Heartland Express Inc (HTLD) 2013 Q4 法說會逐字稿

(Operator Instructions)

（接線員指示）

I would like to turn the call over to John Cosaert.

我想把電話交給 John Cosaert。

Sir, Please begin.

先生，請開始。

Thank you, Kirk.

謝謝你，Kirk。

We would like to welcome everyone to Heartland Express' Fourth-Quarter and Full-Year 2013 conference call.

我們歡迎各位參加 Heartland Express 2013 年第四季及全年電話法說會。

This is a little bit different than we usually do. We usually take calls separately; but because of the acquisition and the nearness to the acquisition, we felt it appropriate that we have a conference call so that all the information we are getting out is just clear to everyone.

這次和我們平常的做法有點不同。我們通常會分開接聽來電；但由於這次收購案以及距離收購完成的時間很近，我們認為召開電話會議是合適的，讓我們對外發布的所有資訊對每個人都清楚明確。

As a reminder, we have posted a copy of the presses release in the Investor and Shareholder Information section of our website at heartlandexpress.com. Additionally, the Company has filed the press release as part of an AK filed with the Securities and Exchange Commission at the SEC.gov.

提醒各位，我們已將新聞稿副本張貼於 heartlandexpress.com 網站的「投資人與股東資訊」專區。此外，本公司亦已將該新聞稿作為向美國證券交易委員會（SEC）提交之 8-K 文件的一部分，並可於 SEC.gov 查閱。

We will start the call today with forward-looking statement disclosure. The press release and this call contain forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended in Section 21E of the Security Exchange Act of 1934 as amended.

我們今天將先進行前瞻性陳述揭露。本新聞稿及本次電話會議包含前瞻性陳述，符合經修訂之《1933 年證券法》第 27A 條及經修訂之《1934 年證券交易法》第 21E 條之定義。

Forward-looking statements are usually identified by words such as: anticipate, believes, establishes, plans, projects, expects, hopes, intends, will, could, may, or similar expressions.

前瞻性陳述通常可由以下字詞辨識：預期、相信、建立、計畫、推估、預估、希望、意圖、將、可能、也許，或類似用語。

These statements are based on information currently available, and speak only as of the date the statement was made, and we undertake no obligation to update these forward-looking statements for subsequent events or circumstances, new information or changes in expectations. Such forward-looking statements are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

這些陳述係基於目前可得資訊，且僅截至陳述作成之日有效；對於其後事件或情況、新資訊或預期變動，我們不承擔更新該等前瞻性陳述之義務。此等前瞻性陳述係依據《1995 年私人證券訴訟改革法》之安全港條款作出。

Such forward-looking statements are inherently uncertain, are based upon the current beliefs, assumptions and expectations of the Company management and current market conditions, all of which are subject to significant risks and uncertainties, as set forth in risk factors section in our report 10-K for year ended December 31st, 2012, as those risk factors may be updated from time to time. As a result of these and other factors, actual results may differ materially from those set forth in the forward-looking statements.

此等前瞻性陳述本質上具有不確定性，係基於公司管理層目前的信念、假設與預期以及當前市場狀況，且均可能受到重大風險與不確定性影響，如我們截至 2012 年 12 月 31 日止年度之 10-K 年報風險因素章節所載（並可能不時更新）所述。因此，基於上述及其他因素，實際結果可能與前瞻性陳述所述有重大差異。

With that, we will now move into the questions and answer portion of the call. We have asked for questions to be submitted. And we thank you, everyone of you, who put questions before us; and I have to admit that they were pretty good questions. Overall, it ferrets out most of the things in our operations. And we thank you for it.

接下來我們進入問答環節。我們先前已請各位提交問題。也感謝每一位事先提供問題的朋友；我必須說，這些問題都相當不錯，整體上把我們營運中大多數事項都挖掘出來了。我們對此表示感謝。

We have grouped these into a number of different categories. The first category: rates, rate demand, market conditions. Second category: drivers and driver pay. Third category: utilization. Fourth category: accounting, cap gains, CapEx, and so-forth, and modeling aspects of this, questions on debt, and then items pertaining to the acquisition.

我們已將問題分成幾個不同類別。第一類：運價、運價需求、市場狀況。第二類：司機與司機薪酬。第三類：使用率。第四類：會計、資本利得、資本支出（CapEx）等，以及相關建模面向、負債問題，最後是與收購案相關的事項。

If we don't answer your question on this call, you can certainly call Mike and I at 319-626-3600. We are familiar with those kind of calls, and I think we can handle those well.

如果我們在本次電話會議中沒有回答到您的問題，您當然可以致電 Mike 或我，電話是 319-626-3600。我們很熟悉這類來電，我想我們可以妥善處理。

If anybody does have anything that doesn't answer today, we will be available for that.

若今天仍有任何未能解答之處，我們都會提供協助。

With that, I would like to turn it over now to Chris Strain. He is part of our Accounting Management Group. He has been given the task today to set these questions before Mike and I. And we ave divided the questions up like we normally do.

接下來，我想把時間交給 Chris Strain。他是我們會計管理團隊的一員。今天他負責把這些問題整理並呈現給 Mike 和我。我們也像平常一樣把問題分配好了。

Mike takes questions and I take questions, and hopefully get your questions answered.

Mike 回答一部分問題，我回答一部分問題，希望能把各位的疑問都解答清楚。

Chris, I will turn it over to you.

Chris，交給你了。

Thanks, John. The first category that we will go into will be rates, freights, market and demand. Mr. Mike Gerdin our CEO will be commenting on these questions. With that, we will go into the first question.

謝謝你，John。我們首先要討論的類別是運價、貨運、市場與需求。以下問題將由我們的執行長 Mike Gerdin 先生回覆。那麼，我們進入第一個問題。

Mike, can you comment on recent demand trends? Pierce indicated a strengthening of demand in the second half of fourth quarter of 2013, and a seasonally strong January in between weather.

Mike，你能評論一下近期的需求趨勢嗎？Pierce 指出 2013 年第四季後半段需求轉強，且在天候因素之間出現季節性強勁的一月。

Yes. Great question.

是的。這是個很好的問題。

And I would agree with my peers indicating the strength of demand on the second half of the fourth quarter of 2013. We certainly saw an uptick in demand there. And as we have gone into January, if we can get to the loads, there are plenty of loads out there.

我同意同業所提到的 2013 年第四季後半段需求走強。我們確實看到需求有所上升。而進入一月後，只要我們能拿到貨載，市場上有大量貨載可運。

We have seen an uptick in our turndowns in January, that we probably have not seen in over five years. This January is very non-typical of Januaries that we have seen in the past. Could be both, a combination, or I believe, it is a combination of decreased capacity and the weather.

我們在一月看到拒載（turndowns）增加，這可能是五年多來未曾見過的情況。今年一月非常不典型，與過去的一月不同。可能是兩者的組合；或者我認為，確實是運能下降加上天候的共同作用。

As we all have experienced, at least in the northern half of the United States, the weather has really been tricky and tough in January and February. In terms of loads that are out there, there are a lot of loads, and we've got good demand going in January.

如同大家所經歷的，至少在美國北半部，一月與二月的天氣確實相當棘手且嚴峻。就市場上的貨載而言，貨量很多，我們在一月的需求表現也不錯。

So, I view it as a positive sign with that much demand this early in the year.

因此，我把年初就出現這麼強的需求視為正面訊號。

Consensus seems to be that truckload pricing increases are expected to come in, anticipated to be 2% to 3% range for 2014, trending more towards 3% if demand does hold. Any thoughts or confirmation?

市場共識似乎認為，2014 年整車運價（truckload pricing）預期將上調，幅度約 2% 到 3%；若需求維持，趨勢更偏向 3%。你有什麼看法或可否確認？

Truckload pricing continues to be moving in an upward direction, I would classify it as. There is not a lot of downward pressure on rates at this particular point of the cycle.

整車運價持續呈現上行趨勢，我會這樣形容。在目前這個景氣循環階段，運價並沒有太大的下行壓力。

The peers are calling for 2% to 3% range, I think that is about where we would be at. It may go a little higher than that, especially with the indications here in January of how much freight there is.

同業預估 2% 到 3% 的區間，我認為大致就是我們的看法。也可能略高一些，特別是從一月貨量之多所釋出的訊號來看。

I'm wondering if we get into the spring season and the tractor season, and lawn care, and all of that, that comes with the spring, it could be pretty tight in the first quarter and in the second quarter this year. So, I will just say that I agree with the 2% to 3% range for 2014 at this particular point.

我在想，如果進入春季旺季，以及牽引車旺季、草坪養護等春季相關需求都上來，今年第一季與第二季可能會相當吃緊。所以我只能說，就目前來看，我同意 2014 年 2% 到 3% 的區間。

With that, can you provide any early reads on the current bid season?

那麼，你能否提供對目前投標季（bid season）的任何初步觀察？

The current bid season is just getting underway. We have had a new major bids come through so far.

目前的投標季才剛開始。我們目前已收到幾個新的大型標案。

The Pepsi-Quaker one being the first ones through the pipe. The results have not fully come back yet from that bid.

Pepsi-Quaker 的案子是第一個進來的。不過該標案的結果尚未完全回來。

We had quite a few bids that we filled out and sent back to the customers, with not a lot of response back yet from the customers. There will be a lot more coming, as we work through February, March, April time frame. Really, too early to tell on those bids, as we haven't got a lot of results back yet.

我們也填寫並回覆了不少標案給客戶，但目前客戶端回覆還不多。隨著我們進入二月、三月、四月，還會有更多標案陸續進來。由於目前回收的結果不多，現在談這些標案的情況仍言之過早。

You commented on the weather effects thus far in January and the first quarter of 2014 specifically. Are you receiving compensation for dead head as a result?

你提到截至目前一月以及 2014 年第一季的天候影響。就此而言，你們是否因空駛（deadhead）而獲得補償？

We have seen a few instances in January where, you know, there was lack of supply in certain markets, and we have received a few customers paying us for dead head here in the first quarter, not a whole lot. But usually, you don't get any dead head from customers in the first quarter, or certainly in January. So, that is a change.

我們在一月確實看到少數情況，例如某些市場供給不足，而在第一季我們有少數客戶願意支付空駛補償，但不算多。不過通常第一季、尤其是一月，客戶是不會支付任何空駛費的。所以這是一個變化。

I think a lot of that, though, is due to the weather, and just having trucks shut down across the north and, so, a lot of that is mostly weather. But there is a little compensation for dead head right now.

但我認為其中很大一部分是天候造成的，因為北部地區有卡車停駛，所以多半是天氣因素。不過目前確實有一些空駛補償。

Can you give any commentary on how E-commerce activity late in the fourth quarter affected Heartland Express?

你能否評論一下，第四季後期的電子商務活動對 Heartland Express 有何影響？

I think the E-commerce activity, which a lot of it, of course, is Amazon, certainly, we saw a spike, like I mentioned earlier, toward the end of the fourth quarter in December. Seems like a lot of people were last minute shoppers this year.

我認為電子商務活動，其中很大一部分當然是 Amazon，確實如我先前提到的，我們在第四季末、也就是十二月後段看到一波激增。看起來今年很多人都是最後一刻才購物。

We certainly, we saw the results of that through the problems that UPS and FedEx had delivering at the end of December. It was a strong period during that time.

我們當然看到了那樣的結果，從 12 月底 UPS 和 FedEx 在配送上遇到的問題就能看出來。那段時間是個很強勁的期間。

Might have had a little bit to do with Christmas and New Year's being on a Wednesday this year, which does not often happen. So, we did receive a little bit of benefit, I would say, from the E-commerce activity.

今年聖誕節和新年剛好落在星期三，這種情況並不常見，可能也有一點關係。所以我會說，我們確實從電商活動中獲得了一些助益。

With the strengthening and demand and the freight demand staying solid in January, can you comment on any specific industries that we are seeing or if it is across the board?

隨著需求增強、且 1 月的貨運需求仍然穩健，您能否評論一下我們看到的是哪些特定產業，或是全面性的現象？

I would answer it has been across the board. When we track the turndowns each week, not only have there been an abundance of turndowns for January, but they have been across the board, and they have been across industries. So, that is a strong sign, in our mind certainly, with that many turndowns in January, that the freight seems to be starting off on a good note for 2014.

我會回答：這是全面性的。我們每週追蹤被拒載（turndowns）的情況時，不僅 1 月的拒載量很多，而且是全面性的、跨產業的。因此，在我們看來，1 月出現這麼多拒載，確實是一個強烈訊號，顯示 2014 年的貨運開局似乎相當不錯。

Does Management believe current truckload capacity tightness is more a function of improved freight demand or capacity restraints?

管理層是否認為，目前整車運力吃緊，更多是因為貨運需求改善，還是因為運力受限？

I would say it is both. There are capacity constraints, as we all know.

我會說兩者都有。如同大家所知，確實存在運力限制。

The hours of service have affected every trucker in America, especially if they are running on EOBRs like we are, and [Gordon's] fleet is running on EOBRs as well. So, you have got a couple of things happening there.

工時規定（hours of service）影響了美國的每一位卡車司機，尤其是像我們一樣使用 EOBRs（電子車載記錄器）的車隊，而 [Gordon] 的車隊也同樣使用 EOBRs。所以，這裡同時發生了幾件事。

I think the demand has continued from the end of the fourth quarter into the first quarter as, you know, there were a lot of deliveries that were late because of the additional orders that were received at the end of the year. That kind of carried over into January.

我認為需求從第四季末延續到了第一季；如你所知，因為年底收到的額外訂單，很多交付都延遲了。這種情況延續到了 1 月。

People still catching up, shippers still catching up with loads that they needed to ship. Then you run into the weather issues that we had.

大家仍在追趕進度，託運人也仍在追趕那些他們需要出貨的貨載。接著又碰上我們遇到的天氣問題。

We had a couple of bad weather weeks on the west coast, in particular. Then it went to the midwest the next week.

我們在西岸特別遇到幾週惡劣天氣。然後下一週又轉到中西部。

Then you get a couple of weeks off, and now you get slammed again with snow, as we are sitting here today. We probably got five or six inches today, and that will go all the way across the middle portion of the United States. It is going to clog everything up again this week.

接著你有幾週稍微喘口氣，然後今天我們坐在這裡又再度被大雪重擊。我們今天大概下了五到六英吋的雪，而且這會一路橫跨美國中部地區。本週又會把一切塞住。

It has been a real winter here this time. Customers are struggling getting freight delivered, especially across the northern part of the country.

這次真的是個嚴冬。客戶在貨物交付上很吃力，尤其是全國北部地區。

And it affects the whole freight network throughout the country, because the loads going south can't get to where they are supposed to go, the orders going from the south to the north can't get where they are supposed to go. It's had an over all effect throughout January and February so far.

而且它會影響全國整個貨運網路，因為往南的貨載到不了該去的地方，從南往北的訂單也到不了該去的地方。到目前為止，這在 1 月和 2 月造成了整體性的影響。

But, you know, I think, even if you removed the weather, I think the freight demand is still very strong for January and February. I think it is stronger right now just because of the weather, but, weather removed, I think we are still in a good freight environment for 2014 to start out.

不過，你知道，我認為即便把天氣因素拿掉，1 月和 2 月的貨運需求仍然非常強勁。我覺得現在因為天氣的關係看起來更強，但就算排除天氣，我仍認為 2014 年開局的貨運環境是好的。

With the last question in this section, can you comment roughly on how much yield improvement that Heartland saw year over year during the fourth quarter of 2013?

本段最後一題，您能否大致評論一下 Heartland 在 2013 年第四季相較去年同期的收益率（yield）改善幅度？

Year over year for Heartland in the fourth quarter of 2013 versus 2012 was in the low-single digits.

Heartland 在 2013 年第四季相較 2012 年同期的年增幅度，大約是低個位數百分比。

With that, we will now move into the drivers and driver pay section, and Mr. John Cosaert will be providing answers to these questions. John, can you comment on how driver recruitment marketed these days, and what our expectations are for driver wages in 2014?

接下來我們將進入司機與司機薪酬的部分，這些問題將由 John Cosaert 先生回答。John，您能否談談目前司機招募的市場狀況，以及我們對 2014 年司機薪資的預期？

You know, the questions that are given here, I truly appreciate. When we are asking questions in regard to trucking in today's environment, Mike has testified to what the freight volumes are.

你知道，我非常感謝這裡提出的問題。當我們在當前環境下討論卡車運輸相關問題時，Mike 已經說明了貨運量的情況。

We got a model in our organization that says, customers king, drivers key and operationally driven. Today, the driver is key is probably one of the biggest issues that we have in our organization.

我們組織裡有一個模式：客戶為王、司機是關鍵、並以營運驅動。今天，「司機是關鍵」可能是我們組織面臨的最大議題之一。

On our calls, every quarter -- certainly this year, as well as last year, we have been talking about the driver issue, the tightness of drivers; and we look across the northern plates, and we continue to suffer in our organization because of it. It is impacting not only the year, but the current quarter. We had a tough fourth quarter in regards to hiring drivers.

在我們每季的電話會議上——當然今年如此、去年也如此——我們一直在談司機議題、司機緊缺；而當我們放眼北部各州時，我們的組織仍持續因此受苦。這不僅影響全年，也影響當前季度。就招募司機而言，我們第四季非常艱難。

Answering the question, how do I find driver recruiting?

回答這個問題：我怎麼看司機招募？

I go to Mike, and I say, tough, tough and tougher. He looks at me and grins and says, everybody is in the same spot, Cosaert, you suck it up and keep going. And that is what we are trying to do.

我去找 Mike，我說：難、很難、而且更難。他看著我笑著說：Cosaert，大家都在同一條船上，你就咬牙撐下去繼續做。這就是我們正在努力做的事。

What a blessing that we have seen, as far as coming into 2014, though the fourth quarter was very difficult in being able to hire drivers, the first part of January, into January, it has been good, as far as being able to track the drivers. The real challenge has been, in some cases, just getting the drivers to the orientation classes.

不過，進入 2014 年我們看到的一個好消息是：雖然第四季在招募司機方面非常困難，但 1 月初到 1 月期間，就追蹤司機招募而言表現不錯。真正的挑戰在於，有些情況下只是要把司機送到新人訓練（orientation）課程現場。

I don't think there has been a day in the history of this organization we have not been able to get drivers to an orientation class because of snow in Atlanta, Georgia, and we lived through it this week. So, that's been a challenge to us. But, we are thankful for the increase in the drivers that we have.

我想在這家公司的歷史上，從來沒有哪一天是因為喬治亞州亞特蘭大的下雪而無法讓司機到新人訓練課程報到，而我們這週就親身經歷了。所以這對我們來說是個挑戰。但我們也很感謝司機人數的增加。

In regards to Gordon and what they are doing, when we made the acquisition, that' is one of the things we were looking upon, how they take care of their drivers and their turnover rate, in comparison to ours; as well as the opportunity to be able to look at their hiring practice as it relates to students, and they do about 15% students. Their CSA scores are as good as ours, depending on the month you want to look at it.

至於 Gordon 以及他們在做的事，當我們進行併購時，我們關注的其中一點就是：他們如何照顧司機，以及他們的離職率相較於我們如何；同時也有機會檢視他們與學生相關的招募做法，他們約有 15% 是學生。他們的 CSA 分數和我們一樣好，取決於你看哪一個月份。

We believe we could possibly leverage that to our benefit as we move through this year, and we are taking steps to move in that particular direction. So that's tough.

我們相信，隨著今年推進，我們可能可以把這點槓桿化為我們的優勢，而我們也正在採取措施朝那個方向前進。所以這確實很艱難。

The expectation for driver wages, as part of this question, you look at the overall fleets across the nation. They are way under Heartland, in regards to the rate that they are paying.

至於本題中對司機薪資的預期，你看看全國各地的整體車隊，他們在支付水準上遠低於 Heartland。

Pay has to go up. The only way that will become a possibility is for rates to go up so they can cover that cost. So, we believe that there will be pressure on increasing driver wages, and we are certainly considering that in today's market.

薪資必須上調。唯一能讓這成為可能的方法，是運價上升，才能覆蓋那個成本。因此，我們認為司機薪資上調將面臨壓力，而我們也確實在當前市場中把這點納入考量。

Are there any changes that you would expect to make regarding pay between Gordon and Heartland fleets?

您預期在 Gordon 與 Heartland 車隊之間的薪酬方面會有任何調整嗎？

That is a get question. When you take a look at Gordon fleet to Heartland fleet, they have a different set than we have.

這是一個好問題。當你比較 Gordon 車隊與 Heartland 車隊時，他們的配置與我們不同。

They certainly short haul like we are, they do regional sets like we do, they have a bigger dedicated fleet than Heartland does, we are currently looking at that. When we look at the pay structure on over the road drivers, the biggest difference is, they pay on a practical route mileage base and we pay on a ran basis.

他們當然也像我們一樣做短途運輸，也像我們一樣做區域型配置；他們的專屬（dedicated）車隊比 Heartland 更大，我們目前正在評估這點。當我們看長途（over the road）司機的薪酬結構時，最大的差異是：他們以實際路線里程（practical route mileage）為基礎計薪，而我們是以實跑里程（ran）為基礎計薪。

We are going to be looking very carefully at that as we move forward in to the year. Some areas, we are between than them, other areas, they are better than us, as far as the pay.

隨著今年往前推進，我們會非常仔細地檢視這件事。有些領域我們介於他們之間，有些領域就薪酬而言他們比我們好。

The question becomes, is, how do we marry the two into the benefit of the overall drivers? One of the great things that we have seen in the acquisitions that we never experienced, is the ability to -- the stability of our fleets, on both the Heartland side as well as the Gordon side, as we move through the acquisition.

問題在於：我們要如何把兩者結合起來，讓整體司機受益？我們在這些併購案中看到一件以前從未經歷過的好事，就是——在併購推進過程中，我們的車隊（Heartland 端與 Gordon 端）都展現出穩定性。

And we applaud the Gordon group and their drivers, you know, for listening and being understanding of what it needs to take, in order to build an organization that is the quality of these two organizations coming together. So, I am really excited about the opportunity that provides us.

我們也要稱讚 Gordon 團隊與他們的司機，你知道，他們願意傾聽並理解：為了打造一個由這兩個組織結合而成、具備品質的公司，需要做到哪些事。所以我對這個機會感到非常興奮。

We will be looking at every fleet and making changes in some -- certainly our northern fleets, we are going to take a hard look at, as we move through the beginning of the first quarter and into the second quarter.

我們將檢視每一個車隊並進行一些調整——當然，我們會對北方車隊進行嚴格檢視，隨著我們走過第一季初並進入第二季。

With that, we will jump to the next category of utilization. We got a single question in that category that Mike will address.

接著，我們將跳到下一個「利用率」類別。我們在該類別只收到一個問題，將由 Mike 回答。

Mike, how has the hours of service regulations impacted the fleets' utilization in terms of miles per truck, and what can Management do to mitigate productivity headwinds?

Mike，工時（Hours of Service）法規如何影響車隊利用率（以每輛卡車里程衡量），管理層可以做些什麼來緩解生產力逆風？

Okay. As most people know, July 1 we had the hours of service change, which I would say, almost everyone under-estimated what the true effect of the hours of service change is going to be on the industry.

好的。如同大多數人所知，7 月 1 日工時規定有所變更；我會說，幾乎所有人都低估了這次工時變更對整個產業真正的影響。

It certainly is more than what we thought it was going to be, and more than what most thought it was going to be. So, especially when you have an entire fleet that is on EOBRs and does a great job of following the rules like both Gordon and Heartland do, that half-hour that we have to stop now, every eight hours, 30 minutes is not 30 minutes, okay.

它確實比我們原先想的更大，也比大多數人想的更大。因此，特別是當你有一整個車隊都使用 EOBR（電子車載記錄器），而且像 Gordon 和 Heartland 這樣非常遵守規則時，我們現在每 8 小時必須停下來的那半小時，30 分鐘並不等於 30 分鐘，好嗎。

It is taking more than 30 minutes on the stop, by the time the driver pulls off the interstate -- and you guys have all heard this from us before, but, to answer the question properly, I have to give this -- pull off the interstate, maybe fuel up, maybe do a lunch, or a dinner, or just try to find a parking place, and go inside for a little bit, or in the yard, and then get back in and start trucking again, it is not a half an hour, it is more than that. It is more toward 1 hour, or maybe even an 1.5 hours, in some cases. So, you know, that' is one thing.

實際停靠所花的時間超過 30 分鐘；因為從駕駛把車開離州際公路開始——你們以前都聽我們說過，但要正確回答這個問題我必須說明——開離州際公路、可能加油、可能吃午餐或晚餐，或只是試著找停車位，進去休息一下，或在場站裡，然後再回到車上繼續行駛，這不是半小時，而是更久。更接近 1 小時，某些情況甚至可能到 1.5 小時。所以，你知道，這是一點。

Then, the portion of the rule about having to sleep between 1 AM and 5 AM, really is another difficulty for fleets to overcome, and drivers to overcome. These rules have negatively affected everybody's utilization.

接著，規定中要求必須在凌晨 1 點到 5 點之間睡眠的那一部分，對車隊與駕駛而言也是另一個難題。這些規定已經對所有人的利用率造成負面影響。

There is no real way to get around it. Part of the question is what can you do to mitigate the productivity headwinds. Lost time is lost time.

基本上沒有真正的繞道方式。問題的一部分是你能做什麼來緩解生產力逆風。失去的時間就是失去的時間。

Unless the hours of service get changed back to what they were, or modified, it is very difficult to make up lost time. So, it is a negative effect on our fleet, somewhere between 2% and 3%, is what we are gauging right now. And I think that covers that answer, Chris.

除非工時規定改回原本的樣子，或做出調整，否則很難把失去的時間補回來。因此，對我們車隊的負面影響，我們目前評估大約在 2% 到 3% 之間。我想這就回答了，Chris。

With that we will move into the accounting section of questions regarding gains, CapEx, going forward; and we will turn back to John for answers to these questions. John, what should be expected in terms of gains on sale of equipment over the coming quarters as you replace GTI equipment?

接著我們將進入會計相關問題，包括處分利益、資本支出（CapEx）以及未來展望；我們會把問題交回給 John 來回答。John，隨著你們汰換 GTI 設備，未來幾季在設備出售上的處分利益應該如何預期？

Well, what we -- based on our current anticipative fleet replacement levels, over the course of 2014, was heavier on tractors in the first half of the year and heavier on trailers in the second half of the year. We currently anticipate gains for 2014 between the $15 million and $20 million range. All of the revenue equipment assets of GTI were revalued, at fair value, at the date of the acquisition.

嗯，根據我們目前預期的車隊汰換水準，2014 年的汰換在上半年以牽引車（tractors）為主、下半年以拖車（trailers）為主。我們目前預期 2014 年的處分利益約在 1,500 萬到 2,000 萬美元之間。GTI 的所有營收設備資產在收購日都已按公允價值重新估值。

Gains as we move forward on the GTI side, will probably be a little bit skinnier in comparison to what we have experienced in the Heartland side. So, we will work our way through that as we normalize our fleet to our expectations.

未來在 GTI 這一側的處分利益，與我們在 Heartland 這一側過去的經驗相比，可能會薄一些。因此，當我們把車隊逐步調整並正常化到符合我們的預期時，我們會一路處理這件事。

How about the CapEx, net CapEx expectations for 2014?

那 2014 年的資本支出（CapEx），淨資本支出預期如何？

The CapEx thing, based on our current information, it is a little bit fuzzy; but, what we are thinking right now is somewhere between $75 million and $80 million, heavier on the first and second quarter of the year, as we take deliveries of those tractor commitments that we had in place prior to the GTI acquisition. They had some tractors in place, we had some tractors in place, and we are working them out in the first quarter.

關於 CapEx，基於我們目前掌握的資訊，還有點模糊；但我們現在的想法大約在 7,500 萬到 8,000 萬美元之間，且會集中在第一季與第二季，因為我們要接收在收購 GTI 之前就已承諾的牽引車交付。他們原本有一些牽引車承諾，我們也有一些，我們會在第一季把這些安排消化掉。

On a combined fleet, the average age of the tractors is 2.4 years, at the end of the year. Certainly, a good position, in regards to the tractor side of it, we anticipate in 2014 and beyond, that we might be moving a little more on the tractor side.

以合併後的車隊來看，年底牽引車平均車齡為 2.4 年。就牽引車面向而言，這當然是個不錯的位置；我們預期在 2014 年及之後，牽引車方面可能會再多做一些調整。

Based on the past few years' activity of the legacy Heartland trailer fleet, there is not much to be expected that we need to be doing on the Heartland fleet. Based on the GTI, average age of trailer years is getting close to six years.

根據過去幾年 Heartland 既有拖車車隊的狀況，Heartland 車隊這邊並沒有太多需要我們額外投入的地方。至於 GTI，拖車平均車齡已接近 6 年。

Mike is choosing to put 1,000 trailers in there from the get go. That will probably work its way out in the second quarter through the end of the year, hoping that they can give them a new 1,000 trailers.

Mike 選擇從一開始就先放進 1,000 輛拖車。這可能會在第二季到年底逐步落地，並希望他們能提供新的 1,000 輛拖車。

What we will be doing when we look to the second half, though we got an expectation currently, of around $80 million CapEx, we certainly have enough room to be doing some things on tractors. So, we will be taking a look at Gordon's tractor fleet as we move through the year.

不過，當我們看下半年時，雖然目前對 CapEx 的預期大約是 8,000 萬美元，但我們確實還有足夠空間在牽引車方面做一些事情。因此，隨著年度推進，我們會檢視 Gordon 的牽引車車隊。

They got shorter hauls, some heavy hauls, that we have to understand a bit. They have dedicated stuff that we have to understand a little bit.

他們有較短途的運輸，也有一些重載運輸，我們需要多了解一些。他們也有專屬（dedicated）的業務，我們也需要多了解一些。

If it makes sense for us to move new equipment into that in order to make it efficient in the shop operations, Mike will be making those calls as we move throughout the years. So, though we are saying $80 million, it is a reserved $80 million, somewhere between $75 million and $80 million, expect that could be going up, so we can normalize their fleet to similar to Heartland; albeit that we are not having a target number to get there.

如果把新設備投入其中能讓維修廠（shop）作業更有效率，Mike 會在今年推進過程中做出這些決策。因此，雖然我們說是 8,000 萬美元，但這是保留的 8,000 萬美元，約在 7,500 萬到 8,000 萬美元之間；你們應該預期這個數字可能會上調，讓我們能把他們的車隊正常化到與 Heartland 類似——儘管我們並沒有設定一個要達到的目標數字。

With that projected CapEx, what can we expect from depreciation for 2014?

在這個預估的 CapEx 之下，2014 年折舊費用可以預期是多少？

For modeling purposes, though we don't have it totally tied down, I think, it is pretty close. We are expecting, you know, the first quarter to be around $24 million, then as we begin to add tractors in the first and second quarter, we would expect that to move into the $26 million range, and hold at $26 million range, at this particular point, with the $80 million CapEx thought process.

就建模用途而言，雖然我們還沒有完全定案，但我認為已經相當接近。我們預期第一季大約是 2,400 萬美元；接著隨著我們在第一季與第二季開始增加牽引車，我們預期會上升到約 2,600 萬美元的區間，並在目前以 8,000 萬美元 CapEx 的思路下，暫時維持在 2,600 萬美元左右。

It might make the change on tractors, as we move through the year, that possibly could increase. But, most certainly, we will be watching that; and as we move through the year, we will be able to get some kind of visibility and keep you informed as to what our thought process is as we move through the year.

如果我們在年度推進中調整牽引車，折舊可能會增加。但我們一定會持續觀察；而且隨著年度推進，我們會更有能見度，並讓你們了解我們在年度推進中的思考方向。

We mentioned it in the release, and John you spoke to it, taking care, we have the commitments for new tractors coming in the first half of 2014. What factors do you see would impact the decision to take additional trucks in the second half of the year?

我們在新聞稿中提到，John 你也談到，我們謹慎處理，因為 2014 年上半年有新牽引車交付的承諾。你認為哪些因素會影響在下半年再增加卡車的決策？

I think that it is really dependent upon drivers, if we can hire drivers in the right places. This freight thing has not been about freight for the last couple of years, it has been about drivers.

我認為這真的取決於司機——我們是否能在正確的地點招募到司機。過去幾年這個貨運市場的問題不在貨量，而在司機。

So, if we can hire drivers, the first thing that will happen is, that will put pressure on Mike to bring in more trucks. So, I am praying that we can do that very thing.

所以，如果我們能招到司機，第一件會發生的事就是這會讓 Mike 承受壓力去引進更多卡車。因此，我正在祈禱我們能做到這件事。

And I want the pressure to be put some place else, besides on this little old body. So, that is the first thing.

而且我希望壓力能放到別的地方，而不是壓在我這把老骨頭上。所以，這是第一點。

The second thing, certainly, is on the Gordon fleet, as I discussed. If they need new equipment in order to get it efficient, the way we need them to be efficient, then at that particular point, we will move in that direction.

第二點，當然就是我剛才談到的 Gordon 車隊。如果他們需要新設備才能達到我們所要求的效率，那麼到那個時點，我們就會朝那個方向前進。

Net fuel expense? Fuel expense, less fuel surcharge revenue was essentially flat year over year despite the GTI acquisition. Can you comment on the factors that impacted the net fuel expense during the quarter, if there are any specific items we should consider going forward?

淨燃料費用呢？燃料費用扣除燃油附加費收入後，儘管併購了GTI，年對年基本持平。您能評論一下本季影響淨燃料費用的因素嗎？以及未來是否有任何我們應特別留意的項目？

There is a lot of things that play in this number. When you bring that size of an organization together with Heartland, we are used to one thing, and now we are seeing multiple things working its way through our statements. That certainly is one of the line items that has been impacted.

這個數字會受到很多因素影響。當你把那麼大規模的組織與Heartland整合在一起時，我們原本習慣的是一種情況，現在則看到多種情況在我們的報表中逐步反映出來。這當然是受到影響的其中一個科目。

When you look at fuel, you need to be thinking along the lines of it is not just regular Heartland. Regular Heartland was just mostly company trucks a few owner operators, and what you are looking at on the line item today is, we have a brokerage business that is working its way through our statements.

談到燃料時，你需要用不同角度思考，因為它不只是原本的Heartland。原本的Heartland主要是公司車隊，只有少數自營車主（owner operators）；而你現在在這個科目上看到的是，我們有一個經紀（brokerage）業務也在報表中反映。

That impacts the fuel line item, as compared to the topline gross revenues. So, that is probably one of the bigger push items in regards to the fuel.

相較於營收總額（topline gross revenues），這會影響燃料這個科目。所以，就燃料而言，這大概是其中一個較大的推動因素。

When you also look at it, our miles suffered in the quarter. That was an impact item in regards to year over year.

另外，本季我們的行駛里程（miles）下滑，這也是年對年比較時的一個影響因素。

When you start asking the question about fuel economy and, you know, the newer trucks are helping us on an overall on fuel economy. You look at the west coast, we believe they are buying fuel a little bit cheaper than we are on the west coast, so that also has an impact on it. Then GTI is just -- has efficiencies that we are looking at, at this particular point, in trying to understand what those efficiencies really are on the total impacts of the statements.

當你開始問到燃油效率時，你知道，新車在整體燃油效率上確實對我們有幫助。再看西岸，我們認為他們在西岸買到的燃料可能比我們便宜一些，這也會造成影響。然後GTI本身——在目前這個時間點——有一些效率優勢是我們正在評估的，試圖理解這些效率對整體報表的總體影響到底是什麼。

They are doing some things different than we are, and we are taking a hard look at it. That is one of the things we were looking at when we did the acquisition. Certainly a number of things, but the fuel side of it, is one that we think we can benefit from to understand.

他們有些做法跟我們不同，我們正在仔細檢視。這也是我們進行併購時所看重的其中一點。當然有很多因素，但燃料這一塊是我們認為可以受益、並希望透過理解而改善的一項。

We talked about gains, specifically what drove the $3 million year-over-year increase in gains on sale throughout, quarter over quarter?

談到處分收益（gains），具體而言，年對年增加的3,000萬美元處分收益，在本季（相較前一季/本季）主要是由什麼驅動的？

Primarily the $3 million increase is, just increased the number of trucks we moved from this year versus last year. One thing we did have the number of trucks were more -- we chose to move some newer trucks out which had lower gains on them. On a per unit basis, it was not much that we had before, but it certainly -- that is what drove it, more equipment.

這3,000萬美元的增加，主要是因為今年我們處分的卡車數量比去年多。另外一點是，卡車數量更多——我們選擇處分了一些較新的卡車，而這些車的處分收益較低。以單位來看，跟以前差異不大，但確實——驅動因素就是更多設備的處分。

You mentioned that GTI had higher number of owner operators. Can you provide some insight as to the fleet break out of the company now, between company drivers and owner operators?

您提到GTI有較高比例的自營車主。能否提供一些洞見，說明公司目前車隊結構中，公司司機與自營車主的占比？

On both GTI as well as Heartland, operators played a big part in Heartland's roll over the years, but today it is a small portion of it. We have been talking about that leaking off for years.

無論是GTI還是Heartland，自營車主多年來在Heartland的發展中扮演重要角色，但如今占比已是很小的一部分。我們多年來一直在談這部分逐漸流失。

GTI also has some leased trucks. They have probably a little more robust lease program than what we had chosen to put out there, but they are running under the same model we are.

GTI也有一些租賃車輛。他們的租賃方案可能比我們過去選擇推出的更完整一些，但他們的營運模式與我們相同。

They have a few operators, I know, more than Heartland, certainly about four or five times more, but, it's certainly low-single digits as far as percentage of their fleet.

他們確實有一些自營車主，我知道，比Heartland多一些，確實大約多四到五倍，但就其車隊占比而言，仍然是低個位數百分比。

It represents, I would say, about 2.8% of the current quarter. You normalize the thing, it will probably run just north between 3% and 4%.

我會說，本季占比約為2.8%。若做正常化處理，可能會略高一些，大約介於3%到4%之間。

What was Heartland's average length of haul in the fourth quarter of 2013 and for the full year of 2013?

Heartland在2013年第四季以及2013年全年平均運距（average length of haul）是多少？

We have been saying all along for years, freight is getting shorter and shorter. From the Heartland side, 494 miles for the quarter, and combined, 476 miles.

我們多年來一直在說，貨運運距越來越短。就Heartland而言，本季為494英里；合併後為476英里。

You look at Gordon's fleet, and we will be talking about that as we move through the year, they had some real short haul. We thought we had some short haul, they have short-haul dedicated stuff that impacts their number.

你看Gordon的車隊——我們會在今年逐步談到——他們有一些非常短的運距。我們原本以為我們已經有些短運距了，但他們有短程的專線（dedicated）業務，會影響他們的數字。

We will look at that very closely. For the year, we are running about 491 miles.

我們會非常仔細地檢視。全年來看，我們大約是491英里。

Rents and purchase transportation line item was up materially. Is this solely due to the inclusion of GTI for just over half a quarter, and provide any more insight to that line item?

租金與外購運輸（rents and purchase transportation）這個科目大幅上升。這是否完全是因為GTI只併入了略多於半個季度？能否對該科目提供更多說明？

That line item has been draining off of us for a number of years. We have all watched it, and when we bought Gordon, it popped up again, but it is a little different animal than what we are used to. The brokerage operation portion of it, probably, 75% of that line item.

這個科目在我們這邊已經逐年下降了好幾年。我們都看在眼裡；而當我們收購Gordon時，它又回升了，但它跟我們過去習慣的性質有點不同。其中經紀業務（brokerage operation）的部分，大概占了這個科目的75%。

In the current quarter, terminal rent is, you know, 8% of it, as well as we got some equipment -- leased equipment just running through the line item. Is that going to be changing? f From the lease equipment side of it, I would probably sit here today and say, yes, that will probably leak off as fast as we can leak it off.

在本季，碼頭/場站租金（terminal rent）大概占其中的8%；另外也有一些設備——租賃設備——也透過這個科目入帳。這會改變嗎？從租賃設備的角度來看，我今天大概會說，是的，我們會盡可能快地把它逐步降下來。

It did not cost us anything to get rid of it. We probably would be shrinking that a lot faster. It represents about 16% of that line item.

如果處理掉它不需要成本，我們可能會縮減得更快。它大約占這個科目的16%。

So, on an overall, I would say that, that line item will be dependent upon what we choose to do in regards to the brokerage side of it. Currently, we are looking at that operation, it is doing a good job. Customers today are desiring to have that flexibility with a carrier that provides that type of business for them, and they have that business.

所以整體而言，我會說這個科目將取決於我們在經紀業務這一塊選擇怎麼做。目前我們正在檢視那個營運，它表現不錯。如今客戶希望承運商能提供這種業務所帶來的彈性，而他們確實具備這項業務。

We are going to be looking at it to support the overall organization. That will be dependent on Mike's call, and exactly how we treat it.

我們會評估如何用它來支援整體組織。這將取決於Mike的決定，以及我們具體如何處理它。

The last question in this section, from the accounting section, what would be an appropriate tax rate for modeling purposes going forward?

本段最後一個問題，來自會計部分：就未來建模而言，適當的稅率應該是多少？

I would like to think zero, but I know that, that is not going to be happening, especially with our current administration. What I think we probably will be looking at -- this year, our rate was running around 37%, just a little north of 37% on an annual basis.

我希望是零，但我知道那不可能發生，尤其在我們目前的政府之下。我認為我們大概會看到——今年我們的稅率約在37%左右，按全年計算略高於37%。

The state tax will probably push us a little more. We are modeling that.

州稅可能會再把我們推高一些。我們正在把這點納入模型。

I would say close to, a little bit north of 38% for the coming year. We will understand that better. For modeling purposes, I use 36%, first half, 40%, second half.

我會說明年大概接近、略高於38%。我們會更清楚。就建模用途而言，我會用上半年36%、下半年40%。

Okay. We will move into the next section of debt. We have one question regarding the debt.

好的。我們進入下一個負債部分。我們有一個關於負債的問題。

One of your covenants in your credit agreement calls for minimum adjusted EPS of $1. Can you discuss that items -- what items will be excluded, whether it be amortization of intangibles and so forth?

你們信貸協議中的一項契約條款要求最低調整後EPS為1美元。你能談談這裡的調整項目——會排除哪些項目，例如無形資產攤銷等等？

When I looked at that question first, I about had the big one. That is not a dollar EPS, rather it is $1 of net income, and there is a big difference. So, that is fine.

我第一次看到這個問題時，差點嚇出大事。那不是每股盈餘1美元，而是淨利1美元，差別很大。所以那就沒問題。

As far as adjusted net income annually, will be $1. We have a consolidated leverage ratio that runs about 2.1. Today it is -- I think, we are at 0.24.

就年度調整後淨利而言，會是1美元。我們有一個合併槓桿比率（consolidated leverage ratio）上限約為2.1。今天它是——我想——我們在0.24。

So, total funded debt is equal to a total debt less cash on hand. I think, it is the total funded debt divided by adjusted EBITDA, of less than 2.1. The is the proper nomenclature for us.

所以，總融資負債（total funded debt）等於總負債減去手上現金。我想，它是總融資負債除以調整後EBITDA，必須小於2.1。這是對我們而言正確的用語。

So, total funded debt is equal to total debt less cash on hand. You see me stumbling over this, and there is a reason for that.

所以，總融資負債等於總負債減去手上現金。你看到我講得有點結巴，是有原因的。

I have not had to handle this for 35 years. Now I am sitting here (laughter) in my dying days looking at this stuff.

我已經35年沒需要處理這些了。現在我（笑聲）在我人生的最後階段坐在這裡看這些東西。

The adjusted EBITDA is EBITDA plus non-cash items that were discussed above the -- there is an allowance of $60 million EBITDA per GTI in the first quarter of debt covenant calculation, reducing $15 million each quarter, replaced by the actual December 31 ratio; and it was 0.24.

調整後EBITDA是EBITDA加上前面提到的非現金項目——在第一季的負債契約計算中，針對GTI允許以6,000萬美元EBITDA計入，之後每季減少1,500萬美元，並以12月31日的實際比率取代；而該比率為0.24。

There is tangible net worth. We need to have at least $200 million.

有形淨值。我們至少需要達到 2 億美元。

I don't see any problem at all in regards to meeting any of these covenants. We will handle this debt like we have handled most all of the other debt, you know, that we have had, kids gloves.

就符合任何這些契約條款而言，我完全看不出有任何問題。我們會像過去處理幾乎所有其他債務一樣來處理這筆債務，你知道的，我們會小心翼翼地處理。

We move into the last category of our questions, which would be questions around the GTI acquisition, deal synergies and targets and looking forward. Let us go back to Mike for answers to these questions.

我們進入問題的最後一個類別，也就是圍繞 GTI 收購、交易綜效與目標，以及對未來展望的問題。讓我們回到 Mike 來回答這些問題。

Mike, within the release, the comments, the acquisition has been positively received by customers, specifically citing the different freight offerings provided to your legacy customers. Do we anticipate growing refrigerated, dedicated or logistics or any other offerings more meaningfully going forward as a result of this feedback?

Mike，在新聞稿與評論中提到，這項收購已獲客戶正面回饋，並特別提及為你們既有客戶提供的不同貨運方案。基於這些回饋，我們是否預期未來會更有意義地擴大冷藏、專屬運輸、物流或其他任何服務？

Yes, so, one of the attractive things to us from the GTI acquisition, was the number of services that they offered. You know, certainly their core was very similar to Heartland's but they have also refers, refrigerated, dedicated, logistics.

是的，所以，GTI 收購案對我們而言其中一個吸引人的地方，是他們提供的服務種類。你知道，他們的核心業務當然與 Heartland 非常相似，但他們也有冷藏（reefers）、冷凍、專屬運輸、物流。

All of those things are trends in the industry that seem to be going in a good direction. We are learning an awful lot right now on all of those things, and, you know, certainly we want to be the best that we can be in every category that there is.

所有這些都是產業趨勢，而且看起來正朝著良好的方向發展。我們目前正在這些方面學到非常多，而且，你知道，我們當然希望在每一個類別都做到最好。

Between the Gordons and ourselves, we are striving to do that every day, and learn these things, and hopefully get better on each one of them as we go forward.

在 Gordons 與我們之間，我們每天都在努力做到這一點，學習這些事情，並希望在未來推進的過程中，每一項都能持續變得更好。

With the acquisition now closed, can you provide an update on timing of the expected synergies, what areas are you targeting in 2014, or more immediately, and how much of the $30 million expected by 2017 can be realized this year? And just overall, where do we stand on the progress of the acquisition integration at this point.

收購案現在已完成交割，能否就預期綜效的時程提供更新？你們在 2014 年或更近期鎖定哪些領域？以及到 2017 年預期的 3,000 萬美元中，今年可以實現多少？另外，整體而言，目前收購整合的進度到哪裡了？

That is a great question. I am sure almost everyone was going to ask that one, or a portion of that question.

這是一個很好的問題。我相信幾乎每個人都會問這個問題，或其中的一部分。

So, you know, this acquisition, the great part about it is that, you know, we don't have to make rush decisions on anything. You know, we certainly have acquired a great company that has been profitable.

所以，你知道，這次收購很棒的一點是，我們不必在任何事情上倉促做決定。你知道，我們確實收購了一家很棒、而且一直有獲利的公司。

They got good service, they have great drivers, they got a great CSA score. They do a lot of things better than Heartland does. We are trying to learn how they do each one of these things as we are walking through there.

他們服務好、司機很棒、CSA 評分也很優。他們在很多事情上做得比 Heartland 更好。我們在走訪與推進的過程中，正努力學習他們每一項是怎麼做到的。

This is not a rush, rush deal, we never have said it was a rush deal. We just want to be the best that we can possibly be in all categories, across the board. It will take time for us to learn what is going on, on each one of them, and how they do the things better that they do, and teaching them how we do the things better than they do.

這不是一個要趕、要趕的交易，我們也從未說過這是一個要趕的交易。我們只是希望在所有類別、全面性地做到最好。我們需要時間去了解每一項目前的狀況，以及他們在哪些事情上做得更好；同時也教他們我們在哪些事情上做得比他們更好。

When you talk about upgrading the fleet, we are sharing a lot of loads right now, which is helping us tremendously. We are reducing our dead head. We are working right now towards combining our systems to be on one platform, which should be done in the second quarter this year.

談到車隊升級，我們現在正在共享很多載運（loads），這對我們幫助非常大。我們正在降低空駛里程（deadhead）。我們目前也在努力把系統整合到同一個平台上，預計今年第二季完成。

A lot of things have to happen before we can get on to the same platform. A lot of decisions have to be made together with the Gordons to do that. We are working on that.

在我們能上同一個平台之前，還有很多事情必須發生。也有很多決策必須與 Gordons 一起做出。我們正在推進這些工作。

We mentioned the drop off facilities that we combined, across the nation. They were paying for drop off facilities in Dallas, and Memphis, and Columbus, and Carlisle, all places that we had terminals. And at the same time we are paying for drop offs in Salt Lake City, and Los Angeles, and northern California, and Las Vegas, and in a number of other ones. So, we combined into theirs on that side.

我們提到過全國各地我們合併的交接（drop off）設施。他們在達拉斯、孟菲斯、哥倫布、卡萊爾等地支付交接設施費用，而那些地方我們本來就有場站（terminals）。同時我們也在鹽湖城、洛杉磯、北加州、拉斯維加斯以及其他多個地點支付交接費用。所以在那一端，我們就整合到他們的體系裡。

Those are the type of things that are going on right now, kind of the low-hanging fruit, so to speak. So, we are taking care of that, moving in the direction to get on the same platform, and it is going very well so far.

這些就是目前正在進行的事情，可以說是比較容易先摘取的果實（low-hanging fruit）。所以我們正在處理這些，並朝著上同一個平台的方向前進，到目前為止進展非常順利。

Do you anticipate any additional integration costs going forward?

你們是否預期未來還會有額外的整合成本？

I will take that, Chris. On the cost side, you know, I don't like costs, but we know there needed to be different things that we are doing to bring the organizations together.

Chris，這題我來回答。就成本面而言，你知道，我不喜歡成本，但我們也知道，為了把兩個組織整合在一起，我們需要做一些不同的事情。

We spent the lion's share of it in this 2013 as we move forward. I think the bigger costs that we will be having, is the cost that -- just to transport people back and forth between Washington and their terminal locations across the nation and ours.

我們在 2013 年已經支出了其中的大部分。往後我認為較大的成本會是——就是把人員在華盛頓與他們遍布全國的場站，以及我們的場站之間來回移動的交通成本。

We want people to interact with people, understand each other. The only way we are going to be able to build a strong organization is unite together in that effort.

我們希望人與人之間能互動、彼此理解。我們能建立強大組織的唯一方式，就是在這個努力上團結一致。

And so, the cost associated with bringing people together is going to be a big deal for us. I am certainly not going to hinder that from happening, but that will probably be the biggest cost moving forward.

因此，把人員聚在一起所產生的相關成本，對我們來說會是一件大事。我當然不會阻礙這件事發生，但這大概會是未來最大的成本。

Mike, you mentioned that Heartland combined Phoenix terminals in the fourth quarter. Can management provide further color on any other number of terminals that may be consolidated the next couple of years?

Mike，你提到 Heartland 在第四季合併了鳳凰城的場站。管理層能否進一步說明，未來一兩年是否還有其他場站可能會被整併？

Yes, we did combine the Phoenix terminal, which was an easy one, because we had built our new terminal down there in Phoenix a few years ago, built it a little larger than we actually needed. So, we had a shop there, Gordon had a terminal in Phoenix as well that they were leasing, which they were towards the end of their lease. So it was easy to bring those two terminals together.

是的，我們確實合併了鳳凰城的場站，那是一個很容易的案子，因為我們幾年前在鳳凰城建了新的場站，規模建得比實際需要稍大一些。所以我們那裡有維修廠（shop），Gordon 在鳳凰城也有一個租賃的場站，而且他們的租約也快到期了。因此把這兩個場站合併在一起很容易。

We made that happen within the first six weeks of the acquisition. But, you know, the real buy beauty of the acquisition, and part of it is, there is virtually no overlap in any of our facilities.

我們在收購後的前六週內就完成了。但你知道，這次收購真正的優點之一是，我們的設施幾乎沒有任何重疊。

Drop offs, like we talked about, but when you consider where they are at in Seattle; and Boise, Idaho; and Lathrop, California; and Medford, Oregon; and Portland, Oregon; we don't have anything there. And they certainly don't have anything in Atlanta; or Jacksonville; or Dallas; or Carlisle, Pennsylvania; or Kingsport, Tennessee; or Iowa city, Iowa.

交接點（drop offs）如我們所談到的那樣，但若你看他們在西雅圖、愛達荷州博伊西、加州拉斯羅普、俄勒岡州梅德福、俄勒岡州波特蘭等地的位置，我們在那些地方都沒有設施。而他們在亞特蘭大、傑克遜維爾、達拉斯、賓夕法尼亞州卡萊爾、田納西州金斯波特、愛荷華州愛荷華市等地也都沒有設施。

So, it is truly a great fit, when you think about the terminal locations, where they are at. We have done a good job of combining the one that we have.

所以，當你想到場站位置與分布時，這確實是非常契合的組合。我們也已經把我們唯一重疊的那一個整合得很好。

We have Pontoon Beach and O'Fallon, we have two shops there and an operation there. We will do further evaluation as we go forward on that. We may keep them both. We will see what ends up happening there.

我們在 Pontoon Beach 和 O'Fallon 那邊有兩個維修廠（shops）以及一個營運據點。我們會在未來持續評估。我們可能兩個都保留。看看最後會怎麼發展。

It's been a great deal so far.

到目前為止，這是一筆很棒的交易。

So, with that, that is the end of our -- the questions that were received, and the prepared remarks by Management. We appreciate everybody's questions and comments; and if we have not answered any questions or if someone has a further follow-up question, please reach out to the Company at 319-626-3600, to either Mike or John. Thank you.

那麼，以上就是我們——收到的問題，以及管理層的準備發言的結束。我們感謝大家的提問與意見；如果我們尚未回答到任何問題，或有人有進一步的追問，請致電 319-626-3600 與公司聯繫，找 Mike 或 John。謝謝。

Thank you, Kirk.

謝謝你，Kirk。

Thank you. This concludes today's call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以掛線。