GXO Logistics Inc (GXO) 2022 Q1 法說會逐字稿

Welcome to the GXO Q1 2022 Earnings Conference Call and Webcast. My name is Darryl, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎來到 GXO 2022 年第一季度收益電話會議和網絡直播。我叫 Darryl，我將擔任今天電話的接線員。 （操作員說明）請注意，正在錄製此會議。

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 company 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, uncertainties and other factors that could cause actual results to differ materially from those projected in the forward-looking statements.

在電話會議開始之前，讓我代表公司宣讀一份關於前瞻性陳述、非 GAAP 財務措施的使用和公司指導的簡短聲明。在本次電話會議期間，公司將根據適用的證券法做出某些前瞻性陳述，這些陳述的性質涉及許多風險、不確定性和其他因素，可能導致實際結果與前瞻性預測中的結果大不相同- 看起來陳述。

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

該公司向美國證券交易委員會提交的文件中包含對可能導致實際結果出現重大差異的因素的討論。公司收益發布中或在本次電話會議上作出的前瞻性陳述僅截至今天，公司沒有義務更新任何這些前瞻性陳述，法律要求的範圍除外。

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.

在本次電話會議期間，公司還可能參考適用的 SEC 規則定義的某些非 GAAP 財務措施。此類非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬包含在公司的收益發布中，相關財務表格位於其網站上。除非另有說明，否則本次電話會議報告的所有結果均以美元為單位。

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.

該公司還將提醒您，其指導意見結合了迄今為止的商業趨勢以及它目前認為合適的假設。公司的業績本質上是不可預測的，可能會受到許多因素的重大影響，包括匯率波動、全球經濟狀況和消費者需求和支出的變化、勞動力市場和全球供應鏈限制、通貨膨脹壓力以及其詳細說明的各種因素向 SEC 提交的文件。

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

公司不可能實際預測對其服務的需求，因此，實際結果可能與指導意見存在重大差異。您可以在公司網站的投資者部分找到公司收益發布的副本，其中包含有關前瞻性陳述和非 GAAP 財務措施的更多信息。

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

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

Thank you, operator. Good morning, everyone, and welcome to GXO's First Quarter 2022 Earnings Call. Joining me today are Baris Oran, our Chief Financial Officer; and Mark Manduca, our Chief Investment Officer.

謝謝你，運營商。大家早上好，歡迎來到 GXO 2022 年第一季度財報電話會議。今天加入我的是我們的首席財務官 Baris Oran；和我們的首席投資官 Mark Manduca。

We have started 2022 with outstanding top and bottom line performance. Our revenue grew 14% year-over-year in the first quarter of 2022. And our organic revenue, which excludes the impact of M&A and foreign exchange, grew by 19%. This is our highest first quarter performance ever. Our adjusted diluted earnings per share increased by 59% year-over-year.

我們以出色的頂線和底線表現開啟了 2022 年。 2022 年第一季度，我們的收入同比增長 14%。不包括併購和外匯影響的有機收入增長了 19%。這是我們有史以來最高的第一季度業績。我們調整後的攤薄每股收益同比增長 59%。

Finally, our new business wins of $344 million is also a record for the first quarter, underscoring the growing demand for our best-in-class solutions. As a result of this continued strong performance, we are raising our full year organic revenue guidance.

最後，我們 3.44 億美元的新業務收入也創下了第一季度的記錄，這表明對我們一流解決方案的需求不斷增長。由於這種持續強勁的表現，我們正在提高全年有機收入指導。

We are clearly in an environment where supply chains have become far more complex and will require much greater scale and innovation. Our role as a trusted long-term partner to global businesses is more critical than ever, which is why we continue to see record new business wins, a huge sales pipeline and increasing demand for customers' first-time outsourcing.

顯然，我們所處的環境供應鏈變得更加複雜，需要更大的規模和創新。我們作為全球企業值得信賴的長期合作夥伴的角色比以往任何時候都更加重要，這就是為什麼我們繼續看到創紀錄的新業務勝利、龐大的銷售渠道以及對客戶首次外包的需求不斷增加的原因。

All of our verticals are growing, both organically and through new customer wins, and it's worth taking a moment to discuss where we are winning new business. While we continue to expand the scope of operations with existing customers and gained market share during the first quarter, first-time outsourcing, especially in the e-commerce and omnichannel sector, was again the largest source of our new business wins.

我們所有的垂直行業都在增長，無論是有機增長還是通過贏得新客戶，值得花點時間討論一下我們在哪些方面贏得了新業務。雖然我們在第一季度繼續擴大與現有客戶的業務範圍並獲得市場份額，但首次外包，尤其是在電子商務和全渠道領域，再次成為我們贏得新業務的最大來源。

Our first-time outsourcing contract wins included BT, Carrefour, Decathlon, Raytheon and Zalando. We saw expansion of operations with several existing customers, including Abercrombie & Fitch, Diversey, Ingersoll Rand and iRobot.

我們首次贏得的外包合同包括 BT、家樂福、迪卡儂、雷神和 Zalando。我們看到了與幾個現有客戶的業務擴展，包括 Abercrombie & Fitch、Diversey、Ingersoll Rand 和 iRobot。

In the short term, as physical retail reopens, we have seen some shifts from e-commerce back to brick-and-mortar retail. However, our customers continue to invest heavily with us in developing the direct-to-consumer channel. When you combine this with our high revenue retention levels, we have great confidence in the robust nature of our growth trajectory in 2022 and the coming years.

短期內，隨著實體零售業的重新開放，我們已經看到一些從電子商務回到實體零售的轉變。然而，我們的客戶繼續與我們一起大力投資開發直接面向消費者的渠道。當您將其與我們的高收入保留水平相結合時，我們對我們在 2022 年和未來幾年的增長軌蹟的穩健性充滿信心。

In early April, we were very pleased that Clipper Logistics shareholders voted in favor of our offer to acquire the company. We anticipate that this acquisition will be highly accretive to GXO's financial results, our vertical expertise and our geographic coverage.

4 月初，我們很高興 Clipper Logistics 的股東投票贊成我們收購該公司的提議。我們預計此次收購將極大地增加 GXO 的財務業績、我們的垂直專業知識和我們的地理覆蓋範圍。

At GXO, we are proud of the way we do business, and we have made excellent progress establishing ourselves as the logistics partner of choice for forward-looking companies that share our commitment to ESG. As a new company, we have the unique opportunity to tailor our environmental, social and governance strategy to what matters most: our people, our partners and our planet.

在 GXO，我們為我們開展業務的方式感到自豪，並且我們取得了卓越的進展，將我們自己確立為與我們共同致力於 ESG 承諾的前瞻性公司的首選物流合作夥伴。作為一家新公司，我們有獨特的機會來調整我們的環境、社會和治理戰略，以適應最重要的事情：我們的員工、我們的合作夥伴和我們的星球。

With the recent release of our inaugural ESG report, we're off to a strong start. In the report, we provide updates on the progress towards our global targets, share details of how we have delivered against our stakeholder priorities in the first months as an independent company. And we will preview our plans for the years to come.

隨著我們最近發布的首份 ESG 報告，我們有了一個良好的開端。在報告中，我們提供了實現全球目標的最新進展，分享了我們作為一家獨立公司在頭幾個月如何實現利益相關者優先事項的詳細信息。我們將預覽我們未來幾年的計劃。

I will now hand the call over to Baris, who will talk you through our quarterly performance in greater detail. Baris, over to you.

我現在將電話轉給 Baris，他將更詳細地向您介紹我們的季度業績。巴里斯，交給你了。

Thank you, Malcolm, and good morning, everyone. To start, I'm going to review our record first quarter results, and I'll discuss the durability and visibility of our contractual business model.

謝謝你，馬爾科姆，大家早上好。首先，我將回顧我們創紀錄的第一季度業績，並討論我們合同業務模式的持久性和可見性。

In the first 3 months of the year, we delivered 19% organic revenue growth, our fifth consecutive quarter of double-digit growth, and secured a record number of new business wins. Net income attributable to shareholders in Q1 2022 was $37 million, which compared to $14 million a year ago. Adjusted EBITDA grew to $155 million, up from $143 million on a pro forma basis a year ago. And adjusted diluted earnings per share increased by 59% year-over-year. Our return on invested capital was stellar at over 30%.

今年前 3 個月，我們實現了 19% 的有機收入增長，這是我們連續第五個季度實現兩位數增長，並獲得了創紀錄數量的新業務訂單。 2022 年第一季度歸屬於股東的淨收入為 3700 萬美元，而一年前為 1400 萬美元。調整後的 EBITDA 從一年前的備考基礎上的 1.43 億美元增至 1.55 億美元。調整後的攤薄每股收益同比增長 59%。我們的投資資本回報率超過 30%。

We are implementing larger and more complex solutions on an unprecedented scale. You see this in the investments we have made in the first quarter starting up these operations. This will drive full year margin expansion, more visible in the second half of the year and into 2023. The average contract duration of our wins was approximately 6 years, which continues to extend our overall contract life.

我們正在以前所未有的規模實施更大、更複雜的解決方案。您可以在我們在第一季度啟動這些業務時所做的投資中看到這一點。這將推動全年利潤率擴張，在今年下半年和 2023 年更加明顯。我們贏得的平均合同期限約為 6 年，這將繼續延長我們的整體合同期限。

The strong secular trends within this business are demonstrated by the fact that we have raised our revenue growth guidance for the year. We have also introduced an adjusted EPS guidance of between $2.70 and $2.90 per share, implying a growth range between 29% and 39% year-over-year.

我們上調了今年的收入增長指引這一事實證明了該業務的強勁長期趨勢。我們還引入了每股 2.70 美元至 2.90 美元的調整後每股收益指引，這意味著同比增長在 29% 至 39% 之間。

Turning to cash flow. Our business in the first quarter typically sees modest cash outflows due to seasonality. This quarter was no different, $16 million in cash outflows in Q1 2022 versus $20 million in cash outflows in Q1 2021. As you may recall, we said that our growth CapEx to sales is approximately 2%. And as we grow and implement new business, we have a modest working capital drag. We remain very confident in delivering our guidance of 30% free cash flow conversion from EBITDA in 2022.

轉向現金流。由於季節性，我們在第一季度的業務通常會出現適度的現金流出。本季度也不例外，2022 年第一季度的現金流出為 1600 萬美元，而 2021 年第一季度的現金流出為 2000 萬美元。您可能還記得，我們說過我們的資本支出與銷售額的增長率約為 2%。隨著我們發展和實施新業務，我們的營運資金拖累不大。我們仍然非常有信心在 2022 年實現 EBITDA 的 30% 自由現金流轉換的指導。

Our investment-grade-rated balance sheet continues to be rock solid, with leverage at under 1x last 12 months adjusted EBITDA. To conclude, GXO's high earnings predictability continues to be underwritten by a stellar new business pipeline, longer and longer contract durations, a highly variable cost base, inflation pass-throughs, minimum volume guarantees and best-in-class revenue retention rates.

我們的投資級資產負債表繼續堅如磐石，過去 12 個月調整後的 EBITDA 的槓桿率不到 1 倍。總而言之，GXO 的高盈利可預測性繼續得到出色的新業務管道、越來越長的合同期限、高度可變的成本基礎、通貨膨脹傳遞、最低數量保證和一流的收入保留率的支持。

Our first quarter results clearly demonstrate that this business is not just an exciting structural growth story, but one in which we expect to deliver outstanding profits and strong cash flows with great returns for our investors.

我們第一季度的業績清楚地表明，這項業務不僅是一個令人興奮的結構性增長故事，而且我們希望在其中帶來可觀的利潤和強勁的現金流，為我們的投資者帶來豐厚的回報。

I'll now hand the call to Mark, who will elaborate our record wins, technology investments, ESG achievements as well as our raised growth guidance. Over to you, Mark.

我現在將電話轉給馬克，他將詳細說明我們的創紀錄勝利、技術投資、ESG 成就以及我們提高的增長指導。交給你了，馬克。

Thanks, Baris. GXO delivered a record first quarter for new customer wins. We've won over $344 million in the first quarter. About 2/3 of that will fall this year, meaning we now expect over $1 billion in incremental 2022 revenue.

謝謝，巴里斯。 GXO 在第一季度贏得了創紀錄的新客戶。我們在第一季度贏得了超過 3.44 億美元的收入。其中大約 2/3 將在今年下降，這意味著我們現在預計 2022 年的收入增量將超過 10 億美元。

Now importantly, we've also sustained our strong mid- to high-90s revenue retention rate. Our wins and our $2.5 billion pipeline can be attributed to our reputation for quality and reliability, but also our leadership in technology-enabled solutions. We really are the innovation leader in our industry, and we never stop working to retain our technological edge.

現在重要的是，我們還保持了強勁的 90 年代中高收入保留率。我們的勝利和我們 25 億美元的管道可歸因於我們在質量和可靠性方面的聲譽，以及我們在技術支持解決方案方面的領導地位。我們確實是我們行業的創新領導者，我們從不停止努力保持我們的技術優勢。

The rise that you can see in average contract duration in the first quarter reflects the fact that we are partnering on more and more complex solutions with our customers. Over the past few years, we've invested to increase the level of automation across our global footprint. Notably in the U.S., we've seen a year-over-year increase of more than 40% in automated solutions in the first quarter. And at the end of the first quarter, 1/3 of our revenue is driven from highly automated sites globally. This is driving real benefits for our customers across our business and for all of our stakeholders.

第一季度平均合同期限的增加反映了我們正在與客戶合作開發越來越複雜的解決方案這一事實。在過去的幾年裡，我們投資提高了我們全球足蹟的自動化水平。值得注意的是在美國，我們看到第一季度自動化解決方案同比增長超過 40%。在第一季度末，我們 1/3 的收入來自全球高度自動化的站點。這正在為我們的客戶和我們所有的利益相關者帶來真正的利益。

For example, in a number of cases, cobots in GXO warehouses have materially improved productivity and accuracy rates while enhancing our already great employee retention rates. I would also note that we've recently launched a 3D automated packaging solution in our e-commerce sites where custom fits boxes to their contents, saving significantly on materials and contributing to sustainability. These technological advancements not only drive our business forward, they are well aligned with our firm belief that how we do business is every bit as important as what we do.

例如，在許多情況下，GXO 倉庫中的協作機器人顯著提高了生產率和準確率，同時提高了我們本已很高的員工保留率。我還要指出，我們最近在我們的電子商務網站上推出了一個 3D 自動包裝解決方案，該解決方案可以根據內容定制盒子，從而顯著節省材料並有助於可持續發展。這些技術進步不僅推動我們的業務向前發展，而且與我們的堅定信念完全一致，即我們如何開展業務與我們所做的一樣重要。

As Malcolm mentioned, we published our inaugural ESG report last week, highlighting that we're on track to achieve our long-term targets while also supporting our customers as they work to achieve their own ESG goals. In particular, I'd like to call out a few key highlights from the report on the environmental side. Our greenhouse gas emissions fell by 3%. But what's more impressive here, given the growth of GXO, is that the per dollar of revenue actually fell by some 24% year-over-year.

正如 Malcolm 提到的那樣，我們上週發布了首份 ESG 報告，強調我們正在實現我們的長期目標，同時也支持我們的客戶努力實現他們自己的 ESG 目標。我想特別指出報告中有關環境方面的幾個重點。我們的溫室氣體排放量下降了 3%。但這裡更令人印象深刻的是，鑑於 GXO 的增長，每美元收入實際上同比下降了約 24%。

Additionally, nearly half of our global floor space is now using more efficient LED lighting. It's clear through both our wins and pipeline that we have considerable growth opportunities ahead as more and more customers are looking to GXO to optimize their warehouse, a mission-critical component of the supply chain. All of this is contributing to our raised guidance, and let me take you through those highlights.

此外，我們全球近一半的建築面積現在正在使用更高效的 LED 照明。通過我們的勝利和管道可以清楚地看到，隨著越來越多的客戶希望 GXO 優化他們的倉庫，我們有相當大的增長機會，這是供應鏈的關鍵任務組成部分。所有這些都有助於我們提高指導，讓我帶您了解這些亮點。

Firstly, in terms of organic revenue growth, we're now guiding to 11% to 15% for 2022. That's up from 8% to 12%. This reflects the phenomenal new business wins that we've seen in the first 3 months, the size of our sales pipeline and the strength of our existing business.

首先，就有機收入增長而言，我們現在指導 2022 年增長 11% 到 15%。從 8% 上升到 12%。這反映了我們在前 3 個月看到的驚人的新業務勝利、我們銷售渠道的規模以及我們現有業務的實力。

Secondly, we've provided adjusted diluted earnings per share guidance for the first time, and we're looking for this EPS of between $2.70 and $2.90. This implies a growth rate now of between 29% and 39% this year and puts us in the top 20% of the S&P 400 MidCap companies.

其次，我們首次提供了調整後的稀釋每股收益指引，我們預計每股收益在 2.70 美元至 2.90 美元之間。這意味著今年的增長率在 29% 到 39% 之間，使我們躋身標準普爾 400 家中型股公司的前 20%。

In closing, we're clearly off to a phenomenal start in 2022. GXO has extremely high multiyear revenue visibility, some exceptional growth with global blue-chip customers, resilient returns and excellent cash generation.

最後，我們顯然在 2022 年有了一個非凡的開端。GXO 具有極高的多年收入可見度、全球藍籌客戶的一些特殊增長、彈性回報和出色的現金生成。

We'll now open the call up to Q&A.

我們現在將打開問答環節。

(Operator Instructions) Our first questions come from the line of Scott Schneeberger with Oppenheimer.

（操作員說明）我們的第一個問題來自 Scott Schneeberger 與 Oppenheimer 的合作。

For my first question, I'll ask if you could please discuss what you're seeing in supply chains right now? From a macro perspective, how that's developed in recent months and how it's impacting your business?

對於我的第一個問題，我會問你是否可以討論你現在在供應鏈中看到的情況？從宏觀角度來看，最近幾個月的發展情況如何，對您的業務有何影響？

Thanks, Scott. It's Malcolm Wilson, and let me come in and give you some background. So first and foremost, if I think about what GXO is seeing, well, you've just heard our call, I mean, it was a great quarter. We're operating in a huge addressable market, $430 billion. We had great organic growth, 19%. As Mark just mentioned, EPS guidance puts us in the top 20% of the S&P 400. We launched our inaugural ESG report. So really, it was a super quarter.

謝謝，斯科特。我是馬爾科姆·威爾遜，讓我進來給你介紹一下背景。因此，首先，如果我考慮 GXO 所看到的，那麼，你剛剛聽到我們的電話，我的意思是，這是一個很棒的季度。我們在一個巨大的潛在市場中運營，價值 4300 億美元。我們有很好的有機增長，19%。正如 Mark 剛才提到的，EPS 指引使我們躋身標準普爾 400 指數前 20%。我們發布了首份 ESG 報告。所以真的，這是一個超級季度。

What was very, very pleasing, though, was the level of new business that was being signed, $340 million. There was a huge amount of implementations taking place as well that were flow-through from 2021. So overall, very, very good.

不過，非常非常令人高興的是，新簽約的業務達到了 3.4 億美元的水平。從 2021 年開始，還進行了大量的實施工作。總的來說，非常非常好。

We've got to put that against the kind of bigger picture. And what we saw really progressively through from January onwards was, in some of our customers where we operate in an omnichannel capacity, so we operate e-fulfillment, but we also deliver into brick-and-mortar facilities for them, we've seen that consumers, as a consequence of the pandemic receding, have drifted back into the shopping mall. That's a great thing. We're happy about that. So we've seen some volume change as a consequence of that.

我們必須把它與那種更大的圖景相對照。從 1 月開始，我們真正逐步看到的是，在我們以全渠道能力運營的一些客戶中，我們運營電子履行，但我們也為他們提供實體設施，我們已經看到由於大流行病的消退，消費者又回到了購物中心。這是一件好事。我們對此感到高興。因此，我們看到了一些交易量的變化。

We've also seen, of course, in Europe -- we can imagine the situation, the shock aspect of the Russian invasion of Ukraine. But that shock -- initial shock has really dissipated now. Sad to say that people have become familiar with the situation.

當然，我們在歐洲也看到了——我們可以想像當時的情況，俄羅斯入侵烏克蘭的震撼。但那種震驚——最初的震惊現在已經真正消散了。遺憾的是，人們已經熟悉了這種情況。

And the last thing I want to comment about the big picture is there are still evident supply chain disruptions. Right now, a lot of customers across our North American business and European business are affected by shortages of products as a consequence of the rise again of COVID in Asia, particularly in China and, of course, various type of shipping disruptions. Last year, it was Long Beach inbound port; this year, probably more outbound ports like Shanghai. So that's the kind of big picture.

關於大局，我最後要評論的是，供應鏈仍然存在明顯的中斷。目前，我們北美業務和歐洲業務的許多客戶都受到產品短缺的影響，這是由於 COVID 在亞洲，特別是在中國再次興起，當然還有各種類型的運輸中斷。去年是長灘入境口岸；今年，可能會有更多像上海這樣的出境口岸。這就是那種大局。

But overall, we are constantly monitoring our sales order pipeline. It's retained at a very high, very positive level, over $2.5 billion. Our conversion has remained very constant, retention of customers very constant. Contracting terms, if anything, are going upwards. So an average for the quarter was around 6 years. So overall, we're kind of not seeing the impact of these larger-picture events.

但總的來說，我們一直在監控我們的銷售訂單渠道。它保持在非常高、非常積極的水平，超過 25 億美元。我們的轉化率保持非常穩定，客戶保留率非常穩定。合同條款，如果有的話，正在上升。因此，該季度的平均值約為 6 年。所以總的來說，我們有點看不到這些大事件的影響。

But I do want to say, in the end, we're not 100% immune to any kind of macro world. Interest rates are going up. We're not 100% immune to that. But I would say that the very nature of how we do business, the nature of how we strike our contractual deals with our customers, our ability to pass through.

但我確實想說，歸根結底，我們對任何一種宏觀世界都不是 100% 免疫的。利率正在上升。我們並非 100% 對此免疫。但我要說的是，我們開展業務的方式的本質，我們與客戶達成合同交易的方式的本質，以及我們通過的能力。

And a lot of inflation to pass through at the moment, but we're successfully doing that. Really gives us a very strong base. It shields us to a certain extent from these more momentarily volume modifications that we're seeing. We see a bit of softness on one customer. The scale of our business really tends to allow us to not see any major impact across our results.

目前有很多通貨膨脹要通過，但我們正在成功地做到這一點。真的給了我們一個非常強大的基礎。它在一定程度上保護我們免受我們所看到的這些更短暫的音量修改。我們看到一位客戶有點軟弱。我們的業務規模確實傾向於讓我們看不到對我們的結果產生任何重大影響。

Excellent. Malcolm, I appreciate that color. For my follow-up, I'd like to ask about margins in the quarter. If you could please elaborate, looking at Slide 16, thank you for the bridge. You had going in the right direction performance improvements and other, if you could elaborate on that. And then obviously, you had this great new activity and new business start-ups, which is a bit of a headwind. So if you could just speak to how we should expect to see the margin develop over the balance of the year, kind of a thought of how you would bridge 2021 to 2022 in a similar fashion and elaborate on some of those drivers.

出色的。馬爾科姆，我喜歡那種顏色。對於我的後續行動，我想詢問本季度的利潤率。如果您可以詳細說明，請查看幻燈片 16，謝謝您的橋樑。如果你能詳細說明的話，你已經朝著正確的方向改進了性能和其他方面。然後很明顯，你有這項偉大的新活動和新的業務初創企業，這有點不利。因此，如果你能談談我們應該如何期望看到利潤率在今年餘下的時間裡發展，想一想你將如何以類似的方式將 2021 年過渡到 2022 年，並詳細說明其中的一些驅動因素。

Sure. This is Baris here. I'm going to take that margin question. We have written 19% organic growth in Q1. And when you look into the components of that growth, literally close to half is coming from net new business wins, bearing in mind that our earlier guidance was about 5% to 8% of our organic growth would come from new business wins, which we are clearly trending at the peak of this range.

當然。我是巴里斯。我要回答那個保證金問題。我們在第一季度實現了 19% 的有機增長。當您查看增長的組成部分時，實際上將近一半來自淨新業務勝利，請記住我們之前的指導是我們有機增長的大約 5% 到 8% 來自新業務勝利，我們明顯處於該範圍的峰值。

And when we start that new business, due to the complexity of the solution we provide to our customers, it takes time for each operation to reach margin maturity. This raised by contract type, open book or cost-plus contract takes roughly 3 to 6 months to make sure, while closed book and hybrid contracts takes 6 to 12 months to make sure. Accordingly, we'll see profitability of these contracts more prevalent in the second half of the year, which will drive our margin expansion on a year-over-year basis.

當我們開始這項新業務時，由於我們為客戶提供的解決方案的複雜性，每項業務都需要時間才能達到利潤率成熟度。這通過合同類型、公開簿或成本加成合同提出大約需要 3 到 6 個月才能確定，而封閉簿和混合合同需要 6 到 12 個月才能確定。因此，我們將在今年下半年看到這些合同的盈利能力更加普遍，這將推動我們的利潤率同比增長。

So the impact of new business wins in Q2 will be less than Q1, but we see a positive margin contribution starting in the second half of the year.

因此，第二季度贏得新業務的影響將小於第一季度，但我們認為從今年下半年開始將有積極的利潤率貢獻。

Our next questions come from the line of Chris Wetherbee with Citi.

我們的下一個問題來自花旗銀行的 Chris Wetherbee。

Maybe if I could just piggyback on that margin question, maybe understand it a little bit better as we think about really more bigger picture, so beyond just sort of the second half of this year as you think about the opportunity set in front of you, the pipeline that you're expecting. Is there a way we can think about how much start-up costs should be sort of generally in the business in any given year? I don't know if that's a good percent of revenue, if you want to think about that as a percent of adjusted EBITDA margin. Just want to get a sense of what should be sort of assumed in our expectations as we move forward beyond 2022.

也許如果我能在那個保證金問題上有所作為，也許當我們考慮真正更大的圖景時更好地理解它，所以除了今年下半年，當你考慮擺在你面前的機會時，您期望的管道。有沒有一種方法可以讓我們考慮在任何給定年份的業務中通常應該有多少啟動成本？我不知道這是否佔收入的很大一部分，如果你想將其視為調整後 EBITDA 利潤率的百分比。只是想了解一下，隨著我們在 2022 年之後向前邁進，我們的期望中應該假設什麼。

Sure, Chris. As we mentioned, this has been an extraordinary quarter of new start-ups. And when you look into the Q1 detail, the delta in EBITDA was about 40 basis points. And 68 basis points delta is coming from net new business wins, the remainder reflecting our operating activities, including operating excellence. So this has been -- as we mentioned earlier in Q4 earnings call, this has been a very robust start-up time. We had been extremely busy, and it is reflecting that in our margins. And over time, in the second half, you will see more prevalent improvement in our margins.

當然，克里斯。正如我們所提到的，這是一個非凡的新初創企業季度。當你查看第一季度的細節時，EBITDA 的增量約為 40 個基點。 68 個基點增量來自淨新業務勝利，其餘部分反映了我們的經營活動，包括卓越經營。因此，正如我們之前在第四季度財報電話會議中提到的那樣，這是一個非常強勁的啟動時間。我們一直非常忙碌，這反映在我們的利潤中。隨著時間的推移，在下半年，您會看到我們的利潤率有更普遍的改善。

We're writing a lot of contracts, very solid contracts for return on invested capital. I'll give you an example. I was reviewing a contract with huge revenues and only 6% EBITDA margins, but return on invested capital of 86% and EBITA margin above our group average. This is the kind of contract that I will sign every day and all day.

我們正在寫很多合同，非常可靠的投資資本回報合同。我給你舉個例子。我正在審查一份收入豐厚且 EBITDA 利潤率僅為 6%，但投資資本回報率為 86% 且 EBITA 利潤率高於我們集團平均水平的合同。這就是我每天都會簽署的合同。

Okay. Okay. So I guess it is not necessarily like a good rule of thumb that we could think about in terms of x revenue equals -- on an annualized basis equals an initial upfront start-up cost of something -- some percentage of that. Is there any way to think about it in that context?

好的。好的。所以我想這不一定是一個好的經驗法則，我們可以考慮 x 收入等於 - 在年化基礎上等於某物的初始前期啟動成本 - 其中的某個百分比。在這種情況下有什麼辦法可以考慮嗎？

Yes, Chris, there's a couple of ways of thinking about this. So just to Baris' point about the pipeline, it's Mark here, obviously, we've got a very long duration pipeline. That's what your question tilts towards. But really, what's happening in this $2.5 billion pipeline, which, by the way, is up 20% year-over-year, we're winning some great contracts. And those contracts have tilted to our strengths, which obviously are margin and return enhancing.

是的，克里斯，有幾種方法可以考慮這個問題。因此，對於 Baris 關於管道的觀點，這裡是 Mark，顯然，我們有一個持續時間很長的管道。這就是你的問題的傾向。但實際上，這條價值 25 億美元的管道正在發生什麼，順便說一下，它同比增長 20%，我們贏得了一些很棒的合同。這些合同已經向我們的優勢傾斜，這顯然可以提高利潤率和回報。

So you'll notice that in our presentation pack that we put out last night, 70% of our mix is coming from e-commerce, omnichannel, retail and consumer technology. And all of the contracts that we signed through Q3, Q4 and Q1 have some element of automation attached to them. You know we've talked about automation contract wins as having 300 to 400 basis point margin improvement in our business.

所以你會注意到，在我們昨晚發布的演示包中，70% 的組合來自電子商務、全渠道、零售和消費技術。我們在第三季度、第四季度和第一季度簽署的所有合同都附加了一些自動化元素。你知道我們已經談論過自動化合同的獲勝，因為我們的業務利潤率提高了 300 到 400 個基點。

So there's lots to like here in the pipeline. There's lots to like in terms of the new wins that we're signing. We're winning a lot of outsourcing contracts, wallet expansion and competitive wins in the business. And that, over time, will naturally be margin expansion enhancing and also return enhancing, as Baris and Malcolm have both alluded to.

所以這裡有很多值得喜歡的地方。就我們簽署的新勝利而言，有很多值得喜歡的地方。我們正在贏得大量外包合同、錢包擴張和業務競爭優勢。而且，隨著時間的推移，正如 Baris 和 Malcolm 都提到的那樣，這自然會增加利潤率並增加回報。

Okay. That's really helpful. I appreciate that color, Mark. A quick follow-up here. So just thinking about the current environment that we're in, e-commerce growth was fairly robust in the quarter from a revenue perspective. Is there any way that we can look within the contract to get a sense of where volume is trending from a sort of quarter-to-quarter dynamic? Just getting a sense of where you are relative to your sort of the floors and ceilings within the contracts, specifically on the e-comm side would be helpful.

好的。這真的很有幫助。我很欣賞那種顏色，馬克。在這裡快速跟進。因此，僅考慮我們所處的當前環境，從收入的角度來看，本季度電子商務增長相當強勁。有沒有什麼方法可以讓我們在合同中了解交易量從一個季度到另一個季度的動態變化趨勢？只要了解您相對於合同中的地板和天花板的位置，特別是在電子商務方面，就會有所幫助。

Yes, let me help on that, Chris. It's Mark here. So if you think about our business right now, let's go back to basics in terms of the 8% to 12% guidance range that we had, so that was essentially coming from 2 elements. That was coming from existing growth, which was 3% to 4% at the time, and then 5% to 8%. We've obviously raised that range, as you know, to 11% to 15% for this year. That now goes -- in essence, you can think about it as being existing customer wins of 4% to 5%. So that gives you a sense of what's going on in the underlying business, which as you say is highly skewed in our business towards e-comm. And then, of course, new business wins in the 7% to 10% range.

是的，讓我幫忙，克里斯。我是馬克。因此，如果你現在考慮我們的業務，讓我們回到我們所擁有的 8% 到 12% 指導範圍的基礎，所以這基本上來自 2 個元素。這是來自現有的增長，當時是 3% 到 4%，然後是 5% 到 8%。如您所知，今年我們顯然已將該範圍提高到 11% 至 15%。現在是這樣——從本質上講，您可以將其視為現有客戶贏得 4% 到 5%。這樣一來，您就可以了解基礎業務中正在發生的事情，正如您所說，我們的業務高度偏向電子商務。然後，當然，新業務會在 7% 到 10% 的範圍內獲勝。

So if you think about that, that gets you, if you take 4% and 5% and 7% to 10%, that gets you to 11% to 15%, which is that new guidance range. And I don't think in terms of your underlying point, the run rate, as you talk about in your question, I don't think it would be unfair to surmise that the existing customer range that we've talked about is tracking ahead of trend in the first quarter as we saw in the third and the fourth quarter as well. So underlying volumes, as Malcolm spoke about to Scott's question, looking good.

所以如果你考慮一下，如果你採用 4% 和 5% 以及 7% 到 10%，那麼你就會達到 11% 到 15%，這是新的指導範圍。而且我不認為你的基本點，運行率，正如你在你的問題中所說的那樣，我不認為推測我們所討論的現有客戶範圍正在向前發展是不公平的正如我們在第三和第四季度看到的那樣，第一季度的趨勢。因此，正如 Malcolm 談到 Scott 的問題時，基礎量看起來不錯。

The reason I'm also confident in the 7% to 10% range, just kind of looking into the looking glass, as you say, is the fact that the new customer wins are now accumulating at this $1.02 billion range. We've got a lot in the hopper in terms of new wins, as the guidance talks about. It's essentially the $830 million that we talked about at the last quarter, plus the $192 million from the last quarter. That basically is 10.5%, plus 2.5%, which means we've got a gross win rate already banked for this year of 12.9% in the bag, plus anything that we could potentially win in the April that's just passed and the May that we're currently sitting in.

我也對 7% 到 10% 的範圍充滿信心的原因，就像你說的那樣，只是看著鏡子，因為新客戶贏現在正在這個 10.2 億美元的範圍內積累。正如指南所說，我們在新勝利方面有很多收穫。這基本上是我們在上個季度談到的 8.3 億美元，加上上個季度的 1.92 億美元。這基本上是 10.5%，再加上 2.5%，這意味著我們今年的總勝率已經達到 12.9%，再加上我們在剛剛過去的 4 月和 5 月可能贏得的任何東西'目前坐在。

So that's what really drives our confidence in terms of existing customers, gross wins. And when you combine that with the fact that, as Malcolm said, this mid- to high-90s revenue retention rate, that's very strong for a business services company such as us, as I'm sure you're aware. So you've got really everything heading in the right direction for this business. You've got existing customer growth, a stunning pipeline. You've got stellar retention rates. And you've got plenty of new wins coming through. So there's lots to be excited about here, Chris, in terms of the underlying growth and the new growth coming through in the business. So I hope that helps.

因此，這才是真正推動我們對現有客戶和總勝利充滿信心的原因。正如馬爾科姆所說，當你將其與事實結合起來時，90 年代中期到中期的收入保留率對於像我們這樣的商業服務公司來說非常強大，我相信你知道。因此，對於這項業務而言，您的一切都朝著正確的方向前進。你有現有的客戶增長，一個驚人的管道。你有一流的保留率。而且你已經獲得了很多新的勝利。因此，克里斯，就業務的潛在增長和新增長而言，這裡有很多令人興奮的地方。所以我希望能有所幫助。

Our next questions come from the line of Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Congrats on the results. Malcolm, I want to go back to your commentary on the first question, I think Scott Schneeberger's question. So Europe, there's a lot going on in Europe right now. Almost all of it, if not all of it, presents macro challenges. And you guys are -- your customers -- you're engaging with your customers for $10 million, $15 million, $20 million outsourcing projects, which are huge investments for your customers. And so I understand that the markets you serve and the solutions you provide are have credible secular tailwinds attached to it.

祝賀結果。 Malcolm，我想回到你對第一個問題的評論，我認為是 Scott Schneeberger 的問題。所以歐洲，現在歐洲發生了很多事情。幾乎所有這些，如果不是全部，都帶來了宏觀挑戰。你們是——你們的客戶——你們正在與你們的客戶進行 1000 萬美元、1500 萬美元、2000 萬美元的外包項目，這對你們的客戶來說是巨大的投資。所以我知道你所服務的市場和你提供的解決方案都有可靠的長期順風。

But if you can just -- I mean, you're doing business right now for '23, '24, '25. Have the challenges in Europe at all presented any hesitation from your customers around maybe deferring some of these capital projects in light of what's happening in Europe? Because I'm not worried so much about '22 growth, probably not worried about '23 growth, but I'm a little bit worried about if there's an air pocket in growth in late '23, '24, '25 as a result from the long lead times of your business.

但如果你能——我的意思是，你現在正在為 23 年、24 年、25 年做生意。鑑於歐洲正在發生的事情，歐洲的挑戰是否讓您的客戶猶豫不決，可能會推遲其中一些資本項目？因為我不太擔心 22 年的增長，可能也不擔心 23 年的增長，但我有點擔心 23 年末、24 年、25 年末的增長是否會因此出現氣穴從您的業務的長交貨期。

Yes. Amit, thanks for that. And it's a really good point that you're asking because I think as GXO, we are a good bellwether. We can see ahead that long runway that we have, visibility of what our customers are doing. And what I can say is right now, e-fulfillment -- I mean we talked earlier about we've seen a drift back to brick-and-mortar. I think that's a good thing.

是的。阿米特，謝謝你。你問的是一個非常好的觀點，因為我認為作為 GXO，我們是一個很好的領頭羊。我們可以看到我們擁有的長跑道，可以看到我們的客戶正在做什麼。我現在可以說的是，電子實現——我的意思是我們之前談到過我們已經看到了回歸實體的趨勢。我認為這是一件好事。

But overwhelmingly, all of our customers are continuing to want to put more and more of their business online. And they're doing that quite simply because it improves their ability to see directly the consumer experience. They touch it firsthand. They see it directly. And also, not to lose sight of that, it's a lower cost model for them to service the consumer directly rather than through a brick-and-mortar.

但絕大多數情況下，我們所有的客戶都繼續希望將越來越多的業務放在網上。他們這樣做很簡單，因為這提高了他們直接了解消費者體驗的能力。他們親身體驗。他們直接看到了。而且，不要忽視這一點，這是一種成本更低的模式，可以讓他們直接為消費者提供服務，而不是通過實體店。

So when we look at our e-fulfillment business, which is, for GXO, broadly around 50% of our activity, that's really going like a rocket. And those projects that we talk to customers about, they're never ending. I mean a big proportion of the sales pipeline at the moment is those kind of projects. And the typical projects that incorporate quite a lot of automation because it's volume -- it's a volume business. It's all about future-proofing the solution. And generally, those projects are very buoyant, lots of discussions with new customers, pipeline at the moment heavily populated with new projects and going very, very well.

因此，當我們審視我們的電子履行業務時，對於 GXO 來說，大約占我們活動的 50%，這真的像火箭一樣。我們與客戶談論的那些項目永無止境。我的意思是，目前很大一部分銷售渠道都是這類項目。典型的項目包含了大量的自動化，因為它是批量的——這是批量業務。這一切都是關於面向未來的解決方案。總的來說，這些項目非常活躍，與新客戶進行了大量討論，目前管道中充斥著大量新項目，而且進展非常非常順利。

When we look across the rest of our business, I mean, our food, beverages activities, I mean, it is what it is. People have to eat, and customers are becoming more attuned to automation, and that drives longer-term contracts. So on that side of the business, equally, what we're seeing is a shift to longer-term deals simply because they can carry more capital that being put up really with the intent of servicing the consumer for 5, 10 years plus.

當我們審視我們的其他業務時，我的意思是，我們的食品、飲料活動，我的意思是，它就是這樣。人們必須吃飯，客戶越來越適應自動化，這推動了長期合同。因此，在業務的這一方面，同樣地，我們看到的是向長期交易的轉變，僅僅是因為它們可以攜帶更多的資本，而這些資本實際上是為了為消費者提供 5 年、10 年以上的服務。

And then the rest of our business, I can only kind of comment that really, pipeline-wise, it's strong, lots of long-term projects in -- amongst it. So we're not really seeing -- I've heard a lot of customers talk about -- not customers, but I've heard a lot of companies in the last week mention about maybe slower. Things like that, we're not seeing it. We're just seeing really a continuation of what we saw through '21.

然後是我們的其他業務，我只能評論說，在管道方面，它確實很強大，其中有很多長期項目。所以我們並沒有真正看到——我聽到很多客戶在談論——不是客戶，但我在上週聽到很多公司提到可能會更慢。諸如此類的事情，我們沒有看到。我們只是真正看到了我們在 21 年所看到的東西的延續。

The start of this year is very, very good for us. That's why we're lifting our top line guidance. And as Baris mentioned, I mean, we are awash -- in quarter 1, we have -- probably our teams have never worked harder in the context of just standing or implementing new facilities. Everybody is running very, very busy at home, but all for the long-term benefit.

今年的開始對我們來說非常非常好。這就是我們提高頂線指導的原因。正如 Baris 所提到的，我的意思是，我們在第一季度充斥著——可能我們的團隊在站立或實施新設施的背景下從未更加努力地工作過。每個人都在家裡忙得不可開交，但都是為了長遠利益。

That's pretty amazing. I think it speaks to the opportunity and the execution. So a couple of other quick ones, if I could. Baris, one thing that I noticed is when I look at the adjusted cost of the business, so taking out transaction and restructuring costs and deal and amortization cost, the adjusted cost of the business was up year-over-year, but at a lower rate than revenue growth. And I'm including FX in both numbers.

這真是太神奇了。我認為這說明了機會和執行力。如果可以的話，還有其他幾個快速的。 Baris，我注意到的一件事是，當我查看調整後的業務成本時，如果扣除交易和重組成本以及交易和攤銷成本，調整後的業務成本同比上升，但下降了增速高於收入增速。我在兩個數字中都包括了 FX。

I just want to think about -- we talk a lot about margins for this business, but at the end of the day, it's a very growth-centric business. And even if you don't expand margins, as long as you're not declining margins, your EBITDA is still growing. So as we think about the next 3, 4 years, including of start-up costs, do you feel comfortable that the adjusted OpEx base of the company inflates at a lower rate than revenue, which allows you to drive some margin expansion? Is that the right algorithm for the company?

我只想想想——我們經常談論這項業務的利潤率，但歸根結底，這是一項非常以增長為中心的業務。即使您不擴大利潤率，只要您不降低利潤率，您的 EBITDA 仍在增長。因此，當我們考慮未來 3 年、4 年（包括啟動成本）時，您是否對公司調整後的 OpEx 基數以低於收入的速度膨脹感到滿意，這可以讓您推動一些利潤率擴張？這對公司來說是正確的算法嗎？

Yes, I feel fully confident on that. As we look forward, we will have higher margin expansion in our -- especially on EBITA. And you should continue to see that our EBITA margin expansion faster than our EBITDA margin expansion. Currently, we are about 40% open book. After Clipper, we're going to be pretty much close to 50% open book, and that's going to be accelerating our EBITA margin expansion much higher than EBITDA.

是的，我對此充滿信心。展望未來，我們將有更高的利潤率擴張——尤其是 EBITA。你應該繼續看到我們的 EBITA 利潤率增長速度快於我們的 EBITDA 利潤率增長速度。目前，我們大約有 40% 是公開的。在 Clipper 之後，我們將接近 50% 的未平倉，這將加速我們的 EBITA 利潤率擴張，遠高於 EBITDA。

Yes. I'm just more focused on EBIT because obviously, the useful life of your assets is tailored to how you price the business and your ROIC. But it seems like that should translate to EBIT as well.

是的。我只是更關注息稅前利潤，因為很明顯，資產的使用壽命是根據您為業務和 ROIC 定價的方式量身定制的。但似乎這也應該轉化為息稅前利潤。

The last question from me, if I could. I'm sorry, I'm over my allotment, but I think it's an important question, is that you guys paid a very big price for Clipper Logistics on a pre-synergy basis. Post-synergies, it looks very compelling, but one could argue that you're capitalizing a lot of the benefits based on the pre-synergy price.

我的最後一個問題，如果可以的話。對不起，我的配額用完了，但我認為這是一個重要的問題，你們在協同效應的基礎上為 Clipper Logistics 付出了非常大的代價。協同效應後，它看起來非常引人注目，但有人可能會爭辯說，你正在利用協同效應前價格的很多好處。

Malcolm, I mean, you've been in Europe for decades and been in this business for decades. What does Clipper give you that makes the price worth paying for? And can you just talk about the strategic rationale and why you're willing to pay such a high price on a pre-synergy basis for the company?

馬爾科姆，我的意思是，你在歐洲已經幾十年了，在這個行業也有幾十年了。 Clipper 為您提供了什麼讓您物有所值？您能否談談戰略依據以及為什麼您願意在協同效應的基礎上為公司支付如此高的價格？

Yes, Amit, thanks. Let me give you the feedback on that. So -- and you're right, I've been in Europe for a while. And when we made Spain as a business, we created a kind of list of companies that we admired, that we thought would make really super M&A opportunities, and Clipper was right at the top. So we were super pleased to have found an agreement, very happy with Clipper shareholders who voted through the deal.

是的，阿米特，謝謝。讓我給你反饋。所以——你是對的，我在歐洲已經有一段時間了。當我們將西班牙作為一項業務時，我們創建了一份我們欽佩的公司名單，我們認為這些公司會帶來真正超級的併購機會，而 Clipper 就位居榜首。因此，我們非常高興達成協議，對投票通過該交易的 Clipper 股東感到非常高興。

And by the way, just on timing on that, it's got to go through a traditional kind of regulatory approval. We don't anticipate any difficulties on that. Likely to be closing probably in the summer, maybe as early as, I would say, very earliest August. But we're heading into the kind of holiday periods for a lot of the people who work on those matters. So it's more likely to be September, but it's in the coming months for sure. And we're really looking forward to welcoming all those new team members across into the business.

順便說一下，就時間而言，它必須通過傳統的監管批准。我們預計在這方面不會有任何困難。可能會在夏天關閉，也許最早，我會說，最早的八月。但是我們正在進入許多從事這些事務的人的假期。所以它更有可能是 9 月，但肯定會在未來幾個月內發生。我們真的很期待歡迎所有這些新團隊成員加入我們的業務。

It's very accretive for our business. Even in the first year, it's going to be accretive. And you're right, we're paying a good price for it, but it's coming with just an absolute ton of cost synergies, about $48 million, very visible to us. It's kind of -- we're an experienced management organization. We're experienced in the M&A. We're experienced at integrating businesses and eating out all of the benefits that come out of an integration.

這對我們的業務非常有利。即使在第一年，它也會增加。你是對的，我們為此付出了高昂的代價，但它帶來了絕對大量的成本協同效應，大約 4800 萬美元，這對我們來說非常明顯。這有點——我們是一個經驗豐富的管理組織。我們在併購方面經驗豐富。我們在整合業務和吃掉整合帶來的所有好處方面經驗豐富。

What that business is bringing us, I mean, it's -- I could consume the rest of this call, Amit, just to tell you about it. But it's bringing a reinforcement of e-fulfillment in core markets that we operate, virtually no crossover of customer. I think when I looked at it, I think there's maybe 1, maximum 2 customers where we actually have business together at the moment, very, very small. So it's no crossover customer. So there's a massive opportunity for across sales, across the customer base.

那項業務給我們帶來了什麼，我的意思是，我可以用這個電話的其餘部分，阿米特，只是為了告訴你這件事。但它在我們經營的核心市場中帶來了電子實現的加強，幾乎沒有客戶交叉。我想當我看著它時，我認為目前我們實際有業務往來的客戶可能有 1 個，最多 2 個，非常非常小。所以它不是交叉客戶。因此，跨客戶群的跨銷售有巨大的機會。

A lot of the Clipper customers are multinational, so they're not just U.K. activity. And then outside of the customers, Clipper is very advanced, more so, pains me to say it, but more so even than GXO when it comes to reverse logistics, returns management. It's a real scale. It's an art for them. We've got a lot of very sophisticated software that drives it.

Clipper 的很多客戶都是跨國公司，因此他們不僅僅是英國的活動。然後在客戶之外，Clipper 非常先進，我很難說，在逆向物流、退貨管理方面甚至比 GXO 更先進。這是一個真正的規模。這對他們來說是一門藝術。我們有很多非常複雜的軟件來驅動它。

So that is going to help us tremendously to leverage those skill sets and those technologies across the rest of GXO's customer base, not just in U.K., continental Europe, but even bringing out to North America. Then when we look at the geography, Clipper's core business is a U.K. business, but they've done a great job of expanding. And particularly in Germany, they've done really well.

因此，這將極大地幫助我們在 GXO 的其他客戶群中利用這些技能和技術，不僅在英國、歐洲大陸，甚至帶到北美。然後當我們看地理時，Clipper 的核心業務是英國業務，但他們在擴張方面做得很好。特別是在德國，他們做得非常好。

Now for GXO, we admire Germany. It's on our list of M&A target countries. But with Clipper, in fact, when we put our existing business together with their business for Germany, which is, by the way, Europe's largest single economy, it gives us critical mass. And if we just see accelerating growth in Germany in the same scale as the rest of our business, wow, that's going to be incredible for us. It's a big market dominated by a handful of players at the moment, plenty of room for a new technology-driven organization like GXO.

現在對於GXO，我們欽佩德國。它在我們的併購目標國家名單上。但事實上，對於 Clipper，當我們將我們現有的業務與他們在德國的業務放在一起時，順便說一句，德國是歐洲最大的單一經濟體，它給了我們臨界質量。如果我們只是看到德國的加速增長與我們其他業務的規模相同，哇，這對我們來說將是不可思議的。這是一個目前由少數參與者主導的大市場，為像 GXO 這樣的新技術驅動型組織提供了充足的空間。

And the last thing, new verticals, Clipper has done a great job of developing some verticals. They're very heavy in repairs and refurbishment. We'll leverage that across all of our customer base. They've been growing out a small network organically and through small M&A. And we'll look to carry that good work on, but huge leverage across our existing customer base. And it fits well with ESG as well.

最後一件事，新的垂直領域，Clipper 在開發一些垂直領域方面做得很好。他們的維修和翻新工作非常繁重。我們將在所有客戶群中利用這一點。他們一直在通過小型併購有機地發展出一個小型網絡。我們將繼續開展這項出色的工作，但在我們現有的客戶群中發揮巨大的影響力。它也非常適合 ESG。

And lastly, health care and life sciences, and it's a business where you need scale. When we marry that to GXO's scale, that's going to be a winner. We're not in it today. It's going to grow like a weed. We've really got good hopes for it. So I think all in all, this is what gives us such a compelling reason to make that agreement. I think big cost synergies, huge top line synergies are going to come from that agreement.

最後，醫療保健和生命科學，這是一個需要規模化的行業。當我們將其與 GXO 的規模相結合時，它將成為贏家。我們今天不在其中。它會像雜草一樣生長。我們真的對此寄予厚望。所以我認為總而言之，這就是讓我們有如此令人信服的理由來達成協議的原因。我認為巨大的成本協同效應，巨大的頂線協同效應將來自該協議。

Our next questions come from the line of Bascome Majors with Susquehanna.

我們的下一個問題來自 Bascome Majors 與 Susquehanna 的對話。

Malcolm, you joined the GXO predecessor, Norbert, in the fall of 2007 and walked effectively right into a deep global recession and had to manage through that. Can you talk a little bit about the signs of the business changing that you saw 15 years ago and how those inform how you manage this business for downside risk into the current environment?

馬爾科姆，你在 2007 年秋天加入了 GXO 的前身諾伯特，並有效地走進了一場嚴重的全球衰退，並且必須設法度過難關。您能否談談您在 15 年前看到的業務變化跡象，以及這些跡像如何告知您如何管理該業務以應對當前環境中的下行風險？

Yes, for sure. I mean years ago, logistics, I have to say -- sadly, many years ago, it was viewed as a commodity. It's no longer viewed as a commodity today. It's viewed as an essential part of doing business. It's viewed as -- it can make a difference to the success of any company when it comes to the consumer experience. And that's what's changed. That's the fundamental thing that's changed over all of those years.

是肯定的。我的意思是多年前，物流，我不得不說——可悲的是，多年前，它被視為一種商品。如今，它不再被視為一種商品。它被視為開展業務的重要組成部分。它被視為 - 在消費者體驗方面，它可以對任何公司的成功產生影響。這就是改變的地方。這是這些年來發生的根本性變化。

Today, we're an integral part of the customer activities that we work with. Those blue-chip customers, no wonder they sign 5-, 10-, 15-year agreements because we become absolutely integral, very sticky with them. We're part of how they deliver their service.

今天，我們是與我們合作的客戶活動不可或缺的一部分。那些藍籌客戶，難怪他們會簽 5 年、10 年、15 年的協議，因為我們對他們來說變得不可或缺，非常粘。我們參與了他們提供服務的方式。

When we look at how we work together, it's very much a contractual type of environment. We have set boilerplate type of agreements. That's why you've heard Baris mention about the pass-through of inflation. It's actually never a big discussion. Customers -- particularly when you think about wage inflation and energy inflation, these are the kind of essentials to delivering a great service. And that's the most important thing, delivering a great service.

當我們審視我們如何一起工作時，它在很大程度上是一種契約類型的環境。我們已經設置了樣板類型的協議。這就是為什麼您聽到 Baris 提到通貨膨脹的傳遞。這實際上從來都不是一個大討論。客戶——尤其是當你考慮工資通脹和能源通脹時，這些都是提供優質服務的基本要素。這是最重要的事情，提供優質的服務。

So we never tend to have a big drama in the discussions with them, even though they're actually cost increases. But nevertheless, those tend to easily go through to our customers under the terms of the agreements that we have with them. So -- and more and more, as Baris mentioned, we're seeing a lot of open-book deals coming along. I think in these high levels of inflationary environment that we see, that's not a bad thing. That's actually a good thing for us. We're quite happy with those.

因此，我們從不傾向於在與他們的討論中大鬧一場，即使他們實際上是在增加成本。但是，儘管如此，根據我們與客戶達成的協議條款，這些往往很容易傳遞給我們的客戶。所以——越來越多，正如 Baris 提到的那樣，我們看到了很多公開交易。我認為在我們看到的這些高通脹環境中，這不是一件壞事。這對我們來說實際上是一件好事。我們對這些很滿意。

So that's the overview that I can kind of share with you. We've become -- I think we've matured as an industry, all of a sudden full of technology, full of automation. I can remember in the days when you could have a graduate trainee induction day, and you'd have a few people who turned up. Now it's thousands of people. People want to work for GXO because they just see us as a super high technology company with a very loyal, very strong, very structured customer base.

這就是我可以與大家分享的概述。我們已經——我認為我們作為一個行業已經成熟，突然之間充滿了技術，充滿了自動化。我記得以前有一個畢業實習生入職培訓日，會有幾個人出現。現在是成千上萬的人。人們想為 GXO 工作，因為他們只是將我們視為一家擁有非常忠誠、非常強大、非常結構化的客戶群的超高科技公司。

And on the quantitative side, I know you guys talked about this in the Investor Day last summer, but the business is changing. You're doing a fairly sizable acquisition. I don't know, Malcolm or Baris, who wants to take this. But can you talk a little bit quantitatively about your modeling for how the business would fare in a deeper recession? Just want to understand how instructive the Norbert 2009 scenario is or is not.

在定量方面，我知道你們在去年夏天的投資者日談到了這一點，但業務正在發生變化。你正在進行相當大的收購。我不知道，馬爾科姆或巴里斯，誰想接受這個。但是，您能否定量地談談您對企業在更嚴重的衰退中將如何表現的建模？只是想了解 Norbert 2009 場景是否具有指導意義。

Sure, I'll take that. This is Baris here. When you look at our customer base, it's very strong, and our volumes are really strong, as Mark mentioned. We have seen a stellar 19% organic growth result as we are forecasting really continued growth in our business. However, if you go to see a downturn, 25% of revenue is fixed. And so -- that's one side. And because of the resilience of our open-book cost-plus contracts and inflation pass-throughs, our margins are very stable in different cycles.

當然，我會接受的。我是巴里斯。當您查看我們的客戶群時，它非常強大，而且我們的銷量非常強勁，正如馬克提到的那樣。我們已經看到了 19% 的出色有機增長結果，因為我們預測我們的業務確實會持續增長。然而，如果你看到經濟低迷，25% 的收入是固定的。所以 - 這是一方面。而且由於我們的開賬本成本加成合同和通貨膨脹傳遞的彈性，我們的利潤率在不同的周期中非常穩定。

We have long-term visibility for booking revenue all the way to 2024 right now. We have fantastic visibility in 2022, 2023, booking into '24. And we have minimum volume guarantees that reinforces our strength in a bottom up and down cycles. So our mix of our business is very resilient, and it's a business for all seasons. Remember, the fixed revenue, 25%, 40% open book. We have minimum volume guarantees, inflation pass-throughs and booking revenue all the way up to 2024 right now.

我們對預訂收入的長期可見性一直持續到 2024 年。我們在 2022 年、2023 年擁有出色的能見度，預訂到 24 年。我們有最低交易量保證，可以增強我們在自下而上和下跌週期中的實力。因此，我們的業務組合非常有彈性，而且是四季皆宜的業務。記住，固定收益，25%，40%開賬。我們現在有一直到 2024 年的最低數量保證、通貨膨脹轉嫁和預訂收入。

Our next questions come from the line of Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

So I want to come back to the margins and the start-up costs, kind of a 2-part question on that. Can you give us a sense, would these start to fade as GXO gets to a certain size or scale? Or would this be kind of just normal seasonality when you look at margins for first half, back half? It'd be helpful to kind of understand.

所以我想回到利潤率和啟動成本，這是一個由兩部分組成的問題。你能告訴我們，隨著 GXO 達到一定的規模或規模，這些會開始消失嗎？或者，當您查看上半場和後半場的利潤率時，這只是正常的季節性嗎？有點理解會很有幫助。

And then also more near term, given the environment and how tight everything is, would you say that these start-up costs are maybe a little bit more than you would have expected in terms of getting execution on time, the inflation, getting enough people in place to stand up these projects, which sound like they're kind of large? So comments on both those would be helpful.

然後更近期，考慮到環境和一切都很緊張，你會說這些啟動成本可能比你在按時執行、通貨膨脹、獲得足夠的人手方面的預期多一點嗎？站起來這些項目，這聽起來有點大？因此，對這兩個方面的評論都會有所幫助。

This is Baris here. Let me take that question. As I mentioned, 19% organic growth and a very sizable portion of that is coming from new business wins. We are really trending at the higher -- clearly trending at the peak of our range as far as new growth guidance, and this has been extraordinary growth. As Malcolm mentioned, we are extremely busy implementing contracts, left, right everywhere, as our services are in high demand. I mean -- and we are delivering quite a lot to our customers.

我是巴里斯。讓我來回答這個問題。正如我提到的，19% 的有機增長，其中很大一部分來自新業務的增長。我們確實處於更高的趨勢——就新的增長指導而言，顯然處於我們範圍的頂峰，這是非同尋常的增長。正如 Malcolm 提到的那樣，由於我們的服務需求量很大，我們正忙於到處執行合同。我的意思是 - 我們正在為客戶提供很多服務。

I recently went through some of our performance. For example, in a well-known e-commerce customer, we launched -- site launched recently, we reduced their variable cost by 40% per unit, reduced their inventory stock unit by around 40%. And most importantly, we delivered the Net Promoter Score. As you know, this is used as a customer intimacy, consumer intimacy and consumer satisfaction score, 45% uplift in the Net Promoter Score. So that's what's driving our new business wins.

我最近經歷了我們的一些表演。例如，在一個知名的電子商務客戶中，我們推出了——最近推出的網站，我們將他們的單位可變成本降低了 40%，將他們的庫存庫存單位減少了 40% 左右。最重要的是，我們提供了淨推薦值。如您所知，這被用作客戶親密度、消費者親密度和消費者滿意度得分，淨推薦值提高了 45%。這就是推動我們新業務獲勝的原因。

And as I mentioned, we have 40 basis points delta in Q1. 68 basis points is coming from new business wins, and it has been an extraordinary growth. In the second half of the year, you should see margin expansion coming from these new business wins as their margin starts to mature.

正如我提到的，我們在第一季度有 40 個基點增量。 68 個基點來自新業務的勝利，這是一個非凡的增長。在今年下半年，隨著這些新業務的利潤率開始成熟，您應該會看到利潤率的擴張。

Okay. But I guess in terms of looking forward, is there -- is this likely the way the seasonality of the business should work where you just have start-up costs that just are higher in the first half versus the second half? Or does that depend on other factors? Like how much of it's organic or not? Just trying to think about how we should be modeling this and really what's driving most of this impact here in the first half. Would this be something which should be considered more so in the future as just part of the normal business?

好的。但我想就展望而言，是否有 - 這可能是業務季節性的運作方式，在上半年的啟動成本高於下半年的情況下？還是取決於其他因素？比如其中有多少是有機的？只是想想想我們應該如何對此進行建模，以及在上半年真正推動這種影響的因素是什麼。這是否會在未來被視為正常業務的一部分？

During the peak, our customers don't like implementations. Everybody is very focused on making sure the volumes are delivered to the consumer base. So that starts with before the Black Friday ends up with the returns process after Christmas. So that's a period that we don't do a lot of implementations. We tend to focus on delivery. So after that, there is of course an accumulation of new start-ups, and they're getting ready for the next week -- next peak as we get ready for 2022 peak. So you should see that on a year-over-year basis, on a quarter-over-quarter basis because of the nature of our fulfillment business model and the peak season.

在高峰期，我們的客戶不喜歡實施。每個人都非常專注於確保將數量交付給消費者群。因此，從黑色星期五之前開始，到聖誕節之後的退貨流程結束。所以那段時間我們沒有做很多實施。我們傾向於專注於交付。所以在那之後，當然會有新的初創企業的積累，他們正在為下週做準備——下一個高峰，因為我們為 2022 年的高峰做準備。因此，由於我們履行業務模式的性質和旺季，您應該看到同比、環比增長。

Okay. Understood. Just one quick follow-up. You mentioned returns in GXO Direct. I think in the past, you've given some relative sizing and growth rates. Can you give us an update on both of those?

好的。明白了。只是一個快速跟進。你提到了 GXO Direct 的回報。我想在過去，你已經給出了一些相對規模和增長率。你能給我們介紹一下這兩個方面的最新情況嗎？

Brian, I'm happy to take that. So with GXO Direct, there's been huge demand, obviously, for the GXO Direct service. We have been, as I mentioned to Chris, inundated with customer inquiries. Margins, you'll be pleased to know, for this year, should be better versus the base business, and they're growing substantially, which is a good sign. Very broadly, I think this year, we're budgeting for around $400 million of revenue in that business.

布賴恩，我很樂意接受。因此，對於 GXO Direct，顯然對 GXO Direct 服務有著巨大的需求。正如我對克里斯提到的那樣，我們已經被客戶諮詢淹沒了。你會很高興地知道，今年的利潤率應該比基礎業務更好，而且它們正在大幅增長，這是一個好兆頭。非常廣泛地，我認為今年，我們為該業務的收入製定了大約 4 億美元的預算。

And clearly, there's a lot of validation in the market by what you're seeing with some of the M&A in the space. You've obviously seen Shopify and Deliverr. That to me is a very strong sense of validation that we're seeing interest and growth within that space. And like our broader business, it facilitates the customers to get closer and closer, as Baris was talking about earlier, in this D2C element, get closer and closer to their end consumers. So the business will be really one of the mainstays of what we continue to grow.

很明顯，你在該領域的一些併購中看到的情況在市場上得到了很多驗證。您顯然已經見過 Shopify 和 Deliverr。對我來說，這是一種非常強烈的驗證感，即我們在該領域看到了興趣和增長。就像我們更廣泛的業務一樣，它有助於客戶越來越接近，正如 Baris 之前所說的那樣，在這個 D2C 元素中，越來越接近他們的最終消費者。因此，該業務將真正成為我們繼續發展的支柱之一。

And to Malcolm's point earlier, it clearly has also a very clear link with what we're doing in the multi-tenanted warehouses of Clipper, which dominate obviously their footprint. So we're very excited with what's going on within our base business in the U.S.

對於 Malcolm 之前的觀點，它顯然與我們在 Clipper 的多租戶倉庫中所做的事情有著非常明確的聯繫，這些倉庫顯然佔據了他們的足跡。因此，我們對我們在美國的基礎業務中發生的事情感到非常興奮。

And then as we acquire, obviously, Clipper will provide a growth avenue within the European portion, which will act to a certain degree as a GXO Direct Europe, so to speak. So very exciting times ahead and tons and tons of growth in that business. Customers are falling over themselves to do business with us, and it's a very good margins and returns.

然後，隨著我們的收購，顯然，Clipper 將在歐洲部分提供增長途徑，可以說，這將在一定程度上充當 GXO Direct Europe。未來非常激動人心的時刻以及該業務的大量增長。客戶願意與我們開展業務，這是非常好的利潤和回報。

Our next questions come from the line of Hamzah Mazari with Jefferies.

我們的下一個問題來自 Jefferies 的 Hamzah Mazari。

This is Mario Cortellacci filling in for Hamzah. Maybe could you just comment on what you're seeing on labor availability and labor inflation in your model and kind of how you're managing through that? I know that in your open-source contract, you can, I guess, pass through some of -- or all of that inflation or pressure. But maybe just kind of going back to the implementation of these projects as well and kind of the cost from maybe even a CapEx perspective or implementation perspective, kind of what you're seeing on, again, availability and then how you're managing through the labor inflation there?

這是代替 Hamzah 的 Mario Cortellacci。也許你能評論一下你在你的模型中看到的關於勞動力可用性和勞動力通貨膨脹的情況，以及你是如何管理的嗎？我知道，在你的開源合同中，我猜你可以通過一些 - 或所有的通貨膨脹或壓力。但也許只是回到這些項目的實施以及從資本支出角度或實施角度來看的成本，你再次看到的可用性以及你如何管理那裡的勞動力通脹？

Yes. It's Malcolm. Let me come back on this question. So I mean the very tight labor market that we were seeing in 2021, that's eased. We're finding right now it's easier to recruit as more labor available. I mean having said that, remember, this is the quietest time of the year in some respect for a lot of our customers.

是的。是馬爾科姆。讓我回到這個問題上。所以我的意思是，我們在 2021 年看到的非常緊張的勞動力市場已經得到緩解。我們現在發現，隨著可用勞動力的增加，招聘變得更加容易。我的意思是說，請記住，從某種意義上說，對於我們的許多客戶來說，這是一年中最安靜的時間。

It's not the busiest season as we normally see in the second half of the year, as Baris mentioned. So labor availability is easier. To say -- I mean in 2021, we were able to successfully recruit all of the labor that we needed to, and we do that by paying a lot of attention to how we recruit. Recruitment teams are now embedded right in the business, right down in the ZIP Code as it were. So we're abreast of everything that we need to do in terms of making sure we get the right volume and the right skills of labor.

正如 Baris 提到的那樣，這不是我們通常在下半年看到的最繁忙的季節。因此勞動力可用性更容易。可以說——我的意思是在 2021 年，我們能夠成功招募到我們需要的所有勞動力，我們通過非常關注我們的招聘方式來做到這一點。招聘團隊現在直接嵌入到業務中，就像以前一樣直接嵌入到郵政編碼中。因此，在確保我們獲得正確的數量和正確的勞動技能方面，我們了解我們需要做的一切。

And that fundamentally is about making sure that we're competitive. And also, it's about ensuring that for GXO, we're just a great place for people to work. We want people to want to join GXO. So whether you're working in a warehouse, whether you're one of the implementation teams, whether you're an automation engineer, there's a lot to be said out of creating an environment where people actually do want to actually be employed by you. And we take a lot of store in that. We look on poll surveys. All of the team that's on this call from GXO, every quarter, we read thousands of survey results.

這從根本上說是為了確保我們具有競爭力。而且，這是關於確保對於 GXO，我們只是人們工作的好地方。我們希望人們願意加入 GXO。因此，無論您是在倉庫工作，無論您是實施團隊的一員，還是自動化工程師，創造一個人們真正希望真正受僱於您的環境都有很多話要說.我們在這方面採取了很多措施。我們關注民意調查。所有參與 GXO 電話會議的團隊，每個季度，我們都會閱讀數以千計的調查結果。

And in those survey results, sometimes you can identify things that are not what they should be, and you correct them. And by doing that, I think it gives us this environment of being able to recruit. When it comes to what we're seeing on the ground right now in terms of labor wage inflation, I mean, it's a real mixed story. We've got some parts geographic where we've got labor inflation at sort of 10% levels. We've got other parts where it's moderated, it's back down into sort of 2%, 3%. So it's a real mixed bag. But by decentralizing our recruiting model, we are able to fill all of the rules that we need.

在這些調查結果中，有時您可以識別出不應該出現的情況，並加以糾正。通過這樣做，我認為它為我們提供了能夠招聘的環境。當談到我們目前在勞動力工資通脹方面所看到的情況時，我的意思是，這是一個真正複雜的故事。我們有一些地區的勞動力通脹率達到 10% 左右。我們在其他部分進行了審核，它又回到了 2%、3% 左右。所以這是一個真正的混合包。但是通過分散我們的招聘模式，我們能夠滿足我們需要的所有規則。

And right now, although the busiest time of the year, Christmas seems a long way away, useful to remember that our teams are now already working. It's May. So it's not that far away. We're already working with our customers in planning out the resources that are going to be needed for all of the different sales events, all of the different new product launches that are going to come along during the second half of the year.

現在，雖然是一年中最繁忙的時候，但聖誕節似乎還很遙遠，記住我們的團隊現在已經在工作是很有用的。現在是五月。所以它並不遙遠。我們已經在與我們的客戶合作，規劃所有不同的銷售活動所需的資源，以及下半年將要推出的所有不同的新產品。

And we apply that same mindset to when we're implementing new business. The new business that we implement is methodically planned. You have to imagine, we're bringing together all manner of different machinery, automation machinery, tens of different manufacturers and people all into one place to commence a warehouse operation.

當我們實施新業務時，我們也會採用同樣的思維方式。我們實施的新業務是有條不紊地計劃的。你必須想像，我們正在將各種不同的機械、自動化機械、數十家不同的製造商和人員聚集到一個地方，開始倉庫運作。

And going back to Baris' comment earlier, quarter 1 was a particularly busy period for us of actually doing implementation. Been a very challenging time for all of our operational teams, but they've done an incredibly good job. And we're all very proud of the work that they've done.

回到 Baris 之前的評論，第一季度是我們實際執行的特別繁忙的時期。對於我們所有的運營團隊來說，這是一個非常具有挑戰性的時期，但他們做得非常好。我們都為他們所做的工作感到非常自豪。

Got it. And just for my follow-up, maybe you can just talk a little more about Germany. Just who are the main competitors there? What is the pro forma market share that you guys will have with Clipper? How big can that market be for you guys? And then I guess, just with that, what gives you confidence in your ability to win that business versus other players in the market that are much more established currently?

知道了。就我的後續行動而言，也許你可以多談談德國。那裡的主要競爭對手是誰？你們與 Clipper 的預計市場份額是多少？對你們來說，這個市場有多大？然後我想，僅此而已，是什麼讓您有信心與目前市場上更成熟的其他參與者相比贏得該業務的能力？

Yes. So I mean, Germany -- as I think I mentioned, Germany is Europe's largest single economy. It's a market that's good for outsourcing. It's a market that's very open to outsourcing. When we think of our business today, it's very small for GXO. For Clipper, it's bigger. When you put both together, you get a real critical mass.

是的。所以我的意思是，德國——正如我提到的，德國是歐洲最大的單一經濟體。這是一個有利於外包的市場。這是一個對外包非常開放的市場。當我們想到我們今天的業務時，它對 GXO 來說非常小。對於 Clipper，它更大。當你把兩者放在一起時，你會得到一個真正的臨界質量。

And with customer business, customers ultimately always want to see what you do. If they're going to give you a $50 million a year contract, they want to see that you can do it. And the easiest way they can see that is you take them to see an existing facility. So when you don't have those existing facilities, it's a real blocker for business growth.

對於客戶業務，客戶最終總是希望看到您的工作。如果他們要給你一份每年 5000 萬美元的合同，他們希望看到你能做到。他們看到這一點的最簡單方法是帶他們去看看現有的設施。因此，當您沒有這些現有設施時，它就會成為業務增長的真正障礙。

So when we combine our business together, Clipper and GXO, for the first time, we'll have real critical mass, lots of locations to show customers, lots of different vertical experiences to share with them. And we're very confident that the GXO brand, the reputation that we have in the market for delivering reliable on-time solutions, lots of automation, highly productive, highly efficient, saving our customers lots of money, improving their services, improving the consumer experience, we're very confident that we will see a rapid growth in the market for GXO.

因此，當我們第一次將 Clipper 和 GXO 的業務合併在一起時，我們將擁有真正的臨界質量，可以向客戶展示很多地點，可以與他們分享許多不同的垂直體驗。我們非常有信心 GXO 品牌，我們在市場上的聲譽，提供可靠的準時解決方案，大量自動化，高產，高效，為我們的客戶節省大量資金，改善他們的服務，改善消費者體驗，我們非常有信心我們將看到 GXO 市場的快速增長。

The kind of people we will spar with is probably no different than all the other territories that we were -- there's a range of incumbent European players in the market. But the difference is we'll be a new entry, and we're a new entry with a lot of very high-grade credentials. And I'm very confident that we'll see a very good accelerated growth in that market. And it will be on top of the growth that we've seen across the rest of our business.

我們將與之爭吵的人可能與我們曾經的所有其他地區沒有什麼不同——市場上有一系列現任歐洲球員。但不同的是，我們將成為一個新進入者，而且我們是一個擁有許多非常高級證書的新進入者。我非常有信心，我們會在該市場看到非常好的加速增長。它將超越我們在其他業務中看到的增長。

Our next questions come from the line of Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

A couple of questions on resilience of earnings in a downturn, which I think is kind of one of the key tenets of our story. Maybe for start as a follow-up, Mark, you said a couple of times that you're seeing a shift of demand over to stores, which you said was not a bad thing. I'm trying to get to understand that a little bit better because obviously, a majority of your volumes are e-commerce. So kind of how is that kind of -- how are you agnostic to a shift away from e-commerce towards store?

關於經濟低迷時期盈利彈性的幾個問題，我認為這是我們故事的關鍵原則之一。也許作為後續行動開始，馬克，你說過幾次你看到需求轉移到商店，你說這不是一件壞事。我試圖更好地理解這一點，因為很明顯，你們的大部分交易量都是電子商務。那麼那種 - 你如何對從電子商務轉向商店的轉變不可知？

Well, I mean on one hand, a lot of our customers actually are e-commerce omnichannel. So in fact, we work with them, and we actually deliver into stores for them. So from a GXO point of view, we're not really worried whether we're delivering into a store or whether we're delivering online. But I think it's useful just taking a step back -- I mean, we see a drift back to brick-and-mortar to the shopping mall.

好吧，我的意思是，一方面，我們的很多客戶實際上都是電子商務全渠道。所以事實上，我們與他們合作，我們實際上為他們送貨到商店。因此，從 GXO 的角度來看，我們並不真正擔心是送貨到店還是在線送貨。但我認為退後一步是有用的——我的意思是，我們看到人們轉向實體店和購物中心。

But fundamentally, it's not changed at all large manufacturer, retailer sentiment. They want to drive more of the business online, and it's a lower cost for them. It gives them a better input to the consumer experience. They can better judge what's selling, what's not selling. It's a direct contact with the end user. So whilst we've seen that momentary move back, it's not big volumes, by the way.

但從根本上說，它並沒有改變大型製造商、零售商的情緒。他們希望在線推動更多業務，這對他們來說成本更低。它為他們提供了更好的消費者體驗輸入。他們可以更好地判斷什麼賣得好，什麼賣得不好。這是與最終用戶的直接聯繫。因此，雖然我們已經看到了短暫的回落，但順便說一下，它的數量並不大。

But we can see it in our data because we analyze very carefully what's happening across our business. We've more than compensated for that with just the sheer number of brand new, first-time outsourcing customers that are asking us to support them. In our sales pipeline, it makes up the largest proportion -- around 44% of our sort of $2.5 billion sales pipeline right now is first-time outsourcing, and that's really important. So more than made up for it in that.

但我們可以在我們的數據中看到它，因為我們非常仔細地分析了我們業務中發生的事情。我們已經通過要求我們支持他們的全新、首次外包客戶的絕對數量來彌補這一點。在我們的銷售渠道中，它佔最大比例——目前我們 25 億美元的銷售渠道中約有 44% 是首次外包，這非常重要。所以這不僅僅是彌補了它。

And then from our existing customers, even customers who have seen brick-and-mortar sales picking up, are still trying to expand their online sales because for all of the reasons we've talked about. So we don't really see any big dramatic impact coming from that.

然後從我們現有的客戶來看，即使是看到實體銷售回升的客戶，仍在努力擴大他們的在線銷售，因為我們已經討論過的所有原因。所以我們真的看不到任何重大的戲劇性影響。

And it was always to be expected that as the pandemic, as COVID finally started to disappear, that we would all be welcome and we'd all relish the opportunity of going to get a pizza on a Saturday night shopping mall, having (inaudible) the stores during the day. I think everybody is happy about that in a roundabout way. So -- but for us, very robust growth, and we don't see any sign of that letting go.

人們總是可以預料，隨著大流行，隨著 COVID 終於開始消失，我們都會受到歡迎，我們都會很高興有機會在周六晚上的購物中心買披薩，有（聽不清）白天的商店。我認為每個人都以迂迴的方式對此感到高興。所以 - 但對我們來說，增長非常強勁，而且我們沒有看到任何放手的跡象。

Understood. Yes, not complaining about being able to go out either. And maybe the second question is on the same topic. Can you just help us understand kind of what the construct of your contracts are like? Because obviously, in a downturn, your customers are going to see volumes decline. But how are you protected on that? I mean do you guys have take or pays in your contracts? Do you have -- for minimum volumes, how does that kick in? Is there a cap on that? I'm just trying to figure out kind of what the floor is on earnings if there is a fairly severe recession? Not that, that's the basis, but just change.

明白了。是的，也不抱怨不能出去。也許第二個問題是關於同一主題的。你能幫我們了解一下你的合同結構是什麼樣的嗎？因為很明顯，在經濟低迷時期，您的客戶會看到銷量下降。但是你如何保護它呢？我的意思是你們在合同中有照付不議？你有——對於最小量，它是如何開始的？有上限嗎？我只是想弄清楚如果出現相當嚴重的衰退，收益的底線是多少？不是那樣，那是基礎，只是改變而已。

Baris, maybe you can comment.

巴里斯，也許你可以發表評論。

Sure. Our contracts are very well structured for volume fluctuations. Remember, nearly 40% are open-book cost-plus contracts, which are very resilient. Within them, there's 25% of fixed revenues and high return on invested capital, and they don't require a lot of upfront CapEx. Inflation pass-through, not a concern. And the volumes on these contracts don't really affect our business.

當然。我們的合同針對交易量波動進行了精心設計。請記住，將近 40% 是開賬成本加成合同，它們非常有彈性。其中，有 25% 的固定收入和高投資資本回報率，並且不需要大量的前期資本支出。通貨膨脹傳遞，不是問題。這些合同的數量並沒有真正影響我們的業務。

So the remainder 60% closed-book hybrids, when you think about them, they also have about 25% fixed revenues associated with them. So they don't -- it doesn't matter what the volumes are. And when you look into that cost structure, its workforce is mostly flexible and very scalable. More than 50% of our cost is coming from our workforce. It's very flexible and very scalable.

所以剩下的 60% 的閉賬混合型，當你想到它們時，它們也有大約 25% 的固定收入與之相關。所以他們不會——數量是多少並不重要。當您查看該成本結構時，其員工隊伍大多非常靈活且可擴展。我們超過 50% 的成本來自我們的員工。它非常靈活且可擴展。

And volumes will impact margins on closed-book and hybrid contracts, but there's a lot of scalability and variability on the cost for these operations. So we scale up or scale down operations in line with our volumes. So when you look into the picture, our contracts on our business is very well structured with this mix. After Clipper, we should be close to 50% open book.

交易量將影響閉賬合同和混合合同的利潤率，但這些業務的成本具有很大的可擴展性和可變性。因此，我們根據我們的數量擴大或縮小運營規模。因此，當您查看圖片時，我們的業務合同結構非常好。在 Clipper 之後，我們應該接近 50% 的開倉率。

Okay. Understood. I will follow up offline as well.

好的。明白了。我也會在線下跟進。

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.

女士們，先生們，這就是我們今天提問的全部時間。我想將電話轉回管理層以徵求任何結束語。

Thank you. Thank you, operator, and thanks for managing the call so well. So it's Malcolm here. I'm just going to really just bring the call to an end, a few comments from my side and from my -- on behalf of myself and my colleagues.

謝謝。謝謝接線員，也感謝您如此出色地管理通話。所以這裡是馬爾科姆。我真的要結束電話會議了，我代表我自己和我的同事發表了一些評論。

So first and foremost, I mean, this is the third time we've made a call. And I hope everybody on the call is starting to get familiar with our process. We're a company that likes to achieve. We're a company that likes to make good results. This is a company that's managed by hands-on, sleeves-rolled-up management. We're close to our business. We're close to the markets that we operate in. The acquisition that's coming along is going to be integrated very smoothly. We'll do a great job of that.

所以首先，我的意思是，這是我們第三次打電話。我希望通話中的每個人都開始熟悉我們的流程。我們是一家喜歡成就的公司。我們是一家喜歡取得好成績的公司。這是一家由親力親為管理的公司。我們離我們的業務很近。我們接近我們經營的市場。即將進行的收購將非常順利地整合。我們會做得很好。

The company itself, we're in a strong position. We're continuing to benefit, as we have done from our launch and what we saw even in last year, a huge amount of outsourcing, more and more companies seeking to outsource their logistics. E-fulfillment is roughly 50% of our business. It's like having a tiger by the tail. Even in an environment where people go back to the mall, it's growing at a tremendous pace.

公司本身，我們處於強勢地位。我們將繼續受益，正如我們從推出以來所做的以及我們甚至在去年看到的那樣，大量的外包，越來越多的公司尋求外包他們的物流。電子履行約占我們業務的 50%。這就像有一隻老虎尾巴。即使在人們回到購物中心的環境中，它也在以驚人的速度增長。

And lastly, we're capitalizing and we really have been making huge benefits from our first-mover advantage in automation and tech enablement of the warehouse. And nothing -- no reason to imagine that we will not continue to do that.

最後，我們正在資本化，我們確實從我們在倉庫自動化和技術支持方面的先發優勢中獲得了巨大的利益。什麼也沒有——沒有理由想像我們不會繼續這樣做。

In the quarter itself, it was a great quarter for us. I'm not going to recap everything that we've talked about. But it was really a super quarter for us, and we're very, very pleased about that. And all this, remembering that as a business, we've only really existed since last August. So there is a huge amount of future with this company still to come and still to be shown.

就本季度本身而言，這對我們來說是一個很棒的季度。我不打算重述我們所討論的一切。但這對我們來說真的是一個超級季度，我們對此非常非常高興。所有這一切，請記住，作為一家企業，我們自去年八月以來才真正存在。因此，這家公司還有很大的未來，還有待展示。

So listen, I'd like to bring the call to an end. Very pleased everybody on the call, you were able to join us today. I really thank you for giving us your time, and I really thank you also for the support that you're giving to GXO. Thank you very much.

所以聽著，我想結束通話。非常高興每個人都在電話中，你今天能夠加入我們。非常感謝您抽出寶貴的時間，也非常感謝您對 GXO 的支持。非常感謝。

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.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。祝你有美好的一天。