J B Hunt Transport Services Inc (JBHT) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's J.B. Hunt's Second Quarter 2022 Earnings Conference Call. My name is Amber, and I will be your moderator for today's call. (Operator Instructions) I now have the pleasure of handing the conference over to our host, Brad Delco, Senior Vice President of Finance with J.B. Hunt. Brad, please proceed.

下午好。感謝您參加今天的 J.B. Hunt 的 2022 年第二季度收益電話會議。我的名字是 Amber，我將擔任今天電話會議的主持人。 （操作員說明）我現在很高興將會議移交給我們的主持人，J.B. Hunt 的財務高級副總裁 Brad Delco。布拉德，請繼續。

Good afternoon. Before I introduce the speakers, I would like to take some time to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve risks and uncertainties that could cause future activities and results to be materially different from those set forth in the forward-looking statements. For more information regarding risk factors, please refer to J.B. Hunt's annual report on Form 10-K and other reports and filings with the Securities and Exchange Commission.

下午好。在介紹演講者之前，我想花一些時間提供一些有關前瞻性陳述的披露。本次電話會議可能包含 1955 年《私人證券訴訟改革法案》含義內的前瞻性陳述。預期、預期、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。這些陳述基於 J.B. Hunt 目前的計劃和預期，並涉及可能導致未來活動和結果與前瞻性陳述中所述內容存在重大差異的風險和不確定性。有關風險因素的更多信息，請參閱 J.B. Hunt 的 10-K 表格年度報告以及其他報告和提交給證券交易委員會的文件。

Now I would like to introduce the speakers on today's call. This afternoon, I'm joined by our CEO, John Roberts; our CFO, John Kuhlow; Shelley Simpson, Chief Commercial Officer and EVP of People and Human Resources; Nick Hobbs, Chief Operating Officer and President of Contract Services; Darren Field, President of Intermodal; and Brad Hicks, President of Highway Services.

現在我想介紹一下今天電話會議的發言者。今天下午，我們的首席執行官約翰·羅伯茨 (John Roberts) 加入了我的行列；我們的首席財務官 John Kuhlow； Shelley Simpson，首席商務官兼人力資源部執行副總裁； Nick Hobbs，首席運營官兼合同服務總裁；多式聯運總裁 Darren Field；和公路服務總裁 Brad Hicks。

At this time, I would like to turn the call to our CEO, Mr. John Roberts, for some opening remarks. John?

在這個時候，我想把電話轉給我們的首席執行官約翰·羅伯茨先生，請他做一些開場白。約翰？

Thanks, Brad, and good afternoon. Thank you for joining our call today. We are pleased with our performance in the second quarter despite challenges around key factors of our business, including labor, equipment availability and rail service. The quarter did present evidence of a cyclical shift in market balance in certain areas of our business, and we see macro data that informs us about our current position such as spot rates and used truck values. That said, and most importantly, our results for the quarter continued to reveal the changes we have worked to implement to enhance our position in each segment of the company based on lessons learned and experiences gained over many, many years and cycles.

謝謝，布拉德，下午好。感謝您今天加入我們的電話會議。儘管我們業務的關鍵因素（包括勞動力、設備可用性和鐵路服務）面臨挑戰，但我們對第二季度的表現感到滿意。該季度確實證明了我們某些業務領域的市場平衡發生了周期性變化，並且我們看到了宏觀數據，這些數據可以讓我們了解我們目前的狀況，例如即期匯率和二手卡車價值。話雖如此，最重要的是，我們本季度的業績繼續揭示了我們為提高我們在公司各個部門的地位而努力實施的變化，這些變化是基於在許多年和周期中獲得的經驗教訓和經驗。

There are different characteristics of our business segments that should be complementary to the needs of our customers in all economic conditions. These include a flexible, much lighter asset position in our Highway Services offerings, compelling solutions for private fleet conversions, aiding in the nuances of managing advanced transportation networks, a more economical and carbon-friendly full-load services offering in intermodal and a final mile delivery position that addresses a secularly growing demand channel. We remain in a leadership position across our many businesses and from a position of strength financially and on the team's experience and ability to navigate through an ever-changing, constantly evolving global supply chain. I am encouraged to be in healthy, cash-generating businesses across the company.

我們的業務部門有不同的特點，應與客戶在所有經濟條件下的需求相輔相成。其中包括在我們的公路服務產品中靈活、輕得多的資產地位、引人注目的私人車隊轉換解決方案、幫助管理先進交通網絡的細微差別、在多式聯運和最後一英里中提供更經濟和碳友好的滿載服務解決長期增長的需求渠道的交付位置。我們在眾多業務中保持領先地位，在財務和團隊的經驗以及駕馭不斷變化、不斷發展的全球供應鏈的能力方面處於領先地位。我被鼓勵在整個公司從事健康、產生現金的業務。

Let me address the clear service challenges we are experiencing with our rail providers. We are in active discussions with the highest levels of our primary rail providers to continue our work on improving service reliability and velocity. We remain confident that the right decisions and investments will be made to bring us back to where we need to be. We remain committed to the path we are on with intermodal and have made no changes to our plans with the expectations for the noted improvements to show through in the second half of this year.

讓我來談談我們與鐵路供應商一起遇到的明顯的服務挑戰。我們正在與主要鐵路供應商的最高級別進行積極討論，以繼續我們提高服務可靠性和速度的工作。我們仍然相信，將做出正確的決定和投資，將我們帶回到我們需要的地方。我們仍然致力於我們在多式聯運方面所走的道路，並且沒有對我們的計劃進行任何更改，並期望在今年下半年取得顯著的改進。

In fact, at this point, we have made no alterations to our plans for the year in our equipment and capital expenditure allocations. While we acknowledge there are timing and delivery challenges, we take a long view and know that we have extended needs in all categories for replacement and growth assets. This position recognizes so-called crosswinds we are experiencing as noted and will be covered more during this call. Our direction is fully informed, using real-time data on all key aspects of each business and input from our customers.

事實上，在這一點上，我們在設備和資本支出分配方面沒有改變我們的年度計劃。雖然我們承認存在時間和交付方面的挑戰，但我們著眼長遠，並且知道我們在所有類別中對替換和增長資產都有擴展需求。如前所述，該職位承認我們正在經歷的所謂側風，並將在本次電話會議中進行更多介紹。我們的方向是充分了解的，使用每項業務所有關鍵方面的實時數據和客戶的輸入。

Our leadership team is here and will cover each business more specifically for you. But before that, I will turn the call over to our CFO, John Kuhlow, for his thoughts on the quarter. John?

我們的領導團隊在這裡，將為您更具體地涵蓋每項業務。但在此之前，我將把電話轉給我們的首席財務官 John Kuhlow，詢問他對本季度的看法。約翰？

Thank you, John, and good afternoon, everyone. My comments today will review our recent performance in the quarter on a consolidated basis, and I'll also provide a quick update on our CapEx plans and our priorities for capital. Overall, we are pleased with the strong results the team was able to deliver in the quarter, highlighted with revenue growth of 32%, operating income growth of 46% and GAAP earnings per share growth of 50%.

謝謝你，約翰，大家下午好。我今天的評論將綜合回顧我們在本季度的近期表現，我還將提供關於我們的資本支出計劃和資本優先事項的快速更新。總體而言，我們對團隊在本季度取得的強勁業績感到滿意，其中收入增長 32%，營業收入增長 46%，GAAP 每股收益增長 50%。

We did incur too large, but partially offsetting income statement items in the quarter. First, we incurred a $30 million increase in casualty claims, which is recorded in the insurance and claims line of our income statement. And second, we recorded an $11.6 million workers' compensation insurance benefit in the salaries, wages and benefits line. We've discussed the net impact of $18.4 million in our release and provided the net impact by segment in those respective sections.

我們確實在本季度發生了太大但部分抵消了損益表項目。首先，我們的意外傷害索賠增加了 3000 萬美元，這記錄在損益表的保險和索賠項目中。其次，我們在工資、工資和福利項目中記錄了 1160 萬美元的工人賠償保險福利。我們在我們的新聞稿中討論了 1840 萬美元的淨影響，並在各個部分提供了按細分市場劃分的淨影響。

We're equally pleased with our efforts in continuing to maintain a strong balance sheet, with leverage below our net debt target of 1x EBITDA on a trailing 12-month basis. We ended the quarter with $124 million of cash and 0 drawn on our revolving credit facility. You'll note our $350 million 2022 notes mature in the coming quarter, and we are reviewing our plans to retiring these notes but are not concerned on liquidity matters given our options.

我們同樣對我們繼續保持強勁的資產負債表的努力感到滿意，在過去 12 個月的基礎上，槓桿率低於我們 1 倍 EBITDA 的淨債務目標。我們以 1.24 億美元的現金和 0 美元的循環信貸額度結束了本季度。您會注意到我們 3.5 億美元的 2022 年票據將在下一季度到期，我們正在審查我們的計劃以淘汰這些票據，但考慮到我們的選擇，我們並不擔心流動性問題。

On CapEx, we continue to be slightly behind our plan of $1.5 billion that we forecasted for the year. But as John alluded to, we remain committed to that target for both replacement and growth needs to service and grow with customers. The lag in CapEx versus plan is almost entirely due to the challenges in obtaining equipment.

在資本支出方面，我們仍然略低於我們今年預測的 15 億美元計劃。但正如約翰所暗示的那樣，我們仍然致力於實現替換和增長需求的目標，以服務客戶並與客戶一起成長。資本支出與計劃的滯後幾乎完全是由於獲得設備方面的挑戰。

As a reminder, our priorities for our capital remain focused on building long-term sustainable value for our shareholders, customers and our people. We are able to accomplish this by remaining disciplined in allocating our capital to generate fair and reasonable returns to support reinvestment in our business, which remains priority number one. We bought back almost 1 million shares of stock in the quarter as opportunities were presented and remain committed to buybacks and dividends as a capital management tool as supported by our Board.

提醒一下，我們的資本優先事項仍然專注於為我們的股東、客戶和我們的員工創造長期可持續的價值。我們能夠通過保持紀律分配我們的資本以產生公平合理的回報來支持對我們業務的再投資來實現這一目標，這仍然是我們的首要任務。隨著機會的出現，我們在本季度回購了近 100 萬股股票，並繼續致力於在董事會支持下將回購和股息作為資本管理工具。

This concludes my remarks, and I'll now turn it over to Shelley.

我的發言到此結束，我現在把它交給雪萊。

Thanks, John, and good afternoon. My commercial update will cover current market conditions and how we continue to have confidence in our position across our scroll of services to provide value for our customers. I'll also provide an update on our priorities across the key areas of our business, which are our people, technology and capacity, and how the combination of all 3 allow us to differentiate ourselves and delivering exceptional value to our customers.

謝謝，約翰，下午好。我的商業更新將涵蓋當前的市場狀況，以及我們如何繼續對我們在一系列服務中的地位充滿信心，從而為我們的客戶提供價值。我還將提供有關我們業務關鍵領域（即我們的人員、技術和能力）的優先事項的最新信息，以及所有三者的結合如何使我們脫穎而出並為我們的客戶提供卓越的價值。

The freight market remains dynamic and continues to be presented with unique and evolving challenges at different cross-sections of the broader supply chain. Labor availability, network velocity (inaudible) in addition to bearing inventory dynamics around product mix continue to put strain on the effective utilization of available capacity.

貨運市場仍然充滿活力，並且在更廣泛的供應鏈的不同環節繼續面臨獨特且不斷變化的挑戰。勞動力可用性、網絡速度（聽不清）以及圍繞產品組合的庫存動態繼續對有效利用可用產能造成壓力。

Some trends we identified last quarter like a softer transactional spot market remain, but what also remains is a healthy demand for our intermodal capacity and our professionally outsourced private fleet solution in DCS and the frictionless way we connect customers with capacity in our Highway Services businesses by leveraging our J.B. Hunt 360 platform. The businesses we are in today across our entire scroll were not built or created overnight. Careful thought, planning and execution with durability, strength of financial discipline were and remain top of mind.

我們在上個季度確定的一些趨勢仍然存在，例如交易現貨市場疲軟，但對我們的多式聯運能力和我們在 DCS 中專業外包的私人車隊解決方案的健康需求，以及我們將客戶與公路服務業務能力聯繫起來的無摩擦方式仍然存在。利用我們的 J.B. Hunt 360 平台。我們今天在整個捲軸上的業務不是一夜之間建立或創建的。謹慎的思考、計劃和執行以及持久性、財務紀律的力量一直是並且仍然是首要考慮因素。

We do recognize that broader demand trends are a concern, and we continue to have frequent and open dialogue with our customers regarding their capacity needs. We remain optimistic on our ability to compete to deliver the best value to our customers by offering a full suite of services across the scroll that can help eliminate waste, create efficiencies and drive that cost from the system.

我們確實認識到更廣泛的需求趨勢是一個令人擔憂的問題，我們將繼續與客戶就他們的產能需求進行頻繁和公開的對話。我們仍然對我們的競爭能力保持樂觀，通過提供一整套服務來幫助我們消除浪費、提高效率並從系統中降低成本，從而為我們的客戶提供最佳價值。

Last quarter, I said our opportunity to provide and create efficiencies for our customers is greater this year than at any point over the last 2. And that remains true today. Freight has been moving inefficiently, creating additional costs. And we continue to see tremendous opportunity to eliminate waste in the system. Enhanced visibility, powered by the largest multimodal digital freight platform, J.B. Hunt 360, remains a tremendous opportunity for customers to effectively source the capacity needs.

上個季度，我說我們今年為客戶提供和創造效率的機會比過去兩年的任何時候都要大。今天仍然如此。貨運效率低下，產生了額外的成本。我們繼續看到消除系統浪費的巨大機會。由最大的多式聯運數字貨運平台 J.B. Hunt 360 提供支持的增強可見性仍然是客戶有效滿足運力需求的巨大機會。

During the quarter, we launched new foundational principles that helps define who we are as a company, what we strive for on behalf of our customers and what our employees should expect as a member of our organization. In fact, our innovative, entrepreneurial and [say-do] culture is founded on these principles. People you trust, technology that empowers and capacity to deliver. That is J.B. Hunt.

在本季度，我們推出了新的基本原則，幫助定義我們作為一家公司的身份、我們代表客戶的目標以及我們的員工作為我們組織的一員應該期待什麼。事實上，我們的創新、創業和 [say-do] 文化就是建立在這些原則之上的。您信任的人、賦能的技術和交付能力。那是J.B.亨特。

It is by no accident that people comes first as it is and remains our top priority to take care of our people who take care of and deliver value for our customers. We empower our people, our organization and our customers with investments in technology to help provide productivity and efficiencies in our collective processes. And finally, we continue to invest in our capacity to deliver on meeting the growing needs of our customers.

以人為本並非偶然，並且始終是我們的首要任務，以照顧我們的員工，他們照顧並為我們的客戶創造價值。我們通過對技術的投資為我們的員工、我們的組織和我們的客戶提供支持，以幫助在我們的集體流程中提供生產力和效率。最後，我們將繼續投資於滿足客戶不斷增長的需求的能力。

I'll close in a similar fashion as I did last quarter. We believe our mode in different approach allows us to provide flexible solutions to dynamically meet and respond to the need of our customers. Our investments in our people, technology and physical capacity have us in the best position to provide the right solutions for our customers in the 3 key areas of cost, capacity and service.

我將以與上個季度類似的方式關閉。我們相信，我們採用不同方法的模式使我們能夠提供靈活的解決方案，以動態地滿足和響應客戶的需求。我們在人員、技術和物理能力方面的投資使我們處於最佳位置，可以在成本、能力和服務這 3 個關鍵領域為客戶提供正確的解決方案。

That concludes my comments, and I'd now like to turn it over to Nick.

我的評論到此結束，我現在想把它交給尼克。

Thank you, Shelley, and good afternoon. I'll review the performance of our dedicated and final mile segments and provide an update on our professional drivers and equipment and the impact it is having on our operations.

謝謝你，雪萊，下午好。我將回顧我們專用和最後一英里路段的表現，並提供我們專業司機和設備的最新信息，以及它對我們運營的影響。

I'll start with dedicated. Demand for our professional outsourced private fleet solutions remained strong as evidenced by our continued growth in our fleet during the quarter. Our backlog and pipeline also remained strong.

我將從敬業開始。對我們專業外包私人車隊解決方案的需求依然強勁，我們在本季度車隊的持續增長證明了這一點。我們的積壓和管道也保持強勁。

After selling 600 trucks in Q1, we sold slightly over 800 trucks in the second quarter. We talked last quarter about seeing solid momentum in the business, and that remains the case today as we continue to onboard new business. We've added nearly 2,200 trucks to our business in the last 12 months, which continues to stand out versus the competition.

在第一季度售出 600 輛卡車後，我們在第二季度售出了略高於 800 輛的卡車。我們在上個季度談到了看到業務的強勁勢頭，今天仍然如此，因為我們繼續開展新業務。在過去的 12 個月裡，我們的業務增加了近 2,200 輛卡車，在競爭中繼續脫穎而出。

This unprecedented demand and growth for our highly engineered fleet service has put a strain on the organization, and the team has responded extremely well to the challenge. Going forward, we will remain focused on operational excellence, attracting and retaining the best talent and executing our growth plan, which all supports the value we deliver to our customers.

對我們精心設計的車隊服務的這種前所未有的需求和增長給組織帶來了壓力，而團隊對挑戰的反應非常好。展望未來，我們將繼續專注於卓越運營、吸引和留住最優秀的人才並執行我們的增長計劃，這一切都支持我們為客戶提供的價值。

Shifting to final mile. As we discussed earlier this year, our focus for '22 has been on revenue quality and making sure our investments in our differentiated service product is properly valued in the marketplace. I am pleased with our efforts and the success we have had so far to improve our profitability, but more work remains and remains a priority moving forward. We continue to see strong demand for our service with new customer opportunities in the pipeline, but we also have seen some softening demand in some end markets, mainly in the value furniture category.

轉移到最後一英里。正如我們今年早些時候所討論的，我們對 22 年的關註一直是收入質量，並確保我們對差異化服務產品的投資在市場上得到適當估值。我對我們迄今為止為提高盈利能力所做的努力和取得的成功感到高興，但仍有更多工作要做，並且仍然是前進的優先事項。我們繼續看到對我們服務的強勁需求以及新的客戶機會，但我們也看到一些終端市場的需求有所減弱，主要是在價值家具類別中。

Our recent acquisition, Zenith Freight Lines, is performing well and is presenting good opportunities for future growth. Zenith contributed about $28 million of revenue in the quarter. Going forward, we will remain committed to providing an unmatched service in the industry, and we continue to make investments to support that effort. We believe this will support our long-term performance in this secularly growing piece of the supply chain.

我們最近收購的 Zenith Freight Lines 表現良好，為未來的增長提供了良好的機會。 Zenith 在本季度貢獻了約 2800 萬美元的收入。展望未來，我們將繼續致力於提供業內無與倫比的服務，並且我們將繼續進行投資以支持這一努力。我們相信這將支持我們在這個長期增長的供應鏈部分的長期表現。

Closing with some general comments on operations. The driver market remains competitive and challenging, but it feels more stable than it has in a while but at considerably higher cost. That said, the equipment market remains extremely challenging, and we are having to manage intensely around the impact on our operations.

以對操作的一些一般性評論結束。驅動器市場仍然具有競爭力和挑戰性，但感覺比以前更穩定，但成本要高得多。也就是說，設備市場仍然極具挑戰性，我們必須圍繞對我們運營的影響進行嚴格管理。

To support our replacement needs and the growth we've seen across our organization, we will be holding trades on roughly 4,000 tractors this year. Additionally, inflationary cost pressures on tires, parts, maintenance, technicians are meaningful. And the higher frequency of repairs as a result of an aging fleet is also impacting the utilization of our tractor equipment. We continue to work closely with our OEM providers to secure the safest and most fuel-efficient equipment we can in the most expeditious way possible.

為了支持我們的更換需求和我們在整個組織中看到的增長，我們今年將持有大約 4,000 台拖拉機的交易。此外，輪胎、零件、維護和技術人員的通脹成本壓力是有意義的。由於車隊老化，維修頻率更高，這也影響了我們拖拉機設備的利用率。我們將繼續與我們的 OEM 供應商密切合作，以盡可能最快的方式獲得最安全、最省油的設備。

That concludes my remarks. So I'll turn it over to Darren.

我的發言到此結束。所以我會把它交給達倫。

Thank you, Nick, and good afternoon, everyone. I'll review performance of our Intermodal segment. I will also give you an update on current network dynamics, customer demand and capacity.

謝謝你，尼克，大家下午好。我將回顧我們多式聯運部門的表現。我還將向您提供有關當前網絡動態、客戶需求和容量的最新信息。

I'll start by reviewing the performance of the Intermodal segment in the quarter. Demand for our capacity continues to be greater than our ability to serve that demand. After seeing modest improvements in both rail velocity and customer activity in the first quarter, we saw performance deteriorate throughout the second quarter. Box turns in the quarter were essentially flat versus the first quarter and underperformed our expectations.

我將首先回顧本季度多式聯運部門的表現。對我們能力的需求繼續大於我們滿足這種需求的能力。在看到第一季度鐵路速度和客戶活動的適度改善後，我們看到整個第二季度的業績都在惡化。本季度的箱數與第一季度基本持平，低於我們的預期。

That said, volumes by month for the quarter were up 4% in April, up 9% in May and up 10% in June on a year-over-year basis. We took delivery of an additional 1,300 containers in the quarter and expect to take delivery of more in the second half of the year as we continue to invest in capacity to meet the needs of our customers. While our network velocity and resulting volume performance were disappointing in the quarter, the system and programs we have in place continue to protect the significant investments we've made on behalf of our customers.

也就是說，4 月份季度的月銷量同比增長 4%，5 月份增長 9%，6 月份同比增長 10%。我們在本季度額外接收了 1,300 個集裝箱，並希望在下半年接收更多集裝箱，因為我們將繼續投資產能以滿足客戶的需求。儘管本季度我們的網絡速度和由此產生的容量表現令人失望，但我們現有的系統和程序繼續保護我們代表客戶所做的重大投資。

As we sit here today, we remain optimistic that rail performance and velocity will improve as the rails are not incentivized to move slower. Near and long-term growth opportunities for intermodal business continue to be in front of us, and our rail channel partners are well aware of those opportunities. As John mentioned, we are working closely with all levels of our rail channel partners to address the velocity challenges.

當我們今天坐在這裡時，我們仍然樂觀地認為鐵路性能和速度將得到改善，因為鐵路不會受到激勵而放慢速度。多式聯運業務的近期和長期增長機會繼續擺在我們面前，我們的鐵路渠道合作夥伴非常清楚這些機會。正如約翰所說，我們正在與各級鐵路渠道合作夥伴密切合作，以應對速度挑戰。

Starting early next year as new capacity becomes available to us on BNSF, we fully anticipate filling that available capacity, which is supported by feedback from our customers. When rail velocity does improve, we fully expect to improve available capacity but also demand for that available capacity as service levels improve. As inefficiencies are removed from the network, we fully expect that to be reflected in our cost to serve customers and rightfully so in the cost to our customers.

從明年初開始，隨著 BNSF 的新產能可供我們使用，我們完全期待填補可用產能，這得到了客戶反饋的支持。當鐵路速度確實提高時，我們完全期望提高可用容量，但隨著服務水平的提高，對可用容量的需求也會增加。隨著網絡效率低下的消除，我們完全希望這將反映在我們為客戶服務的成本中，並理所當然地反映在我們客戶的成本中。

In closing, our Intermodal product continues to present a strong value proposition to customers with significant capacity to serve their needs in a more sustainable, efficient and carbon-friendly way. We will continue to prioritize investments needed to support our long-term growth and to better serve our customer needs. We believe our service backed by our people and the ownership of our equipment is differentiated in the market and even more so when combined with the power of the J.B. Hunt 360 platform that allows us to source capacity efficiently when needed.

最後，我們的多式聯運產品繼續向客戶展示強大的價值主張，以更可持續、高效和碳友好的方式滿足他們的需求。我們將繼續優先考慮支持我們的長期增長和更好地滿足客戶需求所需的投資。我們相信，由我們的員工支持的服務和我們設備的所有權在市場上是與眾不同的，當與 J.B. Hunt 360 平台的強大功能相結合時，我們可以在需要時有效地獲取容量。

That concludes my remarks, so I'll turn it over to Brad Hicks.

我的發言到此結束，所以我將把它交給布拉德希克斯。

Thank you, Darren, and good afternoon, everyone. I'll review the performance of our Integrated Capacity Solutions and Truckload segments, what we collectively call Highway Services.

謝謝你，達倫，大家下午好。我將回顧我們的綜合容量解決方案和卡車裝載部分的表現，我們統稱為公路服務。

While we did see a market shift in the quarter, specifically related to spot opportunities, we believe our investments in our people, technology and assets helped us deliver a great and demanded service from our customers, which I'll touch on at the end of my comments.

雖然我們確實看到了本季度的市場轉變，特別是與現貨機會相關，但我們相信我們對員工、技術和資產的投資幫助我們為客戶提供了出色且要求很高的服務，我將在年底談到我的評論。

But first, let's dive into ICS. ICS top line revenue growth was 3%, comprised of a 3% decline in volume, more than offset by a 5% increase in revenue per load. Unpacking that a little more, our Truckload volumes were also down about 3%, but this was largely a function of the shift I referenced earlier.

但首先，讓我們深入了解 ICS。 ICS 收入增長 3%，其中銷量下降 3%，但被每負載收入增長 5% 所抵消。再拆開包裝，我們的卡車裝載量也下降了約 3%，但這主要是我之前提到的轉變的函數。

Our contractual Truckload business increased an upper teens percent year-over-year, while our spot business was down mid-teens on a year-over-year basis. We made a call earlier this year to focus on the published side of our business, which we believe was the right strategic move. That said, we did adjust the dial's mid-quarter on some of our platform parameters and saw improvement in spot-rated freight trends as the quarter progressed.

我們的合同卡車貨運業務同比增長了 10% 以上，而我們的現貨業務同比下降了 10%。今年早些時候，我們呼籲專注於我們業務的已發布方面，我們認為這是正確的戰略舉措。也就是說，我們確實在我們的一些平台參數上調整了錶盤的季度中期，並且隨著季度的進行，現貨運費趨勢有所改善。

We will continue to target the right and appropriate balance between volume growth and profitability, and our goal remains to outperform industry trends over the long term on growth, but more importantly, on delivering value to customers. I am confident with the power of our people and the technology investments in our J.B. Hunt 360 platform to drive increased efficiency and value and our service offering to help us deliver our mission to create the most efficient transportation network in North America.

我們將繼續在銷量增長和盈利能力之間實現正確和適當的平衡，我們的目標仍然是在增長方面長期超越行業趨勢，但更重要的是，在為客戶創造價值方面。我對我們員工的力量和對 J.B. Hunt 360 平台的技術投資充滿信心，以推動提高效率和價值，我們的服務將幫助我們實現創建北美最高效交通網絡的使命。

Shifting over to Truckload. We continue to see evidence of our customers valuing our drop trailer network service offering. Volume growth of 14% in the quarter supports that view. We see tremendous opportunity as customers begin to think differently about the blending of their live network and drop trailer network capacity needs. We believe that we have the right experience managing trailing assets in a complex network business. We've gained that experience in our Intermodal business, but in this instance, leveraging all the capacity and capability of our J.B. Hunt 360 platform to source the most efficient capacity for our customers versus the rail network. This shift from an asset-intensive to an asset-light model supports our goal of scaling a large business with fair and acceptable rates of return on our capital.

轉移到卡車裝載。我們繼續看到我們的客戶重視我們的拖車網絡服務產品的證據。本季度 14% 的銷量增長支持了這一觀點。我們看到了巨大的機會，因為客戶開始以不同的方式考慮他們的實時網絡和掛車網絡容量需求的融合。我們相信，我們擁有管理複雜網絡業務中追踪資產的正確經驗。我們已經在多式聯運業務中獲得了這種經驗，但在這種情況下，我們利用 J.B. Hunt 360 平台的所有容量和能力為我們的客戶尋找最有效的容量，而不是鐵路網絡。這種從資產密集型到輕資產模式的轉變支持了我們以公平和可接受的資本回報率擴展大型企業的目標。

In closing, I would just like to reiterate our strong belief that the blending of what has historically been separate networks, live load and unload freight versus drop trailer, freight remains in strong demand and is valued by our customers. We remain committed to investing in our people, technology and assets to support this growth.

最後，我想重申我們的堅定信念，即歷史上獨立的網絡、實時裝載和卸載貨運與掛車的融合，貨運需求仍然強勁，並受到我們客戶的重視。我們仍然致力於投資於我們的人員、技術和資產，以支持這一增長。

That concludes my comments, so I'll turn it back to Brad to give some instructions before the operator opens the call for Q&A.

我的評論到此結束，所以在接線員打開問答電話之前，我將把它轉回給布拉德以給出一些指示。

Thanks, Brad. (Operator Instructions) We have a lot of folks on the call this afternoon. So with that, I'll turn it back to the operator. Amber? Thank you.

謝謝，布拉德。 （操作員說明）今天下午我們有很多人在打電話。因此，我將把它轉回給運營商。琥珀色？謝謝你。

(Operator Instructions) Our first question comes from Todd Flower (sic) [Fowler] with KeyBanc.

（操作員說明）我們的第一個問題來自 Todd Flower (sic) [Fowler] with KeyBanc。

So I guess maybe to start. I don't know if this is for Shelley or maybe John Roberts, if you wanted to take a stab at this. But maybe to help level set kind of some of the commentary that you have around the demand environment. Certainly, we appreciate that there's a lot of cross currents that are out there. But as you think about the progression into the second half of this year, I'm just curious, are the indications that you're expecting a weaker environment in the second half relative to where we were in the first half based on customer feedback? Any color around the fall peak would be helpful. And then any potential pricing conversations or impact on pricing based on the change in demand environment right now.

所以我想也許可以開始。我不知道這是給雪萊還是約翰羅伯茨，如果你想試一試。但也許是為了幫助水平設置您對需求環境的一些評論。當然，我們很欣賞那裡有很多交叉流。但是，當您考慮到今年下半年的進展時，我只是好奇，是否有跡象表明您根據客戶反饋預計下半年的環境相對於我們上半年的情況要弱？秋季高峰周圍的任何顏色都會有所幫助。然後是基於當前需求環境變化的任何潛在定價對話或對定價的影響。

Okay. Thank you, Todd. I think you gave me 3 questions. I'm going to do my best to answer them as best as possible. So we're having conversations...

好的。謝謝你，托德。我想你給了我3個問題。我將盡我所能盡可能地回答他們。所以我們正在對話...

That was Todd Flower. So...

那是托德·弗勞爾。所以...

We are having really good conversation with our customers. But I think not unlike what's happened in the pandemic the last 2 years, there is continuing to be challenges in the supply chain that are creating uncertainty in the market, in particular, with our customers around inventory, which is really generated from consumer behavior, but just also the bottlenecks that are occurring from port activity to we talked in our last call what was happening coming out of China and then certainly what's happening still with labor at each part of the supply chain in general.

我們與客戶進行了非常愉快的交談。但我認為與過去兩年大流行中發生的情況沒有什麼不同，供應鏈中仍然存在挑戰，這些挑戰正在給市場帶來不確定性，特別是我們的客戶圍繞庫存，這實際上是由消費者行為產生的，但也只是港口活動中出現的瓶頸，我們在上次電話會議中談到了中國正在發生的事情，當然還有供應鏈各個部分的勞動力仍在發生的事情。

So I would tell you, I think we're having a seasonally normal July. That might be the first July that we've seen in a seasonality perspective since COVID has started. We do think that there will be a peak. To what extent, we're still not sure. We feel confident in the different areas of our businesses and how we're having conversation with our customers. If we were to think about from a pricing perspective, we're pretty much finished with bid season, and we're going to be entering into new bid season here in a couple of months. So our pricing is pretty much set across all of our businesses, except for what's happening in the spot market in total.

所以我會告訴你，我認為我們正在經歷一個季節性正常的七月。這可能是自 COVID 開始以來我們從季節性角度看到的第一個 7 月。我們確實認為會有一個高峰。到什麼程度，我們仍然不確定。我們對我們業務的不同領域以及我們與客戶進行對話的方式充滿信心。如果我們從定價的角度來考慮，我們已經基本完成了投標季節，幾個月後我們將進入新的投標季節。因此，除了現貨市場的總體情況外，我們所有業務的定價幾乎都是確定的。

I think our customers are trying to understand what's happening in cost. I have talked about our transitory costs versus our structural cost challenges, and we are trying to get them up to speed where there is transitory costs and we can start helping them create a more efficient supply chain.

我認為我們的客戶正試圖了解成本方面的變化。我已經談到了我們的暫時性成本與我們的結構性成本挑戰，我們正在努力讓他們跟上存在暫時性成本的速度，我們可以開始幫助他們創建更高效的供應鏈。

So I think it's -- we haven't even started bid season and what's coming in the next couple of months, but I would say I think our customers are prepared to have a good second half. I haven't had a lot of feedback on a significant downturn.

所以我認為是——我們甚至還沒有開始投標季節以及接下來幾個月會發生什麼，但我想說我認為我們的客戶已經準備好迎接下半年。對於嚴重的經濟衰退，我沒有太多反饋。

I will say inventory has had some short-term challenges and changes for our customers, going all the way upstream in the supply chain, but those are supposed to be more short term than they are long term. And Nick, did you have something?

我會說庫存對我們的客戶有一些短期的挑戰和變化，一直到供應鏈的上游，但這些應該是短期的而不是長期的。尼克，你有什麼事嗎？

Yes. I was just going to say in our dedicated business, as we watch our load count from the day, which is basically from the warehouse to the stores, our volume is up and trending up. So it's looking good from that standpoint. So we're still seeing consumer demand strong, and that's -- we're closest to that.

是的。我只是想說，在我們的專門業務中，當我們觀察每天的負載計數時，基本上是從倉庫到商店，我們的數量在上升並且呈上升趨勢。所以從這個角度來看，它看起來不錯。所以我們仍然看到消費者需求強勁，這是 - 我們最接近那個。

Our next question comes from Ken Hoexter with Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

So Darren, I guess great job on intermodal. Maybe can you talk a bit about more about the rail service? And if loads are up 8%, while their service levels I think you said were flattish, how we should think about that? Are you starting to see improvement? Your thoughts on outlook into the second half as you go into peak. And then same thing on price, right? Can you delineate maybe the excess pricing from that poor rail service? Because you mentioned as the service gets better, you could see pricing then come down for customers. Maybe talk about how we should think about that in terms of the price impact.

所以達倫，我想在多式聯運方面做得很好。也許你能談談更多關於鐵路服務的事情嗎？如果負載增加 8%，而我認為您所說的服務水平持平，我們應該如何考慮？你開始看到改善了嗎？當你進入頂峰時，你對下半年前景的看法。然後價格也一樣，對吧？你能描述一下糟糕的鐵路服務導致的超額定價嗎？因為您提到隨著服務變得更好，您可以看到客戶的價格隨後下降。也許談談我們應該如何考慮價格影響。

Well, let me start on service. We talked about velocity actually deteriorated some during the second quarter. We know that none of our rail providers are satisfied with their operations today. I think the intensity at all of our rail providers is extraordinarily high today in all efforts to onboard new crews and find a pathway to a better service product.

好吧，讓我開始服務。我們談到速度實際上在第二季度有所惡化。我們知道，我們的鐵路供應商沒有一家對他們今天的運營感到滿意。我認為今天我們所有鐵路供應商的強度都非常高，努力招募新員工並尋找更好的服務產品的途徑。

I think that collectively, us and our rail providers all understand that there's additional demand, additional revenue, additional volume waiting on us to improve our service. And I think that, that's universally understood, and I do anticipate that we're going to see some improvements during the second half of the year.

我認為，總的來說，我們和我們的鐵路供應商都明白，還有額外的需求、額外的收入和額外的運輸量等著我們來改善我們的服務。而且我認為，這是普遍理解的，我確實預計我們將在下半年看到一些改進。

The key question is when. And I don't have a great answer for that. I mean I really think the railroads will have to answer that question. But we're confident in the programs they're initiating, and we are confident that they will see improvements as the year continues.

關鍵問題是什麼時候。我對此沒有很好的答案。我的意思是我真的認為鐵路必須回答這個問題。但我們對他們正在啟動的計劃充滿信心，我們相信隨著這一年的繼續，他們會看到改進。

I think all we tried to highlight on the pricing front is there's accessorial programs out there for delays at customers. Those certainly are areas where that's cost to remove from the customers as velocity improves. But in addition to that, equipment ownership is not cheaper today. It's more expensive than ever to buy equipment. And so when the rail velocity improves, really, our industry, I would think J.B. Hunt and all intermodal channels will have a slight pickup in equipment cost there. And certainly, we would anticipate at least some of those would be passed along to the customers.

我認為我們在定價方面試圖強調的只是有針對客戶延誤的輔助計劃。隨著速度的提高，這些肯定是從客戶那裡消除成本的領域。但除此之外，今天的設備所有權並不便宜。購買設備比以往任何時候都貴。因此，當鐵路速度真的提高時，我們的行業，我認為 J.B. Hunt 和所有多式聯運渠道的設備成本都會略有回升。當然，我們預計其中至少有一些會傳遞給客戶。

Our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

So can you touch on -- with J.B. Hunt 360, can you touch on where you think we are in the growth and evolution of that product offering, particularly as we think to that downside scenario? And then somewhat associated with that, within ICS, kind of similarly, how we should think about that gross margin range through cycle? Just any thoughts there?

那麼您能否談談 - 對於 J.B. Hunt 360，您能否談談您認為我們在該產品供應的增長和演變中所處的位置，特別是當我們考慮到這種不利情況時？然後在某種程度上與此相關，在 ICS 內部，類似地，我們應該如何考慮整個週期的毛利率範圍？有什麼想法嗎？

Allison, this is Brad Hicks. Thank you for the question. And when I think about 360, we're very public about the investments we made in '18 and '19, really leading into '20. We do continue to invest in 360 to expand its capabilities and the value that it can create on behalf of both our customers as well as our carriers. But by and large, I guess the foundation of that platform, I would say, is behind us, but that's not to say that we won't continue to make investments and find ways to improve upon it.

艾莉森，這是布拉德希克斯。感謝你的提問。當我想到 360 時，我們非常公開我們在 18 和 19 年所做的投資，真正導致了 20 年。我們確實會繼續投資 360，以擴展其能力和它可以代表我們的客戶和我們的運營商創造的價值。但總的來說，我認為該平台的基礎已經落後於我們，但這並不是說我們不會繼續進行投資並尋找改進它的方法。

And then remind me again part 2 of your question.

然後再次提醒我您問題的第 2 部分。

Just within ICS, is there a gross margin range that we should be thinking through, particularly as we think about that downside scenario just for that segment around it?

就在 ICS 內部，是否有我們應該考慮的毛利率範圍，特別是當我們考慮僅針對該細分市場的下行情景時？

Yes. Certainly. Thank you for the reminder. We certainly saw margins expand dramatically in the second quarter with the pressure that had been placed predominantly in the spot and where we are at -- where we were at relative to the bid cycle with published rates. Is that the peak? Hard to say, and I think it's still too early to tell.

是的。當然。謝謝你提醒我。我們當然看到第二季度的利潤率急劇擴大，壓力主要集中在現場和我們所處的位置——相對於已公佈價格的投標週期，我們所處的位置。那是巔峰嗎？很難說，我認為現在說還為時過早。

Certainly, PTE has come down, but it is still well north of historical or pre-COVID levels. Obviously, Shelley mentioned there are some structural costs that probably remain, but we'll just have to see what the second half holds around capacity versus supply. But certainly, we were able to take advantage of the expanded margins, as you can see in our results for the second quarter. We were pleased by that and feel like we managed through that pivot in an appropriate way.

當然，PTE 已經下降，但仍遠低於歷史或 COVID 之前的水平。顯然，雪萊提到可能仍然存在一些結構性成本，但我們只需要看看下半年產能與供應之間的關係。但可以肯定的是，我們能夠利用擴大的利潤率，正如您在第二季度的業績中所看到的那樣。我們對此感到高興，並覺得我們以適當的方式度過了這個轉折點。

Our next question comes from Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

The insurance claim that you had, $30 million in the quarter, can you elaborate on that a little bit more and help us understand if this was a onetime thing related to the quarter alone or some kind of incident? Or is it an ongoing item?

您在本季度擁有 3000 萬美元的保險索賠，您能否再詳細說明一下，並幫助我們了解這是僅與本季度有關的一次性事件還是某種事件？或者它是一個正在進行的項目？

Ravi, this is John Kuhlow. I'll address the onetime charge. We tend to try to avoid calling -- referring things as onetime, but this one was a charge that we had incurred in the quarter for claims that result or were part of a prior year. There are 2 or 3 claims that are going to settle or have settled outside of our coverage limits in one of the towers. And so, again, everything is part of the business, but these related to prior periods.

拉維，這是約翰庫洛。我將解決一次性收費問題。我們傾向於避免打電話 - 將事情稱為一次性，但這是我們在本季度因索賠導致或屬於上一年的一部分而產生的費用。有 2 或 3 件索賠將在其中一棟大樓中解決或已經解決，超出了我們的承保範圍。因此，再一次，一切都是業務的一部分，但這些都與之前的時期有關。

Our next question comes from Scott Group with Wolfe Research.

我們的下一個問題來自 Scott Group 和 Wolfe Research。

So as you start planning for the upcoming bid season, would you expect to see a divergence in intermodal and Truckload pricing? Or would you think that they would sort of trend directionally together?

因此，當您開始計劃即將到來的投標季節時，您是否期望看到多式聯運和卡車貨運定價的差異？或者你會認為他們會一起有方向的趨勢嗎？

And then maybe just separately for Nick on the dedicated side. So the growth really kicked in, in second quarter last year. I'm just wondering, a year later, all those trucks that you added, how are those performing relative to the margin targets?

然後也許只是單獨為尼克在專用方面。所以增長真的開始了，在去年第二季度。我只是想知道，一年後，您添加的所有這些卡車，相對於利潤率目標而言，它們的表現如何？

Yes, okay. Scott, Darren here. I'll handle intermodal first. I think certainly, this massive change in spot prices that's evident out there feels like it is putting a little bit of pressure on intermodal, but I don't know that I think it's this overwhelming influencer as highway capacity is still not typically the largest competitor to intermodal out West. Typically, we're competing against all water costs or certainly other intermodal channels or intact channels. And those costs will drive the intermodal market, and then the underlying rail costs are going to be the biggest influencers far more than what is going on with Truckload pricing.

是的，好的。斯科特，達倫在這裡。我將首先處理多式聯運。我當然認為，現貨價格的這種巨大變化似乎給多式聯運帶來了一點壓力，但我不知道我認為這是壓倒性的影響因素，因為高速公路運力通常仍然不是最大的競爭對手多式聯運出西部。通常，我們要與所有水費或其他聯運渠道或完整渠道競爭。這些成本將推動多式聯運市場，然後潛在的鐵路成本將成為最大的影響因素，遠遠超過卡車定價的影響。

Now in the East, certainly, highway rates can play a real influence on our ability to convert business off the highway to intermodal. All that being said, with fuel prices where they are and with velocity being challenged to this point, I think we feel like preparing for the next round, we should see velocity improvements, which can translate to value for customers that intermodal can provide when compared against the highway.

現在在東部，當然，高速公路費率可以對我們將業務從高速公路轉換為多式聯運的能力產生真正的影響。話雖如此，在目前的燃油價格和速度受到挑戰的情況下，我認為我們感覺應該為下一輪做準備，我們應該看到速度的提高，這可以轉化為與多式聯運相比可以為客戶提供的價值對著高速公路。

So I think there will be some convergence, meaning if trends in highway published prices are to trend flat or certainly slow or even take a tick down, certainly, the intermodal market will have to respond. But I think the cost -- the underlying cost structure of intermodal really for all the channels is a little bit different than what it is on the highway.

所以我認為會有一些趨同，這意味著如果高速公路公佈的價格趨勢趨於平緩或肯定放緩甚至下降，當然，多式聯運市場將不得不做出反應。但我認為成本 - 真正針對所有渠道的多式聯運的潛在成本結構與高速公路上的成本結構略有不同。

Yes. Scott, this is Brad. I would just mention maybe from a highway standpoint, I think it would be safe to anticipate that there would be flat to downward pressure, at least in the shorter term. What does that mean going into all of 2023? I think it's entirely too early to really tell. I think that we'll know a lot more as we get deeper in the fall in terms of understanding what demand looks like relative to supply. But certainly, we anticipate maybe some flat to down pressure from a pure highway standpoint.

是的。斯科特，這是布拉德。我只想提一下，也許從高速公路的角度來看，我認為可以安全地預期會有持平到下行的壓力，至少在短期內是這樣。進入 2023 年全年意味著什麼？我認為現在說真的還為時過早。我認為，隨著我們在秋季深入了解需求相對於供應的情況，我們會知道更多。但可以肯定的是，從純粹的高速公路角度來看，我們預計可能會有一些持平到下行的壓力。

All right. Scott, this is Nick. To your question, I'm looking at the entire book of [21] adds for us, and it's operating within 20 basis points of our base business that's been around for a long time. So it is doing very well. That's including deals that started up in November and December. So we're very pleased with that, and it's hitting our targets.

好的。斯科特，這是尼克。對於您的問題，我正在查看 [21] 為我們添加的整本書，它在我們長期存在的基礎業務的 20 個基點內運行。所以它做得很好。這包括在 11 月和 12 月開始的交易。所以我們對此感到非常滿意，並且它達到了我們的目標。

Our next question comes from Chris Wetherbee with Citi.

我們的下一個問題來自花旗銀行的 Chris Wetherbee。

Maybe a question for Darren. Wanted to get a sense of intermodal container additions through the rest of the year. Is 2Q sort of a good proxy to use for quarterly growth going forward? And then maybe bigger picture, are there challenges to continuing to add to the fleet if rail service doesn't get better? So obviously, you've been pretty successful adding to the fleet, and we haven't seen really much improvement in rail service, so maybe that's the answer. But kind of curious about how you think about continuing to grow the fleet. And if we're not going to get a pick up here over the course of the next several months or into the back half of the year, are there other challenges or cost dynamics that start to crop up as a result of that?

也許是給達倫的一個問題。希望在今年餘下的時間裡了解多式聯運集裝箱的增加情況。 2Q 是一個很好的代表未來季度增長的指標嗎？然後也許更大的圖景，如果鐵路服務沒有變得更好，繼續增加車隊是否會面臨挑戰？所以很明顯，你已經非常成功地增加了車隊，我們還沒有看到鐵路服務有太大的改善，所以也許這就是答案。但有點好奇你如何看待繼續發展艦隊。如果在接下來的幾個月或今年下半年我們不會在這裡獲得回升，是否會因此而開始出現其他挑戰或成本動態？

Sure. So well, we ended the quarter just above 110,000 containers, and we're off in marching on our announced plan to expand our capacity up to 150,000 over the next 3 to 5 years. So with only 1,300 adds in Q2 of this year, I think we would fall well short of that plan if that is what we do.

當然。太好了，我們在本季度結束時剛剛超過 110,000 個集裝箱，並且我們正在推進我們宣布的計劃，在未來 3 到 5 年內將我們的產能擴大到 150,000 個。因此，今年第二季度只有 1,300 人增加，我認為如果我們這樣做的話，我們將遠遠達不到該計劃。

As velocity changes come about and there's opportunities for us to gain capacity with the equipment we already own, we will adapt our pace of onboarding that equipment based on customer demand and what's going on in the market. I don't want to say that it's just going to be steady flow and will always be exactly the same. I don't think it will be, but it would be certainly our opportunity to try to grow into new capacity that came from velocity improvements.

隨著速度變化的發生，我們有機會利用我們已經擁有的設備獲得容量，我們將根據客戶需求和市場情況調整我們的設備加入速度。我不想說它只是穩定的流動，並且永遠都是一樣的。我認為不會，但這肯定是我們嘗試通過提高速度來發展新容量的機會。

But at this point, probably announcements related to our equipment. We'll continue to just land on that march towards 150,000. And obviously, each quarter, you'll be able to see what we added. We would prefer to it to be steady. But at the same time, we have to adapt and we know that. ROIC will always be our North Star and will guide us through that process, and we'll continue with the flexibility that we need to be prudent with as stewards of those investments.

但在這一點上，可能與我們的設備有關的公告。我們將繼續朝著 150,000 邁進。顯然，每個季度，您都可以看到我們添加的內容。我們希望它保持穩定。但與此同時，我們必須適應，我們知道這一點。 ROIC 將永遠是我們的北極星，將指導我們完成這一過程，我們將繼續保持作為這些投資管理者需要謹慎的靈活性。

Chris, it's Shelley. Just one thing to note there is we do have a unique opportunity in January where we will have more capacity on our Western railroad providers. So I think we're trying to equally balance the challenges of getting more intermodal containers to move in the system and the opportunity that will be present here in short order. So our conversations with customers are going well around the Western network. And so for us, we'll be more surgical as to where we can grow.

克里斯，我是雪萊。需要注意的一點是，我們在 1 月份確實有一個獨特的機會，我們將在我們的西方鐵路供應商那裡擁有更多的運力。因此，我認為我們正在努力平衡讓更多多式聯運集裝箱進入系統的挑戰和短期內將出現的機會。因此，我們與客戶的對話在西方網絡中進展順利。因此，對我們來說，我們將更加確定我們可以在哪裡成長。

If I think about our performance in the second quarter, we did a really great job even through the challenges growing with our customers on lanes that made sense for the railroad, for our customer and ourselves, and we'll continue to do that. So I think it's going to be important that we continue to onboard equipment as we see room for growth for ourselves.

如果我考慮我們在第二季度的表現，即使我們的客戶在對鐵路、我們的客戶和我們自己都有意義的車道上面臨越來越大的挑戰，我們也做得非常好，我們將繼續這樣做。因此，我認為繼續使用設備將很重要，因為我們看到了自己的增長空間。

Our next question comes from Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

I guess I just had a couple of quick questions. One is, wanted to understand the implications from AB5 potentially being implemented. My feeling is, as it relates to the intermodal business, it could be a pretty decent market share opportunity given you in-source a vast majority of your -- of the drayage drivers. I think your competitors do not. So if you can just talk about if AB5 is implemented or executed, what the implications are for the industry overall, and specifically, how J.B. Hunt is positioned in that.

我想我只是有幾個簡單的問題。一是，想了解可能正在實施的 AB5 的影響。我的感覺是，由於它與多式聯運業務有關，考慮到你的絕大多數 - 拖車司機，它可能是一個相當不錯的市場份額機會。我認為你的競爭對手沒有。因此，如果您可以談論 AB5 是否實施或執行，對整個行業的影響，特別是 J.B. Hunt 在其中的定位。

And then, Darren, I was hoping you could update us on the joint initiative with BNSF. I saw the transload facility. I think you guys put up a few days ago in the press release. Would just love to get an update on what BNSF, the progress that they've made in terms of giving you a little bit more clearer access to capacity, if that's being implemented now. Or is that sort of more to come that can maybe drive a step function improvement in the turns and the volumes?

然後，達倫，我希望你能向我們介紹與 BNSF 的聯合倡議。我看到了轉運設施。我想你們幾天前在新聞稿中提出了意見。很想了解 BNSF 的最新情況，他們在讓您更清晰地訪問容量方面取得的進展（如果現在正在實施的話）。或者是否會有更多可能推動轉彎和音量的階躍函數改進？

Yes. Amit, this is Nick. I'll take the first on AB5, and we've been watching that since basically 2018, and we feel like we're in a really good spot with that. We don't expect the new law to have an immediate or material effect on our California operations. We've discontinued a few years ago our use of independent contractors operating under our authority. And so out there, we provide either J.B. Hunt employees or we use brokerage to other motor carriers. So we feel very confident that it's not going to interrupt our business and probably play into our strength, particularly out in the intermodal side.

是的。阿米特，這是尼克。我將在 AB5 上拿下第一個，我們從 2018 年開始就一直在關注它，我們覺得我們在這方面處於一個非常好的位置。我們預計新法律不會對我們在加州的業務產生直接或重大影響。幾年前，我們停止使用在我們授權下運營的獨立承包商。所以在那裡，我們提供 J.B. Hunt 員工或者我們使用經紀服務給其他汽車運營商。因此，我們非常有信心它不會中斷我們的業務並可能發揮我們的優勢，特別是在多式聯運方面。

Yes. And Amit, I think I heard you say that you thought that we outsource more of our drayage activity than the industry...

是的。還有阿米特，我想我聽到你說你認為我們外包的貨運活動比行業更多......

No. In-source, in-source, in-source.

不。源內，源內，源內。

I'm sorry, I didn't hear that right. Just going to clean that up if I didn't hear that right. Appreciate it. So yes, we don't feel like AB5 is going to be an influencer of our operation in any way.

對不起，我沒聽錯。如果我沒聽錯就去清理它。欣賞它。所以是的，我們認為 AB5 不會以任何方式影響我們的運營。

So as it relates to all things joint efforts with BNSF, I think that our mission today continues to be probably more focused on elements beginning next year. I mean, frankly, there's not new capacity announcements that have come from BNSF yet. As soon as something like that is available, I'm sure you'll read it.

因此，由於它涉及與 BNSF 的所有合作努力，我認為我們今天的任務可能會繼續更加關注從明年開始的元素。我的意思是，坦率地說，BNSF 還沒有新的產能公告。一旦有類似的東西可用，我相信你會讀到它。

We still feel very confident in the way that we are communicating with BNSF on all things capacity, but I think that you should all anticipate and expect that right now, we're very focused on seeing velocity improvements and just service improvements in our system. And that's dominating our conversations today.

我們仍然對我們與 BNSF 就所有容量進行溝通的方式充滿信心，但我認為你們都應該預料到現在，我們非常專注於在我們的系統中看到速度的改進和服務的改進。這在我們今天的談話中占主導地位。

Our next question comes from Jon Chappell with Evercore.

我們的下一個問題來自 Evercore 的 Jon Chappell。

Nick, I think this question is for you, but others can chime in as they see fit. I mean you have a pretty unique look at 2 massive parts of the transportation chain with rail and truck. On the one hand, you still have this elevated contract rate in this very high fuel. On the other hand, you've had spot turning over in the rail service issues. And I know we're hopeful for velocity improvements. I think we were very hopeful of that in April as well.

尼克，我認為這個問題是給你的，但其他人可以在他們認為合適的時候加入。我的意思是你對鐵路和卡車運輸鏈的兩個重要部分有一個非常獨特的看法。一方面，在這種非常高的燃料中，您仍然擁有較高的合同率。另一方面，您在鐵路服務問題上也遇到了麻煩。而且我知道我們希望提高速度。我認為我們在四月份也對此抱有很大希望。

As you look at your mode in different way of servicing customers, is there a point where maybe you're concerned that the intermodal -- kind of permanent modal shift has missed this opportunity, missed this window? And if so, how do you kind of position all the different segments of J.B. Hunt, whether that's with capital dollars or labor, et cetera, to kind of shift gears pretty quickly if intermodal is never going to really dream the dream?

當您以不同的方式為客戶提供服務時，您是否擔心多式聯運——一種永久性的模式轉變錯過了這個機會，錯過了這個窗口？如果是這樣，如果多式聯運永遠不會真正夢想夢想，你如何定位 J.B. Hunt 的所有不同部分，無論是資本還是勞動力等，以便快速換檔？

Well, Jon, this is Shelley. I have a higher voice than Nick. But I would say our opportunity with our customers, we are mode indifferent. And so understanding their needs specifically is important in how we develop what our strategy is and how we deploy capital as a result much like what John Kuhlow talked about in his opening remarks.

好吧，喬恩，這是雪萊。我的聲音比尼克高。但我會說我們與客戶的機會，我們漠不關心。因此，具體了解他們的需求對於我們如何制定我們的戰略以及我們如何部署資本非常重要，就像約翰庫洛在開幕詞中所說的那樣。

For us, we think that intermodal will continue to deliver great value for our customers, and we're bullish on our growth plan in our intermodal segment. But we're bullish in our growth plan across all of our segments over the long term.

對我們來說，我們認為多式聯運將繼續為我們的客戶帶來巨大的價值，我們看好我們在多式聯運領域的增長計劃。但我們看好我們所有細分市場的長期增長計劃。

So for us, we think that there are some short-term pains that have felt longer term, but we do think that there is a window of opportunity here where the rails will get better, our customers will get better, inventory will get to right locations, and the supply chain will start to find a better balance, if you will. And we think having all 5 of our segments that really take product from the very beginning of the supply chain, all the way into the final home of our consumer will yield ourselves well in an environment that is more normalized. And for our customers, we'll be able to say yes any time that they need it.

所以對我們來說，我們認為有一些長期的痛苦，但我們確實認為這裡有一個機會之窗，鐵路會變得更好，我們的客戶會變得更好，庫存會變得正確如果您願意，供應鏈將開始找到更好的平衡。而且我們認為，讓我們的所有 5 個細分市場真正從供應鏈的一開始就將產品帶入消費者的最終家，這將使我們在更加規範化的環境中取得良好的成績。對於我們的客戶，我們可以在他們需要的任何時候說“是”。

Each one of those segments have different margin targets and returns inside their own area, but we do see great growth across all 5 channels and intermodal being one of our strongest growth vehicles over the next several years.

這些細分市場中的每一個在各自領域內都有不同的利潤率目標和回報，但我們確實看到所有 5 個渠道的巨大增長和多式聯運是我們未來幾年最強勁的增長工具之一。

Our next question comes from Justin Long with Stephens.

我們的下一個問題來自 Justin Long 和 Stephens。

With the significant run-up in fuel prices we've seen recently, I was curious if you could share how much of a sequential headwind that was to margins.

隨著我們最近看到的燃料價格大幅上漲，我很好奇您是否可以分享對利潤有多大影響的連續逆風。

And then, Nick, the number of dedicated truck sales remains extremely strong despite what's going on with spot rates right now. So as you reflect on the last couple of years and the strength that we've seen in dedicated sales, how much of that strength would you say is cyclical versus secular coming from private fleets that are outsourcing?

然後，尼克，儘管目前現貨價格正在發生變化，但專用卡車的銷售數量仍然非常強勁。因此，當您回顧過去幾年以及我們在專用銷售中看到的優勢時，您認為這種優勢有多少是來自外包的私人車隊的周期性與長期性？

I'll jump in on the dedicated side first. And thinking about that, I would just say that when I look back through our pipeline, it is still, at an elevated level, a touch higher than it was this time last year. And so I think our demand is there.

我會先跳到專門的一邊。考慮到這一點，我只想說，當我回顧我們的管道時，它仍然處於更高的水平，比去年這個時候要高一點。所以我認為我們的需求就在那裡。

And when I look through the detail, and we reviewed it the other day, it's a lot of private fleet conversion. So I think it's just a long term. We got a lot of density going on right now, and a lot of density kind of helps us give good solutions to customers. And with intermodal growing, we have a lot of synergies there.

當我仔細查看細節時，我們前幾天對其進行了審查，這是很多私人車隊的轉換。所以我認為這只是一個長期的。我們現在有很多密度，很多密度有助於我們為客戶提供良好的解決方案。隨著多式聯運的增長，我們在那裡有很多協同效應。

So I think it's just a good momentum. I don't think it's cyclical, and we try to say that we're different than the normal over-the-road rates, one-way rates. And I think this has proven it out. So that demand is very strong.

所以我認為這只是一個良好的勢頭。我不認為這是周期性的，我們試圖說我們不同於正常的公路費率，單程費率。我認為這已經證明了這一點。所以這種需求非常強烈。

Justin, this is Brad. And I'll kind of add a little bit to the fuel question, expecting that, and I did some work on there. We've talked about it in DCS, and it was at least 100 basis point headwind to margin percent on a year-over-year basis. We also looked at it on a sequential basis. And you would have seen a decent amount of margin improvement sequentially if you excluded the impact of fuel.

賈斯汀，這是布拉德。我會在燃料問題上補充一點，期待這一點，我在那裡做了一些工作。我們已經在 DCS 中討論過它，與去年同期相比，利潤率百分比至少下降了 100 個基點。我們還按順序對其進行了研究。如果你排除燃料的影響，你會看到連續的利潤率有相當大的提高。

As you're aware, we don't report OR or margin net of fuel surcharge like some others in the industry, but it was a headwind to margin. But as a general statement, I did want to say fuel is a pass-through for us, and it really shouldn't impact our EBIT dollars. And so I just want to be consistent with how we've talked about it in the past and how we're talking about it here, albeit we did provide a little bit more color on DCS recently and I thought I'd just reiterate that.

如您所知，我們不會像業內其他一些公司那樣報告扣除燃油附加費的 OR 或利潤率，但這對利潤率來說是不利的。但作為一般性聲明，我確實想說燃料對我們來說是一種傳遞，它真的不應該影響我們的息稅前利潤。所以我只想與我們過去談論它的方式以及我們在這裡談論它的方式保持一致，儘管我們最近確實在 DCS 上提供了更多顏色，我想我只是重申一下.

Our next question comes from Jordan Alliger with Goldman Sachs.

我們的下一個問題來自高盛的 Jordan Alliger。

Curious on the final mile business. Sort of ex the revenue quality initiatives that you guys have been working on, can you maybe talk to what demand or volumes sort of look like in that business? And obviously, it's working a bit because the profit sort of bumped up from the first quarter. So maybe help think through the profitability in that segment looking ahead.

對最後一英里的業務感到好奇。有點像你們一直在努力的收入質量計劃，你能否談談該業務的需求或數量是什麼樣的？顯然，它有點奏效，因為利潤從第一季度開始有所上升。因此，也許有助於思考該領域未來的盈利能力。

Yes. So the demand is still strong. It's spotty in some, as we said in our press release, in the value furniture side of things. The demand is there. One of the CEOs of one of those companies told me that a year ago, fish were jumping in. Customers were jumping into his boat. 6 months ago, he had to fish with a hook with no bait on it. And now he's having to work in really hard to get sales. So that was the analogy there. So that's for the lower-end furniture value side.

是的。所以需求還是很旺盛的。正如我們在新聞稿中所說，在價值家具方面，有些東西參差不齊。需求就在那裡。其中一家公司的一位首席執行官告訴我，一年前，魚兒跳了進來。客戶跳進了他的船。 6個月前，他不得不用沒有餌的魚鉤釣魚。現在他必須非常努力地工作才能獲得銷售。這就是那裡的類比。所以這是針對低端家具價值的一面。

The other side is really still busy. Inventories are getting corrected. So we're seeing a lot of demand. We picked up some new business there, and our service is really what's separating us in our background checks. And that seems to be playing well. And you're seeing this quarter a lot of -- we put a lot of pressure on rate at existing business, and we were successful in that. We lost some of the -- some, but we feel good about the locations we lost. So it's setting up good, and we've got some more room to go.

對方真的還在忙。庫存正在得到糾正。所以我們看到了很多需求。我們在那裡開展了一些新業務，而我們的服務確實使我們在背景調查中脫穎而出。這似乎打得很好。你在本季度看到了很多——我們對現有業務的利率施加了很大的壓力，我們在這方面取得了成功。我們丟失了一些——一些，但我們對丟失的位置感覺很好。所以它的設置很好，我們還有更多的空間。

The profit thoughts, though, given the $13 million, I think, you did in the second quarter?

不過，考慮到 1300 萬美元的利潤，我認為，你在第二季度做了什麼？

Yes. I think our -- we're going to see -- we're not going to give guidance, but we're happy with where we're at right now.

是的。我認為我們 - 我們將看到 - 我們不會提供指導，但我們對我們現在所處的位置感到滿意。

Our next question comes from Jason Seidl with Cowen.

我們的下一個問題來自 Jason Seidl 和 Cowen。

I want to focus a little bit on ICS. I think you mentioned you made some tweaks inter-quarter, and then you gave sort of a number, I think, down 3% for volume growth on the Truckload side. Could you give us maybe an idea of just the volume improved any after you made those tweaks in the quarter?

我想稍微關註一下ICS。我想你提到你在季度間做了一些調整，然後你給出了一個數字，我認為，卡車裝載方面的銷量增長下降了 3%。您能否給我們一個關於您在本季度進行這些調整後音量有所改善的想法？

Yes. Jason, I think what I wanted to help understand is that we saw a really sharp decline in spot activity throughout the month of April. And finishing up March, as we talked about, our volumes were pretty positive in Q1, but really kind of hit a wall those first 15 to 18 days of April. Then we were -- that's when we were able to change some of our parameters of the algorithm that we use and some of our artificial intelligence around price points and win rates. And so we did see it improve from that April time frame.

是的。傑森，我想我想幫助理解的是，我們看到整個 4 月份的現貨活動急劇下降。正如我們所說，在 3 月份結束時，我們的銷量在第一季度非常積極，但在 4 月的前 15 到 18 天確實有點碰壁。然後我們——那時我們能夠改變我們使用的算法的一些參數以及圍繞價格點和贏率的一些人工智能。因此，我們確實看到它從 4 月的時間範圍內有所改善。

Historically, we've not provided that for this business segment, so I'm not going to share that today, but know that April was where the majority of the decline occurred, and we were able to step up from that position the balance of the quarter.

從歷史上看，我們沒有為這個業務部門提供這個，所以我今天不打算分享，但知道 4 月是大部分下降發生的地方，我們能夠從那個位置加強季度。

Okay. That's very helpful. Also, when you look at your carrier base, have you seen any movement in terms of the smaller or micro size carriers given the drop-off in spot in the rising fuel? Have you seen those people maybe hang up the keys?

好的。這很有幫助。此外，當您查看您的航母基地時，您是否看到較小或微型航母的任何移動，因為燃料上升的現場下降？你見過那些人可能會掛鑰匙嗎？

I think that we are seeing a little bit of that. One of the areas that I think we've seen it more pronounced is the growth of our independent contractors in our JBT segment, which I do think is a relative element of people that were out operating on their own that are looking to attach into a larger system that has better freight consistency for their benefit. And so I think that, that's certainly an element that we paid close attention to.

我認為我們看到了一點。我認為我們已經看到它更加明顯的一個領域是我們的 JBT 部門的獨立承包商的增長，我確實認為這是一個相對的因素，那些獨立運營的人希望加入一個更大的系統，為他們的利益提供更好的貨運一致性。所以我認為，這肯定是我們密切關注的一個因素。

In terms of the volume of people that are just purely hanging it up, obviously, every day in the news, there's some carriers that we're seeing, and we would probably anticipate given the rate levels in the spot environment that there is likelihood of more of that in the balance of the year, but not great data thus far.

就純粹挂機的人數而言，顯然，每天都在新聞中，我們看到了一些運營商，鑑於現貨環境中的費率水平，我們可能會預測到更多的是在今年的餘額中，但到目前為止還沒有很好的數據。

I do know that if we highlighted in prior years in '21, in particular, just how many people sought their operating authority, those numbers are certainly well down from those historical highs that we saw last year. So certainly less people are going that way. And I do feel like we've seen elements, and Nick, maybe even relative to some of our driver hiring improvement that we've experienced that could be representative of people looking for a safer place.

我確實知道，如果我們在 21 年的前幾年特別強調有多少人尋求他們的運營授權，那麼這些數字肯定遠低於我們去年看到的歷史高點。所以肯定更少的人會走這條路。而且我確實覺得我們已經看到了元素，尼克甚至可能與我們經歷的一些司機招聘改進有關，這可能代表人們正在尋找更安全的地方。

Jason, I might add to that. Jason, this is Shelley. I might add to that, just overall in the platform. We do see trends inside the platform. But for us, because the market is so large, we are hitting new records inside Carrier 360. That would not be unusual. And in this environment, it does allow us to move more quickly. Some of what Brad just talked about came out of the platform, allowing us to make those tweaks readily. Sometimes when the flip happens suddenly, it's difficult for our platform to recognize the sudden shift or movement on price and what price it will take to do that. So we have to do some manual intervention there. But we have seen faster platform activity.

傑森，我可能會補充一點。傑森，這是雪萊。我可能會補充一點，只是在整個平台上。我們確實看到了平台內部的趨勢。但對我們來說，由於市場如此之大，我們在 Carrier 360 中創造了新的記錄。這並不罕見。在這種環境下，它確實讓我們能夠更快地行動。 Brad 剛剛談到的一些內容來自平台，使我們能夠輕鬆地進行這些調整。有時當翻轉突然發生時，我們的平台很難識別價格的突然變化或變動，以及這樣做需要什麼價格。所以我們必須在那裡進行一些人工干預。但我們看到了更快的平台活動。

We do have a high retention rate as to how many carriers that are signed up, but we have more carriers signed up, higher retention rates, more logged in. There are several records that happened in the second quarter. So I think from that perspective, we've seen it. But from carriers just going out of business, I think that'd be difficult for us to see.

關於簽約的運營商數量，我們確實有很高的保留率，但我們有更多的運營商簽約，更高的保留率，更多的登錄。第二季度發生了幾項記錄。所以我認為從這個角度來看，我們已經看到了。但從剛剛倒閉的運營商來看，我認為這對我們來說很難看到。

Our next question comes from Tom Wadewitz with UBS.

我們的下一個問題來自瑞銀的 Tom Wadewitz。

So wanted to see if you could offer a quick thought on how we should think about sequential intermodal margin, whether it might be kind of improving in 3Q versus 2Q or similar. And then, Shelley, you added some comments at the beginning of the call or provided some commentary on freight. I'm just wondering, it seems like there's been a lot of concern about freight really falling off, a lot of concern about the consumer, but it doesn't really seem like freight got that much weaker in the second quarter. Do you think that it's likely that we see a significant fall off in freight looking forward, just given the pressure on the consumer? Or you think maybe it's just that the concerns about a falloff in freight activity have been overdone a bit and maybe the consumer hangs in better than people are expecting?

所以想看看你是否可以快速思考一下我們應該如何考慮順序多式聯運保證金，它是否可能在第三季度與第二季度或類似情況下有所改善。然後，雪萊，你在通話開始時添加了一些評論或提供了一些關於運費的評論。我只是想知道，似乎有很多關於運費真的下降的擔憂，很多關於消費者的擔憂，但第二季度的運費似乎並沒有那麼疲軟。鑑於消費者面臨的壓力，您是否認為未來貨運量可能會大幅下降？或者你認為也許只是對貨運活動下降的擔憂有點過頭了，也許消費者比人們預期的更好？

Real quick, I'll just say long-term margin target in intermodal is 10% to 12%. And I'm sorry, Tom, that's all you get.

真的很快，我只想說多式聯運的長期利潤率目標是 10% 到 12%。對不起，湯姆，這就是你所得到的。

So Tom, I would say a lot of (inaudible) we've spent the last hour talking about is the different signals we're seeing in different parts of the market. I think part of what you've heard from Brad and how we services is a result of a successful bid season happening and less dislocation from our shippers from their routing guide perspective, I think you're starting to see stabilization there.

所以湯姆，我想說我們在過去一個小時裡談論的很多（聽不清）是我們在市場不同部分看到的不同信號。我認為您從布拉德那裡聽到的部分內容以及我們的服務方式是成功的投標季節的結果，並且從他們的路線指南的角度來看，我們的托運人的錯位減少了，我認為您開始看到那裡的穩定。

I will say I think we are well positioned in any environment, whether the market turns south or stayed as is. We think that we're going to have a successful and good second half of the year. Certainly way too early for us to talk about anything beyond that, but we haven't had any customer specifically tell us that we should be concerned about volume.

我會說我認為我們在任何環境中都處於有利地位，無論市場轉向南方還是保持現狀。我們認為我們將在下半年取得成功和良好的表現。當然，我們談論除此之外的任何事情還為時過早，但我們還沒有任何客戶明確告訴我們應該關注數量。

Certainly, we are all listening and reading the news as to what's happening out there. And if the self-fulfilling prophecy does happen, then we'll adjust and make movement according to that, which is really great. And I said this in our opening comments, the supply chain is inefficient. Our customers are paying too much money because goods aren't moving the way they should move. We have a great opportunity to [coup] more for our customers, filling up trailers and containers.

當然，我們都在收聽和閱讀新聞，了解那裡正在發生的事情。如果自我實現的預言真的發生了，那麼我們會根據它進行調整和行動，這真的很棒。我在開場評論中說過，供應鏈效率低下。我們的客戶支付了太多的錢，因為貨物沒有按照應有的方式移動。我們有很好的機會為我們的客戶 [coup] 更多，裝滿拖車和集裝箱。

We also have a great opportunity to do mode conversion, getting it in a more efficient way to move goods. If 2023 sets up to be a softer freight environment, we're going to be in a perfect position because we will have added 1,000 more containers -- thousands of more containers that will be onboarded and ready to start moving in January, along with the platform with Brad and our dedicated fleet. I think we're well positioned to have a great 2023 in any environment.

我們也有很好的機會進行模式轉換，以更有效的方式運輸貨物。如果 2023 年的貨運環境變得更加溫和，我們將處於一個完美的位置，因為我們將增加 1,000 個集裝箱——數千個集裝箱將在 1 月份裝載並準備開始運輸，連同與布拉德和我們的專用車隊平台。我認為我們已經準備好在任何環境中擁有一個偉大的 2023 年。

Okay. But you haven't seen signs of a sharp falloff yet, right, some easing, but you just haven't seen customer input pointing to a sharp falloff at this point. Is that fair?

好的。但是您還沒有看到急劇下降的跡象，對，有些緩和，但是您還沒有看到客戶的輸入表明此時急劇下降。這公平嗎？

We have seen a more seasonal July. The last 2 years have been -- it's been difficult to predict what would happen in the supply chain. I would say July is typical and normal. You heard Nick earlier say that we are seeing good demand happen in the dedicated side, which will be going to the store. We have had concern from customers on inventory, having the wrong inventory and where it is located, but I've not heard any customers tell us that there's a downturn coming or anything to plan from a large percentage.

我們看到了更具季節性的 7 月。過去 2 年一直 - 很難預測供應鏈中會發生什麼。我會說七月是典型和正常的。您之前聽到尼克說，我們看到專用方面出現了良好的需求，這將進入商店。客戶對庫存、庫存錯誤及其所在位置表示擔憂，但我沒有聽到任何客戶告訴我們經濟衰退即將來臨或有很大比例的計劃。

Thank you. That concludes today's Q&A session. I will now pass the conference back over to John Roberts, CEO, for any additional or closing remarks.

謝謝你。今天的問答環節到此結束。我現在將把會議轉給首席執行官約翰·羅伯茨（John Roberts），以獲得任何補充或結束語。

Okay. Thank you. And we appreciate the time you've spent with us here today. I hope we've been able to give you some color on a quarter we're proud of. And I think importantly -- maybe even more importantly, is looking towards the second half and into next year.

好的。謝謝你。我們感謝您今天在這裡與我們共度的時光。我希望我們能夠在我們引以為豪的季度為您提供一些色彩。我認為重要的是——也許更重要的是，展望下半年和明年。

The first thing I want to remind everybody on this call is that this table has a lot of experience, and we are all data-driven managers. We pay a lot of attention to what's going on around us. And all the things we've talked about here today, from bids to used truck values, any element that would inform us is being taken into consideration.

在這次電話會議上我想提醒大家的第一件事是，這張桌子有很多經驗，我們都是數據驅動的管理者。我們非常關注周圍發生的事情。我們今天在這裡討論的所有事情，從出價到二手卡車價值，任何可以告知我們的因素都被考慮在內。

And we talk very regularly about what does that change in direction in whatever element we're focused on mean to our business. And that experience that we have helps us remember what we thought the last time we might have seen something like that. So I really feel like it's important that we remember.

我們經常談論在我們關注的任何元素中方向的變化對我們的業務意味著什麼。我們所擁有的經驗幫助我們記住上次我們可能看到類似情況時的想法。所以我真的覺得我們記住這一點很重要。

We are 25- and 30-year senior members here. We've been through a number of these economical -- whatever we're looking at here changes. We hear really clearly from our customers. They talk to us very candidly. We talk very candidly with our rail providers. I know there's a good amount of appropriately placed concern on rail service, but I am confident as we all are that this will resolve itself. I'm seeing evidence of that. We're in good conversation. And I think that the overwhelming reason is that better service on the rail is a better answer for everybody involved. And so there's not anything really in our way there.

我們在這裡有 25 年和 30 年的資深成員。我們已經經歷了許多這樣的經濟——無論我們在這裡看到什麼變化。我們從客戶那裡聽到非常清楚的聲音。他們非常坦率地與我們交談。我們與鐵路供應商非常坦誠地交談。我知道對鐵路服務有很多適當的關注，但我相信這會自行解決。我正在看到這方面的證據。我們的談話很好。我認為壓倒性的原因是鐵路上更好的服務對所有相關人員來說都是一個更好的答案。因此，我們在那裡並沒有真正的障礙。

I think the comprehensive nature of our businesses, as described here today, is a great balance. We give our customers just about everything they need, and they sort of balance each other. When one is moving one direction, another one might be assisting or helping or leading to. And I think that's been covered.

我認為，正如今天在這裡所描述的，我們業務的綜合性質是一個很好的平衡。我們為客戶提供他們所需要的一切，並且他們相互平衡。當一個人向一個方向移動時，另一個人可能正在協助或幫助或引導。我認為這已經涵蓋了。

With DCS not being a trucking company, as Nick just said, it doesn't necessarily follow the same patterns, but I fear that can still be misunderstood. Even today, that, that business is viewed as some kind of a trucking company, and we just really need to keep working on getting through that.

正如尼克剛才所說，DCS 不是一家貨運公司，它不一定遵循相同的模式，但我擔心這仍然會被誤解。即使在今天，該業務仍被視為某種貨運公司，我們真的需要繼續努力克服這一點。

But final mile showing us some recovery. I think the blend that's happening in highway is really productive, really puts us in a great place with our customers. As Shelley pointed out, to be mode agnostic or indifferent, we have an answer. We blended assets in the position where we can say yes to a lot of questions. And I think that in total, these businesses are healthy. They are well placed. They're industry-leading, run by very, very capable managers not just at this table, but throughout our whole system, a lot of experience involved there.

但最後一英里向我們展示了一些恢復。我認為高速公路上發生的混合真的很有成效，真的讓我們與客戶相處得很好。正如雪萊所指出的，要成為模式不可知論者或漠不關心，我們有一個答案。我們在可以對很多問題說“是”的位置混合資產。我認為總的來說，這些業務是健康的。他們的位置很好。他們是行業領先的，由非常、非常有能力的經理管理，不僅在這張桌子上，而且在我們整個系統中，都有很多經驗。

So it's about execution the rest of this year. As someone said, we've -- we know a lot about what we need to know about. We pay attention to our data, and I think that we're looking forward to the second half. And we'll look forward to seeing you all again on our next call. Thanks for being here.

所以這是關於今年剩餘時間的執行。正如有人所說，我們已經 - 我們知道很多我們需要知道的事情。我們關注我們的數據，我認為我們期待下半年。我們期待在下一次電話會議上再次見到大家。感謝您來到這裡。

That concludes today's J.B. Hunt's Second Quarter 2022 Earnings Call. Thank you for your participation. You may now disconnect your lines.

今天的 J.B. Hunt 的 2022 年第二季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。