Hub Group Inc (HUBG) 2024 Q2 法說會逐字稿

Hello, and welcome to the Hub Group second-quarter 2024 earnings conference call. Phil Yeager, Hub's President, Chief Executive Officer and Vice Chairman; Brian Alexander, Chief Operating Officer; and Kevin Beth, Chief Financial Officer, are joining the call. (Operator Instructions)

您好，歡迎參加 Hub Group 2024 年第二季財報電話會議。Phil Yeager，Hub 總裁、執行長兼副主席；布萊恩·亞歷山大，首席營運長；財務長 Kevin Beth 也加入了電話會議。（操作員說明）

Any forward-looking statements made during the course of the call or contained in the release represent the company's best good-faith judgment as to what may happen in the future. Statements that are forward looking can be identified by the use of words such as belief, expect, anticipate and project and variations of these words. Please review the cautionary statements in the release. In addition, you should refer to the disclosures in the company's Form 10-K and other SEC filings regarding factors that could cause actual results to differ materially from those projected in these forward-looking statements.

在電話會議期間所做的或新聞稿中包含的任何前瞻性陳述均代表本公司對未來可能發生的情況的最佳善意判斷。前瞻性陳述可以透過使用「相信」、「期望」、「預期」和「預測」等詞語以及這些詞語的變體來識別。請查看新聞稿中的警告聲明。此外，您還應參考公司 10-K 表格和其他 SEC 文件中揭露的有關可能導致實際結果與這些前瞻性陳述中預測的結果有重大差異的因素的資訊。

As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to your host, Phil Yeager. You may now begin.

提醒一下，本次會議正在錄製中。現在我很高興將電話轉給主持人 Phil Yeager。你現在可以開始了。

Good afternoon and thank you for joining Hub Group's second-quarter earnings call. With me today are Brian Alexander, Hub Group's Chief Operating Officer; and Kevin Beth, our Chief Financial Officer. I wanted to start by thanking all of our team members across North America for their hard work and dedication to serving our customers. The domestic freight market has continued to be challenged with a highly competitive bid season, bounce demand, and excess supply capacity.

下午好，感謝您參加 Hub Group 第二季財報電話會議。今天與我在一起的有 Hub Group 營運長 Brian Alexander；和我們的財務長凱文貝斯 (Kevin Beth)。首先，我要感謝北美所有團隊成員的辛勤工作和為客戶服務的奉獻精神。國內貨運市場持續面臨投標季競爭激烈、需求反彈、供應能力過剩的挑戰。

We've seen a more stabilized inventory environment as well as incremental capacity attrition and anticipate some peak season in the West Coast due to solid import demand and potential East Coast labor disruption, which along with our recent wins should support strong volume performance through the remainder of the year. We've seen some signs of market tightness, but nothing that would denote a sustainable trend at this time.

我們看到了更穩定的庫存環境以及增量的產能消耗，並且由於穩定的進口需求和潛在的東海岸勞動力中斷，預計西海岸將出現一些旺季，這與我們最近的勝利一起應該支持剩餘時間的強勁銷量表現今年的。我們已經看到了一些市場緊張的跡象，但目前還沒有任何跡象表明這種趨勢是可持續的。

Our customers continue to have option in collecting their providers, and we are supporting them with our full portfolio of services, strong cost and financial position as well as our best-in-class service, which we believe will lead to improvements in growth and return. In intermodal, we are providing record service levels along with a cost competitive product leading to 8% volume growth in the second quarter.

我們的客戶繼續可以選擇收集他們的供應商，我們透過完整的服務組合、強大的成本和財務狀況以及一流的服務為他們提供支持，我們相信這將帶來成長和回報的改善。在多式聯運方面，我們提供創紀錄的服務水準以及具有成本競爭力的產品，導致第二季的銷售量成長 8%。

A few highlights that stand out are continued growth in the local east of 26% and in Mexico, which was up 60% year over year in the quarter, while we also grew our transcon volumes. Margin per day focused bid plan is enabling better balanced growth which is leading to cost reductions in our drayage network and lowering empty repositioning costs. All of these initiatives are allowing us to win in this environment and position us for the future. We remain focused on servicing our customers through their fluctuations in demand and reducing costs to drive ongoing growth.

一些突出的亮點是當地東部地區持續成長 26%，墨西哥地區本季年增 60%，同時我們的傳輸量也有所成長。以每日保證金為重點的投標計劃能夠實現更好的平衡增長，從而降低我們的拖運網絡的成本並降低空車重新定位成本。所有這些舉措都使我們能夠在這種環境中獲勝，並為我們的未來做好準備。我們仍然專注於透過需求波動為客戶提供服務，並降低成本以推動持續成長。

In dedicated, we continue to see top-line momentum as we onboarded new sites for existing customers. However, earnings performance in the quarter was impacted as we invested in servicing our customers through their spring surge. This investment, we believe will support additional growth opportunities and retention of our customer base in the long term.

在專注方面，隨著我們為現有客戶推出新網站，我們繼續看到營收動能。然而，由於我們在客戶春季激增期間投資於服務，因此本季的獲利表現受到了影響。我們相信，從長遠來看，這項投資將支持額外的成長機會並保留我們的客戶群。

Our brokerage team continues to drive growth in LTL to offset the challenges of the broader truckload environment. Despite the first volume decline we have seen in several quarters, we are confident in the performance of our team and our value proposition to our customers, which is leading to strong bid wins that will be starting in the near term.

我們的經紀團隊繼續推動零擔業務的成長，以應對更廣泛的卡車裝載環境的挑戰。儘管我們在幾個季度中首次看到銷量下降，但我們對我們團隊的表現以及我們對客戶的價值主張充滿信心，這將導致短期內開始強勁的中標。

In our contractual logistics services margins have been strong, consistent with our diversification strategy, and we are completing our integration of our Final Mile acquisition from last year. Our best-in-class Final Mile service offering and cost optimization efforts are leading to new wins, which will onboard during the second half of the year.

我們的合約物流服務利潤率一直很高，這與我們的多元化策略一致，我們正在完成對去年收購的 Final Mile 的整合。我們一流的「最後一哩路」服務和成本優化工作正在帶來新的勝利，這些勝利將在今年下半年實現。

We managed transportation we are winning with new customers and full outsources and LTL management, helping them reduce cost and enhance control over their supply chain. Finally, within our consolidation network, we are focusing on optimizing our network to improve our service and cost and anticipate improvements in the months ahead.

我們管理的運輸贏得了新客戶的青睞，並提供全面外包和零擔管理，幫助他們降低成本並增強對供應鏈的控制。最後，在我們的整合網路中，我們專注於優化我們的網絡，以改善我們的服務和成本，並預期未來幾個月的改進。

We continue to take action to position Hub Group for success. We are maintaining our focus on successfully navigating this challenging market through our disciplined, operational and investment approach while providing best-in-class service to our customers, which we believe will position us well for the market recovery and drive strong shareholder returns. Our diversification strategy has helped us deepen our value to our customers while stabilizing our margin profile and we are continuing to successfully manage our costs across the organization.

我們將繼續採取行動，幫助 Hub Group 取得成功。我們將繼續致力於透過嚴格的營運和投資方法成功駕馭這個充滿挑戰的市場，同時為客戶提供一流的服務，我們相信這將使我們在市場復甦中處於有利地位並推動強勁的股東回報。我們的多元化策略幫助我們加深了對客戶的價值，同時穩定了我們的利潤狀況，並且我們正在繼續成功地管理整個組織的成本。

Finally, while results have been challenged given broader market conditions, we are in a phenomenal financial position with strong free cash flow generation, little net debt, and ample liquidity to continue to grow via acquisition and invest in our business while returning capital to shareholders through our dividend and ongoing share repurchases. With that, I will hand it over to Brian to discuss our operational results.

最後，雖然業績受到更廣泛的市場條件的挑戰，但我們的財務狀況良好，自由現金流生成強勁，淨債務很少，流動性充足，可以透過收購和投資我們的業務繼續成長，同時透過以下方式向股東返還資本：我們的股利和持續的股票回購。接下來，我將把它交給布萊恩來討論我們的營運結果。

Thank you, Phil. In ITS, intermodal volume grew 8% year over year. On a sequential basis, second-quarter volume growth was 12% over the first quarter, highlighting our momentum in implementation of new contracts. By region, transcon volume was up 1% year over year, global lease volume grew 26%, and local west declined 3%.

謝謝你，菲爾。在 ITS 中，多式聯運量年增 8%。以環比計算，第二季銷量較第一季成長 12%，凸顯了我們執行新合約的動能。按地區劃分，運輸量年增 1%，全球租賃量成長 26%，西部地區下降 3%。

The volume growth we are seeing is helping to improve driver productivity in network balance as we improved driver productivity 15% year over year in the quarter and reduced empty repositioning costs by nearly 25%. With our continued focus on controlling costs, new contractual frameworks, and aligned bid strategy. We believe we are well positioned to support our customers' peak needs and for the eventual market upturn.

我們看到的銷售成長有助於提高網路平衡的駕駛員生產率，本季駕駛員生產力年增了 15%，空車重新定位成本降低了近 25%。我們持續關注控製成本、新的合約框架和一致的投標策略。我們相信，我們有能力支持客戶的高峰需求並實現最終的市場改善。

We delivered top line growth in our dedicated business with an increase in revenue per tractor per day as we brought on new wins and drove efficiencies in our network. But profitability was challenged with increased expenses to support strong demand from our customers.

隨著我們帶來新的勝利並提高網路效率，我們的專業業務實現了營收成長，每台拖拉機每天的收入增加。但為了滿足客戶的強勁需求，成本增加，獲利能力受到挑戰。

Now turning to our logistics segment. We continue to be pleased with the growth and profit expansion of our logistics segment, with the second quarter earnings generating a 60-basis-point improvement in operating margin over the first quarter. Revenue growth in our Final Mile business more than offset challenges in our brokerage business, resulting in logistics revenue of $459 million, 1% higher than last year.

現在轉向我們的物流部門。我們對物流部門的成長和利潤擴張持續感到滿意，第二季的獲利使營業利潤率比第一季提高了 60 個基點。最後一哩業務的收入成長足以抵消經紀業務的挑戰，物流收入達到 4.59 億美元，比去年成長 1%。

Final Mile generated strong growth on both the top and bottom line with several new customer inorganic implementations in the first half of 2024. We expect this to continue with several confirmed wins to implement in the third quarter. Our successful integration is allowing us to leverage our combined non-asset-based operating model to improve our cost structure.

Final Mile 在 2024 年上半年透過多項新的客戶無機實施實現了營收和利潤的強勁成長。我們預計這種情況將繼續下去，並在第三季度實現幾項已確認的勝利。我們的成功整合使我們能夠利用合併後的非資產營運模式來改善我們的成本結構。

Brokerage continues to benefit from our diverse mode offering across several sales channels. We have maintained our roughly 50-50 split between contract and spot market allowing flexibility to respond to our customers' needs. Despite market headwinds, the team has made productivity strides, resulting in a sequential improvement in revenue per load of more than 300 basis points when comparing the second quarter to the first quarter.

經紀業務繼續受益於我們跨多個銷售管道提供的多樣化模式。我們維持了合約市場和現貨市場約 50-50 的比例，從而能夠靈活地回應客戶的需求。儘管面臨市場逆風，該團隊的生產力仍取得了長足進步，第二季度與第一季相比，每負載收入環比提高了 300 個基點以上。

Another bright spot is LTL, which has generated several transactional and contract wins in the first half of 2024, resulting in volume growth of 18% in the second quarter. In addition, we have several confirmed wins that have already started onboarding in the third quarter.

另一個亮點是 LTL，它在 2024 年上半年取得了多項交易和合同，導致第二季度銷量增長 18%。此外，我們還有幾項已確認的勝利，這些勝利已經在第三季開始啟動。

From a cost perspective, we've leveraged our technology to improve our loads per team member by 24% and have additional IT initiatives that we'll implement throughout the rest of 2024. Overall brokerage is well positioned for accelerated growth as market conditions improve.

從成本角度來看，我們利用我們的技術將每個團隊成員的負載提高了 24%，並且我們將在 2024 年剩餘時間內實施額外的 IT 計劃。隨著市場狀況的改善，整體經紀業務處於加速成長的有利位置。

We also continue to invest in our network of national multi-purpose logistics facilities with our largest location onboarding in the Northeast at the start of the third quarter. We are successfully optimizing our network of locations, resulting in a quarter-over-quarter improvement of 411 basis points in warehouse utilization and expect this improvement to accelerate in the third quarter as we expand our service footprint to better serve our customers.

我們也繼續投資於我們的全國多功能物流設施網絡，我們最大的物流設施將於第三季初在東北部投入使用。我們正在成功優化我們的地點網絡，倉庫利用率環比提高了 411 個基點，並預計隨著我們擴大服務範圍以更好地為客戶服務，這種改善將在第三季度加速。

The managed transportation team continues to grow as they are onboarding just under $60 million of new freight under management during the third quarter that will give us increased purchasing power for one with additional optimization opportunities for our customers. The integration and diversification of our non-asset-based logistics solutions is continuing to play out well, and we expect continued growth and margin expansion in 2024. With that, I'll hand it over to Kevin to discuss our financial performance.

管理運輸團隊繼續發展，第三季度他們管理的新貨運量接近 6,000 萬美元，這將增強我們的購買力，並為我們的客戶提供額外的優化機會。我們的非資產物流解決方案的整合和多元化繼續發揮良好作用，我們預計 2024 年將持續成長和利潤率擴大。接下來，我將把它交給凱文來討論我們的財務表現。

Thank you, Brian. I will now walk through our financial results for the second quarter before commenting on our outlook. Hub reported revenue for the second quarter of $986 million. Revenue declined 5% compared to last year and was roughly in line with first quarter revenue of $999 million. ITS revenue was $561 million, which is down 9% from prior year, as higher intermodal volume was not enough to offset lower rates, lower fuel, and softer market conditions.

謝謝你，布萊恩。在評論我們的前景之前，我現在將概述我們第二季的財務表現。Hub 公佈第二季營收為 9.86 億美元。營收較去年下降 5%，與第一季 9.99 億美元的營收大致持平。它是收入為 5.61 億美元，比上年下降 9%，因為多式聯運量的增加不足以抵消較低的費率、較低的燃料和疲軟的市場狀況。

Lower fuel revenue of approximately $5 million contributed to the decrease as did lower accessorial revenue. Intermodal volume was up 8% year over year. Sequentially, second quarter IPS revenue grew 2% over first quarter revenue of $552 million and volume was up 12% over Q1. Logistics revenue was $459 million an increase of 1% year over year as the contribution of the Final Mile business more than offset lower revenue in our brokerage business.

燃料收入減少約 500 萬美元，輔助收入減少也是造成這項下降的原因。多式聯運量較去年同期成長 8%。隨後，第二季 IPS 營收比第一季 5.52 億美元的營收成長了 2%，銷量比第一季成長了 12%。物流收入為 4.59 億美元，年增 1%，其中「最後一哩路」業務的貢獻足以抵消經紀業務收入的下降。

Moving down the P&L, purchased transportation and warehousing costs decreased by $36 million from the prior year due to lower accessorial costs, lower third-party expenses, and lower rail costs. Salaries and benefits were comparable to last year despite the integration of the Final Mile acquisition as we continue to manage overall headcount.

從損益表來看，由於輔助成本、第三方費用和鐵路成本降低，採購的運輸和倉儲成本比去年減少了 3,600 萬美元。儘管整合了 Final Mile 收購，但由於我們繼續管理整體員工人數，薪資和福利與去年相當。

Total legacy headcount, which excludes acquisition employees, drivers and warehouse employees, declined by 7%. Depreciation and amortization increased $2.4 million or 40 basis points due to intangible amortization related to the Final Mile acquisition. Insurance and claims increased by 20 basis points due to rising claim costs, which were mitigated by our ongoing improvements in safety and claims handling.

遺留員工總數（不包括收購員工、司機和倉庫員工）下降了 7%。由於與 Final Mile 收購相關的無形攤銷，折舊和攤提增加了 240 萬美元，即 40 個基點。由於索賠成本上升，保險和索賠增加了 20 個基點，但我們在安全和索賠處理方面的持續改進緩解了這一影響。

G&A increased 20 basis points compared to prior year, driven by costs associated with the Final Mile acquisition partially offset by cost management efforts. Gain on sale was $400,000 in the quarter. As a result, our operating income margin was 4% for the quarter, which is an increase of 30 basis points over first quarter.

與去年相比，G&A 增加了 20 個基點，因為與 Final Mile 收購相關的成本被成本管理工作部分抵銷。本季銷售收益為 400,000 美元。因此，本季我們的營業利潤率為 4%，比第一季增加了 30 個基點。

ITS operating margin was 2.4%, in line with Q1's OI percentage of 2.4% as we benefited from intermodal volume growth, dedicated margin expansion, and cost management efforts in the quarter. Logistics operating margin of 5.6% increased 60 basis points from the Q1 OI percentage of 5% due to the strong results from Final Mile offset offsetting a lower brokerage margin.

ITS 營運利潤率為 2.4%，與第一季 2.4% 的 OI 百分比一致，因為我們受益於本季的聯運量成長、專用利潤擴張和成本管理工作。由於「最後一哩路」的強勁業績抵消了較低的經紀利潤，物流運營利潤率為 5.6%，較第一季的 5% 增長了 60 個基點。

Interest and expense and other income totaled $1.9 million, an increase of $1 million from last year. Although our debt balance decreased year over year, interest expense increased due to an increase in our average interest rate. Our tax rate was 22.8%, slightly higher than our Q1 rate of 21.5%. We expect our tax rate to sequentially increase as we move through the back half of the year due to timing of stock-based compensation, tax refunds, and the closure of certain tax matters. Overall, other earned $0.47 per diluted share for the second quarter.

利息、費用和其他收入總計 190 萬美元，比去年增加 100 萬美元。儘管我們的債務餘額同比下降，但由於平均利率上升，利息支出有所增加。我們的稅率為 22.8%，略高於第一季 21.5% 的稅率。由於股票補償、退稅和某些稅務事項的結束，我們預計隨著下半年的到來，我們的稅率將依次增加。總體而言，其他公司第二季稀釋後每股收益為 0.47 美元。

Now turning to our cash flow. Cash flow from operations for the first six months of 2024 was $115 million. Second-quarter capital expenditure totaled $14 million and was down 22% from the first quarter. CapEx spend included replacements for tractors that have reached their end-of-life, warehouse equipment purchases, and technology projects.

現在轉向我們的現金流。2024 年前六個月的營運現金流為 1.15 億美元。第二季資本支出總計 1,400 萬美元，較第一季下降 22%。資本支出包括更換已報廢的拖拉機、採購倉庫設備和技術項目。

For the first half of the year, our CapEx was $31 million. We continue to expect full year spend to be between $45 million and $65 million with Q3 and Q4 spending closer to the lower Q2 level. Our balance sheet and financial position remained strong. In the first six months of 2024, we returned $48 million to shareholders through dividend payments of $15 million and stock repurchases of $33 million. And we ended the quarter with cash on hand of $220 million and generated free cash flow of $119 million year to date.

今年上半年，我們的資本支出為 3,100 萬美元。我們仍然預計全年支出將在 4,500 萬美元至 6,500 萬美元之間，其中第三季和第四季的支出將接近第二季的較低水準。我們的資產負債表和財務狀況依然強勁。2024 年前六個月，我們透過 1,500 萬美元的股利支付和 3,300 萬美元的股票回購向股東返還 4,800 萬美元。本季結束時，我們手頭現金為 2.2 億美元，年初至今產生的自由現金流為 1.19 億美元。

Net debt was $94 million, which was 0.3 times the EBITDA below our stated net debt to EBITDA range of 0.75 to 1.25 times. We continue to expect EBITDA-less CapEx for the full year 2024 to be greater than the $257 million generated in 2023, demonstrating Hub cash resiliency as we expect cash earning growth in a challenging freight environment. Additionally, we remain confident in our ability to execute on our capital allocation plan, which includes paying quarterly dividends, stock repurchases, and strategic acquisitions.

淨債務為 9,400 萬美元，是 EBITDA 的 0.3 倍，低於我們規定的淨債務與 EBITDA 範圍的 0.75 至 1.25 倍。我們仍然預計 2024 年全年扣除 EBITDA 的資本支出將高於 2023 年的 2.57 億美元，這表明 Hub 具有現金彈性，因為我們預計現金收入將在充滿挑戰的貨運環境中成長。此外，我們對執行資本配置計劃的能力仍然充滿信心，其中包括支付季度股息、股票回購和策略性收購。

Next, I will conclude my remarks with a few comments on our 2024 guidance. The macro environment remains challenging and while Hub performed well in the second quarter with intermodal volume growth as anticipated, we expect the competitive pricing environment to continue through the rest of 2024, impacting our intermodal and brokerage lines of businesses.

接下來，我將以對 2024 年指導方針的一些評論來結束我的演講。宏觀環境仍然充滿挑戰，雖然 Hub 在第二季度表現良好，聯運量增長符合預期，但我們預計競爭性定價環境將持續到 2024 年剩餘時間，從而影響我們的聯運和經紀業務。

We believe that the market inflection point has shifted further out from our Q1 assumptions impacting top line expectations and reducing the high end of our range. We expect full year EPS in the range of $1.75 to $2.5 per share and revenue of $4 billion to $4.3 billion.

我們認為，市場轉折點已進一步偏離我們第一季的假設，影響了營收預期並降低了我們範圍的高端。我們預計全年每股收益為 1.75 美元至 2.5 美元，營收為 40 億美元至 43 億美元。

In our ITS segment for the full year, we continue to expect intermodal volume growth in the high single digits and price to be down mid-single digit for the full year. For dedicated, we now expect revenue for the full year to be up low-single digits, and the recent wins are ramping up more slowly than originally anticipated.

在我們的全年 ITS 領域，我們繼續預計全年多式聯運量將實現高個位數成長，而價格將下降到中個位數。對於專用業務，我們現在預計全年營收將成長低個位數，而最近的獲利成長速度比最初預期的要慢。

For the total logistics segment, we expect revenue to grow mid- to high-single digits for the full year. When excluding brokerage, we continue to expect low- to mid-double-digit revenue growth. In brokerage, we continue to expect volume up low single digits and for pricing to remain challenged given overcapacity in the market.

對於整個物流領域，我們預計全年收入將實現中高個位數成長。當不包括經紀業務時，我們繼續預期收入將實現低至中兩位數的成長。在經紀業務方面，我們繼續預期成交量將成長至低個位數，鑑於市場產能過剩，定價仍將面臨挑戰。

There continues to be upside potential on our guidance. If restocking demand is higher than anticipated, there is a more traditional intermodal peak season, and the market allows for surcharge revenue in the second half of the year.

我們的指導仍有上行潛力。如果補貨需求高於預期，將出現更傳統的多式聯運旺季，市場允許下半年產生附加費收入。

Another market conditions that would push results to the high end of guidance is truck conversions to intermodal, helping to increase intermodal volume growth and increased margins. We are well positioned to capitalize on our market upturn by higher intermodal and truckload rates and a tighter truckload market will drive higher demand for our services and improved financial results.

另一個將業績推向指導上限的市場條件是卡車轉換為多式聯運，有助於提高多式聯運量的成長和利潤率的提高。我們處於有利地位，可以透過更高的多式聯運和卡車裝載費率來利用我們的市場好轉，而卡車裝載市場的緊張將推動對我們服務的更高需求並改善財務業績。

As mentioned at the beginning of the year, we are facing some headwinds versus last year, including higher interest costs, the normalization of incentive compensation, our annual tax rate being closer to 24% and minimal gain on sale. This quarter, we updated assumptions to assume that the challenges that we have experienced the last few quarters will continue throughout the year.

正如今年年初所提到的，與去年相比，我們面臨一些不利因素，包括利息成本上升、激勵薪酬正常化、年稅率接近 24% 以及銷售收益微乎其微。本季度，我們更新了假設，假設我們過去幾個季度經歷的挑戰將在全年持續。

As we exit the first half of the year, we are pleased with our performance to date with intermodal volumes, growing, strong financial discipline, strong free cash flow generation, and a strong balance sheet. With that, I'll turn it over to the operator to open the line to any questions.

隨著今年上半年的結束，我們對迄今為止的業績感到滿意，包括多式聯運量、不斷增長、嚴格的財務紀律、強勁的自由現金流生成和強勁的資產負債表。這樣，我會將其轉交給接線員，以便解答任何問題。

(Operator Instructions) Scott Group, Wolfe Research.

（操作員說明）Scott Group、Wolfe Research。

Hey, thanks, afternoon. Can you just walk us through the monthly intermodal volumes and July volumes? And then I don't know if I missed it just like -- maybe just the overall volume and yield trend for intermodal in the quarter?

嘿，謝謝，下午。您能給我們介紹一下每個月的聯運量和 7 月份的量嗎？然後我不知道我是否錯過了——也許只是本季度多式聯運的總體數量和收益率趨勢？

Yes, Scott, thanks. This is Phil. For April. Volumes were up 12%, May was up 9%, June was up 2%, and then July was up 14% on a year-over-year basis. If you look at yield on a revenue per load basis, that was down 17% in the quarter price, which we've said would be down about mid-single digit for the full year was obviously an impact.

是的，斯科特，謝謝。這是菲爾.對於四月。銷量較去年同期成長 12%，5 月成長 9%，6 月成長 2%，7 月較去年同期成長 14%。如果你看每負載收入的收益率，你會發現季度價格下降了 17%，我們說過全年價格將下降約中個位數，這顯然是一個影響。

I think the other piece that we wanted to call out was mix related, local East volumes being up 26%, obviously is a good thing, but has a negative mix impact from a revenue per load basis. And then second would be that through our bid strategy. We've really done a nice job and Brian highlighted it in his prepared remarks and filling in more backhaul freight, which is taken out empty repositioning expenses that was empty repos were down 25% on a year-over-year basis. But those loads also have a negative mix impact on revenue per load. And then just lastly, fuel and accessorial is a headwind there as well.

我認為我們想要指出的另一件事是與混合相關的，當地東部銷量增長了 26%，顯然是一件好事，但對每負載收入產生了負面的混合影響。其次是透過我們的出價策略。我們確實做得很好，布萊恩在他準備好的演講中強調了這一點，並填寫了更多的回程運費，其中扣除了空回購的空重新定位費用，比去年同期下降了 25%。但這些負載也會對每次負載的收入產生負面影響。最後，燃料和配件也是一個阻力。

And so that trend of the volume slowing throughout the quarter, but then spiking in July, is that like a per day issue there? Is that the market getting better in July with transloading? Is it bids happening, so you're winning share? The volume trends are sort of lumpy, any color?

因此，整個季度的交易量呈放緩趨勢，但隨後在 7 月激增，這是否是每天都會出現的問題？7月的轉運市場是不是好轉了？是否有出價發生，所以您贏得了份額？成交趨勢有點不穩定，有什麼顏色嗎？

Yeah, this is Phil. I would say we are seeing wins come online. That's certainly part of it in-July. July started out a little slower given the holiday that was a little more elongated. But in the last two weeks, we've really seen some nice improvement as some of the wins that we've gotten have really started to ramp up.

是的，這是菲爾。我想說的是，我們正在網路上看到勝利。這當然是七月的一部分。由於假期較長，七月開局較慢。但在過去的兩周里，我們確實看到了一些不錯的進步，因為我們獲得的一些勝利確實開始增加。

We're hoping to see that continue. We haven't realized those forwards yet. So we think that will continue into August. I think part of it is also year-over-year comparable and then business days as well.

我們希望看到這種情況繼續下去。我們還沒有意識到這些前鋒。所以我們認為這種情況將持續到八月。我認為其中一部分也可以與去年同期進行比較，然後也可以與工作日進行比較。

Okay. And then just one more and then I'll pass it along. Some I heard what gets you to the higher end of the guidance. If I just take the low end, it implies that 3Q and 4Q earnings are lower than Q2, which I don't think we've heard from anybody else in transports this earnings season that we could actually go down in the second half of the year. Can you just talk about what causes that and just any color there?

好的。然後再發一份，然後我會把它傳遞出去。我聽說有些東西可以讓你達到指導的更高境界。如果我只取低端，則意味著第三季度和第四季度的收益低於第二季度，我認為我們沒有從本財報季運輸業的其他任何人那裡聽說我們實際上可能會在下半年下降年。您能談談造成這種情況的原因以及其中的任何顏色嗎？

Yeah, Scott, this is Kevin, thank you for your question. Right now we just feel that the market, both the macro and the freight market is very hard to predict. There's been some new information just this week. That's come on the macro side.

是的，史考特，我是凱文，謝謝你的問題。現在我們只是覺得市場，無論是宏觀還是貨運市場都很難預測。本周有一些新資訊。這是宏觀方面的。

But at the end of the day, we think the freight market is very challenging. It's a competitive bid season. We have excess capacity impacting intermodal and brokerage as you well know. While we do expect strong volume growth, we are expecting pricing to remain low with a pricing inflection moving into 2025. So we decided the conservative relative to adjust the guidance.

但歸根究底，我們認為貨運市場非常具有挑戰性。這是一個競爭激烈的投標季節。如您所知，我們的產能過剩影響了多式聯運和經紀業務。雖然我們確實預計銷量將強勁增長，但我們預計價格將保持在較低水平，並在 2025 年出現價格轉折點。所以我們決定相對保守地調整指引。

Yeah, this is Phil. I'd just add. And I think at the midpoint, which is where I would point you, we do anticipate earnings growth first half to second half. I think, ITS revenue is going to be up on more volume. Q2 to Q3, we think we'll see a little bit of a sequential dip in operating margins in ITS, mostly due to a lag on rail price reductions, but also the volume realization that were we were just mentioning.

是的，這是菲爾。我只想補充一下。我認為在中間點，也就是我要指出的地方，我們確實預計上半年到下半年的獲利成長。我認為，ITS 收入將會隨著銷售量的增加而增加。從第二季度到第三季度，我們認為 ITS 的營業利潤率將出現一些連續下降，這主要是由於鐵路價格下降的滯後，以及我們剛才提到的銷售實現。

On logistics first half to second half, we're anticipating sequential revenue growth and operating margin growth. I would highlight first, we've got a lot of new wins that are going to be ramping up. But second, we've got some really nice cost reductions that we're putting in place.

在物流方面，上半年至下半年，我們預期營收和營業利潤率將持續成長。我首先要強調的是，我們已經取得了許多新的勝利，這些勝利將會不斷增加。但其次，我們正在實施一些非常好的成本削減措施。

So I would point you more to the midpoint. I think that's our best view of the market as it exists today, which, as I mentioned, would imply a sequential earnings growth. And last piece I would just highlight is the free cash flow generation being up on a year-over-year basis.

所以我會更多地向你指出中點。我認為這是我們對當今市場的最佳看法，正如我所提到的，這將意味著盈利的連續成長。我要強調的最後一點是自由現金流的產生量較去年同期成長。

Thank you, guys.

謝謝你們，夥計們。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Yes, thanks and good afternoon, everyone. Maybe just to take a look at some of the positive sides of the print here. Final Mile is looking pretty good. And I'm wondering if you can help us maybe just sift through some of the moving parts a bit there, especially in terms of the profitability. And I know you mentioned some business wins there. But how much of that underlying performance is coming from topline appreciation? How much from legacy or improvement and how much is coming from faster than expected synergies in that acquired business to reimburse?

是的，謝謝大家，下午好。也許只是為了看看這裡印刷品的一些積極的一面。最後一英里看起來相當不錯。我想知道您是否可以幫助我們篩選一些移動部分，特別是在獲利能力方面。我知道你提到了那裡的一些業務勝利。但潛在的業績有多少是來自於營收升值呢？有多少來自遺留或改進，有多少來自收購業務中比預期更快的協同效應來償還？

Sure. Yeah, Bruce. This is Brian. I'll take that one. Yeah, we've been really pleased with the integration of our Final Mile acquisition, and it complemented our previous position in Final Mile. And on top of the topline wins that we've been able to get by adding new logos, we've also been able to cross-sell a lot of organic and continue to grow there. And that's really driven a lot of the top line.

當然。是的，布魯斯。這是布萊恩.我會接受那個。是的，我們對 Final Mile 收購的整合感到非常滿意，它補充了我們之前在 Final Mile 中的地位。除了透過添加新商標獲得的營收勝利之外，我們還能夠交叉銷售大量有機產品並繼續成長。這確實推動了很大的營收成長。

As far as the cost perspective, when we put the two models together, we've been able to leverage a best of approach to each of the overlapping geographies and be able to find efficiencies to drive up our yield there. I think we are -- we still have more runway, and we'll see play out in Q3 and Q4 in that. And that's going to continue to position us to win both on price as well as service and capabilities in the Final Mile.

就成本角度而言，當我們將這兩個模型放在一起時，我們已經能夠利用最佳方法來處理每個重疊的地區，並能夠找到提高效率的方法來提高那裡的產量。我認為我們還有更多的跑道，我們將在第三季和第四季看到這一點。這將繼續使我們在最後一英里的價格以及服務和能力上獲勝。

Okay. Appreciate that. And if I could just follow up on that runway comment. When you think about how far you are through that integration process? Are you about halfway? How much more is there to go?

好的。很欣賞這一點。如果我能跟進那條跑道評論就好了。當您考慮您的整合過程已經完成了多遠？你已經快一半了嗎？還有多少路要走？

Yes, I would say, we're a little more than halfway on the cost efficiencies. But on the pipeline growth and the continued cross-selling, we're going to see that continue well into 2025 as we continue to stretch our stride in new ways there.

是的，我想說，我們在成本效率方面只完成了一半多一點。但就管道成長和持續交叉銷售而言，隨著我們繼續以新的方式邁出步伐，我們將看到這種情況持續到 2025 年。

Appreciate the color.

欣賞顏色。

Bascome Majors, Susquehanna Financial Group.

巴斯科姆專業，薩斯奎哈納金融集團。

Thanks for taking my questions. As we look to the peak season, how are you feeling about the potential for some of the surcharges that in a better year can drive a decent 4Q lift for your business? And when will you know what the state of play is on that as we get deeper into the calendar?

感謝您回答我的問題。當我們展望旺季時，您對某些附加費的潛力有何看法，這些附加費在經濟好轉的一年中可以為您的業務帶來可觀的第四季度增長？當我們深入了解日曆時，您什麼時候才能知道比賽的進展？

Now, Bascome, this is Phil. I think our conversations with customers are kind of varied around their demand right now, I would say there's a lot that are very positive and saying we're going to see a nice sequential inflection and a very strong peak. And we've got others that are saying demand will remain pretty similar. So customer discussions, I would say, are a little bit mixed, but good to see some positive signs in there.

現在，巴斯科姆，這是菲爾。我認為我們與客戶的對話現在圍繞著他們的需求有所不同，我想說有很多非常積極的內容，並說我們將看到一個很好的連續拐點和一個非常強勁的峰值。還有其他人表示需求將保持非常相似。因此，我想說，客戶的討論有點複雜，但很高興看到其中出現了一些積極的跡象。

I would say as I take a step back, you're seeing that import demand continued to be strong. You have the East Coast labor disruption, all that points to diversion to the West Coast. Probably more transloading and domestic intermodal opportunities.

我想說的是，當我退後一步時，你會看到進口需求持續強勁。東海岸的勞動力中斷，所有這些都表明勞動力將轉移到西海岸。可能有更多的轉運和國內聯運機會。

So I think we're seeing the signs that there will be a peak. How robust that's going to be and whether it points to surcharge revenue, I would say we'll know in the next few weeks here. It's a little early to tell. I think likely around end of August, after Labor Day, likely have a pretty clear picture. We're anticipating September, October will really be those typical seasonality bumps, but a little early to tell at this point. But I would tell you, at least from a macro and from a customer conversation, we're seeing some positive signs.

所以我認為我們看到了將會出現高峰的跡象。我想說，這將有多強勁，以及它是否會帶來附加費收入，我們將在接下來的幾週內知道。現在說還為時過早。我認為八月底左右，即勞動節之後，情況可能會非常清晰。我們預計 9 月和 10 月將確實是典型的季節性波動，但現在說還為時過早。但我想告訴你，至少從宏觀和客戶對話來看，我們看到了一些正面的跡象。

Thank you for that. And as we get into next year, what are the conditions that you think will ultimately drive your ability or lack thereof to price the intermodal portfolio up more meaningfully?

謝謝你。當我們進入明年時，您認為哪些條件最終將推動您有能力或缺乏能力更有意義地提高多式聯運投資組合的價格？

And is it peak season? Is it just what's happening in truckload when we get to spring? What are the levers or market indicators that you and we need to see to get more confident in a price-driven lift out of the profit situation that we're in today? Thank you.

而且現在是旺季嗎？這就是春天到來時卡車上發生的事情嗎？您和我們需要看到哪些槓桿或市場指標，才能對價格驅動的提升擺脫我們今天所處的利潤狀況更有信心？謝謝。

Sure. I think it's a little early to give a 2025 guide or call. I think we're certainly hopeful for a positive inflection. I think we are seeing demand improve. We've done well in bid season to drive more velocity into our network and get it more utilized. We're seeing capacity attrition of strong peak would certainly help.

當然。我認為現在給出 2025 年的指導或電話還為時過早。我認為我們當然對正向的轉變抱持著希望。我認為我們看到需求有所改善。我們在投標季節做得很好，提高了我們網路的速度並使其得到更多利用。我們看到強峰值的產能消耗肯定會有所幫助。

I like what we're seeing in the spot market where there's more volatility right now. And then contract pricing is remaining pretty flat sequentially. We're not really seeing any deterioration there. So that's always a good sign.

我喜歡我們在現貨市場上看到的情況，目前現貨市場波動更大。然後合約定價連續保持相當平穩。我們並沒有真正看到那裡有任何惡化。所以這總是一個好兆頭。

So I think the fundamentals are getting into place. We need to see demand continue to improve and capacity continue to exit. But at the same time, we're going to constantly be assessing our network and making sure that we're maximizing our margin per load day, constantly having conversations with our customers around their demand and shifts in that, and what that could do to our network and needs we might have around pricing or additional volume to offset challenges. But hopefully, we'll see the trends that we're seeing currently continue and at a more rapid clip, and that would frame up well for a positive 2025.

所以我認為基本面正在就位。我們需要看到需求持續改善，產能持續退出。但與此同時，我們將不斷評估我們的網絡，並確保我們最大限度地提高每個負載日的利潤，不斷與我們的客戶圍繞他們的需求和變化進行對話，以及這可以做什麼我們的網絡和需求，我們可能有圍繞定價或額外數量來應對挑戰的需求。但希望我們能看到目前所看到的趨勢持續下去，而且速度更快，這將為 2025 年的積極發展奠定良好的基礎。

I'd just like to add on. There's really two, market recovery and brokerage pricing are certainly two of the data points that we're looking to get into our model before we're willing to give any guidance on 2025. So no longer in the year that we'll see how that progresses, and we'll be able to make a determination there. But we do believe we positioned ourselves well for the eventual market upturn as we're focusing both on service and cost efficiencies as well as the volume growth that we've already seen.

我只是想補充一下。實際上有兩個，市場復甦和經紀定價肯定是我們願意在 2025 年提供任何指導之前希望納入模型的兩個數據點。因此，今年我們將看到進展如何，我們將能夠在那裡做出決定。但我們確實相信，我們已經為最終的市場好轉做好了準備，因為我們既關注服務和成本效率，也關注我們已經看到的銷售成長。

And as you think about your strategy into next year, how do you balance container utilization versus pricing power on the existing business?

當您考慮明年的策略時，您如何平衡貨櫃利用率與現有業務的定價能力？

Yes, this is Phil. We are getting improvements in utilization. We saw a 14% improvement year over year from this year -- this quarter to last year and a 7% sequential improvement. So we are getting better. We still have room to run on just what we have out in the fleet right now.

是的，這是菲爾。我們正在提高利用率。與去年相比，本季與去年相比，我們看到了 14% 的年比改善，較上季改善了 7%。所以我們正在變得更好。我們仍然有空間來運作我們現有的機隊。

Pricing is a far larger lever for earnings power than volume for us. And so if we see the opportunity to begin to raise rates, we will certainly do so. I think we're doing the right things to position us to be able to take rates up as we get that velocity back into the network. We think that's the right move for right now. And if market conditions change and give us more pricing power, we'll certainly be looking to participate in.

對我們來說，定價對於獲利能力的影響遠大於銷售量。因此，如果我們看到開始升息的機會，我們肯定會這樣做。我認為我們正在做正確的事情，使我們能夠在網路恢復速度時提高費率。我們認為目前這是正確的舉措。如果市場狀況改變並賦予我們更大的定價權，我們肯定會尋求參與。

Thank you.

謝謝。

Thomas Wadewitz, UBS.

托馬斯‧瓦德維茨，瑞銀集團。

Yeah, good afternoon. Wanted to see if you could offer some perspective on that mix of volume in intermodal. Pretty heavy on growth in the East. Is that changing as you've got some of the other contracts coming on in July. So I don't know if you can offer directionally some thoughts on what that volume mix looks like in July.

是的，下午好。想看看您是否可以就多式聯運中的運量組合提供一些看法。東部地區的成長相當強勁。隨著其他一些合約將於 7 月簽訂，這種情況是否會改變？所以我不知道你是否可以針對七月份的銷售組合提出一些有方向性的想法。

Yeah, this is Phil. I would tell you it's pretty similar. We continue to see a lot of momentum in the East. Now, part of that is lower comparable, and we're overlapping that at this point in time. But we will see a return to improvement in the western portion of the network.

是的，這是菲爾。我會告訴你它非常相似。我們繼續看到東部地區的強勁勢頭。現在，其中一部分的可比性較低，我們此時正在重疊。但我們將看到網路西部部分恢復改善。

Transcon continues to hold up well, that's been a really strong point in our network really through the entire downturn in the market here. But we are anticipating sequential improvement in the third quarter in West Coast volumes as well as that continuing really through the remainder of the year. But local East will continue to carry the majority on a percentage basis.

Transcon 繼續表現良好，在整個市場低迷時期，這一直是我們網路的一個真正的優勢。但我們預計西海岸的銷售量將在第三季連續改善，並且這種情況將持續到今年剩餘時間。但當地東部地區將繼續以百分比為基礎佔多數。

Okay. Yeah. Thank you for that. And then how do you think about the stickiness of business that you when you've done a nice job winning share this year and really pretty strong volumes against a soft freight backdrop. I'm wondering is that -- I don't know if the East is primarily from truck or from other intermodal players, but how do you think about your ability to keep that volume as you go into next year and then presumably you want to price it up and make more money on it? How do you think about the ability to keep that and avoid next time around, you give some of the volume back when you tried to price it up?

好的。是的。謝謝你。然後，當您今年出色地贏得了市場份額並且在貨運疲軟的背景下確實相當強勁的銷量時，您如何看待業務的粘性。我想知道的是 - 我不知道東部主要來自卡車還是其他多式聯運參與者，但您如何看待明年保持這一數量的能力，然後大概您想要提高價格並賺更多錢？您如何看待保持這一點並避免下次在嘗試定價時回饋部分銷售的能力？

Sure. Yeah, this is Phil again. We do think the majority of that volume has come from truck. There's many specific examples where we know that we've lost that business to truck and we're able to convert it back because of the great service that we're giving. I would really highlight that as where we're winning.

當然。是的，這又是菲爾。我們確實認為大部分銷量來自卡車。有很多具體的例子，我們知道我們已經失去了卡車業務，但由於我們提供的優質服務，我們能夠將其轉回來。我真的想強調這一點，因為我們正在獲勝。

Our service product to Norfolk Southern right now is the best that I've seen in my tenure at Hub. And I think with that, gives -- and the price differential we're seeing versus contract rates right now, which is about 20% truckload versus intermodal. I think within that length of haul, I think we're in a very good position to retain that business. One, because of that cost differential, but two, because of the service product. And I think that creates a lot more stickiness at this point in time.

我們現在為諾福克南方航空提供的服務產品是我在 Hub 任職期間見過的最好的服務產品。我認為，這樣一來，我們現在看到的價格與合約費率之間的差異，與聯運相比，卡車裝載量約為 20%。我認為在這段時間內，我們處於非常有利的位置來保留該業務。一是因為成本差異，二是因為服務產品。我認為這會在此時產生更多的黏性。

Our customers are also just looking to de-risk their capacity sources. At this point, I think there is concern that the market is beginning to shift, and people want to lock that capacity in. And you're far less likely to be market tested if you're performing at a high level service-wise?

我們的客戶也只是希望降低其容量來源的風險。在這一點上，我認為人們擔心市場正在開始轉變，人們希望鎖定產能。如果您在服務方面表現出色，那麼接受市場測試的可能性就小得多嗎？

I'll just add to that too, Tom. This is Brian. I think in the comments of retaining our customers and their volume, we're also cross selling them into other services, which allows that to become more sticky. And so with that transactional volume, we're also offering them the ability to forward deploy their inventory position and inventory throughout our warehousing network, bring them into our Final Mile network, offer them diversified brokerage mode offerings and as well as our managed trans cost solutions. And I think LTL has been a big part of that, too. We've seen that grow, and that's a big part of how we're going to be retaining that volume.

我也想補充一下，湯姆。這是布萊恩.我認為在保留客戶及其數量的評論中，我們還將它們交叉銷售到其他服務中，這使得它變得更具黏性。因此，透過交易量，我們還為他們提供了在整個倉儲網絡中轉發部署其庫存位置和庫存的能力，將他們帶入我們的“最後一英里”網絡，為他們提供多樣化的經紀模式產品以及我們的託管運輸成本解決方案。我認為零擔運輸也是其中的重要組成部分。我們已經看到了這一成長，這是我們保持這一銷量的重要組成部分。

Great. Yeah, that makes a lot of sense and tried to tie them into the other products. I appreciate the time. Thank you.

偉大的。是的，這很有意義，並試圖將它們與其他產品連結起來。我很感激時間。謝謝。

Christopher Combe, The Benchmark Company.

克里斯多福·庫姆（Christopher Combe），基準公司。

Hi, good afternoon. Thanks for taking my question. We heard earlier today about some increasing transloading activity. I don't know if you guys have seen that just wondering if you have a comment there.

嗨，下午好。感謝您提出我的問題。今天早些時候我們聽說一些轉運活動有所增加。不知道你們有沒有看到，只是想知道你們是否有評論。

Yeah, this is Phil. So I would say we are seeing that. It's a little early to tell how robust that could be leading into peak season, but we certainly are seeing that. During the quarter, even our outbound Southern California volumes were up 5% year over year. Our inbound was actually up 7% year over year, which is really good cost offset for us and reduces a lot of our empty repositioning costs.

是的，這是菲爾。所以我想說我們正在看到這一點。現在判斷旺季的強勁勢頭還為時過早，但我們確實看到了這一點。本季度，我們的南加州出境量也較去年同期成長了 5%。我們的入庫量實際上比去年同期增長了 7%，這對我們來說確實是很好的成本抵消，並減少了我們大量的空置重新定位成本。

But we are seeing sequential demand improvement. We've also done quite well in some of the RFPs that drive a lot of West Coast volume. And so we are seeing incremental transload volume. We're hopeful that that's a sign of a strong peak, and we'll certainly have more to say as that develops.

但我們看到需求持續改善。我們在一些 RFP 方面也做得很好，這些 RFP 帶動了大量西海岸的銷量。因此，我們看到轉運量不斷增加。我們希望這是一個強勁高峰的跡象，隨著事態的發展，我們肯定會有更多話要說。

And also on the acquisition front, any areas you'd be looking at going forward? Do you need to integrate the Final Mile acquisition probably first before looking somewhere else? What's the timeframe there that we should be thinking about?

在收購方面，您未來會考慮哪些領域？在尋找其他地方之前，您是否需要先整合「最後一哩路」收購？我們應該考慮的時間範圍是多少？

Yeah, this is Phil again. I think we've done a really nice job on the integration there. We're through the vast majority of our synergy capture. We've done a lot of really good work on integrating systems in our platform. So we feel good about the opportunity we have to go out and do more acquisitions.

是的，這又是菲爾。我認為我們在整合方面做得非常好。我們已經完成了絕大多數的協同效應捕獲。我們在將系統整合到我們的平台方面做了很多非常好的工作。因此，我們對有機會出去進行更多收購感到很高興。

We think we have the right set of service offerings. It's now about how do we add scale and differentiation to those service offerings, and we are seeing more opportunities come to market, especially businesses that have performed well through this downturn. And obviously, we have the financial flexibility to go out and execute an acquisition that if we find the right fit. And we're certainly exploring that right now and would be hopeful to complete something this year.

我們認為我們擁有合適的服務產品。現在的問題是我們如何擴大這些服務產品的規模和差異化，我們看到更多的機會進入市場，特別是在這次低迷時期表現良好的企業。顯然，如果我們找到合適的人選，我們就可以在財務上靈活地進行收購。我們現在肯定正在探索這一點，並希望今年能完成一些工作。

Yeah, Chris, this is Kevin. I was just going to say that a follow-up on Phil's comments. The balance sheets are certainly ready for acquisitions. So we've been out [pharma] industries and hopefully we'll be able to get a deal here and use some of the excess cash that we have. The leverage ratio being where it is, we're much lower than our range. And so we'd like to put that cash to work via acquisition.

是的，克里斯，這是凱文。我只是想說這是菲爾評論的後續內容。資產負債表肯定已經為收購做好了準備。因此，我們已經退出[製藥]行業，希望我們能夠在這裡達成交易並使用我們擁有的一些多餘現金。就目前的槓桿率而言，我們遠低於我們的範圍。因此，我們希望透過收購將這些現金投入使用。

Great. Thanks for the time. Appreciate it.

偉大的。謝謝你的時間。欣賞它。

Elliot Alper, TD Cowen.

艾略特·阿爾珀，TD·考恩。

This is Elliot on for Jason Seidel. Maybe coming back to the guidance. So if we take the midpoint calls for dollars of earnings in the back half of the year, can you help frame the earnings cadence you see? There's been a lot of discussion about a pull forward and peak. Curious if you're seeing that all and if we should factor that into an earnings cadence in the back half of the year?

這是艾利歐特為傑森·賽德爾所做的發言。也許回到指導。因此，如果我們以下半年美元獲利的中點為標準，您能幫助制定您所看到的獲利節奏嗎？關於拉動和峰值有很多討論。好奇您是否看到了這一切，以及我們是否應該將其納入今年下半年的獲利節奏中？

Yeah. Thank you for the question. Certainly the guidance we're giving is it just that half of the year. We're not giving each individual quarters. And I think that's a little bit because we're a little unsure as well if that will be pulled forward. But we are expecting second half to be up mid to single digits when it comes to revenue. This is larger than first half as well as larger than last year. And that's really driven by intermodal and logistics but benefiting from the seasonality and volume growth that we're experiencing.

是的。謝謝你的提問。當然，我們給的指導只是今年的一半。我們不會給每個人單獨的宿舍。我認為這有點，因為我們也有點不確定是否會提前。但我們預期下半年營收將成長中位數至個位數。這比上半年更大，也比去年更大。這實際上是由多式聯運和物流推動的，但也受益於我們正在經歷的季節性和數量增長。

On the OI side, we're expecting a little step up of certainly of logistics of strong. As Brian mentioned, we have some cost cut outs that we're working on and we expect a nice OI. increase on the logistics logistic side. For intermodal, we expect that margins to be modestly down based on the assumptions of the timing of our realized price with a fully implemented volume now as well as timing lag on the rail adjustments and cost benefits from the higher value.

在 OI 方面，我們預計物流的強度將會提高。正如布萊恩所提到的，我們正在努力削減一些成本，並且我們預計會有一個不錯的 OI。物流方面加大物流力道。對於多式聯運，我們預計利潤率將小幅下降，這是基於我們實現價格的時間和目前完全實施的數量的假設，以及鐵路調整的時間滯後和較高價值帶來的成本效益。

Okay, great. Thanks. And then I believe you said volumes in Mexico were up 60% in the quarter. Is this a meaningful contributor to earnings for you guys? Or how should we think about the size of this business or what it could grow into?

好的，太好了。謝謝。我相信您說過墨西哥的銷量在本季度增長了 60%。這對你們的收入有意義的貢獻嗎？或者我們應該如何考慮該業務的規模或它可以發展成什麼？

Yeah, this is Phil. I would say, it's not currently something that would be a meaningful driver of earnings. But what I would tell you is our customers and their vendors are investing there significantly. And we are very aligned with our partner Union Pacific on driving growth there.

是的，這是菲爾。我想說，目前這還不會成為獲利的有意義的推動因素。但我要告訴你的是，我們的客戶和他們的供應商正在那裡進行大量投資。我們與我們的合作夥伴聯合太平洋公司在推動那裡的成長方面非常一致。

We're very focused on automotive customers, both our retail clients, consumer products. We think there's significant opportunities for growth. So right now, not something that we would say is a huge driver of our intermodal business one way or another but is becoming more and more important and we believe will be a driver of growth for us for a firm foreseeable future.

我們非常關注汽車客戶、零售客戶和消費品客戶。我們認為存在巨大的成長機會。因此，目前，我們認為這不是我們多式聯運業務的巨大推動力，而是變得越來越重要，我們相信在可預見的未來，這將成為我們成長的推動力。

Thank you, guys.

謝謝你們，夥計們。

Daniel Imbro, Stephen.

丹尼爾·因布羅、史蒂芬.

Yeah, good evening. So I want to start on the extra dedicated side. I think you mentioned you won some business. The profitability was softer because you invested into service for spring surge. Curious if you could provide some color quantifying what those investments were in a quantifying that headwind to profitability that were in the second quarter?

是的，晚上好。所以我想從更專注的方面開始。我想你提到你贏了一些生意。由於您投資於春季高峰服務，因此獲利能力較弱。好奇您是否可以提供一些顏色來量化這些投資的內容，以量化第二季度盈利能力的逆風？

Yeah, sure. We -- it was good to see the new wins that we have come online and then see some seasonal improvement in volumes. There was a really a spring surge for some of our retail clients. I think the challenge was we were ramping up hiring and then saw an increase in demand, which forced us to go out to third parties to support their high service sensitivity business and make sure that we were providing them with the service levels that they expected out.

是的，當然。我們很高興看到我們上線了新的勝利，然後看到一些銷售量的季節性改善。我們的一些零售客戶確實出現了春季激增。我認為挑戰在於我們加大了招募力度，然後需求增加，這迫使我們向第三方尋求支持，以支持他們的高服務敏感度業務，並確保我們為他們提供他們期望的服務水準。

That's obviously a higher cost service option than our own capacity, and that's what led to the margin deterioration. Within the dedicated business, it was probably mid single 100-basis-points impact. We don't see that going forward. Dedicated as a smaller portion of the ITS segment, obviously not as large as intermodal, but it certainly was a headwind in the quarter, but one that we don't anticipate seeing ahead.

這顯然是比我們自己的能力成本更高的服務選擇，這就是利潤率惡化的原因。在專業業務中，這可能是 100 個基點的中間影響。我們認為未來不會出現這種情況。作為 IT​​S 細分市場的一小部分，顯然不如聯運那麼大，但這無疑是本季的逆風，但我們預計未來不會出現這種情況。

And so if we think about the ITS margin step down for the back half, that cost it headwind goes away. It's just intermodal margins just that much lower, that will drag down. Anyway to help quantify how you're thinking about the step-down in ITS margins?

因此，如果我們考慮到下半年 ITS 利潤率的下降，那麼逆風成本就會消失。只是多式聯運的利潤率低很多，這會拖累。無論如何，可以幫助量化您對 ITS 利潤率下降的看法嗎？

Yeah, not materials. I think in previous calls, we've talked about low desktops, and we think it's a little more difficult to achieve that.

是的，不是材料。我想在之前的電話會議中，我們已經討論過低端桌面，我們認為實現這一點有點困難。

Well, yeah, I think I think it's a volume realization in the quarter as we've got some really nice new wins that are coming on. And then we've highlighted, I think in the past the lag effect that we have on rail price reductions. And once we have those in plus the volume being realized, that's where we think Q4 would likely be a step up from Q3. But Q3, a slight decline from Q2.

嗯，是的，我認為這是本季的銷售實現，因為我們即將取得一些非常好的新勝利。然後我們強調了，我認為過去我們對鐵路降價的滯後效應。一旦我們將這些加上正在實現的銷量，我們認為第四季度可能會比第三季度有所進步。但第三季較第二季略有下降。

Great. And then a last one for us. You mentioned logistics revenue should increase sequentially. We've heard some other brokers talking about brokerage trends slowing in July. Just curious which part of logistics you see improving as we move through the back half of the year? Thanks.

偉大的。然後是我們的最後一個。您提到物流收入應該會較上季成長。我們聽到其他一些經紀人談論七月份的經紀趨勢放緩。只是好奇，隨著下半年的到來，您認為物流的哪一部分有所改善？謝謝。

Sure. I'll take that one. This is Brian. I think, Phil called out some of our wins that we've had within the logistics that includes our managed trans contract business as well as our Final Mile those. And we integrated that in. We saw that pipeline and new opportunities come in and really fast. And so we're excited to have those onboard and drive up a lot of the revenue.

當然。我會接受那個。這是布萊恩.我想，菲爾提到了我們在物流領域取得的一些勝利，其中包括我們的託管交易合約業務以及我們的「最後一哩路」業務。我們將其融入其中。我們看到管道和新機會的出現而且速度非常快。因此，我們很高興這些人加入並增加大量收入。

I think from a brokerage perspective, after having five consecutive quarters of volume growth, we had our first one where we didn't have volume growth. It was down modestly. But what we did see is margin expansion quarter over quarter of about 100 basis points.

我認為從經紀業的角度來看，在連續五個季度成交量成長之後，我們迎來了第一個成交量沒有成長的季度。它略有下降。但我們確實看到利潤率逐季擴大約 100 個基點。

But we got a really good strong start in the third quarter with brokerage with volume in July up 10% year over year. And we're maintaining that yield expansion. So that's what got us excited about what we can do in the logistics space.

但我們在第三季取得了良好的開局，7 月的經紀業務量年增 10%。我們正在維持產量擴張。這就是讓我們對在物流領域可以做的事情感到興奮的原因。

Great. Thanks for all the color and best of luck.

偉大的。感謝所有的顏色，祝你好運。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Hey, guys. Thanks for taking the question. I just wanted to see how the network was running when you've done a bunch of the [drayage] share gains or reposition? We hope healing the network rebalancing that work rather with getting that significant growth in the local east. Maybe you can elaborate a little bit on what that's done for you in terms of efficiency, productivity. And if there's a bit more to go and you're coming up on some comps that will affect that. But it was a pretty big move. So just wanted to see how that turned out.

嘿，夥計們。感謝您提出問題。我只是想看看當你完成了一堆[拖運]份額增益或重新定位後網路運行情況如何？我們希望修復網路重新平衡，而不是在當地東部實現顯著成長。也許你可以詳細說明一下它在效率和生產力方面為你做了什麼。如果還有更多的事情要做，而你正在考慮一些會影響這一點的比較。但這是一個相當大的舉動。所以只是想看看結果如何。

Yeah. So service levels have been very strong. So that is certainly a benefit to us. As Brian mentioned in his prepared remarks, we were able to take down into repositioning costs about 25% year over year. Our cost per trade came down about 13%.

是的。所以服務水準非常強。所以這對我們來說肯定是有好處的。正如 Brian 在他準備好的演講中提到的那樣，我們能夠將重新定位成本同比降低約 25%。我們的每筆交易成本下降了約 13%。

One of the good things, there's productivity being up 15%. And while our share of grade declined about 600 basis points to 73%. We did that with 15% fewer drivers. So we think, we have some opportunities to add some drivers in a few markets to fill back that capacity and get our share back closer to 80%. We have some idle equipment that we're looking to redeploy within our drayage network as well as into dedicated configurations.

其中一件好事是生產力提高了 15%。儘管我們的等級份額下降了約 600 個基點，降至 73%。我們減少了 15% 的司機。因此，我們認為，我們有機會在一些市場中增加一些驅動程序，以填補產能並使我們的份額恢復到接近 80%。我們有一些閒置設備，希望將其重新部署到我們的拖運網路以及專用配置中。

But we think that those cost containment opportunities will continue. And as these new wins come on there. It's network friendly freight. So it will continue to benefit our productivity on the street as well as our network design and reduce repositioning costs further.

但我們認為這些成本控制機會將持續存在。隨著這些新勝利的出現。這是網路友善的貨運。因此，它將繼續有利於我們的街道生產力以及我們的網路設計，並進一步降低重新定位成本。

And I think you mentioned earlier, but is it a 20% discount in the East when it comes to rail, just wondering a little bit more about how was that truck market in the East? How you're able to make that accretive, I guess, on your operating income per box day model?

我想你之前提到過，但在鐵路方面，東部地區是否有 20% 的折扣，只是想更多地了解東部的卡車市場情況如何？我想，你如何才能讓你的每盒日營業收入模式不斷增加？

Yeah, we continue to focus on margin per load as you mentioned. And the Eastern network is far higher velocity, so that we're moving boxes into the triangle very quickly. They're getting margin within those moves and it takes time for them to repositioning off. So it really does drive a nice margin per load day in an environment like this where margins can get a little skinnier.

是的，正如您所提到的，我們繼續關注每次負載的利潤。東部網路的速度要高得多，因此我們可以非常快速地將箱子移動到三角形中。他們在這些舉措中獲得了利潤，並且需要時間來重新定位。因此，在這樣的環境下，每個負載日的利潤確實會提高，而利潤可能會變得更薄。

On a per day basis, it's a higher return investment that maybe some of those longer hauls that still have lower margins. So we think that the East is a great place to continue to grow right now. We're very committed to that. The differential is we think about 20%. We look to contract about 30% if you look at some of the longer length of haul.

從每天的角度來看，這是一項更高回報的投資，也許某些長途運輸的利潤率仍然較低。因此，我們認為東方現在是繼續增長的好地方。我們對此非常致力於。我們認為差異約為 20%。如果您有專注於一些較長距離的運輸，我們預計會縮減約 30%。

So the conversion opportunities are there. And once again, we're providing really good service, which is giving us the buy-in from our customers to continue to convert from over the road.

所以轉換機會就在那裡。我們再一次提供了非常好的服務，這讓我們得到了客戶的支持，從而繼續在路上進行轉換。

And then one last one on the rail contract. You mentioned some a little bit of a lag here. It will pick up again in the fourth quarter, have you experienced any tailwinds in the first half of the year? And how should we think about this going into 2025 if you see sort of the broader freight market, stay where it is and not really improve a whole lot in the first half, I guess of '25?

然後是鐵路合約上的最後一項。您在這裡提到了一些滯後。第四季又會回升，上半年有沒有遇到什麼順風順水的狀況？如果你看到更廣泛的貨運市場，保持現狀，並且在上半年（我猜是 25 年）並沒有真正改善，那麼我們應該如何看待進入 2025 年的情況？

Sure. Yeah, this is Phil. So yes, it has been a benefit to us through -- the rail contracts have been a benefit to us through the first half of the year and continue to have some resetting on a quarterly basis. There is a lag effect associated with that. So that lag effect would continue when we see price inflect.

當然。是的，這是菲爾。所以，是的，這對我們有利——鐵路合約在今年上半年對我們有利，並且繼續按季度進行一些重置。與此相關的是滯後效應。因此，當我們看到價格變化時，這種滯後效應將繼續存在。

So when prices going down, it does lag and move a little bit slower. But as prices go up, it will lag and move slower. So there's a margin expansion opportunity that comes as pricing shift. Goes once again to our desire to see the market move with stronger fundamentals. And we know that prices are far stronger driver of profitability and returns than volume. And so we're certainly hoping to see that opportunity come to fruition soon.

因此，當價格下跌時，它確實會滯後並且移動速度會慢一些。但隨著價格上漲，它會滯後並且移動得更慢。因此，隨著價格的變化，利潤率擴大的機會就會出現。再次表達了我們希望看到市場以更強勁的基本面走勢的願望。我們知道，價格對獲利能力和回報的驅動力遠強於銷售量。因此，我們當然希望看到這個機會很快就會實現。

Okay, great. Thank you, Phil.

好的，太好了。謝謝你，菲爾。

David Zazula, Barclays.

大衛·扎祖拉，巴克萊銀行。

Hey, thanks for squeezing me in. If I could ask a little bit about the brokerage side, specifically with respect to revenue losses and you're keeping the spot contract at 50-50, was that maybe like a tactical to a strategic move? Did you potentially -- I'm wondering maybe turn down some contractual loads that were available with the expectation that you might see come back in a different freight environment later in the year?

嘿嘿，謝謝你拉我進來。如果我可以問一些關於經紀方面的問題，特別是關於收入損失，並且您將現貨合約保持在 50-50，這是否可能是一種戰術轉向戰略舉措？我想知道您是否有可能拒絕一些可用的合約負載，並期望您可能會在今年稍後看到在不同的貨運環境中回來？

Sure, Dave, this is Brian. I'll take that one. But I think you're kind of going along the right lines. We did see as the volume decline in Q2 and some of that was our decision and where we needed to make some new decisions. And that's where we're seeing it improve. And where we had that 100-basis-point improvement quarter over quarter, and we're seeing that carry through as well.

當然，戴夫，這是布萊恩。我會接受那個。但我認為你的做法是正確的。我們確實看到第二季的銷量下降，其中一些是我們的決定，我們需要做出一些新的決定。這就是我們看到它有所改善的地方。我們季度環比提高了 100 個基點，而且我們也看到了這種情況的延續。

Volume wise, we're 50-50 from a revenue perspective on the spot. It's less than 50, and it's weighted a little bit more towards contract. But those are that's the way we're thinking about it.

從銷售來看，從營收角度來看，我們的比例是 50-50。它不到 50，而且它的權重偏向合約。但這就是我們思考的方式。

I think overall in brokerage, we continue to be pleased with our progress on where we're at, how we face the headwinds. We're providing a superior service product. We're providing the diversified modes for our customers for cross selling those. We're leveraging our spend to buy down our purchased transportation, and we're being very methodical about how we approach technology in this space.

我認為總體而言，在經紀業務中，我們仍然對我們所處的位置以及我們如何應對逆風方面的進展感到滿意。我們提供優質的服務產品。我們為客戶提供多元化的交叉銷售模式。我們正在利用我們的支出來購買我們購買的交通工具，並且我們對於如何在這個領域使用科技非常有條理。

And we -- I called out the efficiency that we've had and loads per team member. And we're going to see that continuing to expand as we roll out more technology initiatives.

我們－我強調了我們的效率和每個團隊成員的負荷。隨著我們推出更多技術舉措，我們將看到這種情況繼續擴大。

Very helpful. It's good to hear the color you had on the new business wins in dedicated. If I could just ask on with existing customers. How is the retention coming and how your conversations coming with those customers here in the back half?

非常有幫助。很高興聽到您對新業務在專注中獲勝的看法。如果我可以詢問現有客戶就好了。後半段的留任率如何？

Yeah, this is Phil. Our retention has been very strong. We've certainly had some RFPs that we've had to participate in defending company fee, but I think we've done a very nice job there. Some customers are exploring portions of their fleet moving to a one way, but we haven't seen much contract churn.

是的，這是菲爾。我們的保留率非常高。我們當然有一些 RFP，我們必須參與捍衛公司費用，但我認為我們在這方面做得非常好。一些客戶正在探索將其部分機隊轉向單向，但我們還沒有看到太多的合約流失。

Most of our customers are looking to renew, and it's very high service sensitivity freight. so they don't want a disruption to that high service sensitivity business. And so yes, our retention levels have been very strong. And we want to continue that. And we think that gives us the best opportunity to keep growing with the right customers and the right contractual frameworks as well.

我們的大多數客戶都希望續訂，這是對服務非常敏感的貨運。因此他們不希望這種高服務敏感性業務受到干擾。所以，是的，我們的保留水準非常高。我們希望繼續這樣做。我們認為這為我們提供了與合適的客戶和合適的合約框架一起不斷發展的最佳機會。

Thanks, Phil. And then Kevin, if I could just squeeze a quick one in. As I see the color on the legacy head count in the release, do you have the just the combined non-driver headcount number, a sequential number?

謝謝，菲爾。然後是凱文，如果我能快速塞進去的話。正如我在版本中看到的舊人數上的顏色，您是否只有組合的非駕駛員人數，即序號？

Yeah. So as I mentioned those down 7% year over year. So the number for that, the legacy head count was [1846] at the end of the quarter.

是的。正如我所提到的，這些數字比去年同期下降了 7%。因此，截至本季末，遺留員工人數為 [1846]。

And just add a couple of hundred on for the acquisition on top of that?

除此之外還需要再加上幾百美元來進行收購嗎？

Yeah, that would be correct.

是的，那是正確的。

And I would just highlight on the headcount side, it was down 7% on a year-over-year basis. But we've actually seen a 28% decline from our peak, which was in 2022. I think the team's done a great job of finding opportunities for efficiency through technology deployment and changes in workflow. So everybody here is very focused on efficiency and how we can do more.

我想強調的是，員工人數較去年同期下降了 7%。但我們實際上看到，與 2022 年的高峰相比，下降了 28%。我認為團隊在透過技術部署和工作流程的改變來尋找提高效率的機會方面做得非常出色。所以這裡的每個人都非常關注效率以及我們如何做得更多。

Thanks for the color.

謝謝你的顏色。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Thanks, everyone. I think we've heard of a couple of the -- of your peers in the brokerage side that you're seeing somewhat of a shift from asset-light, asset bases operators from shippers. Wondering if you guys are seeing something similar and/or kind of what kind of approach shippers might take to the upside in the brokerage business?

謝謝大家。我想我們已經聽說經紀行業的一些同行說，你們看到了從輕資產、資產基礎運營商到托運人的轉變。想知道你們是否看到類似的情況和/或託運人可能會採取什麼樣的方法來推動經紀業務的發展？

Yeah, sure. And Ravi, this is Brian. I'll take that one. I think what we've seen, and Phil called it out too in his comments too, but in the spot market, we have seen a lot more volatility in our shippers have seen that as well. We are seeing them drive more of a shift towards contract. I think they've seen the bottom of the spot pricing, and they want to secure instability with more contract pricing.

是的，當然。拉維，這是布萊恩。我會接受那個。我認為我們已經看到了這一點，菲爾也在他的評論中指出了這一點，但在現貨市場上，我們看到我們的托運人也看到了更多的波動。我們看到他們更多地推動了向合約的轉變。我認為他們已經看到了現貨定價的底部，他們希望透過更多的合約定價來確保穩定性。

We haven't seen that move more towards asset providers. I think they like the flexibility that the non-asset piece can bring to the table. I think that's where we offer our customers a unique solution of where if they do want to move more towards dedicated volume or they want to lock in on longer term contract pricing or mode shift into intermodal or LTL, we're able to really work with them and offer those types of solutions. And we find that they're less price sensitive and much stickier when we do so.

我們還沒有看到這種趨勢更多地轉向資產提供者。我認為他們喜歡非資產部分可以帶來的靈活性。我認為這就是我們為客戶提供獨特解決方案的地方，如果他們確實想要更多地轉向專用量，或者他們想要鎖定長期合約定價或模式轉變為聯運或零擔，我們能夠真正與他們並提供這些類型的解決方案。我們發現，當我們這樣做時，他們對價格的敏感度較低，而且黏性更大。

Yeah, I would just highlight, I think we think it's very important to have a contract footprint with many customers as that gives you the opportunities in the spot market when you see that activity. I would also just highlight that we are seeing more project opportunities come our way right now, which is a positive as well. Those still shifts generally more toward brokers, I think given the flexibility and ability to surge.

是的，我想強調的是，我認為我們認為與許多客戶簽訂合約非常重要，因為當您看到這種活動時，這會給您在現貨市場上提供機會。我還想強調的是，我們現在看到更多的專案機會出現在我們面前，這也是正面的。我認為，考慮到靈活性和激增的能力，這些通常仍然更多地轉向經紀人。

So we think our strategy of locking in contracts, making sure we get those opportunities as we see market shifts is the right one. And it's certainly been playing out in our volume performance, and we hope to see that continue with margin performance as well.

因此，我們認為鎖定合約、確保我們在看到市場變化時獲得這些機會的策略是正確的。這肯定已經體現在我們的銷售表現中，我們希望看到這種情況也能持續體現在利潤率表現上。

Understood. That makes sense. And maybe as a follow-up, I think you guys had mentioned in prepared remarks that you saw some increased expenses to support new customer wins? Are those just normal launch costs or was there anything unexpected one-off there?

明白了。這是有道理的。也許作為後續行動，我想你們在準備好的評論中提到過，你們看到了一些增加的費用來支持新客戶的獲勝？這些只是正常的發射成本還是有什麼意外的一次性費用？

Yeah, that was mostly related to dedicated. We startup costs initially and then we needed to -- given the ramp time line that we had, and we were a little short on driver capacity we need to bring in outside third-party capacity to support the high service demand that we had. And so it's really an investment in that business. And so in our view, hopefully helps in retention and further growth opportunities with those customers.

是的，這主要與專注有關。我們最初需要啟動成本，然後我們需要——考慮到我們的坡道時間線，而且我們的司機能力有點短缺，我們需要引入外部第三方能力來支持我們的高服務需求。所以這確實是對該業務的投資。因此，我們認為，希望有助於保留這些客戶並獲得進一步的成長機會。

Understood. Thank you.

明白了。謝謝。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Thank you. Good afternoon. Jon Chappell. So two quick ones, follow-ups. I think it's kind of been around the bush a little bit on the shape of the second half. If we take the midpoint of the new guidance range and some of the commentary about the fourth quarter, most likely being better on a peak. Does that mean that 3Q looks very similar to 2Q with more of the tail in 4Q? Or is there a sequential kind of glide up from the $0.47 starting point?

謝謝。午安.喬恩·查佩爾。那麼兩個快速的後續行動。我認為下半場的形狀有點繞圈圈。如果我們採用新指導範圍的中點以及有關第四季度的一些評論，很可能會在高峰時表現更好。這是否意味著 3Q 看起來與 2Q 非常相似，但 4Q 的尾部更多？還是從 0.47 美元的起點開始連續下滑？

Yes, I would say that I think your second comment is the most appropriate. A little glide up, slowly but surely to get there. I think as we bring on the volume that we're expecting as we see the peak season start, whether that's pulled a little forward or more than the natural seasonality that we're used to, but either way that would be the expectation.

是的，我想說我認為你的第二條評論是最合適的。稍微向上滑行，緩慢但堅定地到達那裡。我認為，當我們看到旺季開始時，我們會增加預期的銷量，無論是提前一點還是超過我們習慣的自然季節性，但無論哪種方式，這都是預期。

Okay. Thanks, Kevin. And then Phil or Brian, just on duration of contract, have you been able to take any shorter duration as this recession has been long in the tooth here, whereas if you see an inflection on volume or spot, you can maybe see it in the revenue per loan a lot quicker or is the bid season that you've just gone through baked in now through the first half of next year. So any inflection in price would be really second half '25 event?

好的。謝謝，凱文。然後菲爾或布萊恩，就合約期限而言，你是否能夠採取任何更短的期限，因為這次衰退已經長期存在，而如果你看到成交量或現貨的變化，你也許可以在每筆貸款的收入要快得多，或者是您剛經歷的競標季節，現在一直持續到明年上半年。那麼價格的任何變化都將是 25 年下半年的事件嗎？

Yeah, this is Phil. I would say we're going to constantly be assessing our network. We're doing that right now. And so we're always discussing with our customers' network needs, but also what fits or might not on an ongoing basis even with contractual business, right, because we want to have an open dialogue with our customers.

是的，這是菲爾。我想說我們將不斷評估我們的網路。我們現在正在這樣做。因此，我們總是與客戶的網路需求進行討論，即使在合約業務方面，也不斷討論什麼適合或不適合，對吧，因為我們希望與客戶進行公開對話。

So in our view, it's a constant evolution of our network, making sure that we're maximizing that margin per load day based on market conditions. And so we'll keep that dialogue as the market shifts and certainly want to honor our contracts and agreements, but also have open dialogue with our client.

因此，我們認為，這是我們網路的不斷發展，確保我們根據市場狀況最大化每個負載日的利潤。因此，隨著市場的變化，我們將保持這種對話，當然希望履行我們的合約和協議，但也與我們的客戶進行公開對話。

Thanks, Phil.

謝謝，菲爾。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, guys, thanks for the follow up. So this dynamic with the rail pricing lag, I'm just wondering, is it any different in the east or the west are basically kind of the same?

嘿，夥計們，感謝您的跟進。因此，這種鐵路定價滯後的動態，我只是想知道，東部或西部有什麼不同嗎？

Similar framework. Yeah, I wouldn't go into much depth around that. I would say very similar framework.

類似的框架。是的，我不會對此進行深入探討。我想說的是非常相似的框架。

Okay. And I mean, I'm kind of asking the idea that you made a comment, Phil, midway through the prices, a lot more important than volume, which was not seen in your model over a long period of time. I'm just kind of wondering, is our local East volumes up 26%? Have we overshot with our approach to bid season? Do we need to give up some volume in order to get some price and get a better balance to get these margins higher?

好的。我的意思是，我想問的是，菲爾，你在價格中間發表了評論，這比成交量重要得多，這在很長一段時間內在你的模型中沒有看到。我只是想知道，我們當地的東部銷量成長了 26% 嗎？我們申辦季節的方法是否有些過頭了？我們是否需要放棄一些數量才能獲得一些價格並獲得更好的平衡以提高利潤率？

I don't based on it. We highlighted one margins were flat sequentially. I know we're highlighting that there will be some potential challenge in the third quarter sequentially. But fourth quarter, we're anticipating that back to similar levels.

我不是基於它。我們強調，其中一項利潤率是連續持平。我知道我們強調第三季將繼續面臨一些潛在的挑戰。但我們預計第四季將恢復到類似水準。

So I would say we're reducing cost or improving velocity in the network. We're positioning for the market upturn. So at this point, I wouldn't say there's any pivot that's required. We feel good about the strategy we've deployed it. And obviously, we're going to constantly be assessing what market conditions can we do better, but at this point, we feel like we've executed the right strategy.

所以我想說我們正在降低成本或提高網路速度。我們正在為市場好轉做好準備。所以在這一點上，我不會說需要任何支點。我們對我們部署的策略感到滿意。顯然，我們將不斷評估哪些市場條件我們可以做得更好，但在這一點上，我們覺得我們已經執行了正確的策略。

Thank you, guys. Appreciate it.

謝謝你們，夥計們。欣賞它。

I would now like to turn the conference back to Phil Yeager for closing remarks.

現在我想請菲爾耶格爾（Phil Yeager）致閉幕詞。

Great. Well, thank you for joining us this evening. And as always, Kevin, Brian and I are available for any questions. Thank you and have a good evening.

偉大的。好的，謝謝您今晚加入我們。一如既往，凱文、布萊恩和我可以解答任何問題。謝謝您，祝您晚上愉快。

Ladies and gentlemen, this concludes today's conference call with Hub Group Incorporated. Thank you for joining. You may now disconnect.

女士們、先生們，今天與 Hub Group Incorporated 的電話會議到此結束。感謝您的加入。您現在可以斷開連線。