J B Hunt Transport Services Inc (JBHT) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the J.B. Hunt Transport first quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Brad Delco, Senior Vice President of Finance. Please go ahead.

下午好，歡迎參加 J.B. Hunt Transport 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給財務高級副總裁布拉德·德爾科 (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.

午安.在介紹發言者之前，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》所定義的前瞻性陳述。預期、預期、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。

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.

這些聲明是基於 J.B. Hunt 目前的計劃和預期，涉及風險和不確定性，可能導致未來活動和結果與前瞻性聲明中所述的存在重大差異。有關風險因素的更多信息，請參閱 J.B. Hunt 的 10-K 表年度報告以及向美國證券交易委員會提交的其他報告和文件。

Now I would like to introduce the speakers on today's call. This afternoon, I am joined by our President and CEO, Shelley Simpson; our CFO, John Kuhlow; Spencer Frazier, our EVP of Sales and Marketing; our COO and President of Highway Services and Final Mile, Nick Hobbs; Brad Hicks, President of Dedicated Contract Services; and Darren Field, President of Intermodal.

現在我想介紹今天電話會議的發言者。今天下午，我與我們的總裁兼首席執行官 Shelley Simpson 一起出席；我們的首席財務官 John Kuhlow；我們的銷售和營銷執行副總裁 Spencer Frazier；我們的首席營運官兼公路服務和最後一英里總裁尼克霍布斯 (Nick Hobbs)；專用合約服務總裁布拉德·希克斯 (Brad Hicks)；以及 Intermodal 總裁 Darren Field。

I'd now like to turn the call over to our CEO, Ms. Shelley Simpson, for some opening comments. Shelley?

現在，我想將電話轉給我們的執行長 Shelley Simpson 女士，請她發表一些開場評論。雪萊？

Thank you, Brad, and good afternoon. The team will provide more details on each of our business segments, but at a high level, our results during the first quarter came in largely as we expected and as we shared with you back in January.

謝謝你，布拉德，下午好。團隊將提供有關我們每個業務部門的更多詳細信息，但從總體來看，我們第一季的業績基本上符合我們的預期，正如我們在一月份與您分享的那樣。

I continue to be proud of the work of our team and remain confident that we have better positioned the company for future growth and success. We are seeing our service performance provide us benefits during this bid season.

我繼續為我們團隊的工作感到自豪，並堅信我們已經為公司未來的發展和成功做好了更好的準備。我們看到我們的服務表現在這個投標季節為我們帶來了利益。

Safety is core to our company's culture, and we continue to improve on our key metrics despite following two consecutive years, a record-setting performance. We also remain focused and disciplined on our cost without sacrificing on our strategic investments in our people, technology and capacity. We are well positioned to scale into and leverage these investments as we grow in our large addressable markets served by our portfolio of services.

安全是我們公司文化的核心，儘管連續兩年創下了紀錄，但我們仍在繼續改進關鍵指標。我們也將繼續關注並嚴格控製成本，同時又不犧牲對人才、技術和產能的策略投資。隨著我們服務組合所服務的龐大潛在市場不斷增長，我們已準備好擴大規模並利用這些投資。

As we've shared, we are not pleased with our returns and efforts across the organization continue to reduce and eliminate costs, refine our capital plans and drive further productivity across our businesses. As I said last quarter, beginning to repair our margins and improve our financial performance remains a top priority for our leaders and our company.

正如我們所分享的，我們對我們的回報並不滿意，整個組織的努力仍在繼續，以降低和消除成本，完善我們的資本計劃，並進一步提高我們業務的生產力。正如我上個季度所說，開始修復我們的利潤率並改善我們的財務表現仍然是我們領導層和公司的首要任務。

Looking ahead, while headlines are changing daily, our overall strategy and focus as an organization remains the same, be operationally excellent, provide a valuable service for our customers that is critical to their business needs and scale into our strategic investments.

展望未來，雖然頭條新聞每天都在變化，但我們作為一個組織的整體戰略和重點保持不變，即卓越運營，為我們的客戶提供對他們的業務需求至關重要的有價值的服務，並擴展到我們的戰略投資。

That said, our executive team has explored various options we might implore to more aggressively eliminate costs in some of our scenario-planning analysis. However, we are fortunate in that our assets move to where our demand for our services originate, so we will have to stay agile and make quick decisions if the market dynamics change. We will stay informed by our internal data, customer feedback and outlook and make decisions as needed to maximize long-term value for our shareholders.

話雖如此，我們的執行團隊已經探索了各種可能的選擇，以便在一些情境規劃分析中更積極地消除成本。然而，我們很幸運，因為我們的資產轉移到了我們服務需求的來源地，所以如果市場動態發生變化，我們必須保持靈活並快速做出決策。我們將隨時了解內部數據、客戶回饋和展望，並根據需要做出決策，以最大限度地提高股東的長期價值。

Before turning this over to the team, I'll close with this. The strength of our business supported our investments during this challenging freight environment while meaningfully enhancing the future earnings potential of our company. While the timing of the market inflection still remains uncertain, we will exit from a position of strength, which is unique in our industry and becoming even more unique each day. We have proven our service levels and safety culture are unmatched.

在將這個任務交給團隊之前，我想做個總結。在充滿挑戰的貨運環境中，我們業務的實力支持了我們的投資，同時顯著提高了公司未來的獲利潛力。雖然市場轉折點的時機仍不確定，但我們將退出強勢地位，這在我們的行業中是獨一無二的，而且每天都變得更加獨特。我們已經證明我們的服務水準和安全文化是無與倫比的。

We had record first quarter intermodal volumes. Dedicated continues to have industry-leading margins, and we're seeing signs of improvement in our highway businesses. Our brand is very strong with customers, and we have the talent, systems and capacity to support our future growth.

我們第一季的多式聯運量創下了紀錄。專用業務繼續保持行業領先的利潤率，而且我們看到了高速公路業務改善的跡象。我們的品牌在客戶中享有很高的聲譽，我們擁有人才、系統和能力來支持我們未來的發展。

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

說到這裡，我想把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 review the first quarter, provide some additional details on our efforts to control costs and also give an update on capital allocation. As a general overview, our results for the quarter came in as expected and on the better side of the guidance range we had provided last quarter.

謝謝你，雪萊，大家午安。我將回顧第一季度，提供有關我們控製成本的努力的一些更多細節，並提供資本配置的最新情況。總體而言，本季的業績符合預期，並且比上個季度提供的指導範圍更好。

That said, seasonally lower volume and rate pressure, coupled with inflationary cost headwinds more than offset our cost control and productivity improvements and weighed on margins versus the prior year period.

儘管如此，季節性的銷售和費率壓力，加上通貨膨脹的成本阻力，超過了我們的成本控制和生產力改進，並對利潤率造成了與去年同期相比的壓力。

Starting with first quarter results. On a consolidated GAAP basis, revenue declined 1%, operating income decreased 8% and diluted EPS decreased 4% compared to the prior year quarter. The declines were primarily driven by lower yields and inflationary cost pressures across the business with noticeable increases in insurance premiums for the third consecutive year. For the full year, we continue to expect our tax rate to be between 24% and 25%, with the cadence throughout the year similar to what we reported last year.

從第一季的業績開始。以合併 GAAP 計算，與去年同期相比，收入下降 1%，營業收入下降 8%，稀釋每股收益下降 4%。下降的主要原因是整個業務的收益率下降和通膨成本壓力，保費連續第三年大幅上漲。就全年而言，我們預計稅率仍將在 24% 至 25% 之間，全年的節奏與去年報告的節奏相似。

On the subject of cost, we have made progress to rightsize our cost structure across the business, and this remains an area of focus. Over the past two years, we have reduced our people costs by over $200 million through headcount attrition and performance management. That said, a portion of these savings have been offset by annual merit increases and higher benefit costs for our employees, particularly in the area of group medical costs.

在成本問題上，我們在調整整個業務的成本結構方面取得了進展，這仍然是我們關注的重點領域。在過去兩年中，我們透過員工減員和績效管理將人力成本降低了2億多美元。儘管如此，這些節省的一部分已被我們員工的年度績效加薪和更高的福利成本所抵消，特別是在團體醫療費用方面。

While the economic backdrop remains unpredictable, we remain focused on being cost disciplined without disrupting valuable aspects of our franchise, like our strong culture, experience across the field and preparedness to meet future customer needs. Our leadership team is consistently reviewing the business with our customer needs, and we will adapt to economic conditions as necessary.

儘管經濟背景仍然難以預測，但我們仍然專注於控製成本，同時又不破壞我們特許經營的寶貴方面，例如我們強大的文化、跨領域的經驗以及滿足未來客戶需求的準備。我們的領導團隊一直在根據客戶需求審查業務，並將根據需要適應經濟狀況。

In addition to managing our people costs and reducing discretionary spending, we have and will remain focused on improving equipment utilization, network balance and efficiencies and reducing events to mitigate claims cost.

除了管理我們的人力成本和減少可自由支配的開支外，我們還將繼續致力於提高設備利用率、網路平衡和效率，並減少事件以降低索賠成本。

I'll wrap up with some thoughts on our capital allocation and priorities. First, I want to highlight that during the quarter, we issued $750 million of new senior notes, which extended the term on some of our debt that was maturing later this year.

最後，我將談談我們對資本配置和優先事項的一些想法。首先，我想強調的是，在本季度，我們發行了 7.5 億美元的新優先票據，並延長了今年稍後到期的部分債務的期限。

For 2025, we are now expecting net capital expenditures to fall between $500 million to $700 million, below our prior view of $700 million to $900 million. Despite the continuation of a tough operating environment across the industry, we continue to operate from a position of financial strength with our leverage at target of 1 times trailing EBITDA.

到 2025 年，我們預計淨資本支出將降至 5 億至 7 億美元之間，低於我們先前預測的 7 億至 9 億美元。儘管整個產業的經營環境依然艱難，但我們的財務狀況依然強勁，槓桿率目標為 1 倍 EBITDA。

Since we have prefunded much of our future capacity needs, our capital needs are really for replacement and success-based needs we have in our Dedicated segment. We expect to generate strong cash flows and put that cash to work to generate the highest returns for our shareholders. During the first quarter, we repurchased $234 million of stock and have $650 million remaining on our current authorization.

由於我們已經為未來的大部分產能需求預先提供了資金，因此我們的資本需求實際上是為了滿足專用部門的替換需求和基於成功的需求。我們期望產生強勁的現金流，並利用這些現金為股東創造最高的回報。在第一季度，我們回購了價值 2.34 億美元的股票，目前授權金額還剩餘 6.5 億美元。

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

我的發言到此結束，現在輪到史賓塞發言了。

Thank you, John, and good afternoon. I'll provide an update on our view of the market and some feedback we are hearing from our customers. During the quarter, overall customer demand trended in line with normal seasonality giving consideration for an earlier Lunar New Year and the weather events that occurred in January and February.

謝謝你，約翰，下午好。我將提供我們對市場的最新看法以及我們從客戶那裡聽到的一些反饋。本季度，考慮到農曆新年提前到來以及一月和二月發生的天氣事件，整體客戶需求趨勢與正常季節性一致。

Demand for our intermodal service continued to be strong as our focus on operational excellence differentiates us from our competitors. This focus enabled us to safely execute and meet the expectations of our customers.

由於我們注重卓越運營，從而有別於競爭對手，市場對我們的多式聯運服務的需求持續強勁。這種關注使我們能夠安全地執行並滿足客戶的期望。

In our brokerage and truck segments, we saw some weather-induced tightness. However, the truckload market loosened as the quarter progressed. This suggests truckload capacity continues to exceed demand.

在我們的經紀和卡車領域，我們看到了一些由天氣引起的緊張。然而，隨著本季的進展，卡車運輸市場開始放鬆。這顯示卡車運力仍超過需求。

Regardless of market and macro changes, one thing is certain, we will continue to focus on providing the best service and value for our customers. And this focus has benefited us during bid season, affording us additional opportunities to grow with customers while also getting some rate improvement.

無論市場和宏觀如何變化，有一件事是肯定的，我們將繼續專注於為客戶提供最好的服務和價值。這種關注使我們在投標季節受益匪淺，為我們提供了與客戶共同成長的更多機會，同時也提高了費率。

I'll close with some customer feedback. First, regarding service. Our customer sentiment is high, and we were honored with several awards during the quarter. Secondly, and not surprising, the uncertain macro environment and trade policy are top of mind for our customers. We recognize there are a lot of questions right now about how tariffs may impact the market.

最後我想分享一些顧客的回饋。第一，關於服務。我們的客戶情緒高漲，本季我們榮獲多項獎項。其次，毫不奇怪的是，不確定的宏觀環境和貿易政策是我們客戶最關心的問題。我們認識到目前存在著許多關於關稅如何影響市場的問題。

We believe they have the potential to impact both supply and demand, but the magnitude and timing is difficult to predict. Our customers continue to plan for multiple what-if scenarios, but most of them are waiting for the dust to settle to determine how tariffs might influence and change their short- and long-term business strategies.

我們認為它們有可能對供應和需求產生影響，但其幅度和時間很難預測。我們的客戶繼續為多種假設情境做計劃，但大多數都在等待塵埃落定，以確定關稅將如何影響和改變他們的短期和長期業務策略。

As part of this scenario-planning process, some customers are considering ways to alter supply chain freight flows and/or their country of origin sourcing. But these changes will be part of a much longer decision process.

作為此情境規劃過程的一部分，一些客戶正在考慮改變供應鏈貨運流程和/或原產國採購的方法。但這些變化將是一個更長的決策過程的一部分。

Regardless of the strategies they deployed, we believe we are executing from a position of strength. Across our suite of services, our brand has never been stronger. We've made the investments to support our customers' business, take share in the market and make appropriate long-term returns for our shareholders.

無論他們採取何種策略，我們都相信自己能夠佔據優勢地位。透過我們的一系列服務，我們的品牌從未如此強大。我們進行投資是為了支持客戶的業務、佔領市場份額並為股東帶來適當的長期回報。

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

現在我想把電話轉給尼克。

Thanks, Spencer, and good afternoon. I'll provide an update on our areas of focus across our operations, followed by a quick update on our Highway and Final Mile businesses. I'll start with some comments on our safety performance.

謝謝，史賓塞，下午好。我將介紹我們營運重點領域的最新情況，然後簡要介紹我們的高速公路和最後一英里業務。我首先對我們的安全表現發表一些評論。

As Shelley mentioned, safety is core to our company's culture, and we are coming off of two straight years of record performance measured by DOT preventable accidents per million miles. I'm proud to say that through the first quarter, we have seen further improvement in our performance.

正如雪萊所提到的，安全是我們公司文化的核心，我們已經連續兩年創下了以每百萬英里交通部可預防事故數量來衡量的創紀錄成績。我很自豪地說，透過第一季度，我們的業績有了進一步的改善。

During the first quarter, we also achieved another big safety accomplishment that we're proud to share. Our maintenance team in Cedar Rapids, Iowa, achieved 1 million collective work hours without any injuries.

在第一季度，我們也取得了另一項重大的安全成就，我們很自豪地與大家分享。我們位於愛荷華州錫達拉皮茲的維護團隊實現了 100 萬小時的集體工作時間，且無一人受傷。

This is an outstanding accomplishment that represents over 19 years of dedication and attention to detail to ensure safe, injury-free operations. Shifting to the business. I'll start with Final Mile. Demand for big and bulky products remains muted with relatively weak demand for furniture, exercise equipment and appliances.

這是一項傑出的成就，體現了 19 年來為確保安全、無傷害的運作所付出的奉獻和對細節的關注。轉向業務。我將從“最後一英里”開始。大件和笨重產品的需求仍然低迷，對家具、健身器材和家用電器的需求相對疲軟。

That said, demand in our fulfillment network was positive, driven by off-price retail trends. Going forward, our focus remains on providing the highest level of service with a strong focus on being safe and secure as we deliver products to and on behalf of our customers.

也就是說，受折扣零售趨勢的推動，我們的履行網路的需求是正面的。展望未來，我們將繼續致力於提供最高水準的服務，並在向客戶交付產品時高度重視安全。

Moving to JBT. Our focus is on methodically growing this business while remaining disciplined on maintaining balance in our network to drive the best utilization of our trailing assets. Bid season is always competitive and this year is no different, but we are relatively pleased with our success so far in terms of retaining business, getting some modest rate increases as well as winning new customers. Our service levels remain strong, and that has been noticed by our customers, which has resulted in additional bid opportunities compared to last year.

移至 JBT。我們的重點是有系統地發展這項業務，同時嚴格保持網路平衡，以推動尾隨資產的最佳利用。投標季節總是競爭激烈，今年也不例外，但我們對迄今為止在保留業務、獲得適度上漲的價格以及贏得新客戶方面取得的成功感到相對滿意。我們的服務水準依然強勁，這一點得到了客戶的關注，與去年相比，這帶來了更多的投標機會。

Going forward, we like the progress and direction of the business and the improvements we continue to make, but meaningful improvement in our profitability will be driven by overall demand for truckload drop trailing solutions and our ability to fill excess capacity.

展望未來，我們喜歡業務的進展和方向以及我們繼續做出的改進，但我們盈利能力的顯著提高將取決於對卡車運輸拖運解決方案的總體需求以及我們填補過剩產能的能力。

I'll close with some comments on ICS. Our focus here remains on profitable growth, targeting the right customers where we can differentiate ourselves with service while also diversifying our customer base.

最後，我想對 ICS 發表一些評論。我們的重點仍然是獲利成長，瞄準合適的客戶，透過服務實現差異化，同時實現客戶群多元化。

Compared to the first quarter last year, we've seen more than a 20% increase in our customer count. We're about 1/3 of the way through the bid season and are pleased with the award so far and have confidence that we will continue this momentum.

與去年第一季相比，我們的客戶數量增加了 20% 以上。我們已經完成了投標季的三分之一，對目前的得標結果感到滿意，並有信心繼續保持這一勢頭。

Our gross margins performance held up well in the quarter as we managed our purchase transportation costs, which will remain a focus while also continuing to drive efficiency in and cost out of our operations. Going forward, we will remain focused on scaling into our investments with both new and existing customers while making improvements on our cost and our productivity.

由於我們管理了採購運輸成本，本季我們的毛利率表現保持良好，這仍將是我們關注的重點，同時我們也將繼續提高營運效率並降低營運成本。展望未來，我們將繼續專注於擴大對新舊客戶的投資，同時降低成本，並提高生產力。

With that, I would like to turn the call over to Brad.

說完這些，我想把電話轉給布萊德。

Thanks, Nick, and good afternoon. I'll provide an update on our dedicated results, review our pipeline and how we focus on operational excellence in our business. I'll start with the quarter. At a high level, the first quarter played out as expected despite the challenging operating environment. Weather did impact us slightly more than we considered normal, particularly in the Southeast, but we were able to recover some of that impact.

謝謝，尼克，下午好。我將提供有關我們專項成果的最新信息，回顧我們的管道以及我們如何專注於業務的卓越運營。我先從本季開始。從整體來看，儘管經營環境充滿挑戰，但第一季的表現仍符合預期。天氣對我們的影響確實比我們認為的正常情況要大一些，特別是在東南部，但我們能夠恢復一些影響。

Additionally, we have not seen as much of a spring surge with our lawn and garden customers, which could be delayed as we experienced a sub-seasonal lift from February into March across the portfolio.

此外，我們的草坪和花園客戶在春季並沒有出現太多激增，由於整個投資組合從 2 月到 3 月經歷了季節性增長，這一增長可能會延遲。

At this point, we think it's too early to tell if this is a seasonal shift or less inventory being pushed out to stores. Nonetheless, the team did a great job of managing our costs and resources to deliver value for our customers.

目前，我們認為判斷這是季節性變化還是商店庫存減少還為時過早。儘管如此，團隊在管理成本和資源方面做得非常出色，為我們的客戶創造了價值。

Overall demand for our professional outsourced private fleet solutions has held up relatively well in the market. We sold approximately 260 trucks of new deals during the first quarter. As a reminder, our annual net sales target is 800 new trucks to 1,000 new trucks per year.

市場對我們專業外包私人車隊解決方案的整體需求保持相對較好。我們在第一季銷售了大約 260 輛卡車的新車。提醒一下，我們的年度淨銷售目標是每年 800 輛至 1,000 輛新卡車。

While our pipeline remains strong, as we have said for several quarters, we have visibility to some fleet losses throughout the second quarter. Our value proposition to customers remains strong as the cost and complexity of managing and running your own private fleet continues to rise.

正如我們幾個季度以來所說的那樣，儘管我們的產品線仍然強勁，但我們發現第二季會出現一些機隊損失。隨著管理和營運私人車隊的成本和複雜性不斷上升，我們對客戶的價值主張仍然強勁。

As a reminder, we have a long contracting process that typically takes about 18 months to close. Admittedly, we have seen some customers take a little longer to execute contracts as they are taking a more wait-and-see approach with some of the uncertainty in the market.

提醒一下，我們的簽約流程很長，通常需要大約 18 個月才能完成。不可否認，我們看到一些客戶執行合約的時間有所延長，因為他們對市場的一些不確定性採取了觀望態度。

As is always the case, we remain disciplined on the type of deals we underwrite without sacrificing our return targets, and we'd still say we are pleased with the activity and recent sales we've been able to close.

像往常一樣，我們在核保交易類型方面保持紀律，同時又不犧牲我們的回報目標，我們仍然對目前開展的活動和最近完成的銷售感到滿意。

We believe our performance in our Dedicated business during the downturn has been a standout and highlights the strength and resiliency of our model. We have a diverse set of customers by both industry and geography with the average size of our deals remaining relatively small.

我們相信，在經濟低迷時期，我們的專用業務表現突出，凸顯了我們模式的優勢和彈性。我們的客戶來自不同的行業和地區，但平均交易規模相對較小。

With over 25% of our business serving food-related industries, we also see consistency and stability across the portfolio. Our big focus right now, aside from our customer value delivery activities is a strong focus on safety, which, as Nick mentioned, is core to our culture. It is important to our drivers, the motoring public and also is our best risk and cost mitigator in the current environment.

我們的業務有超過 25% 服務於食品相關產業，因此我們的產品組合具有一致性和穩定性。除了我們的客戶價值交付活動之外，我們現在的重點是高度重視安全，正如尼克所提到的，這是我們文化的核心。這對我們的司機、駕駛大眾來說非常重要，也是我們在當前環境下最好的風險和成本緩解措施。

Going forward, we continue to expect to return to net fleet growth in 2025, but the timing of when deals sign and close will largely drive our ability to return to modestly positive revenue and operating income growth for 2025.

展望未來，我們仍預計 2025 年將恢復淨船隊成長，但交易簽署和完成的時機將在很大程度上決定我們在 2025 年恢復適度正收入和營業收入成長的能力。

We believe our differentiated model and the value proposition we offer customers is unique and are confident in our ability to compound our growth over many years to further penetrate our large addressable market.

我們相信，我們的差異化模式和我們為客戶提供的價值主張是獨一無二的，我們相信我們有能力在未來多年實現複合成長，從而進一步滲透到我們龐​​大的潛在市場。

With that, I'd like to turn it over to Darren.

說完這些，我想把發言權交給 Darren。

Thank you, Brad, and thank you to everyone for joining us this afternoon. I'll review the performance of the Intermodal business and give an update on the market and how we are focusing on operational excellence. I'll start with Intermodal's performance.

謝謝你，布萊德，也謝謝大家今天下午加入我們。我將回顧多式聯運業務的表現，並介紹市場最新情況以及我們如何專注於卓越營運。我先從 Intermodal 的表現開始。

Overall, demand for our Intermodal service was strong as we expected in the quarter. I am pleased to share we set a first quarter volume record, which comes on the heels of two consecutive all-time volume records in the second half of last year.

總體而言，本季對我們的多式聯運服務的需求強勁，正如我們預期的那樣。我很高興地告訴大家，我們創下了第一季的交易量記錄，這是繼去年下半年連續兩次創下歷史新高之後的另一個創下的歷史新高。

Volumes in the quarter were up 8% year-over-year and by month were up 9% in January, up 6% in February and up 7% in March. As it pertains to mix, our Transcon volumes increased 4% during the quarter and Eastern volume grew 13%, our third consecutive quarter of positive Eastern network performance. We also saw very strong volumes in our Mexico business, a market in which we see significant opportunities in the future.

本季交易量較去年同期成長 8%，按月計算，1 月成長 9%，2 月成長 6%，3 月成長 7%。就組合而言，本季度我們的跨大陸運輸量增長了 4%，東部運輸量增長了 13%，這是我們東部網絡連續第三個季度表現良好。我們的墨西哥業務量也非常強勁，我們認為該市場未來將有巨大的機會。

I remain encouraged by our demand, particularly in the Eastern network where we faced the greatest competition from depressed truck rates. This is a testament to the strong service levels of the rails and how that translates into an attractive and valuable alternative to truck for our customers.

我對我們的需求仍然感到鼓舞，特別是在東部網絡，我們面臨卡車費率低迷所帶來的最大競爭。這證明了鐵路強大的服務水平，以及如何將其轉化為對我們的客戶具有吸引力和價值的卡車替代品。

We came into bid season this year with a 3-pronged strategy, and I would say we are mildly pleased with our success so far. We know our margins need repair and rates will be a large driver of that. But the degree of rate repair will be somewhat market-dependent. While we are still in bid season and have some large bids that will be awarded over the next couple of months, we have had only modest success in repairing rates while retaining existing business.

我們今年進入競標季時採取了三管齊下的策略，我想說，我們對迄今為止的成功感到相當滿意。我們知道我們的利潤率需要修復，而利率將是其中一個重要的驅動因素。但利率修復的程度將在一定程度上取決於市場。雖然我們仍處於投標季節，並且在接下來的幾個月中將有一些大型投標被授予，但我們在修復費率的同時保留現有業務方面僅取得了有限的成功。

Second, we were focused on achieving more network balance and winning the right freight for our network. This is an example of ways we can reduce cost and drive efficiencies by eliminating the costly movement of empty containers. We have been more successful executing on this part of the strategy.

其次，我們專注於實現更多的網路平衡並為我們的網路贏得合適的貨運。這是我們透過消除昂貴的空箱運輸來降低成本並提高效率的一個例子。我們在執行這一部分戰略方面取得了更大的成功。

Lastly, as in the case each year, we want to grow with new and existing customers while remaining disciplined with our rates. As a result, we have lost some business to other providers offering lower rates, but I believe we have still been successful in this third prong of our strategy to grow our overall portfolio.

最後，與每年一樣，我們希望與新舊客戶一起成長，同時保持對費率的嚴格控制。結果，我們失去了一些業務，轉向了其他提供更低價格的供應商，但我相信，我們在擴大整體投資組合的策略的第三方面仍然取得了成功。

Our focus on operational excellence continues to be on delivering value to our customers and positioning the business for future growth and acceptable returns on our investment. We remain focused on driving out waste and improving asset utilization by working to eliminate empty moves of our equipment. We also are strongly committed to further improving our safety performance to mitigate risks and costs associated with safety events.

我們對卓越營運的關注點繼續在於為客戶提供價值，並為未來的業務成長和可接受的投資回報做好準備。我們始終致力於消除浪費，並透過消除設備的空轉來提高資產利用率。我們也堅定致力於進一步提高我們的安全性能，以減輕與安全事件相關的風險和成本。

In closing, we remain confident in our Intermodal franchise and the value we provide for our customers. We have the capacity and capability to grow into our investments while continuing to lead the industry in both margin performance and returns on capital.

最後，我們對我們的多式聯運特許經營權以及我們為客戶提供的價值仍然充滿信心。我們有能力和實力擴大我們的投資，同時繼續在利潤表現和資本回報率方面引領產業。

I'll now turn the call back over to the operator to give instructions for the Q&A portion.

我現在將把電話轉回給接線員，以便提供有關問答部分的指示。

(Operator Instructions)

（操作員指示）

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, great. Thanks. Good afternoon, guys. Maybe, Darren, we can just pick up on where we left off, I guess, in terms of Intermodal bid season. So we're three months later than the last time we all talked about this.

嘿，太棒了。謝謝。大家下午好。達倫，我想，也許我們可以從我們上次中斷的地方繼續，就多式聯運投標季節而言。因此，我們比上次討論這個問題晚了三個月。

I think at the time, you were maybe a little less confident or maybe you didn't want to say that you get rate increases as we go through this year. It sounds like it still is a challenging environment, but maybe you're pleased by some of the progress. Do you think we get rate increases in Intermodal in 2025 as you kind of complete the bid season over the next couple of months?

我認為當時你可能不太有信心，或者你不想說今年利率會上升。聽起來這仍然是一個充滿挑戰的環境，但也許您對其中的一些進展感到高興。隨著未來幾個月內投標季的結束，您認為 2025 年聯運費率會上漲嗎？

Okay. I appreciate the question, Chris. So we commented in those prepared comments about mildly pleased with our success in the bid season, and I think that's because we approach it really in three key areas. We want to fill some empty legs and fill up some costly empty moves. And I do think we've been effective at that.

好的。我很感謝你提出這個問題，克里斯。因此，我們在準備好的評論中表示，對我們在競標季節的成功感到有點高興，我認為這是因為我們確實從三個關鍵領域來處理這個問題。我們希望填補一些空缺的航段，填補一些昂貴的空缺動作。我確實認為我們在這方面是有效的。

We have achieved growth in our Eastern network, and we have absolutely had some wins in pricing. We've taken some losses in prices. So I want to be clear that I don't want to sound like we're getting rate increases across the board.

我們的東部網路取得了成長，並且在定價方面也取得了一些勝利。我們在價格上遭受了一些損失。因此我想明確表示，我並不想讓大家覺得我們正在全面提高利率。

I think we've been effective at communicating with our customers about the value we represent and we have achieved some rate increases. We've also lost some business due to disciplined price approach where we ask for a price increase and the customer wasn't willing to give us. It is competitive, I will say that.

我認為我們已經有效地與客戶溝通了我們所代表的價值，並且我們已經實現了一定的費率上漲。由於嚴格的價格策略，我們要求漲價，但客戶卻不願意，這也導致我們失去了一些生意。我會說，這是有競爭力的。

Okay. I guess in terms of sequential, just one quick follow-up, just to make sure I'm understanding what you're saying. As you think about the environment, is it going to be more dictated by sort of mix of the business and that's what yields might be influenced by more so as we move forward? Just to get a sense of how that plays out.

好的。我想就順序而言，只需快速跟進一次，以確保我理解你所說的內容。當您考慮環境時，它是否會受到業務組合的影響，而隨著我們前進，收益率是否會受到更大的影響？只是想了解事情會如何發展。

Yes. Clearly, growth of 13% in the Eastern network while 4% in the Transcon is going to change some of the revenue per load modeling that you might see out there. And let's face it, Eastern network loads have shorter length of haul and are smaller revenue per load. That doesn't mean that their -- the margin profile on those loads are worse or anything like that.

是的。顯然，東部網路成長 13%，而 Transcon 成長 4%，這將改變您可能看到的部分每負載收入模型。讓我們面對現實吧，東部航線的運輸距離較短，每次運輸的收入較低。這並不意味著這些負載的利潤狀況較差或類似情況。

So certainly, the mix of the business is going to be a little bit different than what we've seen recently. And as we continue to grow in the East, that will be an influencer on our revenue per unit that you see in the quarterly results.

因此，業務組合肯定會與我們最近看到的略有不同。隨著我們在東部地區的持續發展，這將對您在季度業績中看到的每單位收入產生影響。

Great. Thank you for the time. I appreciate it.

偉大的。感謝您抽出時間。我很感激。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

Good afternoon, everybody. Thanks for taking the questions. Darren, maybe to follow up on the Intermodal side. I guess, from a profitability or what it is going well through bid season, it sounds like you are repairing the network, you're successfully filling some of those empties. I guess how should we weigh the puts and takes, maybe an unfavorable mix but more empty being filled as we think about the profitability standpoint from here?

大家下午好。感謝您回答這些問題。達倫，也許可以跟進一下聯運方面的情況。我想，從盈利能力或投標季節的順利進行來看，聽起來您正在修復網絡，並且成功填補了其中的一些空缺。我想我們應該如何權衡利弊，也許這是一個不利的組合，但當我們從盈利角度考慮時，更多的空白會被填補？

And then I guess with the uncertain macro and who knows what happens, so I'd love to hear some commentary from what your customers are saying. But how are you guys thinking about managing your cost base as we move through the year, just given the uncertainty on demand and the visibility into volume through 2Q, 3Q?

然後我猜想宏觀經濟不確定，誰知道會發生什麼，所以我很想聽聽您的客戶的評論。但是，考慮到需求的不確定性以及第二季和第三季銷售的可見性，你們如何考慮在全年過程中管理成本基礎？

Okay. Let me start with the ability to fill empty legs and how you might think about that. I do -- I want to be clear, I think so far in mid-season, we've been effective at that. I also know that historically, we have delivered -- we've communicated that 30% of our pricing implements each of the first three quarters and about 10% in the fourth quarter, and that's no different this year.

好的。首先，我想談談填補空載航班的能力，以及您對此有何看法。我確實——我想說清楚，我認為到目前為止，在賽季中期，我們在這方面已經取得了成效。我還知道，從歷史上看，我們已經實現了——我們已經傳達了前三個季度 30% 的定價實施，第四季度約 10% 的定價實施，今天也不例外。

And so the impacts of the benefits of filling empty lanes probably weren't fully visible inside the first quarter, and we look forward to seeing those benefits as we move throughout the remainder of the year. I'm not sure I can follow what the other questions were.

因此，填補空車道帶來的好處的影響可能在第一季還未完全顯現，我們期待在今年剩餘時間內看到這些好處。我不確定我是否能理解其他問題。

Yes, Darren. Daniel, thanks for the question. This is Spencer. Regarding what our customers are saying, I shared earlier that each one of them are going through scenario planning. And really, they've been doing that likely since maybe even ahead of the election.

是的，達倫。丹尼爾，謝謝你的提問。這是斯賓塞。關於我們的客戶所說的內容，我之前分享過，他們每個人都在進行情境規劃。事實上，他們可能早在選舉之前就已經開始這樣做了。

And they've been implementing various strategies that you could really expect, whether it's pulling some stuff forward, pausing some shipments, possibly canceling a few and also changing really the origin of manufacturer.

他們一直在實施各種你可以預料到的策略，無論是提前發貨、暫停部分發貨、可能取消部分發貨，還是真正改變製造商的來源。

But one thing I've had the opportunity to talk to several customers in the last few days, so is our team, and we support really a broad cross-section of industries. And the thing that stands out in these conversations is they are resilient. They're finding ways to work through things as things change daily. And they're also thinking about long-term plans and what they might need to look at.

但有一件事，過去幾天我有機會與幾位客戶交談，我們的團隊也是如此，我們確實支持廣泛的行業。在這些對話中，最引人注目的是他們的堅韌。隨著情況每天都在變化，他們正在尋找解決問題的方法。他們也在考慮長期計劃以及可能需要關注的事項。

And you can also think about my perspective and ours here, we view these as opportunities. We've been through this before. We've been through challenges before with our customers. And our value proposition stands out in times like this. And so there might be a few things continuing to change until, like I said, the dust settles.

你也可以考慮我的觀點和我們的觀點，我們將這些視為機會。我們以前也經歷過這樣的事。我們之前曾與客戶一起經歷過挑戰。在這樣的時刻，我們的價值主張就顯得特別突出。因此，有些事情可能會繼續發生變化，直到塵埃落定，就像我說的。

But when that settles, it will create opportunities for us to grow with our customers and serve them with our broad suite of services. And I did mention, right now, we're executing with a position of strength. And as a commercial lead, that puts us in a great position to take care of our customers as they make changes today and over the long term. So I appreciate that question.

但當這個問題解決後，我們將有機會與客戶共同成長，並透過我們廣泛的服務為他們提供服務。我確實提到過，現在我們正以強勢地位執行任務。作為商業領袖，這使我們能夠更好地照顧客戶，無論他們現在還是將來都會做出改變。我很感謝你提出這個問題。

And Daniel, I'll try to take the last question, which is really around cost. If you think about how we came into this year, we established our budget really with an effort to grow, repair margins. Everything we set out, we finished our first quarter with results that largely came in as expected, and we're in a unique environment now because we've finished up record for a third quarter in a row, record performance in Intermodal with volume growth. Our Dedicated business, that pipeline stays strong, and we have customers asking us to grow in Highways.

丹尼爾，我來嘗試回答最後一個問題，它實際上是關於成本的問題。如果你想想我們今年的情況，你會發現我們制定預算的真正目的是努力提高和修復利潤率。我們完成了所有計劃，在第一季結束時，我們的業績基本上符合預期，而且我們現在處於一個獨特的環境中，因為我們已經連續第三個季度創下了紀錄，在聯運業務量增長方面創下了紀錄。我們的專用業務，即管道保持強勁，並且有客戶要求我們在高速公路領域發展。

But having said that, we recognize things are changing, and that's changing by the day or the tweet or at the moment. And so for us, we want to be fluid, and we need to make sure that our plans align as conditions change. So I talked about this in my opening remarks. We have to be focused on growing, but our scenario planning really is a three-pronged approach.

但話雖如此，我們意識到事情正在發生變化，而且這種變化每天都在發生，無論是透過推文還是當下。因此，對於我們來說，我們希望保持靈活性，我們需要確保我們的計劃能夠隨著條件的變化而調整。我在開場白中談到了這一點。我們必須專注於發展，但我們的情境規劃其實是一種三管齊下的方法。

What next steps can we make in cost management, depending on which different scenario plays out, how do we think about our stock and our buyback strategy there and how can we be prudent in capital spending.

根據不同的情況，我們可以在成本管理方面採取哪些下一步措施，我們如何看待我們的股票和回購策略，以及我們如何在資本支出方面保持謹慎。

You heard John say that our results and how much we bought back in stock, we reduced our CapEx guidance by $200 million, but our commitment is to strike the right balance between adjusting short-term and that short term, as that becomes longer-term, that changes our scenario planning. But we're not going to jeopardize the value we can create over the long term.

您聽到約翰說，我們的業績以及我們回購了多少股票，我們將資本支出指引減少了 2 億美元，但我們的承諾是在短期調整和短期調整之間取得適當的平衡，因為短期調整會變成長期調整，這會改變我們的情境規劃。但我們不會危及我們能夠長期創造的價值。

And I might just end with this, we have a seasoned executive team, our average tenure at J.B. Hunt is 27 years. We've been here before. We've been through ups and downs. And every single one on this team are shareholders and are directly tied to our shareholders as well from a compensation perspective. And so when I think about the good and the bad times that we've been through, we know how to be nimble. And as we see more clarity on the environment, we're going to respond appropriately.

最後我想說的是，我們擁有一支經驗豐富的管理團隊，我們在 J.B. Hunt 的平均任期為 27 年。我們以前來過這裡。我們經歷過風風雨雨。從薪酬角度來看，這個團隊中的每個人都是股東，並且與我們的股東直接相關。因此，當我想到我們經歷過的好時光和壞時光時，我們就知道如何變得靈活。隨著我們對環境的了解越來越清楚，我們將做出適當的反應。

Yes. Really appreciate all the color. Best of luck, everybody.

是的。真的很欣賞所有的顏色。祝大家好運。

(Operator Instructions)

（操作員指示）

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yeah. Hi, I just wanted to circle back on tariffs and perhaps what you are seeing in terms of pull forward. There's been some thought that over the next 90 days with this pause, there'll be actually a step-up in pull forward. And if so, what could that mean for the back half of this year from a volume growth perspective. Will we move into a destock mode and year-over-year volume pressures in the back half. We Realize things are fluid, but if you could maybe give some thoughts on that high-level stuff would be great. Thank you.

是的。你好，我只是想回到關稅問題上，也許你看到了一些提前發生的事情。有人認為，在接下來的 90 天暫停期間，拉動實際上會有所加強。如果是這樣，從銷售成長的角度來看，這對今年下半年意味著什麼。我們是否會在下半年進入去庫存模式並面臨同比銷售壓力？我們意識到事情是不斷變化的，但如果您能就高層次的事情發表一些看法就太好了。謝謝。

Jordan, this is Spencer. Like I said earlier, each customer is in a unique spot, and they've done different strategies up to this point, and I think they're making changes, as Shelly even talked about in a very fluid way and almost daily. One thing I do think as time goes on here, whatever the outcomes of these trade negotiations are, if it does go a little bit longer, like we've seen, there might be some downs.

喬丹，這是史賓塞。就像我之前說的，每個客戶都處於一個獨特的位置，到目前為止，他們已經採取了不同的策略，我認為他們正在做出改變，正如 Shelly 幾乎每天都以非常流暢的方式談論的那樣。我確實認為，隨著時間的推移，無論這些交易談判的結果如何，如果談判時間再長一點，就像我們所看到的那樣，可能會出現一些下滑。

But when there are ups, it creates tremendous opportunity and could create challenges across our customers' supply chains that we can help them out with and really helping them to optimize their order shipments, their modes as well as their fleets.

但當出現好轉時，它既創造了巨大的機遇，也可能為我們客戶的供應鏈帶來挑戰，我們可以幫助他們擺脫困境，真正幫助他們優化訂單運輸、運輸方式以及車隊。

And one thing has been consistent, though, is in our customer conversations, they're always trying to drive towards reducing cost, finding efficiencies. And one of the top conversations we've had and are still having, it's almost, I think, we're having a 100% of them as an example of finding efficiencies is really mode conversion from the highway to intermodal.

但有一件事始終如一，那就是在與客戶的對話中，他們總是試圖降低成本、提高效率。我們曾經進行過並且仍在進行的最重要的對話之一，我認為，我們幾乎 100% 都在討論如何將公路運輸模式轉換為多式聯運，以此作為提高效率的一個例子。

And I think that's the long-term thought of our customers. They know things are still in a changing environment, and that's a great way for them to find the most efficient answer to move their supply chain. So that's one of the things I think we'll see as things go on here and until the negotiations are settled, we'll just move with that.

我認為這是我們客戶的長遠想法。他們知道事物仍處於不斷變化的環境中，這對他們來說是找到推動供應鏈發展最有效答案的好方法。所以我認為這是我們會看到的事情之一，隨著事情的進展，直到談判達成協議，我們都會繼續前進。

Jordan, let me jump in here. This is Darren. I just want to say on the pull-forward discussion. Look, we've said this now this will be our third consecutive quarterly call where we don't have a bunch of customers telling us that they have pulled forward shipments now. Is it -- is it possible some have and just haven't talked about it. Is it possible that some of them -- their marketing arms made orders that maybe transportation didn't know.

喬丹，讓我插嘴一下。這是達倫。我只是想談談關於前瞻的討論。你看，我們現在已經說過了，這將是我們連續第三次在季度電話會議上沒有聽到很多客戶告訴我們他們已經提前發貨。有沒有可能有些人已經討論過這個問題，只是還沒談過。有沒有可能他們的行銷部門發出了交通部門可能不知道的命令。

I mean that's all certainly possible, and we don't want to be guessing at whether or not it was pulled forward or not. There are a few conversations that clearly there have been some, but we're struggling to get direct customer feedback about that.

我的意思是，這一切都是可能的，我們不想猜測它是否被提前了。顯然已經進行過一些對話，但我們很難獲得有關此問題的直接客戶回饋。

Now we did see some pull forward out of Mexico for a short window of time last quarter. I think that was -- it's not a big impact to our volumes, but certainly want to acknowledge that, that has happened. So again, we continue to look for feedback from our customers every single month, every single quarter about what's happening with their own demand. And again, everybody is remaining cautious with their feedback and they're trying to adapt their plans to the environment that they're in.

現在我們確實看到上個季度墨西哥在短時間內有所回落。我認為——這對我們的銷量沒有太大影響，但我當然要承認，這種情況已經發生了。因此，我們每個月、每季都會繼續尋求客戶的回饋，了解他們的需求狀況。再次強調，每個人都對自己的回饋保持謹慎，並試圖根據所處的環境調整自己的計畫。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Thank you for taking the question, Darren. I was wondering if you could follow up on the commentary about some accounts going to other intermodal carriers on pricing. Is that reflected in the current run rate or the run rate that you saw in volumes in March? Or is that incremental to the outlook? And I guess more broadly, just what is it going to take to get to the right pricing outcomes in this market?

感謝您回答這個問題，達倫。我想知道您是否可以跟進關於一些帳戶轉向其他多式聯運承運商的定價評論。這是否反映在當前的運行率或您在 3 月看到的運行率中？還是這對前景有增量作用？我想更廣泛地說，在這個市場上，究竟需要什麼才能獲得正確的定價結果？

Well, certainly, we believe strongly in the service offering that we've really invested in and delivered on throughout last year and throughout the first quarter and asked our customers to help us in -- with prices. And in some cases, the customers felt like maybe prices that they saw from competitors would give them the service and the quality of capacity that they needed.

嗯，當然，我們堅信我們提供的服務，我們在去年和第一季確實進行了投資並交付了這些服務，並請我們的客戶在價格方面幫助我們。在某些情況下，客戶覺得也許競爭對手的價格可以提供他們所需的服務和容量品質。

And we didn't feel like the alternative to the price we asked for was good enough for our returns and felt like we needed to be disciplined in that approach. And so yes, we did have some losses. I don't want to overplay the magnitude of that. There's still a lot of the bid cycle to implement, and there's really a lot of decisions from our customers we're still waiting on.

我們覺得我們所要求的價格的替代方案對於我們的回報來說不夠好，並且覺得我們需要在這種方法上保持紀律。是的，我們確實遭受了一些損失。我不想誇大其詞。還有很多投標週期需要實施，我們還在等待很多客戶做出決定。

And so I don't know what the run rate coming out of March was we wouldn't typically provide that level of detail, and I don't feel like we can do that today. I don't even know that I know it exactly given challenges with volumes that just -- customers were doing a lot of different things at the end of last quarter, and we got to wait and see kind of where that shakes out.

因此，我不知道 3 月份的運行率是多少，我們通常不會提供這種程度的詳細信息，而且我覺得我們今天無法做到這一點。我什至不知道我是否確切知道這在數量方面存在挑戰——客戶在上個季度末做了很多不同的事情，我們必須拭目以待，看看結果會如何。

But the disciplined approach to the price we ask for to get correct returns, particularly in the demand heavy headhaul markets is an important part of our strategy, and we've been successful with that in many, many cases, and there are some examples where we learn.

但是，我們要求的定價方法要嚴謹，以獲得正確的回報，特別是在需求旺盛的頭程市場，這是我們策略的重要組成部分，我們在許多情況下都取得了成功，並且有一些值得我們學習的例子。

Yes, Brandon, this is Brad. Just a follow-up on that. I think just to digest what Darren said, in headhaul markets, where we see the greatest demand, that's probably the areas we're having the greatest success getting rates. I think it was important for us to share with you and other investors that there are, in some instances, situations where we're pushing rate hard enough to where we are walking away from some business. And that at least should be a testament to ourselves as well as to the market that we're willing to walk away from business that we don't think makes sense of the network.

是的，布蘭登，這是布萊德。這只是對此的一個跟進。我認為，只要消化一下達倫所說的，在我們看到需求最大的去程市場，這可能是我們在獲得費率方面取得最大成功的領域。我認為，我們必須與您和其他投資者分享這一點：在某些情況下，我們會過度努力地提高利率，以致於放棄某些業務。這至少應該向我們自己以及市場證明，我們願意放棄我們認為對網路沒有意義的生意。

Thanks, Darren. Thanks, Brad.

謝謝，達倫。謝謝，布拉德。

John Chappell, Evercore ISI.

約翰‧查佩爾 (John Chappell)，Evercore ISI。

Thank you. Good afternoon. Spencer, I think we've talked about uncertainty quite a bit at this point and no one really knows how things are going to transpire. It sounds like you have three different scenarios that you're looking at as an executive team. The NRF did come out with some pretty steep reductions on import numbers starting in May, 20%-plus for several months.

謝謝。午安.史賓塞，我想我們已經談論了很多關於不確定性的問題，沒有人真正知道事情將如何發展。聽起來，作為一個執行團隊，您正在考慮三種不同的情況。從 5 月開始，NRF 確實大幅削減了進口數量，連續幾個月降幅超過 20%。

So if that's one of the scenarios that you're potentially considering? How does JB Hunt manager assets and really kind of your price ask, if that's the type of outcome that we're looking for starting in a couple of months.

那麼這是您可能考慮的場景之一嗎？如果這是我們在幾個月後期待的結果，JB Hunt 管理的資產和您實際要價是多少？

Well, I think that, that research note that showed a pretty steep decline in demand, particularly from China. It's something that we've obviously considered in terms of how we would manage the assets? And do we start -- I think part of your question is -- are we going to start changing our pricing direction based on research like that. I don't believe that would be our strategy. And we can't chase business with price because of the fear that is really unknown now of such a sharp decline in imports.

嗯，我認為，那份研究報告顯示需求急劇下降，尤其是來自中國的需求。我們在如何管理資產方面顯然已經考慮過這個問題？我們是否開始——我認為你的問題的一部分是——我們是否要根據這樣的研究開始改變我們的定價方向。我不認為那是我們的策略。我們不能用價格來追逐生意，因為我們擔心進口量會急劇下降，這種情況目前還不得而知。

And the other elements there are, hey, some of these products are -- might be manufactured in Asia and maybe the consumer spends money on a product that came from somewhere else. So we just -- we don't even know what volumes are going to produce as those changes really impact. And so I think that it's pretty fluid right now, and we're trying to adapt to the environment that we're in and feel like we will be effective with that.

其他因素包括，其中一些產品可能是在亞洲製造的，但消費者可能會花錢購買來自其他地方的產品。所以我們只是——我們甚至不知道這些變化會產生什麼影響。所以我認為現在情況非常不穩定，我們正在努力適應我們所處的環境，並覺得我們會有效地應對這種情況。

Yes. And Darren, I might add in some of the customer conversations that we've had, like I said, people were making changes even pre-election, postelection, post March 1 or pre-March first, in April. And that's still happening and several have been very aggressive in moving their country of origin sourcing already. And so to your point on that survey, I think that's one viewpoint of what could happen. But also, as Darren mentioned, there's lots of places that people are shifting things to make sure that they can serve really ultimately the American consumer and their customer and have product on the shelves. And we're going to be in a position to move that.

是的。達倫，我想補充一下，根據我們與客戶進行的一些對話，就像我說的，人們甚至在選舉前、選舉後、 3 月 1 日之後或 3 月 1 日之前、4 月份都在做出改變。這種現象仍在發生，其中一些公司已經非常積極地轉移其原產國採購。關於您在調查中提出的觀點，我認為這是對可能發生的事情的一種看法。但同時，正如達倫所提到的，許多地方的人們都在進行轉變，以確保他們能夠真正服務於美國消費者和他們的客戶，並確保產品上架。我們將能夠實現這一目標。

Thanks, Spencer and Darren.

謝謝，史賓塞和達倫。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Thanks for taking my questions. Some of your largest customers are value-focused retailers with significant China import exposure. I'm just curious qualitatively, how have those bid conversations evolved in the last two weeks?

感謝您回答我的問題。你們的一些最大客戶是注重價值的零售商，在中國進口方面有很大份額。我只是好奇，從品質上講，過去兩週這些競標對話進展如何？

And not just specifically to pricing, though I would like to hear if that tenor has changed. But more broadly, with issues of lanes involved or your concerns about bid compliance or a number of loads, just understanding if there has been a shift in the back and forth in those large complicated bids for some of these customers.

這並不僅僅涉及定價，儘管我想聽聽這個基調是否已經改變。但更廣泛地說，由於涉及車道問題或您對投標合規性或大量負載的擔憂，只需了解對於其中一些客戶而言，這些大型複雜投標的來回是否發生了變化。

Yes. I might just talk about compliance through the quarter. Our compliance was strong. I think our customers -- one of the things that we've said is they've returned to kind of normal seasonality and trends. That does allow them to forecast better and connect really their demand to their transportation needs, and they've done a really nice job of that.

是的。我可能只會談論本季的合規情況。我們的遵守情況非常好。我認為我們的客戶—我們說過的一件事是他們已經恢復了正常的季節性和趨勢。這確實使他們能夠更好地預測並將他們的需求與運輸需求真正聯繫起來，而且他們在這方面做得非常好。

And so I think our compliance so far has continued to improve, really across all of our businesses, highway and intermodal. And then really what comes forward, we continue to talk with them and we're transparent about asking for forecast information. And right now, customers have not changed their forecast with us regarding their demand trends.

因此，我認為到目前為止我們的合規性一直在持續改善，實際上涵蓋了我們所有的業務，包括公路和多式聯運。然後，我們會繼續與他們交談，並透明地詢問預測資訊。目前，客戶尚未改變我們對其需求趨勢的預測。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks afternoon guys. So just a follow-up just on the tariff piece. Maybe do you have any -- I know it's -- it will be an estimate, but any sort of rough estimate of what percent of Intermodal at some point originates overseas and maybe what percent comes from China. That's just first part.

嘿，謝謝大家下午好。這只是對關稅問題的後續跟進。也許你有任何——我知道——這將是一個估計，但任何關於多式聯運在某個時候有多少百分比來自海外以及有多少百分比來自中國的粗略估計。這只是第一部分。

And then just secondly, any -- what's the plan in terms of what you're doing with capacity? I know there's -- we have a lot of record volume, but there still are a bunch of -- seemingly a bunch of containers not being utilized. Is there any thought of cutting capacity to manage the environment to start getting some better price and margin? Just thoughts on capacity.

其次，就容量而言，您有什麼計劃嗎？我知道——我們的記錄量很大，但仍然有很多——似乎有很多貨櫃沒有被利用。有沒有想過削減產能來管理環境，以獲得更好的價格和利潤？只是關於容量的想法。

Well, let me start with your last question first there. Certainly, we don't necessarily think that reducing the amount of capacity we have is going to change the way we price. Now certainly putting it in storage and being prepared to come out of this kind of cycle with ample capacity for the long term. Again, those investments are really long term in nature. And so that's why that equipment exists.

好吧，我先從你的最後一個問題開始。當然，我們並不認為減少產能會改變我們的定價方式。現在肯定要將其儲存起來，並準備好以長期充足的產能走出這種循環。再次強調，這些投資本質上是長期的。這就是該設備存在的原因。

Yes, we have excess equipment today and we have a lot of capacity to grow with our customers. We're looking at options on what other ways can we use some of those assets in other parts of our business. That's certainly something that we're investigating. We don't have anything to say about that today, but we're looking at other ways to utilize the equipment. We've probably never given this data, but we can do that here today. I mean call it between 20% and 30% of Intermodal's volume originates on the West Coast.

是的，我們目前擁有過剩的設備，我們擁有很大的能力與客戶一起成長。我們正在尋找其他選擇，以利用這些資產來發展我們業務的其他部分。這當然是我們正在調查的事情。我們今天對此沒有什麼可說的，但我們正在尋找利用該設備的其他方法。我們可能從未提供過這些數據，但我們今天可以在這裡提供。我的意思是，聯運 20% 到 30% 的貨運量源自西海岸。

Now inside that, what percent of that originates in China. I don't know that we've ever done that study, and so I want to be hesitant to actually make a guess here. But certainly, the imports that originate in China and the ever-changing environment that we're living in, we're just going to keep in close contact with our customers, with our rail providers and try to understand what's headed at the West Coast and make plans accordingly based on what we see.

那麼其中有多少比例來自中國？我不知道我們是否做過這樣的研究，所以我想在這裡猶豫是否要猜測。但可以肯定的是，對於來自中國的進口產品以及我們所處的不斷變化的環境，我們將與我們的客戶、鐵路供應商保持密切聯繫，並試圖了解西海岸的形勢，並根據我們所看到的情況制定相應的計劃。

Thank you guys.

謝謝你們。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great. Good afternoon. So it sounds like it's not being driven by a pull forward in terms of these strong intermodal volumes, but you're hitting record levels of volumes. But you've got mid-single-digit margins now. So you're talking about losing some business on price.

嘿，太棒了。午安.因此，聽起來這並不是由這些強勁的多式聯運量向前推動的，而是達到了創紀錄的運輸量水準。但現在你的利潤率已經達到了個位數的中等水準。所以您說的是因為價格原因而損失了一些生意。

So does that mean you're not pushing hard enough on price? I'm just trying to kind of contrast the record level of volumes with kind of the smallest margin level or smaller margin levels than you historically pushed for? And then, Brad, maybe to lead into that, is there any comment you throw out on 1Q to 2Q historical seasonality on margins like you gave in the first quarter?

那麼這是否意味著你們在價格上還不夠激進呢？我只是想將創紀錄的交易量水準與最小利潤水準或比歷史上所追求的更小的利潤水準進行比較？然後，布拉德，也許可以引出這個問題，您是否對第一季至第二季利潤率的歷史季節性做出任何評論，就像您在第一季度給出的那樣？

Well, certainly, Ken, the volume that we're seeing was a lot of it is continuing on from last year. And we've highlighted that we would live with last year's pricing cycle for some time. So that's been part of the challenge on -- certainly on the margin front as we have really seen nice growth, particularly in the Eastern network. That's not quite -- you don't have as many days of containers consumed inside that kind of volume.

嗯，肯，當然，我們看到的數量很大一部分是從去年延續下來的。我們已經強調，我們將在一段時間內維持去年的定價週期。所以，這確實是利潤方面的挑戰之一，因為我們確實看到了良好的成長，特別是在東部網路。這並不完全是——在這種容量下，你不會消耗那麼多天的容器。

So we need even more growth. And the good news is there's a lot of growth to go get in the Eastern network and we would anticipate growth in that market for years to come, and we'll continue to focus on that every day. But the cost of the equipment continues to be a challenge for us and the imbalances inside our network have been a headwind for us, and we're looking to make repairs in that area and feel like we have had success in the bid cycle so far.

因此我們需要更多的成長。好消息是東部網路還有很大的成長空間，我們預計未來幾年該市場將繼續成長，我們將繼續每天關注這一點。但設備成本對我們來說仍然是一個挑戰，我們網路內部的不平衡也一直是我們的阻力，我們正在尋求修復該領域，並且感覺我們在迄今為止的投標週期中取得了成功。

Ken, that your last question, I assume you're asking me and not Brad Hicks about dedicated guidance. But aside from the one slip-up we had last earnings call, where we did provide some guidance, we're going to revert back to our 64-year trend of not providing guidance about that. But we'll give you guys updates as we have on relevant and important items as we go through conference season.

肯，這是你的最後一個問題，我認為你是在問我而不是布拉德希克斯關於專門的指導。但除了上次收益電話會議上我們確實提供了一些指導之外，我們將恢復 64 年來不提供指導的趨勢。但在會議期間，我們會向大家提供相關重要事項的最新消息。

Is it guidance? Or is it just asking for what historical trend has been? I'm just looking for an average -- from your perspective?

是指引嗎？還是只是詢問歷史趨勢如何？我只是想知道從您的角度來看的平均值？

Well, I'm sure everyone on this call has an Excel model where they can do averages and come up with their normal historical trends.

好吧，我相信參加這次電話會議的每個人都有一個 Excel 模型，他們可以在其中計算平均值並得出正常的歷史趨勢。

Understood. Thanks for the time.

明白了。謝謝你的時間。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, good afternoon. Thanks for taking the question. Just a quick follow-up, just maybe looking at the profitability on a per load basis. We've seen record volumes in the last three quarters, but per load is one of the lowest on record. Is there anything that potentially could change in how you get paid for some of those network inefficiencies.

嘿，下午好。感謝您回答這個問題。只是一個快速的跟進，也許只是看看每次裝載的盈利能力。過去三個季度，我們的貨運量創下了歷史新高，但每載貨運量卻是有紀錄以來的最低水準之一。是否有可能改變您因某些網路效率低下而獲得報酬的方式？

Anything in terms of how contracting is being done differently in the next cycle that might prevent this from happening again. Obviously, it's been a record. So maybe it won't. But just wondering how you have to wait so much time to really get that pay off after delivering -- delivering so much volume? And then just a quick follow-up on truckload conversion. It sounds like it's actually going pretty well in a pretty soft market. So I wanted to hear how that was progressing.

在下一個週期中，任何有關如何以不同方式簽訂合約的措施都可能阻止這種情況再次發生。顯然，這是一個紀錄。所以也許不會。但我只是想知道，在交付如此多的交付量之後，為什麼需要等待這麼長時間才能真正獲得回報？然後只是對卡車裝載轉換進行快速跟進。聽起來，在一個相當疲軟的市場中，它實際上進展得相當順利。所以我想聽聽看事情進展如何。

Well, obviously, our margin, and we've been pretty vocal for a number of quarters. We're not satisfied with it. We led with really excellence in operations and service provided to our customers. We've had two consecutive great peak seasons and felt like we were in a good position to ask for more price.

嗯，顯然，這是我們的利潤率，而且我們在多個季度中一直非常直言不諱。我們對此並不滿意。我們以卓越的營運和為客戶提供的服務引領業界。我們已經連續經歷了兩個旺季，感覺我們有能力要求更高的價格。

The reality is the market around us is a challenge. Highway capacity remains one of the biggest competitors, if not the biggest competitor we have, certainly in Intermodal to generate better pricing. And that's the amount of equipment that we have, the challenges from network inefficiencies, that's just empty moves.

現實情況是，我們周圍的市場是一個挑戰。公路運力仍然是我們最大的競爭對手之一，如果不是我們最大的競爭對手，那肯定是在多式聯運中，以產生更好的定價。這就是我們擁有的設備數量，以及網路效率低下的挑戰，這些都只是徒勞無功的舉動。

As we fill those that's a cost takeout to improve margins, but it takes time to get that implemented and takes the full bid cycle, and we'll continue to need to work on that even further even after this bid cycle. So an awful lot of effort goes into improving that margin. It's not a lack of willingness to talk to the customers about it.

當我們填補這些空缺時，我們會降低成本以提高利潤率，但這需要時間來實現，並且需要完整的投標週期，即使在這個投標週期之後，我們仍需要繼續進一步努力。因此，我們需要付出巨大的努力來提高這項利潤率。這並不是缺乏與客戶談論此事的意願。

But certainly, there will always and forever be a balance between the price we ask for and the volume we received from our customers, and we do need both. And that's the harsh reality of it. And we don't sit around and stare at the excess containers and change our price based on that. We're working hard to deliver great service to our customers and asking them to pay us fairly. And they're asking us to be relevant with what the alternatives to our product are. And at times, their alternatives don't support the rates we're asking for. And so that's the balance we're constantly fighting in.

但可以肯定的是，我們要求的價格和我們從客戶那裡收到的數量之間永遠會有一個平衡，而且我們確實需要兩者。這就是殘酷的現實。我們不會坐在那裡盯著多餘的貨櫃並據此改變價格。我們正在努力為客戶提供優質服務並要求他們公平地付款。他們要求我們說明我們產品的替代品是什麼。有時，他們的替代方案並不支持我們要求的利率。這就是我們一直在努力爭取的平衡。

Brian, I want to add another part to that question, really just talking about mode conversion trends. And I want to touch on that again. I think that opportunity there. If you kind of separate the import supply chain from the domestic supply chain, our customers coming into this year definitely knowing where we've been at in this prolonged kind of freight recession, they understand the capacity and their planning and things like that from a truckload perspective, there is less elasticity every day.

布萊恩，我想對這個問題補充另一部分，實際上只是談論模式轉換趨勢。我想再談一下這一點。我認為那裡有機會。如果將進口供應鏈與國內供應鏈分開，那麼我們的客戶今年肯定知道我們在這種長期貨運衰退中所處的位置，他們了解運力和他們的計劃等，從卡車裝載的角度來看，彈性每天都在減少。

And so they're thinking longer term, and that's why on the back of, like Darren said, our operational excellence and the value we've created over really the last, I'm going to call it, close to 20 to 24 months of great service. Our customers have tremendous confidence in leveraging intermodal to meet their supply chain needs and transit cost and high service levels.

所以他們考慮的是更長遠的目標，這就是為什麼像達倫所說的那樣，我們憑藉卓越的營運和過去近 20 到 24 個月的優質服務所創造的價值。我們的客戶對利用多式聯運來滿足其供應鏈需求、運輸成本和高服務水準充滿信心。

So with a little bit of a concern still longer term about things could change in the domestic truckload market. Highway conversion is the number 1 topic and on the back of great service. So they have confidence and they know that they need to have alternatives as things do change. And that's still a conversation regardless of the import supply chain drama today.

因此，人們仍然有點擔心國內卡車市場長期情況可能會改變。高速公路改造是首要話題，也是優質服務背後的支撐。因此他們有信心，並且知道隨著情況的變化，他們需要有替代方案。無論今天進口供應鏈的情況如何，這仍然是一個討論主題。

Okay. Thank you.

好的。謝謝。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Hey everyone. Thanks for welcoming me onto this call. So I wanted to ask, I know Shelley, you talked about how you're trying to stay fluid and not sacrifice some of your strategic investments if you don't need to. But is there a [Florida] margins we should be thinking about here as you go through the exercise on identifying cost-out opportunities or maybe thoughts on how to think about a level of decremental margins if demand really worsens? Will they be similar to history or better considering some of your latent capacity that you can presumably take out if the market requires it.

嘿，大家好。感謝您歡迎我參加這次電話會議。所以我想問一下，我知道雪萊，你談到瞭如何保持流動性，並且在沒有必要的情況下不犧牲一些戰略投資。但是，當您進行確定成本削減機會的練習時，我們是否應該考慮[佛羅裡達]利潤率，或者考慮如果需求真的惡化，如何考慮一定程度的遞減利潤率？考慮到如果市場需要，您可能會利用一些潛在產能，它們是否會與歷史相似或更好。

Yes. Great question. Thank you for that. So that's part of our scenario planning. I would say, from the most dramatic, and I think it was a question earlier on the call, that said, -- Hey, there might actually be a pull forward here in Q2 and then a drop off in the second half of the year. You can imagine the scenarios we are trying to plan through.

是的。好問題。謝謝你。這是我們情境規劃的一部分。我想說，從最戲劇性的角度來看，我認為這是早些時候在電話會議上提出的問題，那就是——嘿，第二季度實際上可能會出現一個拉動，然後在下半年出現下降。您可以想像我們正在嘗試規劃的場景。

And for what length of time that those exist, how much is this short term actually longer term is it only a three month problem or a six month problem. So that's everything that we're working through. As we speak, we're listening to our customers. We're watching internal data. We're getting information from the railroads as well. So really trying to digest all of that information right now. To say what steps should we take and at what point and certainly, margins are a part of that process.

這些問題會存在多久？短期問題、長期問題還是僅持續三個月或六個月的問題？這就是我們正在努力解決的所有問題。當我們說話的時候，我們正在傾聽客戶的聲音。我們正在觀察內部數據。我們也從鐵路部門取得資訊。所以現在真的要努力消化所有這些資訊。說出我們應該採取什麼步驟以及在什麼時候採取，當然利潤也是這個過程的一部分。

And one more, maybe more for Darren. You talked about how you're proceeding through bid season. This is not guidance, but just directionally. Consensus is baking in about 2% gains in intermodal revenue per carload for the second half of the year. Is it fair to assume that could prove optimistic just given where we are in bid season and pricing trends where they are -- or given the ongoing negotiations, you still could maybe get to positive price at some point in the near future?

還有一個，也許對達倫來說更多。您談到了投標季的進展。這不是指導，只是方向性。市場普遍預計，今年下半年每車聯運收入將成長約 2%。考慮到我們目前所處的投標季節和定價趨勢，是否可以假設這可能是樂觀的——或者考慮到正在進行的談判，你仍然可能在不久的將來的某個時候獲得正價？

Yes. I don't know what any kind of consensus element is. We continue to work hard with every single customer to generate more appropriate returns and begin to repair our margin. We're trying to grow -- the mix of our business is a good bit different maybe than as we sit here today in this current environment, it's a little bit different than what we would have anticipated. But the continued growth in the East gives us a great opportunity, and we'll continue to watch what happens in the -- as West Coast demand becomes more clear to us as the summer goes on.

是的。我不知道任何一種共識要素是什麼。我們將繼續努力與每位客戶合作，以產生更合適的回報並開始修復我們的利潤率。我們正在努力發展——我們的業務組合可能與我們今天所處的當前環境有很大不同，與我們預期的有點不同。但東部地區的持續成長為我們提供了絕佳的機會，隨著夏季的到來，西海岸的需求將變得更加清晰，我們將繼續關注未來的情況。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Good afternoon. Maybe a couple of follow-ups here. We've been hearing from shippers recently that the competitiveness of the dedicated market has kind of stepped up in recent weeks, which is kind of understandable given the state of the cycle. But have you seen any change there that's worth calling out, in particular?

午安.這裡也許還有一些後續內容。我們最近從托運人那裡聽說，專用市場的競爭力在最近幾週有所增強，考慮到週期狀況，這是可以理解的。但是，您是否看到任何值得特別指出的變化？

And also just on the comments on rate repair. Is the message that, that rate repair here takes multiple pricing cycles? Or do you think with appropriate condition, it's going to happen in this current bid season.

並且僅針對費率修復的評論。這個資訊是否意味著，這裡的費率修復需要多個定價週期？或者您認為在適當的條件下，它會在當前的投標季節發生。

Thanks, Ravi. Brad Hicks here. I'll start with at the first part of the question. I think through our lens, it's hard for us to see that it's any more competitive than what I would say is what we've been experiencing in the last couple of years in the freight recession and the dedicated that we have. Our primary focus is private fleet conversions. And so in many instances, we're just competing against the decision to retain their private fleet or outsource their private fleet.

謝謝，拉維。這裡是布拉德·希克斯。我先從問題的第一部分開始。我認為，從我們的角度來看，我們很難看出它比過去幾年貨運衰退和我們所經歷的更具競爭力。我們的主要關注點是私人車隊的改裝。因此，在許多情況下，我們只是在競爭是否保留他們的私人車隊或外包他們的私人車隊。

Now in fleets that have already been outsourced and as we've seen renewals, we probably see a little bit more competitive landscape there in renewing business or competing against other dedicated providers when that business has been put out to bid.

現在，在已經外包的車隊中，正如我們所看到的續約，我們可能會看到在業務續約或與其他專門供應商競爭時，競爭格局會更加激烈一些。

I think for us, the key point is we had pretty good sales numbers in the quarter. We always want more, but 260 isn't too awful bad. The fundamentals of the business shine through for us, whether that's driver retention and our safety performance that we talked about in our opening comments. There is inflationary costs that we continue to deal with in areas like insurance. But the reality is our value proposition to customers is as strong today and in this environment.

我認為對我們來說，關鍵是我們本季的銷售業績相當不錯。我們總是想要更多，但 260 也不算太糟。業務的基本面對我們來說是顯而易見的，無論是司機保留率還是我們在開場白中談到的安全表現。我們在保險等領域持續應對通貨膨脹成本。但事實是，在當今這種環境下，我們對客戶的價值主張仍然強大。

And certainly, with some of the uncertainty that we've talked about, with tariffs, our value proposition is the capital management, the risk component that we removed from the shipper, our ability to recruit drivers in any and all environments as we've proven.

當然，對於我們談到的一些不確定性，例如關稅，我們的價值主張是資本管理、我們從托運人身上消除的風險成分，以及我們在任何環境下招募司機的能力，正如我們已經證明的那樣。

And then lastly, our operational excellence. And so those are the things that we feel like differentiate us against some other dedicated providers and the form inversion that the they classify, dedicated. And quite frankly, we're very proud of the results that we have through Q1 and feel like we have a great plan for the balance of the year with high confidence to deliver on that plan.

最後，我們的卓越營運。因此，我們認為這些是我們與其他一些專用提供者的區別所在，也是他們分類的形式反轉，專用。坦白說，我們對第一季的業績感到非常自豪，並且覺得我們對今年的剩餘時間有一個很好的計劃，並且有很高的信心來實現這個計劃。

Ravi, the second part of your question, were you talking about bid season for highway brokerage or intermodal. Can you clarify what you were asking there.

拉維，你問題的第二部分是說公路經紀或聯運的投標季節嗎？你能解釋一下你問的是什麼嗎？

Yes. Intermodal, I think there was a mention of the world of phrase rate repair and kind of how that might take a while. I wasn't sure if that happens in the course of one bid season? Or did it get to the levels you need to support your long-term margins? Does that need to take multiple cycles?

是的。聯運，我認為提到了短語費率修復的世界以及這可能需要一段時間。我不確定這是否會在一個競標季節發生？或者它是否達到了支持您的長期利潤所需的水平？這是否需要多個週期？

Well, so this is Darren. Listen, when I said rate repair, I probably should have said margin repair and certainly, they run in tandem as price increases come our way. It gets us closer towards our long-term margin target. We still believe that, that's achievable. I don't know that we came into 2025, expecting fully achieve margin repair in this cycle.

嗯，這就是達倫。聽著，當我說利率修復時，我可能應該說利潤率修復，當然，隨著價格上漲，它們是同步進行的。它使我們更接近我們的長期利潤目標。我們仍然相信，這是可以實現的。我不知道我們是否進入2025年，期望在這個週期內完全實現利潤率修復。

We do have a lot of excess capacity that probably more than one cycle is required to continue to fill that up. But we wanted to get the business on a trajectory to see an improvement in our margins in 2025. And we still have a long way to go to know if we will be successful or not.

我們確實有許多過剩產能，可能需要一個以上的週期才能繼續填補。但我們希望業務能夠步入正軌，並在 2025 年實現利潤率的提高。我們還有很長的路要走才能知道我們是否會成功。

Understood. Thank you.

明白了。謝謝。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hey, good afternoon. So just to kind of maybe beat a dead horse here. I'm curious to hear what are the prospects foreseeing intermodal margin improvement on a year-over-year basis through the rest of the year. Just if you give your thoughts on that, like I understand in first quarter, you still had some contracts that were kind of carrying over from last year. But as you get these rate renewals, like should we expect margin improvement in second quarter and beyond?

嘿，下午好。所以，這也許只是一種無用之舉。我很好奇，想知道今年剩餘時間內聯運利潤率同比改善的前景如何。如果您對此發表看法，就像我理解的第一季一樣，您仍然有一些從去年延續下來的合約。但是，當您獲得這些利率更新時，我們是否應該預期第二季及以後的利潤率會提高？

And then Shelly, maybe if you could talk about just like has something changed in terms of the dynamics of the industry versus what maybe existed pre-COVID that has -- makes it harder to get back to that kind of pattern that you've been on of kind of seeing earnings kind of steady earnings growth through the cycle with higher highs and higher lows.

然後，雪莉，也許你可以談談，與新冠疫情之前相比，行業的動態是否發生了一些變化，這使得恢復到你所處的那種模式變得更加困難，即在整個週期中看到盈利穩步增長，高點越來越高，低點也越來越高。

So I'm not going to guide you on margin repair throughout at what point can you see that? We just aren't going to provide that information. Certainly, every day that we get an opportunity to execute for our customers, look for efficiencies, find ways to take cost out, grow our volumes, grow in the right corridors at the right rates is the strategy. I know our shareholders want to know exactly when that will happen. There's no lack of effort at this team, every single day trying to make that happen.

因此，我不會指導您如何修復保證金，您什麼時候才能看到這一點？我們只是不會提供該資訊。當然，我們每天都有機會為客戶執行任務，尋求效率，尋找降低成本的方法，增加產量，以正確的速度在正確的管道中發展，這就是我們的策略。我知道我們的股東想知道這究竟何時會發生。這支球隊每天都在努力實現這一目標。

And maybe I'll take what has really shifted. So if we go pre-COVID. If you think about the times when we've had a downturn, and I'm going to go all the way back to '09 because that's so clear in my mind. Not only do we have a downturn in volume, we had a downturn in price, but we also had a downturn in cost.

也許我會接受那些真正改變的事情。所以如果我們去 COVID 之前。如果您想想我們經歷過的低迷時期，我會回想起 2009 年，因為那段經歷在我的腦海裡非常清晰。我們不僅銷售量下降，價格下降，而且成本也下降。

Here, we've come into now finishing up our third year of great recession with meaningful pressure to reduce costs from our customers. And you've seen that in the work that we've been doing, trying to eliminate costs, but the inflation that's coming alongside that, I can't think of a single cost item that is actually down through this freight recession.

現在，我們已經進入了經濟大衰退的第三年，面臨來自客戶的巨大成本降低壓力。你已經看到了，我們一直在努力降低成本，但隨之而來的通貨膨脹，我想不出有哪一項成本在這次貨運衰退中真正下降了。

So that's very unlike anything we've ever experienced. So we have at least two years of pricing pressure downward with inflation that in that same time period, moving up, the combination of those two things, we are really pushing hard to eliminate the cost in between that. If you just think about pricing coming down pick whatever it is, and you hear it in the market could be double digits, and our margins have deteriorated, but if you think of the inflation associated with that, the amount of cost we have to take out is meaningful. It becomes more meaningful if the scenarios get more dramatic.

這和我們以前經歷過的任何事情都不一樣。因此，我們至少有兩年的時間面臨通貨膨脹導致的價格下行壓力，而在同一時期，通貨膨脹又導致價格上升，這兩件事的結合，我們真的在努力消除這之間的成本。如果您只是考慮價格下降，無論選擇什麼，您聽到的市場上的價格可能是兩位數，我們的利潤率已經下降，但如果您考慮與此相關的通貨膨脹，我們必須承擔的成本金額是有意義的。如果情節更加戲劇化，就會更有意義。

And so I don't think that is just JB Hunt. I think that's what's happening across our industry. So we haven't seen a relief from a cost perspective, and that's what's creating more volatility, I think from maybe what the past have been.

所以我不認為這只是 JB Hunt 的問題。我認為這就是我們整個行業正在發生的事情。因此，從成本角度來看，我們並沒有看到任何緩解，我認為這就是造成更大波動的原因，我想這可能與過去的情況類似。

And then last thing, if I think about the highs and lows of lows, Covid really created that, and that's unusual as well. So those two-year earnings seasons were extremely high. Now they're extremely depressed. The problem is we're in this environment where it's gone on for so long. We have to repair our margins. When you think about what's going to happen in the next turn, I think that's going to be challenging to try to smooth things out because we're not at a good starting spot to begin with. So those would be the comments that I would make around what's different than what we've seen in the past.

最後，如果我思考一下低谷的起伏，那麼 Covid 確實創造了這一切，這也是不尋常的。因此，那兩年的獲利季節非常高。現在他們非常沮喪。問題是我們處於這樣的環境中已經很久了。我們必須修復我們的利潤。當你考慮下一個轉捩點會發生什麼時，我認為嘗試讓事情順利進行將會很有挑戰性，因為我們一開始就沒有處於一個好的起點。這些就是我對與過去所見的不同之處所發表的評論。

Shelly, if I could follow up quickly. Do you think carriers are more willing to take thinner margins than in the past or live with kind of thinner margins?

雪莉，如果我能快速跟進的話。您是否認為承運商現在更願意接受比過去更薄的利潤，或能夠忍受更薄的利潤？

Well, from what I can see some -- I don't know if I'd call it thin margins, if there isn't any margin. So it's -- I've been here almost 31 years, Nick has been here 41 years. I've never seen a recession last three years. I think everyone is holding on. And so if that's thinner margin at no margin, that's the hold on position. So it is a very difficult environment that we're operating in, and I think everyone is trying to adapt to it.

嗯，從我所看到的情況來看——如果沒有任何利潤，我不知道我是否會稱之為微薄的利潤。所以——我在這裡已經快 31 年了，尼克在這裡已經 41 年了。過去三年我從未見過經濟衰退。我想每個人都在堅持。因此，如果在沒有利潤的情況下利潤變得更薄，那就是堅持立場。所以，我們所處的營運環境非常困難，我認為每個人都在努力適應它。

This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Shelley Simpson for closing remarks.

我們的問答環節到此結束。我想將會議交還給雪莉辛普森女士，請她致閉幕詞。

Great. Thank you, and thank you to everyone on the call. It has been a difficult environment for the past few years, and sometimes our people's hard work just isn't reflected in the operating performance of the company.

偉大的。謝謝，也謝謝電話裡的每個人。過去幾年的環境很艱難，有時我們員工的辛勤工作並沒有反映在公司的經營績效上。

And I know we've been talking on this call of looking forward and what's happening. But I just want to take a pause on behalf of our people -- we've been very focused on being operationally excellent, and that's been a key priority, and they delivered on that this past quarter and have continued to deliver. They're on track for another record year in safety. We've delivered unmatched service to our customers and that's led to increased retention.

我知道我們一直在談論對未來的展望以及正在發生的事情。但我只想代表我們的員工暫停一下——我們一直非常注重卓越運營，這是一項關鍵優先事項，他們在上個季度實現了這一目標，並將繼續實現這一目標。他們有望再創安全紀錄。我們為客戶提供了無與倫比的服務，從而提高了客戶保留率。

We're growing our customer count and we're producing record volumes, and we will repair our margins. And all that has to sync up in timing. We're ready to be nimble and react to any environment, and that's exactly what we're going to do. Thanks for joining the call and your interest in JB Hunt.

我們的客戶數量正在增加，產量也正在創下紀錄，而且我們的利潤率也將得到修復。所有這些都必須在時間上同步。我們已準備好靈活應對任何環境，而這正是我們要做的。感謝您參加電話會議並關注 JB Hunt。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。