J B Hunt Transport Services Inc (JBHT) 2023 Q2 法說會逐字稿

Hello, and welcome to the J.B. Hunt Transport Inc. 2Q '23 Earnings Conference Call. (Operator Instructions) I will now turn the conference over to Brad Delco, Senior Vice President of Finance. Please go ahead.

您好，歡迎參加 J.B. Hunt Transport Inc. 2023 年第二季度收益電話會議。 （操作員指示）我現在將會議交給財務高級副總裁 Brad Delco。請繼續。

Good afternoon. Before I introduce the speakers, I would like 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. 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，我想先披露一些有關前瞻性陳述的信息。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。諸如期望、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。這些陳述基於 J.B. Hunt 當前的計劃和預期，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所述的存在重大差異。有關風險因素的更多信息，請參閱 J.B. Hunt 的 10-K 表年度報告以及向美國證券交易委員會提交的其他報告和文件。

Now I would like to introduce the speakers on today's call. This afternoon, I'm joined by our CEO, 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. I'd now like to turn the call over 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者。今天下午，我們的首席執行官約翰·羅伯茨 (John Roberts) 也加入了我的行列。我們的總統雪萊·辛普森；我們的首席財務官約翰·庫洛； Nick Hobbs，首席運營官兼合同服務總裁；達倫·菲爾德 (Darren Field)，聯運總裁；以及人力資源執行副總裁兼公路服務總裁 Brad Hicks。現在我想將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. Similar to last quarter, I'll touch on a few items and reemphasize some key aspects about how we approach and manage the business. As usual, we have key members of our leadership team here to discuss specific areas of each segment. We have noted for several quarters now the shifting dynamics in the industry, and we see in part the product of that shift in our results for the second quarter.

謝謝你，布拉德，下午好。與上季度類似，我將討論一些項目，並再次強調有關我們如何處理和管理業務的一些關鍵方面。與往常一樣，我們的領導團隊的主要成員在這裡討論每個細分市場的具體領域。我們已經註意到幾個季度以來行業動態的變化，我們在第二季度的業績中看到了這種變化的部分結果。

That said, we remain pleased with the collective and complementary nature of our business mix, some of which is revealed in our current results. For example, we see expected resiliency in certain areas of the business like DCS, areas with meaningful and unique growth opportunities to capitalize on in our Intermodal business. Areas with notable improvement in performance in final mile and areas of investment with a large addressable market and growing demand in our brokerage and power-only 360box offering in highway services. We maintain our perspective that all segments present meaningful growth opportunities looking forward.

儘管如此，我們仍然對我們業務組合的集體性和互補性感到滿意，其中一些在我們當前的業績中得到了體現。例如，我們看到 DCS 等某些業務領域具有預期的彈性，這些領域具有有意義且獨特的增長機會，可以在我們的多式聯運業務中利用。最後一英里性能顯著改善的領域以及具有巨大潛在市場的投資領域以及我們在高速公路服務中的經紀和純電力 360box 產品的需求不斷增長的領域。我們仍然認為，所有細分市場都將在未來提供有意義的增長機會。

As you've heard us stay consistently and for quite some time now, we remain committed to our investments and managing the business for the long term. The investments span across our company foundations, including our people, our technology and our capacity. We have a large addressable market and meaningful opportunity to provide unparalleled service and value to our customers across our complementary portfolio. We remain in pursuit of being better prepared to meet the growing needs of our customers while staying disciplined on our cost and relying on our vast experience in the business and together here at J.B. Hunt.

正如您所聽到的，我們在相當長的一段時間裡一直堅持不懈，我們仍然致力於我們的投資和長期管理業務。這些投資涵蓋我們公司的基礎，包括我們的員工、我們的技術和我們的能力。我們擁有廣闊的潛在市場和有意義的機會，可以通過我們的互補產品組合為客戶提供無與倫比的服務和價值。我們始終致力於做好更好的準備，以滿足客戶不斷增長的需求，同時嚴格控製成本，並依靠我們在 J.B. Hunt 的豐富業務經驗。

In closing, I remain confident in this leadership team. Our return-on-investment focused approach for the long-term benefit of our stakeholders and our ability to differentiate ourselves in the market. Now I'll turn the call over to our President, Shelley Simpson. Shelley?

最後，我對這個領導團隊仍然充滿信心。我們注重投資回報，以實現利益相關者的長期利益以及我們在市場中脫穎而出的能力。現在我將把電話轉給我們的總統雪萊·辛普森。雪萊？

Thank you, John, and good afternoon. I wanted to provide an update on some areas of focus for our organization and how they align with the priorities for 2023 that I've previously shared which are to: 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。我想提供有關我們組織的一些重點領域的最新信息，以及它們如何與我之前分享的 2023 年優先事項保持一致，這些優先事項是：第一，繼續致力於對我們的人員、技術和技術進行嚴格的長期投資。容量;二、為客戶提供卓越的價值；第三，為股東帶來長期復合回報。

As John mentioned, we remain committed to our investments around our company foundations, people, technology and capacity. As I've stated before, our people intentionally come first. We believe in creating and providing a work environment where our people feel welcomed, valued, respected, safe and heard. When we take care of our people, who are empowered and trained to take care of our customers, we create raising (inaudible) for our services, which in turn supports our growth ambitions.

正如約翰提到的，我們仍然致力於圍繞公司基礎、人員、技術和能力進行投資。正如我之前所說，我們有意將員工放在第一位。我們致力於創造和提供一個讓我們的員工感到受歡迎、受到重視、尊重、安全和傾聽的工作環境。當我們照顧我們的員工時，他們被授權並接受培訓來照顧我們的客戶，我們為我們的服務創造了收入（聽不清），這反過來又支持我們的增長雄心。

We support this growth with investments in our technology and in our capacity, namely trucks and trailing equipment. Importantly, our investments in technology and capacity are highly focused on efficiency, productivity and safety. By remaining committed to our investments, we are prepared to meet the growing needs of our customers with our valued service offering. We have to be able to provide exceptional value to our customers at a competitive price that supports reinvestment in our business.

我們通過對我們的技術和產能（即卡車和牽引設備）的投資來支持這種增長。重要的是，我們對技術和產能的投資高度關注效率、生產力和安全性。通過繼續致力於我們的投資，我們準備通過我們有價值的服務來滿足客戶不斷增長的需求。我們必須能夠以有競爭力的價格為客戶提供卓越的價值，以支持我們業務的再投資。

As stated on the last 2 earnings calls that we are in a freight recession. While the environment remains uncertain and demand for capacity is still muted, we remain very focused on how we grow with our customers, and we will continue to remain disciplined in our approach. We will do this by prudently managing our business in the near term, focusing on controllable costs.

正如過去兩次財報電話會議所述，我們正處於貨運衰退之中。儘管環境仍然不確定，對產能的需求仍然低迷，但我們仍然非常關注如何與客戶一起成長，並且我們將繼續保持嚴格的方法。為此，我們將在短期內審慎管理我們的業務，重點關注可控成本。

We will also continue to focus on our resource and people needs and make sure we are appropriately aligned and cost competitive to support our ability to serve and grow with our customers. We remain committed to putting the company in a better position to accelerate growth and market share gains for the eventual inflection in market dynamics. We will continue to manage and balance this approach as we progress.

我們還將繼續關注我們的資源和人員需求，並確保我們適當調整併具有成本競爭力，以支持我們服務客戶並與客戶共同成長的能力。我們仍然致力於使公司處於更好的位置，以加速增長和市場份額的增長，以應對市場動態的最終變化。隨著我們的進展，我們將繼續管理和平衡這種方法。

In closing, by remaining committed to our long-term investments in our people, technology and capacity, which supports our ability to deliver exceptional value for our customers, 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，通過繼續致力於對人員、技術和產能的長期投資，支持我們為客戶提供卓越價值的能力，我對我們為股東提供長期可持續回報的能力充滿信心。說到這裡，我想將電話轉給我們的首席財務官約翰·庫洛 (John Kuhlow)。約翰？

Thank you, Shelley, and good afternoon, everyone. I'm going to touch on 3 topics with my remarks, including a high-level review of the quarter, an update on our capital plan and a quick comment on our balance sheet.

謝謝你，雪萊，大家下午好。我的發言將涉及 3 個主題，包括對本季度的高層回顧、對我們資本計劃的更新以及對我們資產負債表的快速評論。

Starting on second quarter results. Overall freight demand was muted versus the prior year and also below normal seasonal patterns as compared to the first quarter. On a consolidated GAAP basis, revenue for the quarter declined 18% year-over-year. Operating income declined 23% and diluted earnings per share decreased 25%. These declines were primarily driven by lower freight and volumes and pricing trends and inflationary cost pressures, primarily in the areas of salaries and wages, capital costs and parts and maintenance-related expenses.

從第二季度業績開始。與去年相比，整體貨運需求疲軟，與第一季度相比也低於正常的季節性模式。根據綜合公認會計準則 (GAAP) 計算，本季度收入同比下降 18%。營業收入下降 23%，攤薄後每股收益下降 25%。這些下降主要是由於貨運量和運量下降、定價趨勢以及通脹成本壓力（主要是工資和工資、資本成本和零部件以及維護相關費用）造成的。

We continue to manage and invest in the business with a long-term mindset, while also being prudent where we can on costs and expenditures. As it relates to our capital plan for the year, we expect net expenditures to fall within the range of $1.5 billion to $1.8 billion, which brings down the high end of our range, which was previously $2 billion. Some of this is timing related, but also we are being prudent where it makes sense in the current environment.

我們繼續以長遠的心態管理和投資業務，同時在成本和支出方面也盡可能謹慎。由於這與我們今年的資本計劃有關，我們預計淨支出將落在 15 億美元至 18 億美元的範圍內，這降低了我們範圍的上限，即之前的 20 億美元。其中一些與時間相關，但我們也在當前環境下保持謹慎。

Finally, I wanted to briefly touch on the balance sheet. At quarter end, we had $296 million of cash on the balance sheet. We elected to draw funds available to us under the new credit facility we put in place last September before the term portion of the commitments would expire. As a result, you will see a corresponding higher debt balance, but our net debt level is about $40 million lower versus the prior quarter. This was done to maintain flexibility and maximize our liquidity.

最後，我想簡單談談資產負債表。截至季度末，我們的資產負債表上有 2.96 億美元現金。我們選擇在承諾的期限部分到期之前提取去年 9 月實施的新信貸安排下可用的資金。因此，您會看到相應較高的債務餘額，但我們的淨債務水平比上一季度減少了約 4000 萬美元。這樣做是為了保持靈活性並最大限度地提高我們的流動性。

In terms of our other priorities, we have no immediate need for this liquidity other than reinvesting in our business, which is always our top priority for capital. Other priorities include supporting our dividend, maintaining investment-grade credit rating and opportunistically repurchasing shares. In the second quarter, we repurchased approximately 315,000 shares and will remain active as opportunities present themselves. This concludes my remarks, and I'll now turn it over to Nick.

就我們的其他優先事項而言，除了對我們的業務進行再投資之外，我們沒有立即需要這種流動性，這始終是我們資本的首要任務。其他優先事項包括支持我們的股息、維持投資級信用評級以及機會性回購股票。第二季度，我們回購了約 315,000 股股票，並將在機會出現時保持活躍。我的發言到此結束，現在我將其交給尼克。

Thanks, John, and good afternoon. I'll provide an update on Dedicated and Final Mile segments, and I want to also give you an update on areas of focus across our operations. I'll start with dedicated. I am pleased with the performance of our dedicated business in the quarter and in particular, with the resiliency of our model. Demand for our professional outsourced private fleet solutions has moderated some but remained strong as evidenced by our pipeline and our ability to sell new deals. In the quarter, we sold approximately 370 trucks worth of new deals and a nice acceleration from the 200 we sold in the first quarter.

謝謝，約翰，下午好。我將提供有關專用和最後一英里航段的最新信息，並且我還想向您提供有關我們運營重點領域的最新信息。我將從專注開始。我對本季度我們專業業務的表現，特別是我們模型的彈性感到滿意。對我們專業外包私人車隊解決方案的需求有所放緩，但仍保持強勁，我們的管道和銷售新交易的能力證明了這一點。本季度，我們新銷售了約 370 輛卡車，比第一季度銷售的 200 輛有了顯著的增長。

We remain cautiously optimistic on our ability to hit our gross sales target of 1,000 to 1,200 trucks for the year. Circling back to the resiliency of our model. And as a reminder, our dedicated contracts typically average 5 years with annual price escalators linked to inflation-based indices with fixed and variable components to the payment terms among other features. Said differently, we do not have exposure to spot rates. We believe we are differentiated in the market by focusing on our proprietary customer value delivery, or CVD process to drive value for our customers, which ultimately supports our 98% customer retention rate.

我們對今年實現 1,000 至 1,200 輛卡車的銷售目標的能力保持謹慎樂觀。回到我們模型的彈性。提醒一下，我們的專用合同通常平均期限為 5 年，年度價格階梯與基於通貨膨脹的指數掛鉤，付款條件等具有固定和可變組成部分。換句話說，我們沒有即期匯率的風險。我們相信，我們通過專注於專有的客戶價值交付（即 CVD 流程）來為客戶創造價值，從而在市場中脫穎而出，這最終支持我們 98% 的客戶保留率。

Now on to Final Mile. As we have discussed for several quarters now, demand for big and bulky products, including appliances, furniture and exercise equipment being delivered into the home is seeing some pressure. We see this not volume but also overall our pipeline and bid activity. That said, and as we've previously shared, we remain committed to providing a differentiated premium service product in the market while making sure we are appropriately compensated for it. We are seeing evidence of market share gains as customers value our service product backed by our brand. We have also discussed our focus on improving profitability, and I'm pleased to see and share some of the progress as evidenced this quarter.

現在進入最後一英里。正如我們已經討論了幾個季度的那樣，對大型產品（包括送入家庭的電器、家具和健身器材）的需求正面臨一些壓力。我們看到的不是數量，而是我們的整體管道和投標活動。也就是說，正如我們之前所分享的，我們仍然致力於在市場上提供差異化的優質服務產品，同時確保我們得到適當的補償。隨著客戶重視我們品牌支持的服務產品，我們看到了市場份額增長的證據。我們還討論了我們對提高盈利能力的關注，我很高興看到並分享本季度所取得的一些進展。

I'll close with some comments on safety and our equipment. As both Shelley and John alluded to earlier, we are focused on controlling our costs where we can. Our focus on safety for our employees and the motoring public also aligns with our focus on cost. Last quarter, we discussed another major milestone in our safety journey with the rollout of inward-facing cameras.

最後我將就安全和我們的設備發表一些評論。正如雪萊和約翰之前提到的，我們專注於盡可能控製成本。我們對員工和駕駛大眾安全的關注也與我們對成本的關註一致。上季度，我們討論了安全之旅中的另一個重要里程碑，即推出內向攝像頭。

We are pleased with the rollout thus far and what opportunities have been presented to coach and correct certain actions but also importantly, to reward and, in some cases, exonerate drivers from fault. We expect to have inward-facing cameras rolled out to 60% of our fleet by year-end.

我們對迄今為止的推出感到滿意，並為指導和糾正某些行為提供了哪些機會，但更重要的是，獎勵並在某些情況下免除駕駛員的過失。我們預計到年底，我們 60% 的機隊將配備內向攝像頭。

Finally, on equipment. We have made faster progress than expected on renewing our fleet following some of the disruptions OEMs experienced at the pandemic. Our average age of our equipment continues to improve, which will help on fuel efficiency, safety and reducing maintenance-related expenses. We expect to be fully caught up with our tractor replacement needs by the end of the third quarter. That concludes my remarks, so I'll turn it over to Darren.

最後，關於裝備。在一些原始設備製造商因疫情大流行而受到干擾後，我們在更新機隊方面取得了比預期更快的進展。我們設備的平均壽命不斷提高，這將有助於提高燃油效率、安全性並減少維護相關費用。我們預計到第三季度末將完全滿足拖拉機更換需求。我的發言到此結束，所以我將把它交給達倫。

Thank you, Nick, and thanks, everyone, for joining us. I plan to review the performance of our Intermodal business and give an update on the market, our service performance and the opportunity we have to deliver value to our customers. I'll start by reviewing Intermodal's performance in the quarter. Demand for intermodal capacity remained tempered, driven primarily by lower overall activity because of the inventory destocking cycle and the resulting decline in import activity. Volumes in the quarter declined 7% year-over-year and by month were down 9% in April, down 8% in May and down 4% in June.

謝謝你，尼克，也謝謝大家加入我們。我計劃回顧我們多式聯運業務的績效，並提供有關市場、我們的服務績效以及我們為客戶提供價值的機會的最新信息。我首先回顧一下聯運本季度的業績。對多式聯運運力的需求依然疲弱，主要是由於庫存去庫存週期導致整體活動減少以及由此導致的進口活動下降。本季度銷量同比下降 7%，按月計算，4 月份下降 9%，5 月份下降 8%，6 月份下降 4%。

While we are hesitant to suggest the presence of any green shoots, we saw evidence from customers in June that the destocking trend has moderated. We experienced some pressure on margins in the quarter, largely related to the lack of volume and our inability to leverage our cost structure that is in the process of being built to handle significantly more volume. Volume growth is needed to drive down our unit cost as a broader portion of our portfolio was repriced this quarter. With regards to the market environment, but specifically to bid season wrapping up here in the near term, overall pricing for domestic Intermodal service fell within the range of our expectations as we entered the year, but our overall portfolio trended towards the lower end of those expectations as the bid season progressed.

雖然我們對於是否存在任何復蘇猶豫不決，但我們在 6 月份看到了來自客戶的證據，表明去庫存趨勢已經放緩。本季度我們的利潤率受到了一些壓力，這很大程度上與銷量不足以及我們無法利用我們正在構建的成本結構來處理大幅增加的銷量有關。由於本季度我們投資組合的更廣泛部分重新定價，因此需要銷量增長來降低我們的單位成本。就市場環境而言，特別是近期即將結束的投標季節，進入今年以來，國內多式聯運服務的整體定價落在我們的預期範圍內，但我們的整體投資組合趨向於較低端隨著投標季節的進展，人們的期望也越來越高。

As it stands today, Intermodal continues to present a strong value proposition to customers with vastly improved service at a discount versus the truck alternative at least in line with historical averages, all while cutting the carbon emissions on a load of freight on average by 60% versus the old truck alternative. We continue to see an enormous amount of freight to convert from highway to Intermodal and have been working very closely with our primary rail providers to build resiliency in our networks, capacity and a comprehensive service offering to capitalize on the opportunity. As it relates to the overall service from our rail providers, I'm encouraged by the trends we are seeing in velocity and on-time service quality but more importantly, the commitments to collectively work towards an even better overall experience and value proposition for customers.

就目前情況而言，多式聯運繼續向客戶提供強大的價值主張，與卡車替代方案相比，以折扣價大幅改善服務，至少符合歷史平均水平，同時將貨物的碳排放量平均減少 60%與舊卡車替代品相比。我們繼續看到大量貨運從高速公路轉向多式聯運，並且一直與我們的主要鐵路提供商密切合作，以增強我們的網絡、運力和綜合服務產品的彈性，以利用這一機會。由於它關係到我們鐵路提供商的整體服務，我對我們在速度和準時服務質量方面看到的趨勢感到鼓舞，但更重要的是，我們承諾共同努力為客戶提供更好的整體體驗和價值主張。

We have stressed the importance of sustaining service through a volume recovery, and that's where our joint focus is today. We like our position and feel confident in our rail providers ability to handle more volume as a recovery (inaudible), we believe we are in a unique position with our rail providers to accelerate growth for the domestic Intermodal market by providing a differentiated service and value proposition for our customers.

我們強調了通過恢復數量來維持服務的重要性，這就是我們今天共同關注的焦點。我們喜歡我們的地位，並對我們的鐵路供應商在經濟復甦時處理更多運量的能力充滿信心（聽不清），我們相信我們與鐵路供應商處於獨特的地位，可以通過提供差異化的服務和價值來加速國內多式聯運市場的增長為我們的客戶提出的建議。

In closing, I want to make sure I reiterate the opportunities we have to deliver significant value to our customers with the investments we are making in our people, technology and capacity. As I stated last quarter and what has probably become more evident this quarter, we have a network built and resources available to handle significantly more volume than we are executing today. We remain in a coiled spring status, better prepared to meet the future needs of our customers. That concludes my prepared remarks, while I'll turn it over to Brad Hicks.

最後，我想確保重申我們有機會通過在人員、技術和能力方面的投資為客戶提供巨大的價值。正如我上季度所說以及本季度可能變得更加明顯的那樣，我們建立了一個網絡和可用資源來處理比我們今天執行的數量大得多的數量。我們仍處於螺旋彈簧狀態，為滿足客戶的未來需求做好了更好的準備。我準備好的發言就到此結束，我將把它交給布拉德·希克斯。

Thank you, Darren, and good afternoon. I'll review the performance of Integrated Capacity Solutions and our Truckload segments, what we collectively call Highway Services. I will also provide an update on J.B. Hunt 360. Starting with ICS, similar to some of the prior comments, overall demand in Truckload brokerage was muted versus the prior year period and what would be expected from a seasonal perspective coming out of Q1. Top line revenue for the segment was down 43% driven by volume down 26% and revenue per load down 24%.

謝謝你，達倫，下午好。我將回顧綜合容量解決方案和我們的卡車裝載部分（我們統稱為高速公路服務）的績效。我還將提供有關 J.B. Hunt 360 的最新信息。從 ICS 開始，與之前的一些評論類似，卡車經紀業務的整體需求與去年同期相比有所減弱，從第一季度的季節性角度來看，這一情況也是如此。由於銷量下降 26%，每次負載收入下降 24%，該細分市場的總收入下降了 43%。

Overall, our contractual business is holding up better versus our spot business on the volume front as our contractual business was up double digits year-over-year. This highlights the competitiveness in the market, particularly on the spot business, but also how much activity has declined in the spot market year-over-year. Notably, there seem to be some firming or at least a bottoming out on spot rates towards the end of the quarter, and we saw that reflected in our gross margin.

總體而言，我們的合同業務在數量方面比現貨業務表現更好，因為我們的合同業務同比增長了兩位數。這凸顯了市場的競爭力，特別是現貨業務的競爭力，但也凸顯了現貨市場活動同比下降的程度。值得注意的是，到本季度末，即期匯率似乎出現了一些堅挺或至少觸底，我們看到這反映在我們的毛利率中。

Wrapping up on ICS, we remain committed to our long-term investments in this area around our J.B. Hunt 360 technology, our capacity, which in this instance is third-party carriers and our people. We recognize we have too many resources for the level of activity currently in the system, and we'll continue to work to make adjustments to our model to set us up better to adapt to the swings in the market moving forward.

總結 ICS，我們仍然致力於圍繞我們的 J.B. Hunt 360 技術、我們的能力（在本例中是第三方運營商和我們的員工）在該領域進行長期投資。我們認識到，對於系統中當前的活動水平來說，我們擁有太多的資源，我們將繼續努力調整我們的模型，以便更好地適應未來市場的波動。

Now moving to Truckload. As you recall, we moved almost all of our company tractor assets or trucks out of this segment over to dedicated with our last quarterly report. Remaining is our drop trailer or 360box service offering served primarily by third-party carriers or independent contractors. These noncompany-owned asset providers source available drop trailer loads on our J.B. Hunt 360 platform, driving efficiency in the supply chain for our customers and for their own operations. We continue to be pleased and encouraged by the relative strength of our drop trailer demand as customers appreciate the value and flexibility it provides for their operations.

現在轉向卡車裝載。正如您所記得的，我們將公司幾乎所有的拖拉機資產或卡車從該部門移出，專門用於我們的上一季度報告。剩下的是我們的拖車或 360box 服務，主要由第三方承運商或獨立承包商提供服務。這些非公司所有的資產提供商在我們的 J.B. Hunt 360 平台上採購可用的拖車負載，從而為我們的客戶及其自身運營提高供應鏈效率。我們繼續對我們的拖車需求的相對強勁感到高興和鼓舞，因為客戶欣賞它為其運營提供的價值和靈活性。

Wrapping up on JBT, we are still relatively young in the development of our 360box service offering and continue to make investments to strengthen the product and drive greater efficiencies. We remain encouraged by the market's growing demand for our 360box service, and we'll remain committed to our investments to drive long-term growth in this area.

總結一下 JBT，我們在 360box 服務產品的開發方面還相對年輕，並將繼續進行投資以增強產品並提高效率。市場對我們的 360box 服務不斷增長的需求仍然令我們感到鼓舞，我們將繼續致力於我們的投資，以推動該領域的長期增長。

Wrapping up quickly on 360, we remain focused on ways to maximize value for our customers and the carrier community. The level of engagement and interaction of the platform informs us about the market and provides a solid foundation to drive productivity in our operations across the organization and eliminate waste in the overall supply chain. While some of the productivity is masked by the current environment, we remain confident in our ability to drive long-term value for our customers and our company with our investments. As is always the case, we will remain disciplined with our investments focused on driving long-term compounding returns for our shareholders. That concludes my comments, so I'll turn it back to the operator to start the Q&A portion of the call.

360 很快就結束了，我們仍然專注於為我們的客戶和運營商社區實現價值最大化的方法。該平台的參與和互動水平讓我們了解市場情況，並為提高整個組織的運營生產力和消除整個供應鏈中的浪費奠定了堅實的基礎。儘管當前環境掩蓋了部分生產力，但我們仍然對通過投資為客戶和公司帶來長期價值的能力充滿信心。一如既往，我們將繼續嚴格投資，專注於為股東帶來長期復利回報。我的評論到此結束，因此我會將其轉回給接線員以開始通話的問答部分。

(Operator Instructions) Your first question comes from the line of Allison Poliniak with Wells Fargo.

（操作員說明）您的第一個問題來自富國銀行的 Allison Poliniak 線路。

Just going back to the modal share shift, comment that you made in Intermodal, is there a little way to better understand, I mean, are you seeing that today? Obviously, there's a discount to truck still with Intermodal in terms of pricing, rail service is getting better. Is that starting to accelerate in terms of that shift? Or is that something that you still see as an opportunity later on?

回到模態份額轉變，您在多式聯運中發表的評論，有沒有什麼方法可以更好地理解，我的意思是，您今天看到了嗎？顯然，在價格方面，多式聯運仍然比卡車有折扣，鐵路服務正在變得更好。這種轉變是否開始加速？或者您以後仍將其視為機會嗎？

Thanks, Allison. When we commented on a tremendous amount of loads that Intermodal can and should be the correct solution for, we've seen that for many, many years. I don't know that it's any more pronounced in the current environment than it's been for the last decade. The reality is we want to develop a better service product and better service experience for our customers with more predictability, and we're working every day today with our rail providers in order to achieve that. That will continue to be our focus as we move forward, and we know that the last, I'm going to call it, 5 years of rail service has been difficult.

謝謝，艾莉森。當我們評論聯運可以而且應該是正確的解決方案的大量負載時，我們已經看到這一點很多很多年了。我不知道在當前環境下這種情況是否比過去十年更加明顯。現實情況是，我們希望以更高的可預測性為客戶開發更好的服務產品和更好的服務體驗，今天我們每天都在與鐵路提供商合作，以實現這一目標。隨著我們前進，這將繼續成為我們的重點，我們知道，我稱之為鐵路服務的最後五年是艱難的。

However, in today's environment, we're seeing significant improvements, and we're seeing significant commitments, including investments by our rail providers to help us in this area.

然而，在今天的環境下，我們看到了顯著的改進，我們看到了重大的承諾，包括我們的鐵路提供商的投資，以幫助我們在這一領域。

Your next question comes from the line of Ken Hoexter with Bank of America.

您的下一個問題來自美國銀行的 Ken Hoexter。

It's Ken Hoexter. I guess, Darren, you seemed a little hesitant to talk about green shoots yet. You noted you moved from down 8% to down 4% in May to June. Maybe talk a little bit about that and your thoughts on discussions with shippers in the peak season. How are shippers thinking about that and prepping you for volumes as you look forward?

我是肯·霍克斯特。我猜，達倫，你似乎對談論新芽有點猶豫。您注意到您在 5 月至 6 月期間從下降 8% 降至下降 4%。也許可以談談這一點以及您對旺季與托運人討論的想法。托運人如何考慮這一點並為您未來的貨運量做好準備？

Well, coming into the year, we relied heavily on customer forecasts, and they were largely all wrong. And today, we're still a little cautious on what we expect as the year goes on. We will forever rely on feedback from our customers as we work together to provide capacity and grow solutions for them. So I don't want anybody to hear green shoots. What I would say is, last year, Q2 was the strongest volume year. And as we move forward, the comps get easier, frankly, and that's an element as we move forward, but we know that we have the capacity, and our customers are confident in what we do. They want to grow with us when their demand returns, and we'll be ready for that.

嗯，進入這一年，我們嚴重依賴客戶的預測，而他們的預測基本上都是錯誤的。今天，我們對今年的預期仍然持謹慎態度。在我們共同努力為他們提供容量和發展解決方案時，我們將永遠依賴客戶的反饋。所以我不希望任何人聽到新芽的聲音。我想說的是，去年第二季度是銷量最強勁的一年。坦率地說，隨著我們的前進，競爭變得更加容易，這是我們前進的一個因素，但我們知道我們有能力，而且我們的客戶對我們所做的事情充滿信心。當他們的需求恢復時，他們希望與我們一起成長，我們將為此做好準備。

Your next question comes from the line of Jordan Alliger with Goldman Sachs.

你的下一個問題來自喬丹·阿利格（Jordan Alliger）與高盛的關係。

I know you guys don't give specific margin targets around Intermodal. But I am curious, given it was somewhat or a little bit below sort of your long-run target range, what does it take to return you to that 10% to 12% range? Is it simply loads and leveraging that? Or is there other things that need to happen?

我知道你們沒有給出關於多式聯運的具體利潤目標。但我很好奇，考慮到它略低於你的長期目標範圍，怎樣才能讓你回到 10% 到 12% 的範圍？它只是簡單地加載和利用它嗎？或者還有其他事情需要發生嗎？

Well, certainly, we're carrying extra costs in -- so far this year as we have extra equipment, we're not utilizing. We certainly took driver wages up a year ago. Those wages are certainly going to stay elevated and yet the market has challenged us with pricing and prices are negative. At this point, we really need more volume to unlock cost takeout from our system and improve the utilization of both our container fleet as well as our drayage fleet and then just the employee base supporting our business, all of which would give us an improvement in our margin profile.

嗯，當然，今年到目前為止，我們有額外的成本，因為我們有額外的設備，但我們沒有使用。一年前我們確實提高了司機的工資。這些工資肯定會保持在高位，但市場對我們的定價提出了挑戰，價格為負。在這一點上，我們確實需要更多的數量來釋放我們系統的成本支出，並提高我們的集裝箱船隊和拖運船隊的利用率，然後只是支持我們業務的員工基礎，所有這些都將使我們在我們的利潤概況。

Your next question comes from the line of Justin Long with Stephens.

你的下一個問題來自賈斯汀·朗和斯蒂芬斯的對話。

I wanted to ask a question about dedicated. That was clearly a source of resiliency and strength in the quarter despite the freight market weakness we've seen, but I wanted to get your expectations for that business over the remainder of the year when you combine some of the fleet attrition you're seeing with new dedicated sales, do you think fleet can remain pretty consistent with the level we saw in the second quarter? And from a margin perspective, is there still room for sequential improvement versus what we just saw in the second quarter?

我想問一個關於專注的問題。儘管我們看到貨運市場疲軟，但這顯然是本季度彈性和實力的來源，但我想了解您在今年剩餘時間內對該業務的預期，當您結合您所看到的一些機隊消耗時通過新的專用銷售，您認為機隊可以與我們在第二季度看到的水平保持相當一致嗎？從利潤率的角度來看，與我們剛剛看到的第二季度相比，是否仍有連續改善的空間？

Yes. I'll talk more about your truck count and what we see there. There's -- our pipeline, I would say, is still full. We feel very good about our pipeline. There's a lot of different fleets in there. And so we really like what we've seen, our hit rate or close rate has ticked up just slightly. And so we like where we're going there. So we feel good about dedicated, going to be close to about -- for the fleet size at the end of the year. We still got some other trucks to take out from our maintenance and clean up.

是的。我將更多地談論您的卡車數量以及我們在那裡看到的情況。我想說，我們的管道仍然滿了。我們對我們的管道感覺非常好。裡面有很多不同的艦隊。所以我們真的很喜歡我們所看到的，我們的命中率或關閉率略有上升。所以我們喜歡我們要去的地方。因此，我們對今年年底機隊規模的專注程度感到滿意。我們還有一些其他卡車需要從維護和清理中取出。

As I said, we'll be primarily done with that at the end of Q3 with the extra trucks and older trucks. So we'll see some help there on our truck count, but we'll have some deals that will start up during the year. But I would just say it's kind of very consistent throughout the year on the sales pipeline. I know we closed a few more trucks in Q2, but the demand does seem to be there, but still people are a little reluctant to pull the trigger the way they had previously.

正如我所說，我們將在第三季度末主要完成額外卡車和舊卡車的工作。因此，我們會在卡車數量方面看到一些幫助，但我們將在年內啟動一些交易。但我想說的是，全年的銷售渠道都非常穩定。我知道我們在第二季度又關閉了幾輛卡車，但需求似乎確實存在，但人們仍然有點不願意像以前那樣扣動扳機。

Your next question comes from the line of Jon Chappell with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Jon Chappell。

Darren, if I can go back to you on the pricing in the bid season. Brad Hicks said that you're starting to see some firming or bottoming out of spot pricing as it relates to ICS. You talked about the destocking may be coming to an end. When we think about the pricing discussions you had in the bid process in March and April, where there was just a lot of, I think, fear in the market versus where we are now in mid-July. Has anything gotten any better as those conversations go as trucking gets a little bit better as rail service gets a little bit better?

達倫（Darren），我能否就投標季節的定價問題與您聯繫。 Brad Hicks 表示，您開始看到與 ICS 相關的現貨價格趨於堅挺或觸底。您談到去庫存可能即將結束。當我們想到三月和四月投標過程中的定價討論時，我認為與七月中旬的情況相比，市場上有很多恐懼。隨著這些對話的進行，卡車運輸變得更好，鐵路服務變得更好，事情是否變得更好了？

Well, that would constitute probably given a little bit more direction on price than I really think we can. What I would say is our customers have asked for a better service, more consistent service product from us. We're working on providing that. I think that Intermodal has to provide the correct balance of value and economics as well as the service quality. And that's why we're focused in those 2 areas.

好吧，這可能意味著我們對價格的指導可能比我真正認為的要多一些。我想說的是，我們的客戶要求我們提供更好的服務、更一致的服務產品。我們正在努力提供這一點。我認為多式聯運必須提供價值和經濟性以及服務質量的正確平衡。這就是我們專注於這兩個領域的原因。

As we move forward, I think the discussions we've had with our customers are around how together can we take cost out to find advantages in pricing. And then the Intermodal price will always lag the Truckload market. It's never quite as severe. And certainly, the spot market in truck is a pretty small influencer on the Intermodal pricing overall. Contract drop trailer pricing plays a little bit more of a role in terms of our economics and the influence it might have on our customers' purchasing of Intermodal. But I don't know that the spot market influence that we've seen on the highway side is showing up in any form of dialogue with our customers. It's a data point. It's one of many that we keep an eye on.

隨著我們的前進，我認為我們與客戶的討論是圍繞我們如何共同降低成本來找到定價優勢。那麼多式聯運的價格將永遠落後於卡車市場。情況從未如此嚴重。當然，卡車現貨市場對聯運整體定價的影響相當小。合同拖車定價在我們的經濟效益及其對客戶購買聯運的影響方面發揮著更大的作用。但我不知道我們在高速公路一側看到的現貨市場影響是否會以任何形式與客戶的對話表現出來。這是一個數據點。這是我們密切關注的眾多事件之一。

Your next question comes from the line of Amit Mehrotra with Deutsche Bank.

您的下一個問題來自德意志銀行的 Amit Mehrotra。

I guess first, just anything to note around the noise around yellow right now? I know whether it's on the broker side or anywhere else, any comments on if you're seeing any shipper response from yellow? And then, I guess, Darren, I assume bid compliance is still really, really low, 55% or something like that. And you're still stacking, I don't know, 18% of your containers. You guys have the highest variable cost structure in the industry. I was wondering, does there come a point in time because you have so much costs embedded in the system where you're willing to maybe take that price even lower to drive more volume? Just the thoughts around that because it just seems like this could be a great market share opportunity and you can offset some of the pricing with the variable cost structure and then the cost leverage as well.

我想首先，現在關於黃色周圍的噪音有什麼需要注意的嗎？我知道無論是在經紀人方面還是其他任何地方，如果您看到黃色的托運人回應，有什麼評論嗎？然後，我想，達倫，我認為投標合規性仍然非常非常低，55% 或類似的水平。我不知道，你還在堆放 18% 的集裝箱。你們擁有業內最高的可變成本結構。我想知道，是否會出現某個時間點，因為您的系統中嵌入瞭如此多的成本，您願意以更低的價格來推動更多的銷量？只是圍繞這一點的想法，因為這似乎可能是一個巨大的市場份額機會，您可以通過可變成本結構和成本槓桿來抵消一些定價。

Amit, I'll address the question related to [yellow.] One, we're probably not going to comment on that. But based upon the change in certain stock prices today, I guess we wish we were perceived to have some sort of benefit from whatever may be happening in the industry, LTL industry, and to the second part of your question, over to Darren.

阿米特，我將解決與[黃色]相關的問題。第一，我們可能不會對此發表評論。但根據今天某些股票價格的變化，我想我們希望人們認為我們從行業、零擔行業可能發生的任何事情中獲得某種好處，以及達倫問題的第二部分。

We have long asked ourselves. If you just cut rate, do you just get more volume. And the reality is that the 2 are not as yoked as you would think. You can cut your price and then haul the same amount of loads for a lower price. We spend a lot of time growing experience in our pricing teams, our sales organizations, they work very closely together in our pricing exercise and process is not quite as commodity like the way you described it. Certainly, as the correct opportunity presents itself and it comes with volume that contributes to our organization at the correct investment level. If those economics we can meet, then we do that. And we look at them one opportunity at a time, always have, always will.

我們很早就問自己。如果你只是降低利率，你會得到更多的銷量嗎？現實是，兩者並不像你想像的那麼緊密。您可以降低價格，然後以更低的價格運輸相同數量的貨物。我們花了很多時間在我們的定價團隊和銷售組織中積累經驗，他們在我們的定價實踐中密切合作，並且流程並不像您所描述的那樣像商品一樣。當然，當正確的機會出現時，它所帶來的數量會以正確的投資水平為我們的組織做出貢獻。如果我們能夠滿足這些經濟學要求，那麼我們就會這樣做。我們一次只看一個機會，一直有，也永遠會這樣。

Your next question comes from the line of Scott Group with Wolfe Research.

您的下一個問題來自 Scott Group 和 Wolfe Research 的線路。

So Darren, it sounds like you think volume is the key to getting Intermodal margin and earnings higher, it still feels like maybe there's still some downside risk to price. So which is the bigger lever in the near term? I guess, ultimately, I'm trying to figure out, do you think Intermodal margins and earnings keep resetting a bit lower from the second quarter into the third quarter? And then maybe just separately, just longer term question for John, right? You guys have made a lot of investments in 360 and in a tougher market, the business is now -- the brokerage business is back to losing money. Do you think about dialing back some of those investments, just how you think about that?

達倫，聽起來您認為數量是提高多式聯運利潤和收益的關鍵，但仍然感覺價格可能仍然存在一些下行風險。那麼短期內哪個槓桿更大呢？我想，最終，我想弄清楚，您認為從第二季度到第三季度，多式聯運的利潤率和收益是否會繼續保持略低的水平？然後也許只是單獨的，只是約翰的長期問題，對吧？你們在360做了很多投資，在一個更艱難的市場中，現在的業務——經紀業務又開始虧損了。您是否考慮削減其中一些投資，您對此有何看法？

Well, Scott, let me start first on the margin. Price will always improve our margin faster than volume will. That will be the case for my entire career. I think you've heard us talk about the need for volume to see some improvement because that's the most likely influencer fastest.

好吧，斯科特，讓我先從邊緣開始。價格總是比銷量更快地提高我們的利潤。我的整個職業生涯都是如此。我想你已經聽過我們談論需要增加數量才能看到一些改進，因為這最有可能是最快的影響者。

I don't anticipate any sort of pricing market in the near term that's going to help with our margin as quickly as we might see an opportunity to grow our volume. Meanwhile, when we announced 150,000 container growth target over what is now more like 2 to 4 years, we did that with the mindset of growing our volume at a correct return, and that will continue to be our focus.

我預計短期內任何形式的定價市場都不會像我們看到增加銷量的機會那樣迅速提高我們的利潤。與此同時，當我們宣佈在現在的 2 到 4 年內實現 150,000 個集裝箱的增長目標時，我們的想法是在正確的回報下增加我們的數量，這將繼續成為我們的重點。

Yes. Let me make a comment just overall and then Brad, I'll ask you to comment on kind of where we are with 360. But in general, I think the vision and strategy here is that while we know we're in some turbulent water, the opportunities that we see to invest in are probably as good as they've ever been in all aspects of the organization. I see certain changes being made lately that are even more encouraging from a capital allocation discipline standpoint, for instance, moving the power out of the JBT business into dedicated is a step that is very consistent with long-term investment strategy and a perspective that we have such a huge addressable market in such really, really high-quality services and brand and team of people that are so committed that we would just be remiss to slow down.

是的。讓我總體發表評論，然後布拉德，我會請您評論一下我們與 360 的關係。但總的來說，我認為這裡的願景和戰略是，雖然我們知道我們正處於動蕩的水中，我們看到的投資機會在組織的各個方面可能都與以往一樣好。我看到最近發生的某些變化從資本配置紀律的角度來看更加令人鼓舞，例如，將權力從 JBT 業務轉移到專用業務是與長期投資戰略非常一致的一步，也是我們的觀點。擁有如此巨大的潛在市場，擁有如此真正、真正高質量的服務、品牌和團隊，他們如此忠誠，以至於我們放慢腳步是不負責任的。

I know it feels a little off timing right now, but I -- even as of this morning, and I continue to be super confident in the opportunity and our ability to execute on what is in front of us. Brad, let me let you handle this.

我知道現在感覺有點不合時宜，但即使到今天早上，我仍然對這個機會以及我們執行眼前任務的能力充滿信心。布拉德，讓我來幫你處理這件事。

Yes. I'll just add, from a 360 standpoint, we stay in committed to our investment in the platform technology as it relates to all things J.B. Hunt. We don't think about this one window of time that we find ourselves in, which is probably the most remarkably difficult environment many of us have experienced in our careers. Largely, the investment that we've made in tech is behind us as it relates to the platform, but we will continue to invest to add capabilities and features of value for our customers and for our carriers.

是的。我只想補充一點，從 360 度的角度來看，我們將繼續致力於對平台技術的投資，因為它與 J.B. Hunt 的所有事情相關。我們沒有想到我們所處的這一時期，這可能是我們許多人在職業生涯中經歷過的最困難的環境。很大程度上，我們在技術方面的投資已經過去，因為它與平台相關，但我們將繼續投資，為我們的客戶和運營商增加價值的功能和特性。

And so we remain committed, Scott, to the idea that the platform drives value for J.B. Hunt and it's difficult to see in the last 90 days, but there's a lot of things that are really difficult to see in the last 90 days. And I think that we'll be better for it as we come out of what we're in. I think Shelley said last quarter, it's not a matter of if, but when. And we believe that when that happens, we're going to be very well positioned and poised to be able to scale for the growth that our customers bring our way.

因此，斯科特，我們仍然堅信平台會為 J.B. Hunt 帶來價值，這在過去 90 天內很難看到，但有很多事情在過去 90 天內確實很難看到。我認為，當我們走出困境時，我們會做得更好。我認為雪萊上個季度說過，這不是是否的問題，而是何時的問題。我們相信，當這種情況發生時，我們將處於非常有利的位置，並準備好能夠擴大規模，以實現客戶為我們帶來的增長。

Scott, I might add to this. I think one of the things in our company foundation is technology. And when you think about our ability to serve our customers in 2021 and in 2022, we were able to leverage our technology investments to really step up, have a step function change from a growth perspective and delivering more value for our customers. As if you look at 2 of the tighter years, if you will, 2018 and then again coming into COVID, our technology further enhanced our ability to serve our customers.

斯科特，我可以補充一下。我認為我們公司的基礎之一就是技術。當你想到我們在 2021 年和 2022 年為客戶提供服務的能力時，我們能夠利用我們的技術投資來真正提升，從增長的角度進行階躍功能變革，並為我們的客戶提供更多價值。如果你願意的話，看看 2018 年，然後再進入新冠疫情時期，我們的技術進一步增強了我們為客戶服務的能力。

So we look at our technology and not just as an investment on what return can we get on the investments that we're making, that is across our entire organization, and we evaluate every idea that comes across from our people from an investment win. And so for us, we let our customers give us feedback, they help drive our technology strategy. And then you see that play out over a longer period of time as the company continues to grow and have long-term compounding returns on behalf of our shareholders. So that's a key part of our strategy. I don't see that changing, but we're always going to be prudent and watch how we spend and what returns we can get over the long term.

因此，我們不僅僅將我們的技術視為一項投資，而是將其視為我們正在進行的投資能夠獲得什麼回報的投資，這是我們整個組織的投資，並且我們評估我們的員工從投資勝利中提出的每一個想法。因此，對我們來說，我們讓客戶向我們提供反饋，他們幫助推動我們的技術戰略。然後，隨著公司不斷發展並代表我們的股東獲得長期復利回報，您會看到這種情況會在更長的時間內發揮作用。所以這是我們戰略的關鍵部分。我認為這種情況不會改變，但我們始終會保持謹慎，關注我們的支出方式以及長期可以獲得的回報。

Your next question comes from the line of Chris Wetherbee with Citigroup.

您的下一個問題來自花旗集團的 Chris Wetherbee。

Darren, I guess, just in terms of the details of how much you're through the contracting in Intermodal in the second quarter, I guess in other words, how much of the business has been repriced in the environment we're in and maybe what's left in the third and fourth quarter to go? And then as you look at the box count, the growth sequentially was the lowest, it's been quite some time going back to when you sort of launched some of the longer-term growth initiatives. How do we think about that going forward? It sounds like in your comments that maybe we could see that be a big constraint here in near term is sort of the return profile of the growth is maybe not exactly where it needs to be. Is that something that we'll see kind of slow down a little bit more from where we are right now?

達倫，我想，就第二季度聯運合同的細節而言，我想換句話說，在我們所處的環境中，有多少業務已經重新定價，也許第三季度和第四季度還剩下什麼？然後，當你查看盒子數量時，連續增長是最低的，自從你啟動一些長期增長計劃以來，已經有一段時間了。我們如何看待未來的發展？聽起來在您的評論中，也許我們可以看到，短期內的一個很大的限制是，增長的回報狀況可能並不完全是它需要的地方。我們會看到這種情況比現在的情況更加緩慢嗎？

On the pricing front, typical calendar year, and I would say this year, it's no different. We repriced 30% in the first quarter or implement 30% in the first quarter, 30% in the second, 30% in the third and 10% in the fourth. I guess the 10% in the fourth quarter would most likely be the next pricing cycle. So as we get through this quarter, we'll really finish up implementation. I think that just as a general, we had some customers move a little faster this year. So it's been earlier than what has been the historical norm. So there's not that much new price left to implement as we move through the third quarter.

在定價方面，典型的日曆年，我想說今年也沒有什麼不同。我們第一季度重新定價30%，或者第一季度實施30%，第二季度實施30%，第三季度實施30%，第四季度實施10%。我猜第四季度的 10% 很可能是下一個定價週期。因此，當我們度過本季度時，我們將真正完成實施。我認為，總的來說，今年我們的一些客戶行動得更快了一些。所以它比歷史常態要早。因此，當我們進入第三季度時，沒有太多新的價格需要實施。

And as far as the equipment goes, I think John Roberts highlighted it really well. We continue to see this enormous opportunity to grow our business with value to our customers. That being said, we're not going to ignore the fact that we ran into a slower time, and we did back off where we could. I don't want that to represent to our customers, most importantly, any hesitancy to bring on that equipment. We will continue our pipeline of equipment, but we're going to be prudent with our capital. We're going to be prudent with our expenses to the extent we can. And then we'll speed it up just as fast as we can.

就設備而言，我認為約翰·羅伯茨很好地強調了這一點。我們繼續看到這個巨大的機會來發展我們的業務，為我們的客戶帶來價值。話雖這麼說，我們不會忽視這樣一個事實：我們遇到了一個更慢的時間，而且我們確實在可以的地方後退了。我不希望這對我們的客戶來說，最重要的是，他們對購買該設備有任何猶豫。我們將繼續我們的設備管道，但我們將謹慎對待我們的資本。我們將盡可能謹慎地對待我們的開支。然後我們會盡可能快地加快速度。

There was a time 3 or 4 years ago, we actually stopped it, and that taught us a big lesson and we don't want to do that unless forced to. But at this point, we believe in our long-term growth opportunity, and we're going to continue to bring on equipment. But we're going to be as smart about that as we can. And I think the quarter showed that we can slow that down at the right time when demand kind of fades for a little bit.

三四年前有一段時間，我們實際上停止了它，這給了我們一個很大的教訓，除非被迫，否則我們不想這樣做。但目前，我們相信我們的長期增長機會，我們將繼續引進設備。但我們將盡可能聰明地處理這一問題。我認為本季度表明，當需求稍微減弱時，我們可以在適當的時候放慢速度。

Your next question comes from the line of Brian Ossenbeck with JPMorgan.

您的下一個問題來自摩根大通的 Brian Ossenbeck。

Darren, just one quick one for you in terms of the West Coast labor resolution, the ports have come to agreements to offer rectification. Any change on the margin since that's been done over the last month in terms of the inflow or at least the interest level coming through that gateway?

達倫，就西海岸勞工解決方案而言，我只想為您簡單介紹一下，各港口已達成協議以提供整改。自上個月以來，在流入量或至少是通過該門戶的利息水平方面，邊際有任何變化嗎？

And then Shelley, if you can just give us your updated or maybe Brad, your updated view on truckload capacity in the market, especially the small carrier, it's not been written about the health of small carrier, but I think you've given some commentary about they're going to run into a bit more of a cash crunch here in the back half of the year with spot rates kind of bouncing around the bottom. Hopefully, I just wanted to hear your updated thoughts and if you're seeing anything on the platform as well.

然後，雪萊，如果您能給我們您的最新信息，或者布拉德，您對市場卡車裝載能力的最新看法，特別是小型承運人，它沒有寫過關於小型承運人的健康狀況，但我認為您已經給出了一些有評論稱，今年下半年他們將遇到更多的現金緊縮，即期匯率將在底部反彈。希望我只是想听聽您的最新想法以及您是否也在該平台上看到了任何內容。

So I'll start on the West Coast. We had a number of customers that highlighted as soon as that contract negotiation was complete. They would consider moving back some of the East Coast imports through the West Coast. We haven't seen -- it's not been real visible to us, but we are in dialogue with many of our customers talking about that opportunity. We still feel confident that the West Coast import opportunity for our customers is the fastest, lowest-cost answer.

所以我將從西海岸開始。我們有許多客戶在合同談判完成後就強調了這一點。他們將考慮將部分東海岸進口產品通過西海岸運回。我們還沒有看到——這對我們來說並不是真正可見的，但我們正在與許多客戶對話，談論這個機會。我們仍然相信，西海岸的進口機會對我們的客戶來說是最快、成本最低的答案。

So we're confident that we will see a slow move back to the West, not all of it. Some that went to the East will stay in the East, and we serve those markets as well. So we're certainly glad that the West Coast labor negotiation is behind us at this point. And so we'll continue to look for some benefits from that as the year moves on.

因此，我們有信心看到人們緩慢地回歸西方，而不是全部回歸西方。一些前往東方的人將留在東方，我們也為這些市場提供服務。因此，我們當然很高興西海岸勞資談判目前已經結束。因此，隨著時間的推移，我們將繼續從中尋找一些好處。

And then, Brian, from a Truckload capacity -- it's Brad Hicks. We continue to see net revocations, be it elevated levels throughout the second quarter. We've commented previously that in past cycles, typically, that range where a carrier can hang on as in a 12- to 15-month window, and we would believe that we're in that 9-to-11 month range depending on what you take as a starting point. We see orders on new tractors down, notwithstanding some carryover for replacements in the peak of COVID.

然後，布賴恩，來自卡車裝載能力的——是布拉德·希克斯。我們繼續看到淨撤銷，儘管第二季度的水平有所上升。我們之前評論過，在過去的周期中，通常情況下，承運人可以在 12 到 15 個月的窗口內堅持下去，我們相信我們處於 9 到 11 個月的範圍內，具體取決於你以什麼為起點。我們看到新拖拉機的訂單有所下降，儘管在新冠疫情高峰期仍有一些替換拖拉機的訂單結轉。

And we're also seeing pressure in the carrier community kind of pushing back on PTE ranges. And so that kind of makes us feel like that bottom that I made comment to in my prepared remarks, has been realized. Now we don't know what volume is going to do in the back half. And then certainly, any lift from here could prove very valuable to us, but certainly not anticipating any normal peak at this point, but we would expect it to pick up from here. But we don't know -- if you look at the elevated revenues that carriers were benefiting from in the peak of the pandemic, it's hard to tell what -- how much of that they were able to save that could carry it deeper than maybe some of our historical data represents. And so still a little bit wait and see, but certainly seeing more indications of closures or losses in the marketplace today.

我們還看到運營商群體面臨著某種程度的壓力，要求 PTE 範圍有所回落。因此，這讓我們感覺我在準備好的發言中所評論的底部已經實現。現在我們不知道下半場的成交量會怎樣。當然，從這裡開始的任何提升都可能對我們非常有價值，但肯定不會預期此時會出現任何正常峰值，但我們預計它會從這裡開始回升。但我們不知道——如果你看看航空公司在大流行高峰期受益的收入增加，很難說清他們能夠節省多少收入，這可能會帶來比可能更嚴重的影響我們的一些歷史數據代表了。因此，仍然需要等待一段時間，但肯定會看到今天市場有更多關閉或損失的跡象。

Your next question comes from the line of Bascome Majors with Susquehanna.

你的下一個問題來自巴斯克梅專業隊與薩斯奎哈納隊。

You've been in this environment where you've been adding gross trucks in dedicated, but bleeding some out on a same fleet basis just from the cyclical pressures in the market, how far along in that life cycle do you think we are? How far are we from a situation where the gross adds can start to look more like the net adds? And just to add some clarity to that comment, how big of an issue is competition from existing private fleets and some of your otherwise dedicated customers? Or is this really more of a cyclical volume response to those customers?

在您所處的環境中，您一直在增加專用卡車的總量，但由於市場的周期性壓力而在同一車隊的基礎上流失了一些卡車，您認為我們在這個生命週期中走了多遠？總增加量開始變得更像淨增加量的情況離我們還有多遠？為了澄清這一評論，來自現有私人車隊和一些其他忠誠客戶的競爭有多大問題？或者這實際上更像是對這些客戶的周期性銷量反應？

Yes. Thanks, Bascome. I would just say what we're seeing is there's a lot of pressure on our customers. And I can't answer when the economy is going to turn around, demand is going to pick up. But if things remain slow, they'll continue to put pressure and our CVD process is all about [trinking] out cost and redesigning routes and optimizing fleets. And so we'll continue to do that until the volume picks up.

是的。謝謝，巴斯科姆。我只想說我們看到的是我們的客戶面臨很大的壓力。我無法回答經濟何時會好轉、需求何時會回升。但如果事情仍然緩慢，他們將繼續施加壓力，而我們的 CVD 流程就是為了[削減]成本、重新設計路線和優化機隊。因此，我們將繼續這樣做，直到銷量回升。

Our volume has just been steady, I would say, because we're going outbound from the DCs and going to deliver to stores and homes. And so it's been consistent. I can't tell you when it's going to turn around. And we'll just continue to drive out cost as their volumes dictate. We've not -- I don't want to misspeak here, but we're not seeing hardly any pressure from our competition. What we're seeing on our existing fleet, we're just seeing cost pressure internally for the most part. And so that's kind of where we're at.

我想說，我們的數量一直很穩定，因為我們要從配送中心發貨並送貨到商店和家庭。所以它是一致的。我無法告訴你什麼時候會扭轉。我們將根據產量的要求繼續降低成本。我們沒有——我不想在這裡說錯話，但我們幾乎沒有看到來自競爭對手的任何壓力。我們在現有機隊中看到的，大部分只是內部的成本壓力。這就是我們現在的處境。

Your next question comes from the line of David Zazula with Barclays.

你的下一個問題來自巴克萊銀行的大衛·扎祖拉（David Zazula）。

Brad, you had mentioned a little bit of a mismatch in resources relative to the activity you were seeing in your businesses. Can you unpack that and talk about how you're planning on managing that moving forward and how you're setting yourself up for the eventual upturn?

布拉德，您提到資源與您在企業中看到的活動有些不匹配。您能否解開這個謎題，談談您打算如何管理這一進展，以及如何為最終的好轉做好準備？

Yes, David. Thanks for the question. If we really come out of Q1, we saw the downward pressure on volumes, and we saw that replay itself, if you will, in Q2. So it's really that radical decline. We have reduced headcount, as you can see. And then really, what we're focused on is how we can successfully grow back into the remaining resources that we have, more so than continuing to diminish our capability because we know that the win this does turn, we want to be ready and prepared for that. And so spending a lot of time making sure we are ready for that, tightening up where we can. But by and large, I think the vast majority of the rightsizing is behind us at this point.

是的，大衛。謝謝你的提問。如果我們真的走出第一季度，我們就會看到銷量的下行壓力，如果你願意的話，我們會在第二季度看到這種重演。所以這確實是急劇下降。如您所見，我們減少了員工人數。事實上，我們關注的是如何成功地重新利用我們擁有的剩餘資源，而不是繼續削弱我們的能力，因為我們知道勝利確實會到來，我們希望做好準備和準備為了那個原因。因此，我們花了很多時間來確保我們為此做好了準備，並儘可能收緊。但總的來說，我認為目前絕大多數規模調整都已經過去了。

Your next question comes from the line of Ravi Shanker with Morgan Stanley.

你的下一個問題來自拉維·尚克 (Ravi Shanker) 與摩根士丹利 (Morgan Stanley) 的對話。

Just a couple here. One, just to kind of follow up on that last question on inventory. It's going to -- are you sharing that shippers are kind of done with destocking but are reluctant to restock on the other side of that, kind of given macro conditions? And maybe a second question, can you just talk a little bit more about power only kind of you referenced in your earlier remarks, but kind of now that we have cycled a fairly severe down cycle in addition to the pandemic up cycle, can we definitively determine what the kind of normalized level of power only demand is for the industry? And kind of was that a pandemic only flash in the pan? Or do you think that's a long-term growth story for the industry.

這裡只有一對夫婦。第一，只是為了跟進有關庫存的最後一個問題。您是否認為托運人已經完成了去庫存的工作，但在考慮到宏觀條件的情況下卻不願意在另一方面補充庫存？也許還有第二個問題，您能否多談談您在之前的評論中提到的僅關於權力的問題，但現在除了大流行的上升週期之外，我們還經歷了一個相當嚴重的下降週期，我們是否可以明確地說確定該行業電力唯一需求的標準化水平是怎樣的？這場流行病是否只是曇花一現？或者您認為這是該行業的長期增長故事嗎？

So why don't I start with the inventory question. What we -- what I think we recognize is coming into 2022 in the first half, -- our customers had made significant orders, and they had a lot of inventories as sales began to decline. As those sales declined, they were full flush with inventory, and it took them some time to burn through that. We're not suggesting that we've had any dialogue with any customer that suggests they don't want to maintain some level of inventory that is aligned with their sales. I mean, they're trying to match inventory with their sales.

那麼我為什麼不從庫存問題開始呢？我認為我們認識到進入 2022 年上半年，我們的客戶已經下了大量訂單，隨著銷售額開始下降，他們有大量庫存。隨著銷售額下降，他們的庫存充足，他們花了一些時間來消耗這些庫存。我們並不是說我們與任何客戶進行了任何對話，表明他們不想維持與其銷售相一致的一定水平的庫存。我的意思是，他們試圖將庫存與銷售額相匹配。

I'm not aware of any customer that wants to miss a sale because they didn't have inventory. Obviously, they don't want to do that. They're just being a little bit more cautious on the ordering process and I think supply chain actually allows customers to get their orders faster than they were during the pandemic. And all of those factors are playing in a role. But I'm not aware of a single customer that wants to intentionally hold inventory down if that meant at risk their sales.

據我所知，沒有哪個客戶因為沒有庫存而想錯過促銷活動。顯然，他們不想這樣做。他們只是在訂購過程中更加謹慎，我認為供應鏈實際上允許客戶比大流行期間更快地獲得訂單。所有這些因素都在發揮作用。但據我所知，沒有哪個客戶願意故意壓低庫存，因為這意味著他們的銷售面臨風險。

And I think for Part 2, I may not have heard the question entirely, but I think the question was around what do we see for the future of our power only with 360box. What I would just say there is-- we continue to have very strong demand, we had double-digit growth in the network again in the second quarter. And so in spite of the environment that we're in, to have double-digit growth in the Truckload capacity, we're very encouraged by that.

我認為在第二部分中，我可能沒有完全聽到這個問題，但我認為問題在於我們對 360box 的力量的未來有何看法。我想說的是——我們的需求仍然非常強勁，第二季度我們的網絡再次實現了兩位數的增長。因此，儘管我們所處的環境如此，卡車裝載能力仍能實現兩位數的增長，我們對此感到非常鼓舞。

I do think that we learned a lot about the radical up and the radical down in the last 36 months, and we're hopeful that we can best align our strategy for those types of swings in the future. I'm hoping that we don't have that level of volatility in the future. But in the event that we do, I think that we're poised to take advantage of the critical earnings that we did experience, again, both on the radical up and more so on the radical decline that we've seen over the last 6 to 9 months. But the customers' appreciation of what box can do for them and the value that creates around flexibility in their system has been very welcoming from a customer base standpoint. So we remain excited about that.

我確實認為，在過去 36 個月裡，我們學到了很多關於激進上漲和激進下跌的知識，我們希望能夠針對未來這些類型的波動調整我們的策略。我希望未來不會出現這種程度的波動。但如果我們這樣做，我認為我們準備好利用我們確實經歷過的關鍵盈利，無論是在過去 6 年中我們看到的大幅上漲還是大幅下跌。至 9 個月。但從客戶群的角度來看，客戶對盒子能為他們做什麼以及圍繞系統靈活性創造的價值的讚賞是非常受歡迎的。所以我們對此仍然感到興奮。

Your next question comes from the line of Jason Seidl with TD Cowen.

您的下一個問題來自 Jason Seidl 和 TD Cowen 的對話。

I wanted to focus a little bit on the Intermodal side. Clearly, you mentioned that the comps do get easier, and they get a lot easier in September. Should we expect an inflection on the volume side to maybe some positive numbers? And then how should we think about your length of haul given the fact that the West Coast port problems have been pushed behind us?

我想重點關注多式聯運方面。顯然，你提到比賽確實變得更容易，而且在九月份變得容易得多。我們是否應該預期成交量會出現一些正數？那麼考慮到西海岸港口問題已經被拋在腦後，我們應該如何考慮你們的運輸距離呢？

Well, Jason, that would the guidance. I think all I'd say is we continue to be encouraged by dialogue we have with our customers. We're prepared to grow, we're specifically prepared to grow on the West Coast as imports continue to improve and our economy, we're still waiting to see if there will be any kind of a holiday shipping season, not a lot of predictions around that, but we'll have to wait and see and I would -- the mix was a factor in the first quarter. We talked some about that and you could see it just in the results of growth.

好吧，傑森，這就是指導。我想我想說的是，我們與客戶的對話繼續鼓舞著我們。我們已經準備好增長，我們特別準備在西海岸增長，因為進口持續改善，我們的經濟，我們仍在等待，看看是否會有任何形式的假期運輸季節，而不是很多圍繞這一點的預測，但我們必須拭目以待，我會——混合是第一季度的一個因素。我們對此進行了一些討論，您可以從增長的結果中看到這一點。

As we move forward, it just depends on what our customers do and what their sales are like. And unfortunately, I can't really answer your question as we're all waiting to find out the same answer to that question.

當我們前進時，這僅取決於我們的客戶做什麼以及他們的銷售情況。不幸的是，我無法真正回答你的問題，因為我們都在等待找到該問題的相同答案。

Your next question comes from the line of David Vernon with Bernstein.

你的下一個問題來自大衛·弗農和伯恩斯坦的對話。

Darren, can you give us a sequential monthly look at how sort of [ARPUs] execute were trending in the quarter? And then I'm just trying to understand if we exit sort of 2Q at whatever the exit rate is, what would that look like in terms of a year-over-year decline for 3Q?

達倫（Darren），您能否按月順序向我們介紹本季度的 [ARPU] 執行趨勢？然後我只是想了解，如果我們以任何退出率退出第二季度，那麼第三季度的同比下降會是什麼樣子？

We've been giving. During the pandemic, we started providing the monthly volume change year-over-year. That's really all we're going to do in the monthly sequential view there and anything moving forward is guidance that I just really can't provide.

我們一直在付出。在大流行期間，我們開始提供每月的交易量同比變化。這確實是我們在每月順序視圖中要做的所有事情，而接下來的任何事情都是我無法提供的指導。

I mean it's more of a question about early guidance.

我的意思是，這更多的是關於早期指導的問題。

Well, David, let me answer it this way. I mean, Darren provided information about the cadence of how contracts are implemented over the course of the year. As we enter Q3, a larger portion of our book of business will effectively be repriced. And so as the year progresses, more and more of our overall portfolio or book of business is repriced at rates that are more commensurate to the environment we're in. And so it seems like that should give you an answer or at least some color to provide you direction of what you're trying to get at.

好吧，大衛，讓我這樣回答。我的意思是，達倫提供了有關一年中合同執行節奏的信息。當我們進入第三季度時，我們的大部分業務將有效地重新定價。因此，隨著時間的推移，我們越來越多的整體投資組合或業務簿以更適合我們所處環境的價格重新定價。所以看起來這應該給你一個答案或至少一些顏色為您提供您想要實現的目標的方向。

Your next question comes from the line of Jeff Kauffman with Vertical Research Partners.

您的下一個問題來自垂直研究合作夥伴的傑夫·考夫曼（Jeff Kauffman）。

A lot of my questions have been answered. Darren, if I could just throw this out. Thank you for the monthly breakdown of carload progression during the quarter. I wanted to take a look at the East versus the West because the growth rate in the East pulled back from kind of positive on last quarter to down 6%. In the West, it was relatively stable, even a little bit better, and I know I'm talking year-on-year comps. You said the West Coast volume hadn't come on yet. Can you talk about what went on in the East? Was a lot of this related to the rail congestion related to the accidents in Ohio? Was there some kind of shift in that Eastern Intermodal market? Could you give us a little more color on that?

我的很多問題都得到了解答。達倫，如果我能把它扔掉就好了。感謝您提供本季度車輛裝載進度的每月細分。我想比較一下東方與西方的對比，因為東方的增長率從上季度的正增長回落至下降 6%。在西方，情況相對穩定，甚至更好一點，我知道我說的是同比比較。你說西海岸卷還沒有來。您能談談東方發生的事情嗎？這很大程度上與俄亥俄州事故造成的鐵路擁堵有關嗎？東部聯運市場是否發生了某種轉變？您能為我們提供更多信息嗎？

Well, I don't think volumes in the East in the quarter were significantly impacted by anything in Ohio. That derailment occurred back in, I think, early February, if I'm right, I don't recall the exact date. But certainly, the Eastern network volumes in the first quarter were encouraging. They remain encouraging. I think a year ago, we had a lot of strength in our Eastern network business, and we continue to present pricing and service solutions to our customers in those markets.

嗯，我認為本季度東部地區的銷量不會受到俄亥俄州任何事情的重大影響。我想，那次出軌發生在二月初，如果我沒記錯的話，我不記得確切的日期了。但可以肯定的是，第一季度東部網絡的流量令人鼓舞。他們仍然令人鼓舞。我認為一年前，我們在東部網絡業務方面擁有很大的實力，並且我們繼續向這些市場的客戶提供定價和服務解決方案。

I would also say that the highway price is more competitive in the East than it is in the West. And so that plays a slightly more significant role in our Easter network. And I think that as the quarter went on, we really saw enormous improvement in our service performance from our rail providers. And that wasn't the case necessarily in the first quarter, but we really experienced a lot of excellent service during the second quarter, and we've got to let that play out and work with our customers so that they can see the quality of service. And continue to give us an opportunity to grow as the year goes on.

我還想說，東部的高速公路價格比西部更有競爭力。因此，這在我們的複活節網絡中扮演著更重要的角色。我認為，隨著本季度的繼續，我們確實看到鐵路提供商的服務績效取得了巨大的進步。第一季度的情況不一定如此，但我們在第二季度確實體驗到了很多優質的服務，我們必須讓它發揮作用並與我們的客戶合作，以便他們能夠看到服務的質量服務。隨著時間的推移，繼續為我們提供成長的機會。

And your final question comes from the line of Tom Wadewitz with UBS Financial.

你的最後一個問題來自瑞銀金融公司的湯姆·瓦德維茨（Tom Wadewitz）。

One clarification for Darren. I know you've talked a lot about volume, but I think earlier in the call, you said something about easier comps being a factor. Is that the primary reason the year-over-year was better in June? Or did you actually see a little bit of absolute pickup that might be better than seasonality? And then maybe one just for John or Shelley, I know the crystal balls aren't that clear, but it seems like the last couple of cycles, we have seen greater volatility and bigger moves up in rate and capacity and bigger moves down.

達倫的一項澄清。我知道你已經談論了很多關於數量的問題，但我認為在電話會議的早些時候，你說過更容易的比賽是一個因素。這是六月份同比更好的主要原因嗎？或者您是否確實看到了一些可能比季節性更好的絕對回升？然後也許只是約翰或雪萊的一個，我知道水晶球不是那麼清楚，但似乎在過去的幾個週期中，我們看到了更大的波動性以及速率和容量的更大波動以及更大的下降。

Do you think that pattern is going to continue? I don't know if that's market structure driven, if that's technology-driven. But do you think when we look forward, maybe we'd see another potentially bigger move up in price as we saw in 2018 and over the last couple of years?

您認為這種模式會持續下去嗎？我不知道這是市場結構驅動的，還是技術驅動的。但您認為，當我們展望未來時，也許我們會看到價格再次出現更大的上漲，就像我們在 2018 年和過去幾年中看到的那樣？

So first of all, on the comp period, I didn't intend for it to sound like June was an easier comp. June was actually our most difficult comparison month from '22. So certainly, June had some positive signs. And again, we're still in a wait-and-see mode for the rest of the year.

首先，在比賽期間，我並不想讓它聽起來像是六月是一個更容易的比賽。 6 月實際上是我們自 22 年來最困難的比較月份。當然，六月有一些積極的跡象。再說一次，我們在今年剩餘時間內仍處於觀望狀態。

And maybe just for the benefit of everyone on the call. Darren provided the monthly down 9%, down 8%, down 4% as the quarter progressed. In the prior year period, April comp was plus 4%, May was plus 9%, and June was plus 10%. So June was our toughest comp in the quarter.

也許只是為了通話中每個人的利益。達倫 (Darren) 提供的月度下降 9%、下降 8%、隨著季度進展下降 4%。去年同期，4 月同比增長 4%，5 月同比增長 9%，6 月同比增長 10%。因此，六月是我們本季度最艱難的競爭。

And then I might just say you've heard Darren make lots of comments around what's happening between he and Brad from a cycle perspective, I think it's difficult for us to say what's going to happen from a price perspective coming into this next bid season. I will say the majority of our pricing has been completed on the transactional side. Certainly, dedicated doesn't have that impact as they're in longer-term agreements and the majority of their business into some kind of indices from a price discussion.

然後我可能會說，你已經聽到達倫從周期角度對他和布拉德之間發生的事情發表了很多評論，我認為我們很難從價格角度說出下一個競標季節會發生什麼。我想說的是，我們的大部分定價都是在交易方面完成的。當然，專用不會產生這種影響，因為他們簽訂了長期協議，並且他們的大部分業務都來自價格討論的某種指數。

So I couldn't really say that, but I will say, certainly, cost to operate are higher, this go around than it would have been in 2018 or even going to the pandemic inflation is across the board. And so I think that's why you heard Brad make comments around what's happening from carriers and price in general. I will say, although our second quarter, you did see the continued pressure from a freight recession, there were a lot of great things that happened, and we're really proud of the work.

所以我真的不能這麼說，但我會說，當然，運營成本更高，這比 2018 年要高，甚至會全面出現大流行性通脹。因此，我認為這就是為什麼您聽到布拉德對運營商和總體價格發生的情況發表評論的原因。我想說，雖然我們第二季度確實看到了貨運衰退帶來的持續壓力，但發生了很多偉大的事情，我們對我們的工作感到非常自豪。

I want to make sure that I call out the strength and resiliency across our complementary business model, in particular, I believe Brad said dedicated showed strong results and had a record in the quarter for operating income. I think that's important, especially considering where we're at. But I also might make notice that final mile who also continued improvement in profitability as they continue to work with customers on making sure we are paid appropriately for the hard work that we do and the value we create for them.

我想確保我強調了我們互補業務模式的實力和彈性，特別是，我相信布拉德說專用顯示了強勁的業績，並在本季度實現了營業收入的記錄。我認為這很重要，特別是考慮到我們所處的位置。但我也可能會注意到，最後一英里的盈利能力也在不斷提高，因為他們繼續與客戶合作，確保我們為我們所做的辛勤工作和我們為他們創造的價值獲得適當的報酬。

We are encouraged with growth opportunities that we do see continuing at both our brokerage and power only 360box offerings and Highway Services, and we're going to leverage our technology to continue to deliver (inaudible) of our customers. And we do think our Intermodal business is outperforming the industry. We continue to have meaningful and unique growth opportunities to capitalize on that ahead, and that's how we're going to focus moving into the second half of the year. You've heard us talk a lot about our growth and growth prospects. It isn't a matter of if but when, we will remain committed to our long-term investments, and our people, technology and capacity and make sure that we're paid appropriately while understanding where we are in the short term, we will stay focused with our people because that's who delivers the great value for our customers. There are over 35,000 of us working hard every day, in particular, our drivers on the road and they're going to make sure we do a great job on behalf of our customers.

我們確實看到我們的經紀業務和僅支持 360box 產品和高速公路服務的持續增長機會，我們對此感到鼓舞，並且我們將利用我們的技術繼續為我們的客戶提供服務（聽不清）。我們確實認為我們的多式聯運業務表現優於行業。我們繼續擁有有意義且獨特的增長機會來利用未來的機遇，這就是我們進入今年下半年的重點。您已經聽我們談論了很多關於我們的增長和增長前景的事情。這不是是否的問題，而是何時的問題，我們將繼續致力於我們的長期投資以及我們的人員、技術和能力，並確保我們獲得適當的報酬，同時了解我們的短期狀況，我們將專注於我們的員工，因為他們為我們的客戶帶來了巨大的價值。我們有超過 35,000 名員工每天都在努力工作，特別是路上的司機，他們將確保我們為客戶做好出色的工作。

And finally, that will drive long-term compounding returns for our shareholders. So there's still something there that and take it out of Intermodal and take it into the organization, because we are in a position that we know it's not a matter of if, but when we are in a cold spring position on behalf of our customers across our entire organization. With that, I'll turn it over to John for closing remarks.

最後，這將為我們的股東帶來長期復合回報。因此，仍然存在一些問題，並將其從多式聯運中取出並納入組織中，因為我們知道這不是一個是否會發生的問題，而是當我們代表整個客戶處於冷泉狀態時我們整個組織。接下來，我將把它交給約翰做總結髮言。

Thanks, Shelley. Great thoughts there. I've noted as we discussed here, as we usually do in this call, we spent most of our time on the kind of current state, near term, appropriately. That's what you need to help continue to evaluate what you see here. I want to mention that we do manage and run our segments with intense focus on detail. It's one of the qualities that I think can set us apart when we do it right.

謝謝，雪萊。那裡有很棒的想法。我注意到，正如我們在這裡討論的那樣，正如我們在這次電話會議中通常所做的那樣，我們將大部分時間適當地花在了當前的近期狀態上。這就是您需要幫助繼續評估您在這裡看到的內容。我想說的是，我們確實非常注重細節來管理和運營我們的細分市場。我認為，如果我們做得正確，這就是我們能夠脫穎而出的品質之一。

And that's a daily, weekly, monthly evaluation of the critical elements of the business. And so where we look at the macro or we talk about big compliance and other elements that are vital, it's also important to note that it's a very almost surgical approach that we take. I think we see short-term focused decisions yielding short-term results. And accordingly, we just are more focused on positioning for that future opportunity than dealing with the current conditions, knowing that, that future opportunity will need us to be ready. It does remain a when not if question.

這是對業務關鍵要素的每日、每週、每月評估。因此，當我們著眼於宏觀或談論大的合規性和其他至關重要的要素時，同樣重要的是要注意，我們採取的幾乎是一種外科手術方法。我認為我們看到專注於短期的決策會產生短期結果。因此，我們只是更專注於為未來的機會做好準備，而不是處理當前的情況，因為我們知道，未來的機會需要我們做好準備。這確實仍然是一個“何時”而不是“如果”的問題。

And I can tell you that while I appreciate our composure on our long-term vision, we have great real-time work and focus under Shelley's leadership on the current issues that we face because of the freight recession that we're in. And so I just want to emphasize, our focus here is on our customers, enriching our people's ability to serve our customers, and we are thinking of ourselves as a coiled spring. It's a great analogy, and I'm very, very pleased with the work so far and we look forward to a great future and calls that we'll be able to give you updates. So I appreciate you joining us today.

我可以告訴你，雖然我讚賞我們對長期願景的鎮定，但在雪萊的領導下，我們開展了出色的實時工作，並專注於解決我們因貨運衰退而面臨的當前問題。我只是想強調，我們的重點是我們的客戶，豐富我們的員工為客戶服務的能力，我們將自己視為一個螺旋彈簧。這是一個很好的類比，我對迄今為止的工作非常非常滿意，我們期待著美好的未來，並呼籲我們能夠為您提供最新信息。所以我很感謝你今天加入我們。

This concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。