GXO Logistics, Inc. (GXO) 2026 Q1 法說會逐字稿

Welcome to the GXO first quarter 2026 earnings conference call and webcast. My name is Sachi, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎收聽並觀看 GXO 2026 年第一季財報電話會議與網路直播。我是 Sachi，將擔任今天電話會議的接線員。(接線員指示) 請注意，本次會議將被錄音。

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

在電話會議開始前，讓我代表公司宣讀一段簡短聲明，內容涉及前瞻性陳述、非 GAAP 財務衡量指標的使用，以及公司的財測指引。在本次電話會議中，公司將在適用證券法的意義下作出若干前瞻性陳述；此類陳述本質上涉及多項風險與不確定性及其他因素，可能導致實際結果與前瞻性陳述中所預期或推估者出現重大差異。

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 the extent required by law. The company also may refer to certain non-GAAP financial measures as defined under applicable SEC rules during this call.

可能導致實際結果與預期出現重大差異之因素的討論，載於公司向 SEC 提交的文件中。公司在新聞稿中或於本次電話會議所作的前瞻性陳述僅以今日為準；除法律要求外，公司無義務更新任何此等前瞻性陳述。公司亦可能在本次電話會議中提及依適用 SEC 規則所定義的若干非 GAAP 財務衡量指標。

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 are on its website. Unless otherwise stated, all results reported on this call are reported in United States dollars. The company will also remind you that its guidance incorporates business trends to date and what it believes today to be appropriate assumptions.

此等非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表載於公司的財報新聞稿中，相關財務表格亦公布於公司網站。除非另有說明，本次電話會議所報告之所有結果均以美元呈列。公司亦提醒各位，其財測指引已納入截至目前的業務趨勢，以及公司於今日認為適當的假設。

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

公司的經營結果本質上難以預測，且可能受到多項因素的重大影響，包括外匯匯率波動、全球經濟狀況與消費者需求及支出變化、勞動市場與全球供應鏈限制、通膨壓力，以及公司向 SEC 提交文件中所詳述的各項因素。公司無法實際預測其服務需求，因此實際結果可能與指引存在重大差異。您可於公司網站的投資人專區取得公司財報新聞稿副本，其中包含關於前瞻性陳述與非 GAAP 財務衡量指標的其他重要資訊。

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

接下來我將把電話會議交給 GXO 執行長 Patrick Kelleher。Kelleher 先生，請開始。

Good morning. Thank you for joining our first quarter 2026 results call. Joining me today are Mark Suchinski, our Chief Financial Officer, and Kristine Kubacki, our Chief Strategy Officer. Before we get into the quarter, I want to take a moment to welcome Mark, who is joining us for his first earnings call as our Chief Financial Officer. Mark's decades of experience driving enterprise performance through labor productivity, contracting, and pricing improvements, as well as deep expertise in aerospace and defense, which is one of our most important growth verticals, is exactly what we need as we accelerate growth and expand margins. His track record of driving value creation aligns directly with where we're headed in this new era of growth. With Mark on board, we have the right team in place to deliver on our strategic priorities.

各位早安。感謝各位參加我們 2026 年第一季業績電話會議。今天與我一同出席的有我們的財務長 Mark Suchinski，以及策略長 Kristine Kubacki。在進入本季內容之前，我想先花一點時間歡迎 Mark，他將首次以財務長身分參與我們的財報電話會議。Mark 擁有數十年透過勞動生產力、合約管理與定價改善來推動企業績效的經驗，並在航太與國防領域具備深厚專業；該領域是我們最重要的成長垂直之一。隨著我們加速成長並擴大利潤率，這正是我們所需要的能力。他推動價值創造的實績，與我們在這個全新成長時代的發展方向完全一致。有 Mark 加入後，我們已具備合適的團隊來落實我們的策略重點。

A big welcome to you, Mark.

Mark，熱烈歡迎你。

Thank you, Patrick. I'm truly excited to be part of the GXO team.

謝謝你，Patrick。我真的很興奮能成為 GXO 團隊的一員。

And we are thrilled to have you. Now turning to the quarter. In the first quarter, we delivered revenue of $3.3 billion, up 11% versus prior year, and adjusted EBITDA of $200 million, up 23%. Adjusted diluted EPS increased 72% to $0.50. Organic revenue growth was 4% in the quarter, with every region contributing, demonstrating the resilience and global strength of our business model in a dynamic geopolitical environment. We entered 2026 with strong revenue visibility.

我們也非常高興你加入。現在回到本季表現。第一季我們實現營收 33 億美元，較去年同期成長 11%；調整後 EBITDA 為 2 億美元，成長 23%。調整後稀釋每股盈餘（EPS）成長 72% 至 0.50 美元。本季有機營收成長 4%，各區域皆有貢獻，展現我們商業模式在動盪地緣政治環境下的韌性與全球實力。我們以強勁的營收能見度進入 2026 年。

We have continued to build on that momentum. In the first quarter, we added $227 million in new business wins across key verticals, including notable contracts in aerospace and defense, several technology wins, including further growth in AI cloud infrastructure with hyperscalers and an expansion with the NHS in the UK.

我們持續在此動能上再接再厲。第一季我們在關鍵垂直領域新增 2.27 億美元的新業務得標，其中包括航太與國防的具代表性合約、數個科技領域得標（包含與超大規模雲端服務商在 AI 雲端基礎設施方面的進一步成長），以及在英國與 NHS 的合作擴大。

In consumer, we secured a meaningful new partnership with L'Oréal in Europe. We are also seeing encouraging momentum in North America with our largest win in the quarter coming from our rapidly expanding aerospace and defense business. These wins demonstrate strong commercial momentum and give us confidence in our ability to accelerate organic growth in 2026. We now have $870 million of expected incremental new business revenue already secured for 2026, up 19% compared to this time last year, giving a strong line of sight into the balance of the year, and we are already beginning to build visibility into 2027.

在消費品方面，我們在歐洲與萊雅（L'Oréal）建立了一項具重要意義的新合作夥伴關係。我們也在北美看到令人鼓舞的動能，本季最大的一筆得標來自我們快速擴張的航太與國防業務。這些得標展現強勁的商務動能，並讓我們對於在 2026 年加速有機成長的能力更具信心。目前我們已為 2026 年鎖定 8.70 億美元的預期新增新業務增量營收，較去年同期成長 19%，使我們對今年剩餘期間有清晰的可視性，並且也已開始建立對 2027 年的能見度。

Mark and Kristine will discuss our financial outlook and new business wins in more detail shortly, but I'm pleased to announce that after a strong start to the year, we are raising our full year guidance for adjusted EBITDA and adjusted EPS. We now expect a 22% increase in adjusted EPS at the midpoint of the range.

Mark 與 Kristine 稍後將更詳細說明我們的財務展望與新業務得標情況；但我很高興宣布，在今年強勁開局之後，我們上調全年調整後 EBITDA 與調整後 EPS 的指引。我們目前預期，在區間中點，調整後 EPS 將成長 22%。

Now let me walk you through what's driving that confidence. We're focused on three strategic priorities: sharpening commercial execution, strengthening operational discipline, and leading in AI and next generation automation. These are the levers that will accelerate growth and expand margins. To execute on these priorities, we brought in new leadership across commercial, operations, and our Americas and Asia Pacific region. That team is now in place and delivering results.

接下來我說明是什麼驅動了這份信心。我們聚焦三項策略重點：強化商務執行、加強營運紀律，以及在 AI 與下一代自動化領域保持領先。這些槓桿將加速成長並擴大利潤率。為了落實這些重點，我們在商務、營運，以及美洲與亞太區域引進了新的領導團隊。該團隊現已到位並交出成果。

First, on commercial, we're diversifying into strategic growth verticals. Karen Bomber joined in January and is focused on three key areas: bringing a unified global approach to account management that mirrors how our customers operate, pricing that reflects the value that we deliver, and faster, more consistent commercial processes. We are already seeing momentum. Our total pipeline now stands at the highest level in GXO's history.

首先在商務方面，我們正朝策略性成長垂直領域多元化布局。Karen Bomber 於 1 月加入，聚焦三個關鍵面向：以統一的全球方式推動客戶關係管理，以呼應客戶的營運模式；反映我們所提供價值的定價；以及更快速、更一致的商務流程。我們已經看到動能。我們的整體商機管線目前達到 GXO 歷史最高水準。

In the quarter, 40% of wins were in our strategic growth verticals, aerospace and defense, industrial, life sciences, and technology, particularly data centers. Our sales pipeline is accelerating, up 20% from the fourth quarter, of which more than a half a billion dollars is in our strategic growth verticals. We also saw positive year-over-year volume growth in these verticals, helping to offset softer volumes in retail and consumer. We have seen the momentum building specifically in North America, one of the largest and fastest-growing logistics markets globally.

本季得標中有 40% 來自我們的策略性成長垂直領域：航太與國防、工業、生命科學與科技（尤其是資料中心）。我們的銷售管線正在加速，較第四季成長 20%，其中超過 5 億美元來自策略性成長垂直領域。我們也看到這些垂直領域的年對年出貨量成長，有助於抵銷零售與消費品較疲弱的量。我們特別看到北美動能正在累積；北美是全球最大且成長最快的物流市場之一。

Our new management team and targeted marketing investments are gaining traction. In the first quarter, win rates notably increased, and the pipeline grew 35% sequentially, giving us increased confidence in the opportunity ahead. In the region, we continue to benefit from our leadership position in B2B verticals, particularly aerospace and defense and data centers, while also seeing broader momentum emerging in consumer verticals, including consumer staples.

我們的新管理團隊與精準的行銷投資正逐步見效。第一季得標率明顯提升，且管線較前一季成長 35%，使我們對未來機會更具信心。在該區域，我們持續受惠於在 B2B 垂直領域的領導地位，特別是航太與國防以及資料中心；同時也看到消費類垂直領域出現更廣泛的動能，包括民生必需品。

During the quarter, we launched the Defense Advisory Board in the US and established the Torus Defence Supply Chain in the UK, a significant move that positions GXO as the leading supply chain provider to the UK defense industry, building on the expertise and relationships Wincanton brings to our platform. Second, in operations, we have begun to implement the GXO Way, our new global framework for standardizing and scaling excellence across the full operational life cycle. This gives us the platform to drive more consistent, repeatable execution at scale, which will make GXO even more competitive as a growth partner for customers and drive margin expansion.

本季期間，我們在美國成立國防諮詢委員會（Defense Advisory Board），並在英國建立 Torus 國防供應鏈（Torus Defence Supply Chain）。這是一項重大舉措，使 GXO 成為英國國防產業的領先供應鏈服務提供者，並在 Wincanton 為我們平台帶來的專業能力與關係基礎上再進一步。第二，在營運方面，我們已開始導入 GXO Way——我們新的全球框架，用於在完整的營運生命週期中標準化並擴大卓越實務。這為我們提供平台，以規模化方式推動更一致、可複製的執行，讓 GXO 作為客戶的成長夥伴更具競爭力，並帶動利潤率擴張。

Third, in technology, we are making clear progress on our automation and AI strategies. GXO IQ reached an important milestone this quarter as we began to scale the platform, launching several new sites, with the rollout expected to accelerate throughout the year. We are targeting more than 50 sites by year-end. The deployment of automated solutions continues to advance as well, including a fleet of autonomous mobile robots in the Netherlands and our first Autoload solution in Europe.

第三，在科技方面，我們在自動化與 AI 策略上正取得明確進展。本季 GXO IQ 達成一項重要里程碑，我們開始擴大平台規模並啟動多個新據點，上線推進預期將在全年加速。我們的目標是在年底前超過 50 個據點。自動化解決方案的部署也持續推進，包括在荷蘭部署一支自主移動機器人（AMR）車隊，以及我們在歐洲的第一套 Autoload 解決方案。

This will not only enhance how we deliver, driving greater efficiency and productivity for our customers, it creates ongoing value and strengthens the durability of our partnerships. On humanoids, we will launch more pilots across the US and Europe later this year.Our first-mover advantage is real, and we are building on it.

這不僅將提升我們的交付方式，為客戶帶來更高的效率與生產力，也能創造持續價值並強化合作關係的韌性。在人形機器人方面，我們將於今年稍晚在美國與歐洲啟動更多試點。我們的先行者優勢是真實存在的，我們也正在此基礎上持續深化。

In closing, GXO is off to a strong start in 2026. The underlying business is showing positive momentum, our strategic priorities are beginning to gain traction, and our team is fully focused on driving long-term value creation. I look forward to sharing more on our long-term strategy and progress at our Investor Day to be scheduled after the third quarter earnings.

最後，GXO 在 2026 年開局強勁。核心業務展現正向動能，我們的策略重點開始見到成效，而團隊也全力聚焦於推動長期價值創造。我期待在投資人日（預計於第三季財報之後安排）與各位分享更多我們的長期策略與進展。

With that, I'll hand the call off to Mark.

接下來我把電話交給 Mark。

Thank you, Patrick, and good morning, everyone. Again, it's a pleasure to join you for my first earnings call as CFO of GXO. In my first five weeks, I've had the opportunity to meet with our site teams, our customers, and colleagues across the business. My initial takeaways are very clear. We have a strong foundation and a significant growth opportunity ahead of us.

謝謝你，Patrick，各位早安。再次，很高興以 GXO 財務長（CFO）的身分，與各位一起參加我第一次的財報電話會議。在我上任的前五週，我有機會與我們的據點團隊、客戶，以及公司各部門同仁會面。我初步的收穫非常明確。我們擁有堅實的基礎，且前方有顯著的成長機會。

GXO has built a formidable enterprise, one with significant global scale, a competitive advantage in automation and AI, and a caliber of customer base that very few companies in the world can match. My priorities are fully aligned with Patrick's to operate as a single connected global firm, powering our commercial growth strategy, leveraging the GXO Way to drive consistent global execution, and optimizing our cost structure. We will also ensure disciplined capital allocation that drives long-term shareholder value.

GXO 已打造出一個強大的企業體，具備可觀的全球規模、在自動化與 AI 的競爭優勢，以及全球極少數公司能匹敵的客戶基礎品質。我的優先事項與 Patrick 完全一致：以單一、互聯的全球公司方式運作，推動我們的商業成長策略，運用 GXO Way 促進一致的全球執行，並優化成本結構。我們也將確保嚴謹的資本配置，以推動長期股東價值。

I look forward to sharing more on each of these areas in the quarters ahead. In the first quarter, GXO delivered revenue of $3.3 billion, up 10.8% year-over-year, of which 4.1% was organic. Every region contributed, a clear demonstration of our breadth and resilience of our contractual business model in a dynamic macro environment. We delivered adjusted EBITDA of $200 million, up 22.7% from this time last year. This resulted in an adjusted EBITDA margin of 6.1%, up 60 basis points year-over-year. We delivered net income of $5 million and adjusted net income attributable to GXO of $58 million, up 70.6% year-over-year.

我期待在未來幾季就上述各項領域分享更多。第一季，GXO 營收為 33 億美元，年增 10.8%，其中 4.1% 為有機成長。各區域皆有貢獻，清楚展現我們在動態總體環境下，合約型商業模式的廣度與韌性。我們的調整後 EBITDA 為 2 億美元，較去年同期成長 22.7%。因此調整後 EBITDA 利潤率為 6.1%，年增 60 個基點。我們的淨利為 500 萬美元，歸屬於 GXO 的調整後淨利為 5,800 萬美元，年增 70.6%。

Adjusted diluted EPS was $0.50 per share, up 72.4% from the first quarter a year ago. We generated $31 million of operating cash flow in the quarter, while free cash flow was an outflow of $31 million, in line with typical seasonality. We are managing working capital efficiently and investing in the business at high returns.

調整後稀釋每股盈餘（EPS）為每股 0.50 美元，較去年第一季成長 72.4%。本季我們產生 3,100 萬美元的營運現金流，而自由現金流為流出 3,100 萬美元，符合典型季節性。我們正有效管理營運資金，並以高報酬投資於業務。

Turning to our balance sheet, we ended the quarter with $794 million in cash on hand and a strong liquidity position of $1.6 billion. Our leverage levels held steady at 2.5 times. Our investment-grade balance sheet is strong and positions GXO for profitable growth. We remain focused on disciplined allocation of capital to enhance long-term value for our shareholders. The integration of Wincanton is progressing at pace. We remain on track to deliver run rate cost synergies of $60 million by year-end 2026. We also expect to capture significant revenue synergies in the years ahead.

談到資產負債表，我們在季末持有 7.94 億美元現金，並擁有 16 億美元的強勁流動性部位。我們的槓桿水準維持在 2.5 倍。我們的投資等級資產負債表相當穩健，使 GXO 能夠實現獲利性成長。我們仍專注於嚴謹的資本配置，以提升股東的長期價值。Wincanton 的整合正按進度推進。我們仍按計畫在 2026 年底前達成 6,000 萬美元的成本協同效益（run rate）。我們也預期在未來幾年取得可觀的營收協同效益。

Turning to the outlook for the full year, we over-delivered versus our guidance for the first quarter. We saw strong underlying performance from our core business, as well as benefiting from certain contract termination costs that had been anticipated in the first quarter and are now expected to be incurred over the remainder of the year.

談到全年展望，我們第一季的表現超出指引。我們看到核心業務的強勁基本面表現，同時也受惠於部分原先預期在第一季發生的合約終止成本，現改為預期在今年剩餘期間發生。

As a result, for our full year 2026 guidance, we are maintaining organic revenue growth of 4% to 5%, raising adjusted EBITDA to a range of $935 million to $975 million, raising Adjusted diluted earnings per share to a range of $2.90 to $3.20, up 22% at the midpoint, and maintaining free cash flow conversion of 30% to 40%. With strong operating performance, a record sales pipeline, and solid financial foundation, we're well-positioned to accelerate growth and expand margins in 2026 and beyond.

因此，在 2026 全年指引方面，我們維持有機營收成長 4% 至 5%，將調整後 EBITDA 上調至 9.35 億至 9.75 億美元，將調整後稀釋每股盈餘上調至 2.90 至 3.20 美元區間（以中位數計年增 22%），並維持自由現金流轉換率 30% 至 40%。憑藉強勁的營運表現、創紀錄的銷售管線以及穩健的財務基礎，我們已具備良好條件在 2026 年及之後加速成長並擴大利潤率。

With that, over to you, Kristine.

接下來交給你，Kristine。

Thanks, Mark. Good morning, everyone. The first quarter results again demonstrate the strength and resilience of our business model. I'd like to provide some more context on the drivers of that growth, the durability we see across our business, and how we are positioning GXO for the next phase of value creation. Patrick has been clear about our strategic priorities: sharpening our commercial strategy, strengthening our execution, and leading the deployment of AI and next-generation automation.

謝謝你，Mark。各位早安。第一季的結果再次證明我們商業模式的強勁與韌性。我想就成長的驅動因素、我們在各業務中看到的持久性，以及我們如何為 GXO 的下一階段價值創造做好布局，提供更多背景說明。Patrick 已清楚說明我們的策略重點：精進商業策略、強化執行力，以及領先部署 AI 與下一代自動化。

Together, these priorities will drive long-term profitable growth. Commercially, we are making significant progress deepening our global relationships with blue-chip customers and expanding across geographies and into high-growth verticals.

這些重點將共同推動長期且具獲利性的成長。在商業面，我們正顯著深化與頂尖藍籌客戶的全球關係，並在地理版圖與高成長垂直領域持續擴張。

In the first quarter, we won $227 million in new contracts, and our pipeline grew to $2.7 billion, a record for GXO and a clear reflection of the momentum that has built since Patrick joined in August of last year. As Patrick and Mark both noted, we are deliberately leveraging our strong positions in aerospace and defense and technology, including data center infrastructure, to capture the rapidly growing opportunities in these verticals.

第一季我們贏得 2.27 億美元的新合約，銷售管線成長至 27 億美元，創下 GXO 紀錄，也清楚反映自 Patrick 去年 8 月加入以來所累積的動能。如 Patrick 與 Mark 皆提到的，我們正有意識地運用在航太與國防，以及科技（包含資料中心基礎設施）等領域的強勢地位，以掌握這些垂直領域快速成長的機會。

We are also continuing to build on our strong foundations in life sciences and the broader industrial vertical. In the first quarter, approximately 40% of our wins and a quarter of our pipeline came from these strategic growth verticals, a direct result of our deep capabilities, technical expertise, and strong competitive positioning. With supply chains continuing to grow in complexity and reshore, we have increasing confidence in the durability and resilience of our growth outlook. And with a combined TAM of over $200 billion across these verticals, the runway ahead remains substantial.

我們也持續在生命科學以及更廣泛的工業垂直領域上，鞏固既有的強大基礎。第一季，我們約 40% 的得標案與四分之一的銷售管線來自這些策略性成長垂直領域，這是我們深厚能力、技術專業與強勁競爭定位的直接成果。隨著供應鏈持續變得更複雜並出現回流（reshore）趨勢，我們對成長展望的持久性與韌性更具信心。而這些垂直領域合計的 TAM 超過 2,000 億美元，前方跑道仍相當可觀。

Taken together, our recent wins translate to $870 million in incremental revenue already booked for 2026, up 19% from where we stood at this point last year. This gives us confidence in our full-year guidance and provides clear visibility into our long-term growth trajectory.

綜合而言，我們近期的得標案已轉化為 2026 年已簽約入帳的 8.70 億美元新增營收，較去年同期我們所處水準成長 19%。這讓我們對全年指引更具信心，並為長期成長軌跡提供清晰能見度。

The second priority Patrick outlined was strengthening our execution, leveraging our position as the leading pure-play contract logistics provider to drive better outcomes for our customers and improve profitability for GXO. Central to that is our leadership in automation, technology, and AI. In the first quarter, we made meaningful strategic progress on this front as we began expanding GXO IQ into a scaled platform.

Patrick 提出的第二項重點是強化執行力，運用我們作為領先純合約物流供應商的地位，為客戶帶來更佳成果，並提升 GXO 的獲利能力。其中的核心在於我們在自動化、科技與 AI 的領導地位。第一季，我們在此方面取得具意義的策略性進展，開始將 GXO IQ 擴展為可規模化的平台。

We have moved from pilot to global rollout, launching GXO IQ at a large consumer product site with a seamless implementation. We are now accelerating deployment across North America and Europe, with UK sites set to follow later in the year. As a reminder, GXO IQ is an AI-powered warehouse technology platform that improves startup efficiency, accelerates productivity, and enhances data security.

我們已從試點階段邁向全球推廣，在一個大型消費品據點以無縫方式導入並啟動 GXO IQ。我們目前正加速在北美與歐洲的部署，英國據點預計將於今年稍晚跟進。提醒一下，GXO IQ 是一個由 AI 驅動的倉儲科技平台，可提升啟動效率、加速生產力，並強化資料安全。

GXO IQ simplifies implementations and makes our proprietary AI modules and automation capabilities truly scalable. We are targeting to expand GXO IQ to more than 50 sites by year-end. In combination with strengthening our operating model, in the quarter, we have begun to reshape our organization to drive sharper execution. Our new COO, Bart Beeks, who joined in January, is overseeing the launch of the GXO Way.

GXO IQ 簡化導入流程，並讓我們自有的 AI 模組與自動化能力真正具備可擴展性。我們的目標是在年底前將 GXO IQ 擴展至超過 50 個據點。同時，配合強化我們的營運模式，本季我們已開始重塑組織，以推動更精準的執行。我們的新任營運長（COO）Bart Beeks 於 1 月加入，正負責推動「GXO Way」的啟動。

Our operating framework designed to turn proven excellence into a repeatable advantage. This means standardizing implementation best practices, accelerating frontline automation deployment, and leveraging our global procurement capabilities to drive scale and expertise benefits for our customers.

這是我們的營運框架，旨在把已被驗證的卓越表現轉化為可重複的競爭優勢。這意味著將導入最佳實務標準化、加速第一線自動化部署，並運用我們的全球採購能力，為客戶帶來規模與專業的效益。

Overall, these strategic priorities are serving to diversify GXO's revenue base, making our growth even more durable and driving our profitability and cash flow. We look forward to sharing more at our Investor Day after third quarter earnings, where we'll provide more detail on our long-term strategy and financial framework.

整體而言，這些策略重點正協助 GXO 的營收基礎更加多元，使我們的成長更具韌性，並帶動獲利能力與現金流。我們期待在第三季財報後的投資人日分享更多內容，屆時將就我們的長期策略與財務架構提供更詳細說明。

With that, I'll hand the call back over to the operator for Q&A.

接下來，我把電話交回給主持人進行問答。

Stephanie Moore, Jefferies. Please go ahead.

Jefferies 的 Stephanie Moore。請開始。

Hi. Good morning. Thank you, everybody. Congrats on the strong quarter and obviously a really good start to the year. I was hoping that you could address a topic that is, I don't know, probably clearly top of mind with investors this past week. So I think most have probably seen this, but I'm obviously talking about the announcement from Amazon of its expanded supply chain services.

嗨。早安。謝謝各位。恭喜本季表現強勁，顯然今年開局也非常好。我希望你們能談談一個議題——我不知道——但過去一週對投資人來說應該很明顯是最關注的焦點。我想大多數人可能都看到了，我指的是亞馬遜宣布擴大其供應鏈服務。

So I think it'd be helpful if you could just maybe speak to your competitive moat and differentiated service proposition and how that differs from other players such as Amazon or really any other well-backed company that would look to expand fulfillment or warehousing services. I think that would be a helpful place to start. Thank you.

所以我想如果你們能談談你們的競爭護城河與差異化的服務主張，以及這與亞馬遜或任何其他資金雄厚、可能想擴張履約或倉儲服務的業者有何不同，會很有幫助。我想這會是一個很好的切入點。謝謝。

Absolutely, Stephanie, and thanks for the question and good morning to you. I've been in this industry for 32 years, and I really viewed Amazon's announcement this week as a fantastic validation of the opportunity that's in front of GXO and of the contract logistics industry. This is a massive market. It's approximately a half a trillion dollars and growing. Very exciting today. Roughly 70% of the market, that being contract logistics, is insourced, which is a huge opportunity. So we don't view this as really changing the overall competitive dynamic.

當然可以，Stephanie，謝謝你的提問，也向你道早安。我在這個產業已經 32 年了，我認為亞馬遜本週的宣布，是對 GXO 以及合約物流產業所面臨機會的一個極佳驗證。這是一個龐大的市場。規模約為 5,000 億美元，且仍在成長。今天非常令人振奮。約有 70% 的市場——也就是合約物流——仍由企業內部自營（insourced），這是一個巨大的機會。因此我們不認為這會真正改變整體競爭態勢。

I would point out that we provide a fundamentally different offering. Amazon is selling access to its supply chain, whereas GXO, we build custom solutions for our customers, that distinction means everything to our blue-chip customers. We're not a one-size-fits-all provider. What we do is bespoke, operationally complex, and relationship-driven. The more complex the supply chain, the more bespoke really matters.

我想指出的是，我們提供的是根本不同的服務。亞馬遜是在販售其供應鏈的使用權；而 GXO 則是為客戶打造客製化解決方案，這個差異對我們的藍籌客戶而言至關重要。我們不是一體適用（one-size-fits-all）的供應商。我們所做的是量身打造、營運上高度複雜，並以關係為驅動。供應鏈越複雜，量身打造就越重要。

There's a couple of differences to our model that I really want to point out. First is control. For enterprise customers, protecting their data is a top priority. Many of companies are going to be reluctant to give the competitor deeper visibility into their inventory, demand pattern, sales channels, financials.

我們的模式有幾個差異點，我特別想強調。第一是控制權。對企業客戶而言，保護其資料是首要任務。許多公司會不願意讓競爭對手更深入地掌握其庫存、需求型態、銷售通路與財務資訊。

Number two, we offer a flexible tech stack that is vendor agnostic, so we're not beholden to a single technology solution. And number three, our capabilities extend way beyond retail into sectors like aerospace and defense and industrial, just to name a few. We see our moat as really deep. The combination of factors are client-aligned customized solutions, feature long-term contracts, cutting-edge technology, deep vertical know-how, high quality execution, and I think those are all key differentiators.

第二，我們提供具彈性的技術堆疊（tech stack），且不綁定特定供應商（vendor agnostic），因此不受制於單一技術解決方案。第三，我們的能力範圍遠不只零售，還涵蓋航太與國防、工業等領域，僅舉幾例。我們認為我們的護城河非常深。這些因素的組合包括：與客戶一致的客製化解決方案、長期合約、尖端科技、深厚的垂直領域專業、高品質的執行力——我認為這些都是關鍵差異化。

We're really focused on delivering value for our customers, shareholders, and teammates with a focus on discipline in executing our strategic plans and executing for our customers. So we really feel great about how GXO is positioned as a leader in the contract logistics industry to continue to win and grow this year and into 2027 and beyond.

我們非常專注於為客戶、股東與同仁創造價值，並以嚴謹紀律來落實我們的策略計畫、為客戶交付成果。因此，我們對 GXO 作為合約物流產業領導者的定位感到非常有信心，能在今年以及 2027 年乃至更長遠持續勝出並成長。

Thanks, Patrick. Super helpful. I guess one question on just the quarter itself. Maybe if you could just speak to, I think the EBITDA performance was better than we had initially expected. So as you think about that underlying performance do you think that this is a testament of some of the cost actions that your team has kind of implemented more recently? Maybe talk through what this should mean in terms of the momentum of those cost actions as the year progresses. Just wanted to get a sense of your underlying confidence and the ability to really look for some of the productivity savings that you called out before. Thanks, guys.

謝謝你，Patrick。非常有幫助。我想再問一個關於本季本身的問題。也許你們可以談談——我認為 EBITDA 的表現比我們原先預期更好。所以當你們看待這個基本面表現時，你們是否認為這反映了你們團隊近期所採取的一些成本措施？也請談談，隨著年度推進，這些成本措施的動能意味著什麼。我想了解你們對基本面的信心，以及真正去尋找你們先前提到的生產力節省的能力。謝謝各位。

Absolutely. I'll ask Mark to answer that question.

當然。我請 Mark 來回答這個問題。

Good morning, Stephanie. Thanks for the question. As you indicated we had a really strong performance in the first quarter in our core business. We feel good about that. The initiatives that are in place, they're starting to take hold here. And so it's a clear indication that what we're doing, we're on the right track here. And so I think as we move throughout the year, we continue to win new business and focus on very disciplined execution for our customers.

早安，Stephanie。謝謝你的提問。如你所說，我們第一季在核心業務的表現非常強勁。我們對此感到很不錯。目前推行的各項措施開始在這裡發揮效果。因此這清楚顯示我們正在做的事情方向正確。我想隨著今年推進，我們會持續贏得新業務，並專注於以高度紀律為客戶執行交付。

Along with the initiatives that Bart Beeks, our new COO, is driving, we feel good about our ability to drive margins in the long term. And you're seeing it show up in the first quarter. And that's one of the reasons why we felt confident, but prudent in our approach to raising guidance.

再加上我們新任營運長 Bart Beeks 正在推動的各項措施，我們對長期推動利潤率的能力感到有信心。而你們也在第一季看到這些成果開始反映出來。這也是我們有信心、但同時保持審慎地上調財測指引的原因之一。

Great. Thanks, everybody. Appreciate it.

很好。謝謝各位。感謝。

Ravi Shanker, Morgan Stanley.

Morgan Stanley 的 Ravi Shanker。

Great. Thanks, morning, everyone. Just on the current environment, can you guys clarify if you've seen any blips in customer activity or planning at all, because of the conflict in the Middle East and kind of what the outlook looks like the rest of the year?

很好。謝謝，大家早安。就目前環境而言，你們能否說明是否因為中東衝突而在客戶活動或規劃上看到任何波動（blips）？以及今年剩餘時間的展望大概如何？

Yeah. First, I would say that for GXO, we have virtually no direct exposure to the region, and we are not seeing any material impact from the conflict. Our volumes for the first quarter overall were relatively flat, which is something that we had actually forecasted and saw coming into the quarter. B2B volumes in our aerospace defense, industrial technology, life sciences sectors were slightly up. And then B2C volumes in retail and CPG slightly down, but netting out to being flat.

是的。首先我會說，對 GXO 而言，我們幾乎沒有直接曝險於該地區，也沒有看到衝突帶來任何重大影響。我們第一季整體量能大致持平，這其實是我們先前就已預測、並在進入本季時就看到的情況。在 B2B 方面，我們的航太國防、工業科技、生命科學等產業的量能略有上升。而在 B2C 方面，零售與消費性包裝商品（CPG）的量能略有下降，但相互抵銷後整體仍為持平。

We continue to see great energy from customers around the exploration of outsourcing, and through our new business delivery in the first quarter. Clearly, customers are continuing to commit to solutions going forward. I think a great testament to the health of the industry and the opportunities out there is the increase that we saw in our pipeline in the first quarter. So record pipeline now, up to $2.7 billion. We're seeing great conversion on that pipeline. And based on the flow of projects coming in week by week, we see that continuing in the medium term, long term as we look towards the end of the year.

我們持續看到客戶在探索外包方面展現出強勁動能，也反映在我們第一季的新業務交付上。很明顯地，客戶仍在持續承諾未來的解決方案。我認為，第一季我們看到的銷售管線增加，是產業健康度與外部機會的一個很好的證明。因此，目前管線創新高，達到27億美元。我們也看到該管線有很好的轉換表現。而且根據每週持續流入的專案量，我們認為這樣的趨勢在中期、長期都會延續，並一路延伸到年底。

Great. That's helpful. And maybe as a follow-up on the Amazon topic, thanks for the clarification and kind of what you see as your moat there, particularly the point on custom solutions. Is there any part of your business you think where you do not have the level of complexity or customization that you would like to have? Or any end markets or geographies where you think as a result of this development, you would maybe want to pivot away from and maybe towards others?

很好。這很有幫助。另外，針對亞馬遜這個主題作為追問，謝謝你的澄清，以及你所認為的護城河，特別是關於客製化解決方案的部分。你是否認為在你們的業務中，有任何部分的複雜度或客製化程度，尚未達到你希望的水準？或者是否有任何終端市場或地理區域，你認為因為這項發展，可能會想要從某些領域轉向、並轉而聚焦其他領域？

Sure. So the area of the business where I do see us competing with Amazon going forward, and we have been in the past for a while, is with Amazon's FBA product, which is very similar to our GXO Direct product offering, which is our shared use e-commerce offering. That business for GXO Direct grew in 2025. It grew 5% in the first quarter of this year. But it does represent just under 6% of our total business, so relatively small in the overall scheme of GXO's business in total.

當然。我確實看到我們未來會與亞馬遜競爭、而且過去一段時間也一直在競爭的業務領域，是亞馬遜的FBA產品；它與我們的GXO Direct產品非常相似，也就是我們的共享式電商服務方案。GXO Direct這項業務在2025年成長。今年第一季也成長了5%。但它占我們總業務的比重不到6%，因此在GXO整體業務版圖中相對較小。

I think where we do competitively differentiate as GXO Direct is that we are servicing high-value brands that leverage our value-added services in packaging, etching, and really white glove type services for those very high-end brands. It's a high-touch customer experience, and I think we're well positioned to continue to compete as GXO Direct in that space.

我認為我們在GXO Direct的競爭差異化在於：我們服務的是高價值品牌，這些品牌會運用我們在包裝、雕刻（etching）以及真正白手套等類型的加值服務，來支援那些非常高端的品牌。這是一種高接觸的客戶體驗，我認為我們在該領域以GXO Direct持續競爭的定位非常有利。

Very helpful. Thank you, Patrick.

非常有幫助。謝謝你，Patrick。

Chris Wetherbee, Wells Fargo. Please go ahead.

Wells Fargo的Chris Wetherbee。請繼續。

Yeah. Hey, thanks, guys. Good morning. Maybe one sort of shorter-term question, maybe a little bit bigger. I guess as you think about demand and maybe what the second quarter could look like, kind of curious to get a sense of what you think organic revenue trends look like as you go through the year. So you came in a little bit better than what we thought in the first quarter. I don't know if you see an acceleration as you move into 2Q. I know we're kind of in the range that you guys gave for the full year, but any thoughts on the second quarter and kind of what you're seeing from demand in the month of April?

是的。嗨，謝謝各位。早安。我有一個比較偏短期、但可能稍微大一點的問題。我想在你們思考需求、以及第二季可能的樣貌時，我很好奇你們認為今年走下去的有機營收趨勢會是如何。第一季你們的表現比我們預期稍好一些。我不確定你們是否看到進入第二季後會加速。我知道目前大致仍在你們給的全年區間內，但想請教對第二季的看法，以及你們在4月看到的需求狀況。

Hey, Chris, it's Mark. Let me just respond to that. As you indicated, we had solid revenue organic growth in the first quarter of 4.1%. We expect the second quarter to be about the same that we saw in the first quarter. And with the pipeline and the wins that we've achieved and the line of sight that we have here in the second quarter, we're seeing the organic growth then accelerate in the back half of the year. So I think the first half of the year, it's going to be at the lower end of the range, whereas in the back half of the year, it's going to be at the higher end of the range, based on the visibility that we have today.

嗨，Chris，我是Mark。我先回應一下。如你所提到，我們第一季的有機營收成長穩健，為4.1%。我們預期第二季大致會與第一季相當。而隨著我們的管線、已取得的得標，以及我們在第二季所掌握的可視性，我們看到有機成長將在下半年加速。因此我認為上半年會落在區間的較低端；而下半年則會落在區間的較高端，這是基於我們目前所掌握的能見度。

And that visibility is really reinforced by we're seeing the signings happening today, and it's really about the timing of the implementation of the business that we have sold and when that revenue is coming on in 2026. And then I think, based on the signings we're seeing, and particularly the acceleration of the pipeline and the good conversion rates that we're seeing, we have a lot of confidence going into 2027 around the continuation of accelerating organic growth.

而這樣的能見度也因為我們今天就看到簽約正在發生而更加被強化；關鍵其實在於我們已售出的業務，其導入（implementation）的時點，以及相關營收在2026年何時開始貢獻。另外，我認為基於我們看到的簽約情況，特別是管線加速以及良好的轉換率，我們對於2027年有機成長持續加速的延續性非常有信心。

That's super helpful and a great segue, I guess. I wanted to ask a little bit about sort of building that incremental revenue wins for 2027. So $168 million, I think you're a little lower than what you've been the last couple of years there. Is it just sort of a timing dynamic? I guess, as you guys have sort of reconstituted some of the management team, it's not lost on us that there could be some transition dynamics that play out here. But how do you think that builds as we go through the rest of the year?

這非常有幫助，也算是一個很好的銜接。我想再問一下關於為2027年累積這些新增營收得標的問題。我記得是1.68億美元，你們似乎比過去幾年略低一些。這只是時點因素嗎？我想，隨著你們重新組建部分管理團隊，我們也注意到可能會有一些過渡期的動態。但你們認為隨著今年接下來的進展，這會如何逐步建立起來？

Yeah. I see that solely as a timing dynamic around when ink hit paper in the first quarter versus actually signing contracts in the second quarter and beyond. And I think it'll really come down to timing of implementation in terms of how much lands this year versus how much carries into 2027. As I said, we're very confident in our direction there.

是的。我認為那完全是時點因素，取決於第一季是「墨水落在紙上」的時間點，還是實際在第二季及之後完成合約簽署。而且我認為最終會回到導入時程：今年落地多少、以及有多少會延續到2027年。如我所說，我們對這個方向非常有信心。

Maybe Kristine, if you want to comment on the pipeline perspective.

Kristine，如果你願意的話，請從管線的角度補充一下。

Yeah. Hi, Chris. I would just simply state that we feel very good, of course, about the record pipeline that we have and the underlying trends that we're seeing in the business. I think simply we plan to sign more this year, as we move forward, and a large part of that will simply fall into 2027. We'll see that layering on. We feel very good and have every bit of confidence that we'll see accelerating growth in the back half of this year and into 2027.

好的。嗨，Chris。我只想簡單說，我們對目前創紀錄的管線，以及我們在業務中看到的基本趨勢，感覺非常好。我想很單純地，我們計畫在今年接下來簽下更多合約，而其中很大一部分將會落在2027年。我們會看到這些逐步疊加。我們感覺非常好，並且完全有信心，我們會在今年下半年以及一路到2027年看到加速成長。

Great. Thanks very much for the time. Appreciate it.

很好。非常感謝撥冗。感謝。

Scott Schneeberger, Oppenheimer & Co.

Oppenheimer & Co.的Scott Schneeberger。

Thanks very much. Good morning. Patrick, I'd like to touch again on the sales pipeline, an all-time high, and you certainly highlighted the 25% from the strategic growth sectors, and it sounds like a lot of progress is being made there, and congratulations. Curious to hear on the other 75% of the pipeline, what are the primary verticals that are building and where you're seeing conversion? Thanks.

非常感謝。早安。Patrick，我想再談一下銷售管線，已達歷史新高；你也特別提到其中25%來自策略成長產業，看起來那部分進展很大，恭喜。我想了解其餘75%的管線，主要是哪些垂直領域在成長，以及你們在哪些領域看到轉換？謝謝。

Sure. Hi, Scott Schneeberger. It's Kristine. I think we're very encouraged about what we saw in terms of the wins that we had in the first quarter. It was $227 million, 40% of those were in our new verticals. So we had good signings from across our technology. We signed four more contracts, including one internationally for data centers. Aerospace and defense was actually our largest contract win in the quarter. So despite that, we still have a great representation of the pipeline as we move into the second quarter.

當然。嗨，Scott Schneeberger。我是Kristine。我們對第一季在得標方面所看到的成果感到非常振奮。金額是2.27億美元，其中40%來自我們的新垂直領域。因此我們在科技相關領域也有不錯的簽約。我們又簽了四份合約，其中包含一份海外的資料中心合約。航太與國防其實是本季我們最大的合約得標。儘管如此，隨著我們進入第二季，我們的管線仍然有非常好的多元分布。

But I think obviously with 75% of the pipeline is in our core business. And so that just shows that we're continuing to see momentum in the core geographies and our core verticals, omni-channel retail and the like and consumer, very strong. Our value proposition is resonating with customers. It's certainly in a dynamic environment, our value proposition only grows.

但我認為很明顯地，我們的管線中有 75% 來自核心業務。因此，這顯示我們在核心地理區域與核心垂直領域（如全通路零售等，以及消費品）持續看到動能，而且非常強勁。我們的價值主張正與客戶產生共鳴。在這樣一個充滿變動的環境中，我們的價值主張只會更加凸顯。

Great. Thanks for that. And then, considering it was first quarter and often the time of year where reverse logistics is quite meaningful on returns post the holiday season, any update on that area of your business? What percent of revenue it presents, what that mix may be going to, and maybe some of the profitability attributes of that of that business. Thanks.

很好。謝謝你的說明。接著，考量到第一季通常是年內一個時間點——在假期季之後，退貨帶動的逆向物流往往相當顯著——想請問你們在這塊業務有沒有最新進展？它占營收的比例是多少、組合可能會往哪個方向變化，以及這塊業務的一些獲利特性。謝謝。

Hi, Scott. It's Kristine again. No, great question. As you know, returns are an extremely complex operation for us and one of our skilled expertise that GXO does. And in fact, we've seen very encouraging trends across our reverse logistics business. It remains probably around about 10% of our pipeline and of our business today. But we did see high single-digit growth for us in the quarter, and obviously, because of the complexity of the operations, it remains a very value-added service for us from a profitability standpoint.

嗨，Scott。我是 Kristine，再次回覆。這是個很好的問題。如你所知，對我們而言，退貨是一項極其複雜的作業，也是 GXO 的專業強項之一。事實上，我們在逆向物流業務上看到非常令人鼓舞的趨勢。目前它大概仍占我們管線以及現有業務的約 10%。但本季我們確實看到高個位數成長；而且由於作業複雜度高，從獲利角度來看，這仍是一項對我們非常有附加價值的服務。

Great. Thanks very much.

很好。非常感謝。

Ariel Rosa, Citi.

Ariel Rosa，花旗。

Yeah. Hi, good morning. Patrick, I was hoping you could comment just for some context because obviously the market feels confused and we saw the stock get a bit hit obviously on the Amazon threat. Just help us understand, when companies leave GXO or when they make the decision to kind of not renew the contract, what are the typical reasons that that happens?

是的。嗨，早安。Patrick，我希望你能提供一些背景說明，因為市場顯然感到困惑，而我們也看到股價因為亞馬遜的威脅而受到一些衝擊。請幫助我們理解：當公司離開 GXO，或決定不再續約合約時，通常是出於哪些原因？

And then if you could also comment on how often you see Amazon in a competitive bidding process. And do you have any concern that it could -- that their kind of stepping up their presence in this space could lead to something of an erosion of pricing power or greater pricing competition in the industry? Thanks.

另外，也請你評論一下，在競標流程中你們多常會遇到亞馬遜。你是否擔心他們在這個領域加大存在感，可能導致定價能力被侵蝕，或使產業出現更激烈的價格競爭？謝謝。

Yeah. So to take the first question, our churn rate is less than 5%. That trend is continuing. When customers leave, it is typically because of rarely a bankruptcy, but we do see those. Typically, it's a restructuring of supply chain. It is closing one warehouse node in order to open up a new node somewhere else. And a very small part, of course, in a competitive bid to competitors. But our churn rate continues to be very healthy, and we see that going forward, even improving as we focus on even more account management. You would have seen that with the introduction of Ajit Kara into the Strategic Account Management role that we announced a little while ago.

好的。先回答第一個問題，我們的客戶流失率低於 5%。這個趨勢仍在延續。客戶離開通常是因為——雖然不常見——破產，但我們確實也會遇到。更常見的是供應鏈重整。例如關閉一個倉庫節點，改在其他地方開設新的節點。當然也有極小一部分是因為競爭性招標而轉向同業。但我們的流失率仍然非常健康；展望未來，隨著我們更聚焦於客戶管理，我們甚至看到它還會改善。你們也看到我們不久前宣布 Ajit Kara 出任策略性客戶管理（Strategic Account Management）職務。

In terms of Amazon's presence in the market, I think they've been very clear around selling into existing infrastructure. Providing standalone bespoke solutions is very different from selling into existing capacity in standard solutions. Outside their platform, in selling standalone bespoke solution, the game is very different.

至於亞馬遜在市場上的存在，我認為他們已非常清楚地表明，是在既有基礎設施中銷售。提供獨立、量身打造的解決方案，與在既有產能中銷售標準化解決方案，是非常不同的。在其平台之外銷售獨立的客製化解決方案，玩法就完全不同。

The market is populated with very formidable competitors in that space, GXO leading in my mind in that regard in the contract logistics industry. When I look at our customers, they are the Chief Supply Chain Officers. We have many Chiefs -- former Chief Supply Chain Officers on our Board and within our organization running our business. When you look at their job and the things that are most important to them, cost matters. Service is critical.

在那個領域，市場上有許多非常強勁的競爭者；以我的看法，在合約物流產業中，GXO 在這方面是領先者。當我看我們的客戶，他們是供應鏈長（Chief Supply Chain Officers）。我們的董事會與組織內部有許多前任供應鏈長，並在公司內負責營運。從他們的工作與最重視的事項來看，成本很重要。服務則至關重要。

They can differentiate between transactional supply chain activity like air freight and parcel in making -- in establishing short-term contracts for great rates and buying capacity. The strategic decision associated with outsourcing and contract logistics requires an approach to long-term relationship of purpose-built supply chain warehouse operation, a focus on continuous improvement over what is a long term. Typically, our average contract is five years.

他們能區分像空運與包裹這類交易型的供應鏈活動——在這些領域，建立短期合約以取得更好的費率並購買運能。而與外包與合約物流相關的策略性決策，則需要以長期關係為導向，打造專用的供應鏈倉儲營運，並在長期期間內持續改善。通常我們的平均合約期是五年。

So the business is very different. The engagement with the customer is very different. The way in which our organization supports the delivery of those solutions for our customers is very different than if we were selling into a standardized solution as Amazon is putting forward. So I feel really confident that at the most senior levels within our customer's organization, we are the right answer for the strategic outsourcing aspect of their supply chain.

因此，這門生意非常不同。與客戶的互動方式也非常不同。我們組織支援並交付這些客戶解決方案的方式，也與像亞馬遜所提出的那種標準化方案、在既有解決方案中銷售的模式非常不同。所以我非常有信心：在客戶組織的最高層級，我們是他們在供應鏈策略性外包面向的正確答案。

And certainly there is a role to play for air freight, parcel, and so forth. And the competitive dynamics there are very different from the competitive dynamics in contract logistics. And that's why I'm really confident that we're so well positioned to succeed in what is a very big market. And as I said in the beginning, I think it was a really great thing that Amazon called out what an incredible opportunity there is in supply chain. What a great industry this is to invest in.

當然，空運、包裹等也有其角色。而那裡的競爭動態，與合約物流的競爭動態非常不同。這也是為什麼我非常有信心，我們在一個非常龐大的市場中具備極佳的成功定位。而且如我一開始所說，我認為亞馬遜點出供應鏈存在多麼驚人的機會，其實是一件很好的事。這是一個非常值得投資的產業。

That's helpful. Thank you. It certainly seems like there's a lot of confusion out there. I was excited to see that you guys have loosely set a date now for the Investor Day. Obviously, still a while away, and I'm sure there's going to be a lot of work in terms of refining long-term targets. But at a high level, maybe help us understand how you think of the objectives for the Investor Day, and what is it that you'd really like to get across, or what is it that you feel perhaps the market is misunderstanding or investors are misunderstanding about GXO?

這很有幫助。謝謝。外界確實似乎有很多困惑。我很高興看到你們現在大致訂出了投資人日的日期。當然還有一段時間，我也相信在精煉長期目標方面會有很多工作要做。但從較高層次來看，能否幫助我們理解你們對投資人日的目標是怎麼想的？你們最希望傳達的是什麼？或是你們覺得市場或投資人對 GXO 有哪些可能的誤解？

Sure. You can expect on Investor Day, GXO will lay out our three-year strategy. We will go into substantially more depth on organic growth, where to play, how to win, and how we see ourselves delivering organic growth over the next three years. We will go deeper on the operational levers in terms of productivity improvement, of glide path on SG&A, insight into the investments that we will be making -- continue to make, in driving performance of the business, both on top line and bottom line.

當然。在投資人日，你們可以期待 GXO 將提出我們的三年策略。我們會更深入說明有機成長：在哪裡布局、如何取勝，以及我們如何看待未來三年實現有機成長。我們也會更深入談營運槓桿，包括生產力提升、SG&A 的下降路徑（glide path），以及我們將進行——並持續進行——的投資洞見，以推動業務表現，涵蓋營收端與獲利端。

We want to do that with transparency. The reason for the timing after the third quarter is to give this management team opportunity to pull those plans together to make sure that we can articulate those at a level of depth that everybody can embrace, and that we set the stage for our path forward in sharing how we are performing against our plan. We want to be aligned externally and internally around those key metrics and those key KPIs that underpin an assessment of our performance. We move with even more transparency going into 2027.

我們希望以透明的方式來做這件事。之所以把時間點安排在第三季之後，是為了讓這個管理團隊有機會把這些計畫整合起來，確保我們能以大家都能接受的深度清楚闡述，並為未來的路徑鋪陳，分享我們相對於計畫的執行情況。我們希望在對外與對內，都能就那些支撐績效評估的關鍵指標與關鍵 KPI 達成一致。邁向 2027 年，我們會以更高的透明度前進。

Very helpful. Thank you for the time.

非常有幫助。謝謝你撥冗。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Hey, good morning, everyone. Great to have you on the call, Mark. Maybe just want to follow up on the demand comments in terms of what you're seeing in the various geographies and end markets. I know we've been in a pretty soft environment for a while now. You mentioned some sluggishness in retail and consumer. So just any broad color on recovery rate in Europe or for example, by industry. And then maybe also some comments on what's embedded in guidance in terms of volume from existing customers, just in case I may have missed that.

嗨，大家早安。很高興你加入這通電話會議，Mark。我想就需求的評論追問一下，關於你們在不同地理區域與終端市場看到的情況。我知道我們已經處在相當疲弱的環境一段時間了。你提到零售與消費端有些遲滯。所以想請你提供一些整體性的補充，例如歐洲的復甦速度，或按產業別的情況。另外，也想請你談談指引中對既有客戶出貨量（volume）的假設包含了什麼，以防我剛才漏聽了。

Mark, do you want to talk about what's embedded in the current forecast from a volume perspective, and then you can take the second?

Mark，你想先從量的角度談談目前預測中所內含的假設嗎？然後你可以回答第二個問題？

Sure, Bruce. As we've indicated, our guidance reflects organic growth of -- we're targeting between 4% and 5% for the year. And from a existing customer standpoint, from a volume standpoint, we're assuming about breakeven on the year. So we're looking at that sales, that organic growth, clearly coming from new contract wins that we achieved in 2025 and the early part of 2026. And so that's what's reflected in the guidance.

當然，Bruce。如同我們所指出的，我們的指引反映的是內生成長——我們的目標是全年介於4%到5%。而就既有客戶而言、從出貨量的角度，我們假設全年大約持平。因此我們認為那個銷售、那個內生成長，明顯將來自我們在2025年以及2026年初所拿下的新合約。所以這就是指引中所反映的內容。

Yeah. I would just comment across the three geographies, North America, UK, Europe, where the majority of our business lies. The consumer appears to continue to be very strong. While volume's a bit softer, it's only low single digit, very low single digit in terms of year-on-year volume changes. As we've shared on the B2B side certainly high-higher volume increase there, but that represents a smaller percentage of our business where that is netting out to being relatively flat.

是的。我想就三個主要地區——北美、英國、歐洲（我們大部分業務所在）——補充一下。消費者端看起來仍然非常強勁。雖然量稍微偏弱，但就年對年量的變化而言，只是低個位數、非常低個位數。如同我們分享過的，在B2B端確實有較高的量增，但那占我們業務的比例較小，因此整體抵銷後大致仍是相對持平。

So we're encouraged as we look towards the end of the year in terms of at least volumes being flat year-on-year. And as communicated, I think on our last call, we still maintain that that is a prudent position right now. We're hopeful for better, but no reason to think that right now that that would materialize any different.

因此，當我們展望今年年底時，我們對於至少量能夠年對年持平感到鼓舞。而且如同我們所傳達的，我想在上一次電話會議上，我們仍維持目前這是一個審慎的立場。我們希望能更好，但就目前而言，沒有理由認為情況會以不同方式實現。

Great. Thank you.

很好。謝謝。

Brian Ossenbeck, JPMorgan.

JPMorgan 的 Brian Ossenbeck。

Yeah. Hi, Glenn. Thanks for taking the question. Maybe Patrick, can you give us a little bit more details around the new aerospace and defense wins, especially the bigger ones, sounds like in North America. Like, how long was that in the pipeline? If anything different than what you've seen in terms of the condition, contract length, anything along those lines? And to the extent you can give us a little clarity in the confidence behind the ramp, anything that you've signed or have really good visibility of signing here in April?

是的。嗨，Glenn。謝謝讓我提問。也許 Patrick，你能否就新的航太與國防得標案提供更多細節，尤其是那些較大的案子，聽起來是在北美。例如：這些案子在管線中醞釀了多久？在條件、合約年期等方面，是否有任何不同於你們以往所見的地方？以及在你能分享的範圍內，關於爬坡（ramp）的信心來源——你們在四月已簽或對於四月可簽、且能見度很高的案子——能否提供一些更清楚的說明？

Yeah, sure. I can't go into any details on what's forthcoming in terms of specific deals on April and beyond. The opportunity that we signed in the last quarter is focused on parts distribution, which is a very strong capability of ours, not only in aerospace and defense, but in data centers and life sciences as well. That really plays to our core. That was a relatively quick turn project in terms of design to decision-making, which is encouraging in terms of how customers are able to move at speed in that space.

好的，當然。我無法就四月及之後即將發生的特定交易提供任何細節。我們在上一季簽下的機會主要聚焦於零件配送（parts distribution），這是我們非常強的能力，不僅在航太與國防，在資料中心與生命科學領域也是如此。這確實切中我們的核心能力。就從設計到決策的流程而言，那是一個相對快速的專案，這也令人鼓舞，顯示該領域的客戶能夠以很快的速度推進。

We're seeing great traction in the pipeline build, particularly through the engagement of our Defense Advisory Board. That team has met on a number of occasions already, and the individuals on that Board are great advocates in terms of helping us build the pipeline there, getting our name known out in the space, and being able to look at real projects there. So I'm super excited about the traction we're seeing there. That goes for the Defense Advisory Board in North America, as well as the opportunities that we're planning for in the UK through the alliance that we've established there.

我們看到管線建置（pipeline build）有很好的動能，特別是透過我們國防諮詢委員會（Defense Advisory Board）的參與。該團隊已經開過多次會議，而委員會中的成員在協助我們建立管線、提升我們在該領域的知名度，以及讓我們能夠接觸並評估實際專案方面，都是很好的倡議者。所以我對我們在那裡看到的進展非常興奮。這不僅適用於北美的國防諮詢委員會，也適用於我們在英國透過已建立的聯盟所規劃的機會。

Thanks for that. And then sounds like we're going to hear more about the operational improvement and possibilities at the Investor Day, just maybe give some context in terms of the GXO Way, which seems like it's just rolling out right now. How quickly can you see benefits from that? I mean, you've got a lot of different sites, long-term contracts.

謝謝你的說明。另外，聽起來我們會在投資人日聽到更多關於營運改善與可能性的內容；先請你就「GXO Way」提供一些背景，它看起來正要開始推行。你認為多快能看到它帶來的效益？畢竟你們有很多不同的據點、也有長期合約。

Can you make smaller incremental changes that just adds up, or do you feel like this can actually have some bigger impacts without having to deal with changing any of the contract terms or maybe the operating footprint? So realize we'll hear more in the back half of this year, but would love to hear just how to think about that until then. Thanks.

你們能否做一些較小的增量改變、累積起來產生效果？或者你覺得在不需要更動任何合約條款、或許也不需要調整營運版圖（operating footprint）的情況下，它其實可以帶來更大的影響？我知道我們會在今年下半年聽到更多，但在那之前很想先了解該如何看待這件事。謝謝。

Yeah, sure. So it's early days there. As you say, we'll share a lot more on Investor Day in terms of dimensioning the potential there. As Kristine said, we've had great success in rolling out GXO IQ. That is really foundational to the GXO Way, and GXO IQ is the platform for us to enable AI deployment at scale in our sites. We have good success on the AI front. We have eight AI modules which we've deployed at a number of sites. We've gone live with those first instances of GXO IQ, which really provides a more standardized distribution of AI across all of our sites. We're building towards 50 sites being on GXO IQ by the end of the year. So we're excited about that progress.

好的，當然。目前還在早期階段。如你所說，我們會在投資人日分享更多，並量化其潛在空間。如 Kristine 所說，我們在推行 GXO IQ 方面已取得很大成功。那其實是 GXO Way 的基礎，而 GXO IQ 是讓我們能在各據點以規模化方式部署 AI 的平台。我們在 AI 方面已有不錯的成果。我們有八個 AI 模組，已在多個據點部署。我們也已讓 GXO IQ 的第一批實例上線，這能在所有據點之間更標準化地分發與導入 AI。我們正朝著年底前讓 50 個據點上 GXO IQ 的目標前進。所以我們對這項進展感到很振奮。

When you look at the productivity improvement opportunities that we have, even just from an AI perspective, we're focused on two dimensions. One is driving innovation in our customer warehouse and transport operations, and we're already seeing benefits from the eight modules that we've rolled out there and more to come. The second is leveraging AI for overhead and functional efficiency. We've got great initiatives in flight there in functions like HR, IT, finance and so forth. So we're coming at it from both perspectives, and very, very excited about Investor Day, where we can dimension that in even more detail.

當你看我們的生產力改善機會時，即便只從 AI 的角度，我們聚焦在兩個面向。第一是推動客戶倉儲與運輸營運的創新，我們已從已推出的八個模組看到效益，後續還會有更多。第二是運用 AI 提升間接費用與職能效率。我們在 HR、IT、財務等職能上都有很好的計畫正在推進。因此我們從兩個角度同時著手，也非常、非常期待投資人日，屆時我們可以更詳細地量化與說明。

Okay. Thanks very much, Patrick.

好的。非常感謝，Patrick。

Jeff Kauffman, Vertical Research Partners.

Vertical Research Partners 的 Jeff Kauffman。

Thank you very much. And Mark, congratulations. Look forward to working with you. One quick detail question for Mark and then a bigger picture for Patrick. Mark, as you expand into North America, how does that change your tax rate?

非常感謝。Mark，恭喜。期待與你合作。我先問 Mark 一個快速的細節問題，然後再問 Patrick 一個較宏觀的問題。Mark，當你們擴展到北美時，這會如何改變你們的稅率？

I would say this, Jeff. I don't think it changes in a meaningful way. Obviously, the North American rate is a touch higher than the rates across the globe here. But I think it won't be meaningful year-on-year over time. I think we'll see a small tick up in that, but at this point in time, I wouldn't anticipate anything significant.

我會這麼說，Jeff。我不認為會有實質性的改變。很明顯，北美的稅率比全球其他地區的稅率略高一些。但我認為長期來看，年對年的變化不會很顯著。我想我們會看到小幅上升，但就目前而言，我不預期會有任何重大變動。

Okay. And then for Patrick, bigger picture. I'm just kind of curious your perspective last three to five years. I mean, we've had COVID, we've had this AI boom, we've had tariffs. It's really kind of changed how companies are thinking structurally about their supply chains. What are some of the big changes you've seen and how is the business shifting?

好的。接著問 Patrick，一個更宏觀的問題。我只是想了解你對過去三到五年的看法。我們經歷了 COVID、AI 熱潮、以及關稅。這些確實改變了企業在結構性層面如何思考其供應鏈。你觀察到的一些重大變化是什麼？而你們的業務正在如何轉變？

Yes. I talked about the contract logistics industry and the evolution there, and I've been in the industry for 32 years. The industry has grown every single year over those 32 years. Events such as the financial crisis of 2008, maybe even the European bond crisis of 2015, COVID, various wars and conflicts that have happened throughout the years, the evolution of tariffs, which all of you are reminded, started to be a big deal in the 80s, not 4 years ago. These headwinds, these changes, have always resulted in fueling additional growth. For contract logistics and outsourcing.

是的。我談到了合約物流產業及其演進，而我在這個產業已經 32 年了。在這 32 年裡，這個產業每一年都在成長。例如 2008 年金融危機、甚至可能是 2015 年歐洲債券危機、COVID、這些年發生的各種戰爭與衝突、關稅的演變——各位都被提醒過，關稅在 80 年代就開始成為大事了，不是 4 年前才開始。這些逆風、這些變化，一直以來都反而促成了額外的成長。對於合約物流與外包而言。

Our industry is a great lever for our customers. Our solutions are a great lever for our customers to take cost out, improve service, to drive change at a faster pace within the supply chain. The time and attention being put to that as a lever, only continues to increase. I talked about over the last couple months at a number of conferences, tariffs being a catalyst to supply chain efficiency.

我們的產業對客戶而言是一個很好的槓桿。我們的解決方案是客戶用來降低成本、提升服務、在供應鏈內以更快速度推動變革的絕佳槓桿。投入在把它當作槓桿的時間與關注度，只會持續增加。過去幾個月我在多場會議上談到，關稅正成為供應鏈效率的催化劑。

So as additional costs are introduced to the supply chain, that creates opportunities for return on investment that maybe didn't exist before. And a great example of that is the free trade zone. So there's significant demand now for free trade zones. That's a great way to at least mitigate or delay the impact of tariffs. We have 67 free trade zones around the world. We're seeing great growth in that space.

因此，當供應鏈被導入額外成本時，就會創造投資報酬率（ROI）的機會，而這些機會可能以前並不存在。一個很好的例子就是自由貿易區。所以目前對自由貿易區的需求顯著增加。這至少是一種緩解或延後關稅影響的好方法。我們在全球有 67 個自由貿易區。我們看到這個領域有很好的成長。

As these headwinds come, supply chain efficiency becomes more important, and outsourcing becomes a very easy lever for our customers to pull in order to drive those supply chain efficiencies more quickly in their business. And I think if you look at the evolution of the contract logistics industry, it started in the 90s around labor arbitrage and really has evolved to an arbitrage of expertise.

當這些逆風出現時，供應鏈效率就變得更重要，而外包對客戶而言是一個非常容易拉動的槓桿，能讓他們在業務中更快推動供應鏈效率。我認為如果你看合約物流產業的演進，它在 90 年代是從勞動力套利起步，並且確實已演進為專業能力的套利。

The thing that differentiates us the most is the people that we have in our organization who bring the supply chain expertise, the technology expertise. They understand how to stitch technologies together to deliver unique solutions. They know how to implement change and warehouse operations quickly and efficiently and deliver solutions. And I think the arbitrage of expertise now is going to be a very big differentiator going forward.

最能讓我們脫穎而出的，是我們組織中的人才，他們帶來供應鏈專業與技術專業。他們了解如何把各種技術串接起來，交付獨特的解決方案。他們知道如何快速且有效率地導入變革與倉儲營運，並交付解決方案。我認為，未來「專業能力的套利」將會是一個非常重要的差異化因素。

So I think all sets up well for the contract logistics industry to be healthy, and I think all sets up for the market we're participating in, to be healthy. And as a market leader, we are capitalizing on that.

所以我認為，這一切都讓合約物流產業有很好的條件維持健康，我也認為我們所參與的市場同樣具備健康發展的條件。而作為市場領導者，我們正在把握這些機會。

Thank you very much.

非常感謝。

Jason Seidl, TD Cowen. Please go ahead.

TD Cowen 的 Jason Seidl。請開始。

Hi. Thanks. This is [Udayan] for Jason Seidl. Patrick, on this competitive subject, could you expand on the data security and governance that you mentioned as a differentiator in winning those RFPs? Like, would you say that being a pure play offers prospective customers a degree of comfort maybe that their data is not at risk from leaking to other business lines? I'm just wondering how big of an enabling factor that might be really, just given a lot of your competitors are conglomerates.

嗨。謝謝。我是代替 Jason Seidl 的 [Udayan]。Patrick，關於競爭這個主題，你能否進一步說明你提到的資料安全與治理，如何成為你們贏得那些 RFP（投標/提案邀請）時的差異化因素？例如，你是否會說，作為純合約物流業者（pure play），能讓潛在客戶更安心，覺得他們的資料不會有外洩到其他業務線的風險？我只是想了解，考量你們很多競爭對手都是綜合企業集團，這會不會其實是一個很重要的促成因素。

Yeah, I think it is an enabling factor. It is certainly something important to us, something we're very respectful of with our customers. So that is something that we'll continue to feature as part of our solutions going forward. I would say in terms of competitive differentiation, that's just one of many things that differentiates us. And I think really is important from an outsource supply chain provider and customer relationship perspective. I think that -- remind me of the second part of your question there.

是的，我認為這是一個促成因素。這對我們當然很重要，我們也非常尊重客戶在這方面的需求。因此，未來我們也會持續把這點作為解決方案的一部分來強調。就競爭差異化而言，我會說這只是眾多讓我們與眾不同的因素之一。而且我認為，從外包供應鏈服務商與客戶關係的角度來看，這確實很重要。我想——提醒我一下，你問題的第二部分是什麼？

No, that's helpful. That's clear. Thanks. Maybe just a follow-up on the volume outlook. Are the tariff changes and refund dynamics creating any kind of new variability in customer volume forecasts? And if so, I mean, is that influencing your approach to planning and capacity management? Like, do facilities need to do they need more slack in the coming months or quarters in case there's stimulus effectively that drives some volume?

不，這很有幫助。很清楚。謝謝。再追問一下量的展望。關稅變動與退稅（refund）動態，是否正在為客戶的量預測帶來任何新的波動性？如果是的話，這是否會影響你們在規劃與產能管理上的做法？例如，未來幾個月或幾季，設施是否需要保留更多餘裕，以防出現某種等同於刺激措施的因素而帶動一些量？

Yeah. So I think it is resulting in changes in volume flows. And so that I think is completely acceptable by folks. I think what we are seeing is from a volume perspective, those shift in flows are coming from acceleration of onshoring, particularly around manufacturing. I think that is very real. I think that plays very well to our focus on the B2B, more industrial verticals and the support of that activity. And so I think net-net volume's increasing, and that I speak in the context of North America.

是的。所以我認為這確實正在導致量的流向發生變化。而我認為大家對此是完全可以接受的。我們看到的是，從量的角度來看，這些流向的轉移來自於在岸化（onshoring）的加速，特別是在製造業方面。我認為這非常真實。這也非常符合我們聚焦 B2B、較偏工業的垂直領域，以及對該活動的支援。因此我認為，整體而言量是在增加的；我這裡是以北美的情境來談。

When you look at the UK and Europe business, seeing increasing flows directly from China and Southeast Asia, trade lanes being impacted there in terms of where product is flowing. I think we're so well positioned, given our position in the countries that we operate in Europe and of course UK and Ireland to capitalize on those changes in flow.

當你看英國與歐洲業務時，我們看到從中國與東南亞直接進來的流量在增加，貿易航線也因此受到影響，產品流向正在改變。我認為，考量我們在歐洲以及當然在英國與愛爾蘭所營運國家的布局，我們的定位非常好，能夠把握這些流向變化。

Let me just close out the other part of your first question was, do we feel advantaged as a pure play in contract logistics? I think that is one of our biggest advantages. We are making directed investments in being the best contract logistics provider. And we're not encumbered by investment decisions that have to be made across a conglomerate and multiple service lines. So we intend to go deep in terms of our investment, provide the very best services around those solutions that we're bringing forward to customers. So I think that that is a strategic advantage.

我再把你第一個問題的另一部分收尾一下：作為合約物流的純業者，我們是否更具優勢？我認為這是我們最大的優勢之一。我們正在做有方向性的投資，目標是成為最好的合約物流供應商。而我們不會被必須在一個綜合企業集團、跨多條服務線做投資決策所牽制。因此我們打算在投資上做得更深，針對我們帶給客戶的那些解決方案，提供最好的服務。所以我認為這是一項策略優勢。

Right. Got it. Very helpful detail. Thank you for the time.

好的。了解。細節非常有幫助。謝謝你撥冗。

Harrison Bauer, SIG.

SIG 的 Harrison Bauer。

Great. Thanks for taking my question. Following up on something earlier on GXO and executing a repeatable operating framework, implementing best practices. Is there a way to frame a range of gross profit margins across the portfolio at a site level? Maybe what might be on the lower end, even at a mature site, or underperforming site? Or at the very least, what's driving operational underperformance at a site level? And then as you push deeper into A&D industrial high-tech in North America, are you encountering heightened startup costs or implementation friction standing up those new verticals? Thanks.

很好。謝謝讓我提問。延續先前提到 GXO 與執行可複製的營運框架、導入最佳實務。是否有方式在據點層級，描述整個組合（portfolio）毛利率的區間範圍？例如，即使在成熟據點或表現不佳的據點，較低端大概會是什麼水準？或者至少，據點層級的營運表現不佳通常是由什麼因素驅動？另外，當你們在北美更深入航太與國防（A&D）、工業與高科技領域時，在建立這些新垂直領域時，是否遇到更高的啟動成本或導入摩擦？謝謝。

Yeah. So, to the latter question on implementation costs or friction, the answer is no. We are already deep in those verticals in terms of our operational expertise, and that expertise has come both through a number of acquisitions that have been made over the years as GXO, and with the competencies that have come, especially most recently with the acquisition of Wincanton.

是的。所以，針對後面那個關於導入成本或摩擦的問題，答案是否定的。我們在那些垂直領域已經很深入，具備相當的營運專業，而這些專業一方面來自 GXO 這些年所做的多項併購，另一方面也來自所累積的能力，尤其是最近透過併購 Wincanton 所帶來的能力。

And so we have been executing solutions in aerospace and defense, technology, industrial life sciences for more than a decade. We have great people operating those businesses, and the implementations that we're seeing there have been very successful. We have a lot of confidence in our ability to execute in that space.

因此，我們在航太與國防、科技、工業、生命科學等領域執行解決方案已超過十年。我們有很優秀的人才在經營這些業務，而我們在那裡看到的導入落地都非常成功。我們對自己在該領域的執行能力非常有信心。

On the first part of your question, I am maybe more anxious than you to give the answer to that question, but we're going to defer that to Investor Day.

關於你問題的第一部分，我可能比你更急著給出那個問題的答案，但我們會把它留到投資人日再說。

Understood. And then just a follow-up. Pricing has come up a couple times from opening remarks, as well as Patrick, your call out on Mark's contracting experience. Mark, this one's for you, I guess. Drawing on your experience from your prior seat at Spirit, how's that shaping the way that you're thinking about pricing and contract structure for GXO, particularly in A&D in North America? And are you pricing these new verticals differently than the legacy book? Thank you.

了解。接著再追問一下。從開場致詞到剛才 Patrick 你提到 Mark 的合約經驗，定價這件事被提了好幾次。Mark，我想這題是問你的。借重你先前在 Spirit 的經驗，這如何影響你對 GXO 的定價與合約結構的思考，特別是在北美的航太與國防（A&D）領域？你們對這些新的垂直領域的定價，會和既有業務組合不同嗎？謝謝。

Yes, Harrison. It's interesting when we look at the types of contract pricing mechanisms that we have here at GXO, open book versus fixed, combination of fixed and variable. And what I would tell you is there's a lot of similarities when we think about aerospace and defense, in particular with the defense primes around what we call in aerospace and defense cost-plus, cost-plus incentive, fixed-price.

是的，Harrison。有意思的是，當我們看 GXO 這裡的各種合約定價機制——開放帳本（open book）對比固定價格（fixed），以及固定與變動的組合。我想說的是，當我們思考航太與國防時，尤其是面對國防主承包商（defense primes），在我們所稱的成本加成（cost-plus）、成本加成激勵（cost-plus incentive）、固定價格（fixed-price）等方面，有很多相似之處。

And so when we think about tackling some of these new verticals and move up the food chain, I think there's a lot that we can think about as it relates to the services that provide the value that we bring and the terms and conditions, and how we can create a pricing proposal that creates a win-win for us and our customers. And I've got a lot of experience doing that, both with the big defense primes and the commercial folks.

因此，當我們思考切入這些新的垂直領域並往價值鏈上游移動時，我認為我們可以從多個面向來思考：我們提供的服務所帶來的價值、條款與條件，以及如何提出一個能為我們與客戶創造雙贏的定價提案。我在這方面有很多經驗，無論是與大型國防主承包商，或是商業客戶合作都是如此。

So I'm excited to really roll up my sleeves and get into that. As I said before, I think there are some similarities on how we do that, I found it very interesting as I came on board here, I think there's some sharpening that we can do and some real focus that we can provide that I think will create a win-win for us and our customers.

所以我很期待真正捲起袖子投入其中。如我先前所說，我認為在做法上有一些相似之處；我加入這裡後覺得很有意思的是，我們還可以做一些更精準的調整與聚焦，我相信這將為我們與客戶創造雙贏。

Great. Thank you.

很好。謝謝。

Kevin Gainey, Thompson, Davis & Company.

Kevin Gainey，Thompson, Davis & Company。

Good morning, Patrick, Kristine, and welcome, Mark.

早安，Patrick、Kristine，也歡迎你，Mark。

Thank you.

謝謝。

Maybe we can just touch on Wincanton real quick as you guys have kind of got layered in completely. I know one of the bigger things with it was synergy opportunities. I was curious if you've ran across any more of those.

也許我們可以很快談一下 Wincanton，因為你們已經算是完全整合進來了。我知道其中一個比較大的重點是協同效益的機會。我想了解你們是否又發現更多這類機會。

Kevin, I would say this. We outlined -- GXO outlined, a target of $60 million worth of synergies to be achieved by the end of 2026. I've personally reviewed the plan. We're tracking well. We've made a significant progress against those targets, and we're comfortable that we can achieve those by the end of the year. I would just tell you this, we're not stopping there. We continue to look and stretch ourselves, but first and foremost, our goal is to achieve the $60 million that we committed to.

Kevin，我會這麼說。我們——GXO——提出的目標是到 2026 年底實現 6,000 萬美元的協同效益。我個人已經審閱過這個計畫。我們的進度追蹤良好。我們在達成這些目標上已取得顯著進展，而且我們有信心在年底前達成。但我也想說，我們不會就此止步。我們會持續尋找並拉高標準，但首要目標仍是達成我們承諾的 6,000 萬美元。

But with any acquisition, there are opportunities and risks that come associated with it, and I do think that on balance, there are some further opportunities as we look at integrating that business into the bigger GXO and for us to take advantage of that. So things are on track. Can't give you a specific quantification at this point in time, but we're working very hard at that.

不過任何併購都會伴隨機會與風險；我確實認為整體而言，當我們把該業務整合進更大的 GXO 之中時，仍有一些進一步的機會可供我們把握。所以一切都在軌道上。目前我無法給出具體量化數字，但我們正非常努力在推進。

Thanks, Mark. That was good color. And then as you guys hit a sales pipeline record, how are you thinking about the team's capability in converting that? And then how should we think about GXO's investment that may be required with that conversion?

謝謝你，Mark。這些補充很有幫助。另外，既然你們的銷售管線創下紀錄，你們如何看待團隊把它轉化為訂單的能力？以及我們應該如何看待 GXO 在轉化過程中可能需要的投資？

Yeah. So we're absolutely feeling great about the pipeline development, particularly over the past couple months. That development is the result of the amazing team that we have focused on marketing and sales, especially in building that pipeline. We're seeing very good conversion on that pipeline, especially in the first quarter of this year. I feel very good about the trajectory that we're on moving forward there.

是的。我們對管線的開發感到非常振奮，特別是過去幾個月。這樣的發展是我們專注於行銷與銷售、尤其是建立管線的優秀團隊所帶來的成果。我們看到這條管線的轉化率非常不錯，尤其是在今年第一季。我對接下來的發展軌跡非常有信心。

Thank you, Patrick.

謝謝你，Patrick。

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

各位女士先生，今天的提問時間到此為止。我想把電話交回管理層，請他們做任何結語。

Great. Thank you, operator. So to close, we are very encouraged by the strong start that we've had this year, and even more importantly, by the momentum that's building across the business. As I talked about, the market dynamics are increasingly favorable, outsourcing continues to accelerate, and the addressable market for advanced logistics solutions is expanding. Our unique value proposition is resonating with blue-chip customers, our pipeline is strong, and our teams are executing with discipline.

很好。謝謝你，接線員。最後總結，我們對今年強勁的開局感到非常鼓舞，更重要的是，整個業務的動能正在持續累積。如我所說，市場動態愈來愈有利，外包持續加速，而先進物流解決方案的可服務市場也在擴大。我們獨特的價值主張正引起藍籌客戶的共鳴，我們的管線強勁，團隊也以紀律嚴謹地執行。

With the foundation of strength and leadership we've put in place, we're moving with greater clarity, alignment, and speed. The decision to raise our guidance really reflects our confidence in both the strength of demand that we're seeing and the predictability of our operating model. We're very excited as we move towards the middle of 2026. Thank you for joining today.

在我們已建立的強大基礎與領導力之上，我們正以更清晰的方向、更一致的協同與更快的速度前進。我們決定上調指引，反映了我們對目前所見需求強勁，以及我們營運模式可預測性的信心。隨著我們邁向 2026 年年中，我們感到非常振奮。感謝各位今天的參與。

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.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。祝您有美好的一天。