GXO Logistics Inc (GXO) 2024 Q3 法說會逐字稿

Welcome to the GXO third-quarter 2024 earnings conference call and webcast.

歡迎參加 GXO 2024 年第三季財報電話會議和網路廣播。

My name is Rob, and I'll be your operator for today's call.

我叫羅布，我將擔任您今天通話的接線生。

(Operator Instructions) Please note this conference is being recorded.

（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 the forward-looking statements, the use of non-GAAP financial measures, and the company's guidance.

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以及公司指導的簡短聲明。

During this call, the company will be making certain forward-looking statements within the meaning of applicable securities law, which by their nature, involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those projected in the forward-looking statements.

在本次電話會議期間，本公司將做出適用證券法意義內的某些前瞻性陳述，這些陳述本質上涉及許多風險、不確定性和其他因素，可能導致實際結果與預測結果有重大差異。性陳述。

A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings.

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。

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.

本公司收益發布中或本次電話會議中做出的前瞻性陳述僅截至今天，除法律要求的範圍外，本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 the call.

該公司還可能在電話會議期間參考適用的 SEC 規則定義的某些非 GAAP 財務指標。

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 on its website.

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本公司的收益發布及其網站上的相關財務表格中。

Unless otherwise stated, all results on this call are reported in United States dollars.

除非另有說明，本次電話會議的所有結果均以美元報告。

The company will also remind you that its guidance incorporates business trends to date and what it believes today to be appropriate assumptions.

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。

The company's 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.

公司的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、通貨膨脹壓力以及詳細說明的各種因素。

It is not possible for the company to actually predict demand for its services, and therefore, actual results could differ materially from guidance.

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有重大差異。

You will 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.

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資訊。

I'll now turn the call over to GXO's Chief Executive Officer, Malcolm Wilson.

我現在將把電話轉給 GXO 執行長 Malcolm Wilson。

Mr. Wilson, you may begin.

威爾遜先生，您可以開始了。

Thanks, Rob, and good morning, everyone.

謝謝羅布，大家早安。

I appreciate you joining us today for our third-quarter 2024 earnings call.

感謝您今天參加我們的 2024 年第三季財報電話會議。

With me in Greenwich are Baris Oran, our Chief Financial Officer; and Kristine Kubacki, our Chief Strategy Officer.

和我一起在格林威治的是我們的財務長巴里斯‧奧蘭 (Baris Oran)；以及我們的首席策略長 Kristine Kubacki。

GXO has delivered a stellar third quarter.

GXO 第三季業績表現出色。

We've posted record revenues and adjusted EBITDA.

我們公佈了創紀錄的收入和調整後的 EBITDA。

We have increasing momentum in our business, including continued acceleration in our sequential organic growth.

我們的業務動能不斷增強，包括持續加速的有機成長。

During the quarter, we signed $226 million of new business wins.

本季度，我們簽訂了 2.26 億美元的新業務合約。

We continue to grow with top brands like GUESS, Gymshark, LG, and L'Oreal.

我們繼續與 GUESS、Gymshark、LG 和歐萊雅等頂級品牌一起成長。

We've recently expanded our partnership with Zalando, and together, opened the largest outsourced e-commerce warehouse in France, which is highly automated.

我們最近擴大了與 Zalando 的合作夥伴關係，並共同開設了法國最大的高度自動化的外包電子商務倉庫。

Our sales pipeline has grown 30% year over year and now stands at over $2.4 billion of high-quality opportunities, its highest level in more than two years.

我們的銷售管道年增 30%，目前優質機會價值超過 24 億美元，這是兩年多來的最高水準。

As of the end of the third quarter, we've won about $750 million of new business year to date.

截至第三季末，我們今年迄今已贏得約 7.5 億美元的新業務。

We've got several major projects that we expect to sign in the fourth quarter. 2024 has the making of being a record-setting year for new business wins for GXO.

我們有幾個重大項目預計在第四季度簽署。 2024 年將成為 GXO 贏得新業務創紀錄的一年。

Looking ahead to the fourth quarter, we're ready for the peak season.

展望第四季度，我們已經為旺季做好了準備。

We've mentioned that we saw the bottom of the inventory cycle in the fourth quarter of last year.

我們已經提到，我們在去年第四季看到了庫存週期的底部。

As we head into this year's peak, we're seeing inventory levels returning to normal and demand for e-commerce capacity is accelerating.

當我們進入今年的高峰時，我們看到庫存水準恢復正常，對電子商務能力的需求正在加速。

Our customer service satisfaction scores are at an all-time high and our dependability has recently been recognized by Newsweek, which ranked us the top logistics provider among America's most reliable companies.

我們的客戶服務滿意度得分處於歷史最高水平，我們的可靠性最近得到了《新聞周刊》的認可，該雜誌將我們評為美國最可靠公司中的頂級物流提供者。

As commercial activity picks up momentum, our technology differentiation through the deployment of automation and AI is creating a multiplier effect in the efficiencies we deliver for our customers.

隨著商業活動的勢頭增強，我們透過部署自動化和人工智慧實現的技術差異化正在為我們為客戶提供的效率產生乘數效應。

On the back of our real-world results, we are proud to have been recognized with a Supply Chain Excellence Award for our leadership in warehouse AI by Logistics Manager a few weeks ago.

基於我們的實際成果，我們很自豪幾週前被 Logistics Manager 授予“供應鏈卓越獎”，以表彰我們在倉庫人工智慧方面的領導力。

Our technology differentiation is also helping us win new business.

我們的技術差異化也幫助我們贏得新業務。

Our ongoing strong sales performance, coupled with our targeted M&A in key geographies and hard-to-penetrate verticals is driving our long-term growth.

我們持續強勁的銷售業績，加上我們在關鍵地區和難以滲透的垂直領域的有針對性的併購，正在推動我們的長期成長。

In Germany, we've jump-started the growth of our business on the back of our acquisition of Clipper in 2022.

在德國，我們在 2022 年收購 Clipper 後啟動了業務成長。

Our state-of-the-art site in Dormagen is at full capacity.

我們位於多爾馬根的先進工廠已滿載運轉。

We've had a successful start-up of the 20-year billion-dollar contract with Levi's that we announced in May.

我們在 5 月宣布與 Levi's 簽訂了為期 20 年、價值 10 億美元的合同，並已成功啟動。

And we have a strong pipeline of other opportunities in Germany.

我們在德國還有大量其他機會。

More recently, on the back of our acquisition of PFS in 2023, we've grown our beauty and wellness business with several leading brands, including Beauty Pie, Glossier, and L'Oreal.

最近，在 2023 年收購 PFS 後，我們與多個領先品牌（包括 Beauty Pie、Glossier 和歐萊雅）一起發展了我們的美容和健康業務。

Similarly, we believe our acquisition of Wincanton will enable us to accelerate our growth in attractive verticals like aerospace, industrials, and public sector.

同樣，我們相信收購 Wincanton 將使我們能夠加速在航空航天、工業和公共部門等有吸引力的垂直領域的成長。

We're pleased to note that we've recently signed a cornerstone deal in Europe with a leading US aerospace provider.

我們很高興地註意到，我們最近在歐洲與美國領先的航空航天供應商簽署了一項基礎協議。

In light of this continued strong performance, we're reaffirming our full-year guidance for 2024.

鑑於持續強勁的表現，我們重申 2024 年全年指引。

We have clear evidence; we're through the trough, and we intend to build from here.

我們有明確的證據；我們已經度過了低谷，我們打算從這裡開始建造。

Looking further ahead, in 2025, we expect an acceleration of growth across all three regions.

展望未來，我們預計到 2025 年，所有三個地區都將加速成長。

Continental Europe is leading the pack with our growth in Germany and the ramping up of several large, automated warehouses.

歐洲大陸憑藉我們在德國的成長和幾個大型自動化倉庫的擴建而處於領先地位。

Our strong sales performance and our long-term contractual business model give us confidence in our multiyear growth outlook and 2027 target.

我們強勁的銷售業績和長期合約業務模式讓我們對多年成長前景和 2027 年目標充滿信心。

Baris will now walk you through the quarter and our reaffirmed guidance.

巴里斯現在將帶您了解本季和我們重申的指導方針。

Baris, over to you.

巴里斯，交給你了。

Thanks, Malcolm.

謝謝，馬爾科姆。

Good morning, everyone.

大家早安。

In the third quarter, we generated record revenues of $3.2 billion.

第三季度，我們創造了創紀錄的 32 億美元收入。

Our year-over-year revenue growth of 28% means we are on track to meet our 2027 top-line growth target of $15.5 billion to $16 billion.

我們的營收年增 28%，這意味著我們預計將實現 2027 年 155 億至 160 億美元的營收成長目標。

In the quarter, we saw organic revenue growth of 3%, which has accelerated sequentially throughout the year.

本季度，我們的有機收入成長了 3%，全年成長持續加快。

The improving trajectory reflects the growing contribution of new facility start-ups each quarter, and we expect it to continue as we move into 2025.

這種改善的軌跡反映出每季新設施新創公司的貢獻不斷增長，我們預計進入 2025 年這種趨勢將持續下去。

Our adjusted EBITDA this quarter was also a record at $223 million, up 12% year over year.

本季調整後 EBITDA 也創下了 2.23 億美元的紀錄，年增 12%。

We have also seen sequential margin expansion throughout the year, and we expect this trend to continue as we see a margin uplift due to a better space utilization in our multi-tenant network.

我們也看到全年利潤率連續成長，我們預計這種趨勢將持續下去，因為我們的多租戶網路空間利用率更好，利潤率有所上升。

Our adjusted diluted earnings per share was $0.79, up 14% year over year.

調整後攤薄每股收益為 0.79 美元，年增 14%。

Year to date, we have delivered $363 million of cash flow from operations, which is an increase of 6% year over year.

年初至今，我們已實現營運現金流 3.63 億美元，年增 6%。

Our free cash flow year to date is $124 million, and we are on track to deliver over 30% adjusted EBITDA to free cash flow conversion for the full year.

今年迄今為止，我們的自由現金流為 1.24 億美元，我們預計將實現全年 30% 以上的調整後 EBITDA 向自由現金流的轉換。

Our operating return on invested capital remains well above our target at 38% as we continue to invest in high-return projects to fuel our organic revenue growth, in line with our capital allocation strategy.

我們的投資資本營運回報率仍遠高於 38% 的目標，因為我們繼續投資高回報項目，以推動我們的有機收入成長，這符合我們的資本配置策略。

Our balance sheet is growing stronger.

我們的資產負債表正在變得更加強勁。

Our net leverage was 2.9 times as of the end of the third quarter, down from 3.1 times last quarter.

截至第三季末，我們的淨槓桿率為 2.9 倍，低於上季的 3.1 倍。

We expect leverage levels of around 2.5 times to 2.6 times by the end of this year as we prioritize paying down debt of the Wincanton acquisition and about 2 times by the end of 2025.

由於我們優先償還 Wincanton 收購的債務，我們預計到今年年底槓桿水準將達到約 2.5 倍至 2.6 倍，到 2025 年底將達到約 2 倍。

Wincanton is performing above our pre-deal expectations, delivering double-digit revenue growth and reinforcing our excitement about this acquisition.

Wincanton 的表現超出了我們交易前的預期，實現了兩位數的營收成長，增強了我們對此次收購的興奮。

Our focus in 2025 will be accelerating our organic growth and the integration of Wincanton.

我們 2025 年的重點將是加速我們的有機成長和 Wincanton 的整合。

M&A is not on our short-term agenda.

併購不在我們的短期議程。

We are reaffirming our 2024 guidance.

我們重申 2024 年指導方針。

This year, we expect to deliver organic revenue growth of 2% to 5%, adjusted EBITDA of $805 million to $835 million, adjusted EBITDA to free cash flow conversion of 30% to 40%, and adjusted diluted earnings per share of $2.73 to $2.93. We also expect to continue to deliver an operating return on invested capital of above 30%.

今年，我們預期有機營收成長2% 至5%，調整後EBITDA 為8.05 億美元至8.35 億美元，調整後EBITDA 至自由現金流轉換為30% 至40%，調整後稀釋每股盈餘為2.73 美元至2.93 美元。我們也預計投資資本營運回報率將繼續保持在 30% 以上。

We are executing well on our value creation framework.

我們在價值創造框架上執行得很好。

As a secular growth enterprise, we deliver predictable operating return on invested capital and resilient growth in revenue, adjusted EBITDA, adjusted diluted earnings per share, and cash flow throughout the cycle.

作為一家長期成長型企業，我們在整個週期內提供可預測的投資資本營運回報和彈性收入成長、調整後 EBITDA、調整後稀釋每股盈餘和現金流。

We remain laser-focused on creating long-term shareholder value.

我們仍然專注於創造長期股東價值。

With that, I'll pass the mic to Kristine.

接下來，我會將麥克風傳給克里斯汀。

Kristine, over to you.

克里斯汀，交給你了。

Thanks, Baris.

謝謝，巴里斯。

Good morning, everyone.

大家早安。

We're pleased with our results this quarter.

我們對本季的業績感到滿意。

Today, I'd like to update you on the macro trends we're seeing and how GXO's automation differentiation reinforces our confidence in our long-term growth algorithm.

今天，我想向您介紹我們所看到的宏觀趨勢的最新情況，以及 GXO 的自動化差異化如何增強我們對長期成長演算法的信心。

We operate in an attractive market with an outsized growth trajectory that's driven by secular supply chain trends including complexity, e-commerce, outsourcing, and automation.

我們在一個有吸引力的市場中經營，其成長軌跡是由長期供應鏈趨勢（包括複雜性、電子商務、外包和自動化）所推動的。

These tailwinds have driven our resilient growth across different parts of the cycle, and they're accelerating as customer needs for scaled automated solutions continue to increase.

這些順風推動了我們在週期不同部分的彈性成長，並且隨著客戶對大規模自動化解決方案的需求不斷增加，它們正在加速成長。

First, we're seeing an uptick in e-commerce commercial activity.

首先，我們看到電子商務商業活動增加。

This is a long-term structural tailwind that has been a key growth driver for us over the past five years.

這是一個長期的結構性順風，在過去五年中一直是我們的關鍵成長動力。

At an industry level, about a quarter of all retail sales today come from e-commerce, and this proportion is expected to grow by more than 10 percentage points over the next decade as online shopping returns to its structural growth trajectory.

從產業層面來看，目前約四分之一的零售額來自電子商務，隨著線上購物回歸結構性成長軌道，這一比例預計在未來十年將成長10個百分點以上。

We're seeing this effect translate into our own results. 60% of our new sales wins in the third quarter originated from e-commerce fulfillment.

我們看到這種效應轉化為我們自己的結果。第三季我們 60% 的新銷售額來自電子商務履行。

Second, as supply chains become increasingly complex, customers are relying more and more on scaled, tech-forward logistics experts like GXO.

其次，隨著供應鏈變得越來越複雜，客戶越來越依賴像 GXO 這樣規模化、技術先進的物流專家。

This has been driving an acceleration of outsourcing for fulfillment activities.

這一直在推動履行活動外包的加速。

About a third of our new business wins this year to date have come from newly outsourced business, and around 40% of our $2.4 billion pipeline is made up of customers looking to outsource for the first time.

今年迄今為止，我們贏得的新業務中約有三分之一來自新外包業務，而我們 24 億美元的管道中約 40% 由首次尋求外包的客戶組成。

The acceleration of outsourcing is in part a result of the recovery of e-commerce, and it drives customers to look for a partner with scale, automation, and the ability to manage complexity.

外包的加速部分是電子商務復甦的結果，它促使客戶尋找具有規模、自動化和管理複雜性能力的合作夥伴。

GXO is well positioned to capture growth from these trends because of our global scale and expertise in automation.

憑藉我們在自動化領域的全球規模和專業知識，GXO 處於有利位置，能夠從這些趨勢中獲得成長。

We're the market leader in tech-enabled fulfillment and customers come to us to drive efficiency and unlock value in their supply chains.

我們是技術驅動的履行領域的市場領導者，客戶來找我們是為了提高供應鏈的效率並釋放價值。

Over the past several months, GXO has been piloting our first proprietary AI application in select warehouses in the US.

在過去的幾個月裡，GXO 一直在美國的部分倉庫試行我們的第一個專有人工智慧應用程式。

Our tool streamlines our customers' fulfillment processes by using machine learning to predict SKU demand in the near term.

我們的工具透過使用機器學習來預測近期的 SKU 需求，從而簡化客戶的履行流程。

The sheer volume of data analyzed by our tool produces highly accurate forecast of inventory flows down to the SKU level.

我們的工具分析的大量資料可以對庫存流進行高度準確的預測，直至 SKU 層級。

These insights enable our operations team to optimize the layout of the warehouse and match resources with demand.

這些見解使我們的營運團隊能夠優化倉庫佈局並將資源與需求相匹配。

Our initial pilots have far exceeded our expectations, delivering predictive accuracy levels above 90% and productivity improvements of 3 times to 4 times in stock replenishments, which drives increased capacity of 6% to 8% at no additional cost.

我們最初的試點遠遠超出了我們的預期，預測準確率超過 90%，庫存補貨生產率提高了 3 到 4 倍，從而在不增加成本的情況下將產能提高了 6% 到 8%。

We're thrilled with the early success of AI, and we're scaling it across our footprint.

我們對人工智慧的早期成功感到非常興奮，我們正在將其擴展到我們的足跡。

AI is going to change the way warehouses are run over the next few years, and our leadership in this space is a key driver of our long-term profitable growth.

人工智慧將在未來幾年改變倉庫的運作方式，我們在這一領域的領導地位是我們長期獲利成長的關鍵驅動力。

And with that, I'll hand it back over to Malcolm.

有了這個，我會把它交還給馬爾科姆。

Thanks, Kristine.

謝謝，克里斯汀。

We've built on our momentum from the first half and delivered record revenue and adjusted EBITDA in the third quarter.

我們在上半年的勢頭基礎上，在第三季度實現了創紀錄的收入和調整後的 EBITDA。

Our pipeline stands at a two-year high, and we're on track to deliver a record year of new business wins, bolstering our confidence in our long-term growth targets.

我們的產品線處於兩年來的最高水平，我們有望在今年實現創紀錄的新業務勝利，增強我們對長期成長目標的信心。

During the quarter, you may have seen media speculation about inbound interest in acquiring GXO.

在本季度，您可能已經看到媒體關於收購 GXO 的興趣的猜測。

We don't comment on market speculation.

我們不對市場猜測發表評論。

We're focused on the great quarter we've just had and on delivering a strong finish to the year.

我們專注於剛剛度過的出色季度，並為今年帶來強勁的業績。

With that, we'll hand the mic back to Rob for Q&A.

這樣，我們會將麥克風交還給 Rob 進行問答。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning, everyone.

嗨，大家早安。

This is [Joe Hafling] on for Stephanie Moore.

這是史蒂芬妮·摩爾的[喬·哈夫林]。

Malcolm, I guess you've talked a lot about some of the trends you're seeing, but I was hoping maybe we could unpack by geography, what you're seeing across Continental Europe, the UK, and the US in terms of organic growth?

馬爾科姆，我想您已經談論了很多您所看到的趨勢，但我希望我們可以透過地理來分析您在歐洲大陸、英國和美國在有機食品方面所看到的情況生長？

And maybe if we could also kind of slice it into retail versus industrial, just kind of a high-level thought on what you're seeing on the trends across geographies.

也許我們也可以將其分為零售業與工業業，這只是對您所看到的跨地區趨勢的一種高層思考。

Thanks.

謝謝。

Yeah.

是的。

Sure, Joe. Good morning.

當然，喬。早安.

So well, first thing, I mean, it's a good quarter for us.

那麼，首先，我的意思是，這對我們來說是一個很好的季度。

So record top- and bottom-line results, organic revenue growth, and adjusted EBITDA margins all continuing to improve quarter by quarter.

因此，創紀錄的頂線和底線業績、有機收入成長和調整後的 EBITDA 利潤率都在逐季度持續改善。

When we look at the three regions, what we're seeing is positive growth across all of the regions.

當我們審視這三個地區時，我們看到所有地區都出現了積極增長。

So our Continental European business, that's kind of leading the pack.

因此，我們的歐洲大陸業務處於領先地位。

It's benefiting from a surge of growth in Germany, but all of the countries are actually performing very well.

它受益於德國經濟的激增，但實際上所有國家的表現都非常好。

Our UK business, that's really coming stronger and stronger.

我們的英國業務確實正在變得越來越強大。

I think it's benefited from the recent elections and the certainty that has provided.

我認為這得益於最近的選舉和所提供的確定性。

And here in North America, again, we have to look really vertical by vertical, but generally, we're in a better trend.

在北美，我們必須再次垂直地看待，但總的來說，我們處於更好的趨勢。

Overall, the team, myself, Richard Cawston, Baris, the rest of the team, we definitely are feeling that we're out of the trough that we've been in for the last 12 months, and we're getting back to a more normal kind of growth type of metrics.

總的來說，團隊、我本人、理查德·考斯頓、巴里斯以及團隊的其他成員，我們確實感覺我們已經走出了過去 12 個月以來的低谷，並且我們正在回到一個更正常的成長類型指標。

So we're definitely building for a much stronger 2025.

因此，我們肯定會為更強大的 2025 年而努力。

When I think about sales, there's no doubt the investments that we made at the start of the year, changing our organization in fact, investing in our sales organization is definitely starting to pay dividends.

當我想到銷售時，毫無疑問我們在年初進行的投資，改變了我們的組織，事實上，對我們銷售組織的投資肯定開始帶來紅利。

And you'll have noticed; we're talking strongly about [closed won] and the rest of the year.

你會注意到；我們正在強烈談論[已結束的勝利]和今年剩下的時間。

So in the quarter, $226 million it's a good number.

因此，在本季度，2.26 億美元是一個不錯的數字。

Year to date, $750 million, $463 million already falling into 2025.

年初至今，已達 7.5 億美元，2025 年已達 4.63 億美元。

And there's some great projects in our hopper that we're still anticipating to sign between now and the end of the year.

我們的漏斗中有一些很棒的項目，我們仍然預計從現在到今年年底簽署。

That's what's given us a confidence about the strong result of business -- new business wins that are shaping up for this year.

這讓我們對業務的強勁業績充滿信心——今年即將取得新的業務勝利。

I think it's going to be a great year for us.

我認為這對我們來說將是美好的一年。

When I look across the different verticals that we're working in, pretty much across all the geographies, what we've seen is -- actually, in the last quarter, aerospace and defense have been very strong in terms of business.

當我審視我們正在從事的不同垂直領域時，幾乎在所有地區，我們看到的是——實際上，在上個季度，航空航太和國防在業務方面非常強勁。

Tech and retail have done really well.

科技和零售業表現非常好。

Food and beverage, they've probably been the laggard of the group as we've seen in the last quarter.

食品和飲料，正如我們在上個季度看到的那樣，他們可能是該集團的落後者。

Most pleasingly, for us, because I think we're an e-fulfillment leader in the marketplace, we've seen a returning amount of investment from customers in e-fulfillment projects.

對我們來說，最令人高興的是，因為我認為我們是市場上的電子履行領導者，所以我們看到客戶在電子履行專案上的投資得到了回報。

So big increasing number of projects in the sales pipeline.

銷售管道中的項目數量不斷增加。

And actually, in the quarter, e-fulfillment drove more than half of our new business signings.

事實上，在本季度，電子履行推動了我們一半以上的新業務簽約。

So I think all in all, very, very good quarter.

所以我認為總而言之，非常非常好的季度。

Finally, what I would like to comment on as well because it's impacting across all of our regions, last year, you'll recall that we commenced a new organization with Adrian Stoch heading up our automation teams.

最後，我還想評論一下，因為它影響到我們所有的地區，去年，您會記得我們成立了一個新的組織，由 Adrian Stoch 領導我們的自動化團隊。

That's now starting to show benefits.

現在開始顯示出好處。

We really are seeing benefits coming from the deployment of an increased amount of tactical automation and AI.

我們確實看到了部署更多戰術自動化和人工智慧帶來的好處。

And I've got no doubt that's one of the things that's helping the productivity improvements that those are driving, it's one of the things that's starting to assist in our margin expansion.

我毫不懷疑，這是有助於提高生產力的因素之一，也是開始幫助我們擴大利潤的因素之一。

And I think we'll see that progress into 2025.

我認為我們將在 2025 年看到這一進展。

So overall, good outlook.

整體而言，前景良好。

All of our regions doing well for the first time.

我們所有的地區都首次表現良好。

And varies a little bit by region, but generally a positive message across all of our business.

不同地區略有不同，但總的來說，這是我們所有業務中的積極訊息。

Great answer, Malcolm.

很好的答案，馬爾科姆。

Maybe just one follow-up.

也許只是一個後續行動。

Surprised by the strength in aero, I guess, maybe from my seat.

我想，也許是在我的座位上，我對空氣動力學的力量感到驚訝。

So could you talk about -- I'm guessing it's -- new wins are offsetting any potential disruptions.

那麼你能談談——我猜是——新的勝利正在抵消任何潛在的干擾。

I would love to get your thoughts kind of drilling on the strength in aerospace.

我很想聽聽您對航空航太領域實力的看法。

Yeah.

是的。

Well, listen, it's a good call out, Joe. And one of the things -- as I mentioned, we invested heavily at the start of the year.

好吧，聽著，這是一個很好的呼籲，喬。其中一件事 - 正如我所提到的，我們在年初進行了大量投資。

So two things to talk about aerospace.

那麼關於航空航天有兩件事要談。

One is the fact that we invested in sales, our sales organization, not just here in North America, where we are a very strong player in aerospace and defense, but also taking those skill sets and putting them into Europe.

一是我們不僅在北美投資了銷售和銷售組織，我們在北美是航空航太和國防領域非常強大的參與者，而且還將這些技能投入歐洲。

And it's a long process to gain accreditation in a different geographical market, particularly for things like aerospace and defense.

在不同地域的市場中獲得認證是一個漫長的過程，特別是在航空航太和國防等領域。

So I think we're now starting to see the rewards of those investments plus, although Wincanton is still quite new for us, it has a very good reputation in the UK for aerospace.

因此，我認為我們現在開始看到這些投資的回報，而且，儘管溫坎頓對我們來說仍然很新，但它在英國航空航太領域享有很高的聲譽。

So those two things combined have allowed us to secure our very first big blue chip organization, new contract set in Europe with a big US aerospace manufacturer.

因此，這兩件事相結合使我們能夠確保我們的第一個大型藍籌組織，即在歐洲與美國一家大型航空航太製造商簽訂的新合約。

We're incredibly pleased about that because it's a sure sign that the strategies that we're putting in place they don't have an overnight impact.

我們對此感到非常高興，因為這是一個明確的跡象，表明我們正在實施的策略不會在一夜之間產生影響。

Some of these things, you do have to see over a 12 month or even a two-year period, very similar to the German expansion that we're seeing now, which really comes on the back of that Clipper integration that took place two years ago.

其中一些事情，你確實必須在 12 個月甚至兩年的時間內看到，這與我們現在看到的德國擴張非常相似，這實際上是在兩年的 Clipper 整合的背後發生的前。

But we owe a lot of the expansion now in Germany to that.

但我們現在在德國的擴張很大程度歸功於此。

I'm sure aerospace, we're going to do incredibly well in Europe.

我確信在航空航太領域，我們將在歐洲做得非常好。

It's a huge market, very few competitors.

這是一個巨大的市場，競爭對手很少。

We will be the new kid on the block, and I think we'll do really well.

我們將成為這個領域的新人，我認為我們會做得很好。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thank you very much.

非常感謝。

Good morning, everyone.

大家早安。

I'd like to jump in here.

我想跳進這裡。

Organic growth, it's been progressively better throughout the year as you all had guided.

有機增長，正如你們大家所指導的那樣，這一年的情況逐漸好轉。

What's your confidence level heading into the fourth quarter?

您對第四季的信心程度如何？

And given comparisons from '24 and trajectory that you're seeing, any commentary into '25 would be appreciated.

考慮到與 24 年的比較和您所看到的軌跡，任何對 25 年的評論都將受到讚賞。

Thanks.

謝謝。

Scott, hi, it's Malcolm here again.

史考特，嗨，馬爾科姆又來了。

Let me take that at the really high level, and then I'll hand over to Baris, because I think it's really important.

讓我從非常高的層面來討論這個問題，然後我會把這個問題交給巴里斯，因為我認為這非常重要。

So first and foremost, in our earlier comments, we've reaffirmed our guidance for the year.

因此，首先也是最重要的是，在我們先前的評論中，我們重申了今年的指導。

Now guidance is twofold.

現在的指導是雙重的。

So when we think about our top line, clearly, it's still a relatively wide range, and that's coming as a consequence of the different possible outcomes that can come out of the busy holiday trading season.

因此，當我們考慮我們的營收時，顯然，它仍然是一個相對較寬的範圍，這是由於繁忙的假期交易季節可能出現的不同結果而產生的。

Last year was incredibly subdued.

去年的情況令人難以置信。

This year, inventory levels in our warehouses are better.

今年，我們倉庫的庫存水準更好。

We're seeing evidence of some of our customers doing sales promotion work.

我們看到一些客戶正在進行促銷工作的證明。

But in the end, the proof we'll only see really as we're getting into December.

但最終，只有進入 12 月，我們才能真正看到證據。

So we have a sort of wide range on top line.

所以我們的營收範圍很廣。

Importantly, on the bottom line, I think we're running with a high level of confidence that will deliver our adjusted EBITDA pretty much in alignment with expectations.

重要的是，從根本上講，我認為我們充滿信心，將實現調整後的 EBITDA 與預期基本一致。

I think we'll be very close to the midpoint of our full-year 2024 guidance.

我認為我們將非常接近 2024 年全年指導的中點。

And that confidence is really coming from a combination of fundamentals about our business.

這種信心其實來自於我們業務基本面的結合。

We are a high degree of visibility of bottom line due to the nature of our contracting models; we have a reasonable proportion of our businesses open book or cost-plus type contracts.

由於我們的承包模式的性質，我們的利潤具有高度可見性；我們的業務中有合理比例的開立簿或成本加成型合約。

And also, we have been driving, as I mentioned, a lot of value creation including the deployment of all of the increasing amount of tactical automation and AI playing a more and more bigger part.

而且，正如我所提到的，我們一直在推動大量價值創造，包括部署越來越多的戰術自動化和人工智慧，發揮越來越大的作用。

So Q4 is a big step for us in EBITDA.

因此，第四季對我們的 EBITDA 來說是一大進步。

And I do think it's really worthwhile, really value -- Baris, just to go in another level of detail, just to give you -- because I think it's really important.

我確實認為這真的很值得，真的很有價值——巴里斯，只是為了給你們另一個細節層面的信息——因為我認為這真的很重要。

Baris, would you comment on that?

巴里斯，你對此有何評論？

Sure.

當然。

Hi, Scott.

嗨，斯科特。

On the -- typically, in our business, you would expect to see a sequential improvement in our normal EBITDA from Q3 to Q4.

通常，在我們的業務中，您會期望看到我們的正常 EBITDA 從第三季到第四季連續改善。

Last year was an exception because of the sluggish retail sales environment, which drove low inventory and turnover.

去年是個例外，因為零售銷售環境低迷，導致庫存和營業額較低。

Looking at this year's expectations, we are lapping that effect from Q4 of last year.

看看今年的預期，我們正在模仿去年第四季的效果。

Although we have done some customers -- we have some customers who are seeing lower trading results than they might ideally like, we still expect seasonally look more normal as we have gone through the trough.

儘管我們已經做了一些客戶 - 我們有一些客戶看到的交易結果低於他們理想的水平，但我們仍然預計，隨著我們度過低谷，季節性看起來會更加正常。

In addition, we are managing out open capacity from our underutilized multi-tenant warehouses, which is sometimes which has been a laser focus for our organization.

此外，我們正在管理未充分利用的多租戶倉庫的開放容量，這有時是我們組織的重點。

This is the area we are seeing a margin improvement year over year in Q4 as well.

這也是我們在第四季看到利潤率較去年同期改善的領域。

So multiple things.

如此多的事情。

The lapping of the Q4 of last year and the margin improvement coming from the better utilization of multi-tenant network.

去年第四季的表現和利潤率的提高來自於多租戶網路的更好利用。

Great.

偉大的。

Thank you both on that.

謝謝你們倆。

And then, Baris, just free cash flow conversion was quite strong in the third quarter.

然後，巴里斯，第三季的自由現金流轉換相當強勁。

Could you just address that and maybe

你能解決這個問題嗎？

-- ?

——？

Discussed that you maintained your 30% to 40% conversion for the full year.

討論了您全年保持 30% 到 40% 的轉換率。

What are puts and takes for the fourth quarter with regard to free cash flow conversion?

第四季自由現金流轉換的看跌期權和看跌期權是多少？

Thanks so much

非常感謝

We remain very confident in our ability to generate free cash flow for this year.

我們對今年產生自由現金流的能力仍然非常有信心。

As you said, $110 million in Q3 was a spectacular results.

正如您所說，第三季 1.1 億美元的業績非常驚人。

We are on track to deliver 30% to 40%.

我們預計將實現 30% 到 40% 的目標。

Strong working capital management, and we are very diligent on our capital expenditures.

強大的營運資金管理，我們對資本支出非常勤奮。

Roughly two-thirds of our CapEx went to growth CapEx.

我們大約三分之二的資本支出用於成長資本支出。

We are investing for the future, but we are very selective on where we put our CapEx dollars.

我們正在為未來進行投資，但我們對資本支出的投資方向非常有選擇性。

That drives our free cash flow.

這推動了我們的自由現金流。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

I wanted to touch on the fourth quarter margin comment that you made.

我想談談您對第四季度利潤率的評論。

So it sounds like you get some improvement coming sequentially.

所以聽起來你會逐漸得到一些改進。

I guess a couple of things.

我想有幾件事。

Can you outline some of the dynamics that are going to help with that?

您能否概述一些有助於實現這一目標的動力？

I guess maybe we can talk a little bit about Wincanton and the potential for Phase 1 or Phase 2, I guess, probably synergies could be part of that.

我想也許我們可以談談溫坎頓以及第一階段或第二階段的潛力，我想協同效應可能是其中的一部分。

I'm not sure exactly how you guys think about that.

我不確定你們對此有何看法。

I know there's maybe some news coming up later this week.

我知道本週晚些時候可能會有一些消息。

And then when you think about the margins in the fourth quarter, up sequentially, can we also get up year over year?

然後，當您考慮第四季度的利潤率連續上升時，我們是否也可以同比上升？

Hi, Chris, it's Malcolm here.

嗨，克里斯，我是馬爾科姆。

Look, let me cover the Wincanton point, and I'll hand you over to Baris in terms of the more detailed aspect on the margin.

聽著，讓我介紹一下溫坎頓點，然後我將把邊際上更詳細的方面交給巴里斯。

So Wincanton, clearly, we're reviewing the decisions, the Phase 1 decisions, that came across last Friday.

因此，溫坎頓，顯然，我們正在審查上週五做出的決定，即第一階段的決定。

So we're reviewing that in detail at the moment.

因此，我們目前正在詳細審查這一點。

And clearly, as we have on other projects, we're going to be engaging very constructively and collaboratively with the CMA.

顯然，正如我們在其他項目上所做的那樣，我們將與 CMA 進行非常建設性的合作。

We're kind of remaining pretty confident that we're going to see a positive outcome to it.

我們仍然非常有信心，我們將看到積極的結果。

It's possible that we'll go into a Phase 2.

我們有可能進入第二階段。

And frankly, we were prepared for all of the potential outcomes that that might bring.

坦白說，我們已經為這可能帶來的所有潛在結果做好了準備。

And it's not an uncommon environment, by the way, for a deal of this size to go into a Phase 2.

順便說一句，如此規模的交易進入第二階段並不是什麼罕見的情況。

I think a good thing to say is Wincanton, as Baris mentioned, it's trading well.

我認為值得說的是，正如巴里斯提到的那樣，Wincanton 的交易狀況良好。

It's up trading performance wise on its pre-deal expectations.

其交易業績較其交易前預期有所上升。

So we're very, very pleased overall with it.

所以我們總體上對此非常非常滿意。

As it stands at the moment, we had planned to commence the integration of Wincanton.

就目前情況而言，我們原計劃開始整合溫坎頓。

So any kind of margin impact coming out of Wincanton positive impact would only effectively occur from January onwards.

因此，溫坎頓積極影響所產生的任何利潤率影響只會從一月份開始有效發生。

So definitely, at this stage, there's not really any positive news on margins coming from Wincanton. it's more a negative aspect that it's a drag whilst we start the -- before we actually start the integration.

因此，在現階段，溫坎頓確實沒有任何關於利潤率的正面消息。這是一個消極的方面，因為在我們真正開始整合之前，它是一個拖累。

Maybe Baris, if you could show a little bit more detail?

也許是巴里斯，你能透露更多細節嗎？

Sure.

當然。

Excluding Wincanton, we have improved our margin every quarter this year.

不包括溫坎頓，我們今年每季的利潤率都有所提高。

And when you look into the components of this margin expansion, every quarter, there's a sizable improvement coming from our open-space utilization of our multi-tenant network every quarter, and we expect that trend to continue from Q3 to Q4 as well.

當您研究每季利潤率擴張的組成部分時，我們每季對多租戶網路的開放空間利用率都會有相當大的改善，我們預計這種趨勢也將從第三季持續到第四季度。

Additionally, as Malcolm mentioned, we have been working on a lot of adaptive tech, a lot of efficiency programs.

此外，正如馬爾科姆所提到的，我們一直在研究許多自適應技術、許多效率計劃。

That's also supporting our margin expansion from Q2 to Q4.

這也支持我們的利潤率從第二季擴大到第四季。

And normally, we do expect a higher margin.

通常情況下，我們確實期望更高的利潤率。

Last year's Q4 was an anomaly, and we expect to have normal trends.

去年第四季是一個反常現象，我們預期會有正常的趨勢。

From a Wincanton perspective, when you look at Wincanton's margins, they are lower than ours at the moment, but that is the upside in 2025 and onwards.

從 Wincanton 的角度來看，當你查看 Wincanton 的利潤率時，它們目前低於我們的利潤率，但這是 2025 年及以後的上行空間。

Then we start integrating the business and we capture the synergies.

然後我們開始整合業務並捕捉協同效應。

Okay.

好的。

That's very helpful.

這非常有幫助。

I appreciate that color on both fronts.

我很欣賞這兩方面的顏色。

Just a quick follow-up on the pipeline.

只是對管道的快速跟進。

So obviously, the pipeline has moved up nicely.

顯然，管道已經很好地提升了。

We're at a pretty high level that we haven't been in a couple of years.

我們正處於幾年來從未達到過的很高水平。

I guess, we haven't seen volume necessarily inflect, but it does seem like interest is sort of picking up.

我想，我們還沒有看到成交量必然會發生變化，但興趣似乎確實有所回升。

So Malcolm, how do you view this?

馬爾科姆，你怎麼看這個？

And is there any way to think about conversion as we move through the next couple of quarters?

當我們進入接下來的幾個季度時，有什麼方法可以考慮轉換嗎？

I know you're adding a lot of contracts here in 2024.

我知道 2024 年你們會增加很多合約。

But as we start to think about '25 and beyond, does this sort of speak to an acceleration in that conversion rate?

但當我們開始思考 25 年及以後時，這是否意味著轉換率會加速？

Just want to get a sense of how you guys are thinking about that pipeline and what it means for the business.

只是想了解你們如何看待這條管道以及它對業務意味著什麼。

Yeah, Chris, it's Malcolm here.

是的，克里斯，我是馬爾科姆。

So I think it's twofold.

所以我認為這是雙重的。

You're right; pipeline is up.

你說得對;管道已啟動。

I think pipeline for us is a bit more diverse as well.

我認為我們的管道也更加多樣化。

So you'll have heard us talk a lot during '24 during the previous quarters about stepping into existing customer activities, where customers have effectively come to us and sought to outsource their existing in-house business, and we've effectively stepped into an existing operation.

因此，您會聽到我們在前幾個季度的24 年期間談論了很多有關進入現有客戶活動的內容，其中客戶實際上已經找到我們並尋求外包其現有的內部業務，而我們已經有效地進入了現有的操作。

That's still very prevalent.

這仍然很普遍。

I think in the pipeline, as I mentioned, we've also seen a big uptick in more strategic projects for e-fulfillment.

我認為，正如我所提到的，我們也看到更具策略性的電子履行專案大幅增加。

E-fulfillment has been a little bit quiet since the pandemic, I guess.

我想，自大流行以來，電子履行一直有點安靜。

But now what we're seeing is customers, I think, having a greater level of confidence to start investing again in big projects.

但我認為，現在我們看到的是，客戶對再次開始投資大型專案有了更大的信心。

And we've got a number of projects that are going live right now.

我們現在有許多項目正在實施。

I mentioned there's Zalando.

我提到過札蘭多。

In fact, that's one of our four projects that we've got going live at the moment at large automated warehouses that will be fulfilling e-fulfillment, but we're not in our stable of our sites prior to here and now.

事實上，這是我們目前在大型自動化倉庫中實施的四個專案之一，這些專案將實現電子履行，但我們之前和現在還沒有進入穩定的站點。

So they're going live, and they'll take reasonable amount of time, six months, to fully ramp up into main volumes.

因此，它們即將上線，並且需要合理的時間（六個月）才能完全進入主要卷。

But we will start to see the benefit of those as we progress into 2025.

但隨著 2025 年的到來，我們將開始看到這些的好處。

And I think the other thing, again, just building on what I mentioned earlier to, I think it was Scott or it may have been Joe -- was that the investments that we made in the sales team, we're seeing now more and more population in our sales pipeline of projects for verticals that historically, you probably wouldn't associate with GXO.

我認為另一件事，再次建立在我之前提到的基礎上，我認為是斯科特，或者可能是喬 - 是我們對銷售團隊所做的投資，我們現在看到更多和我們的垂直專案銷售管道中有更多的人，從歷史上看，您可能不會將其與GXO 聯繫起來。

So we're very, very pleased with all of our omnichannel business in e-fulfillment.

因此，我們對電子履行方面的所有全通路業務非常非常滿意。

It's been the bedrock of our business growth over many years, and we can see that coming back; it's returning.

多年來，它一直是我們業務成長的基石，我們可以看到這一點正在回歸；它回來了。

I think it's a sign of more confidence in the economies in all the geographic regions that we're working in.

我認為這是人們對我們工作所在的所有地理區域的經濟更有信心的跡象。

But it's bolstered by new projects that we're starting to see for the first time.

但我們第一次看到的新項目為其提供了支撐。

I think it will take us momentum to start winning those projects.

我認為我們將有動力開始贏得這些項目。

That's why we were just so pleased about the aerospace deal in Europe.

這就是為什麼我們對歐洲的航空航天交易感到非常高興。

It's the first, and I think it will be the first of many.

這是第一個，我認為這將是許多個中的第一個。

So it's given us a shape of the pipeline.

所以它給了我們一個管道的形狀。

I think we're in a healthy environment as we're heading into 2025.

我認為，在邁入 2025 年之際，我們正處於一個健康的環境中。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great.

偉大的。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

Would love a little more color on your views in peak season.

希望在旺季為您的景觀增添一點色彩。

I know you addressed it a little bit.

我知道你稍微解決了這個問題。

But I think one of the parcel companies mentioned that their customers are telling them that they are seeing more customers potentially going into store to buy this peak season, given how compressed it might be.

但我認為其中一家包裹公司提到，他們的客戶告訴他們，考慮到旺季的壓縮程度，他們看到更多的客戶可能會進入商店購買。

Are you hearing something similar from your customers?

您是否從客戶那裡聽過類似的話？

And also, are you agnostic given your position in supply chain between shoppers shopping in store, collecting in-store versus buying online?

此外，考慮到您在商店購物、店內取貨與網上購買之間的供應鏈中的地位，您是否不可知？

Yeah, Ravi, hi.

是的，拉維，嗨。

It's Malcolm here.

我是馬爾科姆。

Look, I think we are relatively agnostic on that.

聽著，我認為我們對此相對不可知。

When we talk -- you know our business -- we're omnichannel, really what we mean is where we work with customers, that really -- a warehouse, seldom these days, do you have a big fully, fully dedicated e-fulfillment warehouse.

當我們談論時——你知道我們的業務——我們是全通路的，我們真正的意思是我們與客戶合作的地方，這實際上是——一個倉庫，現在很少有，你有一個完全、完全專用的電子履行系統嗎？

We do have a lot of those type of sites.

我們確實有很多此類網站。

But increasingly, in order to help our customers maximize -- make the most efficient use from a balance sheet, we organize our IT, and our systems are all designed to pick from common stock, whether it's being picked onto a pallet and loaded on to a trailer to be delivered into a brick-and-mortar mall or whether it's actually being picked and individually packaged and put into a bag and put into a kind of UPS or FedEx or US Post type of delivery network.

但越來越多的是，為了幫助我們的客戶最大化——最有效地利用資產負債表，我們組織我們的IT，我們的系統都設計用於從普通庫存中挑選，無論是挑選到托盤上還是裝載到將拖車運送到實體商場，或實際上將其分類並單獨包裝並放入袋子中，然後放入 UPS、聯邦快遞或美國郵政類型的運送網絡中。

So we're a bit agnostic in terms of which comes good.

所以我們對哪一種效果好有點不可知。

And I think great -- if shoppers are returning into the malls, that's great news.

我認為這很好——如果購物者重返購物中心，那是個好消息。

But I would say that we are seeing across our business, a resurgence of where we were probably as we were going in and coming out of the pandemic.

但我想說的是，我們在整個業務中都看到，我們在進入和走出大流行時可能所處的位置正在復蘇。

We have a lot of customers making very strategic decisions about putting capacity down for the future of e-fulfillment.

我們有許多客戶做出了非常策略性的決策，為未來的電子履行而降低產能。

So I think e-fulfillment is definitely re-establishing itself as one of the big winners for the channels to the consumer.

因此，我認為電子履行肯定會重新成為消費者管道的大贏家之一。

That's what we're seeing.

這就是我們所看到的。

Understood.

明白了。

That's very helpful.

這非常有幫助。

And maybe for a follow up, just to go back to the topic of humanoids that you guys addressed in the last call.

也許是為了跟進，只是為了回到你們在上次通話中談到的人形機器人主題。

You've been talking about it for like three to four months now, and you've kind of piloted for a while.

您已經談論它大約三到四個月了，而且您已經試點了一段時間。

What are you hearing from customers?

您從客戶那裡聽到了什麼？

Are they interested in this technology?

他們對這項技術有興趣嗎？

Do they view this as next level automation and a real step up?

他們是否認為這是下一個層級的自動化和真正的進步？

Or are you having to make those outbounds and kind of people are still, hey, call me in five years or something?

或者你是否必須外出，而人們仍然會說，嘿，五年後打電話給我或什麼？

Hi, Ravi.

嗨，拉維。

It's Kristine here.

我是克里斯汀。

No, I think we're seeing a lot of interest across the space, both from customers.

不，我認為我們看到了整個領域的許多興趣，包括來自客戶的興趣。

And certainly, this is really where an area -- it's an emerging space.

當然，這確實是一個領域——它是一個新興空間。

And I think we really have the potential to create even more value for our customers.

我認為我們確實有潛力為客戶創造更多價值。

I mean as you know, humanoids are a great fit where existing robotic solutions have matured in recent years.

我的意思是，如您所知，類人機器人非常適合近年來成熟的現有機器人解決方案。

And they're really capable of some dynamic tasks in a human way, and they're able to make human-like decisions.

他們確實能夠以人類的方式完成一些動態任務，並且能夠做出類似人類的決策。

We see the humanoid category will significantly grow really over the next two to three years.

我們看到人形類別將在未來兩到三年內真正顯著成長。

And therefore, we're really leaning in in a very capital efficient way with our operational incubator program.

因此，我們確實正在以一種非常資本高效的方式來實施我們的孵化器營運計劃。

We're partnering with cutting-edge developers across the space to shape into real-world use cases.

我們正在與整個領域的尖端開發人員合作，以塑造現實世界的用例。

In fact, I visited one of our facilities in Atlanta and saw our Agility robots performing in the warehouse.

事實上，我參觀了我們在亞特蘭大的一座工廠，並看到我們的 Agility 機器人在倉庫中表演。

In fact, we announced just this last quarter, another humanoid provider we're working with.

事實上，我們剛剛在上個季度宣布了與我們合作的另一家人形機器人提供者。

We're excited to partner with Reflex Robotics in addition to Agility and Apptronik.

除了 Agility 和 Apptronik 之外，我們很高興與 Reflex Robotics 合作。

So like AI, this space is moving at a very fast pace, and GXO is at the forefront of piloting in real-world operations in our fulfillment centers.

因此，與人工智慧一樣，這個領域正在以非常快的速度發展，而 GXO 處於我們履行中心實際營運試點的最前沿。

So this really continues to fuel our tech differentiation over time.

因此，隨著時間的推移，這確實會繼續推動我們的技術差異化。

And certainly, we'll have more to say about this space, but a lot of interest in the space.

當然，我們會對這個領域有更多話要說，但人們對這個領域很感興趣。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

All right.

好的。

Thanks.

謝謝。

Good morning.

早安.

Malcolm, maybe you can just provide a little more context now.

馬爾科姆，也許你現在可以提供更多背景資訊。

It's been a few days since you've got the notification from the CMA.

距離您收到 CMA 的通知已經過去幾天了。

Can you provide any detail in terms of what they're actually looking at?

您能否提供有關他們實際查看內容的任何詳細資訊？

I know you said you feel confident you'll get to favorable resolution, but I just wanted to see if you had any further comments on that, in particular, what they're looking at and asking for now you've had a few days to actually see what the document is.

我知道您說過您有信心獲得有利的解決方案，但我只是想看看您是否對此有任何進一步的評論，特別是他們正在查看和要求的內容，您已經有幾天了實際查看該文檔是什麼。

Yeah, Brian, for sure, yeah.

是的，布萊恩，當然，是的。

So as I say, it's not actually that uncommon for a deal of this size to go into what the CMA classes as Phase 2 type of process.

正如我所說，這種規模的交易進入 CMA 歸類為第二階段類型的流程實際上並不少見。

It's a much more detailed process, which is good.

這是一個更詳細的過程，這很好。

And basically, we'll work with the CMA to make some clarification in terms of the different market verticals that exist in the UK.

基本上，我們將與 CMA 合作，對英國現有的不同垂直市場進行一些澄清。

UK is a highly competitive environment.

英國是一個競爭激烈的環境。

There's no question about that.

毫無疑問。

And as a British guy, I'm probably well equipped to comment on that.

作為一個英國人，我可能很有資格對此發表評論。

It's a highly competitive environment.

這是一個競爭激烈的環境。

So our intention is to do some detailed work with the CMA teams over the coming months.

因此，我們的目的是在未來幾個月內與 CMA 團隊進行一些詳細的工作。

I think what that will do is it will help us clarify greatly the situation.

我認為這將有助於我們極大地澄清情況。

And as I mentioned, we're confident that we'll secure a good satisfactory positive outcome through the process.

正如我所提到的，我們有信心透過這個過程取得令人滿意的正面成果。

One of the things probably that it will involve is where we had planned to commence the integration of the business in early January, I think it's fair to say that we might see a delay on that process probably stretching out into the beginning of the second quarter.

其中可能涉及的事情之一是我們計劃在一月初開始業務整合，我認為可以公平地說，我們可能會看到該過程的延遲可能會延續到第二季​​度初。

I don't think beyond that, but that's our expectation at the moment.

我不認為超出這個範圍，但這是我們目前的期望。

Because we have to respect the CMA, they do a really good job, and it's quite correct and proper that we work with them to seek a clarification on the points that they've raised.

因為我們要尊重CMA，他們做得非常好，我們與他們一起就他們提出的問題尋求澄清是非常正確和恰當的。

Okay, thanks.

好的，謝謝。

That's helpful.

這很有幫助。

And then a follow-up for Baris, I guess, the -- you mentioned the multi-tenant warehouse utilization efficiency several times.

然後是巴里斯的後續行動，我想，您多次提到了多租戶倉庫利用率。

It seems like it's been a pretty big factor for margin improvement.

這似乎是利潤率改善的相當大的因素。

So can you give more detail in terms of what's actually happening there?

那麼您能否提供更多關於那裡實際發生的情況的細節？

Are these leases that you're letting go back to the market?

您放出的這些租約是否會回到市場？

Are you putting more throughput through there with a bigger anchor tenants?

您是否會透過更大的主力租戶來提高吞吐量？

And is this, I guess, like a strategic rethink here that's going to be done this year?

我想，這是否就像今年將要進行的策略重新思考？

Or do you have a little bit more to push on this potentially as you go into next year with potentially a bit better backdrop for volume.

或者，當你進入明年時，你是否還有更多的努力來推動這一點，可能會有更好的成交量背景。

Thanks.

謝謝。

Yes, we have invested quite heavily on and refocused our organization, sales organization, and business development organization, filling the available capacity in our multi-tenant network, and it is giving us good results so far.

是的，我們對我們的組織、銷售組織和業務開發組織進行了大量投資並重新調整重點，填補了多租戶網路中的可用容量，到目前為止，它為我們帶來了良好的結果。

So we have a number of available space with anchor tenants that's been hired throughout the last couple of quarters, and that's giving us our results.

因此，我們有許多可用空間和過去幾季僱用的主力租戶，這就是我們的結果。

We also have looked into opportunities when the leases were coming to an end to not to renew those leases or consolidate those operations into our existing facilities, and that reduced our cost base.

我們還研究了在租約即將結束時不續簽租約或將這些業務合併到我們現有設施中的機會，這降低了我們的成本基礎。

So both of these factors but primarily coming from our sales focus and filling that space has driven the results.

因此，這兩個因素（但主要來自我們的銷售重點）和填補該空間推動了結果。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hi.

你好。

Good morning and thanks for taking the question.

早上好，感謝您提出問題。

I was wondering if you guys could speak to the competitive backdrop just around pricing of new deals.

我想知道你們能否談談新交易定價的競爭背景。

Is it getting less competitive or more, especially as you get into the more automated contract discussions?

競爭會變得更加激烈還是更加激烈，特別是當您進入更加自動化的合約討論時？

Hi, it's Malcolm here.

嗨，我是馬爾科姆。

Let me comment on that.

讓我對此發表評論。

So I think we've not seen really any changes to what we have been seeing really for the past year or two.

所以我認為我們並沒有看到過去一兩年我們所看到的真正變化。

So what we see is typically for automated solutions, generally, there's a lower level or a smaller group of organizations that are able to provide solutions and have the credibility, have the experience, the reliability aspects.

所以我們看到的通常是自動化解決方案，一般來說，有一個較低層級或較小的組織群體能夠提供解決方案並具有可信度、經驗和可靠性。

That's why we were very pleased by the way -- to be mentioned in the Newsweek article about our reliability.

這就是為什麼我們非常高興在《新聞周刊》文章中提及我們的可靠性。

We're seen as a highly reliable company when it comes to standing up big, large-scale automated facilities.

在建造大型自動化設施方面，我們被視為一家高度可靠的公司。

So I think lesser number of competitors in those projects.

所以我認為這些項目的競爭對手數量較少。

And typically, customers wanting to commit for longer periods of time recognizing that there's generally a high level of investment, both intellectually and capital-wise that go into the starting of those projects.

通常，希望長期投入的客戶認識到這些專案的啟動通常需要大量的智力和資本投資。

The facility that we've just gone live with in France, it's the largest automated facility in France.

我們剛剛在法國投入使用的設施，是法國最大的自動化設施。

It's like a big deal for the market.

這對市場來說就像是一件大事。

It's a big deal for us, a big deal for the customer.

這對我們來說很重要，對客戶來說也很重要。

So a lot of time goes into those kind of projects.

因此，大量時間投入此類項目。

I think competitive landscape is -- there's not huge numbers of people.

我認為競爭格局是──沒有大量的人。

It's one of the reasons why we're able to enjoy slightly better margins than on more traditional manual activities.

這是我們能夠比更傳統的手工活動獲得略高利潤的原因之一。

And again, when we think about more manual traditional warehousing activity, typically, it's not really the kind of business that we, as a company, are focused on.

再說一遍，當我們考慮更多的手動傳統倉儲活動時，通常情況下，這並不是我們作為一家公司所關注的業務類型。

If I look at our sales pipeline, pretty much everything is coming through with automation as a bedrock of the proposals that we make to customers.

如果我看看我們的銷售管道，幾乎所有事情都是透過自動化來完成的，這是我們向客戶提出建議的基石。

When we're dealing with a more manual low tech, low added value type of solution, clearly, there's a greater amount of competition for that kind of business.

當我們處理更多手動的低技術、低附加價值類型的解決方案時，顯然，此類業務的競爭更加激烈。

But it's really not the kind of business that we see as our go-get when we think about our business for the future, our sales growth.

但當我們考慮我們未來的業務以及我們的銷售成長時，這確實不是我們所追求的目標。

I appreciate that, Malcolm.

我很感激，馬爾科姆。

And then maybe closer in, you guys definitely had a volume fall-off with some of your core customers last year.

也許更接近的話，去年你們的一些核心客戶的銷售肯定有所下降。

Has core volume growth improved throughout the year?

全年核心銷售成長是否有改善？

I think that has been the case and is that looking better into the fourth quarter?

我認為情況確實如此，第四季情況會更好嗎？

Yeah.

是的。

Let me ask Barish to comment on that.

讓我請巴里什對此發表評論。

Our volume environment has been gradually improving throughout the year, every quarter.

我們的銷售環境全年、每季都在逐步改善。

And as we look into Q4, we do expect a further improvement in the volume of our existing facilities and the impact on volume coming from network consolidation as well.

當我們展望第四季時，我們確實預計現有設施的數量以及網路整合對數量的影響將進一步改善。

It will still be a negative number, but it will be much better than Q3 and Q2.

還是會是負數，但會比Q3和Q2好很多。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Taking it all together, feels like you're cyclical commentary is as positive as it's been in, call it, 15 months.

總而言之，感覺你的周期性評論和 15 個月以來一樣積極。

Can you walk us through how that plays out with some of the big buckets of organic growth in the next year.

您能否向我們介紹明年的一些重大有機成長將如何發揮作用？

And really just thinking of 2025, I mean is this a bridge year to get back to the 10% organic growth implied in the long-term guidance that you reiterated or is there -- are there scenarios if volumes continue to recover, where you could actually be at that level in 2025?

實際上，想想 2025 年，我的意思是，這是恢復您重申的長期指導中所隱含的 10% 有機增長的過渡年，或者是否存在如果銷量繼續恢復的情況，您可以到2025 年真的會達到這個水準嗎？

Hi, Bascome.

嗨，巴斯科姆。

It's Barish here.

這裡是巴里什。

Every quarter we have seen an organic growth improvement, and that has been supported by our existing facility volumes but also our investment in our sales and business development capabilities.

每個季度我們都看到了有機成長的改善，這得到了我們現有設施數量以及我們對銷售和業務開發能力的投資的支持。

We expect that trend to continue into 2025 and onwards.

我們預計這一趨勢將持續到 2025 年及以後。

So we do expect an acceleration of our growth in 2025 compared to 2024.

因此，我們確實預期 2025 年的成長將比 2024 年加速。

And last year, Q4 was clearly the bottom, and we have been going upwards since then.

去年第四季顯然是底部，從那時起我們一直在向上。

As far as our organic growth, we do see an acceleration.

就我們的有機成長而言，我們確實看到了加速。

We are going to be providing further commentary on our Q4 earnings than we developed the guidance, but the direction is clearly up.

我們將對第四季度的收益提供比我們制定的指引更進一步的評論，但方向顯然是向上的。

Jason Seidl, TD Cowen.

賈森·塞德爾，TD·考恩。

Thank you, operator, Rob.

謝謝你，接線員，羅布。

Malcom, Baris, Kristine, good morning.

馬爾科姆、巴里斯、克里斯汀，早安。

You reiterated some more confidence in your 2027 guide this morning.

今天早上您重申了對 2027 年指南的更多信心。

Has the walk to that changed any given that the organic growth is coming back, and you're seeing some positive e-commerce trends?

鑑於有機成長正在回歸，並且您看到了一些積極的電子商務趨勢，這一趨勢是否發生了變化？

And then, I guess on a follow-up, you talked about in the near term your appetite for M&A is going to be at least shelved.

然後，我想在後續行動中，您談到近期您對併購的興趣至少會被擱置。

Is this something when you say near term is maybe the next two quarters, or are we talking maybe back half of '25 to resume that?

當你說近期可能是接下來的兩個季度，或者我們正在談論可能要在 25 年後半段恢復時，這是指的事情嗎？

Hi.

你好。

Baris here.

巴里斯在這裡。

Our primary focus in the shorter term, near term is paying down our debt and investing in our organic growth, which gives us phenomenal returns on invested capital.

我們短期內的主要關注點是償還債務並投資於我們的有機成長，這為我們帶來了驚人的投資資本回報。

We expect that to continue in the earlier part of 2025 and onwards into the rest of 2025.

我們預計這種情況將在 2025 年初持續到 2025 年剩餘時間。

It's early to talk about the remainder of 2025.

現在談論 2025 年剩餘時間還為時過早。

Going back to our 2027 plan, clearly, we do see an acceleration in our growth.

回到我們的 2027 年計劃，顯然，我們確實看到了成長的加速。

We are very excited about 2025 and the acceleration.

我們對 2025 年及其加速感到非常興奮。

And the components of our EBITDA bridge remain basically the same coming from our core growth, our automation, adaptive technology and productivity projects is in the second bucket.

我們的 EBITDA 橋樑的組成部分基本上保持不變，來自我們的核心成長，我們的自動化、自適應技術和生產力項目位於第二個桶中。

And the contribution we are expecting from Wincanton new business development and synergies in the third bucket.

我們期望 Wincanton 在第三個方面的新業務開發和綜效做出貢獻。

That should take us to our 2027 plan, and we are on track.

這應該會引導我們制定 2027 年計劃，而且我們正在走上正軌。

That's very helpful.

這非常有幫助。

If I could throw in one more here.

如果我能在這裡再加一個的話。

Can you give us -- you said really positive commentary about the e-commerce side of things.

您能給我們一些關於電子商務方面的非常正面的評論嗎？

Can you give us some more meat on the bone and talk a little bit about the returns business?

您能為我們提供更多具體內容並談談退貨業務嗎？

Yeah.

是的。

Sure, Jason.

當然，傑森。

It's Malcolm here.

我是馬爾科姆。

So I think returns, obviously, is an integral part of e-fulfillment.

因此，我認為退貨顯然是電子履行不可或缺的一部分。

We tend to map out our returns business.

我們傾向於規劃我們的退貨業務。

It's very much aligned to e-fulfillment.

它與電子履行非常一致。

So where several of our customers as we've -- across a big wide range of our customers, I feel like we do have been in -- working in a bit of a trough of volumes over the last 12 months, really since the last quarter of 2023, which was really a very negative quarter for us, if you recall.

因此，我們的一些客戶——我覺得我們的客戶範圍很廣——在過去 12 個月裡，確實是從去年開始，工作量就處於低谷。對我們來說確實是一個非常負面的季度。

In the context of volumes, it was a lack of a holiday season, lack of inventory levels.

就成交量而言，由於缺乏假期，庫存水準不足。

So as we've seen gradually our business correcting in terms of volumes, customer volumes coming back, I'm confident that we'll see that same lift in terms of our returns business.

因此，隨著我們逐漸看到我們的業務在數量、客戶量方面有所回升，我相信我們的退貨業務也會出現同樣的提升。

We have established over the space of the year, a number of specific return centers for individual customers.

我們在一年內為個人客戶建立了多個特定的退貨中心。

We don't see any change in the trend of the volume of returns.

我們沒有看到回報量的趨勢有任何變化。

I know you will have read some retailers making efforts to lower down the amount of returns, maybe imposing costs for return of goods.

我知道您會讀到一些零售商正在努力降低退貨金額，甚至可能徵收退貨費用。

We're not really seeing an evidence of that in our business.

我們在我們的業務中並沒有真正看到這方面的證據。

What we are seeing is our customers really being much more minded in terms of the speed of processing of those returns and actually maximizing the worth of the returns, the detail of the actual return process.

我們看到的是，我們的客戶確實更加關心退貨的處理速度，並實際上最大化退貨的價值，以及實際退貨流程的細節。

And that's right in our wheelhouse, obviously, with the amount of technology that we utilize.

顯然，這正是我們所運用的大量技術的體現。

That's really good for us.

這對我們來說真的很好。

So I think, generally, as we see e-fulfillment projects starting to re-emerge, starting to be signed -- as we mentioned, with the Zalando project what goes out from that warehouse, a proportion of it will come back.

所以我認為，總的來說，當我們看到電子履行項目開始重新出現、開始簽署時——正如我們所提到的，隨著 Zalando 項目從倉庫發出的東西，其中一部分將會回來。

And we'll be ready to work with our customers to make the best processing of that.

我們將準備好與我們的客戶合作，以做出最好的處理。

Ariel Rosa, Citigroup.

阿里爾·羅莎，花旗集團。

Hi.

你好。

Good morning.

早安.

So Malcolm, it's very encouraging to hear you talk about the return of demand from e-fulfillment customers.

馬爾科姆，聽到您談論電子履行客戶的需求回歸，我感到非常鼓舞。

I'm curious if you could dig into that a little bit more and just talk about what you think is driving that demand?

我很好奇您是否可以更深入地探討這一點，並談談您認為推動這項需求的因素是什麼？

Is some of that related to GXO's investment in its own sales force?

其中一些與 GXO 對自己銷售團隊的投資有關嗎？

Or do you think it's more organic and related to the market?

或者你認為它更有機並且與市場相關？

And if it's the latter, maybe you could talk about why that is.

如果是後者，也許你可以談談為什麼會這樣。

And I'll give you some context on this.

我將為您提供一些相關背景資訊。

I'm surprised to hear that a little bit given obviously, the US election happening today, I would think maybe a lot of customers would be waiting to kind of see the outcome of that election.

我很驚訝地聽到，美國大選今天舉行，我想也許很多客戶會等著看到選舉的結果。

So maybe you could talk about kind of election risk and then also what's driving that investment there.

因此，也許您可以談談選舉風險，以及推動那裡投資的因素。

Thanks.

謝謝。

Sure, Ari.

當然，阿里。

Yeah.

是的。

So I think what we see is driving it is a combination of factors.

所以我認為我們所看到的推動因素是多種因素綜合作用的。

I think, one, you're absolutely right.

我認為，第一，你是絕對正確的。

I don't think we can say that the investments that we made earlier in the year in our sales organization, that's clearly having an impact.

我認為我們不能說我們今年早些時候在銷售組織中進行的投資顯然產生了影響。

We're picking up projects that may be in the past we might not have picked up.

我們正在挑選一些過去我們可能沒有挑選過的項目。

And I am kind of hesitating saying that, because I think we are seen in the market as a leader when it comes to e-fulfillment.

我對此有些猶豫，因為我認為我們在電子履行方面被市場視為領導者。

I'd like to feel that we see every project that's out there.

我希望我們能看到現有的每一個項目。

I'm sure every CEO in our kind of position would want to say that.

我確信每位處於我們這種職位的執行長都會這麼說。

But the reality of it is, I'm sure we don't see every single one.

但現實是，我確信我們並沒有看到每一個。

So having a broader and a more wider sort of sales net is a good thing for us.

所以擁有越來越廣泛的銷售網絡對我們來說是一件好事。

And don't forget, it's not just always about retail space, omnichannel clothing, food that we think about e-fulfillment.

不要忘記，我們考慮的電子履行不僅涉及零售空間、全通路服裝、食品。

It spreads into like tech and even to a certain extent, some other commodities.

它蔓延到科技等領域，甚至在某種程度上也蔓延到其他一些大宗商品。

So I think widening our sales organization is helping us.

所以我認為擴大我們的銷售組織對我們有幫助。

But I think the fundamental thing that we're seeing right now is people are starting to feel more confident about the economies in the different regions that we're working in.

但我認為我們現在看到的最根本的事情是人們開始對我們工作的不同地區的經濟更有信心。

And you mentioned about what's happening today here in the US.

你提到了今天在美國發生的事。

It's a great day.

這是美好的一天。

But we can look at our business in Continental Europe and most recently in the UK.

但我們可以看看我們在歐洲大陸以及最近在英國的業務。

I don't think it's so much a matter of which party is winning an election; what it brings is certainty.

我認為哪個政黨贏得選舉並不重要；重要的是哪個政黨贏得選舉。它帶來的是確定性。

And I think customers crave certainty.

我認為客戶渴望確定性。

They crave to know what is the situation for the future.

他們渴望知道未來的情況如何。

So I think, definitely, when we look at Continental Europe, UK, we're seeing customers having a high degree of certainty.

所以我認為，當我們觀察歐洲大陸、英國時，我們肯定會看到客戶有高度的確定性。

Interest rates, inflation levels, all trending in the right direction and allowing people to make more strategic decisions invariably that involve investments that are going to be multiple-year investments.

利率、通膨水平，一切都朝著正確的方向發展，讓人們總是能夠做出更具策略性的決策，其中涉及的投資將是多年期投資。

And that's why typically, people are happy to sign longer-term contracts.

這就是為什麼人們通常很樂意簽署長期合約的原因。

I think when -- just to touch on the point that you mentioned about here in the US, clearly, I think, again, people are waiting to make business decisions, whether it's about -- whether it's connected to tariffs and how that might shape up whether, it's just connected to individual states and how they might invest in the individual states of the US, whether that's here in the US, Mexico and so on and so forth.

我認為，只是為了觸及您在美國這裡提到的這一點，顯然，我認為，人們正在等待商業決策，無論它是否與關稅有關，以及這可能會如何影響是否只是與各州有關，以及他們如何在美國各州進行投資，無論是在美國、墨西哥等。

But I think decisions will come as a consequence of the greater certainty that people will have in the future.

但我認為決策將是人們未來擁有更大確定性的結果。

And I think we'll see also that starting to benefit us here in the US as we've seen it in the rest of our markets.

我認為我們也會看到這開始讓我們在美國受益，就像我們在其他市場看到的那樣。

Thank you for that color.

謝謝你的那個顏色。

That's very helpful and very encouraging.

這非常有幫助，也非常令人鼓舞。

Just a quick one, if I could, for a follow-up.

如果可以的話，請快速進行跟進。

So you mentioned about $750 million of new business has been won year to date.

您提到今年迄今已贏得了約 7.5 億美元的新業務。

And if I think about that against about a $2 billion, $2.5 billion sales pipeline, it looks like a win rate kind of north of 30%.

如果我考慮一下大約 20 億至 25 億美元的銷售管道，獲勝率似乎在 30% 以上。

And I think historically, we've talked about GXO kind of having a win rate closer to kind of 25%.

我認為從歷史上看，我們討論過 GXO 的勝率接近 25%。

I'm curious if you're seeing that step up, and if so, kind of what the factors there might be, whether it's competitive dynamics or whether it's GXO capabilities.

我很好奇您是否看到了這一進步，如果是的話，可能存在哪些因素，無論是競爭動態還是 GXO 功能。

Yeah, Ari, I'll let Baris comment on it.

是的，阿里，我會讓巴里斯對此發表評論。

But what I would say at the high level is obviously, when we examine our sales pipeline, we have to recognize that on the verticals or the services where we're really seen as a leader -- if I think about e-fulfillment, it's quite probable we'll win a project because we're really one of the foremost organizations in that field.

但我想說的是，顯然，當我們檢查我們的銷售管道時，我們必須認識到，在我們真正被視為領導者的垂直行業或服務上——如果我考慮電子履行，它是我們很有可能贏得一個項目，因為我們確實是該領域最重要的組織之一。

There are people that we compete with.

有些人與我們競爭。

But really, we're one of the foremost.

但實際上，我們是最重要的之一。

So I think you have to -- when we look at the pipeline, you can see clearly that we have a greater success where we're seen as being a leader, where we're seen as being tons of different reference sites that we can show customers, as opposed to new verticals where we're still seen as a new entrant.

所以我認為你必須——當我們查看管道時，你可以清楚地看到，我們取得了更大的成功，我們被視為領導者，我們被視為大量不同的參考站點，我們可以向客戶展示，而不是我們仍然被視為新進入者的新垂直領域。

And I go back to my comment about aerospace in Europe.

我回到我對歐洲航空航天的評論。

One of the things that we're very pleased about coming along with the Wincanton deal is actually a long-standing reputation in aerospace.

我們對溫坎頓交易感到非常高興的事情之一實際上是在航空航天領域的長期聲譽。

That will help us considerably in building an aerospace business, not just in the UK but across Europe.

這將極大地幫助我們建立航空航天業務，不僅在英國，而且在整個歐洲。

Without that, we could easily imagine that our win rate will be much, much lower.

如果沒有這個，我們很容易想像我們的勝率會低很多。

So the win rates that you're seeing, I think, recognize our core strength areas.

因此，我認為，您所看到的勝率認可了我們的核心優勢領域。

I think we're doing better.

我認為我們做得更好。

I think we're unequivocally taking market share.

我認為我們正在明確地佔據市場份額。

But equally, they equally recognize new verticals where our win rates will be much, much lower, just simply because we're a brand-new entrant.

但同樣，他們同樣認識到新的垂直領域，我們的勝率會低得多，僅僅因為我們是一個全新的進入者。

Baris, maybe you can give a little bit more detail around that.

Baris，也許你可以提供更多細節。

Hi, Ari.

嗨，阿里。

As you recall, we have been investing in our sales teams.

正如您所記得的，我們一直在投資我們的銷售團隊。

And when we say -- talk about investing in our sales teams, that also includes investing in our sales processes to get better results from our existing pipeline to improve the pipeline, and improve the wins from this pipeline.

當我們說——談論對我們的銷售團隊的投資時，這也包括對我們的銷售流程進行投資，以便從我們現有的管道中獲得更好的結果，以改進管道，並提高從該管道中獲得的勝利。

So you're seeing the results of that investment, the focus and the process improvements we have established in our entire commercial organization.

因此，您將看到我們在整個商業組織中建立的投資、重點和流程改善的結果。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yeah.

是的。

Good morning.

早安.

Let's see.

讓我們來看看。

First, I just wanted to ask and see if you could give any thoughts on the impact of Shein and Temu in the market.

首先，我只是想問一下您是否可以對 Shein 和 Temu 對市場的影響給出一些想法。

They've been obviously growing a lot.

他們顯然已經成長了很多。

And I think evolving logistics strategy that maybe there'll be more activity with them or with their logistics providers in the US market.

我認為不斷發展的物流策略可能會與他們或他們在美國市場的物流提供者進行更多的活動。

So I don't know if that's kind of -- if you're indifferent to that or if that has any impact in your kind of activity and US market.

所以我不知道這是否是——如果你對此漠不關心，或者這是否對你的活動和美國市場有任何影響。

So that would be the first question.

這是第一個問題。

And just the second one is on wallet share.

第二個是關於錢包的份額。

I think in the past, you've had the nice idea or the traction where you do well with the customer with a couple of warehouses and then you can grow more with that existing customer.

我認為在過去，你有一個很好的想法或吸引力，你可以透過幾個倉庫很好地與客戶合作，然後你可以與現有客戶一起成長更多。

So is that still a significant driver?

那麼這仍然是一個重要的驅動因素嗎？

Or has it shifted more to some of the new customer wins that are maybe a bigger factor in the pipeline?

或者它是否更多地轉向了一些新客戶的贏得，這可能是管道中更重要的因素？

Thank you.

謝謝。

Yeah, Tom.

是的，湯姆。

It's Malcolm.

這是馬爾科姆。

Let me give you some background on those two points.

讓我向您介紹一下這兩點的背景。

So the first point in terms of Shein and Temi, I don't think we've seen any particular impact across our business.

因此，就 Shein 和 Temi 而言，第一點是，我認為我們的業務沒有受到任何特殊影響。

But it would be wrong to say that -- both of those companies have been highly successful, and I've got no doubt that some of our customers will have reacted, will have modified maybe slightly their own strategies, but really across our business, we're not seeing any real impact as a consequence of those relatively new entrants to the market.

但這樣說是錯的——這兩家公司都非常成功，我毫不懷疑我們的一些客戶會做出反應，可能會稍微修改他們自己的策略，但實際上在我們的整個業務中，我們沒有看到這些相對較新的市場進入者帶來的任何實際影響。

And so that's what I can say on that.

這就是我能說的。

I can only share with you what we're actually seeing in terms of that situation.

我只能與大家分享我們在這種情況下實際看到的情況。

I think in terms of the second point, maybe I can ask Baris to come on.

我想就第二點而言，也許我可以請巴里斯上場。

Sure.

當然。

Malcolm, we have been growing in the wallet share of our existing customers that's giving us at least 50% of our wins, then you look on a multiyear period.

馬爾科姆，我們現有客戶的錢包份額一直在增長，這為我們帶來了至少 50% 的勝利，那麼你看看多年期。

And when you look into our large customers overall over multiple years, we've been gaining more and more wallet share from them with the half of our predictable services, good service we provide, good value for money and global reach.

當你多年來對我們的大客戶進行整體調查時，我們已經從他們那裡獲得了越來越多的錢包份額，我們提供了一半的可預測服務、我們提供的優質服務、物有所值和全球影響力。

So that is a sign of our success.

這是我們成功的標誌。

And we grow with them, we go through them, and we are getting more wallet share.

我們與他們一起成長，經歷他們，我們獲得了更多的錢包份額。

That's not to say that we are not signing new business from new brands, new logos, but at the core of our business is to help our existing customers and help grow our wallet share with them to help them improve their productivity and the consumer reach.

這並不是說我們不會與新品牌、新標誌簽訂新業務，但我們業務的核心是幫助我們現有的客戶，幫助增加我們與他們的錢包份額，幫助他們提高生產力和消費者覆蓋範圍。

And Tom, just to add to Baris's comment, we mentioned earlier about the business with Zalando.

湯姆，只是為了補充巴里斯的評論，我們之前提到過與 Zalando 的業務。

It's worth noting that we signed -- our first agreement went live with our first operation with Zalando back in, I think, 2021 in Central Europe in, I think, actually Czech Republic?

值得注意的是，我們簽署了——我們的第一份協議隨著我們與 Zalando 的第一次運營而生效，我想是 2021 年在中歐，我想實際上是捷克共和國？

So our business, our big flagship operation that has just gone live now in France, it's very much -- it's really in action what Baris is just commenting on.

因此，我們的業務，我們剛剛在法國投入使用的大型旗艦業務，非常--巴里斯剛剛評論的那樣，它確實在行動。

We've done a great job for our customer, and they're confident to entrust further activity to us.

我們為客戶做了出色的工作，他們有信心將進一步的活動委託給我們。

And so many of the kind of customers that we work with -- the big flagship operation with Levi's -- we sincerely hope that the great job that we're doing for the customer will spur on to new projects.

與我們合作的許多此類客戶（李維斯的大型旗艦店）我們真誠地希望我們為客戶所做的出色工作能夠刺激新項目的開展。

And that's been typically how we've grown our business.

這就是我們發展業務的典型方式。

It's one of the reasons we tend to work with these large big blue chip international organizations.

這也是我們傾向與這些大型藍籌國際組織合作的原因之一。

And I've got no doubt that trend, we'll see it as we go forward.

我毫不懷疑這種趨勢，我們會在前進的過程中看到它。

Ladies and gentlemen, that's all the time we have for questions today.

女士們、先生們，今天的提問時間就到此為止。

I'll turn the floor back to Mr. Wilson for closing remarks.

我將請威爾遜先生致閉幕詞。

Thanks, Rob, and thank you for hosting our call today.

謝謝羅布，也謝謝您今天主持我們的電話會議。

We really appreciate that.

我們真的很感激。

Thanks also to everybody who's participated.

也感謝所有參與的人。

I think we got some great question, some very insightful questions, and I think, Kristine, Baris, and myself, we really appreciated that.

我認為我們提出了一些很好的問題，一些非常有洞察力的問題，我認為，克里斯汀、巴里斯和我自己，我們真的很感激。

We've been very pleased overall with the progress that's come through our third quarter.

總體而言，我們對第三季的進展感到非常滿意。

As a business, I think we delivered strong business wins, new business wins, and we're looking forward to even more business growth as we're going into the future.

作為一家企業，我認為我們取得了強勁的業務勝利、新的業務勝利，並且我們期待在未來實現更多的業務成長。

Our sales pipeline is in good shape.

我們的銷售管道狀況良好。

And I think a number of very exciting projects that are expected to conclude before the end of the year -- whenever we're dealing with big projects, look, there's always that slight possibility they drift a few weeks.

我認為許多非常令人興奮的項目預計將在今年年底前完成——每當我們處理大型項目時，看，它們總是有可能會推遲幾週。

But I think we're in a good shape to have a very strong year of closed won business, and that will set us up well for 2025.

但我認為我們的狀況良好，今年的成交量非常強勁，這將為我們 2025 年奠定良好的基礎。

Baris just mentioned return of a lot of e-fulfillment projects, I think that's very pleasing for us to see.

巴里斯剛才提到了許多電子履行項目的回歸，我認為這是我們非常高興看到的。

It was always one of the big engines of this company's high-single-digit, double-digit organic growth.

它始終是該公司高個位數、兩位數有機成長的重要引擎之一。

And it's great to see that starting to return now.

很高興看到這種情況現在開始回歸。

And plus, it's also good for us to see real impact, tangible impact in our results in our business coming from all of the different innovative work that our teams have been doing with new technologies, as Kristine was just mentioning, and also AI, which is playing a greater part of every day running of the business.

另外，我們的團隊一直在新技術方面所做的所有不同的創新工作，正如克里斯汀剛剛提到的，還有人工智慧，這對我們的業務成果產生了真正的影響，這對我們來說也是有好處的。

So I think we're really feeling very excited about the next quarter, quarter four, and as we move into the next year.

因此，我認為我們對下一個季度、第四季以及進入明年感到非常興奮。

So with that, I'd like to wish everybody a great rest of the day, and thanks again for joining us on the call, and thank you.

因此，我祝大家今天休息愉快，並再次感謝您加入我們的電話會議，謝謝。

Ladies and gentlemen, this concludes today's teleconference.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines at this time.

此時您可以斷開線路。

Have a wonderful day.

祝你有美好的一天。