J B Hunt Transport Services Inc (JBHT) 2024 Q2 法說會逐字稿

I would like to welcome everyone to the J B Hunt Transport Services second-quarter 2024 earnings call.(Operator Instructions)

歡迎大家參加 J B Hunt Transport Services 2024 年第二季財報電話會議。

And I would now like to turn the conference over to Brad Delco, Senior Vice President of Finance. You may begin.

現在我想將會議交給財務高級副總裁布拉德·德爾科 (Brad Delco)。你可以開始了。

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.

午安.在介紹發言人之前，我想提供一些有關前瞻性陳述的披露，本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。類似的表述旨在識別這些前瞻性陳述。

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.

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。

For more information regarding key 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. Now I'd like to introduce the speakers on today's call.

有關關鍵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。現在我想介紹一下今天電話會議的講者。

This afternoon, I'm joined by our President and CEO, Shelley Simpson; our, CFO John Kuhlow; Spencer Frazier, Executive Vice President of Sales and Marketing; our COO and President of Contract Services, Nick Hobbs; Darren Field, President of Intermodal; and Brad Hicks, President of Highway Services and Executive Vice President of People. I'd now like to turn the call over to our CEO, Ms. Shelley Simpson, for some opening comments. Shelley?

今天下午，我們的總裁兼執行長 Shelley Simpson 也加入了我的行列。我們的財務長 John Kuhlow； Spencer Frazier，銷售和行銷執行副總裁；我們的營運長兼合約服務總裁 Nick Hobbs；達倫‧菲爾德 (Darren Field)，聯運總裁；布拉德希克斯（Brad Hicks），公路服務總裁兼人力資源執行副總裁。現在我想將電話轉給我們的執行長 Shelley Simpson 女士，請其發表一些開場評論。雪萊？

Thank you, Brad, and good afternoon to everyone on the call. I'd like to start by saying I'm humbled and honored to have recently assumed the role as CEO. And I lead our great company on the next phase of our growth journey.

謝謝布拉德，祝所有參加電話會議的人下午好。首先我想說，最近擔任執行長一職，我感到既謙卑又榮幸。我將帶領我們偉大的公司踏上下一階段的發展之旅。

While recognizing this is a big moment, has only the best organization later in our company 60 year history. Let me be clear. Our vision, our mission and our focus has not changed. We have large addressable market. We provide excellent service for customers, we have talented people across of Organization, we are prime and we are ready to execute on our opportunities for growth.

雖然認識到這是一個重要時刻，但我們公司 60 年歷史中只有最好的組織。讓我說清楚。我們的願景、我們的使命和我們的重點沒有改變。我們有很大的潛在市場。我們為客戶提供優質的服務，我們在整個組織中擁有優秀的人才，我們處於領先地位，我們準備好抓住我們的成長機會。

My message to the team on day one was quite simple, ready, set, go. You've heard us say consistently. We remain committed to our investments and managing the business with a long-term mindset.

第一天我向團隊傳達的訊息非常簡單：準備、準備、出發。你已經聽到我們一直這麼說。我們仍然致力於以長期的心態進行投資和管理業務。

These investments, they address our company foundations, which include our people, our technology and our capacity through investments in these key areas, we have a significant number of opportunities to provide value to and on behalf of our customers across our suite of complementary service offerings.

這些投資解決了我們公司的基礎問題，其中包括我們的人員、技術和透過在這些關鍵領域進行投資的能力，我們有大量機會透過我們的配套服務產品為客戶並代表我們的客戶提供價值。

Our focus remains on deploying capital in areas of the transportation industry where we see a long-term opportunity to generate compounding returns.

我們的重點仍然是在運輸業領域部署資本，我們認為這些領域有產生複利回報的長期機會。

We operate in an industry that is cyclical, but we have focused on businesses in areas that we feel confident we can compete effectively take care and with free do this by remaining financially disciplined, keeping our focus on the long term, while managing costs in the near term and relying on our vast experience, we will be prepared to meet the growing needs of our customers while driving long-term growth for the company and our shareholders.

我們所處的行業是週期性的，但我們專注於那些我們有信心能夠有效競爭的領域的業務，透過保持財務紀律、專注於長期發展、同時管理成本來做到這一點。的經驗，我們將做好準備，滿足客戶不斷增長的需求，同時推動公司和股東的長期成長。

Earlier this year, we introduced our priorities for 2024, and we, as a management team and as an organization continued to execute on these priorities, which, as a reminder, our one to deliver exceptional value to our customers through operational excellence, two, sell a long-term investment in our company, foundations, which are people, technology and capacity entry, drive long-term value and returns for our shareholders.

今年早些時候，我們介紹了 2024 年的優先事項，作為管理團隊和組織，我們繼續執行這些優先事項，提醒一下，我們的一是透過卓越營運為客戶提供卓越的價值，二是出售對我們公司的長期投資，即人員、技術和能力的基礎投資，為我們的股東帶來長期價值和回報。

While the first half of this year has been challenging. In terms of our financial performance, we remain focused on delivering exceptional value to our customers. In 2024. We've continued our record performance in safety and our service levels to customers has been exceptional.

雖然今年上半年充滿挑戰。就我們的財務表現而言，我們仍然專注於為客戶提供卓越的價值。 2024 年，我們將繼續保持創紀錄的安全表現，並為客戶提供卓越的服務水準。

We have received multiple awards this year for our high service level from our customers. Our joint intermodal service are fine with BNSF, Quantum is running well above our initial expectation from an on-time service performance.

今年，我們憑藉客戶的高服務水準獲得了多項獎項。我們與 BNSF 的聯合多式聯運服務進展順利，Quantum 的準時服務表現遠遠超出了我們最初的預期。

In dedicated, we continue to prove our value to customers as we've been able to balance the need to be disciplined with underwriting new business while providing customers some flexibility with meeting.

在專注方面，我們繼續向客戶證明我們的價值，因為我們能夠在承保新業務和遵守紀律的需要之間取得平衡，同時為客戶提供一定的會議靈活性。

Final Mile continues to make progress on its profit improvement plan, and we continue to work on areas around cost integration and growth in ICS and see some progress in the business. Finally, we remain encouraged about the value proposition for customers and our drop trailing business and JBT and future potential of that business.

Final Mile 的利潤改善計劃繼續取得進展，我們繼續致力於 ICS 的成本整合和成長領域，並看到業務取得了一些進展。最後，我們對客戶的價值主張、我們的追蹤業務和 JBT 以及該業務的未來潛力仍然感到鼓舞。

While admittedly the market has been challenging, we have invested throughout this downturn to set us up for future growth and success across the business. We continue to focus on controlling expenses in the near term without jeopardizing our long term potential, managing our headcount through attrition, while at the same time continuing to deploy and enhance our technology to increase the productivity of our people, we took advantage of a strategic opportunity to acquire the intermodal assets from Walmart earlier this year.

誠然，市場充滿挑戰，但我們在整個經濟低迷時期進行了投資，為整個業務的未來成長和成功做好準備。我們繼續專注於控制短期費用，而不損害我們的長期潛力，透過人員流失來管理我們的員工人數，同時繼續部署和增強我們的技術以提高員工的生產力，我們利用了戰略優勢今年早些時候有機會從沃爾瑪收購多式聯運資產。

Which added capacity to our network, but also increased the long term growth potential of our company, which we believe will drive long-term returns for both the company and our shareholders.

這增加了我們網路的容量，同時也增加了我們公司的長期成長潛力，我們相信這將為公司和股東帶來長期回報。

The team will provide more details with their prepared comments. But in summary, we will stay the course focus on the long term with the same vision to create the most efficient transportation network in North America.

團隊將提供更多詳細資訊以及他們準備好的評論。但總而言之，我們將繼續著眼於長期，並懷著同樣的願景，打造北美最高效的交通網絡。

With that, I'd like to turn the call over to our CFO John Kuhlow, John.

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. Good afternoon, everyone. Similar to recent quarters, my comments will cover a high level review of the quarter and provide an update on our cost control efforts while also balancing our investments to support future growth.

謝謝你，雪萊。大家下午好。與最近幾季類似，我的評論將涵蓋本季的高水準回顧，並提供我們成本控制工作的最新情況，同時平衡我們的投資以支持未來的成長。

I'll close with an update on our capital allocation plan for the remainder of 2024. As a general overview flow, we have seen some moderation in inflationary cost pressures. The deflationary rate environment continues to pressure our margin performance.

最後，我將介紹 2024 年剩餘時間的資本配置計畫的最新情況。通貨緊縮利率環境持續對我們的獲利表現造成壓力。

Let me start with a quick review of the second quarter. On a consolidated GAAP basis compared to the prior year period, revenue declined 7%, operating income declined 24% and diluted earnings per share decreased 27%.

讓我先快速回顧一下第二季。與去年同期相比，以綜合公認會計準則計算，收入下降 7%，營業收入下降 24%，稀釋每股收益下降 27%。

A combination of either lower volumes and our yields, but most notably lower rates were the main drivers of the lower revenue, primarily in our intermodal and highway services businesses, which includes our brokerage business and ICS and our drop trailer business at JBT.

銷量下降和收益率下降，但最明顯的是費率下降，是收入下降的主要驅動因素，主要是我們的多式聯運和高速公路服務業務，其中包括我們的經紀業務和ICS 以及JBT 的拖車業務。

Our tax rate in the quarter was slightly elevated at 26.8%. However, we continue to expect our full-year tax rate to fall within the range of 24% to 25%. While we have seen improvements across many of our cost categories, the lower revenue continued to put pressure on margins across our business segments. With the exception of FMS and JBT, which improved our operating margins year over year, we have been thoughtful and thorough in our approach to managing our costs.

本季我們的稅率略有提高，達到 26.8%。然而，我們仍然預計全年稅率將落在 24% 至 25% 的範圍內。儘管我們的許多成本類別都有所改善，但收入的下降繼續給我們各業務部門的利潤率帶來壓力。除了 FMS 和 JBT 使我們的營業利潤逐年提高外，我們在管理成本的方法上一直是深思熟慮和徹底的。

Last quarter, we quantified lender commitments to investing in our business through this downturn represented, which was an aggregate $100 million on an annual basis. We continue to focus our cost efforts in areas that would not prohibit or ability to support our future growth or our future earnings.

上個季度，我們量化了貸款人在這次經濟低迷時期對我們業務的投資承諾，每年總計 1 億美元。我們繼續將成本工作重點放在不會阻礙或無法支持我們未來成長或未來收益的領域。

These costs are primarily related to our investments in two of our company foundations, namely our people and our capacity has to be expected. The majority of these costs are burdened our JBI business and also but to a lesser extent, our ICS and JBT segments. Importantly, we remain confident in our ability to grow our business to scale into these investments.

這些成本主要與我們對兩個公司基礎的投資有關，即我們的員工和我們的能力。這些成本大部分由我們的 JBI 業務以及我們的 ICS 和 JBT 部門承擔，但程度較小。重要的是，我們對發展業務以擴大這些投資規模的能力仍然充滿信心。

Wrapping up with an update to our 2024 capital plan, we are updating our guidance for net capital expenditure for the year to be in the range of $650 million to $700 million. This compares to our previous expectation of $800 million to $1 billion. Keep in mind, this does include the previously announced purchase of Walmart's intermodal assets.

在更新 2024 年資本計畫時，我們將今年的淨資本支出指引更新為 6.5 億至 7 億美元。相較之下，我們先前的預期為 8 億至 10 億美元。請記住，這確實包括先前宣布的收購沃爾瑪的聯運資產。

This reduced planned largely reflects a moderation of both tractor and trailer fleet additions in addition to real estate projects. Our earnings performance has been under pressure for leverage at the end of the quarter was 0.9 times EBITDA below our target of 1 times.

計劃的減少主要反映了除房地產項目外拖拉機和拖車車隊增加的放緩。我們的獲利表現一直面臨壓力，因為季末的槓桿率為 EBITDA 的 0.9 倍，低於我們目標的 1 倍。

We also purchased just over $200 million of stock in the quarter. With our updated and reduced net capital expenditure plan, current market dynamics and our view of where we are in the cycle. We believe a disciplined approach to the share repurchases, prudent use of capital at this time. This concludes my remarks.

本季我們也買了價值略多於 2 億美元的股票。根據我們更新和減少的淨資本支出計劃、當前的市場動態以及我們對所處週期位置的看法。我們認為，此時應採取嚴格的股票回購方式，謹慎使用資本。我的發言到此結束。

And I'll now turn it over to Spencer.

現在我將把它交給斯賓塞。

Thank you, John, and good afternoon. It's a pleasure to be joining the call. My remarks will focus on our sales and marketing strategy but will also include some perspectives on the market as well as feedback we are hearing from our customers.

謝謝你，約翰，下午好。很高興加入這個電話會議。我的演講將重點討論我們的銷售和行銷策略，但也會包括對市場的一些看法以及我們從客戶那裡聽到的回饋。

During the second quarter, we saw or normalized seasonal patterns across our business. On the demand side, the second quarter felt more like what we're accustomed to seeing prior to the pandemic disruption. April started a little slower from a demand perspective, primarily due to the timing of Easter, but we did experience what used to be a typical and a month and into quarter lift in June.

在第二季度，我們看到了整個業務的季節性模式或使其正常化。在需求方面，第二季感覺更像是我們在疫情破壞之前習慣看到的情況。從需求的角度來看，4 月的開始速度稍慢，主要是由於復活節的時間，但我們確實在 6 月經歷了過去典型的一個月和季度的增長。

This was evidenced particularly in both JBI and JBT in the quarter where we've seen strong improvements in bid compliance levels in the mid-80s to 90s levels, which we haven't seen quite some.

這在本季度的 JBI 和 JBT 中尤其得到了證明，我們看到投標合規水平在 80 年代中期到 90 年代的水平上有了很大的改善，但我們還沒有看到相當多的改善。

We were able to meet the seasonal demand for our customers with high service levels across our businesses. Our customers have worked through most of their excess inventory and fuel appropriately right sized with current sales activity levels. While we cannot predict when the market will inflect, our customers know we stand ready to meet their growing transportation needs across our entire scroll services.

我們能夠透過整個業務的高水準服務來滿足客戶的季節性需求。我們的客戶已經處理掉了大部分過剩庫存，並根據當前的銷售活動水準調整了適當規模的燃料。雖然我們無法預測市場何時會發生變化，但我們的客戶知道我們已準備好滿足他們在整個捲軸服務中不斷增長的運輸需求。

Regarding our scroll, our customers by capacity across our suite of services and have come to expect a consistent, high service level experience. In fact, greater than 90% of our top 100 customers buying more than one service from us and greater than 75% by from three or more services.

就我們的滾動而言，我們的客戶透過我們的服務套件獲得能力，並且期望獲得一致的、高水準的服務體驗。事實上，在我們的前 100 位客戶中，超過 90% 的客戶從我們這裡購買了不只一項服務，超過 75% 的客戶從我們這裡購買了三種或更多服務。

Among our segments JBI and ICS have the highest overlap amongst our top 100 customers. We see the power of the scroll in our sales efforts as customers have recently wanted to deemphasize our use of brokers in favor of assets. We've converted some nice wins over to JBT as a result.

在我們的細分市場中，JBI 和 ICS 在我們的 100 強客戶中重疊度最高。我們在銷售工作中看到了滾動的力量，因為客戶最近希望不再強調我們對經紀人的使用，而是傾向於資產。因此，我們將一些不錯的勝利轉交給了 JBT。

Being mode in different and offering customers. The best solution will always guide or go to market strategy. We look at the overall freight market. We still see oversupply across all modes with shippers having options on both mode and provider to move their freight. Now, well, capacity is not a top concern right now.

以不同的方式為客戶提供服務。最好的解決方案將始終指導或走向市場策略。我們關注整體貨運市場。我們仍然看到所有模式都供過於求，托運人可以選擇模式和提供者來運輸貨物。現在，容量並不是目前最關心的問題。

There is an awareness that this will change at some point, but the timing of which though remains un-clear, currently costs and value are the primary differentiators right now for customers. And we continue to lean into the value we can deliver to customers with our premium service.

人們意識到這種情況會在某個時候發生變化，但具體時間尚不清楚，但目前成本和價值是客戶的主要差異化因素。我們持續致力於透過優質服務為客戶提供價值。

As we've said in previous quarters, we don't know when the cycle will shift and aren't going to make a prediction. But we remain committed to investing in our business for the long term and being ready to grow with our customers over many years to solve their transportation needs with high service levels. They've come to expect from J B Hunt.

正如我們在前幾個季度所說的那樣，我們不知道周期何時會發生變化，也不會做出預測。但我們仍然致力於長期投資我們的業務，並準備好與客戶一起成長多年，以高服務水平解決他們的運輸需求。他們對 J B Hunt 充滿了期待。

I'll wrap up with some of the feedback we're getting regarding peak season. We see the same datasets that most of you track and read the same headlines around what's happening in the ocean freight market. The feedback we hear is an expectation for peak season this year, but the magnitude or length of paid remains to be same.

最後我將介紹一些我們收到的有關旺季的回饋。我們看到的數據集與你們大多數人追蹤的數據集相同，並閱讀了有關海運市場發生的情況的相同頭條新聞。我們聽到的回饋是對今年旺季的預期，但付費的幅度或長度保持不變。

That said, some customers have pulled a portion of their peak freight forward a couple of months, given the multiple macro factors that could impact the supply chain later this year.

儘管如此，考慮到今年稍後可能影響供應鏈的多種宏觀因素，一些客戶已將部分高峰貨運時間提前了幾個月。

This pull forward has created an early peek on the water, but that hasn't translated into domestic inland moves just yet. We are working with customers on peak season plans to ensure we have resources properly positioned to meet their transportation needs. That concludes my remarks.

這種拉動已經創造了一個早期的水面觀察，但這還沒有轉化為國內內陸移動。我們正在與客戶合作制定旺季計劃，以確保我們擁有適當的資源來滿足他們的運輸需求。我的發言到此結束。

So I would now like to turn the call over to Nick.

所以我現在想把電話轉給尼克。

Thanks, Spencer, and good afternoon. I'll provide an update on dedicated Final Mile business and give an update on our areas of focus across our operations. I'll start with dedicated. While we are not immune to the impact of the overall market, we believe our results during the quarter, we continued to highlight the strength and resiliency of our unique dedicated business model.

謝謝，史賓塞，下午好。我將提供專門的“最後一英里”業務的最新信息，並提供我們整個運營重點領域的最新信息。我將從專注開始。雖然我們不能免受整體市場的影響，但我們相信本季的業績，我們繼續強調我們獨特的專用業務模式的實力和彈性。

We believe our differentiation is supported by our focus on providing professional outsourcing private fleet solutions to a broad and diverse group of customers. In addition to our relentless focus on delivering value to our customers.

我們相信，我們的差異化得益於我們專注於為廣泛而多樣化的客戶群提供專業的外包私人車隊解決方案。除了我們不懈地致力於為客戶提供價值之外。

During the second quarter, we sold 325 trucks of new deals. While we have visibility into some losses are downsizing throughout 2024, our sales pipeline remains solid and our team has done well to backfill some of those losses.

第二季度，我們新銷售了 325 輛卡車。雖然我們看到 2024 年全年一些損失正在縮小，但我們的銷售管道仍然穩固，而且我們的團隊在彌補部分損失方面做得很好。

Despite the challenging market conditions, importantly, we have remained committed to our disappointment in the types of deals we underwrite without sacrificing our return thresholds. With a proven track record of high service levels and our ability to create value for our customers.

儘管市場條件充滿挑戰，但重要的是，我們仍然致力於在不犧牲回報門檻的情況下，對我們承保的交易類型感到失望。憑藉高服務水準的良好記錄以及為客戶創造價值的能力。

We continued our success, onboarding new business and renewal business with our existing customers. We remain confident in our ability to execute on the transportation needs of our customers and the opportunities that further compound our growth over many years.

我們繼續取得成功，與現有客戶開展新業務和續訂業務。我們對滿足客戶運輸需求的能力以及多年來進一步促進我們成長的機會充滿信心。

Going forward, despite our strong new truck sales in the first half of the year, I would expect our fleet count to end the year relatively flat from our Q2 levels, with some additional start-up expenses as new trucks are brought into the fleet.

展望未來，儘管我們上半年的新卡車銷售強勁，但我預計我們的車隊數量到年底將與第二季度的水平相對持平，隨著新卡車加入車隊，還會有一些額外的啟動費用。

Shooting to Final Mile continues to be pleased with our progress we have made to improve the overall health of this business journey started many years ago. We focused on a differentiated, high-quality service to them, focusing on revenue quality and remaining cost discipline throughout the process.

「Shooting to Final Mile」仍然對我們在改善多年前開始的這一業務旅程的整體健康狀況方面所取得的進展感到滿意。我們專注於為他們提供差異化的高品質服務，在整個過程中專注於收入品質並保持成本控制。

The market for big and bulky delivery continues to evolve and customers are looking for a high-quality, safe and secure service provider with national scale for transparency purposes. Our second quarter results do include a net benefit of $1.1 million from two offsetting claim settlements.

大件運輸市場不斷發展，出於透明度目的，客戶正在尋找具有全國規模的高品質、安全可靠的服務提供者。我們第二季的業績確實包括兩項抵銷索賠和解帶來的 110 萬美元的淨收益。

Demand for big and bulky products remain mixed, with stable demand for both appliances and exercise equipment for continued softness in furniture demand. We remain modestly encouraged by our sales pipeline and continue to see new brands engage in discussions with our team.

對大型產品的需求仍然參差不齊，由於家具需求持續疲軟，對家電和運動器材的需求穩定。我們仍然對我們的銷售管道感到鼓舞，並繼續看到新品牌與我們的團隊進行討論。

We continue to strive to provide a high level as we deliver products into the homes of our customers customer. With a focus on being safe and secure. We will remain disciplined with potential new business to ensure appropriate returns for our service.

我們繼續努力提供高水準的產品，將產品送入客戶的家中。注重安全可靠。我們將繼續嚴格對待潛在的新業務，以確保我們的服務獲得適當的回報。

While we work to grow the business and improved profitability, going forward, we would expect some customer churn to continue to focus on revenue quality and performance to follow fairly normal seasonal patterns, excluding the unique item called out in the quarter, similar to the West borders are closed with some comments on safety.

雖然我們致力於發展業務並提高盈利能力，但展望未來，我們預計一些客戶流失將繼續關注收入品質和業績，以遵循相當正常的季節性模式，不包括本季度提到的獨特項目，類似於西方邊境已關閉，並有一些關於安全的評論。

Our company was built on a foundation of safety for not only are people, but also the motoring public. And we continue to invest in training and equipment to enhance our already strong safety culture. We continued to lead the industry with our fleet that is now over 97% rolled out with inward facing cameras, and we remain on track being 100% complete by the end of the third quarter.

我們公司建立在安全的基礎上，這不僅是為了人類，也是為了廣大駕駛者的安全。我們繼續投資於培訓和設備，以增強我們業已強大的安全文化。我們的機隊繼續引領行業，目前超過 97% 的機隊配備了內向攝像頭，並且我們仍然預計在第三季度末實現 100% 完成。

As you may recall, 2023 was our best safety performance on record for DOT preventable accidents per million miles. And I'm pleased to say with the help of our inward facing cameras, along with our numerous other innovative safety initiatives, we are seeing further improve movement so far year to date. This is a testament to the quality of our drivers in the safety culture of our company.

您可能還記得，2023 年是我們有史以來每百萬英里 DOT 可預防事故的最佳安全表現。我很高興地說，在我們的內向攝影機以及我們眾多其他創新安全措施的幫助下，我們看到今年迄今為止的運動進一步改善。這證明了我們公司駕駛員的安全文化品質。

As the cost of claims continues to move up exponentially, we remain focused on finding new innovative ways to further enhance our safety performance and mitigate risk where possible. This concludes my remarks where we're locking now turn it over to Darren.

隨著索賠成本繼續呈指數級上升，我們仍然致力於尋找新的創新方法，以進一步提高我們的安全績效並盡可能降低風險。我的發言到此結束，我們現在將其交給達倫。

Thank you, Nick, and thank you to everyone for joining us this afternoon. On the call. I'll review the performance of our 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 all of our stakeholders.

謝謝你，尼克，也謝謝大家今天下午加入我們。正在通話中。我將回顧本季我們多式聯運業務的業績，提供市場和服務業績的最新情況，並強調我們為客戶和所有利害關係人提供價值的持續機會。

I'll start with intermodals performance overall, while we saw seasonality that resembles more normalized pre-pandemic demand trends during the quarter, the impact of a depressed truckload market and competitive bid season in general more than offset this and drove our volume down 1% year over year.

我將從整體聯運表現開始，雖然我們看到季節性類似於本季度更正常化的大流行前需求趨勢，但卡車裝載市場低迷和競爭激烈的投標季節的影響總體上抵消了這一影響，並使我們的銷量下降了1%年復一年。

This was primarily driven in the East where we have closed, where our volumes were down 7% in the quarter was partially offset by our transcon business growing 4% in the quarter. We continued to see strong demand out of Southern California, where volumes were up double digits versus the prior year.

這主要是由我們關閉的東部地區推動的，該地區的銷量在本季度下降了 7%，但我們的傳輸業務在本季度增長了 4%，部分抵消了這一影響。我們繼續看到南加州的強勁需求，該地區的銷量比去年增長了兩位數。

By month, our consolidated volumes were down 3% in April, up 1% in May and down 1% in June during June, we did see a nice seasonal lift in volume, particularly toward the end of the month and importantly, we were able to meet our customers' capacity needs with strong service levels, highlighting the strength and flexibility of our network

按月來看，我們的綜合交易量在4 月份下降了3%，在5 月份增長了1%，在6 月份下降了1%，在6 月份期間，我們確實看到了交易量的季節性大幅增長，特別是在月底，重要的是，我們能夠以強大的服務水準滿足客戶的容量需求，凸顯我們網路的實力和靈活性

As we look at the freight market, we continue to see a large amount of freight that we believe should be converted from over the road to intermodal as it is more economical and environmentally friendly, as I've said it before.

當我們審視貨運市場時，我們繼續看到大量貨運，我們認為應該從公路運輸轉向多式聯運，因為正如我之前所說，這樣更經濟、更環保。

And I want to say it again, we stand ready and have the capacity and people in place to meet it, exceed our customer service needs and recapture share from the highway moving forward.

我想再說一遍，我們已做好準備，並有能力和人員來滿足這一目標，超越我們的客戶服務需求，並從前進的高速公路中重新奪回份額。

During the quarter, we did see margin pressure both year-over-year and sequentially. This is largely related to the market pressure on our yields, but also due to our capacity investments. While volume done more to us now than ever before given our underutilized capacity are modestly lower volume year-over-year and only slightly higher volumes sequentially was that in enough to absorb our higher cost and deflationary yield pressure.

在本季度，我們確實看到了同比和環比的利潤率壓力。這很大程度上與市場對我們收益率的壓力有關，但也與我們的產能投資有關。儘管由於我們未充分利用的產能比去年同期略有下降，成交量對我們的影響比以往任何時候都大，而且成交量僅比上年略有增加，但足以吸收我們更高的成本和通貨緊縮收益率壓力。

As discussed earlier in the year, bid season was competitive and largely wrapped up during the second quarter.

正如今年早些時候所討論的，投標季節競爭激烈，並在第二季度基本結束。

We continued to see truckload pricing that we believe is unsustainable, particularly in the east and shippers took advantage. Given the nature of our pricing cycle, we will be living with a large portion of the recently completed bid into the first half of 2025.

我們繼續看到我們認為不可持續的整車定價，特別是在東部地區，而托運人卻從中獲利。鑑於我們定價週期的性質，我們將在 2025 年上半年接受最近完成的大部分投標。

With regard to our 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. That said, we and our railroad partners know the true test of our collective service will come once freight volumes increase was higher overall demand on our networks.

對於我們的鐵路服務提供者，我們對每個提供者的服務都很滿意。他們致力於多式聯運服務和發展整體市場。也就是說，我們和我們的鐵路合作夥伴知道，一旦貨運量增加，對我們網路的整體需求更高，我們集體服務的真正考驗就會到來。

We remain confident in the collaborative work and investments being made to maintain high speed service levels as the inflection occurs.

我們對在拐點發生時維持高速服務水準的協作工作和投資仍然充滿信心。

In closing, we continue to strongly believe in the strength of our intermodal franchise. Our customers trust us, and we continue to find new and innovative ways to better serve their transportation needs. Our service levels are exceptional, and we are confident that this level of service can continue as our customers' overall demand for our capacity increases.

最後，我們仍然堅信我們多式聯運專營權的實力。我們的客戶信任我們，我們不斷尋找新的創新方法來更好地滿足他們的運輸需求。我們的服務水準非常出色，我們有信心隨著客戶對我們產能的整體需求的增加，這種服務水準能夠持續下去。

While we are not pleased with our current results, our optimism on the future growth of our business hasn't changed. We remain excited to work with our customers to meet their growing demand with an efficient cost competitive and more environmentally friendly solution. That concludes my prepared remarks.

雖然我們對目前的業績並不滿意，但我們對業務未來成長的樂觀態度並沒有改變。我們仍然很高興與客戶合作，透過高效的成本競爭力和更環保的解決方案來滿足他們不斷增長的需求。我準備好的發言就到此結束。

I'll turn it over to Brad Hicks.

我會把它交給布拉德·希克斯。

Thank you, Darren, and good afternoon, everyone. I'll review the performance of our integrated capacity solutions and truckload segments, while also providing an update on some of our work in J.B. Hunt 360. Starting with ICS, the overall brokerage environment remains competitive with pressure on both volume and rate.

謝謝達倫，大家下午好。我將回顧我們的整合運能解決方案和卡車裝載細分市場的表現，同時也提供我們在J.B. Hunt 360 中的一些工作的最新情況。壓力，仍然具有競爭力。

Segment gross revenue declined 21% year over year in the second quarter, driven by 25% decline in volume, partially offset by a 5% increase in revenue per load. As you've heard, we did see some seasonality in the business with some relative tightness in the market around road check and in the later part of June.

第二季度，由於銷量下降 25%，該部門的總收入年減 21%，但每負載收入成長 5% 部分抵消了這一影響。正如您所聽說的，我們確實看到了業務的一些季節性，道路檢查前後和六月下旬市場相對緊張。

That said, our gross margins for the quarter were 14.8%, the highest we've seen since the fourth quarter of 2022, which is noteworthy given 61% of our volumes are under contract. We continue to focus on quality revenue and growing with the right customers as our yield performance indicates. Admittedly, we are incurring some challenges integrating the previously announced acquisition of the BNSF Logistics but remain encouraged and optimistic about the potential of the agent model on our platform.

也就是說，我們本季的毛利率為 14.8%，是自 2022 年第四季以來的最高水平，考慮到我們 61% 的銷量處於合約狀態，這一點值得注意。正如我們的產量表現所表明的那樣，我們繼續專注於優質收入並與合適的客戶一起成長。誠然，我們在整合之前宣布的對 BNSF Logistics 的整合方面遇到了一些挑戰，但我們仍然對我們平台上代理模式的潛力感到鼓舞和樂觀。

These challenges are masking some of the underlying progress we are sitting in our legacy ICS business. Going forward, we will remain focused on further rightsizing our cost structure, but ultimately, we need to push more volume through our platform in order to see material improvements in our results.

這些挑戰掩蓋了我們在傳統 ICS 業務中取得的一些潛在進展。展望未來，我們將繼續專注於進一步調整我們的成本結構，但最終，我們需要透過我們的平台推動更多銷量，以便看到我們業績的實質改進。

Moving over to JBT or truckload segment, gross revenue was down 12% year over year, driven by a 9% decrease in volume and a 4% decrease in revenue per load. This season was competitive, and we opted to remain disciplined on price, which resulted in some lost volume.

轉向 JBT 或卡車裝載領域，總收入年減 12%，原因是銷量下降 9% 和每裝載收入下降 4%。這個季節競爭激烈，我們選擇在價格上保持紀律，這導致了一些銷售的損失。

That said, we are focused on attracting the right freight that best fits our network with the right customers that see the value of our service and network of trailing capacity. While we currently have excess trailing capacity in our network, we are working on ensuring discipline around our network to ensure that we have the right capacity in the right markets where our customers have needs and where they are growing.

也就是說，我們致力於吸引最適合我們網路的合適貨運以及看到我們服務和追蹤能力網路價值的合適客戶。雖然我們目前的網路中存在過剩的追蹤能力，但我們正在努力確保我們的網路周圍的紀律，以確保我們在客戶有需求和成長的正確市場中擁有正確的能力。

We hear from customers that they appreciate our high service levels and the flexibility that our drug trailer offering provides to their supply chain. Our model allows us to be more variable with other costs depending on the market, which we believe ultimately presents us with opportunities to scale this cost competitive service offering for customers while ensuring we generate an appropriate return on capital.

我們從客戶那裡得知，他們讚賞我們的高服務水平以及我們的藥品拖車產品為其供應鏈提供的靈活性。我們的模式使我們能夠根據市場的情況調整其他成本，我們相信這最終為我們提供了為客戶擴展這種具有成本競爭力的服務的機會，同時確保我們產生適當的資本回報。

Going forward, our focus is on improving our trailer utilization rate while ensuring our capacity remains balanced across the network. I'll close with some comments on J.B. Hunt 360.

展望未來，我們的重點是提高拖車利用率，同時確保我們的運能在整個網路中保持平衡。最後我將發表一些關於 J.B. Hunt 360 的評論。

Technology enables our people, helps drive productivity, and also drives efficiency and how we source and serve customers with our available capacity. Technology is foundational to our company, but it has also created opportunities for strategic step groups to impact our operations.

技術為我們的員工提供支持，幫助提高生產力，還提高效率以及我們如何利用可用能力來尋找和服務客戶。科技是我們公司的基礎，但它也為策略步驟小組影響我們的營運創造了機會。

We continue to deploy enhancements to our system to increase the security of our platform and have become much more stringent on carrier vetting to mitigate cargo theft risk, which continues to be very prevalent in the industry, and in particular, for our customers who are feeling the impact. Long term, technology investments will continue to drive productivity and efficiency gains across the scroll and better position us for long-term growth with our customers.

我們繼續對我們的系統進行增強，以提高我們平台的安全性，並對承運人審查變得更加嚴格，以降低貨物被盜風險，這種風險在行業中仍然非常普遍，特別是對於那些感覺被盜的客戶來說的影響。從長遠來看，技術投資將繼續推動整個產業的生產力和效率提升，並為我們與客戶的長期成長奠定更好的基礎。

That concludes my comments. So I'll turn it back to the operator, who will open the call for questions.

我的評論到此結束。因此，我會將其轉回給接線員，接線員將打開提問電話。

(Operator Instructions) Jonathan Chappell, Evercore ISI.

（操作員說明）Jonathan Chappell，Evercore ISI。

Thank you. Good afternoon. Darren, you mentioned the pickup near the end of June on some of the volumes. Just wondering, does that have to do with some of the themes that Spencer spoke about regarding moving up peak season a little bit? Or is there something else going on, particularly, in the transcon in Southern California that gives you a little bit more optimism about the cycle?

謝謝。午安.達倫，您提到了六月底附近一些卷的提貨。只是想知道，這是否與斯賓塞談到的有關旺季提前一點的一些主題有關？或者是否還有其他事情發生，特別是在南加州的交通運輸方面，讓您對週期更加樂觀？

Yeah, appreciate the question. Certainly, Spencer's comments just on overall imports to Southern California is one of many factors resolved and just general improving trends throughout the first quarter or throughout the second quarter.

是的，感謝這個問題。當然，史賓塞對南加州整體進口的評論是解決的眾多因素之一，也是整個第一季或整個第二季整體改善趨勢的一部分。

I do want to highlight, we referenced negative 1% volume comp in June. June of '23 had two more working days than June of '24, and so that's certainly an influencer in that comparison. But again, as the quarter went on, we experienced some improving trends from our customers. I also highlighted in the prepared comments that we were up double digits out of Southern California for the entirety of the second quarter.

我確實想強調一下，我們在 6 月提到了負 1% 的成交量補償。 23 年 6 月比 24 年 6 月多了兩個工作日，因此這無疑是比較中的一個影響因素。但隨著本季的持續，我們再次從客戶那裡看到了一些改善的趨勢。我還在準備好的評論中強調，整個第二季度我們在南加州的業績成長了兩位數。

So certainly from some customers would highlight that maybe that was a result of early shipments for peak season. Some customers highlighted that generally their business had improved, and in some cases, we had converted back highway business to intermodal. So it's kind of a mesh of everything to see some improvements that occurred during the quarter.

因此，有些客戶肯定會強調，這可能是旺季提前出貨的結果。一些客戶強調，他們的業務總體上有所改善，在某些情況下，我們已將公路業務轉回聯運業務。因此，可以看到本季發生的一些改進是所有內容的綜合體。

Yeah. John, this is Spencer. I'd just like to add a little bit to that. When I talk about normal seasonal trends, I think that's something that we really need to think about across our customer base.

是的。約翰，這是史賓塞。我想補充一點。當我談論正常的季節性趨勢時，我認為這是我們整個客戶群真正需要考慮的事情。

Normal seasonal trends end of month end of quarter in Q2 really are related to back to school, things that are prepping for that season, for other events to take place here in July with different promotional things. So I'm encouraged from our customer base that really normal seasonality started to show up for us.

第二季度月末季度末的正常季節性趨勢確實與返校有關，為該季節做準備的事情，以及 7 月在這裡舉行的其他活動以及不同的促銷活動。因此，我們的客戶群讓我感到鼓舞，真正正常的季節性開始出現在我們身上。

And I think that's something that we're going to be looking forward to as we move on. And I think that in the prior years, we struggled really. We're seeing seasonal trends in a normal way. There was just still so much disruption. So appreciate the question. Just wanted to add those comments.

我認為這是我們繼續前進時所期待的事情。我認為在前幾年，我們確實很掙扎。我們以正常的方式看到季節性趨勢。仍然有很多幹擾。所以很欣賞這個問題。只是想添加這些評論。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes, Hi, afternoon. So just I know you've talked about this a bunch before the intermodal margin recovery story. I know you have the excess capacity now, but is it mostly a function of getting sequential revenue per load to move up? And do you feel given now that the contract season is largely done for the next several quarters, at least looking ahead, do you feel you've reached a point of stability on that revenue per load?

是的，嗨，下午。據我所知，您在多式聯運利潤恢復故事之前已經討論過很多次了。我知道你們現在產能過剩，但這主要是因為每次負載的連續收入上升嗎？鑑於合約季節在接下來的幾季已基本結束，您是否認為至少展望未來，您是否認為單位負載收入已達到穩定點？

Thanks. Well, certainly, we highlighted that this current, what I'll call, the 2024 bid cycle largely completed during the second quarter. Those prices and the yields that we achieved were not strong enough to give us margin improvement that we believe our system can and should run.

謝謝。嗯，當然，我們強調當前的（我稱之為 2024 年）投標週期已在第二季度基本完成。我們所實現的這些價格和收益率還不足以讓我們的利潤率得到改善，而我們相信我們的系統可以而且應該運作。

We're not changing our long-term margin target. We're not satisfied with the current returns on our business and do recognize that pricing improvement is one of a couple of areas, but the most important area in order to get margin improvement. Certainly, volume is worth more to us today than ever before. We've said that quite often. And that's just a result of having as much underutilized equipment as we currently have.

我們不會改變長期利潤目標。我們對目前的業務回報並不滿意，並且確實認識到定價改進是幾個領域之一，但卻是提高利潤率的最重要領域。當然，今天的成交量對我們來說比以往任何時候都更有價值。我們常這麼說。這只是我們目前擁有的設備未充分利用的結果。

And then, all things cost. What can we do to be more efficient as an organization that can be inside the activities of our drivers and our drayage operation that can be certainly inside the activities of our people? How do we utilize technology better? How can we just be more efficient with our customers. But over the long term, pricing will always be the most valuable element to improving margins more than volume or just operational efficiency. But we will work on all three every day.

然後，所有的事情都是有代價的。作為一個可以在我們的司機的活動和我們的拖運操作中（當然也可以在我們的員工的活動中）進行活動的組織，我們可以做些什麼來提高效率？我們如何更好地利用科技？我們如何更有效率地與客戶打交道？但從長遠來看，定價永遠是提高利潤最有價值的因素，而不是銷售或營運效率。但我們每天都會致力於這三個面向。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks. Good afternoon, guys. I guess I wanted to touch a little bit on that margin comment. I guess we saw volume up sequentially, and I know yields were going down, but we also saw profit down sequentially. So I guess, from a seasonal perspective, that doesn't necessarily always show up. So I guess I just want to make sure I understand from a cost perspective, if there was something incremental you were dealing with this quarter, if it's the kind of thing that we see improvement in volume from here, should we be able to see margin or operating profit improvement sequentially from here?

嘿，謝謝。下午好，夥計們。我想我想稍微談談邊際評論。我想我們看到成交量連續上升，我知道收益率正在下降，但我們也看到利潤連續下降。所以我想，從季節性的角度來看，這並不一定總是出現。因此，我想我只是想確保我從成本角度理解，如果本季度您正在處理一些增量問題，如果這是我們從這裡看到的數量改善的情況，我們是否應該能夠看到利潤或者營業利潤從這裡開始依序改善？

It's really -- a pricing implementation element is probably the largest driving factor behind the non-normal seasonal sequential change in profitability. Certainly, the implementation of the bid cycle has been a headwind to seeing earnings improve. We will say it often, volume will be our leading indicator and pricing will always lag volume. And so as we find our way through the rest of the year and look for opportunities to grow our business, we believe, over the long term, certainly, pricing improvements will lag that volume.

事實上，定價實施因素可能是獲利能力非正常季節性連續變化背後的最大驅動因素。當然，投標週期的實施一直是獲利改善的阻力。我們常說，成交量將是我們的領先指標，而定價永遠落後於成交量。因此，當我們在今年剩餘的時間裡找到出路並尋找發展業務的機會時，我們相信，從長遠來看，價格的改善肯定會落後於銷售。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Afternoon. So I know you don't like to give too much in the way of quarterly guidance, but maybe I'd just be helpful to get expectations in a reasonable place at some point. But so as we see the full impact of these bids, Darren, do you think we should expect one more quarter of a sequential step down in rev per load in margin? So that's like near term. And then just longer term, bigger picture, right, and prior downturns, we've seen you guys take share and that really sets you up for the next cycle of earnings growth going forward. We're not seeing that this time. And I guess I'm wondering if you have thoughts on why and if you think that if we should -- what implications you think that has for the next upcycle?

嘿，謝謝。下午。因此，我知道您不喜歡以季度指導的方式提供太多信息，但也許我只是有助於在某個時候將預期置於合理的位置。但是，當我們看到這些出價的全面影響時，達倫，您認為我們是否應該預期每負載轉速的利潤率會再連續下降四分之一？這就像近期的情況。然後，從更長期、更宏觀的角度來看，在之前的低迷時期，我們已經看到你們分享了份額，這確實為你們未來的下一個盈利增長週期做好了準備。這次我們沒有看到這一點。我想我想知道你是否有想法為什麼以及你是否認為如果我們應該——你認為這對下一個升級週期有什麼影響？

So listen, Scott, there's a lot in your question there.

聽著，史考特，你的問題很多。

Certainly, the bid cycle always implemented at the same cadence that it did this year. We implement portions, big, big chunks, 30%, call it, but this pricing cycles throughout the second quarter. So I guess you could expect that something after the second quarter would entail all of that fully implemented.

當然，投標週期始終以與今年相同的節奏進行。我們實施部分，大，大塊，稱之為 30%，但這個定價週期貫穿第二季。所以我想你可以預期第二季之後的事情將需要所有這些都全面實施。

So over time, I mean that we did have negative pricing pressure. I don't have any guidance for you in terms of big step down. There's certainly -- I don't anticipate anything like that, but we're certainly getting everything fully implemented throughout the second quarter and so the third quarter is a better rate reflection of the fully implemented pricing cycle.

所以隨著時間的推移，我的意思是我們確實面臨負面的定價壓力。在大幅降級方面我沒有任何指導。當然，我預計不會發生類似的事情，但我們肯定會在第二季度全面實施所有措施，因此第三季度更好地反映了全面實施的定價週期。

In terms of both share gains, I mean, we have, I think, are dominating the transcon market place. I do believe our volume growth there has been substantial, and we've highlighted that in the east we have some significant headwinds from truckload pricing. I think that as we get into the second half of this year, we are optimistic about the discussions we're having with our customers about the value proposition that we represent as low as concerns about highway capacity, and we will continue to look to grow.

就份額收益而言，我認為我們已經在傳輸控制市場上佔據主導地位。我確實相信我們在那裡的銷售成長相當可觀，而且我們強調，在東部地區，我們面臨著卡車裝載定價的一些重大阻力。我認為，隨著進入今年下半年，我們對與客戶就我們所代表的價值主張進行的討論感到樂觀，我們對高速公路容量的擔憂很低，並且我們將繼續尋求增長。

So that's probably all I have to comment on your questions today.

這可能就是我今天要對你們的問題發表的全部評論。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

Yeah. Hey, good evening, guys. Thanks for taking our questions. Maybe one shifting of to the dedicated side, Nick, we continue to hear anecdotes of a competitive dedicated market. Dedicated margins were a bit softer, kind of, underperformed seasonality and you sold a few hundred more trucks. I guess with 1,000 trucks sold in the first half, should those startup costs start to moderate as we move through the summer with their business online where we started the margin inflection as that rolls off? Or how would you think about that business as we move through the summer?

是的。嘿，晚上好，夥計們。感謝您回答我們的問題。也許轉向專用方面，尼克，我們繼續聽到競爭激烈的專用市場的軼事。專用利潤有點疲軟，有點季節性表現不佳，而且你又賣了幾百輛卡車。我想，上半年售出 1,000 輛卡車，隨著我們進入夏季，他們的線上業務隨著利潤率的下降，我們開始調整利潤率，這些啟動成本是否應該開始放緩？或者，當我們度過夏天時，您會如何看待這項業務？

Yeah, well, first, thanks, Daniel, for the question. First, from start-up costs, I would say we're just starting to see some of those startup costs come in. We had a pretty good chunk that starting this month in July. And so you're going to see that a little bit in Q3, but that's a good thing for us.

是的，首先，謝謝丹尼爾提出的問題。首先，從啟動成本來看，我想說我們剛開始看到其中一些啟動成本的增加。所以你會在第三季看到一點，但這對我們來說是一件好事。

From a competitive standpoint, I would just say from our model and what we go after, we've been very disciplined in that. And so we've seen some competitiveness in retail in what I would call the basic retail replenishment is where we see most of our stiff competition, a little bit more aggressive pricing from some of the one-way truck models are quasi-dedicated in that segment. But in the other, I would just tell you our pipeline, as I said, is very solid and you're seeing the numbers that we've sold. So we think we still have a very good footing on what we're going to sell or despite a little bit of pressure in some of those retail areas.

從競爭的角度來看，我只想說，從我們的模式和我們所追求的目標來看，我們在這方面一直都非常自律。因此，我們在零售業看到了一些競爭力，我稱之為基本零售補貨，這是我們大部分激烈競爭的地方，一些單向卡車型號的定價更加激進，是準專用於該領域的。 。但另一方面，我只想告訴你，正如我所說，我們的管道非常穩固，你也看到了我們銷售的數字。因此，我們認為，儘管某些零售領域面臨一些壓力，但我們在要銷售的產品上仍然有很好的基礎。

Daniel, hey, this is Brad Delco. I'll add a little bit more to that too, just to clarify some things that were in some of Nick’s prepared comments

丹尼爾，嘿，這是布拉德·德爾科。我也會添加一些內容，只是為了澄清尼克準備好的評論中的一些內容

He did share he expected the ending fleet count for the year to be similar to what we saw in Q2. But how we really get there is we do have visibility simply losses for the remainder of the year. So think of losing trucks that are sort of at their mature state, if you will, and at the same time, we have startups that are -- that occur in Q3 and Q4, and obviously, those startups have a little bit of headwind to them on the margin side.

他確實表示，他預計今年年底的機隊數量將與我們在第二季度看到的類似。但我們真正實現這一目標的方法是，我們在今年剩餘時間確實看到了可見度的損失。因此，如果你願意的話，想想失去一些處於成熟狀態的卡車，同時，我們有一些新創公司，這些新創公司出現在第三季度和第四季度，顯然，這些新創公司在發展過程中遇到了一些阻力。

So we wanted to get a little bit more clarity on that. And that was are -- the comments we had in our prepared remarks were an attempt to give you guys a little bit of forward guidance on that expectation, going forward.

所以我們想更清楚地了解這一點。那就是——我們在準備好的發言中發表的評論試圖為你們提供一些關於這一期望的前瞻性指導，繼續前進。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, good afternoon. So I want to delve into kind of some of the discussion that your transcon growth was up 5%. You talked about double digits from the West Coast ports, but they were seeing kind of mid-teens volume growth, kind of some conflicting statements. So you noted early peak season hitting shores, but some of that has yet to move. So I just want to understand, are we building inventories? Are we seeing share lost to other rails that are now being more variable on rates for some of the peers that used to be on Burlington with you? I want to understand the market dynamics in there, if you can.

嘿，下午好。因此，我想深入探討一些關於你們的交易成長了 5% 的討論。您談到了西海岸港口的兩位數增長，但他們看到了十幾歲左右的增長，這是一些相互矛盾的說法。所以你注意到旺季已經提前到來，但其中一些尚未改變。所以我只是想了解，我們是否正在建立庫存？我們是否看到市場份額被其他鐵路所取代，而對於一些曾經與您一起在伯靈頓的同行來說，現在這些鐵路的費率變化更大？如果可以的話，我想了解那裡的市場動態。

I would fully expect to outperform the domestic market on Southern California eastbound volume. So I don't believe we're losing share to any other domestic intermodal channel now. In terms of during the pandemic window, so if I go back to 2020 through 2023, there was an uptick in the share of transload or domestic volume as a percentage of the imported goods through the Southern California or West Coast gateways. And that deteriorated so far in 2024.

我完全預期南加州東行貨量將跑贏國內市場。因此，我認為我們現在的份額不會被任何其他國內多式聯運管道奪走。就疫情窗口期而言，如果我回顧 2020 年至 2023 年，轉運或國內數量佔透過南加州或西海岸門戶進口貨物的百分比有所上升。到 2024 年為止，這種情況進一步惡化。

It's hard to say what 's happened with that cargo; I don't believe it has moved domestically intermodally. I do believe that the share of Intact international intermodal is up slightly. Maybe that's because it converted from the East Coast to the West Coast. And on the East Coast, it was intact and it still is today, even though it's routing through the West Coast. We were constantly communicating with our customers trying to learn more about what's happened with the mix of transload versus intact international.

很難說那批貨物發生了什麼事；我不相信它已經在國內進行多式聯運。我確實相信 Intact 國際聯運的份額略有上升。也許那是因為它從東海岸轉變為西海岸。在東海岸，它完好無損，直到今天仍然如此，儘管它穿過西海岸。我們不斷與客戶溝通，試圖更了解轉運與完整國際運輸的混合。

If some of that imported cargo moving into storage and will ship later? I would -- that's a reasonable question. I don't have a great answer for you on it other than I am confident that we're maintaining and growing our share of eastbound domestic intermodal volumes from the West Coast.

如果其中一些進口貨物進入倉庫並稍後發貨？我會——這是一個合理的問題。對此我沒有一個很好的答案，但我相信我們正在維持並增加西海岸東行國內聯運量的份額。

In terms of why the imports are as strong as they are and we're not necessarily keeping up with that, I don't know. We did highlight that our Southern California volumes were up double digits. I didn't tell you how many double digits. I just said, double digits. So we feel good about our pipeline for eastbound California business, and we will continue to look to grow there and all other markets.

至於為什麼進口如此強勁，而我們不一定能跟上，我不知道。我們確實強調，我們南加州的銷量成長了兩位數。我沒有告訴你有多少兩位數。我剛才說了，兩位數。因此，我們對加州東行業務的管道感到滿意，我們將繼續尋求在那裡和所有其他市場的成長。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great. Good afternoon, everyone. Just shifting gears a little bit to talk about ICS, can you just unpack the kind of volume shift? Year over year, volume is down 25%, a little bit more kind of -- to give us a better understanding of what is going on there. I think you alluded to the BNSF business that you bought kind of being not quite what you expected. Can you elaborate on that a little bit more as well? Thank you.

偉大的。大家下午好。只是稍微換個話題談談 ICS，您能解開這種音量變化嗎？與去年同期相比，成交量下降了 25%，這讓我們能夠更好地了解那裡正在發生的事情。我認為您提到您購買的 BNSF 業務有點不符合您的預期。能再詳細說明一下嗎？謝謝。

Yeah, Ravi. Thank you for the question. It's been incredibly difficult and competitive market but certainly benefactor. As we stated in previous quarters, we've been focused largely on quality, and that's also weighed in on some of our volume losses. And then the commentary in my prepared remarks, I made reference to the impact of some of the challenges that we've had on the BNSF acquisition. And so really, what we see there is that we lost some business shortly after acquiring the brokerage assets with BNSF Logistics that were unexpected.

是的，拉維。謝謝你的提問。這是一個極其困難且競爭激烈的市場，但無疑是一個恩人。正如我們在前幾個季度所述，我們主要關注質量，這也影響了我們的一些銷售損失。然後，在我準備好的評論中，我提到了我們在收購 BNSF 時遇到的一些挑戰的影響。事實上，我們看到的是，在收購 BNSF Logistics 的經紀資產後不久，我們就意外地失去了一些業務。

We've also accelerated and I'm happy to say that we have been largely successful in integrating from a technology, but that came with some incremental costs in the first half. And so that's also weighed us down. When we think about the bigger picture and where our focus has been, there's no doubt that we are dissatisfied with our performance in ICS. I am, however, very encouraged at what we saw.

我們也加快了步伐，我很高興地說，我們在技術整合方面取得了巨大成功，但這在上半年帶來了一些增量成本。這也讓我們感到壓力。當我們考慮更大的前景和我們的重點時，毫無疑問我們對 ICS 的表現不滿意。然而，我對我們所看到的感到非常鼓舞。

Spencer referenced to, kind of, on the seasonal trends. And I think even Darren mentioned and what they saw their business. We saw something very similar, both not only at ICS but also at JBT. When we really think about breaking down the second quarter month by month and we saw really good step forward from our May volumes into our June volumes on a workday basis.

斯賓塞提到了季節性趨勢。我認為甚至達倫也提到了他們對自己業務的看法。我們不僅在 ICS 上，而且在 JBT 上都看到了非常相似的情況。當我們真正考慮按月細分第二季時，我們發現按工作日計算，從 5 月的銷售到 6 月的銷售確實取得了很大的進步。

And so I feel like we saw a step up greater than what we historically would see. And I do believe that in part that is our strategy starting to take form on rolling back with quality partners, quality customers, and quality carriers. Again, can't quite see it fully in our results yet, but we took a nice step forward on our volumes.

所以我覺得我們看到了比歷史上更大的進步。我確實相信，這在某種程度上是我們與優質合作夥伴、優質客戶和優質營運商合作的策略開始形成的。再說一次，我們還不能完全從我們的結果中看到這一點，但我們在數量上向前邁出了一大步。

Jason Seidl, TD Cowen.

賈森·塞德爾，TD·考恩。

Thank you, Operator. I want to get back a little bit to the intermodal side on the margins. How should we think about some of your commentary about low utilization and increased costs related to equipment. Is that coming from the Walmart assets? And how should I think about that sequentially?

謝謝你，接線生。我想稍微回到多式聯運方面的邊緣。我們應該如何看待您關於設備利用率低和成本增加的一些評論。這是來自沃爾瑪的資產嗎？我該如何依序考慮這個問題？

Jason, I mean, the acquisition of Walmart equipment is -- hasn't really -- it isn't fully inside our results at this point. So I mean, we have more J.B. Hunt equipment, whether it's Walmart or our own than what we're fully utilizing today. And so we have significant growth capacity.

傑森，我的意思是，收購沃爾瑪設備——實際上還沒有——目前還沒有完全納入我們的業績範圍內。所以我的意思是，我們擁有的 J.B. Hunt 設備（無論是沃爾瑪的還是我們自己的）比我們今天充分利用的還要多。因此我們擁有顯著的成長能力。

In previous quarterly call, I have said, where we were able to handle as much as 20% more than what we are and that certainly remains true today. So on the margin front, we have significant leverage to gain by adding volume and putting that equipment to work.

我在之前的季度電話會議中說過，我們的處理量比現在多了 20%，今天仍然如此。因此，在利潤方面，我們有很大的槓桿作用，可以透過增加產量並使設備投入使用來獲得收益。

But again, we also have negative pricing pressure at the current moment, which is also a headwind, obviously, to margin performance. You know, hey, relative to our industry, I think we're doing okay in that area. But certainly, we have an awful lot of work to do moving forward to get back to the returns we expect for our shareholders.

但同樣，我們目前也面臨負面的定價壓力，這顯然對利潤率表現也是一個阻力。你知道，相對於我們的行業，我認為我們在該領域做得還不錯。但當然，我們還有大量工作要做，才能恢復股東預期的回報。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yeah. Good afternoon. So I wanted to ask you a little bit more about how we think about year-over-year volume growth in intermodal in the second half. You did have some traction in our volumes in 3Q; I think even more so in 4Q last year. So do you think we should be thinking about kind of worse year-over-year performance or there -- as the comps get tougher? Or do you have some visibility, maybe just some momentum or Walmart loads coming in that would help you to stay flattish on the year over year? Thank you.

是的。午安.因此，我想多問您一些關於我們如何看待下半年多式聯運量同比增長的問題。你們確實對我們第三季的銷售量產生了一些影響；我認為去年第四季更是如此。那麼，您認為我們是否應該考慮同比表現更差的情況，或者隨著競爭變得更加艱難？或者你是否有一定的知名度，也許只是一些動力或沃爾瑪的負載進來，可以幫助你保持同比持平？謝謝。

I think as much as anything and I'm going to ask Spencer to maybe jump in here when I'm done, just our -- as we move through the second quarter, we were feeling momentum and we've kind of tried to highlight that and do feel like our customers are aware that last year, it caught us by surprise with some of that volume. And everyone is aware that surprises are not always best when it comes to an efficient transportation network.

我想，當我完成後，我會請斯賓塞跳到這裡，只是我們的——當我們進入第二季度時，我們感受到了動力，我們試圖強調我們的客戶確實意識到去年的部分銷量讓我們感到驚訝。每個人都知道，對於高效的交通網絡來說，驚喜並不總是最好的。

So we're engaged in conversations with all of our customers. We have capacity to solve their needs, and we'll look for ways to continue to grow our business both sequentially and year over year will always be our goal. We'll have to wait and see, but certainly, we have felt some momentum as the second quarter went on.

因此，我們正在與所有客戶進行對話。我們有能力滿足他們的需求，我們將尋找方法繼續連續和逐年發展我們的業務將永遠是我們的目標。我們必須拭目以待，但當然，隨著第二季的繼續，我們已經感受到了一些動力。

Yes, Darren, I'll just share with. Tom, thanks for the question. We appreciate every customer that we have and all the conversations we have. One of the things as we look forward, you know, they are talking about their peak season plans. But when we ask for customers' forecast, that's an area they still struggle with. They struggled in the past. They struggle today.

是的，達倫，我只是分享一下。湯姆，謝謝你的提問。我們感謝我們擁有的每一位客戶以及我們進行的所有對話。我們期待的一件事是，他們正在談論他們的旺季計劃。但當我們詢問客戶的預測時，他們仍然難以解決這個問題。他們過去曾奮鬥過。他們今天很掙扎。

And we've really leaned into our team, leveraging our data, sharing our expectations, and really collaborate with our customers from here to try to understand what they need and how we can incent our ops teams up to serve them well.

我們真正依靠我們的團隊，利用我們的數據，分享我們的期望，並從這裡與我們的客戶真正合作，試圖了解他們的需求以及我們如何激勵我們的營運團隊為他們提供良好的服務。

You know if we look at the end of the month and the end of the quarter. I don't think that two weeks is going to make a trend or two months. What we need to do is get actual data from our customers and their expectations on what they anticipate their demand is going to be, and then, really set ourselves up to serve them well. And that's really what we're focused on right now and looking forward to working with them to do that.

你知道我們是否查看月末和季度末。我不認為兩週或兩個月會形成趨勢。我們需要做的是從客戶那裡獲取實際數據以及他們對需求的預期，然後真正做好為他們提供服務的準備。這確實是我們現在關注的重點，並期待與他們合作來做到這一點。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Following up on the comments you just made about peak season. If we look -- the fourth quarter, you typically do see some sequential profit improvement, big holiday lift in Final Mile, someone intermodal, ICS, and truckload, and maybe a more mixed performance in dedicated.

跟進您剛剛對旺季發表的評論。如果我們觀察第四季度，您通常會看到一些連續的利潤改善，「最後一英里」的假期大幅提升，一些聯運、ICS 和卡車裝載，也許專用的表現更加複雜。

But just high level, can you talk about the fundamental conditions that separate a normal to good peak season at Hunt from a disappointing one on the bottom line? And just when would you have typically the customer conversations that would give you good visibility into how that peak season will actually play out? Thank you.

但就高水平而言，您能談談將亨特正常良好的旺季與令人失望的底線區分開來的基本條件嗎？您通常會在什麼時候進行客戶對話，以便您清楚地了解旺季的實際情況？謝謝。

Hey, Bascome. Thanks for the question. It's Shelly. I think Spencer did a nice job highlighting that we are having those conversation with their customers. I would tell you this is normally the time that we would be having those. And I think you heard Darren highlight that we are encouraged with more seasonal demand similar to what we've seen pre-pandemic. So I would tell you that looks and feels more like pre-2020. This should be consistent with how we had conversations with customers in the past. I think our customers have done a better job on their bid compliance and understanding their volume better.

嘿，巴斯科姆。謝謝你的提問。是雪莉。我認為史賓塞做得很好，強調我們正在與他們的客戶進行這些對話。我想告訴你，這通常是我們進行這些活動的時間。我想你聽到達倫強調，我們受到更多季節性需求的鼓舞，類似我們在疫情大流行前看到的情況。所以我會告訴你，看起來和感覺都更像 2020 年之前的情況。這應該與我們過去與客戶的對話方式一致。我認為我們的客戶在投標合規性方面做得更好，並且更好地了解了他們的數量。

I think we're all just a little bit hesitant. We've had some false starts over the last couple of years. And we just want to make sure that things are steady and that we can see clear line of sight. I think our customers are even a little bit skittish about what they can expect.

我想我們都有點猶豫。在過去的幾年裡，我們有過一些錯誤的開始。我們只是想確保一切穩定並且我們可以看到清晰的視線。我認為我們的客戶對於他們的期望甚至有點不安。

So third and fourth quarter, last year, that did catch us by surprise. We did an outstanding job, us, our railroad providers, I would say across the board, we did a great job servicing our customers. Our customers realize that. Now that's why we're having these conversations. What is the plan? How do we think about that?

去年第三和第四季度，這確實讓我們感到驚訝。我們做得非常出色，我們，我們的鐵路供應商，我想說的是，我們在為客戶提供服務方面做得非常出色。我們的客戶意識到了這一點。這就是我們進行這些對話的原因。計劃是什麼？我們對此有何看法？

And certainly, if we move back to a more seasonal pattern, we would expect those things to occur from a demand perspective and from a profitability perspective.

當然，如果我們回到更季節性的模式，我們預計從需求和獲利角度來看這些事情都會發生。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good afternoon and thanks for taking the question. Shelley, maybe if we can follow up from there, and welcome to the hot seat of CEO, but this is the seventh quarter of material operating income declines for you guys. I mean, do share owners, just at this point, need to wait for an inflection in the market? Or is there more that you can do from your position? I mean, I know we talk about highway conversions, but if we look back six or seven years, the intermodal volumes really haven't changed all that much in your business. It's the sixth consecutive quarter of pretty material losses at ICS. So what can you do in the interim to change outcomes in your business without the market, maybe, potentially inflexing better for you?

嘿，下午好，感謝您提出問題。雪萊，也許我們可以從那裡跟進，並歡迎擔任執行長的熱門席位，但這對你們來說是第七個季度的實質營業收入下降。我的意思是，此時此刻，股東是否需要等待市場的轉捩點？或者說，在你的崗位上你還能做更多的事情嗎？我的意思是，我知道我們談論高速公路改造，但如果我們回顧六到七年，聯運量實際上並沒有對您的業務產生太大變化。這是 ICS 連續第六季出現重大虧損。那麼，在沒有市場的情況下，您可以在這段時間內做些什麼來改變您的業務結果，也許，這可能會對您帶來更好的影響呢？

Yeah. Thank you, Brandon. I appreciate the comments. Certainly, our last two years has been the most difficult time in my 30-year career. It has been the most difficult time in predicting and understanding where our customers are headed and how we need to think about that from a quarter-to-quarter basis.

是的。謝謝你，布蘭登。我很欣賞這些評論。當然，我們的最後兩年是我30年職業生涯中最困難的時期。這是預測和了解我們的客戶走向何方以及我們需要如何逐季度思考這個問題的最困難時期。

So we are very focused on long term. One thing we did learn from the pandemic was we weren't prepared and ready for our customers, and that was to the detriment of our long-term success. We have made strategic decisions to invest in our people, our technology, and our capacity to be prepared and ready. I believe our customers know that and think that. I will tell you some of the things that you've heard from the businesses.

所以我們非常注重長期。我們從這場大流行中確實學到的一件事是，我們沒有為客戶做好準備，這不利於我們的長期成功。我們做出了策略決策，投資我們的員工、技術以及做好準備的能力。我相信我們的客戶知道這一點並且這麼認為。我將告訴您一些您從企業那裡聽到的事情。

Today and even in our past, we are preparing ourselves with best-in-class service. That for us means we want to separate the service levels we're giving our customers that they know they can expect that from J.B. Hunt on a consistent basis, and then, creating more value for our customers. We do look at it long term. And we also recognize that we have to deliver long-term returns for our shareholders. We think this is the best strategy that sets us up for that long term.

今天，甚至在過去，我們都在為提供一流的服務做好準備。對我們來說，這意味著我們希望將我們為客戶提供的服務等級分開，讓他們知道他們可以期望 J.B. Hunt 始終如一地提供服務，然後為我們的客戶創造更多價值。我們確實著眼於長遠。我們也認識到，我們必須為股東帶來長期回報。我們認為這是我們長期發展的最佳策略。

I think in our conversations with customers today, we're encouraged with some of the comments that they're making towards us in the areas that we're heavily focused on. And so I would tell you, ICS, we're not pleased with performance. In ICS, We're not pleased with our performance, I would say, to our expectations. But our relative performance has been pretty good. That doesn't mean that we're happy.

我認為，在今天與客戶的對話中，我們對他們在我們重點關注的領域對我們提出的一些評論感到鼓舞。所以我想告訴你，ICS，我們對效能並不滿意。在 ICS 方面，我們對自己的表現不滿意，我想說的是，沒有達到我們的期望。但我們的相對錶現相當不錯。這並不意味著我們很高興。

But when I look at where we're at relative to the competition and how we are doing from a market share gain, our profitability perspective, our return profile, those three areas we're making progress, and that's what we're going to continue to focus on. I will say that as we move here into second quarter and moving here into third quarter, one thing we do know is we're at least closer to calling some kind of inflection. Not that we're calling it today, but I will say there are signs that tell us that things are moderating or getting better. We are skittish.

但是，當我看看我們相對於競爭對手的位置以及我們在市場份額增長方面的表現時，我們的盈利能力角度，我們的回報狀況，我們正在取得進展的這三個領域，這就是我們要做的繼續關注。我想說，當我們進入第二季和第三季時，我們確實知道的一件事是，我們至少更接近所謂的某種轉折點。並不是說我們今天這麼稱呼它，但我會說有跡象告訴我們情況正在緩和或好轉。我們很膽怯。

I've been conditioned now over the last two years to be very cautious on the things that we say. And I think you're hearing a tone that says, listen, we have better signals. It doesn't mean that they're great. And we need more information from our customers to get us better.

在過去的兩年裡，我已經習慣了對我們所說的話非常謹慎。我想你聽到的聲音是：聽著，我們有更好的訊號。這並不意味著他們很偉大。我們需要客戶提供更多資訊來幫助我們做得更好。

Today is the time for us to make sure that we're close to our customers, that we're prepared and ready. But I will tell you, we are not changing our targets. We have a long-term goal across all of our businesses to make sure we deliver appropriate returns to our shareholders. That will be our focus. We think we're taking the best strategic decision and move to make sure that we accomplish that.

今天是我們確保貼近客戶、做好準備的時候了。但我會告訴你，我們不會改變我們的目標。我們所有業務都有一個長期目標，以確保為股東帶來適當的回報。這將是我們的重點。我們認為我們正在做出最好的策略決策，並採取行動確保我們實現這一目標。

Jeff Kauffman, Vertical Research Partners.

傑夫考夫曼，垂直研究夥伴。

Thank you very much, and congratulations, Shelley. I guess, I just want to think about this bigger picture because this downturn, I think, has surprised everybody in terms of the magnitude and the duration. And here we are still seeing pricing trends coming in weaker than expected, even though volume feels a little bit more seasonal. There's no real view of any catalyst for acceleration. I guess, looking back on this, what do you think we got wrong about the magnitude of this turn? And what do you think it takes to catalyze us back forward on the volume and pricing side?

非常感謝你，並祝賀你，雪萊。我想，我只是想考慮一下更大的前景，因為我認為這次經濟衰退的幅度和持續時間讓每個人都感到驚訝。在這裡，我們仍然看到價格趨勢弱於預期，儘管成交量感覺更具季節性。目前還沒有真正看到任何加速催化劑。我想，回顧一下這一點，您認為我們對這項轉變的幅度有什麼誤解？您認為如何才能推動我們在銷售和定價方面向前邁進？

Thank you, Jeff. Good question. I will say, I think one of the things that we didn't understand, same thing we didn't understood going through the pandemic was how much the change would occur. And so if I look back on our experience, in 2009, we had the Great Recession. We understood and we were prepared and ready.

謝謝你，傑夫。好問題。我想說，我認為我們不理解的一件事，就像我們在經歷大流行期間不理解的事情一樣，是會發生多大的變化。因此，如果我回顧我們的經歷，2009 年，我們經歷了大衰退。我們理解，我們做好了準備。

One of the changes that happened then as price went downwards during that Great Recession, so did our costs. We're in an inflationary cost perspective with price pressure coming down. And those two things really is the first time I've seen that at least in my history inside the organization. I don't know that anybody believes those two things would occur as they have.

當時發生的變化之一是，隨著大衰退期間價格下降，我們的成本也下降了。我們正處於通膨成本的角度，價格壓力正在下降。這兩件事確實是我第一次看到這種情況，至少在組織內的歷史中是如此。我不知道有人相信這兩件事會像現在這樣發生。

You typically look at history, try to learn from what you know there, and then make sure you're prepared and ready. That I would say was more of a disconnect than maybe what we expected. And then just the depth, one of the things that we've used in our history is what's happened with capacity. And so we've estimated that carriers are losing money for now greater than two years. That is unusual from our history. That typically would mean that capacity would come out of the market. And we would start the recovery. That has not happened and I think that's been the biggest miss just in the last two years of the freight recession.

您通常會查看歷史，嘗試從您所知道的歷史中學習，然後確保您已做好準備。我想說的是，這比我們預期的更脫節。然後就是深度，我們在歷史上使用過的東西之一就是容量所發生的事情。因此，我們估計營運商在兩年多的時間裡都在虧損。這在我們的歷史中是不尋常的。這通常意味著產能將退出市場。我們將開始復甦。但這種情況並沒有發生，我認為這是過去兩年貨運衰退期間最大的失誤。

We hadn't been able to predict when capacity will leave the market. And we noticed that has to occur or demand has to pick up greater. But I would tell you more likely that the capacity side would exit more quickly than demand would increase even more. So I would say those are the two things -- I might ask the team if there's anything else that they see, but those would be kind of the two things I would say that we -- if we'd known better, we probably could have thought through a few things.

我們無法預測產能何時離開市場。我們注意到這種情況必鬚髮生，或者需求必須增加。但我更願意告訴你，產能退出的速度比需求增加的速度還要快。所以我想說的是這兩件事——我可能會問團隊是否還看到了其他任何東西，但這就是我想說的兩件事——如果我們知道更多，我們可能可以想通了一些事情。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, good afternoon, guys, and thanks for fitting me in here. I just wanted to ask a question about within the intermodal service, can you give us some context or color around how the quantum product is performing that you guys announced a little while ago?

嘿，大家下午好，謝謝你們讓我來到這裡。我只是想問一個有關聯運服務的問題，您能給我們一些關於你們不久前宣布的量子產品的表現的背景資訊或顏色嗎？

And then with the shift over of the Mexican traffic from the KCS to Mexico to the FXE. I'm just wondering if you could just give us an update on how that transition is going. Has there been any impact on customer attrition rate or anything like that in the North-South trade? Thank you.

然後，墨西哥的流量從 KCS 轉移到墨西哥，再轉移到 FXE。我只是想知道您能否向我們提供有關過渡進展的最新資訊。對南北貿易中的客戶流失率或類似情況是否有任何影響？謝謝。

So Quantum, we're absolutely thrilled with the service performance. I think we're actually outpacing even expectations of our customers. Now that being said, the complexity of the networks and the decision point for a shipper to convert highway business that we would call -- cannot fail that kind of highway business. That's not just inventory replenishment. It's a business-to-business transaction, kind of, move.

因此，Quantum 的服務表現讓我們非常興奮。我認為我們實際上甚至超越了客戶的期望。話雖這麼說，網路的複雜性和托運人轉換我們所說的高速公路業務的決策點不能讓這種高速公路業務失敗。這不僅僅是庫存補充。這是一種企業對企業的交易，某種意義上的移動。

It has probably been a little more complicated and a little slower than what we have anticipated. So while our volume benefits from the Quantum program have not yet been achieved, we are absolutely encouraged by what we're experiencing with the service, that feedback from the customers that are utilizing that service, and we're growing it every day. It hasn't grown as fast as we probably would have been anticipated. But we've got a very, very long runway of opportunity to grow with the Quantum product. And we're thrilled with that.

它可能比我們預期的更複雜一些，也更慢一些。因此，雖然我們尚未實現從 Quantum 計劃中獲得的批量收益，但我們對該服務的體驗以及來自使用該服務的客戶的反饋絕對令我們感到鼓舞，並且我們每天都在增長它。它的成長速度沒有我們預期的那麼快。但我們有一個非常非常長的機會透過量子產品來成長。我們對此感到非常興奮。

As it relates to the announcement about the transition to Ferromex from CPKC at the beginning of the year, I think that transition was successful. Again, customers are clearly concerned about a transition like that and maybe not everybody on day one converted with us at the pace that we would have probably liked to have seen that happen. As the year has gone on, we have had a lot of success at going in recovering business that maybe didn't transition with us.

由於這與年初宣布從 CPKC 過渡到 Ferromex 有關，我認為過渡是成功的。同樣，客戶顯然對這樣的轉變感到擔憂，也許並不是每個人在第一天就以我們希望看到這種情況發生的速度轉變為我們的。隨著這一年的過去，我們在恢復可能沒有與我們一起轉型的業務方面取得了巨大的成功。

And hey, our volume swing on the Ferromex was a material change in their network and the BNSF's ability to serve Eagle Pass has been excellent. So we feel good about all three parties involved in that program. and but certainly, the customer education around customs and all things related to the new terminals that we operate that with Ferromex was an education and that taken a little longer and probably didn't result in quite as much transition to our network immediately.

嘿，我們在 Ferromex 上的流量波動是他們網路的重大變化，BNSF 為 Eagle Pass 提供服務的能力非常出色。因此，我們對參與該計劃的三個各方都感到滿意。但當然，圍繞海關以及與我們與 Ferromex 合作的新碼頭相關的所有事項的客戶教育是一種教育，需要更長的時間，並且可能不會立即導致向我們的網路的過渡。

But again, as the year's gone on, I feel good about where we're at today and there's more work to be done to grow our presence in Mexico as the year moves on.

但隨著時間的推移，我對我們今天的處境感到滿意，隨著時間的推移，我們還有更多的工作要做，以擴大我們在墨西哥的業務。

And that concludes our question-and-answer session. I will now turn the conference back to Ms. Shelley Simpson for closing remarks.

我們的問答環節到此結束。現在我將請雪莉辛普森女士致閉幕詞。

Thank you, and thanks for joining our call. You've heard us talk about our challenges in the business. And although we're pleased with the relative performance, we're not pleased with our own expectations.

謝謝您，也謝謝您加入我們的通話。您已經聽過我們談論我們在業務中面臨的挑戰。儘管我們對相對錶現感到滿意，但我們對自己的期望並不滿意。

We've seen pressure from our customers on costs in all of our businesses. Pricing has largely been reset through bid season for our transactional businesses in intermodal, ICS, and JBT. And that pricing will largely be in place until we complete the season midway through 2025. And during this great recession, we've invested in our foundations of our people and our technology and our capacity. And that's really been preparing for a long-term opportunity to grow with our customers. And we're encouraged in a few areas.

我們在所有業務中都看到了來自客戶的成本壓力。我們的多式聯運、ICS 和 JBT 交易業務的定價在很大程度上已透過投標季節進行了重置。這個定價將在很大程度上保持不變，直到我們在 2025 年中期完成這個賽季。這確實是在為與客戶共同成長的長期機會做好準備。我們在一些領域受到鼓勵。

Our DCS and Final Mile businesses have fared very well in this recession. I am pleased with the margin performance and the resiliency of our DCS business and the improvement in our Final Mile business on both profit and return. Our customer's demand is returning back to something more seasonal that we can be better at predicting to pre-pandemic levels. And that gives us more confidence as we're looking at bids from clients better between 80% and 90% in both intermodal and JBT. And that means our customers are doing a better job predicting their consistent volume.

我們的 DCS 和最後一哩業務在這次經濟衰退中表現得非常好。我對 DCS 業務的利潤表現和彈性以及最後一哩業務在利潤和回報方面的改善感到滿意。我們的客戶需求正在回歸季節性，我們可以更好地預測到疫情前的水平。這讓我們更有信心，因為我們看到客戶對聯運和 JBT 的出價都在 80% 到 90% 之間。這意味著我們的客戶可以更好地預測其穩定的銷售量。

We're also encouraged with our pipeline and the conversations we're having with customers around our growth plan. And our peak planning is finally very pleased with our people. There's 33,000 of our people working hard every day to deliver on the expectations of our customers and our shareholders. We're going to continue to focus on controlling our costs.

我們的管道以及我們與客戶圍繞我們​​的成長計劃進行的對話也讓我們受到鼓舞。而我們的巔峰規劃終於讓我們的人非常滿足。我們有 33,000 名員工每天都在努力工作，以實現客戶和股東的期望。我們將繼續專注於控製成本。

We will provide best-in-class service. We're going to maintain our excellence in safety and will create value for customers. And that's what sets us up for growth, that scales our investments, and it allows us to create long-term value for our people and our shareholders.

我們將提供一流的服務。我們將保持卓越的安全性，並為客戶創造價值。這就是我們實現成長、擴大投資規模以及為我們的員工和股東創造長期價值的原因。

Thank you for your comments and your interest on the call. We look forward to speaking with you next quarter.

感謝您的評論以及您對此通話的興趣。我們期待下個季度與您交談。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。