率幾乎翻倍，或說上升了 100%。ISR 持續去化。再者，所有宏觀指標以及 PMI 已連續四個月為正。

I think the macro indicators are pointing in our direction. If you my experience in the space is it generally takes three to six months for it to really take effect. And we're kind of in that third or 6 months now. So, we're not pricing for yield. We're not pricing for volume. We're pricing for profitability.

我認為宏觀指標正朝對我們有利的方向發展。以我在這個領域的經驗，通常需要三到六個月才會真正反映出效果。而我們現在大概就在第三到第六個月這個區間。所以，我們不是為了收益率而定價，也不是為了量而定價；我們是為了獲利而定價。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So just to follow up on the business trends. Tonnage was down about 2% and yields ex fuel down about 1%. So, what are you -- maybe are you seeing as the quarter progresses so far in Q2? Are things accelerating? I know you said you feel good about the price, but yield ex fuel down a little bit, just A little bit more color would be great.

那我就追問一下業務趨勢。噸位大約下滑 2%，扣除燃油的收益率下滑約 1%。所以，你們在第二季截至目前、隨著季度推進，有看到加速嗎？我知道你說你對價格感覺良好，但扣燃油收益率有點下滑；如果能多給一些說明會很有幫助。

Yes. Scott, I'm going to let Jamie go because I know he just wants to say he's not going to give you guidance, but great, great question. But let's see if he's nicer today.

是的。Scott，我先讓 Jamie 回答，因為我知道他一定想說他不會給你財測，但這是個很棒、很棒的問題。不過看看他今天會不會比較好心。

Well, that's actually funny. You beat me to the punch at the risk of not giving guidance. But I'd say over the last two weeks of the quarter, and I'd say even kind of going into April, we've seen a strong volume environment, at least from our perspective. I don't want to preordain that the recovery here. I stick by what I said about the spot, the tender NSR and the PMI, there's a lag there.

嗯，這其實很好笑。你搶先我一步了——在不提供財測的前提下。但我會說，在本季最後兩週，而且甚至延伸到 4 月，我們至少從自身角度看到一個強勁的量的環境。我不想預先斷言這就是復甦。我仍然認同我對現貨、投標 NSR 與 PMI 的看法，那裡面有時間落差。

But I'd say that the last couple of weeks of the quarter and going into April, we've seen a fairly -- I don't want to say too verbally, but a fairly strong volume environment.

但我會說，本季最後幾週以及進入 4 月，我們看到一個相當——我不想用太誇張的字眼——但相當強勁的量的環境。

And then, Jamie, I just want to clarify that you said the business that you're selling is $390 million of revenue. That's Intermodal plus the two smaller omni businesses, right? All combined? What are the two smaller Omni businesses? And you have any sense of -- can you share any sense of profitability there?

另外，Jamie，我想釐清一下，你說你們要出售的業務是 3.9 億美元營收。那是 Intermodal 加上兩個較小的 Omni 業務，對吧？全部合計？那兩個較小的 Omni 業務是什麼？你是否能分享一下那邊的獲利情況？

Yes. No, there are two small legacy Omni entities, Scott. I'm not going to disclose because there's some confidentiality as you can imagine with the buyers that we preclude us from giving you the names. But you can see of the $390 million, $230 million is intermodal, you're talking about $160 million that's remaining, it's not that much.

是的。不是——Scott，那是兩個小型的 Omni 歷史遺留實體。我不會揭露名稱，因為如你所想，與買方之間有一些保密條款，使我們無法提供名稱。但你可以看到，在 3.9 億美元之中，2.3 億美元是聯運（intermodal），剩下約 1.6 億美元，其實不算太多。

And then your intermodal business, are there containers here? Or is it all asset-light?

那你們的聯運業務，有貨櫃資產嗎？還是完全是輕資產？

So what's your question again, sorry?

所以你剛剛的問題是什麼，不好意思？

What is -- what exactly is your intermodal business? Like I don't think it's like a J.B. Hunt Intermodal business, but maybe I'm wrong.

你們的聯運業務到底是什麼——具體來說？我覺得它不像 J.B. Hunt 的聯運業務，但也許我錯了。

So Scott, I'll take that. So, it's mainly port and rail drayage with what we call COI or container yard management. So, storage of containers on chassis and mainly port and railhead drayage to the final customer.

Scott，我來回答。主要是港口與鐵路的短途拖運（drayage），以及我們所稱的 COI 或貨櫃場管理。也就是把貨櫃放在底盤（chassis）上進行存放，並且主要提供從港口與鐵路場站到最終客戶的短途拖運。

And this is where you own trucks or you have owner operators. We have owned and leased chassis.

而這部分是你們自有卡車，還是使用自營車主（owner operators）？我們有自有與租賃的底盤。

And then maybe just one more for you, Jamie, if I can. With this customer loss, I know the leverage metrics start -- leverage threshold as the year plays out, start to get a little bit harder. I guess maybe this customer is more '27. But any like conversations with you thinking about this?

那再問你一個，Jamie，如果可以的話。就這個客戶流失而言，我知道隨著今年進展，槓桿指標——槓桿門檻——會變得更嚴格一些。我想這個客戶可能是 2027 年的事。但你們有沒有就此進行任何討論或思考？

Yes, sure. It's the right question to ask, Scott. So, we ended the quarter with $40 million in cushion. Is a small step down from where we ended the year. But we ended the year -- ended the quarter with the highest cash balance we've had in two years and over $400 million in liquidity.

是的，當然。Scott，這是個該問的問題。我們在本季末有 4,000 萬美元的緩衝，較年末略有下降。但我們在季末的現金餘額是兩年來最高，且流動性超過 4 億美元。

And I know you've done this math. I mean, you all have is if you look at a liquidity as a percent of total assets or liquidity as a percent of LTM total revenue, we're at the upper echelon of that spectrum of our publicly traded peers. And $40 million cushion is a place that I can certainly live in, $400 million in liquidity is a very good place to be.

而且我知道你已經算過了。我的意思是，你們都算過：如果看流動性占總資產的比例，或流動性占過去十二個月（LTM）總營收的比例，我們在上市同業中處於該區間的上緣。4,000 萬美元的緩衝是我完全可以接受的位置；4 億美元的流動性則是非常好的位置。

(Operator Instructions) Harrison Bauer, Susquehanna.

（接線員指示）Harrison Bauer，Susquehanna。

One quick follow-up on the omni businesses that you're selling. Of that $160 million, is there any crossover of the potential lost business of the $250 million?

針對你們要出售的 omni 業務再快速追問一下。在那 1.6 億美元之中，是否有任何部分與可能流失的那 2.5 億美元業務有交叉重疊？

Not that I can think of Harrison. If it is, it's certainly not material, no.

Harrison，我想不出有什麼。即便有，也肯定不具重大性，不是。

And then just maybe taking a step back, just general competitive dynamics. Obviously, with the announcement of Amazon Supply Chain Services week, I mean is there any relation to that and the loss of this business at all? And are there other areas of your business that are potentially exposed to what Amazon is trying to lay out there and some of their maybe aggressive pricing actions that they may take?

然後也許稍微退一步，談談整體競爭態勢。顯然，隨著 Amazon 供應鏈服務週的宣布，我是說，這和你們失去這筆業務是否有任何關聯？另外，你們業務中是否有其他領域可能會暴露在 Amazon 試圖推動的方向之下，以及他們可能採取的一些較為激進的定價行動？

Yes, I'll take that one, Harrison. So, no correlation between Amazon and our customer. Obviously, the news of Amazon is fairly new, but we know them extremely well over the years. And so not surprised necessarily by their announcement. But I also don't think we need to let this thing evolve a little bit and see where it goes.

是的，Harrison，這題我來回答。所以，Amazon 與我們這位客戶之間沒有關聯。當然，Amazon 的消息相當新，但多年來我們非常了解他們。因此，他們的宣布並不算讓人意外。但我也認為我們需要讓事情稍微發展一下，看看走向如何。

But ultimately, we're not so susceptible to this announcement by our volumes, et cetera. But respect what they're doing, respect Amazon a lot, and it's something that we'll continue to keep an eye on and not be naive with it, but not overly concerned today as we sit around the impact to us at all on this announcement.

但總體而言，就我們的運量等來看，我們並不太容易受到這項宣布的影響。不過我們尊重他們在做的事，也非常尊重 Amazon，這是我們會持續關注、保持警覺而不天真的議題；但就目前而言，坐在這裡看，這項宣布對我們的影響並不讓我們過度擔心。

And then maybe last one for me. In the retaining or existing Omni business that you have left, now that you have a handful of capacity that you need to backfill, how are you thinking about pricing for that going forward and maybe the trade-off of volume and price around your business, not just for Omni, but maybe also in the core Expedited LTL as well?

然後也許我最後一題。在你們目前仍保留或既有的 Omni 業務中，現在你們有一些產能需要補上，你們如何看待未來的定價，以及在你們業務中（不僅是 Omni，也可能包括核心的加急 LTL）在量與價之間的取捨？

I would say, Harrison, we're not going to get in any kind of desperate situation here. We have a great organization, great solutions. A fantastic product, and we'll continue to price aggressive, but also keeping profitability in mind. So, we'll get strategic where it makes sense in a given customer or a given origin destination pair, but not at the detriment of the company and our overall margin. So, we will -- you will see us and you have seen us pick up new logos and new businesses, and we'll continue on that mantra.

Harrison，我會說我們不會讓自己陷入任何絕望的情況。我們有很棒的組織、很棒的解決方案，以及非常出色的產品；我們會持續採取具競爭力的定價，同時也會把獲利能力放在心上。因此，在特定客戶或特定起訖點（origin-destination pair）上，該策略性出手時我們會出手，但不會以犧牲公司與整體毛利為代價。所以，你會看到我們——而你也已經看到——我們拿下新的客戶標誌（new logos）與新業務，我們會持續秉持這個方針。

But I'm not someone that gets over worried or in a situation because we're great, and we just need to continue to stick to what we do, and we'll move forward with replacing that potential loss in different areas as we see fit.

但我不是那種會過度擔心的人，也不會因為這樣就陷入某種狀態，因為我們很強；我們只需要持續做我們擅長的事，然後往前走，並在我們認為合適的不同領域中，逐步替代那個潛在的流失。

Christopher Kuhn, Stone.

Christopher Kuhn，Stone。

Sorry, I just wanted to qualify. So that customer loss is $250 million, that's the total amount of the customer's business with you, and you may or may not lose all of it. You're in negotiations for that right now. Is that the case?

抱歉，我只是想確認一下。那個客戶流失的 2.5 億美元，是指該客戶與你們合作的總業務量，而你們可能會、也可能不會全部流失。你們目前正在就此進行談判。是這樣嗎？

It is total 2025 revenue of $250 million. So, we're giving you holistic of what the revenue is. That does not, by any means, Chris, state that we're losing $250 million. That was the total spend in 2025.

那是 2025 年總營收 2.5 億美元。所以我們提供的是該營收的整體概況。但這絕不代表——Chris——我們會流失 2.5 億美元。那只是 2025 年的總支出。

All right. So, it may be less than that.

好，所以可能會少於這個數字。

It will be less than that.

會少於那個數字。

Okay. And then if you do -- I mean, the negotiation, is it on price because the service seems pretty solid there. So, what is -- what would be the issue aside from just diversification?

好的。那如果你們——我是說，談判是針對價格嗎？因為看起來服務相當穩固。所以，除了只是分散之外，問題會是什麼？

That's it. I mean you got to think about what we do for some of our customers. We handle an incredible amount of their supply chain and is honestly it's incumbent, incumbent is probably the wrong word, but it is wise in a fiduciary duty for them not to put too much of a percentage in any one particular supplier's hands. And throughout the years, we've grown with them, we provided that level of service. And it is, in our opinion, simply a diversification play and understandable.

就是這個。我是說，你得想想我們為某些客戶做了什麼。我們承接了他們供應鏈中非常大的一部分；坦白說，這是他們的責任——「incumbent」可能用詞不太對——但從受託責任（fiduciary duty）的角度來看，明智的做法是不把過高比例交到任何單一供應商手上。多年來，我們與他們一起成長，也提供了那樣的服務水準。而在我們看來，這純粹是分散化的策略，且可以理解。

And then if you lost some of this, would that change the margin profile? I guess, is it within the Omni business? Or is it relatively similar to where your EBITDA margins are?

那如果你們流失其中一部分，會改變利潤率結構嗎？我的意思是，這是在 Omni 業務裡嗎？還是它的 EBITDA 利潤率大致與你們目前的水準相近？

Yes. We don't talk about margins on any one particular customer. We're going to see how this thing shakes out here in the near future. But we're -- again, Chris, I think the takeaway is threefold. One, the conversations have been both active and constructive.

是的。我們不會談任何單一客戶的利潤率。我們會看看這件事在近期會如何發展。不過——再說一次，Chris——我認為重點有三個。第一，對話一直是積極且具建設性的。

Two, no impact that we can see that's going to occur in 2 what we do for our customers. And then lastly, they've been fairly positive to date. So, we're continuing to have the conversations, and we're going to continue to do so.

第二，我們看不出會對我們為客戶所做的事情在 2（此處原文如此）造成任何影響。最後，到目前為止，他們的態度相當正面。所以我們會持續對話，也會繼續這麼做。

And is there sort of a way to -- if you lost any of it to backfill it with another customer? Is there a plan for that? Or you'll just wait and see?

那有沒有某種方式——如果你們流失其中一部分——可以用另一位客戶來補上？有這樣的計畫嗎？還是你們會先觀望？

That's a plan every day, Chris, whether you're losing customers or downtrading customers. Growth is the #1 strategy of our combined organization. And so, it's obviously been -- we've been in a tough market. But at the same time, you've seen us be very sustainable over the last 2 years. And so, we need this market to turn.

Chris，那是每天都在做的計畫，不管你是在流失客戶，或是客戶降級（downtrading）。成長是我們合併後組織的第一策略。所以，顯然——我們一直處在艱難的市場。但同時，你也看到我們在過去兩年非常有韌性、相當可持續。因此，我們需要市場回溫。

But absolutely, we're not changing anything because of this announcement, but we may run a little faster with already sprinting going on as the way we run our organization.

但絕對地，我們不會因為這項宣布而改變任何事情；只是我們可能會跑得更快一些——在我們一向的組織運作方式下，本來就已經在衝刺了。

The only thing I'd add to that, Chris, as best as I can tell and -- I don't know, what is it 23 months that I've been here is going back and looking at history is that we are a fairly high beta performer. We do better in times of volatility and especially when capacity gets tight. We all do good when capacity gets tight. We seem to do better than our peers when that occurs. So that is certainly part of the plan.

我能補充的只有一點，Chris，就我所知——我不知道，我來這裡是 23 個月嗎——回頭看歷史，我們算是相對高 beta 的表現者。我們在波動時期表現更好，尤其是在運能吃緊時。我們在運能吃緊時大家都會做得不錯；但那種情況發生時，我們似乎比同業更好。所以這當然也是計畫的一部分。

And then just last one. You guys have talked about this in the past. But I mean, have you seen any truckload back to LTL conversions in your business?

然後最後一題。你們過去談過這個。不過我是說，你們在業務中有看到任何從整車（truckload）回流到 LTL 的轉換嗎？

We've heard, yes, because the rising and I don't want to get too ahead of ourselves, back to Scott's question. We're seeing volumes. So it could be, but we don't have enough information to say that. And as you guys have probably been watching the true domestic intermodal market, you're seeing a lot of diversions from over the road onto the domestic intermodal, but you're also seeing slowly an influx of the ocean containers coming back in.

我們有聽到，是的，因為上升——我不想太早下結論，回到 Scott 的問題。我們看到運量。所以有可能，但我們沒有足夠資訊可以這麼說。而且你們可能也一直在觀察真正的美國國內鐵路聯運（domestic intermodal）市場，你會看到很多從公路運輸轉向國內鐵路聯運的分流，但同時也慢慢看到海運貨櫃開始回流。

So there's going to be a point of inflection there where a lot of things are going to shift as the demand comes through. But it could be the early stages, but don't quote me on that because that's just -- we're watching it. But we have heard from certain customers that, that transition is starting just because of the overall price of the truckload.

所以那裡會出現一個拐點，隨著需求進來，很多事情會開始轉移。但這可能是早期階段，不過別引用我這句話，因為那只是——我們正在觀察。但我們確實從某些客戶那裡聽到，這種轉換正在開始，主要是因為整車運輸的整體價格。

At this time, there are no further questions in the queue. Let me turn it over to Mr. Stewart for any final remarks.

目前隊列中沒有其他問題。讓我把時間交給 Stewart 先生做最後結語。

All right. Thank you guys so much for your time and attention and interest in our organization. In closing, in recent quarters, we've really navigated the challenging environment with discipline and focus while taking actions to strengthen our company and our overall business. We're extremely confident in the foundation we are building and the steps we are taking to improve our performance. So again, really appreciate your time today.

好的。非常感謝各位撥冗參與、專注聆聽並對我們組織感興趣。最後總結，近幾個季度，我們以紀律與專注來應對充滿挑戰的環境，同時採取行動強化公司與整體業務。我們對正在建立的基礎以及為改善績效所採取的步驟極具信心。再次感謝各位今天的時間。

And as usual, if you have any follow-up questions, please reach out to Tony directly. Thank you.

照例，如果你有任何後續問題，請直接聯繫 Tony。謝謝。

This concludes Forward Air's First Quarter 2026 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful evening.

以上為 Forward Air 2026 年第一季財報電話會議。請於此時掛斷您的線路，祝各位晚安。