GXO Logistics Inc (GXO) 2023 Q1 法說會逐字稿

Welcome to the GXO First Quarter 2023 Earnings Conference Call and Webcast. My name is Sherry and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 GXO 2023 年第一季度收益電話會議和網絡廣播。我叫雪莉，我是今天電話的接線員。 （操作員說明）請注意，本次會議正在錄製中。

Before the call begins, let me read a brief statement on behalf of the company regarding forward-looking statements, the use of non-GAAP financial measures and the company's guidance. During this call, the company will be making certain forward-looking statements within the meaning of applicable securities laws, which, by their nature, involve a number of risks and uncertainties and other factors that could cause actual results to differ materially from those projected in the forward-looking statements.

在電話會議開始之前，讓我代表公司閱讀一份關於前瞻性陳述、非公認會計原則財務指標的使用和公司指導的簡短聲明。在本次電話會議期間，公司將做出適用證券法含義內的某些前瞻性陳述，這些陳述本質上涉及許多風險和不確定性以及其他因素，這些因素可能導致實際結果與預期結果存在重大差異。前瞻性陳述。

A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings. The forward-looking statements in the company's earnings release or made on this call are made only as of today. And the company has no obligation to update any of these forward-looking statements, except to the extent required by law.

該公司向 SEC 提交的文件中包含了對可能導致實際結果出現重大差異的因素的討論。公司財報中或本次電話會議中做出的前瞻性陳述僅截至今天。除非法律要求，否則公司沒有義務更新任何這些前瞻性陳述。

The company also may refer to certain non-GAAP financial measures as defined under applicable SEC rules during this call. Reconciliations of such non-GAAP financial measures to the most comparable GAAP measures are contained in the company's earnings release and the related financial tables are on its website.

在本次電話會議中，公司還可能會參考適用的 SEC 規則中定義的某些非 GAAP 財務指標。此類非公認會計原則財務指標與最具可比性的公認會計原則指標的調節表包含在該公司的收益發布中，相關財務表格位於其網站上。

Unless otherwise stated, all results reported on this call are reported in United States dollars. The company will also remind you that its guidance incorporates business trends to date and what it believes today to be appropriate assumptions. The company results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic conditions and consumer demand and spending, labor market and global supply chain constraints, inflationary pressures and the various factors detailed in its filings with the SEC.

除非另有說明，本次電話會議報告的所有結果均以美元報告。該公司還將提醒您，其指導意見納入了迄今為止的業務趨勢以及它認為目前合適的假設。公司業績本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率波動、全球經濟狀況和消費者需求和支出的變化、勞動力市場和全球供應鏈的限制、通貨膨脹壓力以及公司財務報告中詳述的各種因素。向 SEC 提交的文件。

It is not possible for the company to actually predict demand for its services and therefore, actual results could differ materially from guidance. You can find a copy of the company's earnings release, which contains additional important information regarding forward-looking statements and non-GAAP financial measures, in the Investors section of the company's website.

該公司不可能實際預測對其服務的需求，因此實際結果可能與指導存在重大差異。您可以在公司網站的投資者部分找到該公司收益報告的副本，其中包含有關前瞻性陳述和非公認會計準則財務指標的其他重要信息。

I will now turn the call over to GXO's Chief Executive Officer, Malcolm Wilson. Mr. Wilson, you may begin.

我現在將把電話轉給 GXO 首席執行官馬爾科姆·威爾遜 (Malcolm Wilson)。威爾遜先生，您可以開始了。

Thank you, operator and good morning, everyone. Thanks for joining us today for our first quarter 2023 earnings call. With me in Greenwich are Baris Oran, our Chief Financial Officer; Bill Fraine, our Chief Commercial Officer; and Mark Manduca, our Chief Investment Officer.

謝謝接線員，大家早上好。感謝您今天參加我們的 2023 年第一季度財報電話會議。和我一起在格林威治的是我們的首席財務官巴里斯·奧蘭 (Baris Oran)； Bill Fraine，我們的首席商務官；以及我們的首席投資官馬克·曼杜卡 (Mark Manduca)。

We started off 2023 in great shape. We've delivered a strong quarter. We're progressing ahead of schedule on our integration of the Clipper business, and we've laid the foundations for delivering our strong 2027 targets.

我們以良好的狀態開啟了 2023 年。我們交付了一個強勁的季度。我們正在提前推進 Clipper 業務的整合，並為實現 2027 年的宏偉目標奠定了基礎。

Our revenue in the first quarter was $2.3 billion, growing 12% year-over-year. Organic revenue growth was 7%, at the midpoint of our full year guidance range. Our adjusted EBITDA was $158 million in the quarter, up year-over-year and ahead of our expectations. As a result, we are raising our full year adjusted EBITDA guidance by $50 million, bringing the midpoint of our range to $730 million.

我們第一季度的收入為 23 億美元，同比增長 12%。有機收入增長率為 7%，處於我們全年指導範圍的中點。本季度調整後的 EBITDA 為 1.58 億美元，同比增長，超出了我們的預期。因此，我們將全年調整後 EBITDA 指導提高了 5000 萬美元，使范圍中值達到 7.3 億美元。

It's been a great quarter of signing exciting new business and implementing automated solutions for our customers. Through the end of April, we secured more than $800 million worth of incremental revenue for 2023, signing new partnerships and expanding relationships across multiple verticals and markets with a fantastic group of customers, including Google, Kellogg's, Unilever and Vivienne Westwood.

這是一個偉大的季度，為我們的客戶簽署了令人興奮的新業務並實施了自動化解決方案。截至 4 月底，我們在 2023 年實現了價值超過 8 億美元的增量收入，與 Google、家樂氏、聯合利華和 Vivienne Westwood 等眾多優秀客戶簽署了新的合作夥伴關係，並在多個垂直領域和市場拓展了關係。

In particular, want to highlight the new project we announced in April with Sainsbury's, a leading U.K. grocery retailer. With a lifetime value of nearly $1 billion, this is the largest annual revenue contract awarded in GXO's history. Bill will talk in more detail about this in just a moment.

特別要強調的是我們在 4 月份宣布與英國領先的雜貨零售商 Sainsbury's 合作的新項目。該合同的終身價值接近 10 億美元，是 GXO 歷史上授予的最大的年度收入合同。比爾稍後將更詳細地討論這一點。

These stellar new business wins demonstrate our unique value proposition as we bring our global scale, deep expertise, tech-enabled solutions to (inaudible) for our customers. In the quarter, we again set a new record for the deployment of operational tech, increasing our total tech and automated solutions by 64% year-over-year.

這些出色的新業務勝利證明了我們獨特的價值主張，因為我們為客戶帶來了全球規模、深厚的專業知識和技術支持的解決方案（聽不清）。本季度，我們再次創下了運營技術部署的新記錄，我們的總技術和自動化解決方案同比增加了 64%。

Today, operations utilizing automation or adaptive tech make up nearly 40% of our revenue, a number that will only increase to meet the enormous demand going forward, both for new implementations and for retrofitting of existing operations. We are also accelerating our deployment of machine learning and artificial intelligence, which boost productivity significantly on top of the benefits of the warehouse tech itself.

如今，利用自動化或自適應技術的運營占我們收入的近 40%，這個數字只會增加，以滿足未來新實施和現有運營改造的巨大需求。我們還正在加速機器學習和人工智能的部署，這除了倉庫技術本身的優勢之外，還顯著提高了生產力。

In short, we're seeing unprecedented demand from customers for solutions involving tech enablement. And our leadership in this space continues to drive our growth and profitability, underpinning our confidence for both our 2023 guidance and our 2027 targets.

簡而言之，我們看到客戶對涉及技術支持的解決方案有著前所未有的需求。我們在這一領域的領導地位將繼續推動我們的增長和盈利能力，增強我們對 2023 年指導和 2027 年目標的信心。

To fully capitalize on the demand of our services in this area, we're also strengthening our teams to support significant growth in the years to come. We'll have more news on these initiatives next quarter.

為了充分利用我們在該領域的服務需求，我們還加強了我們的團隊，以支持未來幾年的顯著增長。下季度我們將獲得有關這些舉措的更多消息。

Also in the first quarter, we were pleased to announce that GXO Direct, our shared user solution, has gone global. We've launched Direct across the U.K. with the rollout into Continental Europe planned for later this year. This expansion comes through the blending of the best of both the GXO and legacy Clipper capabilities and expertise to create a differentiated offering.

同樣在第一季度，我們很高興地宣布我們的共享用戶解決方案 GXO Direct 已走向全球。我們已在英國推出 Direct，併計劃於今年晚些時候推廣到歐洲大陸。這一擴展是通過融合 GXO 和傳統 Clipper 的最佳功能和專業知識來創建差異化產品而實現的。

And finally, just 2 weeks ago, we published our second annual ESG report. In it, we've highlighted our progress on ESG from emissions reductions to the development and belonging initiatives for our team members worldwide. We also outlined our new ESG goals, including safety targets.

最後，就在兩週前，我們發布了第二份年度 ESG 報告。在其中，我們重點介紹了我們在 ESG 方面取得的進展，從減排到全球團隊成員的發展和歸屬感舉措。我們還概述了新的 ESG 目標，包括安全目標。

ESG is important for our customers as we saw in the significant Sainsbury's win, where our enablement of sustainability in the daily operations was a key factor in the decision to expand our business relationship. We've had a great start to the year. We're raising our guidance and we're looking forward with confidence. We've delivered strong wins. We have a robust sales pipeline and we've set the foundations to achieve our 2027 targets.

ESG 對我們的客戶非常重要，正如我們在 Sainsbury 的重大勝利中看到的那樣，我們在日常運營中實現可持續發展是我們決定擴大業務關係的關鍵因素。我們今年有一個良好的開端。我們正在提高指導意見，並滿懷信心地期待著。我們取得了巨大的勝利。我們擁有強大的銷售渠道，並為實現 2027 年目標奠定了基礎。

With that, I'll ask Baris to comment on the financials. Baris, over to you.

接下來，我將請巴里斯對財務狀況發表評論。巴里斯，交給你了。

Thank you, Malcolm and good morning, everyone. We are proud of our results this quarter as they continue to showcase both the strength and predictability of our business and to deliver on our promise of robust growth and resilient margins.

謝謝馬爾科姆，大家早上好。我們對本季度的業績感到自豪，因為它們繼續展示了我們業務的實力和可預測性，並兌現了我們強勁增長和彈性利潤的承諾。

As Malcolm mentioned, for the first quarter of 2023, we generated revenue of $2.3 billion and delivered 12% revenue growth, of which 7% was organic. In particular, our reverse logistics business grew organically at nearly 3x the rate of our group organic revenue growth.

正如馬爾科姆提到的，2023 年第一季度，我們實現了 23 億美元的收入，實現了 12% 的收入增長，其中 7% 是有機增長。特別是，我們的逆向物流業務有機增長速度接近集團有機收入增長速度的三倍。

Geographically, our business in Europe has performed above our expectations. And we've seen particular strength in the U.S. across technology and aerospace verticals, balancing consumer demand.

從地域上看，我們在歐洲的業務表現超出了我們的預期。我們看到美國在技術和航空航天垂直領域具有特別的優勢，平衡了消費者的需求。

Our adjusted EBITDA in the quarter was $158 million, growing year-over-year and reflecting the strength of our business model and our solid execution. Our net income attributable to GXO was $25 million. Our adjusted diluted earnings per share for the quarter was $0.49. And our free cash outflow was $43 million, reflecting normal seasonality. We have accelerated our investment in initiatives to grow our adjusted EBITDA faster particularly in the automated facilities.

本季度調整後 EBITDA 為 1.58 億美元，同比增長，反映了我們業務模式的優勢和穩健的執行力。我們歸屬於 GXO 的淨利潤為 2500 萬美元。本季度調整後的稀釋每股收益為 0.49 美元。我們的自由現金流出為 4300 萬美元，反映了正常的季節性。我們加快了對計劃的投資，以更快地增長調整後的 EBITDA，特別是在自動化設施方面。

At our Investor Day, we discussed the integration of Clipper and our central efficiencies program. I am pleased to tell you that both are running ahead of plan. First, Clipper is performing strongly and contributing above our expectations. The integration of the 2 organizations is progressing ahead of schedule, driving higher-than-expected results in the first quarter. The strength of Clipper business also gave us a foundation to launch GXO Direct in the U.K.

在投資者日，我們討論了 Clipper 和我們的中央效率計劃的整合。我很高興地告訴您，兩者都比計劃提前進行。首先，Clipper 表現強勁，貢獻超出我們的預期。兩家組織的整合正在提前推進，推動第一季度業績好於預期。 Clipper 業務的實力也為我們在英國推出 GXO Direct 奠定了基礎。

Second, we continue to execute our central efficiencies initiative. These include making our organization leaner as well as optimizing our technology infrastructure, supplier network and real estate. We accelerated the benefits of these projects into the first quarter.

其次，我們繼續執行我們的中央效率舉措。其中包括使我們的組織更加精簡以及優化我們的技術基礎設施、供應商網絡和房地產。我們將這些項目的效益加速到第一季度。

So far this year, we won $1.7 billion of lifetime contract value. We maintain our rigorous controls for writing high-quality contracts. And our operating return on invested capital in the first quarter grew year-over-year and remained well above 30% target. Bill will give you more visibility on our great sales performance so far in 2023 in just a moment.

今年到目前為止，我們贏得了價值 17 億美元的終身合同。我們對撰寫高質量合同保持嚴格的控制。第一季度我們的投資資本運營回報率同比增長，遠高於 30% 的目標。 Bill 稍後將讓您更清楚地了解我們 2023 年迄今為止的出色銷售業績。

We are reiterating our full year guidance for both organic revenue growth of 6% to 8% as well as free cash flow conversion of approximately 30%, which will drive our net leverage levels down to around 1.5x by the end of the year.

我們重申全年有機收入增長 6% 至 8% 以及自由現金流轉換約 30% 的指引，這將使我們的淨槓桿水平到年底降至 1.5 倍左右。

With respect to our balance sheet, we will continue to deploy our capital in the best interest of our shareholders, including continuous deleveraging, buybacks and M&A. We are also pleased to raise our full year guidance for EBITDA and EPS. We are raising adjusted EBITDA by $15 million, bringing our full year range to $715 million to $745 million. This is due to a combination of accelerated synergies from our integration of Clipper, early delivery on our central efficiencies initiatives and better-than-expected trading in the first half of the year.

在資產負債表方面，我們將繼續以股東最佳利益為出發點配置資本，包括持續去槓桿、回購和併購。我們還很高興提高 EBITDA 和 EPS 的全年指引。我們將調整後 EBITDA 提高 1500 萬美元，使全年範圍達到 7.15 億至 7.45 億美元。這是由於我們整合 Clipper 所產生的加速協同效應、我們中央效率計劃的提前交付以及上半年好於預期的交易。

We are also raising adjusted diluted earnings per share by $0.10, reflecting an increase in our operating profitability, bringing our full year range to $2.40 to $2.60.

我們還將調整後的稀釋每股收益提高了 0.10 美元，反映出我們營業利潤的增加，使我們的全年利潤範圍達到 2.40 美元至 2.60 美元。

In summary, we delivered solid growth this quarter. We made excellent progress on our long-term targets and we secured major new business wins that will continue to propel our growth in the quarters and years ahead.

總而言之，我們本季度實現了穩健的增長。我們在長期目標上取得了巨大進展，並贏得了重大新業務，這將繼續推動我們未來幾個季度和幾年的增長。

These results and our upgraded guidance reflect yet again how resilient GXO is through cycles. This is the hallmark of our infrastructure-like business, serving global blue-chip customers. Their prices are escalated in line with inflation and we benefit from tailwinds of automation, outsourcing and e-commerce, all enabling GXO to deliver extraordinary returns.

這些結果和我們升級後的指引再次反映了 GXO 在周期中的彈性。這是我們為全球藍籌客戶提供服務的基礎設施類業務的標誌。它們的價格隨著通貨膨脹而上漲，我們受益於自動化、外包和電子商務的順風，所有這些都使 GXO 能夠提供非凡的回報。

And with that, I'll hand it over to Bill to talk about our wins to date and what we're hearing from our customers.

接下來，我將把它交給比爾來談論我們迄今為止的勝利以及我們從客戶那裡聽到的消息。

Thanks, Baris and good morning, everyone. 2023 is looking like a very exciting year for GXO. In the first quarter, we did $162 million in new business wins. And in April, we won an additional $230 million of business. Combined, we bagged nearly $400 million in year-to-date wins through April.

謝謝巴里斯，大家早上好。對於 GXO 來說，2023 年看起來是非常激動人心的一年。第一季度，我們贏得了 1.62 億美元的新業務。 4 月份，我們又贏得了 2.3 億美元的業務。截至 4 月份，我們今年迄今為止的盈利總計近 4 億美元。

By the end of the first quarter, we have secured $782 million of incremental 2023 revenue. By the end of April, this has increased to over $800 million. This equals year-over-year revenue growth of 9% year-to-date. On top of that, we have a further $362 million of revenue locked in for 2024, which puts us 38% ahead of where we were at this stage last year.

截至第一季度末，我們已實現 2023 年增量收入 7.82 億美元。截至 4 月底，這一數字已增至超過 8 億美元。這相當於年初至今收入同比增長 9%。除此之外，我們還為 2024 年鎖定了 3.62 億美元的收入，這使我們比去年現階段的收入增長了 38%。

Our pipeline of opportunities is $2.3 billion as of the end of the first quarter and this has risen further through April. Don't forget, this increase in our pipeline is after the significant Sainsbury's win.

截至第一季度末，我們的機會渠道價值為 23 億美元，到 4 月份這一數字進一步增加。不要忘記，我們的渠道增加是在塞恩斯伯里取得重大勝利之後。

Now as we look into our pipeline, we are seeing a greater weighting towards first-time outsourcing business, which makes up over 1/3 of our opportunities. And our record pre-pipeline has doubled year-over-year, reflecting an increased demand from customers to invest in larger, more holistic partnerships.

現在，當我們審視我們的渠道時，我們發現首次外包業務的比重更大，占我們機會的 1/3 以上。我們創紀錄的預開發項目同比翻了一番，反映出客戶對投資規模更大、更全面的合作夥伴關係的需求不斷增加。

What our wins and opportunities speak to and what we're seeing on the ground is that more and more customers around the world are recognizing that business as usual is no longer a viable strategy. As a result, the growing number of large global companies coming to GXO to help them redesign their supply chains, lower costs and improve their service quality is accelerating.

我們的勝利和機遇所說明的以及我們在實地看到的情況是，世界各地越來越多的客戶認識到一切照舊不再是可行的策略。因此，越來越多的大型跨國公司來到 GXO 幫助他們重新設計供應鏈、降低成本並提高服務質量。

Let me walk you through a couple of examples. One of the world's largest food service companies who started off asking for an operation on the West Coast has now progressed to asking how can we help them optimize their network across North America and Europe. And 2 other customers, an e-commerce company and a consumer product company, initially called on us to bid on regional solutions and based on our proposals realized the value of expanding the conversation to include a holistic review of their entire U.S. network.

讓我向您介紹幾個示例。世界上最大的食品服務公司之一一開始要求在西海岸開展業務，現在已經開始詢問我們如何幫助他們優化其在北美和歐洲的網絡。另外 2 家客戶，一家電子商務公司和一家消費品公司，最初要求我們對區域解決方案進行投標，並根據我們的建議，意識到擴大對話範圍以包括對其整個美國網絡進行全面審查的價值。

What I'm trying to say is that companies come to us with one solution in mind and are now working with GXO on a much larger scale. These are large transformative deals or big bold changes as one of our customers recently called it.

我想說的是，一些公司向我們尋求解決方案時心裡就想著一種解決方案，並且現在正在更大規模地與 GXO 合作。正如我們的一位客戶最近所說，這些都是大型變革性交易或重大大膽變革。

As the scale of what we're being asked to do grows, so does GXO's position as a trusted partner of choice. In addition to strategic partnerships with new first-time outsourcing customers, we're also seeing continued expansion of our relationships with our existing long-term customers around the world.

隨著我們被要求做的事情的規模不斷擴大，GXO 作為值得信賴的首選合作夥伴的地位也在不斷提高。除了與新的首次外包客戶建立戰略合作夥伴關係外，我們還看到我們與世界各地現有長期客戶的關係不斷擴大。

As Malcolm noted, in April, we announced a new project with Sainsbury's. This record-setting win developed through a long-term partnership that we've grown from running reverse logistics to now operating all of Sainsbury's outsourced fresh and frozen distribution centers.

正如馬爾科姆指出的，四月份，我們宣布了與塞恩斯伯里百貨公司的一個新項目。這一創紀錄的勝利是通過長期合作夥伴關係取得的，我們從經營逆向物流發展到現在經營塞恩斯伯里的所有外包新鮮和冷凍配送中心。

We're partnering with them to drive, in their own words, one of their key competitive advantages for the future. This value-based partnership is now a cornerstone and cementing our status as a leader in the food and beverage logistics sector.

用他們自己的話說，我們正在與他們合作，以推動他們未來的關鍵競爭優勢之一。這種基於價值的合作夥伴關係現已成為基石，鞏固了我們作為食品和飲料物流領域領導者的地位。

Building these deep long-term relationships is just in our DNA. In the first quarter, we grew with a number of existing blue-chip customers, including Kellogg's and Google. We've also just won our ninth site with one of the world's largest consumer packaged goods company. These are all great examples of the GXO difference in action.

建立這些深厚的長期關係是我們的基因。在第一季度，我們與一些現有的藍籌客戶一起成長，包括家樂氏和谷歌。我們還剛剛贏得了世界上最大的消費品公司之一的第九個網站。這些都是 GXO 行動差異的絕佳例子。

Finally, we are very excited about the expansion of GXO Direct to the U.K. To date, we have a network of about 30 Direct sites in the U.K., serving such brands as ASOS, L'Oreal and Marks & Spencer. Customers' response to Direct has been strong and we look forward to growing Direct even further. We will launch in Continental Europe later this year. This will expand our growth opportunities.

最後，我們對 GXO Direct 擴展到英國感到非常興奮。迄今為止，我們在英國擁有約 30 個 Direct 站點的網絡，為 ASOS、L'Oreal 和 Marks & Spencer 等品牌提供服務。客戶對 Direct 的反應強烈，我們期待 Direct 進一步發展。我們將於今年晚些時候在歐洲大陸推出。這將擴大我們的增長機會。

With that, I'll turn you over to Mark. All yours, Mark.

這樣，我就把你交給馬克了。都是你的，馬克。

Thanks, Bill. Indeed, 2023 is off to a great start as GXO continues to take share through our global scale, our tech leadership and the tremendous value that we create for our customers. This is a business that combines predictability and growth at its bedrock.

謝謝，比爾。事實上，2023 年是一個良好的開端，GXO 繼續通過我們的全球規模、我們的技術領先地位以及我們為客戶創造的巨大價值來佔據市場份額。這是一項將可預測性和增長性結合在一起的業務。

First, touching on our predictability. Unlike the transportation industry, where transactional pricing is driven by short-term supply and demand conditions, our holistic pricing structures are dictated by long-term contractual agreements with minimum volume thresholds and inflation protection embedded within them. And combined with our growing diversified pipeline and our record pre-pipeline, which Bill touched upon in his comments, it shouldn't come as a surprise that we've already secured well over 95% revenue visibility for this year.

首先，談談我們的可預測性。與運輸行業的交易定價由短期供需條件驅動不同，我們的整體定價結構由長期合同協議決定，其中包含最低數量閾值和通脹保護。結合我們不斷增長的多元化管道和創紀錄的預管道（比爾在他的評論中提到的），我們今年的收入可見度已經超過 95%，這不足為奇。

Secondly, on the growth side. As of the end of April, we've won contracts worth the equivalent of 9% gross revenue growth on our 2022 revenue base of $9 billion. And if our pipeline is anything to go by, we will inevitably secure additional wins in the coming months that will propel our growth in 2023 even further.

其次，在增長方面。截至 4 月底，我們贏得的合同價值相當於 2022 年 90 億美元收入基礎上總收入增長 9%。如果我們的渠道可以作為參考，我們將不可避免地在未來幾個月內獲得更多勝利，這將進一步推動我們在 2023 年的增長。

Moreover, for 2024, we've already secured $362 million of incremental revenue through April. This puts us 38% ahead of where we were at this point last year. And given our buoyant pipeline of $2.3 billion, we're confident that we'll see revenue growth accelerate next year.

此外，到 2024 年，截至 4 月份，我們已經實現了 3.62 億美元的增量收入。這使我們比去年同期領先 38%。鑑於我們 23 億美元的蓬勃發展，我們有信心明年的收入增長將加速。

Altogether, considering our low attrition rate in an inflationary environment, you can see why, as a team, we are confident about our 6% to 8% organic growth range for this year and our broader 8% to 12% CAGR through 2027. We've delivered 7 quarters without missing a beat. We're on track to hit our 2027 targets and our business is firing on all cylinders. This is a management team that delivers on its promises.

總而言之，考慮到我們在通貨膨脹環境下的低流失率，您可以明白為什麼作為一個團隊，我們對今年 6% 至 8% 的有機增長范圍以及到 2027 年更廣泛的複合年增長率 8% 至 12% 充滿信心。已經交付了 7 個季度，沒有錯過任何一個節拍。我們有望實現 2027 年的目標，我們的業務正在全速運轉。這是一個兌現承諾的管理團隊。

And with that, we'll turn to Q&A.

接下來，我們將轉向問答環節。

(Operator Instructions) Our first question is from Stephanie Moore with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Stephanie Moore。

Congrats on a good quarter. My first one is for you, Malcolm. I'd love to hear what you're seeing just from a macro perspective in both the U.S. and Europe as well as across industry verticals.

祝賀季度表現良好。我的第一個是給你的，馬爾科姆。我很想听聽您從美國和歐洲以及整個垂直行業的宏觀角度所看到的情況。

And then as kind of a second one, this one is probably best for you, Bill. What are you hearing from your customers and potential customers that give you so much comfort in the full year guidance and really that this rather strong pipeline can be converted and maybe not elongated on any kind of macro hesitation from your customers?

作為第二個，這個可能最適合你，比爾。您從客戶和潛在客戶那裡聽到了什麼，這些信息讓您對全年指導感到如此放心，而且實際上，這個相當強大的管道可以轉換，並且可能不會因客戶的任何宏觀猶豫而延長？

Let me talk about the macro and I'll hand over to Bill to explain what's going on, on the ground as it were. So we delivered good organic growth across every region in the last quarter and all of our regions, we're seeing very strong verticals. Industrial as an example, technology, aerospace, in particular, these verticals are really doing very, very well.

讓我談談宏觀方面，然後我將交給比爾來解釋實際情況。因此，上個季度我們在每個地區都實現了良好的有機增長，並且在所有地區，我們都看到了非常強勁的垂直市場。以工業為例，科技、航空航天，特別是這些垂直領域確實做得非常非常好。

And they're compensating for what we can see equally, we've got some softer consumer-related parts of our business, nothing that we didn't expect or, in fact, nothing that we weren't sharing back in January on our Investor Day.

他們正在補償我們同樣可以看到的東西，我們的業務中有一些與消費者相關的較軟的部分，沒有什麼是我們沒有預料到的，或者事實上，沒有什麼是我們一月份沒有在我們的網站上分享的。投資者日。

I do want to make a few mentions of, a particular note, Baris touched on it a moment ago. We've seen really strong performance from our European business. All of our management teams, talking with our customers, what we're seeing, what we're feeling is that those markets, we really saw probably the worst of the softer environment in the second half of last year.

我確實想提一下巴里斯剛才提到的一個特別的註釋。我們看到我們的歐洲業務表現非常強勁。我們所有的管理團隊，在與客戶交談時，我們所看到的、我們感受到的是，這些市場，我們確實看到了去年下半年最疲軟環境中最糟糕的情況。

2023 is really shaping up very nicely for us on those markets. In other areas of softer trading, we shouldn't forget that our customer contract model is really protecting our profitability. So in this less certain macro environment that we're in right now, actually we'll do pretty well.

2023 年，我們在這些市場上的表現確實非常好。在交易疲軟的其他領域，我們不應忘記我們的客戶合同模式確實保護了我們的盈利能力。因此，在我們現在所處的不太確定的宏觀環境中，實際上我們會做得很好。

Some of the topics of interest, wage inflation across every region that we operate in, is definitely moderating and what we're seeing is sort of mid-single digits. And the good news is, wage inflation, wages are actually catching up. So that's broadly good news for the consumer.

一些令人感興趣的話題，我們經營所在的每個地區的工資通脹肯定正在放緩，我們看到的是中等個位數。好消息是，工資上漲，工資實際上正在迎頭趕上。所以這對消費者來說總體上是個好消息。

And the final point I want to make, standout really in the quarter and what we're seeing going forward is a standout on our sales pipeline. They're near record levels. As we kind of expected, very strong demand across first-time outsourcing, drive to put more and more automation into new sites, into existing sites, retrofitting those existing sites.

我想說的最後一點是，本季度的表現非常出色，我們未來看到的是我們的銷售渠道表現出色。它們接近歷史最高水平。正如我們所預期的那樣，首次外包的需求非常強勁，推動將越來越多的自動化引入新站點、現有站點，並對現有站點進行改造。

So overall, we're really feeling confident for '23. And because of that long runway of visibility, '24, we're feeling good about it. But Bill, maybe you can touch on a bit more detail.

總的來說，我們對 23 年充滿信心。由於能見度很長，'24，我們對此感覺很好。但是比爾，也許你可以談談更多細節。

Thank you, Malcolm. This is Bill. So we've talked a lot about pipeline and pre-pipeline. Actually, as of today, the pipeline is $2.4 billion and the pre-pipeline has doubled in the last few quarters, which is a great show for what we see coming forward.

謝謝你，馬爾科姆。這是比爾。我們已經討論了很多關於管道和預管道的問題。事實上，截至今天，籌措資金已達 24 億美元，並且預籌資金在過去幾個季度翻了一番，這對我們未來的前景來說是一場精彩的表演。

To explain these 2 things, the pipeline is very simple. These are accounts we're directly engaged with. We've given them a proposal or we've been shortlisted down to 1 or 2 folks or in direct negotiations to sign a contract. So that's we call pipeline.

要解釋這兩件事，管道非常簡單。這些是我們直接與之打交道的客戶。我們已經向他們提出了建議，或者我們已經被篩選到一兩個人，或者正在直接談判以簽署合同。這就是我們所說的管道。

Pre-pipeline are accounts that we have analyzed, we've looked at, we've quantified and we're now working solutions for them. So soon we'll be writing pricing and they will move into the pipeline. So that's when we talk about those 2.

預管道是我們已經分析、查看、量化的賬戶，我們現在正在為它們制定解決方案。所以很快我們將編寫定價，它們將進入管道。這就是我們談論這兩個的時候。

And it's -- lately, it's a great wave breaking towards the beach. That's what we're very excited about. And what we're seeing inside the pipeline is a few things: the return of the $100 million deals, so we have quite a few that are that large and it happens from what I said earlier.

最近，一股巨浪沖向海灘。這就是我們非常興奮的事情。我們在管道中看到的是一些事情：1億美元交易的回報，所以我們有很多這麼大的交易，這就是我之前所說的。

A customer comes to us to look at one thing. And as they see the capabilities we bring and the returns we bring around that first thing, they ask us to expand that to U.S., Europe or the world.

一位客戶來找我們看一件事。當他們看到我們帶來的能力和我們帶來的回報時，他們要求我們將其擴展到美國、歐洲或世界。

And then the final thing I'll tell you that makes me excited is we have spent a lot of time improving our sales processes in the last year to really focus on making sure our 2027 targets are achievable and our team is ready. And one of those things we focused them on was going after non-outsourced customers. This is the 2/3 of the industry that we don't see as much as we do the ones that are already in the industry.

最後我要告訴你的是，讓我興奮的是，去年我們花了很多時間改進我們的銷售流程，真正專注於確保我們 2027 年的目標可以實現，並且我們的團隊已經做好準備。我們關注的事情之一就是尋找非外包客戶。這是這個行業的2/3，我們沒有看到像這個行業已經存在的那樣多。

1/3 of our pipeline today comes from that group. So we're now monetizing the 2/3 of the industry that hasn't been available in the market. And we do this because, same thing, we go after them and take over a site, we take their work site, we improve it for them. And when they see that result, they'll bring us 2 or 3 more sites. And then we come with an answer of, well, why don't we combine those into a new site and have give you one site that's automated and set for the future.

我們今天 1/3 的管道來自該群體。因此，我們現在正在將市場上尚未提供的 2/3 行業貨幣化。我們這樣做是因為，同樣的事情，我們追隨他們並接管一個網站，我們佔領他們的工作網站，我們為他們改進它。當他們看到這個結果時，他們會給我們帶來另外 2 到 3 個網站。然後我們給出一個答案，好吧，我們為什麼不將這些合併到一個新網站中，並為您提供一個自動化的、面向未來的網站。

That's really what we're seeing in the market. That's why our customers come and that's really where the GXO difference comes to life.

這確實是我們在市場上看到的。這就是我們的客戶前來的原因，這也是 GXO 與眾不同之處的真正體現。

Our next question is from Chris Wetherbee with Citigroup.

我們的下一個問題來自花旗集團的 Chris Wetherbee。

Maybe wanted to hit on the Clipper synergies and the central efficiencies that you guys are running. I guess that's, in my opinion, somewhat of a key for the back half of the year. And I guess, as you've raised guidance, there's an expectation of margin improvement as we move through the rest of the year. So maybe you could talk to the progress you're making and maybe how we think about the cadence of delivery of some of those efficiencies through the rest of this year.

也許想要發揮快船隊的協同效應和你們正在運行的中心效率。我想，在我看來，這在某種程度上是今年下半年的關鍵。我想，正如您提出的指導意見一樣，隨著我們在今年剩下的時間裡，利潤率預計會有所改善。因此，也許您可以談談您正在取得的進展，以及我們如何考慮在今年剩餘時間內實現其中一些效率的節奏。

Chris, it's Baris here. As I mentioned earlier, we have progressed faster on the 2 key initiatives that we planned, ahead of expectation, driving part of our 2023 EBITDA upgrade and also our confidence into our 2027 targets.

克里斯，我是巴里斯。正如我之前提到的，我們計劃的 2 項關鍵舉措進展更快，超出了預期，推動了我們 2023 年 EBITDA 的部分升級，也讓我們對 2027 年目標充滿信心。

Our teams have done a fantastic job of bringing Clipper and GXO into one. And they're focusing on accelerating growth of our combined business. We expect to deliver roughly $26 million benefit from -- in this year, which accelerates into next year from both of these initiatives.

我們的團隊在將 Clipper 和 GXO 合二為一方面做得非常出色。他們專注於加速我們合併業務的增長。我們預計今年將帶來約 2600 萬美元的收益，這兩項舉措將加速到明年。

2/3 of the spend -- expected costs in 2023 is already spent, 1/3 is left. So our spend will drop significantly in the coming quarters. Our payback period for these initiatives is less than 2 years. As you remember, back on our Investor Day, we were targeting about $135 million adjusted EBITDA uplift to 2027 from these programs.

2/3 的支出——2023 年的預期成本已經支出，剩下 1/3。因此，我們的支出將在未來幾個季度大幅下降。我們這些舉措的投資回收期不到兩年。如您所知，在投資者日，我們的目標是通過這些計劃到 2027 年調整後 EBITDA 增加約 1.35 億美元。

We review these processes (inaudible) with Accenture to take advantage of our global scale and size and we're putting that into action. So what is included in these efficiencies programs, to remind you, that includes procurement savings, streamlining customers, IT infrastructure, including hardware, outsourcing noncore activities.

我們與埃森哲一起審查這些流程（聽不清），以利用我們的全球規模和規模，並將其付諸行動。那麼，提醒您一下，這些效率計劃中包含哪些內容，包括採購節省、簡化客戶、IT 基礎設施（包括硬件）、外包非核心活動。

To give you a sense of this program, we already enacted on a large part of the efficiency program and reduced our non-operational, noncustomer-facing headcount, about 540 people, 10% already. And payback of this entire program is 1 to 2 years and gives us a lot of confidence looking into 2027.

為了讓您了解這個計劃，我們已經制定了大部分效率計劃，並減少了非運營、非面向客戶的員工人數，大約 540 人，已經減少了 10%。整個計劃的投資回收期為 1 到 2 年，這讓我們對 2027 年充滿信心。

Okay. That's helpful color. And I guess maybe sort of leads into my next question, which is less about '23 and more about '24. So I think we understand some of the dynamics that are working through, which do include FX in the numbers in '23. I think '24 is very interesting. Obviously, you guys are building the book that Bill talked about in terms of new revenue for next year.

好的。這是有用的顏色。我想這可能會引出我的下一個問題，這個問題與“23”無關，而更多與“24”相關。因此，我認為我們了解一些正在發生的動態，其中確實包括 23 年數據中的外匯。我認為'24非常有趣。顯然，你們正在寫比爾談到明年新收入的書。

So when you think about the combination of what the pipeline looks like and the delivery of that pipeline into revenue for '24 and then the opportunity to maybe sort of have a higher run rate from the synergies and the central efficiencies, it's early, I know, but how do we think about sort of shaping up the potential growth on a EBITDA or an EPS basis for '24? I mean, you have to put a pretty big down payment to get towards those '27 targets. So how do we think conceptually about '24?

因此，當你考慮管道的樣子以及將管道交付為 24 年收入的組合，然後有機會從協同效應和中心效率中獲得更高的運行率時，我知道現在還為時過早，但是我們如何考慮在 EBITDA 或 EPS 基礎上塑造 24 世紀的潛在增長？我的意思是，你必須支付相當大的首付才能實現 27 年的目標。那麼我們如何從概念上思考“24”呢？

As far as the run rate for the efficiencies, as we go from '23 to '24, we're going to be having a run rate around $40 million. So the benefit of the integration and the entire efficiencies program will increase into 2024 over 2023. As I highlighted, it was $26 million in 2023. That's one thing.

就效率的運行率而言，從 23 年到 24 年，我們的運行率將約為 4000 萬美元。因此，到 2024 年，整合和整個效率計劃的效益將比 2023 年有所增加。正如我所強調的，2023 年的效益為 2600 萬美元。這是一回事。

Secondly, we are going to see some positive tailwind coming from FX in '24. We are only seeing $1 million in Q1 of 2023. But as we go into 2024, that's going to be a tailwind around $10 million. So you'll see the benefit of that.

其次，我們將在 24 年看到外匯帶來一些積極的推動力。 2023 年第一季度我們只看到 100 萬美元。但當我們進入 2024 年時，這將是 1000 萬美元左右的順風車。所以你會看到這樣做的好處。

If you look into the top line though, we have about $2.3 billion of top line. As Malcolm mentioned, it's almost record top line, at the end of Q1. And that pipeline turns roughly twice a year, sometimes more than that. That gives us RFPs or new business opportunities of $4.6 billion plus for us to go after, as of today.

但如果你看看營收，我們的營收約為 23 億美元。正如馬爾科姆提到的，在第一季度末，這幾乎創下了營收紀錄。該管道每年大約轉動兩次，有時甚至更多。截至今天，這為我們提供了價值 46 億美元以上的 RFP 或新商機。

If we win our fair share, let's say 1/4 of that, that gives us over $1 billion of new business opportunity into 2024. And that's what makes us feel so comfortable about our long-term growth trajectory.

如果我們贏得公平份額，假設其中 1/4，那麼到 2024 年，這將為我們帶來超過 10 億美元的新商機。這就是讓我們對長期增長軌跡感到如此放心的原因。

If we achieve roughly 11% CAGR from '24 to '27 in our top line, in our revenue, we are right on with our 2027 targets. And EBITDA is going to come from the efficiencies, technology deployments and all the other things that we're going through. And we're going to be driving a higher margin.

如果我們從 24 年到 27 年的營收復合年增長率約為 11%，那麼我們就正確實現了 2027 年的目標。 EBITDA 將來自效率、技術部署以及我們正在經歷的所有其他事情。我們將提高利潤率。

Our next question is from Scott Schneeberger with Oppenheimer.

我們的下一個問題來自斯科特·施內伯格和奧本海默。

Appreciate that. I guess I'd really just start out asking about automation. A lot of numbers thrown around, lot of development there. I'm just curious, is it -- did I hear, Malcolm, in your part that you are now 40% automated across your facilities? I thought that was a 2027 target. So maybe I misheard that.

感謝。我想我真的會開始詢問自動化。很多數字被拋在一邊，那裡有很多發展。我只是很好奇，馬爾科姆，我聽說您現在整個設施的自動化程度達到了 40%？我認為這是 2027 年的目標。所以也許我聽錯了。

And then I don't know how automated a win like Sainsbury could be. So could you delve in maybe on what you won in the quarter on automation and how that's developed and just put some color around it relative to where you had been prior?

然後我不知道像塞恩斯伯里這樣的勝利可以如何自動化。那麼，您是否可以深入研究本季度在自動化方面獲得的成果以及它是如何發展的，並相對於您之前的情況對其進行一些著色？

Absolutely, Scott. It's Malcolm. So you're quite right. We're really accelerating our automation deployment. I mean, we're -- I can say we're inundated with demand from customers for this. New projects that Bill refers to, high levels of automation requirement.

當然，斯科特。這是馬爾科姆。所以你說得很對。我們確實正在加速自動化部署。我的意思是，我們——我可以說我們已經被客戶的需求淹沒了。比爾提到的新項目，自動化要求很高。

I think it's a combination of, obviously, over the past few years, wage levels have increased, it's making automation, tech enablement so much more attractive. Right now, we're well on target for increasing the number of highly automated sites.

我認為顯然，過去幾年工資水平有所提高，這使得自動化、技術支持變得更具吸引力。目前，我們完全達到了增加高度自動化站點數量的目標。

Increasingly, what we're also seeing is, where we're taking over in situ, it's lending itself very well to us placing a lot of tech enablement. It's not maybe possible to fully automate the site because we're starting with an existing building. So really, what we're capturing here is just the sheer volume of sites now that are getting a really big deal of automation being incorporated into them.

我們還越來越多地看到，在我們現場接管的地方，它非常適合我們提供大量技術支持。由於我們是從現有建築物開始，因此不可能使該站點完全自動化。所以實際上，我們在這裡捕獲的只是大量的網站，這些網站現在正在將大量的自動化納入其中。

And as I mentioned earlier, one of the things that we're very mindful about is it's really -- we're -- even ourselves a little surprised at just the sheer demand now that we're seeing across our customer base for automation. So we are strengthening our teams. And I don't want to say too much for that but more to come on our quarter 2 earnings call.

正如我之前提到的，我們非常關注的一件事是，我們甚至自己都對現在我們的客戶群對自動化的巨大需求感到有點驚訝。所以我們正在加強我們的團隊。我不想對此說太多，但我們的第二季度財報電話會議上還會有更多內容。

But definitely, automation is a big play for us in quarter 1. It will be in every quarter of this year. And as I mentioned earlier, not just automation, we're more and more using cutting-edge -- artificial intelligence is remarkable. What we're doing with it, putting it into our existing automation. It's helping us eke out even greater efficiency. And we've just seen some great examples recently across our business. So very, very positive on the overall thing.

但毫無疑問，自動化對我們來說是第一季度的一大亮點。今年每個季度都會如此。正如我之前提到的，不僅僅是自動化，我們越來越多地使用尖端技術——人工智能是非常出色的。我們正在用它做什麼，將其放入我們現有的自動化中。它幫助我們提高效率。最近我們的業務中剛剛看到了一些很好的例子。總體而言非常非常積極。

Sounds good. It sounds like it's helping you with the business. I wanted to touch on, since it's quite relevant in the first quarter, reverse logistics. It sounds like that went very well. So if you could just talk about your development year-over-year in that area and what you see going forward, particularly in the upcoming quarters for reverse logistics, which I guess wouldn't be as seasonally strong but it sounds like you're building a lot in there -- momentum. So I want to -- curious how that's playing into maybe some of these new wins and what we should see over the balance of (inaudible).

聽起來不錯。聽起來好像對你的生意有幫助。我想談談逆向物流，因為它在第一季度非常重要。聽起來好像進展得很順利。因此，如果您能談談您在該領域的逐年發展以及您對未來的看法，特別是在接下來的幾個季度的逆向物流中，我認為逆向物流的季節性不會那麼強勁，但聽起來您是在那裡建立了很多——動力。所以我想 - 好奇這可能如何影響這些新的勝利，以及我們應該在平衡中看到什麼（聽不清）。

It's Bill here. Couple of things. Customers come to us because of the automation. That is definitely a key driver. We mentioned this at Capital Markets Day that we have -- our sites around the world are our incubators where we bring people to and they get to see the -- not just the automation live but the returns the customers are gaining from that automation.

比爾在這裡。有幾件事。客戶因為自動化而來到我們這裡。這絕對是一個關鍵驅動因素。我們在資本市場日提到這一點，我們在世界各地的站點都是我們的孵化器，我們將人們帶到那裡，他們不僅可以看到現場的自動化，還可以看到客戶從自動化中獲得的回報。

And our reverse business is growing organically across our portfolio. It's also a significant percentage of our pipeline. 36% of our current pipeline is a request for automation.

我們的反向業務在我們的投資組合中有機增長。它也占我們管道的很大一部分。我們當前管道的 36% 是自動化請求。

But you mentioned -- you had the question about Sainsbury. So Sainsbury is clearly a drive towards automation. That's really why they wanted us to take the sites over. That's what the meeting with their Board really showed was from the team that's been working with them a long time was our abilities in automation and what we could bring to the table and the resulting benefit that would bring in their cost and their performance.

但你提到——你有關於塞恩斯伯里的問題。因此，塞恩斯伯里顯然是自動化的推動者。這就是他們希望我們接管這些網站的真正原因。這就是與他們董事會的會議真正向我們展示的，是長期與他們合作的團隊在自動化方面的能力，以及我們可以帶來的東西，以及由此帶來的成本和性能帶來的好處。

So that's just really a bellwether for us. And I would say today, it's what people look at us for in the marketplace, is that ability to automate and us having the sites to prove that makes a big difference.

所以這對我們來說確實是一個風向標。今天我想說的是，人們在市場上看重我們的是自動化能力，而我們擁有可以證明這一點的網站，這會帶來很大的不同。

Our next question is from Bascome Majors with Susquehanna.

我們的下一個問題來自薩斯奎哈納巴斯科姆梅傑斯。

Earlier, you talked a bit about some of the quantitative visibility that you've gained into 2024. I was hoping you could talk a little more qualitatively about that. How does this rising pipeline and significant sales and visibility into revenue growth change how you can manage the business into 2024 and '25 and ultimately, deliver on the top and bottom line goals you shared with your investors for the 4-year view?

早些時候，您談到了 2024 年獲得的一些定量可見性。我希望您能更定性地談談這一點。這種不斷增長的渠道以及顯著的銷售額和收入增長的可見性如何改變您在 2024 年和 25 年管理業務的方式，並最終實現您與投資者分享的 4 年願景的頂線和底線目標？

Yes. Thank you. This is Bill again. I'll give you a short answer and turn it over to Baris. For me, what it does is having the size pipeline we have and the size pre-pipeline we have, it really helps us make sure that we're hitting our ROIC, all the returns we want to hit.

是的。謝謝。這又是比爾。我會給你一個簡短的答案並將其交給巴里斯。對我來說，它的作用是擁有我們擁有的規模管道和我們擁有的規模預管道，它確實有助於我們確保達到我們的投資回報率，即我們想要達到的所有回報。

We're not -- we can be more selective in the accounts we're bringing through the pipeline. We understand the work in front of us. So we're making sure that everything we have is going to hit the returns we've committed to for '27. And then I'll turn it over to Baris to talk about what it means to our bottom line.

我們不是——我們可以對我們正在通過渠道引入的賬戶更有選擇性。我們了解擺在我們面前的工作。因此，我們要確保我們所擁有的一切都能達到我們在 27 年承諾的回報。然後我會將其轉交給巴里斯，討論這對我們的底線意味著什麼。

Sure. Our business is growing quite robustly. We're selling new business. Our automated revenues, for example, this quarter had increased 18%. Our organic revenue growth from the reverse, which is also higher-margin business, was triple the rest of the business. So it's all going up from that angle.

當然。我們的業務增長相當強勁。我們正在出售新業務。例如，本季度我們的自動化收入增長了 18%。我們的有機收入增長來自於利潤率較高的反向業務，是其他業務的三倍。所以一切都是從這個角度上升的。

When you look into beyond our business, there are a number of things I have highlighted. The run rate of -- at the end of this year, we're going to be generating about $26 million of incremental benefits from this integration and central efficiencies program. You should take $40 million as we go into (inaudible) from those.

當你超越我們的業務時，我強調了很多事情。運行率 - 到今年年底，我們將從該集成和集中效率計劃中產生約 2600 萬美元的增量效益。當我們進入（聽不清）這些的時候，你應該拿走 4000 萬美元。

That's our calculation right now. That's kind of the benefit. That's going to be incremental in 2024. And there's going to be somewhat around $10 million of tailwind coming from FX as well. So that's going to further improve our margins. Our mix is going to improve our margins but also these initiatives will also help us improve our margins into 2024.

這就是我們現在的計算。這就是一種好處。到 2024 年，這一數字將不斷增加。外匯也將帶來約 1000 萬美元的推動力。這將進一步提高我們的利潤率。我們的組合將提高我們的利潤率，但這些舉措也將幫助我們在 2024 年之前提高利潤率。

Our next question is from Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

This is [Ben Moore] on behalf of Amit at Deutsche Bank. Focusing on the cost side to drive your margin expansion, what's your outlook on direct operating costs over the next few quarters? And do you think you can hold the line there or even bring it down? And also, what's your outlook on SG&A costs as you see the payback on your restructuring actions?

我是 [Ben Moore] 代表德意志銀行的 Amit。關注成本方面以推動利潤率擴張，您對未來幾個季度的直接運營成本有何展望？你認為你能堅守陣線，甚至推翻它嗎？另外，當您看到重組行動的回報時，您對 SG&A 成本有何看法？

Thank you. This is Baris here. Our operating costs will go in line with the growth of our business. That's what we expect. In fact, we expect -- when you look into our Q1 excluding FX and pensions, our margins were steady. As we look into Q2, Q3 and Q4, we expect somewhat of a margin expansion excluding these headwinds in the rest of the year.

謝謝。這裡是巴里斯。我們的運營成本將與我們業務的增長保持一致。這就是我們所期望的。事實上，我們預計，當你查看我們第一季度（不包括外彙和養老金）時，我們的利潤率是穩定的。當我們研究第二季度、第三季度和第四季度時，我們預計，排除今年剩餘時間的這些不利因素，利潤率將有所擴張。

So that's going to be reflected in our operating cost, somewhat growing slower than the rest of the business. That's one.

因此，這將反映在我們的運營成本中，其增長速度比其他業務要慢一些。這是一個。

On the SG&A side, when we took over Clipper, the SG&A as a percentage of sales was much, much higher than GXO. So we took a lot of measures, as I highlighted. We have eliminated around 10% of our noncustomer-facing, non-operational team to reduce our SG&A in Q1 and you'll see more of that benefit for the rest of the quarters in 2023. So both sides should help us to mildly improve our margins in the rest of the year.

在SG&A方面，當我們接管Clipper時，SG&A佔銷售額的百分比比GXO高得多。因此，正如我強調的那樣，我們採取了很多措施。我們已經裁掉了大約 10% 的非面向客戶、非運營團隊，以減少第一季度的銷售及管理費用 (SG&A)，您將在 2023 年剩餘季度中看到更多這種好處。因此，雙方都應該幫助我們稍微改善我們的業務今年剩餘時間的利潤率。

Great. And on your Sainsbury contract that you won, we're assuming it's mostly open book, given it's in the U.K.? And can you talk about the return profile of all the new business from Sainsbury and if it's going to be accretive, neutral or dilutive to margins?

偉大的。在你贏得的塞恩斯伯里合同中，我們假設它大部分是公開的，因為它是在英國？您能否談談塞恩斯伯里所有新業務的回報情況以及它是否會增加、中性或稀釋利潤？

Yes. It is open book. That is the business we have and then I'll turn it over to Baris to give you the numbers on the account.

是的。這是一本打開的書。這就是我們的業務，然後我會將其轉交給巴里斯，以便為您提供帳戶上的數字。

Sure. We are writing contracts for return on invested capital and we have high-quality expectations for (inaudible) the right business. As you see from our results, our operating return on invested capital has increased 3% year-over-year. And we'll continue to write high-quality contracts and our book of business is reflecting that. We are pretty picky in who we work with and how we create value for our shareholders.

當然。我們正在簽訂投資資本回報合同，並且我們對（聽不清）合適的業務抱有高質量的期望。正如您從我們的業績中看到的，我們的投資資本運營回報率同比增長了 3%。我們將繼續簽訂高質量的合同，我們的業務記錄也反映了這一點。我們對與誰合作以及如何為股東創造價值非常挑剔。

Our next question is from Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的布萊恩·奧森貝克。

Malcolm, I know you talked about some of the new initiatives that are coming perhaps the next quarter. I wanted to see if you could just give some broad sense of what those are in terms of perhaps headcount investments or strengthening the teams because one thing you obviously need to deliver on this pipeline and all the opportunities are people in the field to execute, program managers and designers and the like. So maybe you can just give us some sense as to how that team looks like currently and just a broad view of what you're looking to add.

馬爾科姆，我知道您談到了可能在下個季度推出的一些新舉措。我想看看您是否可以就人員投資或加強團隊方面的內容給出一些廣泛的了解，因為您顯然需要在這條管道上交付一件事，並且所有機會都是現場人員來執行、編程經理和設計師等。因此，也許您可以讓我們了解該團隊目前的情況，以及您想要添加的內容的大致情況。

Yes. Brian, thanks for that question. One of the things what we're doing at the moment, we've been redesigning how our teams operate in the field. And as Bill mentioned, we did that earlier in terms of our sales organization and we've been mirroring that across how we deploy technology.

是的。布萊恩，謝謝你提出這個問題。我們目前正在做的事情之一是，我們一直在重新設計我們的團隊在現場的運作方式。正如比爾提到的，我們早些時候在銷售組織方面做到了這一點，並且我們一直在部署技術的方式上反映出這一點。

And it's part of the learning. Our company now, we're approaching 2 years of age and we've learned along the way. We had Accenture in early on, as Baris has mentioned. That's helped us greatly in terms of streamlining some of our back-office areas and that's all going into our 2027 plan.

這是學習的一部分。我們的公司現在已經快兩歲了，我們一路走來不斷學習。正如巴里斯提到的，我們很早就有埃森哲。這對我們簡化一些後台辦公區域有很大幫助，這一切都納入了我們的 2027 年計劃。

And we're now just incorporating the same situation across our tech organization. It's a evolution, not a revolution. That's the most important thing to say.

我們現在只是將同樣的情況納入我們的技術組織中。這是一種演變，而不是一場革命。這是最重要的事情。

I think the other important issue is, it's still a tight market for high-quality talent. And from a GXO perspective, it's one of the benefits we gain. We work hard at making this company a great place for people to be a part of.

我認為另一個重要的問題是，高素質人才市場仍然緊張。從 GXO 的角度來看，這是我們獲得的好處之一。我們努力使這家公司成為人們加入的好地方。

I can say that when we open our doors to graduate programs, we are inundated with the best talent in the industry wanting to work with GXO. And it's often, we're hearing that people, employees, new employees, they see us as the benchmark of the industry.

我可以說，當我們向研究生課程敞開大門時，我們就會湧入大量想要與 GXO 合作的業內最優秀的人才。我們經常聽到人們、員工、新員工將我們視為行業的標杆。

So it's really -- we're just strengthening our business, getting ready for what we're actually increasingly seeing is a tidal wave of tech demand. And we just want to make sure that we can keep the good pace that we have with all of our customers and that will help fuel all of our key metrics. It will get us to our 2027 plan.

所以，我們實際上只是在加強我們的業務，為我們實際上越來越多地看到的技術需求浪潮做好準備。我們只是想確保我們能夠與所有客戶保持良好的節奏，這將有助於推動我們所有的關鍵指標。它將幫助我們實現 2027 年計劃。

Okay. Just a follow-up for Baris just on capital allocation. I guess I was little bit surprised paying down some debt. I think most of it's fixed, you're already investment grade. So if you can give us some context on that, maybe more broadly speaking opportunities for capital deployment? How does the M&A look like? At this point, obviously, you just did one deal but I'm sure there's others that might be of interest. So give us some updated thoughts on that in light of the recent paydowns.

好的。只是巴里斯關於資本配置的後續行動。我想我對償還一些債務感到有點驚訝。我認為大部分都是固定的，你已經是投資級別了。那麼，您能否給我們一些背景信息，也許更廣泛地說資本部署的機會？併購情況如何？顯然，此時您剛剛完成了一筆交易，但我確信還有其他交易可能會引起您的興趣。因此，根據最近的付款情況，請給我們一些最新的想法。

Sure, Brian. Our short-term priority is to generate free cash flow and maintain a strong investment-grade balance sheet. And we expect to return to net leverage around 1.5x by the end of 2023. This gives us a lot of financial flexibility to take advantage of the opportunities.

當然，布萊恩。我們的短期首要任務是產生自由現金流並維持強勁的投資級資產負債表。我們預計到 2023 年底，淨槓桿率將恢復到 1.5 倍左右。這為我們提供了很大的財務靈活性來利用這些機會。

Beyond it in the long term, we will continue to evaluate all opportunities to create value for our shareholders. That includes accretive bolt-on M&A. And we'll take a look at potentially returning capital back to shareholders through a buyback, we have to weigh them.

除此之外，從長遠來看，我們將繼續評估所有為股東創造價值的機會。這包括增值性的補強併購。我們將考慮通過回購將資本返還給股東的可能性，我們必須權衡它們。

Currently, in the marketplace, the private companies available for M&A are trading higher than where the public companies are trading at. Therefore, we have to make sure we create a lot of opportunities in our pipeline to grow these companies faster or take a lot of cost to justify those accretive M&A.

目前，在市場上，可供併購的私營公司的交易價格高於上市公司的交易價格。因此，我們必須確保在我們的管道中創造大量機會，以使這些公司更快地發展，或者花費大量成本來證明這些增值併購的合理性。

It has to be accretive and we are keenly focused on creating shareholder value. And we are balancing investing in our company through a share buyback or M&A. And we'll do whatever is in the best interest for our shareholders.

它必須具有增值性，我們非常專注於創造股東價值。我們正在通過股票回購或併購來平衡對公司的投資。我們將盡一切努力維護股東的最大利益。

Our next question is from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的艾莉森·波利尼亞克。

Just want to ask about GXO Direct. I think you had mentioned 30 new sites in the U.K. and obviously rolling into Europe later this year. Any targets on the amount of sites that you're looking to open for GXO Direct this year in those regions? And any thoughts on how -- any color really on the EBITDA contribution you're thinking of from those openings?

只是想問一下 GXO Direct 的情況。我想您已經提到了英國的 30 個新站點，並且顯然會在今年晚些時候進入歐洲。您今年希望在這些地區開設 GXO Direct 網站數量有什麼目標嗎？您對這些職位空缺對 EBITDA 貢獻有何看法？

Allison, it's Mark here. So as you rightly say, we're very excited about the rollout. If you remember back at the Investor Day, we talked about the total addressable market of around $500 billion. If you think about the SME portion of that, it's roughly half. So that's what we were talking about back in January.

艾莉森，我是馬克。正如您所說，我們對此次推出感到非常興奮。如果您還記得在投資者日，我們談到了大約 5000 億美元的潛在市場總額。如果你考慮一下其中的中小企業部分，它大約是一半。這就是我們一月份討論的內容。

In terms of Q1 at GXO Direct, we outgrew the base business, you'll be pleased to know. And you'll also note that we mentioned in the last quarter that it's a very attractive market from a margins perspective. Last year, you'll note that we did about a 10.8% margin. So it's a good business, uptick in the pipeline in terms of number of names that are going to be working with us from a GXO Direct perspective. And we're very excited about the growth going forward in that business.

就 GXO Direct 第一季度而言，我們的增長超出了基礎業務，您會很高興知道這一點。您還會注意到，我們在上個季度提到，從利潤角度來看，這是一個非常有吸引力的市場。去年，您會注意到我們的利潤率約為 10.8%。因此，這是一項很好的業務，從 GXO Direct 的角度來看，與我們合作的名稱數量不斷增加。我們對該業務的未來增長感到非常興奮。

Great. And then just going back to reverse logistics. If you look at your existing customer base that could utilize that service, can you talk to the penetration of those accounts and what you think that target could be or where you are in terms of penetration by year-end? Any color there?

偉大的。然後回到逆向物流。如果您查看可以利用該服務的現有客戶群，您能否談談這些帳戶的滲透率以及您認為目標可能是什麼，或者到年底您在滲透率方面處於什麼位置？那裡有什麼顏色嗎？

Yes. Thank you. The -- we're -- most of our customers, especially in the e-commerce side of the business, have some form of returns that we're working with them on. What I would tell you is that, that on the newer customers, obviously, we're bringing in the latest automation and the latest processes.

是的。謝謝。我們的大多數客戶，尤其是電子商務方面的客戶，都有某種形式的退貨，我們正在與他們合作。我要告訴你的是，對於新客戶，顯然我們正在引入最新的自動化和最新的流程。

On the existing customers, we get to go back and show them that. And so we have a long pipeline of customers that we can -- we have already in-house that we're bringing returns to.

對於現有客戶，我們可以回去向他們展示這一點。因此，我們擁有一長串客戶渠道——我們已經在內部為客戶帶來回報。

And then finally, on the new customers coming on board, that's really one of the main focus items they come to. They want to grow revenue, they want to hit the right EBITDA and they want to make sure they manage their returns. And this goes across all industries.

最後，對於新客戶的加入，這確實是他們關注的主要焦點之一。他們想要增加收入，想要達到正確的 EBITDA，並且想要確保管理好回報。這適用於所有行業。

So we have a huge opportunity in that area. It's why it's 36% of our pipeline and why it grows well each year. So very, very excited about the benefits of returns and the learnings we've had over the years to be a world leader in this.

所以我們在這個領域有巨大的機會。這就是為什麼它占我們管道的 36%，並且每年都增長良好。對於回報的好處以及我們多年來在這方面成為世界領先者所學到的知識，我們感到非常非常興奮。

Our next question is from Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

Can you give us a little more color on what the macro environment in Europe is like? I know there is lot of focus on the U.S. consumer but what do you think happens with the European consumer if you consult your trusty crystal ball?

您能給我們更多介紹一下歐洲的宏觀環境嗎？我知道人們非常關注美國消費者，但如果你諮詢一下你值得信賴的水晶球，你認為歐洲消費者會發生什麼？

And also, there's been some headlines on these retirement protests in France. I know you guys have a sizable operation there. So can you tell us if there was any impact on 1Q at all and kind of how you see that proceeding going forward?

此外，法國的這些退休抗議也上了一些頭條新聞。我知道你們在那裡有相當大的業務。那麼您能否告訴我們這對第一季度是否有任何影響以及您如何看待未來的進展？

Yes. Ravi, it's Malcolm. So across Europe landscape, as I mentioned, what we're seeing is actually a resurgence. I think it's becoming clear to us and in fact, our customers that what we saw in the second half of 2022 was probably the low point of the more softest part of the economy.

是的。拉維，我是馬爾科姆。因此，正如我提到的，在整個歐洲格局中，我們看到的實際上是複蘇。我認為我們以及事實上我們的客戶都越來越清楚，我們在 2022 年下半年看到的情況可能是經濟最疲軟部分的低點。

And I think what was playing into that across all of the different geography was very high energy prices, uncertainty of the macro, a lot of different dynamics but it did have a cooling effect on the market. Now you saw in our business, obviously, again, it's a testament to our business model, our contracting model that our business was actually very resilient.

我認為，在所有不同的地區，能源價格非常高、宏觀經濟的不確定性以及許多不同的動態都在發揮作用，但它確實對市場產生了冷卻作用。現在你在我們的業務中看到，顯然，這再次證明了我們的業務模式、我們的承包模式，我們的業務實際上非常有彈性。

But nevertheless, that was the low point. I think what we've seen steadily from the start of the year is actually a recovery in those markets. And in fact, now, they're doing very well. We're partway now through quarter 2, so the trends are all established. And we're really looking forward to actually a pretty decent year across our European business.

但無論如何，那是最低點。我認為，從今年年初開始，我們所看到的實際上是這些市場的穩步復甦。事實上，現在他們做得很好。我們現在已經進入第二季度了，所以趨勢都已經確定了。我們真的很期待我們的歐洲業務能夠迎來相當不錯的一年。

And I know that might be a little bit different than what we broadly feel or what we broadly see in the press but that's what we're seeing on the ground. Sales pipeline is very strong, lot of big transformational projects, lot of huge customers choosing to make very strategic business changes.

我知道這可能與我們普遍的感受或我們在媒體上廣泛看到的有所不同，但這就是我們在實地看到的情況。銷售渠道非常強大，有很多大型轉型項目，很多大客戶選擇進行非常戰略性的業務變革。

And obviously, we were so pleased to be working with Sainsbury's on one of the very big transformational projects. Continental Europe, U.K., that's what we're seeing.

顯然，我們非常高興能夠與塞恩斯伯里合作開展一項非常大的轉型項目。歐洲大陸、英國，這就是我們所看到的。

Shouldn't lose sight, here in North America, I mean, it's performing very, very well for us. Across all of our business, we've got some absolutely star verticals. We've got some customers doing record business.

不應該忽視，在北美這裡，我的意思是，它對我們來說表現得非常非常好。在我們所有的業務中，我們有一些絕對明星的垂直領域。我們有一些做唱片生意的客戶。

But at the same time, we have to acknowledge that there is a bit of a consumer tightness. And we have got some customers that are performing a bit softer than where we would like them to be, where they would like to be.

但與此同時，我們必須承認，消費者的需求有些緊張。我們有一些客戶的表現比我們希望他們達到的水平、他們希望達到的水平要低一些。

But it's all in alignment to where we thought our year was going to play out. When we did our Investor Day all the way back in January, you'll have remembered that we did call out that we thought this year was going to be a little bit softer than previous years.

但這一切都符合我們對今年的預期。當我們在一月份舉辦投資者日活動時，您會記得我們確實指出，我們認為今年的情況會比往年稍微溫和一些。

When we speak to our customers, what we're hearing universally is they expect that softness to start to dissipate as we approach the end of the year. And I would say if we were on the golf course, we'd be right in the middle of the fairway now along the way to 2027.

當我們與客戶交談時，我們普遍聽到的是，隨著年底的臨近，他們預計這種疲軟現象將開始消散。我想說，如果我們在高爾夫球場上，那麼從現在到 2027 年，我們就位於球道的中間。

Got it. That's helpful color. So just to clarify, so no quantifiable impact from the France protest either in the 1Q or beyond?

知道了。這是有用的顏色。所以我想澄清一下，法國抗議活動在第一季度或之後沒有產生可量化的影響嗎？

Oh, absolutely, yes. Sorry, I didn't answer you on that point but no, no. I mean -- and again, it's one of those things. I lived in Paris for nearly 10 years. And sometimes you get a very warm view of what happens in Paris.

哦，絕對是的。抱歉，我沒有在這一點上回答你，但是不，不。我的意思是——再說一遍，這是其中之一。我在巴黎生活了近十年。有時你會對巴黎發生的事情有一個非常溫暖的看法。

No, we didn't see any impact whatsoever on our business coming from those. And the good thing is I was in Paris recently with my management team, I can testify to the fact that all the trash is being collected. It's a beautiful city. I can thoroughly recommend it to everyone.

不，我們沒有看到這些對我們的業務產生任何影響。好消息是我最近和我的管理團隊在巴黎，我可以證明所有垃圾都被收集了。這是一座美麗的城市。我可以徹底推薦給大家。

Our next question is from David (inaudible) with Barclays.

我們的下一個問題來自巴克萊銀行的大衛（聽不清）。

I wonder if you could comment on the pipeline and specifically the composition of the pipeline, be it kind of traditional omnichannel, e-comm, reverse logistics. What are you seeing for that composition? And how does it compare to the existing book of business?

我想知道您是否可以評論一下管道，特別是管道的組成，無論是傳統的全渠道、電子商務還是逆向物流。您對該構圖有何看法？與現有的商業賬簿相比如何？

Yes, thank you. This is Bill. Thank you. The pipeline right now, e-comm represents about 21% in the pipeline. I mentioned the reverse being the 36%. But also, as you could imagine, in the industrial sector, aerospace is on fire, right? That's growing very well. You see the amount of orders that are coming in there.

是的，謝謝。這是比爾。謝謝。目前，電子商務在管道中約佔 21%。我提到相反的是 36%。而且，正如你可以想像的那樣，在工業領域，航空航天正在火熱進行，對嗎？那生長得非常好。您會看到那裡收到的訂單數量。

You also have the new customers coming in that weren't outsourced before, the 2/3 of the addressable market that's available. And we really made a big push on that. Our focus has been on showing the financial benefits to their business of outsourcing and what other customers are seeing.

還有以前沒有外包過的新客戶進來，佔可用目標市場的 2/3。我們確實在這方面做出了巨大的努力。我們的重點是展示外包業務給他們帶來的經濟利益以及其他客戶所看到的情況。

And obviously, we have the sites to take them to, to show them this is in real action what it looks like. And once we get the first one of those on, I said it earlier, we call it a takeover in place. We win their work site. Once we get that taken over, I'll give you an example of a tech -- kind of a home tech company that's selling to the masses here. We went with one of their products. We took over a nonautomated site for them. We were able to run it 10% better than they were seeing it before and give them a greater return. And then we started to show them automation.

顯然，我們有網站可以帶他們去，向他們展示這就是它的實際情況。我之前說過，一旦我們啟動了其中的第一個，我們就將其稱為到位接管。我們贏得了他們的工地。一旦我們接管了這一點，我會給你舉一個科技公司的例子——一種向這裡的大眾銷售產品的家庭科技公司。我們選擇了他們的一款產品。我們為他們接管了一個非自動化站點。我們的運行效果比他們以前看到的要好 10%，並給他們帶來了更大的回報。然後我們開始向他們展示自動化。

They are now building a $2.2 million -- 2.2 million square foot site in Maryland that we're going to combine all their brands into. So that's kind of what we see and that's why we see the growth so exciting. So the composition, I would say, is across all regions and it's across all verticals because the value of what we're bringing to the market is equally powerful to any company out there.

他們現在正在馬里蘭州建造一個耗資 220 萬美元、面積 220 萬平方英尺的場地，我們將把他們所有的品牌整合到其中。這就是我們所看到的，也是我們看到增長如此令人興奮的原因。因此，我想說，這種構成是跨越所有地區和所有垂直領域的，因為我們為市場帶來的價值對於任何公司來說都是同樣強大的。

That's very helpful. Maybe just as a follow-up for Bill or Malcolm, whoever wants to take it. You mentioned earlier minimum volume commitments as part of your contracts. And I think there was some commentary on a little bit of softness in some of what you're seeing. I guess how frequently is that minimum volume commitment coming into play and being executed? And how does that compare to prior cycles?

這非常有幫助。也許只是作為比爾或馬爾科姆的後續行動，無論誰想要接受它。您之前提到最低數量承諾是合同的一部分。我認為在你所看到的一些內容中存在一些關於一些溫和的評論。我猜想最低數量承諾發揮作用並執行的頻率是多少？與之前的周期相比如何？

This is Baris here. We have very well-structured contracts. As you would recall, about 45% of our business is open book business, cost plus. So whatever the cost escalation volumes, those doesn't matter, we are charging a management fee on top of our cost and percentage on top of that as well. So that's about half of our business.

這裡是巴里斯。我們有結構非常完善的合同。您可能還記得，我們​​大約 45% 的業務是開卷業務（成本加成）。因此，無論成本增加多少，這些都不重要，我們會在成本和百分比之上收取管理費。這大約是我們業務的一半。

In the hybrid closed book of business, this is where we have inflation escalators, higher margin potential to reap the benefits of productivity gains and also minimum volume requirements. The minimum volume requirements in our contracts really based on the customer.

在混合封閉的業務中，這就是我們擁有通貨膨脹自動扶梯、獲得生產率提高收益的更高利潤潛力以及最低數量要求的地方。我們合同中的最低數量要求實際上是基於客戶的。

There are some customers, literally doubled during the peak and go down to prior year levels. And there are some customers that have very steady business. So we basically tailor them based on the demand and demand position of that customer.

有一些客戶在高峰期間實際上翻了一番，然後又下降到去年的水平。還有一些客戶的業務非常穩定。所以我們基本上是根據客戶的需求和需求位置來定制它們。

And we have not seen too many customers triggering those volume commitments. It has been somewhat steady. But from time to time, they trigger that and we collect it. We are collecting those differences that gives us a lot of protection on the downside.

我們還沒有看到太多客戶觸發這些數量承諾。已經有些穩定了。但有時，他們會觸發它，我們會收集它。我們正在收集這些差異，這些差異為我們在不利方面提供了很多保護。

And I guess could you compare that at all to what you had seen in prior cycles, maybe [15, 16] or more or less?

我想您能否將其與您在之前的周期中看到的情況進行比較，也許是 [15, 16] 或更多或更少？

It is pretty similar. When you look into how our contracts have been structured, it is -- the base of our -- of this business is writing high-quality contracts and we spend a lot of time on it. We have a lot of salespeople. We have our separate pricing teams. We have separate solutioning teams. It comes to legal. It comes to finance. So that's really -- this is like an infrastructure business and contracts are at the core of this. And we spend a lot of time on this.

非常相似。當你研究我們的合同是如何構建的時，我們的業務基礎是編寫高質量的合同，我們在這方面花費了大量時間。我們有很多銷售人員。我們有獨立的定價團隊。我們有獨立的解決方案團隊。涉及法律。說到金融。這真的就像基礎設施業務，合同是其核心。我們在這方面花了很多時間。

Our next question is from Bruce Chan with Stifel.

我們的下一個問題是由 Bruce Chan 和 Stifel 提出的。

Nice result this quarter. I wanted to follow up a little bit on the macro but more specifically around inventory trends. Obviously, something that we've been talking a lot about recently.

本季度成績不錯。我想對宏觀情況進行一些跟進，但更具體地說是圍繞庫存趨勢。顯然，這是我們最近經常談論的事情。

Do you have a sense for whether we've bottomed here on the destocking? And then as you think about inventories more structurally post-pandemic supply chain strategy and then near-shoring and all that, are you seeing a push from your customers for structurally higher inventory levels?

您是否知道我們的去庫存是否已經觸底？然後，當您更加結構化地考慮大流行後的供應鏈戰略以及近岸外包等庫存時，您是否看到客戶推動結構性更高的庫存水平？

Bruce, it's Malcolm. So I think definitely, we've normalized inventories. As I see our warehouses when we're in the field whether it's in Europe with Richard or Paul or Gavin or here in North America with Eduardo, what we're seeing is inventory levels across the majority of our warehouses, with a majority of our customers, they've normalized. They're back to a normal level.

布魯斯，我是馬爾科姆。所以我認為，我們肯定已經實現了庫存正常化。當我們在現場時，我看到我們的倉庫，無論是與理查德、保羅或加文一起在歐洲，還是與愛德華多一起在北美，我們看到的是我們大多數倉庫的庫存水平，我們的大部分倉庫客戶，他們已經正常化了。他們恢復到正常水平。

So all the disruptive influencing or the pandemic disruptions in the supply chain, I think it's gone. And where we did have elevated inventory levels in the second half of 2022 with certain parts of our business, that's really all normalized though.

因此，我認為供應鏈中的所有破壞性影響或大流行中斷都已經消失了。 2022 年下半年，我們某些業務的庫存水平確實有所上升，但這實際上已經正常化了。

I think the learning that's come from the past 3 years of what have largely been quite disruptive an environment is that, in fact, everybody is learning to accept that, that has become the more normal environment. Businesses, our customers are all planning around maybe the potential of further disruption or just to really business continuity to make sure that they're not caught as they were in the last few years.

我認為，從過去三年的環境中學到的教訓是，事實上，每個人都在學著接受這一點，這已經成為更加正常的環境。企業、我們的客戶都在圍繞進一步中斷的可能性進行規劃，或者只是為了真正的業務連續性，以確保他們不會像過去幾年那樣陷入困境。

And what we're seeing is increases in near shoring, that's actively positive for us. Bill can come in and just touch on it. We're seeing customers moving manufacturing a little bit closer to the consumer. And we've seen also balancing of inventory levels, where maybe in the past, we've seen just in time, well, just in time doesn't always work if you don't have the inventory.

我們看到的是近岸業務的增加，這對我們來說是積極積極的。比爾可以進來碰一下它。我們看到客戶正在將製造過程移得離消費者更近一些。我們還看到了庫存水平的平衡，也許在過去，我們看到及時，好吧，如果你沒有庫存，及時並不總是有效。

So we've seen a little bit of normalizing. But right now, I think we're in a very normal state. And we would expect this environment to continue as we go through the rest of '23 and into '24. And Bill, I mean, you're actively involved in a few projects right now on getting customer activity and manufacturing nearer to consumer. Maybe you can just talk in a bit of detail.

所以我們看到了一些正常化。但現在，我認為我們處於非常正常的狀態。我們預計這種環境將持續到 23 年剩餘時間和 24 年。比爾，我的意思是，您現在正在積極參與一些項目，以使客戶活動和製造更接近消費者。也許你可以稍微詳細地談談。

Thank you, Malcolm. Yes. So what I would say is, to the first part of your question is that I don't -- I see less customers, if any, that are really dealing with the inventory problems of the past. What they -- they may have some inventory, they're still moving out. It's not still coming in to load up. That's not an issue.

謝謝你，馬爾科姆。是的。所以我要說的是，對於你問題的第一部分，我認為真正處理過去庫存問題的客戶（如果有的話）越來越少。他們可能有一些庫存，但仍在搬出。它還沒有加載。那不是問題。

What customers are focused on and really the kind of the thing that's triggering these $100 million and larger deals is, if customers want to get their volumes more out to where the customers are, they want to have it be the right level of inventory and they need a system that really provides the detailed information.

客戶關注的焦點以及真正觸發這些 1 億美元和更大交易的因素是，如果客戶希望將其數量更多地送到客戶所在的地方，他們希望庫存處於適當的水平，並且他們需要一個真正提供詳細信息的系統。

So what that means is maybe think of it as 3 or 4 to 5 sites in the U.S. on one network because then they have all the inventory available. And then this is where AI comes in and having the AI ability through automation providing the data to be able to figure out what volume I need, how I can react quickly.

因此，這意味著可以將其視為一個網絡上的美國 3 或 4 到 5 個站點，因為這樣他們就擁有所有可用庫存。這就是人工智能發揮作用的地方，通過自動化提供數據來獲得人工智能能力，以便能夠確定我需要多少量，以及我如何快速做出反應。

Those are the things we see happening to improve inventories and to make sure that the problems that happened in the past, you're not having these fits and starts and you call it the [bull whipped] in the inventory, you're having a more smooth process. Think of it as a more demand-generated process than a push.

這些是我們看到的改善庫存的事情，並確保過去發生的問題，你不會出現這些間歇性的情況，你稱之為庫存中的[公牛鞭打]，你有一個過程更加順利。將其視為一個更多由需求產生的過程，而不是推動過程。

Ladies and gentlemen, that is all the time we have for questions today. I would like to hand the call back over to Malcolm for any closing remarks.

女士們、先生們，今天的提問時間就到此為止。我想將電話轉回給馬爾科姆，讓他發表結束語。

Thank you, Sherry and thanks again for hosting our call today. We all appreciate that. And just a summary of our call. Look, we've started 2023 in a really strong manner and the raising of our 2023 adjusted EPS and the EBITDA guidance. And importantly, I think it's setting the foundations for delivering on our 2027 targets.

謝謝雪莉，再次感謝您主持我們今天的電話會議。我們都很欣賞這一點。這只是我們通話的摘要。看，我們以非常強勁的方式開始了 2023 年，並提高了 2023 年調整後每股收益和 EBITDA 指導。重要的是，我認為這為實現我們的 2027 年目標奠定了基礎。

We're gaining market share. We're deploying more and more [tool] technology across the nearly [100,000] different operating locations that we have. We're seeing and we're winning record-sized customer contracts. That's what we've explained to everyone.

我們正在贏得市場份額。我們正在近 [100,000] 個不同的運營地點部署越來越多的[工具]技術。我們看到並正在贏得創紀錄規模的客戶合同。這就是我們向大家解釋的。

And we're also seeing a truly exciting sales pipeline of further growth opportunities. And I think we've -- order book complete now on what has been a benchmark deal and integration of the Clipper business. This is a company that's got M&A, whereas it's in our DNA.

我們還看到了真正令人興奮的銷售渠道以及進一步增長的機會。我認為我們現在已經完成了關於基準交易和克利伯業務整合的訂單。這是一家進行併購的公司，而這已經融入了我們的基因。

We can do it and we do it very well. We're focused on delivering great value for our shareholders and indeed, all of our stakeholders. So with that summary, I'd like to wish everybody a great rest of the day and thanks for joining us this morning.

我們可以做到，而且做得很好。我們致力於為我們的股東乃至所有利益相關者創造巨大價值。通過這個總結，我祝愿大家今天休息愉快，並感謝您今天早上加入我們。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。