J B Hunt Transport Services Inc (JBHT) 2023 Q1 法說會逐字稿

Good afternoon, everyone. Thank you for attending today's J.B. Hunt's 1Q '23 Earnings Conference Call. My name is Sierra, and I will be your moderator today. (Operator Instructions) I would now like to pass the conference over to our host, Brad Delco, Senior Vice President of Finance with J.B. Hunt. Please proceed.

大家下午好。感謝您參加今天的 J.B. Hunt's 1Q '23 收益電話會議。我叫 Sierra，今天我將擔任你們的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人 Brad Delco，他是 J.B. Hunt 的財務高級副總裁。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 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements.

下午好。在我介紹演講者之前，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 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。預期、預計、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。

These statements are based on J.B. Hunt's current plans and expectations that 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.

這些陳述基於 J.B. Hunt 當前的計劃和預期，這些計劃和預期涉及風險和不確定性，可能導致未來的活動和結果與前瞻性陳述中提出的內容存在重大差異。有關風險因素的更多信息，請參閱 J.B. Hunt 的 10-K 表格年度報告以及提交給美國證券交易委員會的其他報告和文件。

Now I would like to introduce the speakers on today's call. This afternoon, I'm joined by our CEO, Mr. John Roberts; our President, Shelley Simpson; our CFO, John Kuhlow; Nick Hobbs, COO and President of Contract Services; Darren Field, President of Intermodal; and Brad Hicks, EVP of People and President of Highway Services. At this time, I'd like to turn the call to our CEO, Mr. John Roberts, for some opening comments. John?

現在我想介紹一下今天電話會議的發言人。今天下午，我們的首席執行官約翰·羅伯茨 (John Roberts) 先生加入了我的行列；我們的總裁 Shelley Simpson；我們的首席財務官 John Kuhlow；首席運營官兼合同服務總裁 Nick Hobbs；多式聯運總裁 Darren Field；以及人力資源執行副總裁兼公路服務總裁布拉德·希克斯 (Brad Hicks)。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，請他發表一些開場白。約翰？

Thank you, Brad, and good afternoon. I'll touch on a few items but will be brief with my comments as we have members of our leadership team here to cover specific areas of our business. As we have discussed shifting dynamics in the market for several quarters now, it should be evident that freight demand is muted, even when taking into account seasonal factors. As I stated last quarter, I believe this environment presents both opportunities and challenges for our company that will ultimately put us in a better position in the future.

謝謝你，布拉德，下午好。我將涉及幾個項目，但會簡要介紹我的評論，因為我們的領導團隊成員在這裡負責我們業務的特定領域。正如我們已經討論了幾個季度的市場動態變化一樣，貨運需求顯然是低迷的，即使考慮到季節性因素也是如此。正如我上個季度所說，我相信這種環境為我們公司帶來了機遇和挑戰，最終將使我們在未來處於更好的位置。

I am seeing firsthand how this team, and might I add this experienced team, is responding to set our company up for long-term success and compounding growth as we navigate through these demand patterns. We remain thoughtful in our approach to managing the business and controlling costs where it makes sense without sacrificing our preparedness to capitalize on large, meaningful and addressable opportunities for the company. We have and will always manage this business with a focus on long-term growth built on our company foundations: people, technology and capacity.

我親眼目睹了這個團隊，我可以添加這個經驗豐富的團隊，在我們通過這些需求模式進行導航時如何響應以建立我們的公司以獲得長期成功和復合增長。我們在不犧牲我們為公司利用大量、有意義和可尋址的機會的準備的情況下，在合理的情況下管理業務和控製成本的方法保持深思熟慮。我們已經並將始終以建立在我們公司基礎之上的長期增長為重點來管理這項業務：人員、技術和能力。

In closing, I remain confident that the collective and complementary nature of our distinct business will again prove resilient in this environment. Coupled with experience, a strong balance sheet and a longer-term mindset, key elements which will continue to differentiate us in the market, we remain committed to investments and achieving our required return on those investments to support our long-term sustainable growth for the benefit of all our stakeholders. Now I'd like to turn the call over to our President, Shelley Simpson, for more details. Shelley?

最後，我仍然相信，我們獨特業務的集體和互補性質將再次證明在這種環境下具有彈性。加上經驗、強大的資產負債表和更長遠的心態，這些關鍵因素將繼續使我們在市場上脫穎而出，我們將繼續致力於投資並實現我們對這些投資的要求回報，以支持我們的長期可持續增長我們所有利益相關者的利益。現在，我想將電話轉給我們的總裁 Shelley Simpson，了解更多詳情。雪萊？

Thank you, John, and good afternoon. I thought it made sense to talk about where we are as an organization and what we are working on to set us up for long-term success. More importantly, how this aligns with our 2023 priorities that I've previously shared, which are 2: one, remain committed to disciplined long-term investments in our people, technology and capacity; two, deliver exceptional value to our customers; and three, drive long-term compounding returns for our shareholders.

謝謝你，約翰，下午好。我認為談論我們作為一個組織所處的位置以及我們正在努力為長期成功做好準備是有意義的。更重要的是，這如何與我之前分享的 2023 年優先事項保持一致，即 2：一，繼續致力於對我們的人員、技術和能力進行有紀律的長期投資；第二，為我們的客戶提供卓越的價值；第三，為我們的股東帶來長期復合回報。

To start, we're in a challenging freight environment where there is deflationary price pressure for an industry that continues to face inflationary cost pressures. Simply stated, we're in a freight recession. As we have discussed, we believe we are in a position to deliver exceptional value for our customers by leveraging our full suite of services to deliver maximum efficiency and eliminate waste in the supply chain. We can do this by providing cost savings opportunities by converting on-highway freight to intermodal, designing a highly engineered and efficient solution in our Dedicated segment, leveraging vast amounts of market competitive capacity sourced on J.B. Hunt 360 or by providing best-in-class service as one of the largest final-mile providers in North America.

首先，我們處於充滿挑戰的貨運環境中，對於一個繼續面臨通脹成本壓力的行業來說，存在價格通縮壓力。簡而言之，我們正處於貨運衰退期。正如我們所討論的那樣，我們相信我們能夠通過利用我們的全套服務來提供最大的效率並消除供應鏈中的浪費，從而為我們的客戶提供卓越的價值。我們可以通過將公路貨運轉換為多式聯運、在我們的專用部分設計高度工程化和高效的解決方案、利用來自 J.B. Hunt 360 的大量市場競爭能力或通過提供一流的服務來提供成本節約機會來實現這一目標作為北美最大的最後一英里供應商之一提供服務。

The strength and resiliency of our organization is supported by our mode-neutral approach across all of our businesses and backed by our company foundations, which are our people, technology and capacity, and that's where we are today. So what are we working on? As we've committed to disciplined long-term investments in our people, technology and capacity, we admittedly have too much cost in our system right now for the current level of activity in our organization. And while we want to prudently manage our business in the near term by focusing on controllable costs, more importantly, we remain focused on our long-term strategy: to compound our growth at acceptable returns.

我們組織的力量和彈性得到我們所有業務的模式中立方法的支持，並得到我們公司基礎的支持，即我們的人員、技術和能力，這就是我們今天所處的位置。那麼我們在做什麼？由於我們致力於對我們的人員、技術和能力進行有紀律的長期投資，我們承認，對於我們組織當前的活動水平，我們現在的系統成本太多了。雖然我們希望通過關注可控成本來審慎地管理我們的短期業務，但更重要的是，我們仍然關注我們的長期戰略：以可接受的回報復合我們的增長。

As an organization, we have put greater emphasis in areas of our business by reallocating resources that will set us up to accelerate our growth and performance coming out of this current environment. One area in particular that has immense focus is in the area of safety. Also, as you might have noticed in our release, we moved pieces of our JBT and ICS segments into DCS and FMS segments, respectively, to best position the organization longer term. While none of our businesses are immune to this environment, I am confident that there are great things happening in our business that set us up for long-term success. Remaining committed to our disciplined investment while prudently managing our cost is an area of focus for us across our organization.

作為一個組織，我們通過重新分配資源來更加重視我們的業務領域，這將使我們能夠加速我們在當前環境中的增長和績效。一個特別受關注的領域是安全領域。此外，正如您在我們的發布中可能已經註意到的那樣，我們將我們的 JBT 和 ICS 部分分別移到了 DCS 和 FMS 部分，以便為組織提供更長期的最佳定位。雖然我們的所有業務都無法倖免於這種環境，但我相信我們的業務中正在發生一些偉大的事情，這些事情為我們的長期成功做好了準備。繼續致力於我們有紀律的投資，同時審慎地管理我們的成本是我們整個組織關注的一個領域。

In closing, I want to say we remain cautious on the outlook for the year but remain confident in our ability to deliver value for our customers that will enable us to grow and take share through cycles while maintaining discipline on our returns on capital. As I have stated previously, we remain focused on the things we can control but remain committed to managing our business for the long term. As I look across our organization and see the experience and tenure of our team as a result of the investments made throughout our careers, I am confident in our ability to deliver long-term sustainable returns for our shareholders. With that, I'd like to turn the call over to our CFO, John Kuhlow. John?

最後，我想說的是，我們對今年的前景保持謹慎，但對我們為客戶創造價值的能力充滿信心，這將使我們能夠在周期中實現增長和分享，同時保持對資本回報率的約束。正如我之前所說，我們仍然專注於我們可以控制的事情，但仍然致力於長期管理我們的業務。當我審視我們的組織並看到我們團隊的經驗和任期是我們整個職業生涯中所做投資的結果時，我對我們為股東提供長期可持續回報的能力充滿信心。有了這個，我想把電話轉給我們的首席財務官 John Kuhlow。約翰？

Thank you, Shelley, and good afternoon, everyone. I want to touch on 3 topics with my prepared remarks, including a quick review of the quarter, some details on our capital plan for 2023 and bring to your attention some small changes we made in our segment reporting.

謝謝你，雪萊，大家下午好。我想用我準備好的發言談及 3 個主題，包括對本季度的快速回顧、我們 2023 年資本計劃的一些細節，並提請您注意我們在分部報告中所做的一些小改動。

First, on the quarter's results. As previously discussed, overall demand for freight capacity has moderated versus the prior year period as evidenced in our results. On a consolidated GAAP basis, revenue for the quarter declined 7% year-over-year, operating income declined 17% and diluted earnings per share decreased 18%. These declines were primarily driven by lower freight volumes, moderating pricing trends and inflationary cost pressures, particularly in the areas of salaries and wages, insurance and claims and parts and maintenance-related expenses.

首先，關於本季度的結果。如前所述，我們的結果證明，與去年同期相比，對貨運能力的總體需求有所緩和。根據綜合公認會計原則，本季度收入同比下降 7%，營業收入下降 17%，攤薄後每股收益下降 18%。這些下降的主要原因是貨運量下降、定價趨勢放緩和通脹成本壓力，特別是在薪金和工資、保險和索賠以及零部件和維護相關費用方面。

Our balance sheet remains strong with ample liquidity available to support our investments to drive long-term value for our shareholders. Regarding those investments, our capital plan still contemplates between $1.5 billion and $2 billion of investment in 2023. To provide some greater detail, we expect about $400 million to $500 million for real estate, which will support our long-term growth plans for the company. The majority of the balance is almost evenly split between our tractor and trailing capacity needs. Keep in mind, trailing capacity includes both dry and temperature-controlled trailers and containers as well as chassis.

我們的資產負債表依然強勁，擁有充足的流動性來支持我們的投資，為股東創造長期價值。關於這些投資，我們的資本計劃仍計劃在 2023 年進行 15 億至 20 億美元的投資。為了提供更多細節，我們預計房地產投資約為 4 億至 5 億美元，這將支持我們對公司的長期增長計劃.大部分餘額幾乎平均分配給我們的拖拉機和牽引能力需求。請記住，拖車容量包括乾燥和溫控拖車和集裝箱以及底盤。

The growth in our Intermodal and Dedicated fleets the past 2 years, coupled with the lack of availability of new equipment as OEM supply chains were constrained, required us to hold our equipment longer. Accordingly, a large portion of our 2023 tractor capital is for replacement needs. We did repurchase some shares in the quarter and remain committed to be active in the market as opportunities arise.

過去 2 年，我們聯運和專用車隊的增長，加上 OEM 供應鏈受限導致新設備供應不足，要求我們持有設備更長時間。因此，我們 2023 年拖拉機資本的很大一部分用於更換需求。我們確實在本季度回購了一些股票，並繼續致力於在機會出現時活躍在市場上。

Finally, we moved the majority of our J.B. Hunt-owned tractors out of our JBT segment into DCS. These trucks have consistently operated in a Dedicated-like manner for customers over many years and makes more strategic sense to be managed out of our DCS segment while also allowing JBT to focus its efforts on scaling our J.B. Hunt 360box service offering.

最後，我們將 J.B. Hunt 擁有的大部分拖拉機從 JBT 部門轉移到 DCS。多年來，這些卡車一直以類似專用的方式為客戶運營，在我們的 DCS 部門之外進行管理更具戰略意義，同時也讓 JBT 能夠集中精力擴展我們的 J.B. Hunt 360box 服務產品。

Second, we moved our non-asset LTL business out of ICS and into Final Mile, which has similar operating characteristics as our Final Mile business. These realignments best position our organization for our future and focuses each segment's people and assets in particular areas of expertise. We have included an addendum in our earnings release to provide a historical perspective for these moves. This concludes my remarks, and I'll now turn it over to Nick.

其次，我們將我們的非資產 LTL 業務從 ICS 轉移到 Final Mile，這與我們的 Final Mile 業務具有相似的運營特徵。這些調整最適合我們的未來，並將每個部門的人員和資產集中在特定的專業領域。我們在收益發布中包含了一份附錄，以提供這些舉措的歷史視角。我的發言到此結束，現在我將把它交給尼克。

Thanks, John, and good afternoon. I'll provide some comments on our Dedicated Contract Services and Final Mile segments and also give an update on areas of focus across our operations. I'll start with Dedicated. While demand for our professional outsourced private fleet solutions remain strong, we have seen some moderation in our pipeline of opportunities. That said, we sold approximately 200 trucks of new business in the first quarter and remain optimistic about hitting our target for the year.

謝謝，約翰，下午好。我將對我們的專用合同服務和最後一英里部分提供一些評論，並提供我們運營重點領域的最新信息。我將從 Dedicated 開始。雖然對我們的專業外包私人車隊解決方案的需求依然強勁，但我們的機會渠道有所放緩。也就是說，我們在第一季度售出了大約 200 輛新業務卡車，並對實現今年的目標保持樂觀。

Our net truck adds in the quarter increased 426 but included trucks transferred from JBT. Excluding this, our net truck count increased 28 units in the first quarter. Similar to last quarter, this number was influenced by the cleaning up of extra trucks held due to the age of our fleet and also partly driven by our CVD or customer value delivery process. This process optimizes fleets to manage costs for our customers as demand levels in their business change. This supports our 98% retention and our future growth opportunities. To a lesser extent, we did see some account closures in the quarter. Overall, we continue to carry momentum from our success over the last year, which drove revenue and operating income growth of 13% and 29%, respectively, in the quarter.

我們本季度的淨卡車增加了 426 輛，但包括從 JBT 轉移的卡車。排除這一點，我們的卡車淨數量在第一季度增加了 28 輛。與上一季度類似，這一數字受到清理因車隊老化而導致的額外卡車的影響，部分原因還在於我們的 CVD 或客戶價值交付流程。隨著客戶業務需求水平的變化，此過程優化車隊以管理客戶的成本。這支持了我們 98% 的保留率和我們未來的增長機會。在較小程度上，我們確實在本季度看到了一些賬戶關閉。總體而言，我們繼續保持去年成功的勢頭，推動本季度收入和營業收入分別增長 13% 和 29%。

Now on to Final Mile. As we discussed last quarter, demand for big and bulky products, including appliances, furniture and exercise equipment is soft, but this hasn't deterred us from our commitment to improving profitability in this segment. Our efforts are focused on ensuring we are getting appropriately compensated for our high-quality differentiated service product in the market. We continue to put business at risk during this renewal process, and at this point, we remain pleased with our ability to retain business. This is, in my opinion, a testament to our service. Encouragingly, we are seeing some activity in the pipeline but overall demand remains tempered in this segment.

現在進入最後一英里。正如我們上個季度所討論的那樣，對包括家電、家具和健身器材在內的大型產品的需求疲軟，但這並沒有阻止我們致力於提高這一領域的盈利能力。我們的工作重點是確保我們在市場上的高質量差異化服務產品得到適當的補償。在此更新過程中，我們繼續將業務置於風險之中，此時，我們仍然對我們保留業務的能力感到滿意。在我看來，這是對我們服務的證明。令人鼓舞的是，我們看到一些活動正在醞釀之中，但這一領域的總體需求仍然低迷。

I'll close with some comments on safety. We continue to make significant investments in our training and new technologies to improve safety performance in our operations. As a result, we've recently announced the rollout of inward-facing cameras across our fleet to help address the distracted driving and other coachable activities with our driving workforce.

我將以一些關於安全的評論結束。我們繼續在培訓和新技術方面進行大量投資，以提高我們運營中的安全績效。因此，我們最近宣佈在我們的車隊中推出面向內部的攝像頭，以幫助解決我們的司機分心駕駛和其他可指導的活動。

This is a big step for our organization, follow similar bold moves in our history to lead in the area of safety, including: in 1996, increasing our pay package to attract experienced drivers, which resulted in a 50% reduction in DOT-preventable accidents; in 2006, supplementing the DOT urine drug tests with hair testing, which resulted in an 87% decrease in DOT post-accident positive rates; then in 2011, rolling out forward collision warning systems, which delivered nearly a 50% reduction in rear-end accident frequency; in 2016, rolling out forward-facing cameras, which drove an 18% reduction in collision frequency per million miles. I am proud of our company's commitment to the safety of our employees and the motoring public. That concludes my remarks so I'll turn it over to Darren.

這是我們組織邁出的一大步，遵循我們歷史上類似的大膽舉措，在安全領域處於領先地位，包括： 1996 年，增加我們的薪酬方案以吸引經驗豐富的司機，這使得 DOT 可預防的事故減少了 50% ; 2006 年，用毛髮檢測補充 DOT 尿液藥物檢測，使 DOT 事故後陽性率降低了 87%；然後在 2011 年，推出前方碰撞預警系統，使追尾事故頻率降低了近 50%； 2016 年，推出前置攝像頭，將每百萬英里的碰撞頻率降低了 18%。我為我們公司對員工和汽車公眾安全的承諾感到自豪。我的發言到此結束，所以我將把它交給 Darren。

Thank you, Nick, and thanks, everyone, for joining us. I'll review the performance of our Intermodal business in the quarter and reiterate the opportunities we have to deliver significant value to our customers with the investments we are making in our people, technology and capacity.

謝謝你，尼克，也謝謝大家加入我們。我將回顧我們本季度多式聯運業務的表現，並重申我們有機會通過我們在人員、技術和能力方面的投資為客戶提供重要價值。

I'll start by reviewing Intermodal's performance in the quarter. Demand for Intermodal capacity was tempered, driven by overall freight activity but specifically lower imports and elevated inventory levels across the supply chain. Volumes in the quarter declined 5% year-over-year, and by month were down 2% in January, down 4% in February and down 8% in March. As we stated in our earnings release transcontinental volumes were down 9% in the quarter but our Eastern volumes were up 1%.

我將首先回顧 Intermodal 在本季度的表現。受整體貨運活動的推動，但特別是整個供應鏈的進口減少和庫存水平上升，對多式聯運運力的需求有所緩和。本季度銷量同比下降 5%，按月計算，1 月份下降 2%，2 月份下降 4%，3 月份下降 8%。正如我們在財報中所述，本季度橫貫大陸的貨運量下降了 9%，但我們的東部貨運量上升了 1%。

I think this is an important call out as we have been growing volumes in the East, which is the most truck competitive market while being in a depressed truckload environment. This mix shift to shorter length of haul freight does influence contribution dollars per load, which did impact us in the quarter but also should signal our ability to deliver value to our customers in this market.

我認為這是一個重要的呼籲，因為我們在東部的銷量一直在增長，東部是卡車競爭最激烈的市場，同時處於低迷的卡車裝載環境中。這種向較短運輸距離的混合轉變確實影響了每次裝載的貢獻美元，這確實影響了我們本季度，但也應該表明我們有能力為這個市場的客戶提供價值。

Rail service predictability and consistency has improved to near pre-pandemic levels, while customer detention of equipment improved even further and as the quarter progressed. While we have seen a decline in revenue associated with the detention of equipment, we have not yet offset that impact with the onboarding of new volume. As I've stated recently, our network and service offering is a coiled spring that can handle significantly greater volume today and unlock a lot of value for our customers and our company. We have the people, the dray capacity and the containers that could handle upwards of 15% to 20% more volume today.

鐵路服務的可預測性和一致性已提高到接近大流行前的水平，而隨著季度的進展，客戶對設備的滯留情況進一步改善。雖然我們看到與設備滯留相關的收入下降，但我們尚未通過新數量的加入來抵消這種影響。正如我最近所說，我們的網絡和服務產品是一個螺旋彈簧，今天可以處理更大的容量並為我們的客戶和我們的公司釋放很多價值。今天，我們擁有可以處理 15% 到 20% 以上的體積的人員、乾貨容量和集裝箱。

As we have shared recently, we have been meeting with customers and continue to be encouraged by the feedback we are receiving about our service. Customers trust us and our [say do] culture. They believe in our Intermodal product and they want more of it, but part of that is influenced by the economy and overall freight demand. We feel very confident that we have a differentiated product in the market that will support our ability to take share. We are encouraged by the results we are getting so far in the bid process and look forward to the opportunity to prove the value we can deliver to our customers.

正如我們最近分享的那樣，我們一直在與客戶會面，並繼續對我們收到的有關我們服務的反饋感到鼓舞。客戶信任我們和我們的 [say do] 文化。他們相信我們的多式聯運產品，他們想要更多，但部分原因是受到經濟和整體貨運需求的影響。我們非常有信心，我們在市場上擁有差異化的產品，這將支持我們獲得市場份額的能力。到目前為止，我們對投標過程中取得的結果感到鼓舞，並期待有機會證明我們可以為客戶提供的價值。

In closing, we strongly believe in the strength of our Intermodal franchise and its opportunities to drive significant growth over many years. It provides significant value for our customers with opportunities to save money by converting freight from the highway to Intermodal, which reduces cost and is further supported by fuel costs and carbon emissions savings. We are in the best position to commit more Intermodal capacity to our customers as we progress further through the current bid season, which should present meaningful opportunities to unlock value in our network for the benefit of all of our stakeholders. That concludes my prepared remarks so I'll turn it over to Brad Hicks.

最後，我們堅信我們的多式聯運特許經營權的實力及其在多年內推動顯著增長的機會。它為我們的客戶提供了巨大的價值，使他們有機會通過將貨運從高速公路轉換為多式聯運來節省資金，從而降低成本，並進一步得到燃料成本和碳排放節省的支持。隨著我們在當前投標季節取得進一步進展，我們處於向客戶承諾更多多式聯運能力的最佳位置，這應該提供有意義的機會來釋放我們網絡中的價值，造福於我們所有的利益相關者。我準備好的發言到此結束，所以我將把它交給 Brad Hicks。

Thank you, Darren, and good afternoon. I'll review the performance of our Integrated Capacity Solutions and Truckload segments, what we collectively call Highway Services. I will also provide an update on J.B. Hunt 360. But before we begin, as mentioned in our release, we carved out our LTL operations from ICS, which are now included in Final Mile. We also carved out most of the operations of our company-owned trucks from JBT, which are now included in DCS results.

謝謝你，達倫，下午好。我將回顧我們的綜合容量解決方案和卡車負載部分的性能，我們統稱為公路服務。我還將提供有關 J.B. Hunt 360 的更新。但在我們開始之前，正如我們的發布中所提到的，我們從 ICS 中分離出 LTL 操作，現在包含在 Final Mile 中。我們還從 JBT 剝離了我們公司擁有的卡車的大部分業務，這些業務現在包含在 DCS 結果中。

I will speak to our results on a reported basis with the adjustments to our prior periods. Regarding this shift, we believe that better aligns the management of these particular businesses and allows Highway to focus our efforts on leveraging our J.B. Hunt 360 platform to source third-party capacity for the movement of full truckload freight.

我將在報告的基礎上討論我們的結果，並對我們之前的時期進行調整。關於這一轉變，我們認為這可以更好地調整這些特定業務的管理，並讓 Highway 能夠集中精力利用我們的 J.B. Hunt 360 平台為整車貨運的移動尋找第三方能力。

Now turning to the business, I'll start off with ICS. Top line revenue was down 42%, driven largely by a 25% decline in volume. The truckload market continues to see significant pressure on both volume and price and we are certainly seeing that, particularly in the spot market as our contractual truckload volumes were up in the quarter. Touching on our volume performance, we are not immune to the market but we are also not meeting our expectations.

現在轉向業務，我將從 ICS 開始。營收下降 42%，主要原因是銷量下降 25%。卡車市場繼續在數量和價格上承受巨大壓力，我們當然看到了這一點，特別是在現貨市場，因為我們的合同卡車裝載量在本季度有所增加。談到我們的銷量表現，我們不能對市場免疫，但我們也沒有達到我們的預期。

That said, I want to remind you of the work ICS, powered by J.B. Hunt 360, handled a year ago to help meet the needs of our Intermodal and Dedicated customers as congestion and equipment delays tempered our ability to serve their needs. ICS was able to step in and cover freight, which is a testament to the power of our scroll and our mode-neutral approach. However, as we stand here today, we are clearly facing tougher comps as a result of that dynamic.

也就是說，我想提醒您一年前由 J.B. Hunt 360 提供支持的 ICS 工作，以幫助滿足我們的多式聯運和專用客戶的需求，因為擁堵和設備延遲削弱了我們滿足他們需求的能力。 ICS 能夠介入並承擔運費，這證明了我們捲軸的力量和我們模式中立的方法。然而，當我們今天站在這裡時，由於這種動態，我們顯然面臨著更艱難的競爭。

Now moving to Truckload. Similar to my message last quarter, we continue to see demand for drop trailing capacity holding up better than the market, although we are not fully immune from these market dynamics. Our 360box volumes were up double digits in the quarter as customers continue to like the flexibility of blending their live and dropped trailer capacity needs by utilizing the J.B. Hunt 360 platform.

現在轉向 Truckload。與我上個季度的信息類似，我們繼續看到對下降尾隨產能的需求比市場表現更好，儘管我們不能完全免受這些市場動態的影響。我們的 360box 銷量在本季度增長了兩位數，因為客戶繼續喜歡通過利用 J.B.Hunt 360 平台靈活地混合他們的實時和拖車容量需求。

As it pertains to both segments, our goal remains to leverage our J.B. Hunt 360 platform and make investments that will allow us to scale our business by outpacing the market. While the market is challenging, we are focused on controlling our costs. That said, we do remain committed to our long-term investments in our people and technology to deliver exceptional value for all of our stakeholders.

由於它涉及這兩個細分市場，我們的目標仍然是利用我們的 J.B. Hunt 360 平台並進行投資，使我們能夠通過超越市場來擴展我們的業務。儘管市場充滿挑戰，但我們專注於控製成本。也就是說，我們確實繼續致力於對我們的人員和技術進行長期投資，以為我們所有的利益相關者提供卓越的價值。

Wrapping up quickly on 360, we have built the foundation of our platform and what we need to commercialize to our customers and carriers. Our task now is to scale and optimize these investments. As you might have noticed, we did backed up on some of the stats on 360, both on a dollar and a percentage basis. A significant portion of that is market-driven but some of that was intentional in the quarter. We did have to insert some manual processes and restrict some third-party capacity on the platform to manage risks around several large cargo theft rings. This did impact profitability in both segments in the quarter.

在 360 上迅速結束，我們已經建立了我們平台的基礎以及我們需要向我們的客戶和運營商商業化的東西。我們現在的任務是擴大和優化這些投資。您可能已經註意到，我們確實支持 360 的一些統計數據，包括美元和百分比。其中很大一部分是市場驅動的，但其中一些是本季度有意為之的。我們確實不得不在平台上插入一些手動流程並限制一些第三方能力來管理幾個大型貨物盜竊團伙的風險。這確實影響了本季度兩個部門的盈利能力。

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

我的評論到此結束，所以我將把它交給 Brad Delco，讓他在接線員打開問答電話之前給出一些說明。

Thanks, Brad. And Sierra, in the interest of time and based on the number of callers we have in queue, we're going to do 1 question with no follow-ups. Sierra, you may open the queue for questions.

謝謝，布拉德。 Sierra，為了節省時間，並根據我們排隊的呼叫者數量，我們將做 1 個問題，沒有跟進。 Sierra，你可以打開問題隊列。

(Operator Instructions)

（操作員說明）

Our first question today comes from Jordan Alliger with Goldman Sachs.

我們今天的第一個問題來自高盛的 Jordan Alliger。

Can you maybe touch base a little bit on -- a little more color around the customer signals you're hearing on Intermodal? I know it's sort of a cautious outlook but perhaps relative to what you were thinking in January with inventory restocking, even thoughts on second half peak season. Is there any sort of change in signaling from when you guys talked to us back in January?

你能不能稍微談談——在多式聯運上聽到的客戶信號周圍多一點顏色？我知道這是一個謹慎的前景，但也許相對於你在 1 月份對庫存補貨的想法，甚至是對下半年旺季的想法。與你們在 1 月份與我們交談時相比，信號有任何變化嗎？

Yes. So throughout the quarter, I think we were successful in the bid cycle, and some of that volume hasn't really materialized. Our customers throughout the quarter did remain optimistic for stronger volumes in the second half of the year. We shared at multiple conferences that we are slightly less optimistic than our customers.

是的。因此，在整個季度中，我認為我們在投標週期中取得了成功，其中一些數量並未真正實現。整個季度，我們的客戶確實對下半年的銷量增長持樂觀態度。我們在多個會議上表示，我們的樂觀程度略低於客戶。

At the end of the day, our volumes and customer bid compliance is at an all-time low. And so that naturally creates some question marks. Our customers want more of what we do, when they need it. Import volumes are clearly not strong. And so there's question marks out there about what will happen in the second half of the year. And so as the quarter went on, I would say, we're slightly less optimistic. We've said that multiple times. Outside of that, I don't know what else to say other than I know our customers do want our capacity as soon as the import volumes return to normal.

歸根結底，我們的交易量和客戶投標合規性處於歷史最低水平。因此，這自然會產生一些問號。我們的客戶在需要時想要更多我們所做的事情。進口量顯然並不強勁。因此，關於今年下半年會發生什麼還存在問號。因此，隨著本季度的進行，我會說，我們稍微不那麼樂觀了。我們已經說過多次了。除此之外，除了我知道一旦進口量恢復正常，我們的客戶確實需要我們的產能之外，我不知道還能說些什麼。

Our next question comes from Jon Chappell of Evercore.

我們的下一個問題來自 Evercore 的 Jon Chappell。

Darren, I'm going to stick with you in the bid process. You said you're encouraged by the results so far. Can you just explain a little bit? Are you encouraged by the wins you're getting? Are you encouraged by pricing maybe being a bit more resilient than maybe the freight recession that Shelley referenced would typically indicate? And to the extent that it's the latter, any type of numbers you can give around kind of year-over-year sequential pricing comparisons within those bid processes?

達倫，在競標過程中我會支持你。你說你對目前的結果感到鼓舞。你能解釋一下嗎？您對獲得的勝利感到鼓舞嗎？定價可能比 Shelley 提到的運費衰退通常表明的更具彈性，這讓您感到鼓舞嗎？就後者而言，您可以提供任何類型的數字來圍繞這些投標過程中的年度連續定價比較進行比較嗎？

Yes. So I'm not going to give any guidance on this call, to be clear. I think we're encouraged by both and encouraged by both price and volume meaning I think we're winning volume that our customers believe that they will have and encouraged by price in that I don't think it's behaved any more challenging than what we expected coming into the year.

是的。明確地說，我不會就這次電話會議提供任何指導。我認為我們受到價格和數量的鼓舞，也受到價格和數量的鼓舞，這意味著我認為我們贏得了客戶相信他們會擁有的數量，並且受到價格的鼓舞，因為我認為它的表現並不比我們的更具挑戰性預計進入年內。

Look, there's challenge on price. There's also cost to take out. Part of the cost to take out comes with volume pouring over the top. And so we're encouraged by the volume wins we have received on paper. We are -- we haven't seen all that volume yet. So there are, again, kind of like the last question, still a handful of question marks out there. But I would say the bid season, I remain optimistic about our future. There is going to come a day when imports improve from where they are. When will that be? I don't know the answer to that. But it will improve and we stand to gain tremendously when that happens.

看，價格上有挑戰。外帶也是有成本的。取出的部分成本來自頂部的體積。因此，我們對紙面上獲得的銷量勝利感到鼓舞。我們 - 我們還沒有看到所有的數量。因此，這裡又有點像最後一個問題，仍然有一些問號。但我要說的是申辦季，我對我們的未來保持樂觀。總有一天進口會比現在有所改善。那會是什麼時候？我不知道答案。但它會有所改善，當這種情況發生時，我們將獲得巨大收益。

Our next question is from Scott Group with Wolfe Research.

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

So Darren, you've got 17% of the boxes parked in Q1. Are you still buying boxes? Are you -- and parking more? Are there any green shoots that have you unparking any boxes? And then as I look ahead, I suspect Intermodal price probably moves lower from Q1 to Q2. In that kind of environment, can Intermodal margin earnings improve from Q1 to Q2? Or does price naturally just take the margin earnings down a bit more?

所以達倫，你有 17% 的箱子停在第一季度。你還在買盒子嗎？你 - 並且停車更多嗎？是否有任何綠芽讓您卸下任何箱子？然後當我展望未來時，我懷疑多式聯運價格可能會從第一季度到第二季度走低。在這種環境下，多式聯運利潤率能否從第一季度提高到第二季度？還是價格自然會進一步降低利潤率？

Well, number one, I'm not going to guide you on that second half of that question. I think as it relates to the equipment and storage, when we buy our equipment, we're buying it for the long term. When we announced in March of '22 a pathway to 150,000 containers over 3 to 5 years, that's because the opportunity that presents itself to us for the long term is significant. We did slow down onboarding equipment during the first quarter from the run rate we had been on in the back half of '22.

好吧，第一，我不會在這個問題的後半部分指導你。我認為這與設備和存儲有關，當我們購買設備時，我們會長期購買。當我們在 22 年 3 月宣佈在 3 到 5 年內達到 150,000 個容器的途徑時，那是因為從長遠來看，向我們展示的機會是巨大的。我們確實在第一季度放慢了我們在 22 年下半年的運行速度。

Velocity from our rail providers as well as customer unloading has unlocked a tremendous amount of capacity. And so our opportunity to grow even while equipment is in storage remains intact, and we have ample capacity to do what we need with our customers. Look, in terms of the margin profile as we move forward, we continue to be confident in our ability to take cost out as we pour volume over the top. We have long-term margin targets that are not being changed, and we're confident in our ability to win and grow with our customers at acceptable returns.

我們鐵路供應商的速度以及客戶卸貨已經釋放出巨大的容量。因此，即使設備處於存儲狀態，我們的增長機會仍然完好無損，而且我們有足夠的能力與客戶一起做我們需要的事情。看，就我們前進的利潤率而言，我們繼續相信我們有能力在我們將數量倒在頂部時降低成本。我們有不會改變的長期利潤率目標，我們有信心以可接受的回報贏得客戶並與客戶一起成長。

Our next question comes from Chris Wetherbee with Citigroup.

我們的下一個問題來自花旗集團的 Chris Wetherbee。

Darren, maybe sticking with you here. Just in terms of just outlook for Intermodal for 2023, you were pretty clear on the last conference call about your expectations for growth in the business. I don't want to put words in your mouth but I just want to make sure I understand sort of what your expectations are for whether it be revenue loads, profit for the segment for 2023 and what maybe has changed, if anything.

達倫，也許在這里和你在一起。就 2023 年多式聯運的前景而言，您在上次電話會議上非常清楚您對業務增長的預期。我不想把話說到你嘴裡，但我只是想確保我了解你對收入負荷、2023 年該部門的利潤以及可能發生的變化（如果有的話）的期望。

So listen, on the first -- on the fourth quarter call back in January, I did say I expected to grow revenue, loads and income. J.B. Hunt's a growth company. That's our expectation around here every day no matter what the conditions. That statement wasn't intended to be guidance but clearly, that's how it was interpreted. Again, as we go through the year, we're working with the customers, talking to them about what their expectations are and that largely defines our own.

所以聽著，在一月份的第四季度電話會議上，我確實說過我希望增加收入、負荷和收入。 J.B. Hunt 是一家成長型公司。這是我們每天在這裡的期望，無論條件如何。該聲明並非旨在作為指導，但很明顯，這就是它的解釋方式。同樣，在我們度過這一年的過程中，我們正在與客戶合作，與他們討論他們的期望是什麼，這在很大程度上定義了我們自己的期望。

And as we go through -- as we were coming into the year, we probably had a lot of confidence in demand growth as 2023 went on. At this point, our customers have been less accurate than ever before. And so we're still waiting to see what happens. As far as an update to that statement, I don't have an update for you. I know our system is built to handle 15% to 20% more, as I said in my prepared comments, and we look forward to growing with our customers through the rest of the year.

隨著我們的經歷——進入新的一年，我們可能對 2023 年的需求增長充滿信心。在這一點上，我們的客戶比以往任何時候都不太準確。所以我們還在等著看會發生什麼。至於該聲明的更新，我沒有為您提供更新。正如我在準備好的評論中所說，我知道我們的系統旨在處理 15% 到 20% 的數據，我們期待在今年餘下的時間裡與客戶一起成長。

Our next question is from Justin Long with Stephens.

我們的下一個問題來自 Justin Long 和 Stephens。

Maybe I'll just take a step back from Intermodal, and John Roberts, I had a high-level question for you. So if we see weakness in the freight market and the economy persist into the second half, how does that change the way you think about managing the business in terms of both your growth plans and the cost structure? And are you already making any pivots today based on how your expectations for the rest of the year have evolved?

也許我會從 Intermodal 退後一步，John Roberts，我有一個高級問題要問你。因此，如果我們看到貨運市場疲軟且經濟持續到下半年，這將如何改變您在增長計劃和成本結構方面管理業務的方式？您今天是否已經根據您對今年剩餘時間的期望如何演變做出了任何調整？

Justin, well, I think the real question is the timing. Darren just said it, I've talked to Shelley earlier today about the same idea that it's not really a question of if the freight demand will come back to normal. It's just really a question of when. And having the experience that we have around this table has really helped us position our thinking and our direction because we've been through freight cycles in the past. Some of us have been through quite a number of freight cycles in the past.

賈斯汀，嗯，我認為真正的問題是時機。達倫剛剛說過，我今天早些時候與雪萊談過同樣的想法，即貨運需求是否會恢復正常並不是真正的問題。這真的只是什麼時候的問題。我們在這張桌子周圍的經驗確實幫助我們定位了我們的想法和方向，因為我們過去經歷過貨運週期。我們中的一些人過去經歷過相當多的貨運週期。

And so we know these times are coming. And if you look at what we've done with the company over the last maybe 10 years or so, every time we go through a cycle, we learn something about how our business runs up and then back down. And we have made very serious and intentional decisions about, for instance, how we place assets. You'll note that I think, Brad, in your comments, we've transitioned essentially all of the power into Dedicated where we can monitor it differently because we can see things in Dedicated's business model in a way that we like differently than we can sometimes see in a network model.

所以我們知道這些時代即將到來。如果你看看我們在過去 10 年左右的時間裡對公司所做的事情，每次我們經歷一個週期時，我們都會了解我們的業務如何運行然後倒退。我們已經做出了非常認真和有意的決定，例如，我們如何放置資產。你會注意到，我認為，Brad，在你的評論中，我們已經將基本上所有的權力轉移到 Dedicated 中，我們可以在其中以不同的方式對其進行監控，因為我們可以以我們喜歡的不同方式看待 Dedicated 的業務模型中的事物有時在網絡模型中看到。

And so if we look at where we are right now, and we think well, maybe this timing, we didn't quite get that right, that's going to be part of the reality that we live in. And because we have the experience and because the folks that are around this table have made mistakes and made good decisions, I think we're really just questioning how we time our reentry into a more normalized system.

因此，如果我們看看我們現在所處的位置，並且我們認為很好，也許這個時機，我們沒有完全正確，那將成為我們生活的現實的一部分。而且因為我們有經驗和因為坐在這張桌子周圍的人犯了錯誤並做出了正確的決定，我認為我們真的只是在質疑我們如何安排重新進入更規範化的系統的時間。

Now we are in leadership positions in many of our businesses, and our customers really appreciate that. We can handle scale. And so we don't want to lose any of that positioning value. I can say that right now, as we started to see the year present itself a little differently than we had expected from our planning sessions, immediate action and intense focus has been taken on elements of cost. As Darren pointed out, we're running our playbooks through bids. I think Nick will comment on what his business looks like, what we're seeing in the world of Highway Services.

現在我們在許多業務中處於領導地位，我們的客戶對此非常感激。我們可以處理規模。所以我們不想失去任何定位價值。我現在可以說，當我們開始看到今年的表現與我們在計劃會議上的預期略有不同時，我們立即採取行動並高度關注成本要素。正如 Darren 指出的那樣，我們正在通過投標來運行我們的劇本。我想 Nick 會評論他的業務是什麼樣的，我們在公路服務領域看到了什麼。

Those things are teaching us that we've got to be maybe a little bit more fluid. It's a word that Shelley used with me earlier today. And I am aware, of course, we're not going to speak of details, but I'm aware of many efforts and elements that are ongoing today that will really continue to help us stay healthy while we get to that other side, which we know is not a question of if it will present itself but when, so we just have to be patient and careful and thoughtful.

這些事情告訴我們，我們必須更加流暢。這是雪萊今天早些時候對我說的一個詞。我知道，當然，我們不會談論細節，但我知道今天正在進行的許多努力和因素將真正繼續幫助我們在到達另一邊時保持健康，我們知道這不是它是否會出現的問題，而是什麼時候出現的問題，所以我們只需要耐心、謹慎和周到。

Our next question is from Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Darren, I just want to circle back on the bid compliance. I think a couple of quarters ago, you talked about 60% to 70%. Where is that number now, just trying to get a sense. And then just you've always talked about a lot of costs in the system that can come out. And so I guess another way to ask it, when I look at operating profit dollars per load, it's basically almost doubled from 2020 to 2022. And I guess the question is, how much of that gain do you think you can hold on to as the volume environment remains challenging, and that there's like a pricing reset really at the start of the back half of the year? So bid compliance and then kind of talk about your ability to maintain the line on operating profit dollars per load.

達倫，我只想回到投標合規性上。我想幾個季度前，你談到了 60% 到 70%。現在那個數字在哪裡，只是想了解一下。然後你一直在談論系統中可能會產生的很多成本。所以我想換一種方式來問它，當我看每負載的營業利潤美元時，從 2020 年到 2022 年基本上幾乎翻了一番。我想問題是，你認為你可以保持多少收益銷量環境仍然充滿挑戰，而且在今年下半年開始時真的會重新定價嗎？所以出價合規，然後談談你維持每負荷營業利潤美元線的能力。

This is impressive, how you guys get more than one question in, so bid compliance is sub-60%, middle-50s and it's terrible, it's an all-time worst. So we'll see when that improves. Obviously, our transcontinental business is largely tied to imported goods. And there's real significant challenge with bid compliance on that business is pretty poor.

這令人印象深刻，你們如何得到不止一個問題，所以投標合規性低於 60%，50 多歲，這很糟糕，這是有史以來最糟糕的。所以我們看看什麼時候會有所改善。顯然，我們的橫貫大陸業務主要依賴於進口商品。在該業務的投標合規性非常差的情況下，確實存在重大挑戰。

The cost takeout, one of the thoughts there has been, hey, we had weakness in velocity, so spreading the fixed cost of owning the equipment over more loads with better velocity is a cost takeout. But that comes with volume. We had driver productivity challenges as a result of poor rail service. And as rail service improves, we get stronger driver productivity and better utilization of our drayage assets. That's a cost takeout on per load economics.

成本外賣，其中一個想法是，嘿，我們在速度方面存在弱點，因此將擁有設備的固定成本分攤到更多負載上，速度更快，這是一種成本外賣。但這伴隨著音量。由於鐵路服務不佳，我們面臨司機生產力挑戰。隨著鐵路服務的改善，我們獲得了更高的司機生產力和更好地利用我們的拖運資產。這是每負載經濟的成本外賣。

And then just staffing and overhead and how do we pour more loads over the system without adding overhead and all of those actions are available to us that come with volume. Will we sustain the current op income per load? I don't have any idea. I know this, that we're going to be happy with the return profile on our business and our cutomer want more of our product, and I think that gives us an opportunity to price it fairly and anticipate a fair return for the work that we do. We must provide them an excellent customer service experience and we have to be good at communicating what their experience should be like. But I don't have any guidance on income per load. What I know is we have a long term margin target. We'll live within those boundaries, and we expect that our return is going to be -- warrants reinvestment in our business.

然後只是人員配備和管理費用，以及我們如何在不增加管理費用的情況下將更多的負載加到系統上，所有這些操作都可以隨數量一起提供給我們。我們會維持當前的每負載運營收入嗎？我不知道。我知道這一點，我們會對我們業務的回報情況感到滿意，我們的客戶想要更多我們的產品，我認為這給了我們一個公平定價的機會，並預期我們所做的工作會得到公平的回報做。我們必須為他們提供出色的客戶服務體驗，我們必須善於傳達他們的體驗應該是什麼樣的。但我沒有任何關於每負載收入的指導。我所知道的是我們有一個長期的保證金目標。我們將生活在這些界限內，我們希望我們的回報將是——保證對我們的業務進行再投資。

Our next question comes from Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

Just a follow-up on the, I guess, normalization of operating profit per load. Can you just talk about the congestion fees? It sounds like the costs are still there to come out but what about the congestion fees if you're not really seeing the detention times as high as they were at the customers? And maybe if you can just talk broadly on safety, you did mention a few times, I think it might be a little hard to move the needle but it has been a challenge in the past. So I'd be curious to hear your thoughts on how quickly you can make some improvements there?

我猜，這只是對每負荷營業利潤正常化的後續行動。你能談談擁堵費嗎？聽起來成本仍然存在，但如果您沒有真正看到客戶的滯留時間和客戶一樣長，那麼擁堵費呢？也許如果你能廣泛地談論安全問題，你確實提到過幾次，我認為移動針頭可能有點困難，但過去一直是一個挑戰。所以我很想听聽您對可以多快在那裡做出一些改進的想法？

Okay. I'll quickly touch on storage fees. (inaudible) is really what I think you're getting at. We've highlighted many times, we're not going to break that out. I don't think that we've said before, don't over-assume how much of a factor that is in terms of our income. Clearly, customers are unloading faster. That revenue was down in the quarter year-over-year, and the results are the results. The cost takeout does come faster with volume poured over the system. I'll let Nick comment on safety.

好的。我將很快談到倉儲費。 （聽不清）真的是我認為你的意思。我們已經強調了很多次，我們不打算打破它。我不認為我們之前說過，不要過分假設這對我們的收入有多大影響。顯然，客戶卸貨速度更快。該季度收入同比下降，結果就是結果。隨著大量湧入系統，成本支出確實來得更快。我會讓尼克評論安全問題。

Yes, I'll take the safety question. We were faced with some challenges clearly in Q1. Saw some last year. We had a tremendous growth. In the meantime, we have tremendous growth across the organization with new managers, new drivers. It presents some challenges to us. We're encouraged by the progress we're making, still got a long way to go.

是的，我會回答安全問題。我們在第一季度顯然面臨著一些挑戰。去年看過一些。我們取得了巨大的進步。與此同時，我們在整個組織中有了巨大的增長，有了新的經理和新的驅動力。它給我們帶來了一些挑戰。我們對我們正在取得的進展感到鼓舞，還有很長的路要走。

In addition to that, the inward-facing cameras, we're rolling that out. And so we think that's going to -- well, we know it's going another 1.5 years to 2 years to get fully implemented. But we're encouraged by the progress we're seeing there. So I would just say we're focused on it, and we'll keep chipping away on our safety numbers. And we've seeing good results so far at the end of Q1 from what we've seen.

除此之外，面向內的攝像頭，我們正在推出。所以我們認為這將 - 好吧，我們知道還需要 1.5 到 2 年才能完全實施。但我們對在那裡看到的進展感到鼓舞。所以我只想說我們專注於它，我們將繼續削減我們的安全數字。從我們所看到的情況來看，到目前為止，我們在第一季度末看到了良好的結果。

Our next question is from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

Just on Intermodal volumes, could you maybe talk about the sequential strength you saw in the quarter and how they compare with what you would typically see in terms of seasonality in Q1? Just any thoughts there.

就多式聯運量而言，您能否談談您在本季度看到的連續優勢，以及它們與您通常在第一季度的季節性方面看到的相比如何？只是有任何想法。

Well, I mean, we highlighted negative 2% in January, negative 4% in February and negative 8% in March. I think that we would normally anticipate our volumes to be improving year-over-year every month of the year. And then historically, the first quarter might actually trail the fourth quarter in terms of volume and then you build back up over the course of the year and I would call that very normal, that Q2 is growing over Q1, Q3 even over Q1 and then Q4 is going to be your strongest quarter, take a little step back in the first quarter of the next year and then keep growing. That is -- that's probably a 15-year historical view that would be very normal.

好吧，我的意思是，我們強調了 1 月份的負 2%、2 月份的負 4% 和 3 月份的負 8%。我認為我們通常會預計我們的銷量在一年中的每個月都會同比增長。然後從歷史上看，第一季度的銷量實際上可能落後於第四季度，然後你會在一年中重新建立起來，我認為這是非常正常的，第二季度比第一季度、第三季度甚至超過第一季度都在增長，然後第 4 季度將是您最強勁的季度，在明年第一季度退後一步，然後繼續增長。也就是說——這可能是一個非常正常的 15 年曆史觀點。

Right now, when I go back to a year ago, volumes were really strong. I think the second quarter last year was probably our record volume quarter -- year quarter at any time in any year. And imports were strong. And as the second half last year continued, import flows began to change. And so we'll have to see what that means this year. But as we move into the rest of the year, we do anticipate that we can get back on a growth trajectory but we're also in a little bit of wait and see and wait for customer compliance to improve and demand, particularly on the West Coast, to improve.

現在，當我回到一年前時，交易量非常強勁。我認為去年第二季度可能是我們創紀錄的季度 - 任何一年的任何時候的年度季度。進口強勁。隨著去年下半年的繼續，進口流量開始發生變化。因此，我們必須在今年看看這意味著什麼。但隨著我們進入今年剩餘時間，我們確實預計我們可以回到增長軌道，但我們也在觀望，等待客戶合規性的改善和需求，特別是在西方海岸，改善。

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

我們的下一個問題來自美國銀行的 Ken Hoexter。

I guess, John, Shelley or I guess, Brad, just to continue on that, you noted we're in a freight recession, accelerating declines with down 8%. I guess you're saying that it gets even tougher as you move into April and 2Q. I guess, are there any signs of, from an ICS point of view, seeing capacity come out? Is there anything you're starting to see peaking out of inventory levels? Any signs on how we could see this peak out? Or is 2Q going to be, it sounds like from that last commentary, maybe even worse than 1Q?

我想，約翰、雪萊，或者我想，布拉德，繼續說下去，你注意到我們正處於貨運衰退中，加速下降，下降了 8%。我猜你是說隨著進入 4 月和第二季度，情況會變得更加艱難。我想，從 ICS 的角度來看，是否有任何跡象表明容量會出現？您是否開始看到庫存水平達到頂峰？關於我們如何看到這個峰值的任何跡象？或者 2Q 會是，從最後的評論聽起來，甚至可能比 1Q 更糟糕？

Yes, Ken, this is Brad. I'll start from an ICS perspective and anybody else is free to add in there. As we came into the year, Darren covered nicely what our macro thoughts and we're seeing more pronounced in Highway and in ICS, in particular, kind of the freight recession impact. We're not really seeing a high volume of carriers exit at this point, although you can see in our reported data that we did reduce our active carriers. That was in part to my comment on some of the steps that we saw occur in the quarter.

是的，肯，這是布拉德。我將從 ICS 的角度出發，其他任何人都可以自由添加。當我們進入這一年時，Darren 很好地涵蓋了我們的宏觀想法，我們在公路和 ICS 方面看到的更為明顯，尤其是貨運衰退的影響。儘管您可以在我們報告的數據中看到我們確實減少了活躍運營商，但我們目前並沒有真正看到大量運營商退出。這部分是因為我對我們在本季度看到的一些步驟發表了評論。

And so we kind of called out and established new parameters there. So that's not an indication necessarily of carrier loss. It was our processes and protocols that we implemented to create better protection for us against that specific set of circumstances. And quite frankly, the market itself is more pronounced in spot. We were a little bit over-indexed through the height of the pandemic in assisting our customers in their disrupted need. And quite frankly, we were probably behind on the published side coming into this current environment.

因此，我們有點大聲疾呼並在那裡建立了新參數。所以這不一定表示載波丟失。我們實施的流程和協議是為了更好地保護我們免受特定情況的影響。坦率地說，市場本身在現貨方面更為明顯。在大流行的高峰期，我們在幫助客戶滿足他們中斷的需求方面有點過度索引。坦率地說，我們可能落後於出版方進入當前環境。

We worked tirelessly to recover from that. And I think you can see we're north of 60% on published freight at this point in time. But obviously the heavy volumes in spot and what occured in spot in the back half of last year, the first part of this year was a negative to our overall book and our overall performance.

我們不知疲倦地努力從中恢復過來。我想你可以看到我們在這個時間點公佈的運費超過 60%。但很明顯，去年下半年現貨交易量很大，今年上半年對我們的整體賬面和整體表現不利。

Ken, I might add just a couple of things to that. We do see a low point of what's happening in spot and from a capacity perspective, our evaluation of how [cures] can perform in this environment makes it very difficult for spot to go significantly lower. I'm not suggesting we completely found the bottom but we have seen a more leveling out Brad of what's happening in the spot market.

肯，我可能會補充幾件事。我們確實看到了 spot 發生的事情的低點，並且從容量的角度來看，我們對 [治愈] 在這種環境中如何執行的評估使得 spot 很難顯著降低。我並不是說我們完全找到了底部，但我們已經看到布拉德對現貨市場正在發生的事情更加趨於平穩。

So just from a capacity perspective, we estimate that they are losing money to breaking even at this point. It has been for a period of time. Typically, that can't last for a long period of time, so the one note that I would say. And from an inventory perspective, we did spend a lot of time with our customers. I think they are struggling to really forecast what consumers are going to do. It's one of the reasons that we're more cautious on our outlook.

因此，僅從產能的角度來看，我們估計他們目前正在虧錢以達到收支平衡。已經有一段時間了。通常，這不會持續很長時間，所以我要說的是。從庫存的角度來看，我們確實花了很多時間與客戶在一起。我認為他們正在努力真正預測消費者將要做什麼。這是我們對前景更加謹慎的原因之一。

Certainly, what Darren talked about on bid compliance. That's just in intermodal. JBT is similar. The brokerage side is even worse than that. So across all of our transactional businesses, I would say it's been very difficult for our customers to forecast. I think that's the reason we're not giving any more color as to what we think for the back half of the year. We can go off of their optimism and them wanting to purchase our services, but I think it's just a little more caution from us as to what the timing will be in total.

當然，Darren 談到了關於投標合規性的內容。那隻是多式聯運。 JBT 是相似的。經紀方面的情況更糟。因此，在我們所有的交易業務中，我想說我們的客戶很難預測。我認為這就是我們不對下半年的想法給出更多顏色的原因。我們可以擺脫他們的樂觀情緒，他們希望購買我們的服務，但我認為我們對總的時間安排要多一些謹慎。

Our next question is from Tom Wadewitz with UBS.

我們的下一個問題來自瑞銀的 Tom Wadewitz。

Wanted to see if you could give some comments on the revenue per load in Intermodal. We saw, I think it's about a 9% decline sequentially 1Q versus 4Q. Is that a function of lower contract rates or is that accessorial and other? And maybe just kind of how we think about the cadence of when new contract rates affect the business, is that -- did you see that in 1Q or does that really not start until 2Q?

想看看您是否可以對多式聯運中每次裝載的收入發表一些評論。我們看到，我認為第一季度與第四季度相比下降了約 9%。這是較低合同費率的功能還是輔助和其他功能？也許只是我們如何看待新合同費率何時影響業務的節奏，那是 - 你在 1Q 看到了嗎，還是真的要到 2Q 才開始？

Okay. Well, I think there's a lot in that question. Mix of our business can play an enormous role and we highlighted that we were negative 9% transcon, plus 1% East. That's going to influence our overall revenue per load. Certainly, all of the factors you highlighted are part of it, in terms of the way we implement pricing, what we've highlighted multiple times is we implement approximately 30% of our business in Q1, 30% in Q2, 30% in Q3 and 10% in Q4.

好的。好吧，我認為這個問題有很多。我們的業務組合可以發揮巨大作用，我們強調我們負 9% transcon，外加 1% East。這將影響我們每次負載的總收入。當然，您強調的所有因素都是其中的一部分，就我們實施定價的方式而言，我們多次強調的是我們在第一季度實施了大約 30% 的業務，第二季度實施了 30%，第三季度實施了 30%第四季度為 10%。

Current cycle, so I don't know that it's any different than that. Customers -- our ability to predict what's going on with that. I mean, Shelley just highlighted it. It's never been more challenging to know just what's going to happen with volumes. And i said earlier, I mean, the pricing market has largely behaved like we would have expected. And we expected some negative pressure on price.

當前週期，所以我不知道它與那個有什麼不同。客戶——我們預測未來情況的能力。我的意思是，雪萊只是強調了它。了解卷會發生什麼從未像現在這樣具有挑戰性。我之前說過，我的意思是，定價市場的表現基本上符合我們的預期。我們預計價格會受到一些負面壓力。

So I don't know how to give you any kind of further info on what to expect with price. I just know that certainly, the impact of shorter length of haul and growth in the east more than transcon, once our transcon gets back to normal, you can expect that, that would be helpful to the revenue per load.

所以我不知道如何為您提供任何關於價格預期的進一步信息。我只知道，當然，較短的運輸距離和東部增長的影響大於 transcon，一旦我們的 transcon 恢復正常，你可以預期，這將有助於提高每負載的收入。

Our next question is from Ari Rosa with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Ari Rosa。

So we've seen a lot of changing dynamics out West, obviously with some of your IMC competitors switching between railroads. I'm a little surprised to see, I guess, the extent of the weakness in volumes. I was hoping you could just talk about the dynamics of what's driving the weakness out West. Is it really just that kind of international Intermodal business or is there an element that's being driven by competition. And then, in that context how are you thinking about your ability to longer term -- to take share, particularly in the West?

所以我們已經看到西部發生了很多變化，很明顯，你的一些 IMC 競爭對手在鐵路之間轉換。我想，看到銷量疲軟的程度，我有點驚訝。我希望你能談談推動西部疲軟的動力。它真的只是那種國際多式聯運業務，還是存在競爭驅動的因素。然後，在這種情況下，您如何考慮您長期分享的能力，尤其是在西方？

Okay. Well, let me be very clear. I don't believe we're losing share in the West to a competitor. I feel very confident that our customers want our business, what, to prove it, that we're taking share but I feel very confident in our competitive's environment against IMCs on the Union Pacific. Largely, the weakness in the West is almost purely related to the import economics.

好的。好吧，讓我說得很清楚。我不認為我們在西方的份額正在被競爭對手奪走。我非常有信心，我們的客戶想要我們的業務，證明這一點，我們正在分享，但我對我們在 Union Pacific 上與 IMC 的競爭環境非常有信心。在很大程度上，西方的疲軟幾乎完全與進口經濟有關。

International Intermodal that comes in and goes intact is down, but so is just imports in general that feed warehouses throughout California and then create full truckload shipments out of there and the transload model. So all of that business is down. But I do expect and anticipate that J.B. Hunt is growing share in all markets in Intermodal.

完整進出的國際多式聯運正在下降，但一般來說，進口也是如此，這些進口為整個加利福尼亞州的倉庫提供食物，然後從那裡創建整車運輸和轉運模型。所以所有的生意都倒閉了。但我確實期待並預計 J.B. Hunt 在多式聯運所有市場中的份額都會增加。

Our next question is from Bascome Majors with Susquehanna.

我們的下一個問題來自 Bascome Majors 和 Susquehanna。

Heading into the year, it didn't feel like either Hunt or retailers are really rolling in the market. There was a lot of expectation for import recovery either in the West Coast or nationally in the first quarter. And so I wanted to drill into a little more of what really -- or what was the most impactful change that really caused you to discount your optimism over the 2.5 or 3 months since we talked in January? And on the other side of that, what 1 or 2 shifts do you want to see either in data you track or your customer messaging to ratchet that optimism back up?

進入這一年，感覺 Hunt 或零售商並沒有真正在市場上滾動。第一季度，無論是在西海岸還是在全國范圍內，人們都對進口復蘇抱有很大的期望。因此，我想深入了解一下真正的 - 或者自我們 1 月份談話以來的 2.5 或 3 個月內真正讓你打消樂觀情緒的最具影響力的變化是什麼？另一方面，您希望在您跟踪的數據或您的客戶消息傳遞中看到哪些 1 或 2 個轉變來增強樂觀情緒？

Well, I mean, I don't know that we anticipated strength or a rebound in imports in Q1. When we talk about what might have gradually changed over the course of the quarter. again, it was that compliance and just continued uncertainty from our customers about what the consumer was going to do and what orders would be like. I think we felt that a lot in the first quarter as we met with customers. And you could see as time went on, their ability to forecast and to even know what to expect, we had questions and that's what has created our change to some degree.

好吧，我的意思是，我不知道我們是否預期第一季度進口會強勁或反彈。當我們談論本季度可能逐漸發生的變化時。同樣，這是合規性以及我們的客戶對消費者將要做什麼以及訂單會是什麼樣子的持續不確定性。我認為我們在第一季度與客戶會面時感受到了很多。隨著時間的推移，你可以看到他們預測的能力，甚至知道會發生什麼，我們有疑問，這在某種程度上促成了我們的改變。

What do we need to happen. We need imports to improve. We need a West Coast labor agreement to finalize and give customers confidence in the West Coast import programs. More than anything, we need the economy and the goods economy to improve. That will drive the fastest response and the inventories to bleed off.

我們需要發生什麼。我們需要進口來改進。我們需要一份西海岸勞工協議來敲定並讓客戶對西海岸進口計劃充滿信心。最重要的是，我們需要改善經濟和商品經濟。這將推動最快的響應和庫存流失。

Bascome, I would add to that. I think we're using our experience through the cycles to create more cautiousness in what we think on the timing for 2023. We have a lot of customers asking us those questions. I think they have a lot of optimism and they want things to improve. We don't have the data to help support some of that. So I think it's more of our experience that's having us have a slight change. I spoke earlier that we're less optimistic, but it is a timing issue more than anything.

巴斯科姆，我要補充一點。我認為我們正在利用我們在整個週期中的經驗，對我們對 2023 年時間的看法更加謹慎。我們有很多客戶問我們這些問題。我認為他們非常樂觀，他們希望事情有所改善。我們沒有數據來幫助支持其中的一些。所以我認為更多的是我們的經驗讓我們有了一些細微的變化。我之前說過我們不那麼樂觀，但這是一個時間問題。

Our next question comes from David Zazula with Barclays.

我們的下一個問題來自巴克萊銀行的 David Zazula。

Could you just talk a little bit about Dedicated and just what the expected pace is for truck sales this year? Whether you're expecting customers to lean maybe a little more into Dedicated, like given some of the services it's going to provide in 2023?

您能談談 Dedicated 以及今年卡車銷售的預期速度嗎？您是否希望客戶更傾向於 Dedicated，比如考慮到它將在 2023 年提供的一些服務？

Yes. Well, good. Thanks for that question. We've had -- we've been talking about and looking at our sales compared to last year, and last year was just terrific. And our sales have slowed down a touch but we're very optimistic when we look in the pipeline. And we're starting to see some of our customers really ask some questions on some private fleets that we're working on to really take out cost and using our engineering resources to really not just put out a procurement bid but really how can we do things more efficient since their volume is down. So we're encouraged by that.

是的。嗯，很好。謝謝你的問題。我們已經 - 我們一直在談論和查看我們與去年相比的銷售額，去年真是太棒了。我們的銷售略有放緩，但我們對正在籌備中的情況非常樂觀。我們開始看到我們的一些客戶真的對一些私人車隊提出了一些問題，我們正在努力真正降低成本，並利用我們的工程資源來真正地不僅僅是提出採購投標，而是我們如何做事情變得更有效率，因為他們的音量下降了。所以我們對此感到鼓舞。

So I would say we still will hit our targets. We feel comfortable hitting our sales targets that we lay out every year. So we're optimistic. Our volumes in general are okay, I would say, in Dedicated. So we're continuing to go to the stores and all the things that we do on a consistent, not robust. But we have a lot of interest from a lot of different customers looking for us to help them with some solutions to take out cost. And we think that plays into our strength very nicely.

所以我想說我們仍然會實現我們的目標。我們很樂意實現每年制定的銷售目標。所以我們很樂觀。我們的捲一般來說還可以，我會說，在專用的。所以我們繼續去商店和我們做的所有事情都是一致的，而不是穩健的。但是我們有很多不同的客戶對我們很感興趣，他們希望我們幫助他們提供一些解決方案來降低成本。我們認為這很好地發揮了我們的優勢。

Our next question comes from Elliot Alper with Cowen.

我們的下一個問題來自 Elliot Alper 和 Cowen。

Staying on the Dedicated side, you spoke about the pipeline beginning to soften a bit. I guess, is there anything more you can share on that? Are these customers reducing their freight needs by, say, X number of trucks or are you seeing pockets of weakness in certain product categories?

在專用方面，您談到了管道開始軟化一點。我想，您還有什麼可以分享的嗎？這些客戶是否減少了他們的貨運需求，比如減少了 X 輛卡車，或者您是否看到某些產品類別存在弱點？

Yes. I would say we're clearly seeing some weakness when it comes to building and construction. It's where we're seeing some stuff when we kind of look at it by industry, kind of on the home side around that. But overall, I would just say, when I say it's slowing down, we're seeing decisions, we've got a lot of stuff out there waiting decisions on. And our customers are a little more skittish on making decisions, trying to figure out what's happening with their core business. And we've seen more decisions in the last couple of weeks pick up from what we've seen in the previous months. So, hopefully, that's a little bit of light in our area but we feel very optimistic about it.

是的。我想說的是，在建築方面，我們清楚地看到了一些弱點。當我們按行業來看待它時，我們會看到一些東西，有點像在家庭方面。但總的來說，我只想說，當我說它正在放緩時，我們正在看到決策，我們有很多東西在等待決策。我們的客戶在做出決策時更加謹慎，試圖弄清楚他們的核心業務正在發生什麼。在過去的幾周里，我們看到更多的決定比我們在前幾個月看到的要多。所以，希望這在我們地區有一點點光明，但我們對此感到非常樂觀。

Our next question is from Bruce Chan with Stifel.

我們的下一個問題來自 Stifel 的 Bruce Chan。

Maybe just to clean up here for John Kuhlow, specifically around the segement realignment. I'm wondering if there are any savings that we should expect in that process just in terms of leveraging people that maybe perform similar functions. Or is that really just more of a reporting or commercial impact there?

也許只是為了 John Kuhlow 清理這裡，特別是圍繞部門重新調整。我想知道在利用可能執行類似職能的人員方面，我們是否應該期望在該過程中節省任何費用。或者這真的只是更多的報告或商業影響嗎？

Yes. I don't want to draw too much attention to this. It was a little bit more of a reporting and looking at our services. We felt like like those services should -- could be better managed in -- or more aligned in some of the different segments. And so that's why we made the move. We do feel like once in those segments, there can be some margin improvement there. But for the most part, it's more of an accounting and reporting issue to get those more aligned to where the other similar services are.

是的。我不想過分關注這一點。這更多的是報告和查看我們的服務。我們覺得這些服務應該——可以更好地管理——或者在一些不同的細分市場中更加一致。這就是我們採取行動的原因。我們確實覺得一旦在這些細分市場中，那裡的利潤率就會有所提高。但在大多數情況下，讓這些服務與其他類似服務的位置更加一致更像是一個會計和報告問題。

Our final question is from David Vernon with Bernstein.

我們的最後一個問題來自伯恩斯坦的大衛弗農。

I'm wondering if you could maybe talk about your posture into this bid season. Are you kind of approaching it in a more balanced fashion? Are you focusing on maybe a little bit of share take, just given that we're in what sounds like, based on your commentary, a temporary downturn in freight demand? I'm just trying to think about how you guys are thinking about managing this period of uncertainty, particularly around the Intermodal bids.

我想知道你是否可以談談你對這個競標季節的態度。您是否以一種更平衡的方式來處理它？考慮到根據您的評論，我們正處於貨運需求暫時低迷的情況下，您是否正在關註一點點份額？我只是想想想你們是如何考慮管理這段不確定性時期的，尤其是圍繞多式聯運投標。

Well, I'll start with Highway. We've been very public in our desire to grow our published volumes, in particular, in ICS. We have had success in doing that, not enough at this point to offset the overall decline in freight demand. And I will highlight that we did see growth inside of our 360box offering in the quarter, a double-digit growth. So, very satisfied with the trajectory and the growth of that particular product offering for our customers.

好吧，我將從高速公路開始。我們一直非常公開地希望增加我們的出版量，特別是在 ICS 方面。我們在這方面取得了成功，但目前還不足以抵消貨運需求的整體下降。我要強調的是，本季度我們確實看到了 360box 產品的增長，兩位數的增長。因此，對為我們的客戶提供的特定產品的發展軌跡和增長非常滿意。

And so we have largely met our bid goals. However, as mentioned numerous times, not just in Intermodal but in all of our transactional businesses, the bid compliance from our customers is at an all-time low. And so we've really yet to see or feel the benefit of those wins at this point in time. And obviously, as mentioned we don't have really a good crystal ball as to if -- not so much if but when they will recover.

因此，我們基本上達到了我們的投標目標。然而，正如多次提到的那樣，不僅在多式聯運而且在我們所有的交易業務中，我們客戶的投標合規性處於歷史最低水平。因此，我們目前還沒有真正看到或感受到這些勝利帶來的好處。顯然，正如所提到的，我們並沒有真正的水晶球來判斷是否——與其說是如果，不如說是他們何時會恢復。

So I'll hit on Intermodal on that question. From a posture going into the bid cycle, I mean, we spent the better part of '21 and '22 without enough capacity to truly do everything that our customers wanted us to do, caused by weakness in velocity, caused by slow unloading, slower rail service. And so our posture in 2000 -- this bid cycle in the 2023 bid cycle has just been to communicate with our customers, things are normalizing with our velocity and our capacity.

所以我會在這個問題上使用多式聯運。從進入投標週期的態勢來看，我的意思是，我們在 21 年和 22 年的大部分時間裡都沒有足夠的能力來真正完成客戶希望我們做的所有事情，這是由於速度較弱，卸載緩慢，速度較慢造成的鐵路服務。因此，我們在 2000 年的姿態——2023 年投標週期中的這個投標週期只是與我們的客戶溝通，事情正在隨著我們的速度和能力正常化。

We went out and acquired and announced publicly a mission to grow our capacity up to 150,000 containers in 3 to 5 years. And we're trying to really give our customers confidence that we're going to be there for them, that we're aware that costs had increased for them and that we felt like we could get some cost takeout by growing volume in our system.

我們出去收購併公開宣布了一項使命，即在 3 到 5 年內將我們的產能提高到 150,000 個集裝箱。我們正在努力真正讓我們的客戶相信我們會在他們身邊，我們知道他們的成本已經增加，並且我們覺得我們可以通過增加系統的容量來減少一些成本.

And so our approach has been to grow with our customers. But our approach is always to cover our investment with appropriate returns. And so that's a balancing act. If you're asking, did we just set out to take share? We set out to grow because that's always our mission. That will be our mission next -- tomorrow and the next day and from here on forward. So that was our posture as we move into the bid season.

因此，我們的方法是與客戶一起成長。但我們的方法始終是用適當的回報來彌補我們的投資。所以這是一個平衡的行為。如果你問，我們只是開始分享嗎？我們著手成長，因為這始終是我們的使命。這將是我們下一個任務——明天和後天，從現在開始。這就是我們進入投標季節時的姿態。

Thank you, Darren. And I do feel like our mission is to help our customers continue to take costs out of the supply chain. We've outlined how we can do that through all of our segments. But let me say, we've talked about thriving in any market. And this is a tough market, but there have been good fundamentals happening inside of our businesses.

謝謝你，達倫。我確實覺得我們的使命是幫助我們的客戶繼續降低供應鏈成本。我們已經概述了我們如何通過我們所有的細分市場來做到這一點。但是讓我說，我們已經談到了在任何市場上的繁榮。這是一個艱難的市場，但我們的企業內部出現了良好的基本面。

I think in the first quarter, you saw the resiliency of our Dedicated Contract Services model as they recorded a record quarter 1 to other quarter 1s in both revenue and operating income is still continued demand from our customers in that segment. We're proud of the work that's happened in Intermodal and we have a healthy business model. We did a great job on our quality of revenue and continuing to just maintain and stay within our margin targets while having a lot of demand from our customers for our long term.

我認為在第一季度，您看到了我們專用合同服務模型的彈性，因為他們在第一季度和其他第一季度的收入和營業收入都創下了歷史新高，這仍然是我們該領域客戶的持續需求。我們為多式聯運所做的工作感到自豪，我們擁有健康的商業模式。我們在收入質量方面做得很好，並繼續保持並保持在我們的利潤率目標之內，同時我們的客戶對我們的長期需求很大。

360box has grown in an environment that had declining volumes in total, signaling that our customers continue to want our services in those areas. We are very pleased with the progress but yet want to continue to move forward in our Final Mile segment on improving our financial performance there. And finally, we are seeing some improved fundamentals as the quarter progressed and here coming into Q2 in ICS as they are carefully managing their costs in tech and people relative to what's happening in this environment.

360box 在總銷量下降的環境中發展壯大，這表明我們的客戶繼續希望我們在這些領域提供服務。我們對取得的進展感到非常滿意，但仍希望在我們的“最後一英里”部分繼續前進，以改善我們在那裡的財務業績。最後，隨著本季度的進展，我們看到基本面有所改善，進入 ICS 第二季度，因為他們正在謹慎管理與這種環境中發生的事情相關的技術和人員成本。

And while we're cautious on the timing of the recovery in this freight recession, we're going to focus on striking a balance between short term, managing our costs to more align with current volumes while being prepared and ready for long-term growth with our customers that will drive long-term compounding returns for our shareholders.

雖然我們對這次貨運衰退的複蘇時機持謹慎態度，但我們將專注於在短期、管理成本以更符合當前數量之間取得平衡，同時為長期增長做好準備並做好準備與我們的客戶合作，這將為我們的股東帶來長期的複合回報。

And we will remain committed to our 3 core fundamentals: our people, our technology and our capacity. And might I say, Darren talked about our people and our say-do culture, and it is the #1 focus organizationally, how we drive long-term compounding returns for our shareholders and how we drive more value for our customers is leaning into our people, taking care of our people and making sure that they can trust us, our customers ultimately trust them. And as a result, we grow over the long term.

我們將繼續致力於我們的 3 個核心基礎：我們的員工、我們的技術和我們的能力。我可以說，Darren 談到了我們的員工和我們的說做文化，這是組織上的第一重點，我們如何為股東帶來長期復合回報，以及我們如何為客戶帶來更多價值，這取決於我們人，照顧我們的員工並確保他們能夠信任我們，我們的客戶最終會信任他們。因此，我們會長期成長。

So I want to say thank you to the people that have been performing for us. It has been a difficult environment, that they can weather the environment as we went up during the pandemic. We're seeing the same decline just on the inverse of what happened on the incline. I cannot say enough about what our people are doing to deliver. Sometimes, our results don't always show the hard work and effort that's happening as a result. But over the long term, we feel confident that our people will get to see the fruit of their labor.

所以我想對一直為我們表演的人們說聲謝謝。這是一個艱難的環境，當我們在大流行期間上升時，他們可以經受住環境。我們看到同樣的下降與斜坡上發生的情況相反。關於我們的員工正在做的事情，我怎麼說都不為過。有時，我們的結果並不總是顯示出所付出的辛勤工作和努力。但從長遠來看，我們相信我們的員工將看到他們的勞動成果。

Thanks, Shelley. I'll just close this by saying that as we look at this turbulence, we are very confident in our structure overall. Our asset structure for each business makes sense to us in a way that it hasn't always for me, and I think we've finished a lot of the work coming into '23 that needed to be done so that things like 360box could have a chance to get that traction it's looking for as a very unique and, we think, very needed service.

謝謝，雪萊。最後我要說的是，當我們審視這種動盪時，我們對我們的整體結構非常有信心。我們每項業務的資產結構對我們來說都是有意義的，但對我來說並不總是這樣，而且我認為我們已經完成了進入 23 世紀需要完成的很多工作，這樣像 360box 這樣的東西就可以擁有有機會獲得它正在尋找的牽引力，這是一項非常獨特且我們認為非常需要的服務。

I'm thankful that we asked a question here about Dedicated, although it did take 50 minutes of the hour call to get to it because I think we're again reminding everyone that, that's a very different business than I think what is -- it is interpreted as. And in this tough climate where you see radical changes in some of our channel demand, you see a real steady state, a very resilient business that is asset-intense but also has a very different rate and contract structure that we are the industry leader at providing.

我很感激我們在這裡問了一個關於 Dedicated 的問題，儘管確實需要 50 分鐘的通話時間才能解決這個問題，因為我認為我們再次提醒大家，這是一個與我認為的截然不同的行業——它被解釋為。在這種艱難的環境下，你會看到我們的一些渠道需求發生了根本性的變化，你會看到一個真正的穩定狀態，一個非常有彈性的業務，它是資產密集型的，但也有一個非常不同的費率和合同結構，我們是行業領導者提供。

And I think when we take it up to return on invested capital, we look at the performance of margins in Intermodal at this point, we look at the performance in all of the businesses that do require more capital, we -- that's why I say I think we're in a better position than we've ever been in.

而且我認為，當我們考慮投資資本回報時，我們會看看此時多式聯運的利潤率表現，我們會看看所有確實需要更多資本的業務的表現，我們 - 這就是為什麼我說我認為我們的處境比以往任何時候都好。

Shelley talked about responding to the market signals, the market changes. Right now, we are doing that. And I think there is a very, very quick response at this level with this team to address challenges that weren't expected necessarily. But with the most important part of that conversation being about the long term. We are a long-term company. Our addressable market is somewhere in the high hundreds of billions of dollars. And so when we say we're a growth company, that's because as industry leaders, we have fractional percentages of the markets that we serve, even in the #1 spot.

雪萊談到響應市場信號，市場變化。現在，我們正在這樣做。而且我認為這個團隊在這個級別上有非常非常快速的反應，以解決未必預料到的挑戰。但談話中最重要的部分是關於長期的。我們是一家長期公司。我們的目標市場規模高達數千億美元。因此，當我們說我們是一家成長型公司時，那是因為作為行業領導者，我們在所服務的市場中所佔比例很小，即使在第一位。

So we like where we're at. We have a strong view. We will make tweaks. Remember on CapEx, when you think about that, a good portion of our CapEx is replacement. We had plenty of trouble through the pandemic in getting equipment replaced that we needed. I think we will look at timing on other elements of CapEx expansion and growth. And with DCS, that model is a coiled system anyway. So it only triggers being our heaviest demand when it is asked to -- after a deal is closed.

所以我們喜歡我們所處的位置。我們有強烈的看法。我們會做出調整。請記住，在資本支出方面，當您考慮這一點時，我們資本支出的很大一部分是替代品。在大流行期間，我們在更換所需設備方面遇到了很多麻煩。我認為我們將研究資本支出擴張和增長的其他因素的時機。對於 DCS，該模型無論如何都是一個盤繞系統。因此，它只會在交易結束後被要求時觸發我們最強烈的需求。

So I think that all goes back to the idea of probably more cautious about the rest of this year than we were 3 months ago for that question based on the facts and data that we're seeing, and we will respond. But we know this, last point. It's not a question of if this is coming back. It's just a question of when and what position will we be in when our customers start ringing our phone again in ways that they have in the past. Thank you for calling in today.

因此，我認為，根據我們所看到的事實和數據，這一切都可以追溯到今年餘下時間可能比我們 3 個月前對這個問題更加謹慎的想法，我們將做出回應。但我們知道這一點，最後一點。這不是這是否會回來的問題。這只是一個問題，當我們的客戶開始以他們過去的方式再次撥打我們的電話時，我們將處於什麼位置和什麼位置。感謝您今天來電。

That concludes the J.B. Hunt 1Q '23 Earnings Conference Call. Thank you all for your participation. You may now disconnect your lines.

J.B. Hunt 1Q '23 收益電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。