J B Hunt Transport Services Inc (JBHT) 2023 Q3 法說會逐字稿

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the J.B. Hunt Transport Services, Inc. Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Brad Delco, Senior Vice President for J.B. Hunt, please go ahead.

午安.我叫克里斯塔，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 J.B. Hunt Transport Services, Inc. 2023 年第三季財報電話會議。 （操作員指示）J.B. Hunt 資深副總裁 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.

午安.在介紹演講者之前，我想先揭露一些有關前瞻性陳述的資訊。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。這些陳述是基於 J.B. Hunt 目前的計劃和預期，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'd 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講者。今天下午，我們的執行長約翰羅伯茨 (John Roberts) 也加入了我的行列。我們的雪萊辛普森總統；我們的財務長約翰·庫洛； Nick Hobbs，營運長兼合約服務總裁；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執行長約翰·羅伯茨先生，請他發表一些開場白。約翰？

Thank you, Brad, and good afternoon. I would like to take a minute to highlight and reinforce some of the key tenets around how we manage the company. While the challenges in the freight cycle are well known and documented and as a result, there is no need to rehash here, I will again remind you about our long-term approach to the business. Our focus is on deploying capital in areas of the transportation industry where we see long-term opportunity to compound returns. We participate in an industry with a large addressable market that is cyclical.

謝謝你，布拉德，下午好。我想花一點時間強調並強化我們管理公司的一些關鍵原則。雖然貨運週期中的挑戰眾所周知並有記錄，因此無需在此重複，但我將再次提醒您我們的長期業務方針。我們的重點是將資本部署到交通運輸產業領域，我們看到了長期複合回報的機會。我們參與的產業擁有龐大的周期性市場。

Remaining disciplined around our investments with a long-term focus on our people, technology that enables and capacity to deliver for and on behalf of our customers will support and drive long-term growth for the company and our shareholders. In March of 2022, we announced a joint initiative with BNSF to substantially improve Intermodal capacity and service for our customers. We've recently announced and closed the acquisition of the brokerage assets of BNSF Logistics. These are key examples of how our companies are working together to best align efficient and value-added solutions for our customers.

保持嚴格的投資紀律，長期關注我們的員工、技術以及為客戶和代表客戶提供服務的能力，將支持並推動公司和股東的長期成長。 2022 年 3 月，我們宣布了與 BNSF 的聯合計劃，以大幅提高多式聯運的運能和為客戶提供的服務。我們最近宣布並完成了 BNSF Logistics 經紀資產的收購。這些是我們公司如何共同努力為客戶提供最佳高效和增值解決方案的關鍵範例。

While the brokerage market is challenged, we see lots of opportunities to drive efficiency in the supply chain with our people powered and enabled by our technology, our J.B. Hunt 360 platform. We continue to work closely with BNSF and all of our rail service providers to strengthen and create a more reliable Intermodal product. And I'm pleased to see the progress in our Intermodal segment relative to the market and our results.

儘管經紀市場面臨挑戰，但我們看到了許多機會，可以透過我們的技術（J.B. Hunt 360 平台）為我們的員工提供動力和支持，從而提高供應鏈的效率。我們繼續與 BNSF 和所有鐵路服務提供者密切合作，以加強和創造更可靠的多式聯運產品。我很高興看到我們的多式聯運業務相對於市場和我們的業績所取得的進展。

Dedicated and Final Mile continue to show resiliency in this environment, proving again that our premium service products can be differentiated from the competition. Our J.B. Hunt 360box product in our Truckload segment continues to experience growth, providing an asset-light solution while also leveraging our investments in technology to efficiently serve customers.

Dedicated 和 Final Mile 在此環境中繼續表現出彈性，再次證明我們的優質服務產品可以在競爭中脫穎而出。我們在卡車裝載領域的 J.B. Hunt 360box 產品持續成長，提供輕資產解決方案，同時利用我們的技術投資來有效地服務客戶。

In closing, we have a tremendous team here at J.B. Hunt with a lot of experience. We will remain disciplined on costs and investments to best prepare the company to serve the growing needs of our customers. We will remain focused on earning appropriate returns on capital and driving efficiency in the supply chain to drive greater value for our customers. I remain confident in the future growth of the company. Now I'll turn the call over to our President, Shelley Simpson.

最後，J.B. Hunt 擁有一支擁有豐富經驗的優秀團隊。我們將繼續嚴格控製成本和投資，以使公司做好充分準備，以滿足客戶不斷增長的需求。我們將繼續專注於賺取適當的資本回報並提高供應鏈效率，為客戶帶來更大價值。我對公司未來的發展仍然充滿信心。現在我將把電話轉給我們的總統雪萊辛普森。

Thank you, John, and good afternoon. My comments will cover our areas of strategic focus and how we are setting ourselves up for long-term success. Of course, these comments will align with our priorities for 2023, which, as a reminder, are: first, remain committed to disciplined long-term investments in our people, technology and capacity; second, deliver exceptional value to our customers; and third, drive long-term compounding returns for our shareholders.

謝謝你，約翰，下午好。我的評論將涵蓋我們的策略重點領域以及我們如何為長期成功做好準備。當然，這些評論將與我們 2023 年的優先事項保持一致，提醒一下，這些優先事項是：首先，繼續致力於對我們的人員、技術和能力進行嚴格的長期投資；其次，為客戶提供卓越的價值；第三，為股東帶來長期複合回報。

As you've heard us say since the fourth quarter call earlier this year, we have been in a challenging freight environment or a freight recession, largely driven by excess inventory in the supply chain. Our customers have been working through excess inventory. And as we stated last quarter, we felt like that destocking trend started to moderate in June. As we sit here today, we see further evidence of this trend and most notably in our Intermodal business, which is at the forefront of the North American supply chain. To be clear on the overall environment, we are not at a point yet to say we're out of the freight recession, but we do feel like we're coming out of it, or said differently, directionally, we are seeing signs of things moving in a positive direction.

正如您從今年早些時候的第四季度電話會議以來聽到的那樣，我們一直處於充滿挑戰的貨運環境或貨運衰退之中，這主要是由供應鏈中的庫存過剩造成的。我們的客戶一直在努力解決過剩庫存問題。正如我們上季度所說，我們認為去庫存趨勢在 6 月開始放緩。當我們今天坐在這裡時，我們看到了這一趨勢的進一步證據，尤其是我們位於北美供應鏈最前沿的多式聯運業務。為了明確整體環境，我們還沒有說我們已經擺脫了貨運衰退，但我們確實感覺我們正在擺脫它，或者換句話說，從方向上來說，我們正在看到跡象事情朝著積極的方向發展。

Going forward, our focus remains on how we deliver value for and grow with our customers over the long term by finding ways to improve efficiency and drive waste out of the supply chain. As you've heard us say before, we have a long-term approach to how we manage our business and how we invest across our company foundations, which are our people, technology and capacity. Our people have always come first, and we remain committed to our investments in our people, in [proper training], in their safety and in fair and equitable compensation and benefits. Throughout our company, we have the experience and talent to execute in all types of environments.

展望未來，我們的重點仍然是如何透過尋找提高效率和消除供應鏈浪費的方法，為客戶提供長期價值並與客戶共同成長。正如您之前聽我們說​​過的那樣，我們對如何管理業務以及如何在公司基礎（即我們的人員、技術和能力）進行投資採取了長期的方法。我們的員工始終是第一位的，我們仍然致力於對員工、[適當培訓]、員工安全以及公平公正的薪酬和福利進行投資。在我們整個公司，我們擁有在各種環境中執行任務的經驗和人才。

As an example, the officers of our company have a collective 350 years of experience not just in the industry but at our company. The experience and talent of our people, combined with our capacity to deliver and connected and enhanced by our technology investments, are what combine to deliver exceptional value for our customers. I believe we're seeing evidence of the strength of our brand and service by staying committed to our long-term investments in our people, technology and capacity. As we progress in the recovery, I'm confident in our ability to meet the growing needs of our customers as a result.

例如，我們公司的管理人員不僅在行業而且在我們公司擁有總共 350 年的經驗。我們員工的經驗和才能，加上我們透過技術投資提供交付、連結和增強的能力，共同為我們的客戶提供卓越的價值。我相信，透過堅持對人員、技術和產能的長期投資，我們正在看到我們品牌和服務實力的證據。隨著我們在復甦中取得進展，我對我們滿足客戶日益增長的需求的能力充滿信心。

In closing, while the environment is still challenging, it is important to keep in mind that pricing is a lagging indicator while volume is typically a leading indicator. We are encouraged by the performance of our Intermodal business that is gaining share in the market and the resiliency of our Dedicated business that continues to deliver efficient solutions for customers. Our Final Mile business is holding up well despite seeing varying degrees of demand from the end markets which they serve, highlighting the quality of our premium service product.

最後，雖然環境仍然充滿挑戰，但重要的是要記住，價格是一個滯後指標，而成交量通常是一個領先指標。我們對多式聯運業務的表現感到鼓舞，該業務正在擴大市場份額，而我們的專用業務則繼續為客戶提供高效的解決方案，具有彈性。儘管我們所服務的終端市場有不同程度的需求，但我們的「最後一哩路」業務仍然保持良好，這凸顯了我們優質服務產品的品質。

And in our ICS and JBT business, we continue to see both segments feel the brunt of the freight cycle, most notably in price and volume, but continue to believe in our ability to scale this business to drive efficient solutions with our brokerage and drop trailer services. We will continue to manage the business for long-term growth, and I remain 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?

在我們的ICS 和JBT 業務中，我們繼續看到這兩個細分市場都受到貨運週期的衝擊，尤其是在價格和數量方面，但我們仍然相信我們有能力擴展這項業務，透過我們的經紀和拖車推動高效率的解決方案服務。我們將繼續管理業務以實現長期成長，我對我們為股東提供長期可持續回報的能力仍然充滿信心。說到這裡，我想將電話轉給我們的財務長約翰·庫洛 (John Kuhlow)。約翰？

Thank you, Shelley, and good afternoon, everyone. I'll be brief with my comments but I want to hit on a few items, including a high-level review of the quarter and an update on our capital plan. So starting with third quarter results. Overall freight activity remained under pressure during the quarter as compared to last year. On a consolidated GAAP basis, revenue for the quarter declined 18% year-over-year, operating income declined 33%, and diluted earnings per share decreased 30%. These declines were primarily driven by lower freight volumes and yields, combined with inflationary cost pressures, primarily in the areas of salaries and wages, capital costs and insurance and claims expense.

謝謝你，雪萊，大家午安。我的評論將很簡短，但我想談幾個問題，包括對本季的高層審查和我們資本計劃的最新情況。從第三季的業績開始。與去年相比，本季整體貨運活動仍面臨壓力。以綜合公認會計準則計算，本季營收年減 18%，營業收入下降 33%，攤薄每股收益下降 30%。這些下降主要是由於貨運量和收益率下降以及通膨成本壓力（主要是工資和工資、資本成本以及保險和理賠費用）造成的。

We did have a discrete tax item in the quarter which lowered our effective tax rate to 18.2%. The overall impact to our earnings in the quarter was $0.16 per share spread across the tax and interest expense line items. We continue to make investments in our business for the long term across our company foundations, our people, technology, and capacity. From an invested capital standpoint, these investments are in real estate, equipment, both trailing and power, and as previously mentioned, we did close on the purchase of the brokerage assets from BNSF Logistics in the quarter.

本季我們確實有一個離散的稅收項目，將我們的有效稅率降低至 18.2%。本季對我們收益的整體影響為每股 0.16 美元，分佈在稅收和利息支出項目中。我們繼續在公司基礎、人員、技術和能力方面對我們的業務進行長期投資。從投資資本的角度來看，這些投資涉及房地產、設備、牽引和電力，如前面提到的，我們確實在本季完成了從 BNSF Logistics 購買經紀資產的交易。

Our balance sheet remains strong with ample liquidity available to support our investments. We are conservatively leveraged at still below our target of 1x debt to trailing 12 months EBITDA. Our $1 billion revolver remains undrawn and available as needed. I previously guided to $1.5 billion to $1.8 billion of net capital spend for the year. Excluding the acquisition, we anticipate falling around $1.6 billion for the year. Similar to last quarter, some of this is timing-related, but also we are being prudent where it makes sense with our spend.

我們的資產負債表仍然強勁，有充足的流動性來支持我們的投資。我們保守的槓桿率仍低於過去 12 個月 EBITDA 債務 1 倍的目標。我們的 10 億美元左輪手槍仍未動用，可根據需要使用。我之前預計今年的淨資本支出為 15 億至 18 億美元。如果不包括收購，我們預計今年將減少約 16 億美元。與上季類似，其中一些與時間相關，但我們在合理的支出方面也保持謹慎。

In terms of our capital priorities, no change on this front. First and foremost, we will continue to invest to grow our business. We will maintain an investment-grade credit rating and support our dividend. And finally, we'll use excess cash to repurchase stock. In the third quarter, we repurchased approximately 267,000 shares and will remain active as opportunities present themselves. This concludes my remarks, and I'll now turn it over to Nick.

就我們的資本優先事項而言，這方面沒有改變。首先，我們將繼續投資來發展我們的業務。我們將維持投資等級信用評級並支持我們的股利。最後，我們將使用多餘的現金回購股票。第三季度，我們回購了約 267,000 股股票，並將在機會出現時保持活躍。我的演講到此結束，現在我將其交給尼克。

Thanks, John, and good afternoon. I'll provide an update on our Dedicated and Final Mile segments and will give an update on areas of focus across our operations. I'll start with Dedicated. I remain pleased with the performance of our Dedicated business in the quarter and the resiliency of our model. Demand for professional outsourced private fleet solutions has held up well in the environment, and we continue to see many opportunities in our pipeline.

謝謝，約翰，下午好。我將提供有關我們的專用和最後一英里部分的最新信息，並將提供有關我們整個運營重點領域的最新信息。我將從專用開始。我對本季專用業務的表現以及我們模型的彈性感到滿意。對專業外包私人車隊解決方案的需求在當前環境下保持良好，我們繼續在我們的管道中看到許多機會。

In the quarter, we sold approximately 265 trucks in new deals, which brings us to over 830 year-to-date. We are feeling more confident in hitting our gross sales target of 1,000 to 1,200 trucks for the year, based on the timing of some deals that pushed from the third quarter into the fourth quarter. We are seeing some stabilization in terms of our fleet sizes across our accounts, although we have seen some slightly higher customer churn than we previously expected.

本季度，我們在新交易中售出了約 265 輛卡車，今年迄今已售出超過 830 輛卡車。根據從第三季推到第四季的一些交易的時間安排，我們對實現今年 1,000 至 1,200 輛卡車的總銷售目標更有信心。儘管客戶流失率略高於我們先前的預期，但我們的客戶車隊規模有所穩定。

In the instances where we have lost an account, we believe the business was lost at inadequate rates of return, particularly considering the value proposition we bring to our clients. Going forward, we remain extremely confident in our ability to deliver value in the market that will allow us to compound our growth over many, many years and further penetrate our large addressable market.

在我們失去帳戶的情況下，我們認為業務是由於回報率不足而失去的，特別是考慮到我們為客戶帶來的價值主張。展望未來，我們仍然對自己在市場上創造價值的能力充滿信心，這將使我們能夠在許多年裡實現複合成長，並進一步滲透到我們龐​​大的目標市場。

Now onto final Mile. I am pleased with our performance in the quarter and how we have positioned ourselves as a premium service provider in the industry. I believe we have been able to prove our value propositions as we are nearing the end of some of our work to improve the revenue quality of our portfolio of business. This is evidenced by the year-over-year improvement in profitability in the segment despite lower revenue. In terms of the end markets we serve, we are seeing a slight uptick in demand across some of our end markets in this segment, although furniture deliveries remain in a tough spot. We continue to focus on providing a superior service experience delivering big and bulky items into the homes of our customers' customer. This continues to resonate well in the market, and as a result, we see new brands engaging in discussions and being added to our sales pipeline.

現在進入最後一英里。我對我們本季的表現以及我們如何將自己定位為行業優質服務提供者感到滿意。我相信，隨著我們提高業務組合收入品質的一些工作即將結束，我們已經能夠證明我們的價值主張。儘管收入較低，但該部門盈利能力的同比改善證明了這一點。就我們服務的終端市場而言，我們發現該領域的一些終端市場的需求略有上升，儘管家具交付仍然困難重重。我們持續致力於提供卓越的服務體驗，將大型物品運送到客戶的客戶家中。這繼續在市場上引起良好反響，因此，我們看到新品牌參與討論並被添加到我們的銷售管道中。

Similar to last quarter, I'll close with some comments on safety and our equipment. We continue to invest in employee training and new equipment and technologies that will improve and enhance our safety performance as an organization. This very much aligns with our company foundations, taking care of our people but also the motoring public. We continue to roll out inward-facing cameras in our fleet and remain on track to be 60% complete of our fleet by the end of the year. We are encouraged by the data we have seen so far since this initiative has gotten underway and also encouraged by the impact this should have on our cost to serve our customers. As the industry is well aware, the cost of claims continue to just move higher and higher, and we are feverishly working to mitigate the risk.

與上個季度類似，我將以一些關於安全和我們的設備的評論作為結束。我們繼續投資於員工培訓以及新設備和技術，以改善和提高我們作為組織的安全績效。這與我們公司的基礎非常一致，既照顧我們的員工，也照顧廣大汽車大眾。我們繼續在機隊中部署內向攝像頭，並預計在今年年底前完成機隊 60% 的部署。自從該計劃實施以來，我們迄今為止所看到的數據讓我們感到鼓舞，也對這對我們服務客戶的成本的影響感到鼓舞。正如業界所熟知的那樣，索賠成本持續上升，我們正在積極努力降低風險。

Finally, a quick update on equipment. I previously stated that we would be complete with cleaning out older equipment by the end of the third quarter. We have had a couple of hundred units spill into the fourth quarter, but I would say we are in a very good position with our equipment across all businesses. I would say we are finally caught up with some of the backlogs that were created as a result of the pandemic and our rapid growth over the last few years. This concludes my remarks so I would like to now turn the call over to Darren.

最後，快速更新一下裝備。我之前曾說過，我們將在第三季末完成舊設備的清理工作。我們在第四季度有數百台設備溢出，但我想說，我們在所有業務中的設備都處於非常有利的位置。我想說，我們終於解決了疫情和過去幾年的快速成長造成的一些積壓。我的發言到此結束，所以我現在想將電話轉給達倫。

Thank you, Nick, and thanks, everyone, for joining us this afternoon. I'll review the performance of the Intermodal business during the quarter, give an update on the market and service performance and highlight the continued opportunity we have to deliver value for our customers and long-term growth for all of our stakeholders.

謝謝尼克，也謝謝大家今天下午加入我們。我將回顧本季多式聯運業務的業績，提供市場和服務績效的最新情況，並強調我們為客戶提供價值並為所有利害關係人提供長期成長的持續機會。

I'll start by reviewing Intermodal's performance in the quarter. As I said last quarter and you heard Shelley say earlier, we believe the inventory destocking trend started to moderate in June, and we saw evidence of that trend continue throughout the quarter as our volumes inflected positive for the first time in three quarters. By month, our volumes were down 1% in July, up 1% in August and up 4% in September. In September, we had our largest Intermodal volume week in our history, and were able to meet the strong demand with exceptional service.

我首先回顧一下聯運本季的業績。正如我上個季度所說的那樣，您也聽到雪萊早些時候說過，我們認為庫存去庫存趨勢在6 月份開始放緩，並且我們看到了這種趨勢在整個季度持續存在的證據，因為我們的銷量在三個季度中首次出現正值。按月來看，我們的銷量在 7 月下降了 1%，在 8 月成長了 1%，在 9 月成長了 4%。九月，我們迎來了史上最大的多式聯運週，並能夠透過卓越的服務滿足強勁的需求。

I'm encouraged by the fact that we are seeing the volume lift across both our transcontinental and Eastern network, highlighting overall increased customer demand for our Intermodal service. We believe this is driven by the overall market, but also we believe we are taking market share with our strong service that is outperforming the competition. During the quarter, we did see margin pressure both year-over-year and sequentially, largely related to the full implementation of the recently repriced bids, which as a reminder, trended toward the lower end of our pricing expectations as bid season progressed. We continue to carry resources and capacity and the related costs to ensure that the quality of our service holds up as customer demand for our differentiated service product grows.

令我感到鼓舞的是，我們看到我們的跨大陸和東部網路的貨運量都在增加，這突顯了客戶對我們的多式聯運服務的整體需求增加。我們相信這是由整體市場推動的，但我們也相信我們正在憑藉優於競爭對手的強大服務來佔據市場份額。在本季度，我們確實看到了同比和環比的利潤率壓力，這在很大程度上與最近重新定價的投標的全面實施有關，提醒一下，隨著投標季節的進展，該投標趨向於我們定價預期的下限。我們繼續承擔資源和能力以及相關成本，以確保隨著客戶對我們差異化服務產品的需求成長，我們的服務品質保持不變。

With regard to rail service providers, we have been pleased with the service from each of our providers, their commitment to the Intermodal offering and growing the overall market. In fact, I'd say that our rail providers are dialed in, both in the East and the West. We believe that the railroads realized that the true test of their service will come once freight volumes increase with overall demand on their networks. But we and they are confident in their ability to maintain high service levels throughout the recovery. We are very encouraged by the current work we are doing with BNSF in the West and feel even more confident about our differentiated service. We now have J.B. Hunt employees in their headquarters in Fort Worth, working side-by-side together to create and customize solutions for our customers in solving to eliminate service challenges as they arise.

對於鐵路服務提供者，我們對每個提供者的服務、他們對多式聯運服務和整體市場發展的承諾感到滿意。事實上，我想說的是，無論是在東方還是在西方，我們的鐵路提供者都已撥打電話。我們相信，鐵路公司意識到，一旦貨運量隨著網路整體需求的增加而增加，他們的服務將面臨真正的考驗。但我們和他們對在整個恢復過程中保持高服務水準的能力充滿信心。我們對目前與 BNSF 在西方所做的工作感到非常鼓舞，並對我們的差異化服務更加充滿信心。現在，J.B. Hunt 員工在沃思堡總部並肩工作，為我們的客戶創建和客製化解決方案，以解決並消除出現的服務挑戰。

We continue to work collaboratively to solve for and on behalf of our customers, a clear differentiation in the market. We believe Intermodal presents a strong value proposition to customers with significantly improved rail service at a discount to truck pricing, all while cutting carbon emissions on a load by 60% compared to the truck alternative. As such, we see an enormous amount of freight that we believe should be converted from truck to intermodal. We continue to work closely with our rail providers and are encouraged to see the strong service which contributes to a better overall experience for customers.

我們將繼續合作，代表客戶解決市場的明顯差異化問題。我們相信，多式聯運為客戶提供了強大的價值主張，以低於卡車價格的折扣顯著改善鐵路服務，同時與卡車替代方案相比，將負載碳排放量減少 60%。因此，我們認為大量的貨運應該從卡車轉向聯運。我們繼續與鐵路供應商密切合作，並很高興看到強大的服務有助於為客戶提供更好的整體體驗。

In closing, we strongly believe in the strength of our Intermodal franchise and the opportunities to drive significant growth over many, many years. Our customers trust us, believe in our product and want more of it. We have the people, the technology to enable and the capacity to handle significantly more volume than what we are handling today and are excited to work with customers to meet their growing demand for efficient transportation solutions. That wraps up my prepared remarks, and I'll turn it over to Brad Hicks.

最後，我們堅信我們多式聯運專營權的實力以及在許多年裡推動顯著成長的機會。我們的客戶信任我們，相信我們的產品並想要更多。我們擁有人力、技術和能力，能夠處理比目前處理量大得多的貨物，並且很高興與客戶合作，滿足他們對高效運輸解決方案日益增長的需求。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, everyone. I'll review the performance of our Integrated Capacity Solutions and Truckload segments. I will also provide an update on J.B. Hunt 360. Before I begin, I would like to publicly welcome the new employees we recently onboarded as well as the agents from our acquisition of the brokerage operations of BNSF Logistics. We are excited about the opportunities this creates to leverage our investments in technology and the breadth of services we provide to better serve our customers.

謝謝達倫，大家下午好。我將回顧我們的綜合容量解決方案和卡車裝載部分的表現。我還將介紹 J.B. Hunt 360 的最新情況。在開始之前，我想公開歡迎我們最近入職的新員工以及我們收購 BNSF Logistics 經紀業務的代理商。我們很高興這創造了機會，利用我們在技術上的投資和我們提供的廣泛服務來更好地服務我們的客戶。

Starting with ICS. Overall, the brokerage environment remains challenged and competitive. Segment gross revenue was down 48% year-over-year, driven by a 38% decline in volume and a 17% decline in revenue per load. Overall truckload demand, particularly in the spot market, remains muted versus the prior year period. During the quarter, we did elect to focus our efforts on revenue quality and leading the market to push rates on certain lanes and accounts to appropriate levels. As a result, we did cull a decent amount of revenue and freight from our portfolio.

從ICS開始。整體而言，經紀環境仍充滿挑戰和競爭。由於銷量下降 38% 和每次負載收入下降 17%，該部門總收入較去年同期下降 48%。整體卡車裝載需求，特別是現貨市場的需求，與去年同期相比仍然疲軟。在本季度，我們確實選擇將工作重點放在收入品質上，並引導市場將某些通道和帳戶的費率推至適當水平。結果，我們確實從我們的投資組合中剔除了相當多的收入和運費。

As the quarter progressed, though, we did see a sequential improvement in gross profit dollars per load, particularly in our spot business but also in our contractual business. We continue to invest in areas to mitigate strategic theft, enhance capability in our platform and rightsize resources with our current demand through attrition. Overall, we believe some of these changes will position us for better success in the future. Wrapping up on ICS and to level-set a little on expectations in the near term, we are seeing some margin pressure related to peak season so far in Q4, in addition to expecting some dilution from the recent acquisition in the fourth quarter.

不過，隨著本季的進展，我們確實看到每批貨物的毛利連續改善，特別是在我們的現貨業務和合約業務方面。我們繼續在減少策略性盜竊、增強平台能力以及透過消耗來根據當前需求調整資源規模等領域進行投資。總的來說，我們相信其中一些變化將使我們在未來取得更好的成功。總結 ICS 並在短期內稍微調整預期，除了預計第四季度最近的收購會帶來一些攤薄之外，我們還看到第四季度迄今為止旺季帶來的一些利潤壓力。

Shifting now over to JBT or Truckload. Segment gross revenue was down 17% year-over-year, driven by a 22% decline in revenue per load and partially offset by a 6% increase in volumes. Overall demand for our J.B. Hunt 360box service offering is outperforming the overall market as volumes in the quarter were up double digits versus the prior year. Customers continue to see value in the flexibility and efficiency of combining the drop trailer capacity with the ability to source the right carrier on the J.B. Hunt 360 platform to move the trailer. The right carrier on the right load and at the right price, that's the power of the platform. Going forward, we will continue to make investments in the development of our 360box offering to strengthen this product and drive greater efficiencies for our customers. Overall, we believe there is growing demand in the market for this service offering, and we see long-term opportunities in this area.

現在轉向 JBT 或卡車裝載。由於每次裝載收入下降 22%，該部門總收入年減 17%，但銷量成長 6% 部分抵消了這一影響。我們的 J.B. Hunt 360box 服務產品的整體需求優於整體市場，本季的銷售量比前一年增長了兩位數。客戶不斷看到將拖車容量與在 J.B. Hunt 360 平台上尋找合適的運輸工具來移動拖車的能力相結合的靈活性和效率的價值。合適的承運人以合適的負載和合適的價格，這就是平台的力量。展望未來，我們將繼續投資 360box 產品的開發，以增強該產品並為客戶提高效率。總體而言，我們相信市場對此服務的需求不斷增長，並且我們看到了該領域的長期機會。

Wrapping up on 360. As you have heard throughout our comments, we remain committed to investments in our company foundations, our people, technology, and capacity. I think it's appropriate to point out that technology as a foundation between our people and capacity is the link that connects them. Technology enables our people, helps drive productivity and creates efficiency in how we source and serve customers with our available capacity. That capacity comes in the form of our own assets or the assets we can secure for or on behalf of our customers. J.B. Hunt 360 is our platform that empowers and enables our people and helps us access the right capacity to serve our customers efficiently with a valuable service.

360 的總結。正如您在我們的評論中所聽到的那樣，我們仍然致力於對公司基礎、人員、技術和能力進行投資。我認為有必要指出，科技作為我們的人民和能力之間的基礎，是連結他們的紐帶。科技為我們的員工提供支持，幫助提高生產力，並在我們利用可用能力尋找和服務客戶方面創造效率。這種能力以我們自己的資產或我們可以為客戶或代表客戶所獲得的資產的形式出現。 J.B. Hunt 360 是我們的平台，它為我們的員工提供支援和幫助，幫助我們獲得適當的能力，透過有價值的服務有效率地為客戶服務。

Our platform, J.B. Hunt 360 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.

我們的平台 J.B. Hunt 360 為我們提供有關市場的信息，並為提高整個組織的營運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，但我們仍然對透過投資為客戶和公司帶來長期價值的能力充滿信心。

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

我的評論到此結束，因此我會將其轉交給 Brad Delco，以便在接線員打開問答電話之前提供說明。

Thank you, Brad. (Operator Instructions) Krista, you can go ahead and start the Q&A.

謝謝你，布拉德。 （操作員指示）Krista，您可以開始問答了。

Your first question comes from the line of Chris Wetherbee from Citigroup.

你的第一個問題來自花旗集團的 Chris Wetherbee。

Maybe want to start on the margins, particularly in Intermodal and maybe get a sense of how you guys are thinking about that. And really maybe most specifically, from 2Q to 3Q, it seemed like the cost per load went up decently. And I guess I'm trying to make sure I understand if that's mix or if it's just sort of the full brunt of labor cost, labor inflation. And how do we think that kind of trends going forward? Because we did see a step-up in loads sequentially. Curious if we see that continue, if it will start to drive some operating leverage in that part of the business.

也許想從邊緣開始，特別是在多式聯運方面，也許可以了解一下你們是如何看待這個問題的。也許最具體的是，從第二季到第三季度，每次負載的成本似乎都大幅上升。我想我正在努力確保我明白這是否是混合因素，或者只是勞動成本和勞動力通膨的全部衝擊。我們如何看待未來的趨勢？因為我們確實看到負載連續增加。我們很好奇這種情況是否會持續下去，是否會開始推動該業務部分的營運槓桿。

Well, I'll start, Chris, just with, we're not satisfied with our margin. We did have cost pressures in the quarter. Certainly, fuel is a component of that. And the way I would describe the ability to launch some growth, our growth doesn't always come neatly packaged. We moved a lot of FTEs to onboard new business. Our coiled spring is what enabled us to onboard new business quickly. We're very confident in the product we're offering. We're confident in the service we're offering.

好吧，克里斯，我首先要說的是，我們對我們的利潤並不滿意。本季我們確實面臨成本壓力。當然，燃料是其中的一個組成部分。我描述啟動成長的能力的方式是，我們的成長並不總是整齊劃一。我們將大量 FTE 轉移到新業務。我們的螺旋彈簧使我們能夠快速開展新業務。我們對我們提供的產品非常有信心。我們對我們所提供的服務充滿信心。

And as the next bid cycle comes around, we're willing to talk to our customers about our cost challenges. Do we think volume can unlock efficiency? Absolutely. But as you're ramping up rapidly, there will be some cost elements that creep in there that we're going to have to battle. And secondly, we just -- we more fully implemented the pricing cycle, and let's face it, our price was down in the quarter, and that was part of the margin headwind.

隨著下一個投標週期的到來，我們願意與客戶討論我們的成本挑戰。我們認為數量可以釋放效率嗎？絕對地。但隨著你的快速發展，一些成本因素會悄悄潛入其中，我們將不得不與之抗爭。其次，我們更全面地實施了定價週期，讓我們面對現實吧，我們的價格在本季下降了，這是利潤逆風的一部分。

Your next question comes from the line of Allison Poliniak from Wells Fargo.

您的下一個問題來自富國銀行的艾莉森·波利尼亞克 (Allison Poliniak)。

Just sort of in line with Chris's question. There's -- the positive -- you're seeing more positive trends. There's certainly a market share grab from Truckload potentially that's out there. How do you think of releasing that excess capacity into the market at this point, just given your share gain and the opportunity out there? How should we think of that as we kind of move through the progression on the more positive trends here?

有點符合克里斯的問題。正面的一面是，你會看到更多正面的趨勢。 Truckload 肯定有可能搶佔市場份額。考慮到您的份額成長和市場機會，您認為此時如何將過剩產能釋放到市場上？當我們沿著更積極的趨勢前進時，我們應該如何看待這一點？

Well, Allison, I don't know how to give you a firm guidance on how quickly it will come on board. We're engaged with our customers every day looking for ways to save them money. And one of the primary ways we do that is convert Highway business to Intermodal. We're looking to create better balance where we can with onboarding new business that supports our network and those will be our focus areas.

好吧，艾莉森，我不知道如何給你一個關於它要多快上線的堅定指導。我們每天都與客戶互動，尋找為他們省錢的方法。我們這樣做的主要方法之一是將公路業務轉變為多式聯運。我們希望透過支持我們網路的新業務來創造更好的平衡，而這些將是我們的重點領域。

In terms of how quickly it comes on, I guess that gets determined by how quick the customers grow and how the overall market reflects on us. I'm confident in the service product we're offering. That's what we can control right now and so that's what we're focused on.

就其發展速度而言，我想這取決於客戶成長的速度以及整個市場對我們的影響。我對我們提供的服務產品充滿信心。這就是我們現在可以控制的，所以這就是我們關注的重點。

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

你的下一個問題來自高盛的 Jordan Alliger。

I know it's hard to put all the moving pieces together but I'm sort of just curious, the third quarter margin in Intermodal, I mean, do you think this could represent the bottom of the cycle if volumes continue to inflect positive and box turns move up sequentially, which occurred in the third quarter?

我知道很難將所有移動部件放在一起，但我有點好奇，多式聯運第三季度的利潤率，我的意思是，如果銷量繼續呈正值和箱形轉向，您認為這可能代表週期的底部嗎連續上升，這發生在第三季？

Well, I think when you phrase it like that, it really all depends on what happens with our customers' volume. But if everything were to remain equal and we can onboard more volume and there's no economic recession we're faced with, then yes, it can be the bottom. But there's so many external factors that are going to influence it.

好吧，我認為當你這樣說時，這實際上完全取決於我們客戶數量的變化。但如果一切都保持不變，我們可以增加交易量，我們沒有面臨經濟衰退，那麼是的，它可能會觸底。但有很多外在因素會影響它。

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

您的下一個問題來自美國銀行的 Ken Hoexter。

It's Ken Hoexter. Just on Intermodal again. I guess your thoughts on the trend up 4% at the end of the quarter. Was that due to the Canadian port strike? Is that -- maybe talk about if that trend is continuing in October. And then just if you're focused on long term and keep buying assets, I just want to understand that CapEx comment because it sounded like you're slowing down. But if you have all these 15% of assets stored, do you lengthen the downturn by continuing to buy and store? Does that make it a longer time turnaround?

我是肯‧霍克斯特。剛剛再次搭乘聯運。我猜你對季度末上漲 4% 的趨勢的看法。是因為加拿大港口罷工嗎？是不是——也許可以談談這種趨勢是否會在十月持續下去。然後，如果您專注於長期並繼續購買資產，我只想了解資本支出評論，因為聽起來您正在放慢速度。但如果你儲存了所有這 15% 的資產，你會透過繼續購買和儲存來延長經濟低迷期嗎？這是否會使週轉時間更長？

Ken, this is Brad Delco. I'm going to try to see if we can answer all 5 or 6 of those questions with each of the executives. I'll let Darren address the Intermodal one and let John Kuhlow address the CapEx question. And if we missed one, shoot me an e-mail. Darren, we already cut you off.

肯，這是布拉德·德爾科。我將嘗試看看我們是否可以回答每位高階主管的所有 5 或 6 個問題。我將讓 Darren 解決多式聯運問題，並讓 John Kuhlow 解決資本支出問題。如果我們錯過了，請給我發一封電子郵件。達倫，我們已經切斷了你的聯繫。

Well, as the quarter went on, one thing that intermodal volumes, one of the more positive elements is we were really growing throughout the network. Certainly, imported goods to transload somewhere on the West Coast are a part of that, but we were pleased with growth we were able to see inside our Eastern network as well. So it was really evenly spread. I mean, you might have heard in the prepared comments, we set a single-week volume record during the month of September. And that felt really good for our team to see the value of our services and how our customers trust us and are giving us more of their networks.

嗯，隨著本季的持續，多式聯運量增加的一件事，更積極的因素之一是我們在整個網路中確實在成長。當然，在西海岸某個地方轉運的進口貨物是其中的一部分，但我們對東部網路內也能看到的成長感到高興。所以它確實分佈得很均勻。我的意思是，您可能在準備好的評論中聽說過，我們在 9 月創下了單週成交量記錄。對於我們的團隊來說，看到我們服務的價值以及我們的客戶如何信任我們並為我們提供更多的網絡，感覺真的很好。

Yes. And Ken, just from a CapEx standpoint, broadly speaking, we've been talking about how we had to retain a lot of equipment in '21 to '22 just because of the inability to get that. I think that we've made a lot of great progress on working through our replacements in '23. We'll still have some in '24. As you know, all of our growth CapEx is principally success-based through Dedicated and even with Intermodal. We are carrying, as we talked about, excess container equipment right now. But we'll work through that, and then we'll purchase new as our growth plans deem necessary.

是的。 Ken，從資本支出的角度來看，從廣義上講，我們一直在討論我們如何在 21 至 22 年期間保留大量設備，只是因為無法獲得這些設備。我認為我們在 23 年的替換工作中取得了很大的進展。 24 年我們還會有一些。如您所知，我們所有的成長資本支出主要是透過專用甚至聯運取得成功。正如我們所說，我們現在正在攜帶多餘的貨櫃設備。但我們會解決這個問題，然後我們將根據我們的成長計劃認為有必要購買新的。

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

您的下一個問題來自 Wolfe Research 的 Scott Group。

Darren, as we enter 2024 bid season, do you think there's further downside risk to Intermodal rates into the first half of the year as the next wave of contracts will start to reset? Or is there a shot that Intermodal pricing can start to get better? And then just separately, just quickly, the Dedicated retention went from 98% to 94%. Is that a one-off sort of blip or is that sort of a new potential trend?

達倫，隨著我們進入 2024 年投標季節，您認為隨著下一波合約將開始重置，今年上半年多式聯運費率是否有進一步下行風險？或者多式聯運定價是否有可能開始變得更好？然後，很快，專用保留率就分別從 98% 上升到 94%。這是一次性的現象還是一種新的潛在趨勢？

Well, I'll start on the Intermodal pricing question. Look, I mean, the reality is it's both an opportunity and a risk. We don't know. The freight recession has been a real thing, as we've talked about inventory destocking and the role that, that played in demand in our industry for several quarters now. And we're confident that, that pressure relief during the third quarter.

好吧，我將從多式聯運定價問題開始。聽著，我的意思是，現實是這既是機會也是風險。我們不知道。貨運衰退是真實存在的，因為我們已經討論了庫存去庫存以及這幾個季度在我們行業需求中所發揮的作用。我們相信，第三季的壓力會得到緩解。

Questions remain about the U.S. economy. What's going to happen to the consumer? What will demand be as we head into 2024? I guess we don't really know that. Do I think that the quality of our service warrants a good discussion with our customers about our costs? Absolutely. So will there be an attempt, and will we talk about the needs that we have and the costs that we're faced with? Absolutely, we will. But we're going to have to wait and see how that plays out.

關於美國經濟的問題依然存在。消費者會發生什麼事？進入 2024 年，需求會是什麼？我想我們並不真正知道這一點。我認為我們的服務品質是否值得與客戶就我們的成本進行良好的討論？絕對地。那麼是否會進行嘗試，我們是否會討論我們的需求和麵臨的成本？絕對，我們會的。但我們將不得不等待，看看結果如何。

Yes. This is Nick, I'll talk about DCS retention. We did face some pressure in the quarter on some losses of a couple accounts that to competition. We also had an account or two, a smaller account or two went bankrupt. And then just our CBD process, as our customers' business slows down, we try to value engineer and reduce fleet. So with all that being said, the way we reduce or we measure that retention, there was some loss in there from same-store sales a quarter ago.

是的。我是尼克，我要談談 DCS 保留問題。本季我們確實面臨一些壓力，因為一些帳戶因競爭而損失。我們還有一兩個帳戶，一兩個較小的帳戶破產了。然後就是我們的 CBD 流程，隨著客戶業務的放緩，我們嘗試評估工程並減少車隊。話雖如此，根據我們減少或衡量保留率的方式，一個季度前的同店銷售出現了一些損失。

I can't tell you what the future is going to be. I don't know what the economy is going to be. I do feel very confident with our execution and our discipline around all that. And so feel good about the future, but I can't predict what the next two or three quarters are going to provide.

我無法告訴你未來會怎樣。我不知道經濟會怎樣。我對我們的執行力和紀律都非常有信心。所以對未來感覺良好，但我無法預測接下來的兩三個季度會發生什麼。

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

你的下一個問題來自史蒂芬斯的賈斯汀朗。

I wanted to ask one on the acquisition of the brokerage business from BN Logistics. Is there anything you can share on the impact this could have on both the top line and the bottom line? And as you think about the longer term, does this deal change your strategy for ICS, including your targets on profitability?

我想問一下關於收購 BN Logistics 經紀業務的事情。關於這可能對營收和利潤的影響，您有什麼可以分享的嗎？從長遠來看，這筆交易是否會改變您的 ICS 策略，包括您的獲利目標？

Justin, this is Brad Hicks. Let me start by just saying that when we evaluated that acquisition, we saw several elements that we liked. One in particular is just how their customer base complements against our customer base. The other side of that is, and I mentioned in my prepared remarks, the welcoming of the agents. That's a new area of investment for us. And so we do feel like we want to figure that out and then look to exploit that.

賈斯汀，這是布拉德希克斯。首先我要說的是，當我們評估這項收購時，我們看到了一些我們喜歡的元素。特別是他們的客戶群如何與我們的客戶群形成互補。另一方面，我在準備好的發言中提到了特工的歡迎。這對我們來說是一個新的投資領域。所以我們確實覺得我們想要弄清楚這一點，然後尋求利用它。

And when you really think about the backdrop of the breadth of services that J.B. Hunt can offer, we really feel like that could maximize the potential of the agent business model, and so we're really excited about that. As we think about the deal itself, I mentioned that we'll have some lingering costs in Q4. We think that those will be in the range of $5 million to $6 million, in part due to acquisition costs as well as integration-related expenses. And then just as maybe a baseline benchmark, we feel like in Q4, that's going to generate an incremental approximately $100 million worth of revenue for ICS.

當你真正考慮 J.B. Hunt 可以提供的廣泛服務的背景時，我們真的覺得這可以最大限度地發揮代理業務模式的潛力，因此我們對此感到非常興奮。當我們考慮交易本身時，我提到我們將在第四季度產生一些揮之不去的成本。我們認為這些費用將在 500 萬至 600 萬美元之間，部分原因是購買成本以及整合相關費用。然後，就像可能的基準基準一樣，我們認為在第四季度，這將為 ICS 帶來價值約 1 億美元的增量收入。

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

您的下一個問題來自德意志銀行的 Amit Mehrotra。

Darren, I just wanted to go back to volume. We've kind of been in this one step forward, one step back dynamic with volumes really since January. And there's obviously some cyclical things going on that are good in terms of the West Coast imports maybe a couple of months ago and you're taking some market share. But there are some leading indicators that are showing maybe the volume coming into the West Coast ports is coming down as the peak season is a little bit muted.

達倫，我只是想回到音量。自一月以來，我們就一直處於這種一步進一步、一步步後退的動態中。顯然，就幾個月前的西海岸進口而言，顯然正在發生一些週期性的事情，這對您來說是好事，並且您正在佔據一些市場份額。但一些領先指標顯示，由於旺季有點淡，進入西海岸港口的貨量可能正在下降。

And so I want to kind of balance that with maybe the confidence that you all are kind of exuding on volume and just trying to understand, could we be in the situation a couple of months from now where what we're seeing in September and August is a little bit of a head from a volume perspective? Just help us with the confidence that you have in terms of what you're seeing and ability to kind of continue on that trend.

因此，我想在這方面取得平衡，也許你們都散發著信心，只是想了解，從現在開始的幾個月後，我們是否會陷入九月和八月所看到的情況從體積角度來看是不是有點頭？只需幫助我們增強您對所看到的內容的信心以及繼續這一趨勢的能力。

Well, Amit, thanks. I think the tough part about a volume conversation is our customers haven't been very accurate with their forecasts or their ability to predict what their needs are. What they are confident in, and our confidence remains high on, is that when they do have a need, we're a go-to provider for them. And we continue to grow confidence out of our customers in our execution ability, our capacity, our willingness to start up new business quickly. And so our approach to that will continue to be the same. We have -- our customers are under cost pressure.

嗯，阿米特，謝謝。我認為大量對話的困難之處在於我們的客戶對他們的預測或預測他們的需求的能力不是很準確。他們所相信的，我們仍然充滿信心的是，當他們確實有需要時，我們是他們的首選提供者。我們的客戶對我們的執行能力、能力以及快速開展新業務的意願不斷增強信心。因此，我們的做法將繼續保持不變。我們的客戶面臨成本壓力。

And one of the ways they can save money is convert their Highway business back to Intermodal. And so we're going to be very focused on our ability to grow there. I also can't help but -- I mean, we're winning share in the market. Any kind of growth to the West Coast will be a benefit for us. I also think the last 12 months have been so confusing based on the way our customers managed inventory. It's really -- I don't think anything has been predictable. And so we're very confident in the product we're offering. We're confident that we're going to be there for our customers, and we're going to continue to offer a product that they want to use, and that's what we can control.

他們省錢的方法之一是將公路業務轉回多式聯運。因此，我們將非常關注我們在那裡發展的能力。我也忍不住——我的意思是，我們正在贏得市場份額。西海岸的任何成長都會對我們有利。我還認為，根據我們客戶管理庫存的方式，過去 12 個月非常令人困惑。這真的是——我認為沒有什麼是可以預測的。因此，我們對我們提供的產品非常有信心。我們有信心為客戶服務，我們將繼續提供他們想要使用的產品，這是我們可以控制的。

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

您的下一個問題來自摩根大通的 Brian Ossenbeck。

Maybe just to tie all that up, Darren, can you give us some sense as to how the rest of peak season is going here into October after those records in September? And then just more broadly speaking, as you talk to folks for next year and the shippers that you're dealing with, do you get a sense that any of them are trying to lock in capacity for potential uptick and they want to get something on board before rates start to move up? Or do you feel like there's still a little bit more inflation that they want to get out of their system from freight rates and maybe they're taking a harder look to start the year and maybe one more last bite of the apple. So any sense in terms of partnership positioning and the outlook for next year would be helpful.

也許只是為了把這一切聯繫起來，Darren，你能給我們一些關於在 9 月份的記錄之後，剩下的旺季將如何進入 10 月嗎？更廣泛地說，當你與明年的人們以及與你打交道的托運人交談時，你是否感覺到他們中的任何一個都在試圖鎖定產能以實現潛在的增長，並且他們想要得到一些東西在利率開始上升前登機？或者你是否覺得他們還想透過運費從系統中消除更多的通貨膨脹，也許他們正在更努力地開始新的一年，也許還會再吃最後一口蘋果。因此，任何關於合作夥伴定位和明年前景的意義都會有所幫助。

Well, let me start with sort of the exit from Q3 into Q4. I mean, we continue to bring equipment out of storage. None of our equipment has gone back into storage, and demand remains really, really strong, just as it was throughout September. So far, here we are, it's October 17. Things have effectively continued coming out of the back end of September as they were.

好吧，讓我從第三季退出到第四季開始。我的意思是，我們繼續將設備從倉庫中取出。我們的設備都沒有重新入庫，需求仍然非常非常強勁，就像整個 9 月一樣。到目前為止，已經是 10 月 17 日了。事情實際上從 9 月底開始就一直如此。

And I think you asked the question, Brian, about expectations and whether or not shippers would have another bite of the apple. I just -- I think Darren sort of already addressed, it's too soon to comment on what pricing expectations will look like next year.

布萊恩，我想你問的問題是關於期望以及托運人是否會再咬一口蘋果。我只是 - 我認為達倫已經解決了，現在評論明年的定價預期還為時過早。

I think there's been a -- let me just say there's been a handful of customers that are at least engaged in dialogue around what maybe we're seeing. So it's different than, hey, I'm going to bid your business. I want another rate reduction. There is a sense of, I don't want to accidentally run out of capacity in any of my service offering. So it's at least a dialogue.

我認為，我只想說，有一些客戶至少正在圍繞我們可能看到的情況進行對話。所以這不同於，嘿，我要競標你的生意。我想要再次降息。有一種感覺，我不想意外地耗盡我的任何服務產品的容量。所以這至少是一次對話。

I don't want that to represent as if they're busy trying to lock up capacity right now. I mean, I do think customers would love to lock in low prices. And that's where back to my earlier comments, where we've earned the right to have a conversation about cost challenges we have. And I think that, that's been at least understood. Not telling anybody is agreeing to anything. There's just still a lot of questions out there.

我不希望這表明他們現在正忙於鎖定產能。我的意思是，我確實認為客戶會喜歡鎖定低價。這就是我之前的評論，我們已經獲得了就我們所面臨的成本挑戰進行對話的權利。我認為，這至少已經被理解了。不告訴任何人等於同意任何事。仍然有很多問題。

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

您的下一個問題來自摩根士丹利的 Ravi Shanker。

So I think you guys are flagging competitive risk in multiple segments, Dedicated, ICS, I think maybe [also I am]. Is this a surprise? And kind of where is this pressure coming from? Is it coming from other public companies? Is it coming from small, midsized carriers? And just a follow-up on the IM side, a related question, kind of you said that you feel like you're taking share and that's driven some of this volume acceleration. Again, is that share exclusively from Truck or are you also taking share from other IMCs?

因此，我認為你們正在標記多個領域的競爭風險，專用、ICS，我想也許[我也是]。這是一個驚喜嗎？這種壓力來自哪裡？是來自其他上市公司嗎？它來自中小型運營商嗎？只是 IM 方面的後續行動，一個相關的問題，您說您感覺自己正在佔據份額，這在一定程度上推動了銷量的成長。再說一遍，這個份額是卡車獨有的還是您也從其他 IMC 獲得份額？

Where do you want to start, Brad?

布拉德，你想從哪裡開始？

I'll have Darren start on the Intermodal side, and then I'll let Nick talk about the competitive dynamics that he's seeing to the extent he is seeing it in DCS. And then Brad Hicks can wrap up with comments on brokerage and what he's seeing on power only.

我將讓 Darren 從多式聯運方面開始，然後我將讓 Nick 談談他在 DCS 中所看到的競爭動態。最後，布拉德希克斯 (Brad Hicks) 可以對經紀業務以及他對權力的看法進行評論。

I think we're taking share both from Highway and from other Intermodal channels. I've been really proud of the team's focus and efforts on the Highway conversion front. But inevitably, there have been pricing actions by our customers earlier in the year. And maybe we didn't win something, and 3 months later, they come back and through a mini bid, we win it a second time because maybe a provider struggled to service that opportunity. And that's not new. That happens every year but that has certainly been something at play here this summer.

我認為我們正在從高速公路和其他多式聯運管道中獲取份額。我對團隊在高速公路改造方面的關注和努力感到非常自豪。但不可避免的是，我們的客戶在今年稍早採取了定價行動。也許我們沒有贏得任何東西，三個月後，他們回來並通過小型投標，我們第二次贏得了它，因為也許提供者很難為這個機會提供服務。這並不新鮮。這種情況每年都會發生，但今年夏天肯定會發生這種情況。

For the Dedicated, I'd just say that the fleets that we lost were a couple of other publicly traded companies. And we just couldn't match that from a return standpoint so we walked away. But I would say that if you look at our pipeline, we have a healthy pipeline, and the deals that we've won and priced meet our return requirements. So we're very happy with that. So we're always finding competition out there. So I feel good about the future and where we're going.

對於 Dedicated 來說，我只想說我們失去的機隊是其他幾家上市公司。從回報的角度來看，我們無法匹配這一點，所以我們離開了。但我想說，如果你看看我們的管道，我們有一個健康的管道，我們贏得的交易和定價滿足我們的回報要求。所以我們對此非常滿意。所以我們總是在外面尋找競爭。所以我對未來和我們的發展方向感覺良好。

And I'll round it out from maybe what we're seeing in brokerage. I think that in brokerage, as you all well know, it's been an incredibly difficult environment. Radical swings in rate from just 12 to 18 months ago versus what we see today. So it is probably more competitive in the brokerage segment than what you heard from Nick and Darren. It's quiet out there. As I mentioned in my prepared remarks, we culled some freight that was not favorable for us.

我將從我們在經紀業中看到的情況來完善它。我認為，眾所周知，在經紀行業，這是一個極其困難的環境。與我們今天看到的情況相比，12 至 18 個月前的利率發生了劇烈波動。因此，在經紀領域，它可能比您從尼克和達倫那裡聽到的更具競爭力。外面很安靜。正如我在準備好的發言中提到的，我們剔除了一些對我們不利的貨運。

But we've also lost some freight due to the competitive bid process that our customers took advantage of or utilized during this bid season. But I'll tie it back to our acquisition and really the value of J.B. Hunt 360 and what we see is letting our platform execute and creating that value for our customers. And so with that acquisition and where we're at, I largely feel like we're at the bottom and just kind of bouncing along. But there is extreme pressure on PTE. And so we do see carriers pushing back on the floor of what PTE is today and really just kind of navigating those choppy waters as we work through the beginning of the fourth quarter.

但由於我們的客戶在本投標季節利用或利用了競爭性投標流程，我們也損失了一些運費。但我會將其與我們的收購以及 J.B. Hunt 360 的真正價值聯繫起來，我們看到的是讓我們的平台執行並為我們的客戶創造價值。因此，透過這次收購以及我們所處的位置，我在很大程度上感覺我們正處於谷底，只是在反彈。但PTE壓力很大。因此，我們確實看到營運商對 PTE 的現狀進行了反擊，並且在我們第四季度初的工作中，實際上只是在波濤洶湧的水域中航行。

Ravi, I would also say, I feel like organizationally, we want to be fiscally responsible and take a long-term view on the business that we have and also business that we onboard. If you heard anything from kind of what these three presidents have talked about, these comments around not making a proper return, we aren't talking about a couple of points here. These are dramatic changes that maybe our competitors decided to be strategic with that account for whatever reason. And we believe the best decision for J.B. Hunt and the health of our business and our customers long term is to walk away from that business.

拉維，我還想說，我覺得在組織上，我們希望對財務負責，並對我們擁有的業務以及我們所參與的業務採取長遠的眼光。如果您從這三位總統談論的內容中聽到任何內容，這些評論沒有得到適當的回報，我們在這裡談論的不是幾點。這些都是巨大的變化，也許我們的競爭對手出於某種原因決定對該帳戶進行策略性的改變。我們相信，對於 J.B. Hunt 以及我們業務和客戶的長期健康發展來說，最好的決定就是放棄這項業務。

Same thing from Brad's perspective, really challenging what's happening in the market. I think Brad is leading in that space and really talking to our customers about the long-term benefit, long-term value. Has that business been able to be as sticky as we would like? No. I do think Brad's comments around it being we're in a fight there. I think the fight doesn't last for that long. You can't lose money for a long period of time in this business. And so I think for us, we take a long-term view. I think in Intermodal, we're largely where we thought we'd be, maybe at the lower end of our pricing expectations, but pleased with what our customers have talked to us about and where we are moving forward.

從布拉德的角度來看也是如此，這確實對市場上正在發生的事情提出了挑戰。我認為布拉德在這個領域處於領先地位，並且真正與我們的客戶談論長期利益、長期價值。該業務是否能夠像我們希望的那樣具有黏性？不，我確實認為布拉德對此的評論是我們在那裡打架。我認為戰鬥不會持續那麼久。在這個行業你不可能長期虧損。所以我認為對我們來說，我們有長遠的眼光。我認為在多式聯運中，我們基本上達到了我們的預期，可能處於定價預期的下限，但對客戶與我們談論的內容以及我們的前進方向感到滿意。

Your next question comes from the line of Brandon Oglenski from Barclays.

您的下一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

Shelley, maybe to follow up from that. And the idea about being disciplined around capital because you guys have been reinvesting in the business here for the last 2 years at pretty elevated rates. And I know we had the pandemic in the last 5 years, but Intermodal volumes have really been kind of stagnant looking back that far. I guess, what do you guys see in the next 5 years that transitions out of the stagnant volume outcomes? I know there's been a lot of changes with the rail, with the pandemic. But I guess the fear here, and I think historically, you guys were always valued higher because of the focus on ROIC, but maybe are we just over-investing this cycle now?

雪萊，也許可以跟進。還有關於資本紀律的想法，因為過去兩年你們一直以相當高的利率對這裡的業務進行再投資。我知道過去 5 年我們經歷過疫情，但到目前為止，多式聯運的運輸量確實停滯不前。我想，你們認為在未來 5 年中，銷售結果會出現怎樣的轉變？我知道隨著疫情的影響，鐵路發生了許多變化。但我猜想這裡的恐懼，我認為從歷史上看，你們總是因為關注投資回報率而被估值更高，但也許我們現在只是過度投資這個週期？

Well, let me say this, Brandon. I think our customers, Darren mentioned this earlier, customers are struggling still with what our forecasts will look like. And I know we gave an update on this earlier, but I just -- we completed this season. I would expect our customers to have made material improvements in what freight they are giving us, for bid compliance, and we have not seen a major change in our bid compliance. So I think we're up into the mid-60s now in Intermodal.

好吧，讓我這麼說，布蘭登。我認為我們的客戶，達倫之前提到過，客戶仍在為我們的預測而苦苦掙扎。我知道我們早些時候對此進行了更新，但我只是——我們完成了這個賽季。我希望我們的客戶能夠在投標合規性方面對他們提供給我們的運費做出重大改進，並且我們沒有看到投標合規性發生重大變化。所以我認為現在多式聯運已經進入了 60 年代中期。

Just for comparison, if you went back to 2017, that would be in the 90s. So customers are struggling to know what's going to happen from a forecasting perspective. If you look at the one-way parts of our business, Intermodal, JBT, and inside ICS, those businesses are ranging with bids fully implemented between mid-50s and mid-60s. That's difficult for us to think about our networks and what that will look like, but we also know that customers aren't satisfied with that either. This is the reason you're seeing mini bids trying to find that equilibrium on -- or the right balance between price, service and cost overall.

只是為了比較，如果你回到 2017 年，那就是 90 年代。因此，客戶很難從預測的角度了解將會發生什麼。如果你看一下我們業務的單程部分、聯運、JBT 和內部 ICS，就會發現這些業務的投標在 50 年代中期到 60 年代中期之間完全實施。我們很難思考我們的網路以及它會是什麼樣子，但我們也知道客戶對此也不滿意。這就是為什麼您看到迷你出價試圖在價格、服務和總體成本之間找到平衡或適當平衡的原因。

And then I should say, where we are investing, remember, in 2022, a big part of our investment that carried over into 2022 is our lack of ability to get equipment, particularly on the tractor side. So if you see our fleet replenishment and making sure that we're in good shape there. But also in Intermodal, what Darren talked about, our ability to move very quickly with our customer was a key to our success in September and even moving into October. You heard Darren say we're continuing to unstack. Those aren't 100 at a time. You're talking about big numbers that we're swinging dramatically. And so for us, we know what it looks like to shut down our supply chain. We did it in 2020 in Intermodal. It was very difficult to onboard equipment and to get things moving again.

然後我應該說，在我們投資的地方，請記住，在 2022 年，我們結轉到 2022 年的投資的很大一部分是我們缺乏獲得設備的能力，特別是在拖拉機方面。因此，如果您看到我們的機隊補給並確保我們在那裡處於良好狀態。但在多式聯運方面，達倫談到，我們與客戶快速行動的能力是我們在 9 月甚至進入 10 月取得成功的關鍵。你聽到達倫說我們正在繼續拆垛。這些不是一次 100 個。你說的是我們正在劇烈波動的大數字。因此，對我們來說，我們知道關閉供應鏈會是什麼樣子。我們在 2020 年透過聯運做到了這一點。裝載設備並讓事情再次運轉非常困難。

I do think that we're doing a nice job evaluating what our customers are saying with our own experience to that and trying to plan out how much equipment that should look like. We still believe in our long-term future. Our customers believe in it as well. And I might just echo one more thing. I think our customers had a lot of questions in the first half of the year. They were struggling on inventory. They were trying to determine our conversations have shifted slightly into -- now they have confidence that Intermodal, at least our Intermodal product can deliver. That's what's given Darren so much confidence to talk through this, but also recognizing there are so many shipments on the highways that need to convert.

我確實認為我們做得很好，根據我們自己的經驗評估了客戶的意見，並試圖規劃出應該有多少設備。我們仍然對我們的長遠未來充滿信心。我們的客戶也相信這一點。我可能只是重複一件事。我認為我們的客戶在上半年有很多問題。他們在庫存方面苦苦掙扎。他們試圖確定我們的對話已經稍微轉變為——現在他們對聯運有信心，至少我們的聯運產品可以交付。這讓達倫充滿信心地討論這個問題，同時也意識到高速公路上有如此多的貨物需要轉換。

That's why we made the release to go to 150,000 Intermodal containers. So for us, it sounds a little bit of timing. Certainly, we don't price our business based on how much equipment we have. We price our business based on each customer, what the market looks like and what balance looks like as well. And if we want to move into storage, that's us being disciplined in our approach, not distort the market dramatically.

這就是我們向 150,000 個聯運貨櫃放行的原因。所以對我們來說，這聽起來有點時機。當然，我們不會根據我們擁有的設備數量來定價我們的業務。我們根據每個客戶、市場狀況以及平衡情況來定價我們的業務。如果我們想進入儲存領域，那就是我們要嚴格遵守我們的方法，而不是大大扭曲市場。

Your next question comes from the line of Jonathan Chappell from Evercore.

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

Shelley or Darren, I just want to revisit the leverage part of the Intermodal model. Your volumes were up again but the margin was at a cycle low, maybe a multi-cycle low. So is this strictly a function of carrying too many resources, you need the volume to come back? Once you get the volume, you can add significantly more without adding resources and you get the margin improvement there? Or how much of it is actually moving the pricing needle and then, therefore, do we have to wait for kind of a full year of resetting the price before we can kind of revisit the bottom end of the long-term range?

雪萊或達倫，我只想重新審視多式聯運模型的槓桿部分。你們的交易量再次上升，但利潤率處於週期低點，也許是多個週期低點。那麼這嚴格來說是不是承載了太多資源的函數，需要捲回來呢？一旦獲得了數量，您就可以在不增加資源的情況下大幅增加數量，從而獲得利潤率的提高？或者說，其中有多少實際上在推動定價，因此，我們是否必須等待一整年的價格重置才能重新審視長期區間的底部？

Well, so I've said this multiple times that volume is maybe a little bit more valuable to our margin today than it ever has been because of the amount of capacity we've had underutilized. So yes, volume is one of the key components. But volume proportionately doesn't move the margin needle nearly as fast as price does. The harsh reality is we need both of those elements.

好吧，所以我已經多次說過，由於我們未充分利用的產能，今天的銷量對我們的利潤來說可能比以往任何時候都更有價值。所以，是的，成交量是關鍵組成部分之一。但按比例來說，成交量對利潤的影響並不像價格那麼快。殘酷的現實是我們需要這兩個要素。

Pricing has long been a lagging indicator. And here you are at the end of Q3, and you could see the results from, more or less, a fully implemented recent bid cycle and now we're going to go into a new one. And so you don't get to see the full results of that probably until next summer, the end of Q3. Meanwhile, we'll be looking to grow and unlock benefits there. But there is no magic recipe here. We need both of those elements, and that's why we're so focused on delivering excellent service so that we can generate the value for our customers that translates into an appropriate return on our investments.

長期以來，定價一直是個落後指標。現在已經是第三季末了，您或多或少可以看到最近完全實施的投標週期的結果，現在我們將進入一個新的投標週期。因此，您可能要到明年夏天，即第三季末才能看到完整的結果。同時，我們將尋求在那裡發展並釋放利益。但這裡沒有神奇的秘訣。我們需要這兩個要素，這就是為什麼我們如此專注於提供卓越的服務，以便我們能夠為客戶創造價值，從而轉化為適當的投資回報。

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

您的下一個問題來自 Vertical Research Partners 的 Jeff Kauffman。

Shelley, thank you and your team for answering all that you have. I want to ask a question a different way. You've seen a lot of cycles and each one is unique and each one is different. I think what's different about this one is we came out of this extremely tight capacity situation into a very loose one because of destocking. I hear you saying we see signs that looks like it's ending. But what is different in terms of managing this cycle than the previous cycles?

雪萊，感謝您和您的團隊回答了您的所有問題。我想用不同的方式問一個問題。你已經見過很多周期，每一個都是獨一無二的，每一個都是不同的。我認為這次的不同之處在於，由於去庫存，我們從產能極其緊張的情況轉變為非常寬鬆的情況。我聽到你說我們看到了一切似乎即將結束的跡象。但在管理這個週期方面與之前的周期有什麼不同呢？

And kind of to the question that's been asked two or three times, based on where you are right now, when do you think, on a corporate basis, we come out of this volume arrest? And when do you think on a corporate basis we're in a position to realize higher yields on the service you're providing because of the higher costs?

對於這個已經被問過兩三次的問題，根據你現在的情況，你認為，從公司的角度來看，我們什麼時候才能擺脫這種銷售停滯？您認為在公司層面上，我們什麼時候能夠因為成本上升而實現您提供的服務的更高收益？

Thank you for that conversation, Jeff. And I would say we have had a lot of experience in managing through the cycles. I do want to repeat something that I've said previously, and that is this freight recession largely resembles the Great Economic Recession of 2009. I think when I look back to what we did, and we did a great job, was really investing in our people, making sure that our people self safe, our people understood our long-term strategy, and we did a great job coming through that.

謝謝你的談話，傑夫。我想說，我們在管理週期方面擁有豐富的經驗。我確實想重複我之前說過的話，那就是這次貨運衰退在很大程度上類似於2009 年的經濟大衰退。我認為，當我回顧我們所做的事情時，我們做得很好，我們真的是在投資我們的人民，確保我們人民的自我安全，我們的人民了解我們的長期策略，我們在這方面做得很好。

I believe for us in this near term, continuing to evaluate what our customers are saying compared to what's happening in the market and making sure that we're prudent in our short-term cost while not losing long-term focus, I think, is very important for us, continuing moving forward. You've heard Darren talk about pricing. You've heard Brad talk about pricing. I think the cautiousness that you hear from us is we can talk about a freight recession. We're not experts on what's going to happen in the economy. We don't have customers negative. I would say they are neutral to positive.

我相信，對我們來說，在短期內，繼續評估我們的客戶所說的與市場上發生的情況相比，並確保我們在短期成本方面保持謹慎，同時不失去長期關注，我認為，對我們來說非常重要，繼續前進。您聽說過達倫談論定價。您聽說過布拉德談論定價。我認為您從我們這裡聽到的謹慎態度是我們可以談論貨運衰退。我們不是經濟情勢的專家。我們沒有負面的客戶。我想說他們是中性到積極的。

But I don't know that anybody is an expert here as to what's going to happen from an overall freight demand perspective. So it's difficult for us to see what's happening moving forward. I will tell you, we're not changing our margin targets. We are very focused on delivering value for our customers. We know that we can deliver value for customers. Our customers will pay us an appropriate return and therefore delivers long-term compounding returns for our shareholders. That's our focus. Our entire company, all 35,000 really focused on making sure we do that very well.

但我不知道是否有人是從整體貨運需求角度來看會發生什麼的專家。因此，我們很難看到未來正在發生的事情。我會告訴你，我們不會改變我們的利潤目標。我們非常注重為客戶提供價值。我們知道我們可以為客戶創造價值。我們的客戶將給予我們適當的回報，從而為我們的股東帶來長期的複利回報。這是我們的重點。我們整個公司 35,000 名員工都非常專注於確保我們把這件事做得很好。

We deliver for our customers and we look at it from their lens. We have a great opportunity to eliminate waste through mode converting into Intermode using the power of the platform and the highway services, continuing to differentiate our value inside our Final Mile business segment and delivering the most efficient fleet through our dedicated contract services. That's our overall vision. That's how we talk to customers, and we believe that can deliver the right returns over the long term.

我們為客戶提供服務，並從他們的角度看待它。我們有很好的機會透過利用平台和高速公路服務的力量轉換為聯運模式來消除浪費，繼續在我們的「最後一哩路」業務領域中實現價值差異化，並透過我們的專門合約服務提供最高效的車隊。這就是我們的整體願景。這就是我們與客戶交談的方式，我們相信從長遠來看，這可以帶來適當的回報。

But also if we see something changing in the near term, we'll continue to address, have conversations with customers and make sure that we are delivering on the promises that we're making.

但如果我們看到短期內發生變化，我們將繼續解決問題，與客戶進行對話，並確保我們兌現我們所做的承諾。

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

你的下一個問題來自薩斯奎哈納的巴斯科姆梅傑斯隊。

Your quarter end Dedicated truck count rose for the first time in a year this quarter. Can you talk a little bit about if you think we're through the worst of the like-for-like shrinkage and customer churn and whether or not that can be stable to grow again? And if we end up in that environment in the next year, do a lot of costs have to come back to support that growth after you've been in degrowth mode for several quarters?

本季末專用卡車數量一年來首次增加。您能否談談您是否認為我們已經經歷了同類萎縮和客戶流失的最糟糕時期，以及是否可以再次穩定成長？如果我們明年最終陷入這種環境，在幾季處於衰退模式後，是否需要投入大量成本來支持成長？

Yes. I would just say that based on our -- first of all, we think that we're flat, stable is where I would say. If I look at our renewals and things coming up, I feel that we're in a pretty good position there. Talking with our customers, feel pretty stable. And then our pipeline is healthy so I like where we're at. We're going to hit our targets. We feel very comfortable hitting our sales targets.

是的。我想說的是，基於我們——首先，我們認為我們是平穩、穩定的，這就是我想說的。如果我看看我們的續約和即將發生的事情，我覺得我們處於一個非常好的位置。和我們的客戶交談，感覺還算穩定。然後我們的管道很健康，所以我喜歡我們現在的處境。我們將實現我們的目標。我們對實現銷售目標感到非常滿意。

And I think that sets us up, hopefully, very good. But again, I don't know what the economy is going to do and how people are going to react to that. But I would just say that our customers, our new customers that we're out pursuing, they're still loving the product that we have out there. We're still successful in the sales. So that says even in this environment, we have a lot of interest out there. So we're only 4% to 5% of the market and so we feel good about the future.

我認為這對我們來說很有希望。但同樣，我不知道經濟將如何發展，也不知道人們對此有何反應。但我只想說，我們的客戶，我們正在追求的新客戶，他們仍然喜歡我們現有的產品。我們的銷售仍然很成功。因此，即使在這種環境下，我們也有很大的興趣。所以我們只佔市場的 4% 到 5%，所以我們對未來感覺很好。

Bascome, this is Brad Delco. I do want to add just a little bit more to that, though. I mean, keep in mind, too, when Nick's saying that the fleet is stable, there have been startups throughout this year. And so as Nick alluded to, we expect to hit our sales target of 1,000 to 1,200 trucks this year. That has come with some shrinkage at some of the accounts that has come with losing some accounts that we've already talked about and reflected in sort of the 94% retention versus what was previously usually north of 98%.

巴斯科姆，這是布拉德·德爾科。不過，我確實想補充一點。我的意思是，還要記住，當尼克說車隊穩定時，今年全年都有新創公司。正如 Nick 所提到的，我們預計今年將實現 1,000 至 1,200 輛卡車的銷售目標。這伴隨著一些帳戶的縮減，以及一些我們已經討論過的帳戶的流失，並反映在 94% 的保留率上，而之前的保留率通常高於 98%。

But we have had startups and we've had margins hold up relatively well. And so hopefully, again, depending on things outside of our control with the economy, we could grow our fleet without seeing maybe the extreme types of pressure on margins that we saw during some of those COVID years when we were bringing on several thousand trucks a year, which was more unusual in terms of the pace of growth.

但我們也有新創公司，而且我們的利潤率保持得相對較好。因此，再次希望，根據我們無法控制的經濟因素，我們可以擴大我們的車隊，而不會像在新冠疫情期間我們每年運送數千輛卡車時所看到的那樣，對利潤率造成極端的壓力。就成長速度而言，這一年更為不尋常。

Yes. And the other thing on the truck count that we don't need to lose during the year where there was about 600 trucks that we had extra from having old trucks out there. So we take that out of there and it paints a little different picture, so we feel good about that.

是的。卡車數量上的另一件事是我們不需要在這一年中失去的，當時我們有大約 600 輛卡車，因為我們有舊卡車，所以我們有額外的卡車。所以我們把它從那裡拿出來，它描繪了一些不同的畫面，所以我們對此感覺很好。

And Nick, let me add to that just a bit because it's exactly what I was going to try to talk through is that you've done a great job taking out the incremental trucks that we've had, having a carrying because we couldn't get new equipment but also the CBD work that you've done, being offensive in our strategy there.

尼克，讓我補充一點，因為這正是我要嘗試談論的，你在取出我們擁有的增量卡車方面做得很好，有一個運載，因為我們不能'不僅要獲得新設備，還要進行CBD工作，這對我們的戰略具有攻擊性。

Yes, yes. So we've done a lot of one to two truck reductions at existing accounts, and we've seen that through the history. You asked about our history, as we do that through down cycles, it pays back in dividends from those trucks coming back plus some others. So we really feel good about that. And if I look at the business we priced in '22 and how it's performing in '23, it's performing exactly the way we priced it, and that's with the cost in there and that's with the proper return. So we feel very solid about our Dedicated model.

是的是的。因此，我們已經在現有帳戶上減少了一到兩輛卡車，我們已經從歷史中看到了這一點。您詢問了我們的歷史，當我們在下行週期中這樣做時，它會從那些回來的卡車和其他一些卡車中獲得紅利。所以我們對此感覺很好。如果我看看我們在 22 年定價的業務以及它在 23 年的表現，它的表現與我們定價的方式完全相同，這包括其中的成本和適當的回報。所以我們對我們的 Dedicated 模型感覺非常可靠。

And I think my point to that is that's our long-term view, making sure that we flex with our customers, understanding that we're in dedicated fleets for a long period of time in total, and I think that's a good thing.

我認為我的觀點是，這是我們的長期觀點，確保我們與客戶保持靈活性，了解我們在很長一段時間內都在專用車隊中，我認為這是一件好事。

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

你的下一個問題來自伯恩斯坦的大衛‧弗農。

So team, I'd like to ask you a little bit about driver availability and hiring from a capacity perspective, and we said a lot on the last 5, 10 years talking about driver shortages. Could you talk a little bit about the labor environment when you're hiring for Dedicated and Intermodal? And then also from a capacity perspective, as you look at the brokerage business, are you seeing any signs of capacity rationalization in the truckload market that you can point us to in terms of trying to get some demand back into a better balance?

所以團隊，我想從能力的角度問你們一些關於司機可用性和招聘的問題，我們在過去的 5、10 年裡談論了很多關於司機短缺的問題。您能談談您在 Dedicated 和 Intermodal 招募時的勞動力環境嗎？然後，從運力的角度來看，當您觀察經紀業務時，您是否看到卡車市場運力合理化的任何跡象，您可以向我們指出，試圖讓一些需求恢復到更好的平衡？

Yes. I'll take -- this is Nick. I'll take the driver side. Good, really solid drivers are still hard to find. We are finding them. They're much more available than they have been. But we feel very good about the supply drivers. We still have pockets in different areas that are tied, and the driver wages are not going anywhere. They're staying up. There's a lot of demand out there for other jobs, so we don't see the driver wages really going down. But with our corporate driver personnel group, we are able to find the drivers we need right now.

是的。我會——這是尼克。我會坐在司機一側。好的、真正可靠的驅動程式仍然很難找到。我們正在尋找他們。它們比以前更可用。但我們對供應驅動因素感覺非常好。我們在不同地區的口袋仍然被束縛，司機的薪水也沒有去到任何地方。他們正在熬夜。其他工作的需求很大，所以我們認為司機的薪水不會真正下降。但透過我們公司的司機人員團隊，我們能夠找到我們現在需要的司機。

And I think from a carrier community, we are seeing the pressure kind of show itself with reductions or some losses and closures. But I also feel like the difficult backdrop of the brokerage environment and when I mentioned that they're pushing back on the lowering cost of PTE to kind of come in line with what customer rates have done. And so to me, that's the signal that says they're at a breaking point. And so while it hasn't been in the high volume yet, we do anticipate that we will continue to see an increase in losses or closures as we move forward deeper into '23 into '24 as long as this rate environment persists. And so we have seen that continue to gain momentum, not at macro scale yet but I think that, that's just a matter time. There's only so long that the carriers can hang on with the low rates.

我認為，從承運人群體來看，我們看到壓力隨著減少或一些損失和關閉而顯現出來。但我也感受到了經紀環境的困難背景，當我提到他們正在推遲降低 PTE 成本以與客戶費率保持一致時。對我來說，這是一個信號，表明他們正處於臨界點。因此，儘管目前交易量還不是很大，但我們確實預計，只要這種利率環境持續下去，隨著我們進入 23 世紀到 24 世紀，我們將繼續看到損失或倒閉的增加。因此，我們看到這種勢頭繼續增強，雖然還沒有在宏觀層面上實現，但我認為，這只是時間問題。運營商只能維持低費率。

This concludes the Q&A portion of the call. I'd like to turn the call over to President, Shelley Simpson, for some closing remarks.

電話問答部分到此結束。我想將電話轉給雪萊辛普森總統，讓其作總結發言。

So thank you so much for joining our call. I will say that you've heard us talk through this last hour really as to where we see the business is today but also focused on our future and what our long-term prospects are across all five of our business segments. We do love the complementary nature of all five of our segments as our customers really ask us to help them through the North American supply chain. We feel like that we can answer our customers with any of these five segments.

非常感謝您加入我們的電話會議。我想說的是，在過去的一個小時裡，您已經聽到我們談論了我們今天的業務狀況，但也關注了我們的未來以及我們所有五個業務部門的長期前景。我們確實喜歡我們所有五個細分市場的互補性，因為我們的客戶確實要求我們幫助他們通過北美供應鏈。我們覺得我們可以透過這五個部分中的任何一個來回答我們的客戶。

Pleased with the volume growth in Intermodal and what our customers have told us that they want to buy from us, we're starting to see that in our results. We love the resiliency of our Dedicated model, and I think you're seeing that play out here in the third quarter. Very pleased with our progress in Final Mile. We didn't talk about that much, but very pleased with us continuing to push our customers on making sure that we are paid appropriately for the value that we create. And also pleased with what's happening inside 360box with volume growth overall.

我們對多式聯運的銷售成長以及客戶告訴我們他們想從我們這裡購買的產品感到滿意，我們開始在我們的業績中看到這一點。我們喜歡我們的專用模型的彈性，我想你會在第三季看到這一點。對我們在最後一英里的進展感到非常滿意。我們沒有談論太多，但對我們繼續推動客戶確保我們為我們創造的價值獲得適當的報酬感到非常高興。我們對 360box 內部的整體銷售成長感到滿意。

The freight environment has been challenging. That is nothing new to our team. It's not a matter of if but when we actually come completely out of the freight recession, but we are encouraged by some of the results in some of our businesses. I would say, in total, we're very proud of our people. And in this environment, for us to be able to flex in all of our businesses and make sure that we are delivering on what our customers are asking us for is the highlight of everything that we do.

貨運環境充滿挑戰。這對我們團隊來說並不是什麼新鮮事。這不是是否會發生的問題，而是我們何時真正完全擺脫貨運衰退的問題，但我們對某些業務的一些成果感到鼓舞。我想說，總的來說，我們為我們的員工感到非常自豪。在這種環境下，我們能夠靈活地開展所有業務並確保滿足客戶的要求，這是我們所做的一切的亮點。

Sometimes our people are working so hard and they don't get to see their fruit of their labor, but I would tell you they're working harder today than they've ever worked in total. For that, we're super proud of our team. We remain committed to our team, and we remain committed in our three key priorities: delivering value for our customers, committed to our people and finally, committed to long-term returns for our shareholders. With that, I'd like to turn it over to John Roberts, our CEO, for final thoughts.

有時，我們的員工工作非常努力，卻看不到自己的勞動成果，但我要告訴你，他們今天的工作量比以往任何時候都更努力。為此，我們為我們的團隊感到非常自豪。我們仍然致力於我們的團隊，我們仍然致力於我們的三個關鍵優先事項：為我們的客戶提供價值，致力於我們的員工，最後，致力於為我們的股東帶來長期回報。至此，我想將其轉交給我們的執行長約翰·羅伯茨（John Roberts）以徵求最終意見。

Thank you, Shelley. Very well said. I continue to land on your idea here that this recovery is not an if question at all, it's a when question. I really appreciate and respect the callers' need more on the when. We wish we could give you more. The compliance data, that definitely tells us that we're all working towards better (inaudible) but the data and the results in the quarter tell us that there is a lot of headwind out there.

謝謝你，雪萊。說得好。我在這裡繼續認同你的觀點，即這次復甦根本不是一個「如果」問題，而是一個「何時」問題。我真的很感激並尊重來電者當時需要更多的資訊。我們希望能為您提供更多。合規性數據明確告訴我們，我們都在朝著更好的方向努力（聽不清楚），但本季的數據和結果告訴我們，存在著許多阻力。

But I think we continue to find our way back to this idea of people and experience, and the people on this leadership team have an absolute ton of experience. And that gives us confidence to not feel like we have to make short-term decisions when we know what the right long-term decisions are. For instance, when we talk about our container ads, we use very large macro numbers but I want to emphasize, that was a very, very precise calculation made with the railroads on real capacity, real availability, real conversion opportunity. We didn't just make up a number there.

但我認為我們將繼續尋找回歸人員和經驗理念的方法，而這個領導團隊中的人員絕對擁有豐富的經驗。當我們知道什麼是正確的長期決策時，這讓我們有信心不必做出短期決策。例如，當我們談論貨櫃廣告時，我們使用非常大的宏觀數字，但我想強調，這是鐵路根據實際容量、實際可用性、實際轉換機會進行的非常非常精確的計算。我們不只是在那裡編造一個數字。

And when we don't see that demand, we look at and we alter the timing, but what Shelley said, it's so vitally important. When we were asked questions about just today, the volume in Intermodal, what drove the volume down in Intermodal was PSR, very, very simply. And we reacted to that by completely shutting down our desire to continue to bring on equipment that is extraordinarily hard to source and it takes a very long time to get landed. That's experience working right there for you, saying, "Hey, we did the calculation. We did the math." These assets have an extraordinarily long life. They sit quietly. We're not out stockpiling Class 8 tractors. We're buying the right assets.

當我們看不到這種需求時，我們會考慮並改變時機，但正如雪萊所說，這非常重要。當我們今天被問到有關聯運貨運量的問題時，導致聯運貨運量下降的原因是 PSR，非常非常簡單。我們對此的反應是完全停止了繼續引進極難採購且需要很長時間才能落地的設備的願望。這就是為你工作的經驗，你會說：“嘿，我們做了計算。我們做了數學。”這些資產的使用壽命非常長。他們安靜地坐著。我們不會儲存 8 級拖拉機。我們正在購買正確的資產。

And when I ask myself, how can we best position the company for the when, for the when we recover? We have to invest in the right assets and we have to learn from our experiences. And when we apply that, it's just preparation for the when. I totally appreciate what the folks on this call do, but when you're here with us in this room, we're looking at that long term.

當我問自己時，當我們復甦時，我們如何才能最好地定位公司？我們必須投資正確的資產，並且必須從經驗中學習。當我們應用它時，這只是為當時的情況做準備。我完全感謝參加這次電話會議的人們所做的事情，但是當您和我們一起在這個房間裡時，我們正在著眼於長期。

So much real good conversation on CapEx, and it is elevated and that, that is a very serious matter, but I want to reiterate, the drivers behind that were a shortage of supply. We don't really talk about the impacts that shortage of supply has on our system. But when we carry equipment over its natural life, you have to carry extra, you have to fix it more. You have to park it more.

關於資本支出的討論非常多，而且資本支出有所提高，這是一個非常嚴重的問題，但我想重申，背後的驅動因素是供應短缺。我們並沒有真正談論供應短缺對我們系統的影響。但是，當我們攜帶設備超過其自然壽命時，您必須攜帶額外的東西，必須對其進行更多的修復。你必須多停車。

We're looking at that with our OEMs saying, wait a second. Let's think this through like we're thinking through container management. And those are all capital events. I am, like Shelley, really pleased with the progress in Final Mile. I think that's an important business for us, and I know there's a lot of pressure on it. I'm thankful for the discipline that I see in the businesses. When we're under so much volume pressure to have the experience to know that holding on to bad deals is not going to turn out right in the long run. We have tried those exercises. They don't really work for us. We have such great visibility into every aspect of the company. Every single fleet in DCS has its own stand-alone P&L. We know top to bottom what's happening in there.

我們的原始設備製造商正在考慮這個問題，他們說，等一下。讓我們像思考容器管理一樣思考這個問題。這些都是資本事件。我和雪萊一樣，對「最後一哩路」的進展感到非常滿意。我認為這對我們來說是一項重要的業務，我知道它面臨很大的壓力。我很感謝我在企業中看到的紀律。當我們面臨如此大的銷售壓力時，我們需要有經驗，知道堅持糟糕的交易從長遠來看不會有好的結果。我們已經嘗試過這些練習。他們並不真正為我們工作。我們對公司的各個方面都有很好的了解。 DCS 中的每個車隊都有自己獨立的損益表。我們從上到下都知道那裡發生了什麼事。

And categorically, if you go around the businesses, we know where we have the problems and we just aren't tolerant to sit. And if someone else was to do it at those margins, then that's fine with us. We'll be ready when the right business comes along. But finally, I'd just say that Shelley is exactly right. The most important asset we have are the 35,000 people that work here. And the investments that we'll make in them, in the technology and in the capacity that will take us where we're going are well in place, well-supported and are underpinned by something that I wrote down that Shelley said today is one of my new favorite phrases, we will remain prudent with short-term cost while maintaining a long-term focus. With that, we thank you for calling in today. Talk to you in the quarter.

毫無疑問，如果你去各個企業走一走，我們就會知道哪裡有問題，但我們就是無法容忍坐視不理。如果其他人在這些利潤範圍內做到這一點，那麼我們也沒有問題。當合適的業務出現時，我們會做好準備。但最後，我想說雪萊是完全正確的。我們最重要的資產是在這裡工作的 35,000 名員工。我們將在它們、技術和能力上進行​​的投資將帶我們到達我們要去的地方，這些投資都已經到位，得到了很好的支持，並且得到了我寫下的東西的支持，雪萊今天說的是一個我最喜歡的新詞是，我們將在保持長期關注的同時，對短期成本保持謹慎。在此，我們感謝您今天的來電。本季與您交談。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。