GXO Logistics Inc (GXO) 2025 Q2 法說會逐字稿

Welcome to the GXO's Second quarter two025 Earnings Conference Call and Webcast. My name is Jamali, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. 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.

歡迎參加 GXO 2025 年第二季財報電話會議和網路廣播。我叫賈瑪利 (Jamali)，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。在電話會議開始之前，請允許我代表公司宣讀一份關於前瞻性陳述、非公認會計準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.

在本次電話會議中，本公司將根據適用證券法做出某些前瞻性陳述，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前瞻性陳述中的預測有重大差異。

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 extent required by law.

該公司向美國證券交易委員會提交的文件中討論了可能導致實際結果出現重大差異的因素。公司收益報告中或本次電話會議中所做的前瞻性陳述僅截至今天為止，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 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. Unless otherwise stated, all results reported on this call are reported in United States dollars.

本公司也可能在本次電話會議中引用適用的美國證券交易委員會規則所定義的某些非公認會計準則財務指標。此類非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表包含在公司的收益報告中，相關財務表也發佈在其網站上。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。

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'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.

該公司還會提醒您，其指導意見結合了迄今為止的業務趨勢以及其今​​天認為適當的假設。該公司的業績本質上是不可預測的，可能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與支出的變化、勞動力市場和全球供應鏈限制、通膨壓力以及向美國證券交易委員會提交的文件中詳述的各種因素。

It is not possible for the company to actually predict the 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 on the company's website.

該公司無法真正預測其服務的需求，因此實際結果可能與指導結果有重大差異。您可以在公司網站的「投資者」部分找到公司收益報告的副本，其中包含有關前瞻性陳述和非 GAAP 財務指標的其他重要資訊。

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

現在我將把電話轉給 GXO 執行長 Malcolm Wilson。

Thanks, Jamali, and good morning, everyone. Thanks for joining us this morning. With me in Greenwich today are Baris Oran, our Chief Financial Officer and Kristine Kubacki, our Chief Strategy Officer. We're pleased to have built on our momentum from the first quarter and delivered a great second quarter. We saw new business wins of $307 million, up 13% year over year, including with the likes of AkzoNobel, Boeing, L'Oreal, Nestle, Pratt & Whitney and Thermo Fisher.

謝謝，賈瑪利，大家早安。感謝您今天上午加入我們。今天與我一起在格林威治的還有我們的財務長 Baris Oran 和我們的首席策略長 Kristine Kubacki。我們很高興能夠延續第一季的良好勢頭，在第二季度取得優異成績。我們獲得了 3.07 億美元的新業務，年成長 13%，其中包括阿克蘇諾貝爾、波音、歐萊雅、雀巢、普惠和賽默飛世爾等公司。

Our new business wins for the first half of the year total over $0.5 billion. We delivered record revenue of $3.3 billion and $212 million of adjusted [EBITDA], up 13% year over year. In June, we raised our full year guidance for organic revenue growth, adjusted EBITDA and adjusted diluted earnings per share. And today, given our better than expected performance in the first half of 2025, we're again raising our full year adjusted EBITDA guidance to a new range of $865 million to $885 million, an increase of $25 million vis-a-vis our initial range.

我們上半年新業務總額超過5億美元。我們實現了創紀錄的 33 億美元收入和 2.12 億美元的調整後 [EBITDA]，年增 13%。6 月份，我們上調了全年有機收入成長、調整後 EBITDA 和調整後每股攤薄收益的預期。今天，鑑於我們在 2025 年上半年的表現優於預期，我們再次將全年調整後的 EBITDA 指引提高到 8.65 億美元至 8.85 億美元的新範圍，比我們最初的範圍增加了 2500 萬美元。

This quarter, we received final regulatory approval for our strategic acquisition of Wincanton. This will unlock growth opportunities in the industrial and aerospace markets for GXO across Europe. The GXO and Wincanton teams are already collaborating on a range of strategic customer tenders across both the aerospace and defense vertical. We'll be kicking off the integration of the two companies in the coming weeks, and we still expect to deliver the lion's share of the run rate, $60 million of synergies by the end of 2026, which is ahead of our previous expectation.

本季度，我們獲得了對 Wincanton 策略收購的最終監管批准。這將為 GXO 在整個歐洲的工業和航空航太市場帶來成長機會。GXO 和 Wincanton 團隊已在航空航太和國防垂直領域就一系列戰略客戶招標展開合作。我們將在未來幾週啟動兩家公司的整合，我們仍然預計到 2026 年底將實現最大的運行率份額，即 6000 萬美元的協同效應，這超出了我們先前的預期。

On top of that, we also expect to gain significant revenue synergies over the coming years. With that in mind, I'd like to take a moment to welcome our new colleagues from Wincanton. It's a stellar organization. And like GXO, it's clear that the high caliber of the people is why Wincanton has been able to build such an incredible business.

除此之外，我們也預期未來幾年將獲得顯著的所得綜效。考慮到這一點，我想花點時間歡迎來自 Wincanton 的新同事。這是一個出色的組織。和 GXO 一樣，很明顯，高素質的員工是 Wincanton 能夠建立如此令人難以置信的業務的原因。

Also during the quarter, we launched GXO IQ, a software platform that we designed in partnership with Google Cloud, specifically for the complexities of supply chain operations. GXO IQ leverages AI to provide a modular, scalable means to start up customer operations more quickly, run them more reliably, and access a broad suite of value-added software applications. GXO IQ reflects the best of GXO's innovation and progress we've made over the past few years.

此外，在本季度，我們也推出了 GXO IQ，這是我們與 Google Cloud 合作設計的軟體平台，專門針對供應鏈營運的複雜性。GXO IQ 利用人工智慧提供模組化、可擴展的方法，以更快地啟動客戶營運、更可靠地運行它們，並存取廣泛的增值軟體應用程式。GXO IQ 體現了 GXO 過去幾年來取得的最佳創新和進步。

We're operators first. We have a relentless focus on adding value to our customers' global supply chains. I'm extremely proud of our great second quarter performance. This week marks GXO's fourth anniversary since we became a publicly traded company, and it's worth putting our accomplishments in context.

我們首先是營運商。我們始終致力於為客戶的全球供應鏈增加價值。我對我們第二季度的出色表現感到非常自豪。本周是 GXO 成為上市公司四週年紀念日，值得回顧一下我們的成就。

In the four years since the spin, we signed nearly $4.5 billion of new customer contracts, undertaken three very successful acquisitions and nearly doubled the size of the business, all while remaining an investment-grade balance sheet company. Our customer satisfaction scores are at an all-time high. We're in the process of finalizing a nearly 20-year expansion of our business with a top 15 US retailer. We will now operate with this customer in all three regions.

在分拆後的四年裡，我們簽署了近 45 億美元的新客戶合同，進行了三次非常成功的收購，業務規模幾乎翻了一番，同時仍然是一家投資級資產負債表公司。我們的客戶滿意度得分達到了歷史最高水準。我們正與美國排名前 15 位的零售商完成近 20 年的業務擴展合作。我們現在將在所有三個地區與該客戶合作。

We've also renewed and expanded with two of our top customers, including H&M into a multiyear agreement across multiple geographies. These long-term global partnerships speak volumes about the value we create for our customers and our ability to solve complex challenges when they need it most. GXO remains the market leader in automated fulfillment.

我們也與包括 H&M 在內的兩大客戶續約並擴大了跨多個地區的多年期協議。這些長期的全球合作關係充分說明了我們為客戶創造的價值以及我們在客戶最需要時解決複雜挑戰的能力。GXO 仍然是自動化履行領域的市場領導者。

We've more than doubled the number of robots deployed in our operations over the past four years, increased the percentage of our revenue that's processed by automation to about 50% and made ground-breaking advances in warehouse AI. Our sales pipeline remains robust at $2.4 billion, exclusive of the Wincanton sales pipeline.

過去四年來，我們部署的機器人數量增加了一倍以上，透過自動化處理的收入比例提高到 50% 左右，並在倉庫人工智慧方面取得了突破性進展。不包括 Wincanton 銷售管道，我們的銷售管道仍保持強勁，銷售額達到 24 億美元。

It has grown by more than a third since the last full year prior to this and it's more diverse than ever before. Reflecting our new business wins today, GXO saw is very well positioned to drive profitable growth into 2026 and beyond. Before I turn it over to Baris, I want to say a few words about the additional news we announced yesterday. Baris plans to step down from his role as Chief Financial Officer to pursue new opportunities. He will remain with GXO serving as our CFO until a successor is named.

自去年全年以來，它已經成長了三分之一以上，而且比以往任何時候都更加多樣化。反映出我們今天取得的新業務勝利，GXO 已做好準備在 2026 年及以後推動獲利成長。在將發言權交給巴里斯之前，我想先談談我們昨天宣布的補充消息。巴里斯計劃辭去財務長一職，以尋求新的機會。他將繼續擔任 GXO 的財務官，直到繼任者確定為止。

I have deeply appreciated Baris' partnership over the past four years. He has been dedicated not only to the performance of the company, but to our customers and our people. He's been instrumental in instilling capital and cost discipline while maintaining strong momentum on new business wins. GXO is well positioned, thanks in large part to his valuable contributions. And with that, I'll turn it over to Baris.

我非常感謝巴里斯過去四年來的合作。他不僅致力於公司的業績，也致力於我們的客戶和員工。在灌輸資本和成本紀律的同時，他保持了新業務發展的強勁勢頭，發揮了重要作用。GXO 處於有利地位，這在很大程度上要歸功於他的寶貴貢獻。現在，我將把發言權交給巴里斯。

Baris, over to you.

巴里斯，交給你了。

Thanks, Malcolm. It has been an honour to work with you and the team to build GXO into a true industry leader. I feel this is the right moment to embrace new opportunities, and I do so with immense gratitude and pride in all that we have accomplished since the spin. It is gratifying to know GXO has a bright future ahead. Now turning to the quarter.

謝謝，馬爾科姆。我很榮幸能與您和團隊合作，將 GXO 打造成為真正的產業領導者。我認為這是擁抱新機會的最佳時機，我對我們自分拆以來所取得的成就充滿感激和自豪。很高興得知 GXO 擁有光明的未來。現在轉向本季。

As Malcolm mentioned, in the second quarter of 2025, GXO delivered record revenue of $3.3 billion, growing 16% year over year, of which 6% was organic. This was our highest quarter organic growth in nine quarters. Organic revenue growth accelerated sequentially in each region highlighting the value of our contractual business model, which proved resilient throughout the dynamic trade environment.

正如馬爾科姆所提到的，2025 年第二季度，GXO 實現了創紀錄的 33 億美元收入，年增 16%，其中 6% 為有機成長。這是我們九個季度以來最高的季度有機成長率。各地區的有機收入成長均連續加速，凸顯了我們的合約業務模式的價值，該模式在整個動態貿易環境中都表現出了韌性。

Our strongest organic growth in the quarter was in the omnichannel retail and technology verticals. We now have about $800 million of incremental revenue secured for 2025, which in combination with our retention rate at mid-90s puts us in excellent shape to achieve or improve upon our full year organic growth targets.

本季我們最強勁的有機成長是在全通路零售和技術垂直領域。目前，我們已確保 2025 年實現約 8 億美元的增量收入，再加上我們 90 年代中期的留存率，我們完全有能力實現或提高全年有機成長目標。

We delivered adjusted EBITDA of $212 million. Our margins expanded by 90 basis points sequentially as sizable, automated start-ups and productivity initiatives, we mentioned last quarter matured more quickly than expected. And we saw improved space utilization in our shared network. We continue to leverage our SG&A more effectively due to our central efficiencies programs. We recorded net income of $28 million and adjusted net income of $66 million.

我們實現的調整後息稅折舊攤提前利潤為 2.12 億美元。由於上個季度我們提到的大規模自動化啟動和生產力計畫比預期成熟得更快，我們的利潤率比上季擴大了 90 個基點。我們發現共享網路的空間利用率提高了。由於我們的中央效率計劃，我們繼續更有效地利用我們的銷售、一般和行政費用。我們的淨收入為 2800 萬美元，調整後淨收入為 6600 萬美元。

Our diluted earnings per share was $0.23 and our adjusted diluted earnings per share increased to $0.57. Our free cash flow in the second quarter primarily reflects the payment for the one-time regulatory item we booked last quarter. We are on track to deliver our target of 25% to 35% adjusted EBITDA to free cash flow conversion for the full year. Our operating return on invested capital remains well above our target. We remain disciplined in our capital expenditures and working capital management, which allows us to continue to invest into our business with high returns.

我們的稀釋每股收益為0.23美元，調整後稀釋每股收益增加至0.57美元。第二季的自由現金流主要反映了上季一次性監管項目的支付。我們預計將實現全年調整後 EBITDA 轉換為自由現金流量率 25% 至 35% 的目標。我們的投資資本營運報酬率仍遠高於我們的目標。我們在資本支出和營運資本管理方面保持紀律，這使我們能夠繼續投資於我們的業務並獲得高回報。

Our leverage levels remain steady at 3 times net debt, even after repurchasing shares during the first half of the year. In the second quarter, we repurchased 2.6 million shares at an average price of $34.86. In total, in the first half of the year, we have repurchased 5.4 million shares or about 4% of the total shares outstanding at an average price of $37.34. This represents a 26% discount to our average share price over the last trading days.

即使在上半年回購股票之後，我們的槓桿水準仍然穩定在淨債務的 3 倍。第二季度，我們以平均34.86美元的價格回購了260萬股。今年上半年，我們總計回購了540萬股，約佔總流通股數的4%，平均回購價格為37.34美元。這比我們過去交易日的平均股價折讓了26%。

And in June, Moody's upgraded GXO's credit rating. We are proud that we have now hold investment-grade ratings from all three major agencies for the first time since the spin, which reflects the scale and resilience of our contractual business model. We remain laser focused on our capital allocation and continue to prioritize investments in technologies and services that drive the greatest returns. Our focus in 2025 will continue to be on accelerating our organic growth and the integration of Wincanton. We expect to see accelerated growth opportunities coming from our acquisitions.

今年 6 月，穆迪上調了 GXO 的信用評級。我們感到自豪的是，自從分拆以來，我們首次獲得了三大機構的投資級評級，這反映了我們合約業務模式的規模和彈性。我們始終專注於資本配置，並持續優先投資能帶來最大回報的技術和服務。2025 年，我們的重點將繼續放在加速我們的有機成長和 Wincanton 的整合。我們期望透過收購獲得加速的成長機會。

As Malcolm mentioned, given our excellent operating performance in the first half of 2025 and following our guidance update in June, we are raising our full year EBITDA guidance again. As a reminder, for 2025, we now expect to deliver organic revenue growth of 3.5% to 6.5%, up from our initial guidance of 3% to 6%, adjusted EBITDA of $865 million to $885 million, up from our initial guidance of $840 million to $860 million, adjusted diluted earnings per share of $2.43 to $2.63, up from our initial guidance of $2.40 to $2.60, and adjusted EBITDA to free cash flow conversion of 25% to 35%.

正如馬爾科姆所提到的，鑑於我們在 2025 年上半年的出色營運業績以及我們在 6 月更新的指導意見，我們再次提高了全年 EBITDA 指導意見。提醒一下，對於 2025 年，我們現在預計有機收入增長率為 3.65 億美元至 8.85 億美元，高於我們最初預期的 8.4 億美元至 8.6 億美元至 8.85 億美元，高於我們最初預期的 8.4 億美元至 8.6 億美元；美元至 2.60 美元；調整後 EBITDA 轉換為自由現金流的率為 25% 至 35%。

We are excited about our increasing momentum. We now have greater visibility than ever of the benefits we will be capturing as we bring Wincanton and GXO businesses together. These benefits will begin to be realized during the remainder of this year and will materially ramp up throughout 2026.

我們對自己日益增長的勢頭感到興奮。現在，我們比以往更清楚，將 Wincanton 和 GXO 業務合併後我們將獲得哪些好處。這些好處將在今年剩餘時間內開始實現，並將在 2026 年大幅增加。

And we are already on our way to capturing the strategic growth opportunity we have targeted with this acquisition. Given our strong operating results, and our effective capital allocation, GXO remains well positioned to deliver outsized value for our customers and our shareholders. With that, I'll pass the mic to Kristine. Kristine, over to you.

我們已開始抓住透過此次收購所瞄準的策略成長機會。鑑於我們強勁的經營業績和有效的資本配置，GXO 仍然能夠為我們的客戶和股東提供超額價值。說完這些，我就把麥克風交給克莉絲汀。克里斯汀，交給你了。

Thanks, Baris. Good morning, everyone. We're very pleased with our results for the second quarter of 2025. I'd like to first touch upon our value creation strategy, which is a part of our long-term growth algorithm that makes GXO resilient across all parts of the cycle. This strategy focuses on GXO's ability to use our global scale, our deep tech and operational expertise and our obsession with our customers to capitalize on the secular tailwinds that we believe will drive the future of fulfilment.

謝謝，巴里斯。大家早安。我們對 2025 年第二季的業績非常滿意。我想先談談我們的價值創造策略，這是我們長期成長演算法的一部分，使 GXO 在整個週期中都具有彈性。該策略的重點是 GXO 利用我們的全球規模、深厚的技術和營運專業知識以及對客戶的執著來利用我們認為將推動未來履行的長期順風的能力。

As Malcolm described, the tailwinds driving the market align with our core competencies. We've made meaningful progress on growing our global relationships with blue chip customers, operating best-in-class automated operations, and expanding into high-growth verticals. This is what GXO has proven we do best. Just to touch upon a few of our most immediate opportunities. First, we've discussed before how we use AI in our operations, but we're also playing a significant role in the cloud and AI value chain.

正如馬爾科姆所描述的，推動市場的順風與我們的核心競爭力一致。我們在發展與藍籌客戶的全球關係、營運一流的自動化營運以及擴展到高成長垂直領域方面取得了有意義的進展。GXO 已證明這是我們最擅長的。僅談我們最直接的一些機會。首先，我們之前討論過如何在營運中使用人工智慧，但我們也在雲端和人工智慧價值鏈中發揮重要作用。

The logistics market opportunity for technology is estimated to be $28 billion today. And as infrastructure need for AI grows, our opportunity will only continue to expand. Second, we're making inroads into the healthcare market, which is a $34 billion opportunity. We're about to start operations for our landmark deal with England's National Health Services Supply Chain, our first significant win in healthcare and our largest contract win of all time. Third, we're seeing strong demand from customers in Germany, the largest economy in Europe.

目前，物流市場的技術機會估計為 280 億美元。隨著人工智慧基礎設施需求的成長，我們的機會將繼續擴大。其次，我們正在進軍醫療保健市場，這是一個價值 340 億美元的商機。我們即將開始與英國國家醫療服務供應鏈達成具有里程碑意義的交易，這是我們在醫療保健領域的第一個重大勝利，也是我們有史以來最大的合約勝利。第三，我們看到歐洲最大經濟體德國的客戶需求強勁。

We launched a flagship, highly automated omnichannel fulfilment facility for Levi's last year, which has established our foothold in this total addressable market of $72 billion. And finally, the largest opportunity of all, we continue to see momentum in our Industrial and Aerospace businesses. This was one of our fastest-growing verticals throughout the first half of this year.

去年，我們為 Levi's 推出了旗艦級、高度自動化的全通路配送設施，這為我們在這個總額達 720 億美元的潛在市場中站穩了腳跟。最後，最大的機會是，我們繼續看到工業和航空航太業務的發展勢頭。這是我們今年上半年成長最快的垂直產業之一。

We're already collaborating on 12 RFPs with the Wincanton team, and our pipeline in Industrial manufacturing, including Aerospace, has doubled in the last 18 months. As we grow with our existing customers and expand into new geographies, our technology advantage becomes more valuable. Our industry-leading automation software and AI solutions, as Malcolm mentioned, provide the foundation for our long-term profitable growth strategy.

我們已經與 Wincanton 團隊合作了 12 份 RFP，並且我們在包括航空航天在內的工業製造領域的管道在過去 18 個月中翻了一番。隨著我們與現有客戶共同成長並擴展到新的地區，我們的技術優勢變得更有價值。正如馬爾科姆所說，我們領先業界的自動化軟體和人工智慧解決方案為我們的長期獲利成長策略奠定了基礎。

And with that, I'll pass the mic back to Baris.

說完這些，我就把麥克風交還給巴里斯。

Before we move to Q&A, I want to take a moment to express my appreciation and gratitude to Malcolm, as he concludes his tenure as CEO of GXO. Under his leadership, GXO has flourished. We have nearly doubled the size of the business, completed three transformative acquisitions and emerged as the global leader in warehouse automation and AI.

在我們進入問答環節之前，我想花點時間向馬爾科姆表達我的感激和感謝，因為他即將結束 GXO 執行長的任期。在他的領導下，GXO 蓬勃發展。我們的業務規模幾乎翻了一番，完成了三次變革性收購，並成為倉庫自動化和人工智慧領域的全球領導者。

He leaves us on a high note, record quarterly revenues, ground-breaking automation and AI developments, record customer satisfaction and an investment-grade balance sheet, with a clear line of sight to profitable growth for years to come. His leadership has shaped not just our results, but our future. It has been an honour to be part of the chapter with them. And with that, we'll turn it over to Jamali, and we'll transition to Q&A.

他給我們留下了美好的印象：創紀錄的季度收入、突破性的自動化和人工智慧發展、創紀錄的客戶滿意度和投資級資產負債表，並清晰地看到了未來幾年盈利增長的前景。他的領導不僅塑造了我們的成果，也塑造了我們的未來。我很榮幸能和他們一起參與這個章節。接下來，我們將把時間交給 Jamali，然後進入問答環節。

(Operator Instructions) Stephanie Moore, Jeffries.

（操作員指示）史蒂芬妮·摩爾，傑弗里斯。

Hi, good morning. Thank you. And Malcolm, it's been great to work with you over the last four years, and you will definitely be missed, and we wish you the best of luck as you move on to your next endeavours and in life going forward. So great working with you.

嗨，早安。謝謝。馬爾科姆，過去四年和你一起工作非常愉快，我們一定會想念你的，我們祝你在接下來的努力和未來的生活中一切順利。很高興和你合作。

Thanks very much, Stephanie. Much appreciated.

非常感謝，史蒂芬妮。非常感謝。

So pretty really nice acceleration in organic growth as release the second quarter progressed. Can you maybe highlight what has changed from a geographic end market perspective just as the first half progressed and the nice acceleration in growth from 1Q to 2Q? Thank you.

因此，隨著第二季的進展，有機成長確實出現了相當不錯的加速。您能否從地理終端市場的角度強調一下，隨著上半年的進展以及從第一季到第二季的成長加速，發生了哪些變化？謝謝。

Sure. Stephanie. Let me give you a bit of an overview of what we're seeing on the ground right now. And probably a good starting point is just to look across our three big regions. Here in North America, Continental Europe and the UK.

當然。史蒂芬妮。讓我向您簡單介紹一下我們目前在現場看到的情況。一個好的起點可能就是看看我們的三大地區。這裡是北美、歐洲大陸和英國。

So first and foremost, when we think about our Continental Europe business and our UK activity, we saw growth in volumes through the last quarter. UK definitely improving trend in quarter two compared to quarter one. Like quarter one in North America, really, it was our strongest region in terms of volumes, which was largely due to the customer mix.

因此，首先，當我們考慮我們的歐洲大陸業務和英國業務時，我們看到上個季度的業務量有所增長。與第一季相比，英國第二季的趨勢明顯改善。就像北美第一季一樣，實際上，就銷量而言，它是我們最強勁的地區，這主要歸功於客戶組合。

In North America, we have a strong exposure to aerospace and technology infrastructure customers. These have all been performing very, very good, better than we could have anticipated. We've also seen some stronger-than-expected performance in consumer verticals here in North America. When we think about inventory levels across our business, nothing really to speak about in that regard.

在北美，我們與航空航太和技術基礎設施客戶有著密切的聯繫。這些都表現得非常非常好，比我們預期的要好。我們也看到北美消費者垂直領域的一些表現強於預期。當我們考慮整個企業的庫存水準時，實際上沒有什麼好說的。

So at an inventory level, the incremental levels of inventory that we were seeing in the earlier part of the year they've all now really dissipated, and we see normal levels of inventory in the warehouses, normal customer levels of inventory, everything that we would expect to see right now just as we're starting to prepare for the holiday season.

因此，在庫存水平上，我們在今年早些時候看到的增量庫存水平現在實際上已經消散，我們看到倉庫中的庫存水平正常，客戶庫存水平正常，一切都是我們預計現在看到的，因為我們正開始為假期做準備。

What I can also add is when we look into Q3, we're already a third of the way through Q3. All of the trends that we've seen in quarter two have remained pretty consistent. So what I mean by that is, when we look at the existing volumes, what we're forecasting on the go forward, the certainty that we can see in new business start-ups, so Kristine mentioned about the business in the health sector in the UK, but there's a plethora of large new contracts, all starting up for us, all well planned, all in good order.

我還可以補充的是，當我們研究第三季時，我們已經完成了第三季的三分之一。我們在第二季度看到的所有趨勢都保持相當一致。所以我的意思是，當我們查看現有交易量時，我們對未來的預測是，我們可以在新業務啟動時看到確定性，所以克里斯汀提到了英國醫療保健行業的業務，但是有大量的新合同，所有合同都是為我們啟動的，都是經過精心計劃的，一切都井然有序。

So all of these things are giving us a really strong view for the second half of the year. Company is performing very well and we're benefiting as we have done from those secular demand trends that we've seen historically in e-commerce, but now more in healthcare, aerospace and importantly, in the defense industry.

所有這些因素都讓我們對今年下半年的前景充滿信心。公司表現非常好，我們也從電子商務領域歷史上看到的長期需求趨勢中受益，但現在更多是在醫療保健、航空航太以及重要的國防工業領域。

And of course, AI and the cloud infrastructure benefits that we're seeing are all playing a part. I think one thing to add. We're already in the deep detail of planning peak holiday season with our customers. And while the operating environment is definitely dynamic, we can all say that, we definitely remain in a very balanced outlook for the rest of this year. We're seeing customers really preparing in earnest for what will be a good holiday season.

當然，我們看到的人工智慧和雲端基礎設施優勢都發揮作用。我想補充一點。我們已經與客戶一起詳細規劃了假期旺季。雖然經營環境肯定是動態的，但我們都可以說，對於今年剩餘時間，我們的前景肯定仍然非常平衡。我們看到顧客們正在認真地為即將到來的美好假期做準備。

They're committing costs. So that's a strong sign of their belief in the second half of the year and the pace of ramp-up that we normally experience in that period of time. So we've got a strong level of confidence in delivering the full year organic outlooks that we've talked about. Also taking an early look at '26, the level of new business that we've actually signed this year has been incredibly strong, strongest ever. So this strong view we have on new business momentum, the phasing that's taken us into '26 is meaning that we really have a significantly high level of incremental revenue already boot for next year.

他們正在承擔成本。因此，這強烈表明了他們對下半年的信心以及我們通常在那段時間經歷的成長速度。因此，我們對實現我們所說的全年有機前景充滿信心。此外，回顧 26 年，我們今年實際簽署的新業務水平非常強勁，是有史以來最強勁的。因此，我們對新業務動能的強烈看法，以及我們進入 26 年的階段性舉措意味著，我們明年的增量收入確實已經相當高了。

That's bigger than we've ever had before. So overall, a very good outlook. But I do want to kind of say one last point. As a management team, I think we've had a reputation for being prudent. And that sometimes is never a bad thing to be.

這比我們以前經歷過的任何時候都要大。整體而言，前景非常好。但我確實想說最後一點。作為管理團隊，我認為我們以謹慎而聞名。有時候這並不是一件壞事。

And I think it's for all of those reasons that we're choosing right now to maintain that conservative view for the rest of the year. We're maintaining that organic growth midpoint guide of 5%. Of course, there are a lot of opportunities right now for us to do better than our plan. But right now, we're all of the opinion it's better to maintain this conservative approach for the remainder of the year.

我認為正是由於這些原因，我們現在選擇在今年剩餘時間內維持這種保守的觀點。我們維持 5% 的有機成長中點指引。當然，現在我們有很多機會可以做得比我們的計劃更好。但目前，我們都認為最好在今年剩餘時間內保持這種保守的態度。

Thank you, Malcolm. Well, you answered my second question, which was around peak season, so I will just pass it on from here. Thanks again.

謝謝你，馬爾科姆。好吧，你回答了我的第二個問題，那是在旺季的時候，所以我就從這裡繼續說下去。再次感謝。

Thanks, Stephanie, and it's been a pleasure to, talk with you. Thank you.

謝謝，斯蒂芬妮，很高興與您交談。謝謝。

Chris Weatherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Yeah, hey, thanks. Good morning guys, and congrats Malcolm, it's been pleasure working with you. And congrats Baris too, looking forward to still, I think, having you around maybe another couple of quarters here, but obviously, it's been a pleasure working with you both.

是的，嘿，謝謝。大家早安，恭喜馬爾科姆，很高興與你合作。也恭喜巴里斯，我想，我仍然希望你能在這裡再待幾個季度，但顯然，和你們一起工作很愉快。

Thanks, Chris.

謝謝，克里斯。

Maybe just following up on the last question. I guess, as you think about the pace of organic revenue growth, it seems like things are beginning to fall into place, particularly as it pertains with the Wincanton deal, maybe some of the verticals that, that opens up, you have the health care opportunities coming online as well. So I guess, as you think about the organic revenue pace, you've obviously increased the range for this year.

也許只是跟進最後一個問題。我想，當你考慮到有機收入成長的速度時，事情似乎開始步入正軌，特別是與 Wincanton 交易有關，也許一些垂直行業隨之開放，醫療保健機會也隨之出現。因此我想，當您考慮有機收入速度時，您顯然已經增加了今年的範圍。

I guess as we maybe take a step back, look out to '26 maybe beyond, do you think we're at the point, obviously, economically dependent here to some extent that we could see organic revenue growth kind of reaccelerate back into those upper single-digit ranges? Does sort of things feel like they're starting to fall in place in terms of the pipeline and the opportunity set that you guys are seeing to support that?

我想，當我們退一步考慮，展望 26 年甚至更久以後，您是否認為我們顯然已經到了某種程度的經濟依賴的地步，以至於我們可以看到有機收入增長重新加速到較高的個位數範圍？從頻道和你們所看到的支持這一點的機會來看，事情是否感覺開始步入正軌了？

Chris, let me give you some update on that. I mean, I think in general terms, I think we definitely have been through a couple of years of slow growth, partly down to the economy, partly down to transitioning new customers. When we consider Wincanton, definitely, that's going to be a big contributor in terms of revenue growth, but also bottom line. Remember, there are around $60 million of cost synergies alone baked into the Wincanton deal. We'll see roughly about $40 million of that this year.

克里斯，讓我向你介紹一下最新情況。我的意思是，我認為總體而言，我們確實經歷了幾年的緩慢成長，部分原因是經濟原因，部分原因是新客戶的轉變。當我們考慮 Wincanton 時，毫無疑問，它不僅會成為收入成長的重要貢獻者，而且也會成為利潤的重要貢獻者。請記住，光是 Wincanton 交易就帶來了約 6,000 萬美元的成本綜效。今年我們將看到約 4000 萬美元。

and we'll see the lion's share of the combined $60 million between now and the end of 2026. So that's going to be a big driver on the EBITDA. It will help our margin recovery for sure also. But Wincanton in its own right, it grew its top line by 10% in the second quarter. It's performing incredibly well.

從現在到 2026 年底，我們將看到總計 6,000 萬美元中的大部分份額。因此這將成為 EBITDA 的一個重要推動力。這肯定也將有助於我們的利潤恢復。但 Wincanton 本身在第二季的營業收入成長了 10%。它的表現非常好。

So with the integration starting in the next few weeks, our teams are already right now collaborating on just a ton of new major customer tenders and particular in verticals that we've never operated really with any scale in North America, defense, aerospace, we're very strong in it. In Europe, almost non-existent. For Wincanton, it has some stellar customers in these areas. And I've got no doubt it will be a springboard for the business growth in those areas. And I think also right now, we are starting to see the extra sales that we're seeing right now through 2025.

因此，隨著未來幾週開始的整合，我們的團隊現在已經在就大量新的主要客戶招標進行合作，特別是在我們從未在北美、國防、航空航天等任何規模上運營過的垂直領域，我們在這方面非常強大。在歐洲，幾乎不存在。對於 Wincanton 來說，它在這些地區擁有一些優質客戶。我毫不懷疑它將成為這些地區業務成長的跳板。而且我認為現在我們也開始看到到 2025 年的額外銷售額。

I think a testament to the changes to organization that we made at the start of this year and later parts of last year, where we changed our sales organization. You'll remember that we brought in a new Chief Revenue Officer, Richard Crawston. We changed around some of our sales organization and the metrics that they perform about. So all of these things play very much for a stronger growth. Of course, we have to have one eye on the wider macro economy. I think right now, we're adding out of the uncertainty window of tariffs that customers are stabilizing down in the thinking about that.

我認為這證明了我們在今年年初和去年晚些時候所做的組織變革，我們改變了銷售組織。您會記得我們聘請了一位新的首席營收長理查德·克勞斯頓 (Richard Crawston)。我們改變了一些銷售組織及其執行的指標。因此，所有這些因素對於更強勁的成長都起著至關重要的作用。當然，我們必須關注更廣泛的宏觀經濟。我認為現在，我們正在增加關稅的不確定性窗口，客戶正在對此進行穩定考慮。

So I think really future is looking very, very good for the business. And of course, I can't not mention the fact we've got a stellar new CEO joining us in just about a week's time, and I'm really looking forward to welcoming Patrick. He's going to bring his own style and -- his own style of dynamic into the business, which I think will be incredibly good for GXO for the future.

所以我認為該業務的未來前景確實非常非常好。當然，我不能不提一下，大約一週後我們會有一位出色的新執行長加入我們，我非常期待歡迎派崔克。他將把自己的風格和活力帶入業務中，我認為這對 GXO 的未來非常有利。

Okay. Very helpful. It certainly seems like there's opportunities here. One quick follow-up. In terms of buybacks, I guess, how do you think about that opportunity going forward, noted the price that you bought shares at relative to where we are today?

好的。非常有幫助。看起來這裡確實存在著機會。一次快速跟進。就回購而言，我想，您如何看待未來的機會，並注意到您購買股票的價格相對於我們目前的價格而言如何？

Is this still something that you want to lean into as you look forward? Or is this capital allocation take a little bit of a different sort of approach as we move forward into the second half?

這仍然是您在展望未來時想要依靠的事情嗎？或者，隨著我們進入下半年，這種資本配置是否會採取稍微不同的方式？

Hi Chris, it's Baris here. As you will recall, our Board announced about 500 million share repurchase in February and we repurchased shares, both in first quarter and second quarter, second quarter at $34.86, 2.6 million shares and a total of 5.4 million shares or about 4% of the shares outstanding at a discount of 26% to our average share price over the last 30 days. We have been very careful about maintaining our credit metrics.

你好，克里斯，我是巴里斯。您可能還記得，我們​​的董事會在二月份宣布回購約 5 億股股票，並且我們在第一季和第二季都回購了股票，第二季回購價格為 34.86 美元，回購了 260 萬股，總計 540 萬股，約佔流通股的 4%，比過去 30 天的平均股價折讓了 26%。我們一直非常小心地維護我們的信用指標。

And I'm pleased to note that after receiving an upgrade from Moody's in June, GXO again holds investment-grade credit rating from all three agencies for the first time since the spin. We continue to see our shares as attractively valued. But as always, we have balanced our share repurchase against our capital allocation priorities, including organic growth and leverage levels. And we do have a lot of organic growth to go after ahead of us.

我很高興地註意到，繼 6 月獲得穆迪上調評級後，GXO 自分拆以來首次再次獲得三家機構的投資級信用評級。我們仍然認為我們的股票估值具有吸引力。但與往常一樣，我們在股票回購和資本配置優先事項（包括有機成長和槓桿水平）之間取得平衡。我們確實還有很多有機成長需要追求。

So that suggests that maybe the organic growth opportunities are a little bit more outweigh the buybacks at the current -- in the current environment?

那麼，這表明在當前環境下，有機成長機會可能比回購機會更重要一些？

At the moment, the return from organic growth is very high. That has been always our #1 focus, but we'll take a look at share buybacks as prices become more attractive and balances against the credit metrics.

目前，有機成長的回報率非常高。這一直是我們的首要關注點，但隨著價格變得更具吸引力並與信用指標取得平衡，我們將專注於股票回購。

Okay, that's very helpful thanks for your time this morning appreciate it.

好的，這非常有幫助，感謝您今天上午抽出時間。

Thanks, Chris.

謝謝，克里斯。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great, thanks for the time, and welcome again, congratulations on your tenure and good luck in the future. So maybe also thanks for the color in response to the first question. Maybe for a follow-up there. Very few companies in this environment are raising the guidance, let alone twice in two months. I'm not sure I fully understand again what is driving that rate of change.

太好了，感謝您抽出時間，再次歡迎您，祝賀您的任期並祝您未來好運。所以也許也要感謝您對第一個問題的回答。也許是為了跟進。在這種環境下，很少有公司會提高業績預期，更不用說兩個月內兩次提高業績預期了。我不確定我是否完全理解推動這種變化速度的因素。

I think you said in your response that inventory levels are normal right now, so it can't be companies stocking up. So how much of that pace of improvement that you're seeing on a relative basis is structural related to supply chain shifts? Is it just companies being excited about consumer demand over the next 12 months? Like what is driving that increased rate of change?

我記得您在回覆中說過，目前的庫存水準正常，所以不可能是公司在囤貨。那麼，您所看到的相對改善速度有多少是與供應鏈轉變相關的結構性因素？只是公司對未來 12 個月的消費者需求感到興奮嗎？那麼，是什麼推動了這種變化速度的加快呢？

Hi, Ravi, it's Baris here. As far as our profitability is concerned, we are seeing a sequential improvement -- we've seen a sequential and we expect to see another sequential improvement in the second half versus the first half. This is driven by our strong momentum on the site level efficiencies, increasing maturity of our start-ups in the second quarter, which we expect to continue through the second half of the year. On top, we have better space utilization in our shared user network and we have tight cost controls. These give us confidence that you'll see the margins improve in the second half of the year.

你好，拉維，我是巴里斯。就我們的獲利能力而言，我們看到了連續的改善——我們已經看到了連續的改善，並且我們預計下半年與上半年相比將再次出現連續的改善。這是由於我們在第二季度站點級效率方面的強勁勢頭以及新創企業的日益成熟所推動的，我們預計這種勢頭將持續到今年下半年。最重要的是，我們的共享用戶網路具有更好的空間利用率，並且我們擁有嚴格的成本控制。這些讓我們有信心，今年下半年利潤率將會提高。

As far as the revenue is concerned, for the second half of the year, we expect to have more contributions from net new business wins, and we have taken a prudent approach on our expectations or the contributions from our existing operations. This is all embedded in our guidance, and we also expect a slight improvement in customer retention to further improve compared to the first half. I mean this is a momentum.

就收入而言，對於下半年，我們預計淨新業務將帶來更多貢獻，並且我們對預期或現有業務的貢獻採取了審慎的態度。這一切都包含在我們的指導中，我們也預期客戶保留率將比上半年略有提高。我的意思是這是一種勢頭。

And as you would recall, since 2017, our organic growth has been slightly over 8% CAGR. So we are getting the momentum faster and faster to get into higher growth, both on revenue and EBITDA.

您可能還記得，自 2017 年以來，我們的有機成長率略高於 8%。因此，無論是收入還是 EBITDA，我們都在越來越快地實現更高的成長。

Right. Question wasn't is that because the macro is just improving or you guys are doing an awesome job or what is driving that acceleration?

正確的。問題不在於這是因為宏觀正在改善還是你們做得非常出色或是什麼推動了這種加速？

It is primarily driven by -- EBITDA improvements are primarily driven by internal actions, strong momentum on site level efficiencies, maturity of the start-ups and better space utilization. Those are the things we've been working on for 12 months, and you're seeing the results.

其主要驅動因素是－EBITDA 的改善主要受到內部行動、站點級效率的強勁勢頭、新創企業的成熟度和更好的空間利用率的推動。這些都是我們 12 個月來一直在努力的事情，而您已經看到了成果。

Understood. And maybe as a quick follow-up. The A&D space has been really hot for the last year or so. Can you just share a few more details on your business here kind of US versus Europe, the size of the business, the growth rate, et cetera?

明白了。或許可以作為快速的後續行動。近一年來，A&D 領域一直非常熱門。您能否分享一些有關您在美國和歐洲的業務的詳細信息，例如業務規模、成長率等？

Ravi, it's Kristine here. Thanks for the question. I think Malcolm mentioned and talked about the opportunities and I think really linking the A&D opportunity, as Malcolm mentioned, we have a great presence in the US with some great blue chip companies that we've been growing with. But we haven't necessarily cracked the market into Europe and the UK

拉維，我是克莉絲汀。謝謝你的提問。我認為馬爾科姆提到並談論了這些機會，我認為真正將 A&D 機會聯繫起來，正如馬爾科姆所提到的，我們在美國擁有很大的影響力，並且與一些優秀的藍籌公司一起成長。但我們還沒有打入歐洲和英國市場

And really, our acquisition strategy is at the foundation of this, and it is a massive market. It's hundreds of billions of dollars of TAM in terms of total Industrial and Aerospace and Defense. And just to give you an -- contextualize that in terms of what it's meant for our pipeline, we today have about $500 million in our pipeline related to Industrial and A&D, and that has doubled over the last 18 months, and we really are just at the starting gate with Wincanton.

事實上，我們的收購策略是實現這一目標的基礎，這是一個龐大的市場。就整個工業、航空航太和國防而言，TAM 高達數千億美元。為了讓您了解這一點，就其對我們的管道的意義而言，我們目前在工業和 A&D 相關的管道中擁有約 5 億美元，並且在過去 18 個月中翻了一番，而我們與 Wincanton 的合作才剛剛起步。

We've just begun the collaboration with the team there with the 12 RFPs that we have with them. So as we begin the integration, this is just going to continue to unlock and we're really excited about the opportunity set that this means not only for '26 but into the end of the decade, at least.

我們剛開始與那裡的團隊合作，我們與他們已經達成了 12 份 RFP。因此，當我們開始整合時，這將繼續解鎖，我們對這意味著的機會感到非常興奮，這不僅對 26 年如此，而且至少對本世紀末也是如此。

Scott Schneeberger, Oppenheimer and company

史考特施尼伯格、奧本海默及其公司

Thanks very much. Good morning, everyone, and Malcolm, best wishes. Congrats, had a great career. I really enjoyed working with you.

非常感謝。大家早安，祝馬爾科姆一切順利。恭喜，你的職業生涯很成功。我真的很高興和你一起工作。

Thanks, Scott. Much appreciated.

謝謝，斯科特。非常感謝。

Yeah. I guess first one, probably, well, Malcolm for you. This quarter was heavy on the mix of new activity, over half came from new activity. And that's been just a contribution of new activity versus outsourcing versus via competitors has really moved around recently. Could you kind of speak to what we should see going forward?

是的。我想第一個可能是馬爾科姆。本季新活動種類繁多，超過一半來自新活動。這只是新活動與外包以及透過競爭對手的貢獻最近確實發生了變化。您能否談談我們未來該看到什麼？

And maybe a little bit about what's behind that? Thanks.

或許您能稍微了解一下背後的原因嗎？謝謝。

Yes, for sure, Scott. I mean, second quarter was a very strong quarter, but actually, we saw really strong momentum in e-commerce and obviously, we've always been in a kind of leading position in terms of supporting e-commerce customers generally. But more than half of the wins that we had was coming actually from the e-commerce area. The percentage of revenue coming from e-commerce really pretty much balanced across all of the big three regions that we're operating in. But definitely, e-commerce, and we also saw outsized growth in reverse logistics.

是的，當然，斯科特。我的意思是，第二季度是一個非常強勁的季度，但實際上，我們看到電子商務的勢頭非常強勁，顯然，我們在支持電子商務客戶方面一直處於領先地位。但實際上，我們一半以上的勝利都來自電子商務領域。在我們營運的三大地區，來自電子商務的收入比例實際上基本上是平衡。但毫無疑問，電子商務和逆向物流都實現了大幅成長。

And again, this is definitely pointing to the kind of structural strengthening of e-commerce activity. It's always been a growth engine for our business. I think economically, while it slowed for a couple of years, it's definitely now on the return, and we've seen that with a strong strength over the first half of the year. And when we look at the sales pipeline, I'll come on to that in a second, definitely see that going forward.

再次，這無疑表明電子商務活動的結構性加強。它一直是我們業務的成長引擎。我認為，從經濟角度來看，雖然經濟成長放緩了幾年，但現在肯定正在復甦，我們已經看到今年上半年經濟表現強勁。當我們查看銷售管道時，我馬上就會談到這一點，肯定會看到它向前發展。

We've also, in the last 12 months, started up several very large scale automation, e-commerce site, so those are including some of the ones we mentioned earlier on in the call, Levi's is a good example, but also big automated facilities with people like Puma, Zalando, where we're actually operating the largest e-commerce facility in France.

在過去的 12 個月裡，我們也啟動了幾個非常大規模的自動化電子商務網站，其中包括我們之前在電話會議中提到的一些網站，Levi's 是一個很好的例子，但也包括 Puma、Zalando 等公司的大型自動化設施，我們實際上在法國經營最大的電子商務設施。

So generally, things are on a good trend on that. And last thing I think to say is it's widely reported that while today, we can kind of think about sales in e-commerce, that number is definitely going to rise in the future; e-commerce really lends itself incredibly well to reverse logistics, where we enjoy slightly improved margins, but also automation. And I mean, in automation, I think we're in a great place. Maybe Kristine, you want to just jump in and add a little comment on this. But I think automation is a space where we've made it our own.

總體而言，事情呈現良好的趨勢。最後我想說的是，據廣泛報道，雖然今天我們可以考慮電子商務的銷售，但這個數字在未來肯定會上升；電子商務確實非常適合逆向物流，我們可以享受到利潤率的略微提高，同時也實現了自動化。我的意思是，在自動化方面，我認為我們處於一個很好的位置。也許克里斯汀，你只是想插話並對此發表一點評論。但我認為自動化是我們自己的領域。

I think we're pretty much in a leading position now across the industry. Kristine?

我認為我們現在在整個行業中處於領先地位。克里斯汀？

Thanks, Malcolm. Scott, it's Kristine here. Just to talk, reverse logistics represents over 10% of our current pipeline. But looking at the activity and the new wins around e-commerce, that certainly is going to drive the demand for reverse logistics. And AI is enhancing our reverse capabilities and driving that opportunity for future growth.

謝謝，馬爾科姆。史考特，我是克里斯汀。簡單來說，逆向物流占我們目前通路的 10% 以上。但從電子商務的活動和新勝利來看，這肯定會推動對逆向物流的需求。人工智慧正在增強我們的逆向能力並推動未來成長的機會。

As you know, about a third of e-commerce orders are returned on average, which really reflects a material drag on our customers' margins and returns are extremely complicated, complex operation and if we can help unlock with AI, the opportunity to rapidly resell products and will help them -- help our customers unlock further margins.

如您所知，平均約有三分之一的電子商務訂單被退回，這確實反映了對我們客戶的利潤率的實質性拖累，而且退貨操作極其複雜，如果我們能夠利用人工智慧來幫助解鎖快速轉售產品的機會，這將幫助他們——幫助我們的客戶釋放更多的利潤。

Some of the AI tools that we've taken on the inbound side around proactive replenishment, we're actually using that same tool to -- on the back end side for reverse logistics to help with those capabilities. So I think it further differentiates our tech offering and will help drive our reverse logistics opportunities in the future.

我們在主動補貨的入站端採用的一些人工智慧工具，實際上我們也在後端使用相同的工具來進行逆向物流，以幫助實現這些功能。因此，我認為這進一步區分了我們的技術產品，並將有助於推動我們未來的逆向物流機會。

Great. I guess and Baris, to get you involved here too. Could you discuss the ERP system implementation across your three main geographic regions? And just discuss kind of timing of what we should expect to see and maybe financial impact across the P&L and the cash flow statement? Thanks.

偉大的。我想，巴里斯也想讓你參與其中。您能討論一下您所在三個主要地理區域的 ERP 系統實施情況嗎？並討論我們應該看到的時間以及對損益表和現金流量表的財務影響？謝謝。

Sure, Scott. We have gone live with our first Phase 2 of our ERP implementation. First is UK, it's online and everything is working well. They're paying, we are collecting. So far, everything is good. This will create a lot of synergy and a lot of cost reduction. And next, we will go to US We will start building the US capabilities. And from there, we will go to Continental Europe.

當然，斯科特。我們的 ERP 實施的第二階段已正式啟動。首先是英國，它在線並且一切運作良好。他們付錢，我們收錢。到目前為止，一切都很好。這將產生很大的協同效應並大幅降低成本。接下來，我們將前往美國，開始建立美國的能力。從那裡，我們將前往歐洲大陸。

This is going to give us a lot of productivity at the back office level, and we will accelerate synergies from our acquisitions in an accelerated way. And that will be -- you will see the impact in our EBITDA, reduce SG&A and bottom line. We're really excited about it. It's going to take us to the next level.

這將大大提高我們後台部門的生產力，並且我們將以更快的方式加速收購帶來的協同效應。您將看到它對我們的 EBITDA、SG&A 和底線的影響。我們對此感到非常興奮。它將帶領我們進入新的高度。

Brian Ossenbeck, JP Morgan.

摩根大通的 Brian Ossenbeck。

Hey, good morning. Thanks for taking the questions. Malcolm, congrats and best of luck in your next adventures, wherever that might be.

嘿，早安。感謝您回答這些問題。馬爾科姆，恭喜你，並祝你在接下來的冒險中好運，無論它在哪裡。

Thank you, Brian.

謝謝你，布萊恩。

So just to start with you, a question on Wincanton. It sounds like there's some good RFPs going already. Cost synergies sound like they're on track and ramping up. But is it too early, I guess when will we hear a little bit more about the revenue synergies and the opportunities? Is this something we should assuming sort of like Clipper and what that ultimately yielded?

首先我想問您一個關於 Wincanton 的問題。聽起來好像已經有一些不錯的 RFP 了。成本協同效應聽起來似乎正在步入正軌並不斷增強。但現在是否為時過早，我想我們什麼時候才能聽到更多關於收入綜效和機會的消息？我們是否應該假設這類似於 Clipper 以及它最終會產生什麼結果？

How are you thinking about that? And when should we hear a little bit more about quantifying what that might mean?

您對此有何看法？我們什麼時候才能聽到更多關於量化這意味著什麼的資訊？

I think -- Brian, I think -- thinking about the Clipper acquisition, it took us broadly around 18 months to start really realizing significant revenue synergies. And actually, the large contract, the largest the company has ever signed with the British National Health Service, in fact, that's a direct result of that Clipper acquisition. So broadly, you can see it's taking on average around two years. And that's a combination of, of course, customers generally are already contracted, so they will go to tender. And obviously, they will look more favorably on Wincanton in the future as it becomes integrated in GXO.

我認為——布萊恩，我認為——考慮到 Clipper 的收購，我們花了大約 18 個月的時間才開始真正實現顯著的收入協同效應。事實上，這份大合約是該公司與英國國家醫療服務體系簽署的最大合同，事實上，這是收購 Clipper 的直接結果。因此，從廣義上講，你可以看到它平均需要大約兩年的時間。當然，這是因為客戶通常已經簽訂了合同，所以他們會參加投標。顯然，隨著 Wincanton 融入 GXO，未來他們會更加看好它。

So because it has a much larger business offering, multi-geography, very different than the original Wincanton organization. The focus areas, I think as Kristine touched on, aerospace, they have great business in this area. Defense in particular and defense, I guess, it's likely to be an industry that's going to do incredibly well everywhere around the world in the coming years. So I think it's a very opportune time that we will gain a strong foothold in defense area across all of Europe. It's not just those two, though, Wincanton is highly exposed to infrastructure projects, nuclear industry, a lot of civil activities and some healthcare as well.

因為它的業務範圍更廣，涉及多個地區，與原來的 Wincanton 組織有很大不同。我認為重點領域是航空航天，正如克里斯汀所提到的那樣，他們在這個領域有著很好的業務。我認為，特別是國防，未來幾年，國防產業很可能在世界各地都表現得非常好。因此我認為現在是我們在整個歐洲的國防領域站穩腳跟的絕佳時機。然而，溫坎頓不僅涉足這兩個領域，還高度重視基礎設施項目、核工業、大量民用活動以及一些醫療保健。

So it's actually a real plum level of business that we're bringing on board. And as I mentioned earlier, our teams are already actually collaborating on a number of very, very large bids in defense, in particular, in aerospace. I think I would definitely be watching this space towards the end of 2026 and early 2027.

因此，我們實際上正在進行一項真正豐厚的業務。正如我之前提到的，我們的團隊實際上已經在國防領域，特別是航空航太領域進行了許多非常大的投標合作。我認為我肯定會在 2026 年底和 2027 年初關注這個領域。

That's about the right time where we should anticipate new contracts starting to fall, and there'll be big ones in the same thought process as the National Health because that's the nature of how these big activities in defense are contracted across Europe. So very, very positive way forward.

這正是我們應該預期新合約開始減少的正確時機，而且會有一些大合約與國民健康有相同的思維過程，因為這就是整個歐洲國防領域大型活動的簽約方式的本質。因此，前進的方向非常非常積極。

As I mentioned earlier, we'll be starting the full-scale integration of the two companies. Maybe just one last thing to comment on Wincanton because I wouldn't want it to be overlooked. As part of the regulatory approval, we did agree to dispose of a very small amount of the Wincanton business broadly around 5% of the total Wincanton business, I know it might sound crazily small, but nevertheless, that was part of the agreement that we finalized with the CMA process. That process is underway. We are confident they will achieve success on that.

正如我之前提到的，我們將開始對兩家公司進行全面整合。也許我只想對 Wincanton 做最後評論，因為我不想它被忽視。作為監管部門批准的一部分，我們確實同意出售一小部分 Wincanton 業務，大約佔 Wincanton 總業務的 5% 左右，我知道這聽起來可能小得離譜，但無論如何，這是我們透過 CMA 流程最終達成的協議的一部分。該進程正在進行中。我們相信他們一定會成功。

But in fairness, I think those customers, just like so many of our customers, they minded about the holiday season. So I think it's probably likely to be an event that actually happens as we move into '26 as we get beyond the holiday season and start the new year. So just to finish off on the Wincanton information, but I hope that's a pretty comprehensive update for you, Brian.

但公平地說，我認為這些顧客就像我們的許多顧客一樣，他們關心的是假期。因此，我認為這很可能是我們進入 26 年、度假、迎接新年時真正發生的事件。所以只是為了結束關於 Wincanton 的信息，但我希望這對你來說是一個非常全面的更新，Brian。

Yeah, that's very helpful. Maybe just one more on -- just general thoughts on supply chains and how they've obviously shifted and probably still over the next couple of years. But we passed the point of peak disruption now that we've got a little bit more certainty on tariffs, peak season, you gave some commentary on inventory levels, but I just wanted to hear the general comments you hear from some of your bigger customers. Are they done consolidating the footprint?

是的，這非常有幫助。也許再多說一點——只是對供應鏈的一般看法，以及它們如何明顯轉變，並且可能在未來幾年內仍會轉變。但是，由於我們對關稅、旺季有了更多的確定性，我們已經過了高峰中斷點，您對庫存水平發表了一些評論，但我只是想听聽您從一些大客戶那裡聽到的一般評論。他們鞏固足跡的工作完成了嗎？

Is all that churn more or less over and you feel like that stabilized relative to what we've seen in the last couple of years? Thanks.

所有這些動盪是否都已結束？與過去幾年的情況相比，您是否感覺情況已經穩定下來？謝謝。

Brian, I think overall, churn has definitely stabilized. I think our retention on existing customers is growing. But I think as an overview of our industry, unusually right now, there are no big dynamic events. I don't see right now any port disruptions. I don't see anything happening in manufacturing.

布萊恩，我認為總體而言，客戶流失率已經穩定下來。我認為我們對現有客戶的保留正在增長。但我認為，從我們行業的整體來看，目前不同尋常的是，沒有發生重大動態事件。我現在沒有看到任何港口中斷的情況。我沒有看到製造業有任何變化。

So actually, we're in a relatively calm period. That's not to say that, that might all change tomorrow. Who knows what can happen in the world? But I think definitely the only trend we see right now is a general trend of businesses moving manufacturing, moving reliance away from China and more towards Western environments. That's something we've seen across most of our customers.

所以實際上，我們正​​處於一個相對平靜的時期。這並不是說，明天一切都可能改變。誰知道世界上會發生什麼事？但我認為，我們現在看到的唯一趨勢肯定是企業轉移製造業、將依賴從中國轉向西方環境的整體趨勢。我們在大多數客戶身上都看到了這種情況。

Obviously, the tariff aspects of discussion earlier in the year probably influenced some of that, but I think it's beyond that. That's probably the one trend we see. That will be good for our business. That's a good trend for us. But other than that, no, I think we're entering a more calmer environment and customers are able to make more longer-term decisions, and that's what we're seeing in the projects and the sales pipeline that we've got right now.

顯然，今年早些時候討論的關稅問題可能對其中的一些產生了影響，但我認為不僅如此。這或許就是我們看到的一個趨勢。這對我們的業務有好處。這對我們來說是一個好趨勢。但除此之外，我認為我們正在進入一個更平靜的環境，客戶能夠做出更多長期決策，這就是我們現在在專案和銷售管道中看到的。

Baris, maybe you can add a little bit to my comments?

Baris，也許你可以對我的評論做一點補充？

Yes. On the empty space on our shared users network, we have been able to consolidate and sell them to some of our open space. And from this point in time, we expect modest positive contribution in our margins moving forward. And hypothetically, the opportunity exceeds over $10 million. And gradually, they're getting there, utilization is getting better and the margin improvement is going to get there in Q3 and Q4.

是的。在我們的共享用戶網路上的空白空間上，我們已經能夠將它們合併並出售給我們的一些開放空間。從現在開始，我們預期利潤率將出現適度的正面貢獻。假設這個機會價值超過 1000 萬美元。他們正在逐漸實現這一目標，利用率越來越高，利潤率也將在第三季和第四季得到改善。

Ari Rosa, Citi.

花旗銀行的阿里羅莎 (Ari Rosa)。

Yeah, hi, good morning. I just wanted to echo everyone's comments. Congrats Malcolm. It's been a pleasure working with you. And Baris, a little surprised on the announcement, but congrats to you as well. I have always enjoyed speaking with you and working with you.

是的，你好，早安。我只是想附和大家的評論。恭喜馬爾科姆。很高興與您合作。巴里斯，我對這個消息有點驚訝，但我也向你表示祝賀。我一直很高興與您交談並與您共事。

So for my first question, just pretty straightforward. It seems like CapEx took a step down year over year in the first half. Just wanted to get some color on what drove that step down and what we should be expecting there for the second half of the year?

對於我的第一個問題，非常簡單。看起來上半年的資本支出較去年同期下降。只是想了解一下導致這一下降的原因以及我們對今年下半年的預期是什麼？

Our CapEx in the second quarter was about $41 million down from $84 million in Q2O last year. And our 2024 CapEx was about 2.5%, of which roughly two third was related to growth. We have around 2.5% to 3% in CapEx. We are very aware of the environment and, we are very diligent in our analysis on where we utilize our cap capital dollars to have the best returns for our shareholders.

我們第二季的資本支出約為 4,100 萬美元，低於去年第二季的 8,400 萬美元。我們的 2024 年資本支出約為 2.5%，其中約三分之二與成長有關。我們的資本支出約為 2.5% 至 3%。我們非常了解環境，我們非常認真地分析如何利用資本為股東帶來最佳回報。

But is that -- is that change in CapEx reflective of anything, whether it's future growth or startup costs or anything of that sort?

但是，資本支出的變化是否反映了任何因素，無論是未來的成長還是啟動成本或諸如此類的因素？

No, we have an active dialogue with our customers. Some of our customers are opting to take over the CapEx themselves. It doesn't have an impact on our -- it doesn't have an impact on our EBIT or top line growth. But that's a choice and that's a discussion that we use those levers actively in our dialogue with our customers. Sometimes they are more lenient to work on the working capital side.

不，我們與客戶進行了積極的對話。我們的一些客戶選擇自己承擔資本支出。它不會對我們的息稅前利潤或營業收入成長產生影響。但這是一個選擇，也是一個討論，我們在與客戶的對話中積極使用這些槓桿。有時他們在營運資金方面會更寬容。

Sometimes, we're more lenient to work on the CapEx condition side. If you look at the entire project as a return, return on invested capital and IRR and want to get the best return for our shareholders and provide the best service for our customers. It has no bearing on the future growth of the company.

有時，我們對資本支出條件的工作更加寬容。如果將整個專案視為回報、投資資本回報率和內部收益率，並希望為我們的股東獲得最佳回報並為我們的客戶提供最好的服務。這與公司未來的發展無關。

Okay. Understood. That's helpful. And then just for my second question, Malcolm, as you transition or as the company transitions to a new CEO with Patrick coming in, as you mentioned here shortly, I was hoping you could just kind of reflect on GXO's position. It sounds like a lot is really progressing nicely right now, but just what advice would you give to Patrick?

好的。明白了。這很有幫助。然後，關於我的第二個問題，馬爾科姆，隨著您的過渡，或者隨著公司過渡到帕特里克上任的新首席執行官，正如您剛才提到的，我希望您能對 GXO 的立場進行一些反思。聽起來現在很多事情都很順利，但是您會給派崔克什麼建議呢？

What would you advise him to focus on to be aware of as he thinks about kind of planning his tenure as CEO? And particularly, as he thinks about giving an outlook to us and to the investment community for the next couple of years? Thanks.

當他考慮規劃自己的執行長任期時，您會建議他專注於哪些方面？特別是，他是否考慮向我們和投資界展望未來幾年的發展？謝謝。

Sure, yeah. I mean, look, it's a great question to ask. And then Patrick, he's a seasoned leader. He's a great choice for the business going forward. He's from this industry, so I doubt there's very much I can explain to Patrick that he doesn't already know.

當然，是的。我的意思是，你看，這是一個很好的問題。然後是帕特里克，他是一位經驗豐富的領導者。對於公司未來發展而言，他是個絕佳的選擇。他是這個行業的從業者，所以我懷疑我能向派崔克解釋多少他不知道的事。

He is a seasoned veteran of the logistics industry and his former employer's loss is definitely GXO's gain. We're delighted to have him joining the business. I'm sure Patrick will take some time during the rest of this year to reflect, to get to know the business. All companies are different in the dynamic and I'm looking forward to seeing in the future, the work that Patrick does, I think he'll be a great new CEO for our organization. He will bring new ideas.

他是物流業的資深人士，他前雇主的損失無疑是 GXO 的收穫。我們很高興他能加入我們。我相信帕特里克會在今年剩餘的時間裡花一些時間來反思，了解業務。所有公司的動態都是不同的，我期待看到帕特里克未來所做的工作，我認為他將成為我們公司的一位出色的新執行長。他會帶來新的想法。

And look, I'm not going to steal Patrick's thunder. You can ask him yourself, that question on our next earnings, which will be leading. And I'm sure by that time, he will have some initial thinking already in his mind. But the company is going across into a safe pair of hands, but very much a dynamic pair of hands that is very well equipped in order to move this business to the next level on.

瞧，我不會搶走派崔克的風頭。您可以親自問他有關我們下一次收益的問題，這將是領先的。我相信到那時，他心裡已經有了一些初步的想法。但公司將交到一雙可靠又充滿活力的手上，這雙手有非常完善的裝備，能夠將公司業務推向新的高度。

I think we've almost doubled the size of the business in the last four years. No reason why we can't continue that stellar level of growth whilst also improving the business in terms of its margins, its overall dynamic and the kind of customers in different industries that we work in.

我認為過去四年我們的業務規模幾乎擴大了一倍。我們沒有理由不能繼續保持如此出色的成長水平，同時改善業務的利潤率、整體活力以及我們所從事的不同行業的客戶類型。

It's ready to the companies, I think, in a great position to become much more diversified and we're bringing a new leader in, who really is very much equipped to help the company in that journey.

我認為，公司已經做好了多元化的準備，我們正在引進一位新的領導者，他確實非常有能力幫助公司實現這一目標。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey, good morning. This is Matt Milask on for Bruce. Malcolm, congratulations to you as well. Just with regards to governance, I know we've touched on this, but obviously, several new Board members with some deep industry expertise, new CEO incoming, announced CFO transition. We're curious if you could comment on how, if any, strategic priorities have changed, perhaps any broad strokes of operational or shareholder-focused adjustments that the Board or company might be looking for would be helpful? Thanks.

嘿，早安。我是馬特‧米拉斯克 (Matt Milask)，取代布魯斯。馬爾科姆，我也祝賀你。就治理而言，我知道我們已經談過這個問題，但顯然，幾位擁有深厚行業專業知識的新董事會成員、即將上任的新執行長、宣布財務長的過渡。我們很好奇，您是否可以評論一下策略重點是否發生了變化，董事會或公司可能正在尋求的任何廣泛的營運或以股東為中心的調整是否會有所幫助？謝謝。

Yeah. No, I think Matt, let me answer that point for you. I mean, look, we've refreshed our Board and it's good to see when you look at the new Board members, what you're seeing is a lot of very experienced industry expertise coming into the business. We've added effectively another five new -- sorry, beg your pardon, another seven new directors over the course of 2025. So team members, including former chief supply chain officers, at 3M, Honeywell, KKR, Procter & Gamble, Amazon, Peco.

是的。不，我想馬特，讓我來回答你這個問題。我的意思是，你看，我們已經更新了董事會，當你看到新董事會成員時，你會很高興地看到，很多經驗豐富的行業專家正在加入公司。我們實際上在 2025 年又增加了 5 位新董事——抱歉，請原諒，是 7 位新董事。因此，團隊成員包括 3M、霍尼韋爾、KKR、寶潔、亞馬遜、Peco 的前首席供應鏈長。

I mean, these are really top-notch industry experts. So they're going to be a huge assistance to the CEO as he gets to grips with the company and starts to think about strategies for the future. I think the company is really going to be in an excellent position going forward. But it's too soon to think about how that might look. I think we have to give Patrick time to get to know the company. Also, our new Board members, time to acclimatize to GXO. And I'm sure that things will start to unfold as we start the planning process for 2026 and beyond.

我的意思是，他們確實是頂尖的行業專家。因此，當執行長掌握公司情況並開始思考未來策略時，他們將為執行長提供巨大的幫助。我認為公司未來確實會處於非常有利的地位。但現在考慮其結果還為時過早。我認為我們必須給帕特里克時間來了解公司。此外，我們的新董事會成員也該適應 GXO 了。我相信，隨著我們開始規劃 2026 年及以後的計劃，事情將會開始展開。

Our next question comes from the line of Jeff Kaufman with Vertical Research Partners. Please proceed with your question.

我們的下一個問題來自 Vertical Research Partners 的 Jeff Kaufman。請繼續您的問題。

Thank you very much. And Malcolm, I'll echo what everyone else has said, really enjoyed working with you the last four years and best of luck. Baris, I'll have plenty of time to tell you that as well. I think couple of detailed questions for Baris. So how do I think about the ForEx impact on revenues just based on where things are today for the next couple of quarters?

非常感謝。馬爾科姆，我同意大家的說法，過去四年和你一起工作真的很愉快，祝你好運。巴里斯，我也有足夠的時間來告訴你這一點。我想向巴里斯提出幾個詳細的問題。那麼，僅根據目前的情況，我該如何看待外匯對未來幾季營收的影響？

As you know, we don't hedge our revenue, so whatever the spot rates are for that quarter will be reflected moving forward into our reported revenue growth in Q3 and Q4. As you would recall, in 2024, the average FX rate for euro was EUR 108 and pound was GBP 128. So you need to reflect a higher number in your reported revenue forecast for Q3 and Q4 accordingly. In Q2 alone, we had about 4% of our 16% revenue growth was coming from foreign exchange.

如您所知，我們不對沖我們的收入，因此該季度的現貨匯率將反映在我們報告的第三季和第四季的收入成長中。您可能還記得，2024 年，歐元的平均匯率為 108 歐元，英鎊的平均匯率為128.因此，您需要在第三季和第四季的報告收入預測中反映更高的數字。僅在第二季度，我們 16% 的營收成長中約有 4% 來自外匯。

And then with the thoughts on the divestiture of the small piece of Wincanton that you are going to be divesting do we treat that as a discontinued operation? Or do we wait until the transaction to put that impact in?

然後，考慮到您要剝離的 Wincanton 一小部分業務，我們是否將其視為已停止的業務？還是我們要等到交易完成後才考慮這種影響？

It's a small business, and it's important to note that we don't need to finalize the divestiture in order to start the integration as we have ring-fenced the relevant portion of Wincanton business, we can start integration right away. The relevant parameter is around $100 million of revenue on an annual basis. So it's really not material for the entire financial statements of the company.

這是一家小公司，值得注意的是，我們不需要完成剝離就可以開始整合，因為我們已經將 Wincanton 業務的相關部分隔離開來，我們可以立即開始整合。相關參數是每年約 1 億美元的收入。所以這對公司的整個財務報表來說確實並不重要。

Okay. And then final question. With debt-to-EBITDA running at about 3 times on a trailing basis, ideally, where would you like to see that before the company was to reengage with strategic acquisition?

好的。接下來是最後一個問題。由於債務與 EBITDA 比率在過去約為 3 倍，理想情況下，在公司重新進行策略性收購之前，您希望看到這一比例達到多少？

Acquisitions is not in our short-term agenda. We would like our leverage to be lower first. And as we have more room, it gives us a lot of financial flexibility and optionality. So we can act on opportunities as it comes. So ideally, if it was 1.5 times to 2times over time, it gives us enough flexibility to take opportunities.

收購不在我們的短期議程之內。我們首先希望我們的槓桿率能夠更低。而且由於我們擁有更多空間，這為我們提供了很大的財務靈活性和可選性。這樣我們就可以抓住出現的機會。因此理想情況下，如果隨著時間的推移，這一數字增加 1.5 倍到 2 倍，我們就有足夠的靈活性來抓住機會。

Of course, we'll take a look at the opportunity as they come. Our short-term focus is organic growth, not M&A and creating cash flow to continue to deliver the balance sheet.

當然，我們會抓住機會。我們的短期重點是有機成長，而不是併購和創造現金流以繼續實現資產負債表。

Jason Seidl, TD Cowen.

傑森·塞德爾 (Jason Seidl)，TD Cowen。

Thank you. Good morning, gentlemen. Malcolm, congratulations. I wanted to go back to the reverse logistics commentary about the strong growth. Maybe you can put some numbers around it for us? I know it's a pretty high margin type of business for you guys. And then where did that growth come from?

謝謝。先生們，早安。馬爾科姆，恭喜你。我想回到關於強勁成長的逆向物流評論。也許您可以為我們提供一些數字？我知道這對你們來說是一種利潤相當高的業務。那麼這種成長從何而來？

Is this coming from sort of new customers that you have or existing customers just growing the reverse logistics trends?

這是來自你們的新客戶還是現有客戶正在推動的逆向物流趨勢？

Hi Jason, it's Kristine here. I can start, maybe Malcolm can chime in. In terms of -- I mentioned about the pipeline, and it's about a little over 10% of our pipeline. And it's a high single digit, low double-digit kind of in terms of our revenue today that we derive from reverse logistics. But what's encouraging is, again, you have the activity that e-commerce, that new activity in e-commerce that starts up.

你好，傑森，我是克莉絲汀。我可以開始，也許馬爾科姆可以加入。就我提到的管道而言，它約占我們管道的 10% 多一點。就我們今天從逆向物流中獲得的收入而言，這是一個高個位數或低兩位數的收入。但令人鼓舞的是，電子商務活動又開始了，電子商務新活動又開始了。

And again, about half of our wins this quarter came from e-commerce. And really, that activity is what drives the demand for new reverse logistics operations. Increasingly complex, but they have a big benefit for our customers that they really turn to us to help solve those challenges within the operations.

再次強調，本季我們大約一半的勝利來自電子商務。事實上，這種活動正是推動新逆向物流業務需求的動力。雖然越來越複雜，但它們為我們的客戶帶來了巨大的好處，他們確實向我們尋求幫助來解決營運中的這些挑戰。

Yeah. And just to add to Kristine's comments, I mean, some of the big giant customers that we're starting with that has been started over the last 12 months. And there's quite a number in our plan during the remainder of this year, some just prior to the holiday season. Some will be almost in the end of the holiday season, but really getting ready for next year. They won't be playing an active part of our customer service, the consumers this year. But against all of those, we can see activities running alongside on reverse logistics.

是的。補充一下克里斯汀的評論，我的意思是，我們開始合作的一些大客戶是在過去 12 個月內開始的。我們計劃在今年剩餘時間內進行相當多的活動，其中一些是在假期前舉行的。有些人的假期即將結束，但他們確實在為明年做準備。今年他們不會積極參與我們的客戶服務，也就是消費者服務。但與所有這些相反，我們可以看到逆向物流活動也在同時進行。

And I think definitely, as e-commerce is definitely coming back, no question whatsoever about that. I think we've been a little bit slow in its development over the past couple of years, but there's definitely a trend coming back now. More and more customers engage with us in upgrading existing operations, bringing in new sites and obviously, a lot of new automation coming on board.

我認為電子商務肯定會回歸，這一點毫無疑問。我認為過去幾年我們的發展有點慢，但現在肯定有回歸的趨勢。越來越多的客戶與我們合作，升級現有運營，引入新站點，顯然，還引入了許多新的自動化技術。

And that's really playing perfectly to GXO's wheelhouse, where we're able to not only deploy brand-new automation but with existing customers, volumes are improving and allowing us to put in place tactical automation, but it's under our own direct control. We've moved roughly over the last four years from that 40% to 50% automated.

這對 GXO 的職責來說非常完美，我們不僅能夠部署全新的自動化系統，而且與現有客戶一起，業務量正在不斷提高，並使我們能夠實施戰術自動化，但這完全由我們自己直接控制。在過去四年裡，我們的自動化程度已從 40% 提高到了 50%。

That trend is going to carry on. This company is going to be more and more automated. And clearly, as Baris indicated, that's good for our bottom line. That's good for our margins and our EBITDA growth.

這種趨勢將會持續下去。這家公司將會越來越自動化。顯然，正如巴里斯所指出的，這對我們的底線有利。這對我們的利潤率和 EBITDA 成長有利。

Malcolm, Kristine, that was helpful. For a follow-up here, I want to go back to your organic growth. Obviously, a great number in the quarter. Your range though, I was wondering, it seems like you're being, I think, a little bit conservative on that low end of the range given that we're more than a third away through the third quarter here. What would it take for it to fall back down to that low end of the range?

馬爾科姆、克莉絲汀，這很有幫助。作為後續，我想回到你們的有機成長問題。顯然，本季的數字很大。不過，我想知道您的範圍，我認為，考慮到我們距離第三季還有三分之一以上，您在範圍的低端似乎有點保守。要怎樣才能讓它回落到該範圍的低端呢？

Would that be sort of a macro event that was unforeseen? Just give me a little bit of color on that.

這會是一種無法預見的宏觀事件嗎？只需給我一點顏色看看。

Yes. At this point in time, I think it's difficult to foresee an event that would do that right now. And the reason I say that is we're already halfway through quarter three. We can see already with a high degree of confidence where quarter three will run. That leaves us quarter four, and we're already in a deep planning process for that holiday season.

是的。目前，我認為很難預見會發生這樣的事件。我之所以這麼說，是因為我們已經完成了第三季的一半。我們已經可以非常有信心地預測第三季的走向。現在已是第四季了，我們已經開始為這個假期季節進行深入的規劃。

A lot of our revenues are tied in, a lot of our income is tied in. So right now, difficult to imagine an environment where we will be at the lower end of the range. As I mentioned earlier, I think as a management team, we've approached a very conservative view on this organic growth for the rest of the year. And please appreciate we have a new CEO coming in. I think he's right and proper that he gets to know the business during the rest of this year.

我們的許多收入都是綁在一起的，我們的許多收益都是綁在一起的。因此現在，很難想像我們會處於較低水平的環境。正如我之前提到的，我認為作為管理團隊，我們對今年剩餘時間的有機成長持非常保守的看法。並且請您欣賞我們即將迎來一位新任執行長。我認為他在今年剩餘的時間裡了解業務是正確的。

He'll make decisions about whether we review that guide level as we move into the second half of the year and later earnings calls. But right now, I think we're feeling very, very good about the remainder of this year. Everything that we're seeing, new customer start-ups, very well planned. They're going to be very well executed. National Health Service business in its all right, is worth something in the range of 0.4% of organic growth.

當我們進入下半年以及之後的財報電話會議時，他將決定是否要審查該指導水準。但現在，我認為我們對今年剩餘時間的前景感到非常非常樂觀。我們所看到的一切，新客戶的啟動，都是經過精心策劃的。它們將會被很好地執行。國家醫療服務體系業務總體而言，價值約為有機成長的 0.4%。

That's starting towards the end of this quarter, beginning of quarter four. So everything we can see would lead us to believe that we're going to have a really good year. But as I mentioned, it's right and proper right now, I think we just keep that very conservative approach.

這是從本季末、第四季初開始的。因此，我們所看到的一切都讓我們相信，我們將度過一個非常好的一年。但正如我所提到的，現在這是正確且恰當的，我認為我們只是保持這種非常保守的方法。

And ladies and gentlemen, that is all the time we have for questions today. I'd like to hand the call back to Malcolm Wilson for closing remarks.

女士們、先生們，今天我們的提問時間就到這裡了。我想將電話轉回給馬爾科姆威爾遜 (Malcolm Wilson) 做結束語。

Thanks very much, Jamali. And look, we really appreciate you turning the call so well. So on a personal note, as Baris mentioned, today, it does mark my last earnings call, and I thoroughly enjoyed working with everybody over this last period. I've never been so much congratulated on my advancing years, but I do really appreciate all the warm comments that you've all given me this morning and indeed for Baris as well, although he's not quite as advancing in years as I am at this point in time.

非常感謝，賈瑪利。瞧，我們真的很感謝您如此出色地接聽電話。因此，就我個人而言，正如巴里斯所提到的，今天確實是我最後一次財報電話會議，我非常享受在這段時間裡與大家一起工作。我從來沒有收到過這麼多對我年事已高的祝賀，但我真的很感謝你們今天早上給我的所有熱情評論，當然也感謝你們對巴里斯的祝賀，儘管他現在的年齡還沒有我這麼大。

Serving as the CEO of GXO, these last four years, and indeed, actually, the 12 months prior to the spin, the preparing of the company, the recruiting of team members, getting it ready to be a stand-alone business, well, that's been an absolute honour for me.

擔任 GXO 執行長的這四年，實際上，在分拆前的 12 個月，公司籌備、團隊成員招募，準備成為一家獨立的公司，這對我來說絕對是一種榮譽。

I want to thank all of our team members at GXO, our loyal customers, a specific callout for Baris Oran and our shareholders for trusting us on this journey. I'm very, very pleased to be welcoming GXO's incoming CEO, Executive Officer, Patrick Kelleher. Patrick is going to be a super leader for the company. I'm very confident in his ability to lead the company into its next chapter of growth.

我要感謝 GXO 的所有團隊成員、我們的忠實客戶、特別感謝 Baris Oran 以及我們的股東，感謝他們在這趟旅程中對我們的信任。我非常高興地歡迎 GXO 新任執行長兼執行長 Patrick Kelleher。派崔克將成為公司的超級領導者。我對他帶領公司邁入下一個發展篇章的能力充滿信心。

So with that, I'd like to wish everybody a great rest of the day, and thanks very much for joining us on our call. Thanks very much. Jamali, will finish the call.

因此，我祝福大家今天過得愉快，非常感謝大家參加我們的電話會議。非常感謝。賈瑪利，我來結束通話。

Thank you. And ladies and gentlemen, this concludes today's teleconference. Thank you for your participation. You may disconnect your lines at this time. Have a wonderful day.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。祝您有美好的一天。