J B Hunt Transport Services Inc (JBHT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the J.B. Hunt Transport second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎參加 J.B. Hunt Transport 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Brad Delco, Senior Vice President of Finance. Please go ahead.

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, and thanks for joining us. Before I introduce the speakers, I would like to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve risks and uncertainties that could cause future activities and results to be materially different from those set forth in the forward-looking statements. For more information regarding risk factors, please refer to J.B. Hunt's annual report on Form 10-K and other reports and filings with the Securities and Exchange Commission.

下午好，感謝您加入我們。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、估計或類似表達旨在識別這些前瞻性陳述。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'm joined by our President and CEO, Ms. Shelley Simpson; our CFO, John Kuhlow; Spencer Fraser, EVP of Sales and Marketing; our COO and President of Highway Services and Final Mile, Nick Hobbs; Darren Field, President of Intermodal; and Brad Hicks, President of Dedicated Contract Services.

現在，我想介紹今天電話會議的講者。今天下午，與我一起參加會議的還有我們的總裁兼首席執行官 Shelley Simpson 女士、首席財務官 John Kuhlow、銷售和營銷執行副總裁 Spencer Fraser、首席營運官兼公路服務和最後一英里總裁 Nick Hobbs、聯運總裁 Darren Field 以及專用合同服務總裁 Brad Hicks。

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. Members of the leadership team are here to dive into those areas, but I want to start by recognizing the entire organization for their hard work and ability to adapt to this dynamic market. I remain highly confident that our work is building a stronger company, capable of capitalizing on meaningful growth opportunities ahead. We set out to accomplish this by staying true to our values, mission and vision, and maintaining our focus on operational excellence, scaling into investments in our people, technology and capacity, and continuing to repair our margins and drive stronger financial performance, which remains a top priority. Service levels across our businesses are excellent and customers have recognized us in both internal and external surveys.

謝謝你，布拉德，下午好。領導團隊的成員來這裡是為了深入探討這些領域，但我首先要表彰整個組織的辛勤工作和適應這個充滿活力的市場的能力。我仍然堅信，我們的工作正在打造一家更強大的公司，能夠利用未來有意義的成長機會。為了實現這一目標，我們堅持我們的價值觀、使命和願景，繼續專注於卓越運營，擴大對人才、技術和產能的投資，繼續修復我們的利潤率，推動更強勁的財務業績，這仍然是我們的首要任務。我們各項業務的服務水準都非常出色，客戶在內部和外部調查中都對我們給予了認可。

Our brand is strong in the market. Our excellent service is supporting our growth with both new and existing customers that will help us scale into our investments. Investments in our people have resulted in back-to-back years of record safety performance for the company and some of the lowest turnover metrics on record for our drivers. We have invested in technology to drive efficiencies in our business, and I've challenged the organization to think differently about our workflows and processes to drive even more.

我們的品牌在市場上很強大。我們優質的服務支持著我們新舊客戶的成長，這將有助於我們擴大投資規模。我們對員工的投資使公司連續幾年創下安全績效記錄，我們的司機流動率也達到了有史以來的最低水準。我們投資科技來提高業務效率，我要求組織以不同的方式思考我們的工作流程和流程，以進一步提高效率。

Finally, we have prefunded our trailing capacity needs in intermodal and are prepared to support our customers' future growth. These investments set us up well for our future.

最後，我們已經為聯運的後續運力需求預先提供了資金，並準備好支持客戶的未來成長。這些投資為我們的未來奠定了良好的基礎。

While we are preparing for future growth, we remain focused in the near term on repairing our margins and improving our financial performance. We expect the returns on our investments to match the strong and unique value we create for our customers. As you've heard me say, we remain focused on controlling what we can with our expenses in the near term without sacrificing our long-term opportunity, or said differently, preserving our future earnings power potential.

在我們為未來成長做準備的同時，短期內我們仍將重點放在修復利潤率和改善財務表現。我們期望我們的投資回報能夠與我們為客戶創造的強大而獨特的價值相匹配。正如你們聽到我說的，我們仍然專注於在短期內盡可能地控制開支，同時又不犧牲我們的長期機會，或者換句話說，保持我們未來的盈利潛力。

Last quarter, we mentioned more work in the area of cost actions. Across the company, we launched an initiative to lower our cost to serve. John Kuhlow will have more details on this work, but at a high level, this effort is centered around doing more with less to support our future growth and get us back to our long-term margin targets. I have confidence in this team to lower our cost to serve and to leverage our brand and our role of services in the market.

上個季度，我們提到了在成本行動方面進行更多工作。我們在整個公司範圍內發起了一項降低服務成本的措施。John Kuhlow 將詳細介紹這項工作，但從高層次來看，這項工作的核心是用更少的資源做更多的事情來支持我們未來的成長，並讓我們回到我們的長期利潤目標。我相信這個團隊能夠降低我們的服務成本，並充分利用我們的品牌和服務在市場上的作用。

We completed Intermodal bid season with positive pricing for the first time in two years and continue to gain market share with capacity to grow more.

我們兩年來首次以正價完成了多式聯運招標季，並繼續獲得市場份額，運力還有進一步增長的潛力。

Our Dedicated business remains resilient. And with the fleet losses subsiding, we're excited to return to fleet growth in this business. We have a solid model in JBT and FMS with significant growth opportunities we are going after. Our brokerage business still has work to do, but progress is being made to further rightsize the cost structure while growing with the right customers and freight.

我們的專用業務依然保持彈性。隨著船隊損失的減少，我們很高興看到該業務的船隊恢復成長。我們在 JBT 和 FMS 中擁有堅實的模型，並且我們正在追求巨大的成長機會。我們的經紀業務仍有工作要做，但在隨著合適的客戶和貨運量成長的同時，正在取得進展，進一步調整成本結構。

Market dynamics remain uncertain, but we will stay disciplined in our actions and maintain a position of strength. We have exceptional service levels, a rock-solid balance sheet with minimal leverage, and available capacity at the ready for future growth.

市場動態仍不確定，但我們將嚴守紀律，維持強勢地位。我們擁有卓越的服務水準、穩健的資產負債表和最低的槓桿率，以及為未來成長做好準備的產能。

We will continue to focus on the long term while taking steps in the near term to improve the return profiles of our business, all with the same mission, to drive long-term value for our people, customers, and shareholders.

我們將繼續著眼於長遠發展，同時在短期內採取措施改善業務回報狀況，所有這些都以同一個使命，為我們的員工、客戶和股東創造長期價值。

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 will review the second quarter, provide some details on the lowering of our cost to serve initiative and give an update on our capital allocation. As a general overview and consistent with recent quarters, our results for the quarter highlight the strength and resiliency of our business in the face of a challenging and unpredictable environment, generating over $225 million of free cash flow in the quarter. While we continue to focus on operational excellence, driving productivity and managing our costs, inflationary pressures, primarily in wages, insurance, both casualty and medical, and equipment costs more than offset those efforts and weighed on margins versus the prior-year period.

謝謝你，雪萊，大家午安。我將回顧第二季度，提供一些有關降低服務成本措施的細節，並更新我們的資本配置。總體而言，與最近幾季的情況一致，本季的業績凸顯了我們業務在充滿挑戰和不可預測的環境中所展現出的實力和彈性，本季度產生了超過 2.25 億美元的自由現金流。雖然我們繼續專注於卓越營運、提高生產力和管理成本，但通膨壓力（主要體現在工資、保險（包括意外傷害和醫療）以及設備成本）抵消了這些努力，並對利潤率造成了壓力，與去年同期相比有所下降。

Starting with second-quarter results. On a consolidated GAAP basis, revenue was flat, operating income decreased 4%, and diluted earnings per share was less than 1% below the prior-year quarter. The declines were primarily driven by inflationary cost pressures across the business, notably in casualty and group medical claims expense, and higher professional driver wages and equipment-related costs. These were partially offset by productivity and cost initiatives and a 5% lower average diluted share count versus the prior-year period. While the recent tax bill remains under review, we continue to expect our tax rate to be between 24% and 25% and likely towards the higher end of that range.

從第二季業績開始。根據合併 GAAP 計算，營收持平，營業收入下降 4%，每股稀釋收益比去年同期下降不到 1%。下降的主要原因是整個業務的通膨成本壓力，特別是意外傷害和團體醫療索賠費用，以及專業司機薪資和設備相關成本的上漲。但生產力和成本舉措以及與去年同期相比平均稀釋股數下降 5% 部分抵消了這一影響。雖然最近的稅收法案仍在審查中，但我們仍然預計稅率將在 24% 至 25% 之間，並且可能接近該範圍的高端。

Regarding costs, we have been managing costs aggressively since the freight downturn began over three years ago. We've managed headcount through attrition and performance management, driven productivity in our operations, and eliminated discretionary spending that ultimately wouldn't jeopardize our future earnings power nor our ability to capitalize on growth opportunities.

至於成本，自從三年前貨運量開始下滑以來，我們一直在積極管理成本。我們透過人員減員和績效管理來管理員工數量，提高營運效率，並消除可自由支配的開支，這些開支最終不會危及我們未來的獲利能力或利用成長機會的能力。

Earlier this year, we challenged ourselves to do more in an effort to accelerate improvement in our financial performance, create greater operating leverage for the company when market dynamics turn, and help support our future growth.

今年早些時候，我們挑戰自己做得更多，努力加速改善財務業績，在市場動態轉變時為公司創造更大的經營槓桿，並幫助支持我們未來的成長。

Each executive focused on 1 or 2 of a total of 14 different areas across the business to identify opportunities to lower our cost to serve. The results of this initiative resulted in $100 million of identified annual cost to eliminate. These costs fall across three main areas: efficiency and productivity, asset utilization, and technology and engineered process improvements, and we are not done. We continue to expand on these initiatives, and we'll provide updates on our progress in the quarters to come. While some of these benefits will be realized this year, most will impact 2026 and beyond.

每位主管都專注於整個業務的 14 個不同領域中的 1 個或 2 個，以尋找降低服務成本的機會。此項措施的結果是每年可節省 1 億美元的已確定成本。這些成本主要涉及三個領域：效率和生產力、資產利用率以及技術和工程流程改進，而且我們還沒有完成。我們將繼續擴大這些舉措，並將在未來幾季內更新我們的進度。雖然其中一些好處將在今年實現，但大多數將影響到 2026 年及以後。

I'll wrap up with a quick update on our capital allocation and priorities. For 2025, we are now expecting net capital expenditures to fall between $550 million and $650 million, effectively tightening the range compared to our prior view of $500 million to $700 million.

最後，我將簡要介紹我們的資本配置和優先事項。對於 2025 年，我們目前預計淨資本支出將降至 5.5 億美元至 6.5 億美元之間，與我們先前預測的 5 億美元至 7 億美元相比，這一範圍實際上有所縮小。

As previously discussed, we have prefunded much of our future growth and capacity needs, so our capital spend this year is primarily for replacement and with success-based needs we have in our Dedicated segment. Our balance sheet remains strong, in line with our targeted leverage of 1 times trailing EBITDA, and we continue to generate strong cash flow and expect this to continue.

如前所述，我們已經為未來的成長和產能需求預先提供了大部分資金，因此我們今年的資本支出主要用於更換以及滿足專用部門的成功需求。我們的資產負債表依然強勁，與我們的目標槓桿率（即 1 倍的 EBITDA）一致，並且我們繼續產生強勁的現金流，並預計這種情況將持續下去。

Our primary use of cash has been managing our leverage and returning value to shareholders through our dividend and repurchasing stock. We remain focused on deploying capital to generate the highest returns for our shareholders. During the second quarter, we repurchased $319 million of stock, which is a quarterly record for the company.

我們對現金的主要用途是管理我們的槓桿並透過股利和回購股票向股東返還價值。我們仍然專注於部署資本，為股東創造最高回報。第二季度，我們回購了價值 3.19 億美元的股票，創下了公司季度回購記錄。

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

我的發言到此結束，現在我將把發言權交給史賓塞。

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 modestly below normal seasonality as customers adapted to changes in global trade policy, the timing and direction of freight flows were impacted. That said, demand for our Intermodal service remains strong. We continue to see customers convert more freight to Intermodal from the highway as our commitment to operational excellence, keeping freight secure and our strong safety record differentiates us from the competition.

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，由於客戶適應全球貿易政策的變化，貨運流的時間和方向受到影響，整體客戶需求略低於正常季節性。儘管如此，我們的多式聯運服務的需求依然強勁。我們不斷看到客戶將更多的貨物從公路運輸轉換為多式聯運，因為我們致力於卓越的運營，確保貨物安全，並且我們強大的安全記錄使我們在競爭中脫穎而出。

In our Brokerage and Truck segments, demand followed more normal seasonal patterns, including some market tightness in May around the annual road check event. However, the market tightness was relatively short-lived, and truckload spot rates remain soft, suggesting the truckload market, while close to equilibrium, continues to experience some excess capacity. This leads me into some feedback we are hearing from customers around their capacity and service.

在我們的經紀和卡車領域，需求遵循更正常的季節性模式，包括五月年度道路檢查活動期間的一些市場緊張。然而，市場緊張的局面相對短暫，卡車現貨價格依然疲軟，這表明卡車市場雖然接近平衡，但仍存在一些運力過剩的情況。這讓我想起了我們從客戶那裡聽到的一些有關他們的容量和服務的回饋。

Customers recognize this cycle is long and ultimately will change. Their conversations with us focus on how to dynamically optimize their supply chain and capacity plans to meet their service needs and budgetary requirements. Customizing our [school] of services in changing markets has positioned us to be their go-to transportation provider that can deliver differentiating value.

客戶認識到這個週期很長並且最終會改變。他們與我們的對話重點是如何動態優化他們的供應鏈和產能計劃以滿足他們的服務需求和預算要求。在不斷變化的市場中客製化我們的服務[學校]使我們成為他們首選的運輸供應商，能夠提供差異化的價值。

Regarding service, all of our businesses, and most importantly our people, have been recognized with multiple service awards from our customers. This translates to realizing some of our highest customer retention numbers in the last five years, more strategic discussions during the bid process, and opportunities for additional freight after bid implementation.

關於服務，我們所有的業務，最重要的是我們的員工，都獲得了客戶的多項服務獎。這意味著我們實現了過去五年來最高的客戶保留率，在投標過程中進行了更具策略性的討論，並在投標實施後獲得了額外的貨運機會。

I'll close with some comments on trade policy, demand, and peak. When we meet with customers, how they are adapting to trade policy remains top of mind. However, accurately forecasting demand is their biggest challenge.

最後，我想就貿易政策、需求和高峰發表一些評論。當我們與客戶會面時，他們如何適應貿易政策仍然是我們最關心的問題。然而，準確預測需求是他們面臨的最大挑戰。

Our customer base is diverse, both in terms of size and industry. And each customer continuously adjust their supply chains to meet their unique needs. Recent examples are some customers of pull freight forward, some continue to execute demand-driven strategies, and others are making changes to their country of origin and manufacturing plans. This added complexity, lack of accurate forecasts, and potential for volatility is why our peak season surcharge programs are starting earlier this year. Regardless of customer strategy and the shape of peak season, we will be ready to meet their demand when it occurs.

我們的客戶群無論在規模或產業方面都是多種多樣的。每個客戶都會不斷調整其供應鏈以滿足其獨特的需求。最近的例子是，一些客戶將貨運提前，一些客戶繼續執行需求驅動策略，還有一些客戶正在改變其原產國和製造計劃。由於增加了複雜性、缺乏準確的預測以及潛在的波動性，所以我們今年的旺季附加費計畫開始得更早。無論客戶策略和旺季情況如何，我們都將隨時準備好滿足他們的需求。

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 an update on our Final Mile, Truckload, and Brokerage businesses. I'll start 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，然後介紹我們的最後一哩路、卡車和經紀業務的最新情況。我先來談談我們的安全表現。

A key portion of our company's focus on operational excellence and driving out cost is our safety performance, which is core to our culture. We are coming off of two consecutive years of record performance measured by DOT preventable accidents per million miles, and our safety results are performing in line with these record performances.

我們公司注重卓越營運和降低成本的關鍵部分是我們的安全績效，這是我們文化的核心。我們已連續兩年創下以每百萬英里交通部可預防事故數量衡量的記錄，我們的安全結果也與這些記錄一致。

We continue to focus on driving improvements in our performance through proper training and technology to improve safety for our people and the motoring public while we effort to lower our cost. There has been a lot of recent discussion in the industry around some trucking regulations such as English language proficiency, the improper use of B1 visas to haul freight in the US or cabotage, and the new FMCSA biometric ID verification for trucking authorizations. While we could only guess the impact this might have on industry capacity for J.B. Hunt, we do not expect to see material impact.

我們將繼續致力於透過適當的培訓和技術來提高我們的績效，以提高我們的員工和駕駛公眾的安全性，同時努力降低成本。最近，業界對一些卡車運輸法規展開了大量討論，例如英語能力、不當使用 B1 簽證在美國運輸貨物或沿海航行，以及新的 FMCSA 卡車運輸授權生物識別身份驗證。雖然我們只能猜測這可能會對 J.B. Hunt 的行業產能產生影響，但我們預計不會看到實質影響。

Moving to the business. I'll start with Final Mile. The end markets in this business remain challenged with demand for big and bulky products, still muted with soft demand for furniture, exercise equipment, and appliances. Demand in our fulfillment network was positive again this quarter, driven by off-price retail.

轉向業務。我將從“最後一英里”開始。該行業的終端市場仍然面臨著對大件和笨重產品的需求的挑戰，對家具、健身器材和家用電器的需求仍然疲軟。受折扣零售的推動，本季我們履行網路的需求再次呈現正成長。

Going forward, our focus remains on continuing to attract new customers to grow this business. That said, we believe recent market conditions will persist through at least year-end, driving our second-half performance to look similar to our first-half performance prior to any consideration for lowering our cost to serve initiatives. We remain focused on providing the highest levels of service being safe and secure and ensuring that the value we provide in the market is realized to drive appropriate returns.

展望未來，我們的重點仍是繼續吸引新客戶來發展業務。話雖如此，我們相信最近的市場狀況將至少持續到年底，推動我們下半年的業績與上半年的業績相似，然後再考慮降低服務成本。我們始終專注於提供最高水準的安全可靠的服務，並確保我們在市場上提供的價值得以實現，從而獲得適當的回報。

Moving to JBT. Our focus in this business hasn't changed. We are working to methodically grow this while remaining disciplined on network balance to drive the best utilization of our trailing assets. This season was competitive this year as it always is, but we are pleased with our success retaining our business, getting modest rate increases, and winning new business with both new and existing customers as evidenced by our highest second-quarter volume in over a decade.

移至 JBT。我們在這個業務的重點沒有改變。我們正在努力有條不紊地發展這項業務，同時嚴格控制網路平衡，以最大程度地利用我們的尾隨資產。今年這個季節的競爭一如既往，但我們很高興能夠成功保留我們的業務，獲得適度的費率增長，並贏得新老客戶的新業務，這從我們十多年來最高的第二季度交易量就可以看出。

Going forward, we like the progress and direction of this business and the improvements we continue to make. That said, meaningful improvements in our profitability in this business will be driven by execution on lowering our cost to serve initiatives, rate improvement, and overall demand for truckload drop trailing solutions.

展望未來，我們喜歡這項業務的進展和方向以及我們不斷取得的改進。也就是說，我們在該業務中的盈利能力的顯著提高將透過降低服務成本、提高費率以及對卡車運輸拖運解決方案的整體需求的執行來推動。

I'll close with ICS. During the second quarter, we saw fairly stable volumes and seasonality. The truckload market tightened around road check and felt like it remain tight a little longer than usual, which compressed our margins in May. That said, spot rates did soften, and we saw margins expand again in June. We are over halfway through the bid season, are pleased with the award so far with rates up low- to mid-single digits and winning volume with new customers.

最後，我想以 ICS 來結束我的演講。在第二季度，我們看到了相當穩定的銷售和季節性。卡車市場在路檢期間變得緊張，並且感覺緊張狀態持續的時間比平時要長一些，這壓縮了我們五月份的利潤率。儘管如此，現貨價格確實走軟，而且我們看到利潤率在六月再次擴大。我們已經度過了投標季的一半，對迄今為止的投標結果感到滿意，投標費率上漲了低到中等個位數，並贏得了大量新客戶。

Our focus here remains on profitable growth, targeting the right customers where we can differentiate ourselves with service while also diversifying our customer base. Compared to the second quarter last year, we've seen our small to midsize customer growth up 25%, which remains a focus, and our customer retention rate is near record levels.

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。與去年第二季相比，我們的中小型客戶成長了 25%，這仍然是我們關注的重點，我們的客戶保留率接近歷史最高水準。

Going forward, we will remain focused on scaling into our investments while continuing to make improvements on our cost structure and our productivity.

展望未來，我們將繼續專注於擴大投資，同時繼續改善成本結構和生產力。

With that, now, I'd like to turn the call over to Darren.

現在，我想把電話轉給達倫 (Darren)。

Thank you, Nick, 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 our areas of focus. I'll start with Intermodal's performance. Overall, demand for our Intermodal service was strong and the business proved to be quite resilient in the face of a lot of uncertainties presented at the end of the first quarter. Volumes in the quarter were up 6% year over year, and by month, we're up 11% in April, up 3% in May, and up 4% in June.

謝謝你，尼克，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，並介紹市場和我們關注領域的最新情況。我先從 Intermodal 的表現開始。整體而言，我們的多式聯運服務需求強勁，面對第一季末出現的許多不確定因素，業務表現出了相當強的韌性。本季交易量較去年同期成長 6%；按月計算，4 月成長 11%，5 月成長 3%，6 月成長 4%。

As it pertains to mix, our Transcon volumes decreased 1% during the quarter and Eastern volume grew 15%. We want to continue to highlight the strength of our Eastern network volume growth. We compete more directly with truck in this market, and yet with low truck rates and lower fuel prices, we continue to see customers convert highway freight to Intermodal. This is a result of our combined strong service levels with our rail providers and how that translates into an attractive and valuable cost-saving alternative to truck for our customers.

就組合而言，本季我們的 Transcon 運輸量下降了 1%，而東部運輸量則增加了 15%。我們希望繼續強調東部網路運量成長的強勁勢頭。我們在這個市場上與卡車進行更直接的競爭，然而由於卡車費率和燃料價格較低，我們繼續看到客戶將公路貨運轉換為多式聯運。這是我們與鐵路供應商強強聯手的結果，也為我們客戶提供了有吸引力且有價值的節省成本的卡車替代方案。

As we wrap up our 2025 bid season, I will remind you of our three-pronged strategy and provide some feedback on our performance.

在我們結束 2025 年競標季之際，我將提醒您我們的三管齊下的策略，並對我們的表現提供一些回饋。

First, we wanted to focus on balancing our network, eliminating the cost to move empties and more efficiently utilize our trailing capacity. I believe we were most successful in this area of our strategy.

首先，我們希望集中精力平衡我們的網絡，消除運輸空箱的成本，並更有效地利用我們的尾隨容量。我相信我們的策略在這一領域取得了最大的成功。

Second, we wanted to grow with both new and existing customers. This growth is not just volume on an absolute basis, but share of wallet and converting customer freight from the highway to Intermodal. I believe we were also quite successful on this strategy while remaining disciplined with our pricing.

其次，我們希望與新舊客戶一起成長。這種增長不僅僅是絕對數量的增長，還包括錢包份額以及將客戶貨運從公路轉換為多式聯運。我相信，我們在嚴格定價的同時，這項策略也相當成功。

Finally, we needed to get rate to help prepare our margins and cover our inflationary costs. To be fair, I don't know that we ever get as much as we want, but I would say we underperformed our expectations in this area.

最後，我們需要獲得利率來幫助準備我們的利潤並彌補通貨膨脹成本。公平地說，我不知道我們是否能得到我們想要的那麼多，但我想說我們在這方面的表現低於我們的預期。

To be clear, we believe our overall book of business did reprice modestly higher year over year as we did achieve increases in our head haul lanes, partially offset by pressure in the backhaul lanes. We believe the results of this bid season, combined with our lowering our cost to serve initiatives, can stabilize our margin performance and could be supportive of modest improvements going forward.

需要明確的是，我們認為，由於我們的主程運輸航線數量確實有所增加，但回程運輸航線的壓力部分抵消了我們的整體業務量同比略有上漲。我們相信，本次投標季的結果，加上我們降低服務成本的舉措，可以穩定我們的利潤率表現，並有助於未來的適度改善。

As a reminder, Q3 is typically the first full quarter that reflects the collective work of our bid season and will be with us through the first half of 2026.

提醒一下，第三季度通常是反映我們投標季節集體工作的第一個完整季度，並將持續到 2026 年上半年。

During the second quarter, we announced the launch of our Quantum service in Mexico. We have been growing this service-sensitive offering in the United States and are excited to bring this product to Mexico with our rail providers. Mexico has been the fastest-growing channel at J.B. Hunt, and we continue to see a long runway for growth in this market for many years to come.

第二季度，我們宣佈在墨西哥推出 Quantum 服務。我們一直在美國擴大這種服務敏感產品，並很高興與我們的鐵路供應商一起將產品帶到墨西哥。墨西哥一直是 J.B. Hunt 成長最快的管道，我們繼續看到未來許多年該市場仍將保持長期成長勢頭。

In closing, we remain very confident in our Intermodal franchise and the value we provide for our customers. Our service levels are high, customers trust us, and we have both the capacity and capability to grow well into the future. We believe our performance continues to lead the industry while maintaining a heavy investment in capacity to support our future growth.

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非常有信心。我們的服務水準很高，客戶信任我們，我們有能力和實力在未來實現良好發展。我們相信，我們的業績將繼續引領產業，同時保持對產能的大量投資以支持我們未來的成長。

I'd now like to turn the call over to Brad.

現在我想把電話轉給布拉德。

Thank you, Darren, and good afternoon, everybody. I'll provide an update on our dedicated results. Starting with the quarter, at a high level, I believe our second-quarter results were very strong, particularly in light of the prolonged challenging freight environment. We believe this is a testament to the strength and diversification of our model, the value we create for our customers, and how we drive accountability at each site and customer location. As a result, we continue to see good demand for our professional outsourced private fleet solutions.

謝謝你，達倫，大家下午好。我將提供有關我們專門成果的最新資訊。從本季開始，從高水準來看，我相信我們的第二季業績非常強勁，特別是考慮到長期充滿挑戰的貨運環境。我們相信，這證明了我們模式的實力和多樣性、我們為客戶創造的價值以及我們如何在每個站點和客戶所在地推動責任制。因此，我們繼續看到對我們的專業外包私人車隊解決方案的良好需求。

During the second quarter, we sold approximately 275 trucks of new deals. As a reminder, our annual net sales target is for 800 to 1,000 new trucks per year. And through the first half of the year, we would be on pace with this target, absent the known losses we disclosed almost two years ago. Encouragingly, our sales pipeline remains strong as our value proposition in the market remains differentiated.

第二季度，我們銷售了約 275 輛新卡車。提醒一下，我們的年度淨銷售目標是每年 800 至 1,000 輛新卡車。如果沒有我們在近兩年前揭露的已知損失，今年上半年我們就能實現這個目標。令人鼓舞的是，由於我們在市場上的價值主張仍然具有差異化，我們的銷售管道依然強勁。

As I just mentioned, we have had visibility to some fleet losses that we anticipated to wrap up during the second quarter. That has largely played out as expected, except the timing of the actual account closure rolled into early July. This positively impacted our 2Q '25 truck count by about 85 trucks versus our expectations we shared with you last quarter. Given our strong sales pipeline, we continue to expect to see net fleet growth in the second half of the year.

正如我剛才提到的，我們已經看到了一些船隊的損失，預計這些損失將在第二季結束。一切基本上按照預期進行，只是實際帳戶關閉時間延後到了 7 月初。這對我們 2025 年第二季的卡車數量產生了積極影響，與我們上個季度與您分享的預期相比，卡車數量增加了約 85 輛。鑑於我們強勁的銷售管道，我們預計今年下半年淨機隊將繼續成長。

As is always the case, we remain disciplined on the type of deals we underwrite without sacrificing our return targets, and remain pleased with the activity and recent overall momentum. We believe the performance in our Dedicated business during the downturn has been a standout for our company and the industry and highlights the unique strength and resiliency of our model.

像往常一樣，我們在承銷交易類型方面保持嚴謹，不會犧牲我們的回報目標，並且對活動和近期的整體勢頭感到滿意。我們相信，在經濟低迷時期，我們的專用業務表現對於我們公司和整個行業來說都是突出的，並凸顯了我們模式的獨特優勢和彈性。

We have a diverse customer base, both by industry and geography with managers on-site with our customers, executing their outsourced private fleet solution. We have great visibility into the financial performance of each account, which provides a high level of accountability at each location.

我們擁有多元化的客戶群，涵蓋行業和地理，我們的經理在客戶現場為他們執行外包私人車隊解決方案。我們對每個帳戶的財務表現有很好的了解，這為每個地點提供了高水準的責任制。

Going forward, we continue to expect to see some modest fleet growth in 2025, but the timing and magnitude of our net adds could impact our prior expectations for modest growth in operating income this year compared to 2024. This is a result of us typically incurring some startup costs when we onboard new business. We view this favorably, and this sets us up well to continue on our growth trajectory into 2026 and beyond.

展望未來，我們仍預期 2025 年機隊將出現溫和成長，但淨增機隊的時間和規模可能會影響我們先前對今年營業收入較 2024 年溫和成長的預期。這是因為我們在開展新業務時通常會產生一些啟動成本。我們對此持樂觀態度，這為我們在 2026 年及以後繼續保持成長軌跡奠定了良好的基礎。

Our business model and value proposition are differentiated and continues to attract new customers despite the challenging market, and we are very confident in our ability to compound our growth over many years to further penetrate our large addressable market.

我們的商業模式和價值主張具有差異化，儘管市場充滿挑戰，但仍繼續吸引新客戶，我們非常有信心在未來多年實現複合成長，進一步滲透我們龐大的潛在市場。

With that, I'd like to turn it back to the operator to open the call for questions.

說完這些，我想把電話轉回給接線生，開始提問。

(Operator Instructions) Jon Chappell, Evercore ISI.

（操作員指示）Jon Chappell，Evercore ISI。

Thank you. Good afternoon, everyone. Darren, when I tie together a lot of your comments mostly on the last part on the bid season, underperformed expectations in this area, but still up modestly year over year, what you've done in the East and the share gain you've had there and the mix offset there, when we think about the revenue per load cadence for the next four quarters, like the cake is baked in the mid-'26, does the rest of the year and early next year look like 2Q, or is there anything that can really change the dynamic of that driver?

謝謝。大家下午好。達倫，當我把你的許多評論放在一起時，主要是關於投標季節的最後部分，這個領域的表現低於預期，但與去年同期相比仍略有增長，你在東部所做的以及你在那裡獲得的份額增長和那裡的組合抵消，當我們考慮未來四個季度的每裝載節奏收入時，就像蛋糕在 26 年中期烤好，該季節是否有什麼動態？

Sure. Well, certainly, mix can play a big role, and there's a lot happening with mix right now when you heard the result in the second quarter being negative 1% in TransCon, but positive 15% in East. I don't consider that a seasonally normal kind of mix result. I don't even consider that really the result in the bid cycle. It's as much of a reflection of some of the customer noise around tariffs and imports and all things affecting what's happening now.

當然。嗯，當然，組合可以發揮很大的作用，當你聽到第二季度的結果為 TransCon 為負 1% 而東部為正 15% 時，組合就發生了很多變化。我不認為這是一種季節性的正常混合結果。我什至不認為這真的是競標週期的結果。這在很大程度上反映了一些客戶對關稅、進口以及影響當前局勢的所有因素的擔憂。

Core pricing being slightly positive, I mean, that is essentially the result of what I will call the 2025 pricing cycle. We will begin preparing for pricing discussions and plans for 2026 capacity with our customers as the remainder of the year goes on, and we will be closely watching the highway market and try to adapt.

核心定價略微呈現正態勢，我的意思是，這基本上是我所說的 2025 年定價週期的結果。隨著今年剩餘時間的到來，我們將開始與客戶準備價格討論和 2026 年容量計劃，我們將密切關注高速公路市場並努力適應。

Traditionally, Intermodal has been a little bit of a laggard to the truck market. We're going to be watching closely as we get through the end of this year and into next year for signs that the highway market is changing. And Intermodal is going to want to keep up faster. Will remain to be seen if we can do that, but that will certainly be an effort we would want to undergo.

傳統上，多式聯運在卡車市場上稍微落後一些。我們將密切關註今年年底和明年高速公路市場的變化跡象。而多式聯運將會以更快的速度跟上步伐。我們能否做到這一點還有待觀察，但這肯定是我們願意付出的努力。

Hey, Jon. This is Brad Delco. I'll add a little bit to that. I think you and hopefully the rest of the audience heard us speak during the quarter at conferences, we were talking about mix changes and the impact that would have on yield and revenue per load. And I think for the first time, we were very transparent with our expectations on we're in this bid season with land and sort of hinted, we thought, flat to be slightly up, and we landed slightly up with kind of pure price.

嘿，喬恩。這是布拉德·德爾科。我再補充一點。我想您和其他聽眾在本季度的會議上聽到了我們的發言，我們討論了組合變化及其對產量和每批貨物收入的影響。我認為這是我們第一次非常透明地表達我們對這個土地競標季節的預期，並暗示我們認為價格會持平或略有上漲，而最終我們以純價格略有上漲。

You did see in the quarter our revenue per load or yield to fall both sequentially and year over year. And on, let's call it, relatively similar volumes versus first quarter, we saw 30 basis points of sequential margin improvement in Intermodal.

您確實看到本季我們的每載收入或收益環比和同比均有所下降。與第一季相比，我們的交易量相對相似，我們看到多式聯運的利潤率連續提高了 30 個基點。

And I think the point I'm trying to make here is we have been obviously working very hard on cost initiatives and driving productivity and efficiency, but I think that there's this idea out there that revenue per load is the end all be all and that there are other drivers of margin performance. And I think we just at least put some evidence behind that in the quarter. So hopefully, that helps.

我認為我在這裡想要表達的觀點是，我們顯然一直在非常努力地降低成本，提高生產力和效率，但我認為，有一種觀點認為，每裝載的收入才是最重要的，還有其他因素可以推動利潤表現。我認為我們至少在本季提供了一些證據。希望這能有所幫助。

Appreciate it, thank you.

非常感謝，謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good afternoon. I wanted to ask about the $100 million of cost that you guys have talked about. I guess maybe first question, is that separate than the $60 million, I think you guys have talked about in the past in terms of capacity opportunities?

嘿，謝謝。午安.我想問一下你們談到的 1 億美元成本。我想也許第一個問題是，這與 6000 萬美元是分開的嗎？我想你們過去曾討論過產能機會？

And then as you think about the breakdown within the segments or maybe the cadence of that dropping through, can you sort of give us a little bit more detail on how you see that playing out maybe through the rest of '25 and beyond?

然後，當您考慮各個部分內的細分或下降的節奏時，您能否向我們提供更多細節，說明您如何看待這一趨勢在 25 年剩餘時間及以後的走勢？

Sure. Chris, appreciate the question. As far as what we've communicated previously, what we had talked about is that the realization of what the excess equipment that we have in our segments is what that pressure is on our margins. And so the $100 million is really continuation of that work. We are going to some of the items that we've identified in the $100 million that we've quantified will help address some of that issue. So there is, as we mentioned, asset utilization is a big part of that.

當然。克里斯，感謝您的提問。就我們之前所傳達的內容而言，我們所談論的是，我們意識到我們各個部門中過剩的設備對我們的利潤率造成了壓力。因此，這 1 億美元實際上是這項工作的延續。我們將對已量化的 1 億美元中確定的一些項目進行研究，以幫助解決其中的一些問題。正如我們所提到的，資產利用率是其中很重要的一環。

As far as providing more detail on the segment, so we're not going to give how these numbers play out within the segments. But I think it'd be -- it's logical for you and the others to assume that these savings, these cost reductions will be proportionate to the level of spend that we see within those segments. And then you would give some way to how each individual segment is progressing towards their margin targets. So Dedicated is a little closer to the stated margin target, but they also have a large area of spend in the organization, and so they are going to share in a fair proportion of the $100 million that we've identified today.

至於提供更多有關該細分市場的細節，我們不會給出這些數字在細分市場中如何發揮作用。但我認為——您和其他人可以合理地認為，這些節省、這些成本削減將與我們在這些領域看到的支出水平成正比。然後，您將給出一些方法來說明每個單獨的部分如何朝著其利潤目標前進。因此，Dedicated 稍微接近既定的利潤目標，但他們在組織中也有很大一部分支出，因此他們將分享我們今天確定的 1 億美元中的相當一部分。

Dan Moore, RW Baird.

丹摩爾、RW 貝爾德。

Sorry, guys. A little rusty. Good to be back. Thank you for the question. I'll be brief for a change. I was hoping we could talk a little bit about cost improvement initiatives, but specific to ICS. I know you guys don't really want to drill down at a division level with specific numbers. That being said, I think we all realize you're very focused on pulling levers that you can control. So any color around ICS and just how you're approaching your efforts there would be most appreciated.

抱歉，各位。有點生鏽。很高興回來。謝謝你的提問。我將簡短地談談。我希望我們可以談論一些成本改進舉措，但具體到 ICS。我知道你們並不真的想深入部門層面並給出具體的數字。話雖如此，我想我們都意識到你非常專注於拉動你可以控制的槓桿。因此，如果您能提供有關 ICS 的任何資訊以及您如何在那裡開展工作，我們將不勝感激。

All right. Again, welcome back, Dan. Good to hear from you. I would just say, we've been working to take cost out of Intermodal for the past few quarters and been successful and continue to -- in ICS, sorry. Had to correct me there that, but in ICS. And so when I look at it, we're doing a lot of levers, but I would say a lot of it is what we're working on is span and control and really trying to get more efficient with our people.

好的。再次歡迎回來，丹。很高興收到你的來信。我只想說，過去幾個季度我們一直在努力降低多式聯運的成本，並且取得了成功，並且將繼續——在 ICS，抱歉。必須糾正我這一點，但在 ICS 中。所以當我看到它時，我們正在做很多事情，但我想說的是，我們正在努力的很多是跨度和控制，並真正努力提高我們員工的效率。

And I think you will see that if you look at our operating expense in Q2 of last year versus Q2 of this year, you can clearly see $3 million or more that's come out of that expense, and that's a lot around span and control and people and doing things much more efficiently. But I'd also say we're focused on every penny, looking under every rock and crevice that we can get to drive that.

我想你會發現，如果你對比一下我們去年第二季度與今年第二季度的營運費用，你就會清楚地看到，這筆費用增加了 300 萬美元或更多，這在很大程度上與範圍和控制以及人員有關，而且做事效率更高。但我也想說，我們專注於每一分錢，盡我們所能去實現這一目標。

And I think that if you just look at ICS right now, we are really close to getting the ship turned around and excited where we're at. But that's just one example of many things that we're doing to really drive cost out on the ICS side.

我認為，如果你現在看 ICS，你會發現我們真的已經接近掉頭了，而且我們對現在的處境感到興奮。但這只是我們為真正降低 ICS 成本而採取的眾多措施之一。

Yeah. Maybe just one clean-up item, Dan. I think -- and for the audience, year-over-year gross profit dollars were effectively similar. I think we were up $300,000, but we saw nearly a $10 million improvement in operating income. And really, that's $10 million of OpEx that came out of the business versus the prior quarter.

是的。也許只是一件清潔用品，丹。我認為——對於觀眾來說，同比毛利潤實際上是相似的。我認為我們增加了 30 萬美元，但營業收入增加了近 1000 萬美元。實際上，與上一季相比，該業務的營運支出增加了 1,000 萬美元。

And as you probably remember, when you were sitting in your other seat, we talked about $35 million of cost that we incurred in 2024 that wouldn't repeat in 2025. And I think at least so far through the first two quarters of this year, you've certainly seen a good step down in OpEx year over year in ICS. That doesn't mean that there's still not opportunity there, but it's probably one area we've done already the most amount of work.

您可能還記得，當您坐在另一個座位上時，我們談到了 2024 年產生的 3500 萬美元成本，而這些成本在 2025 年不會重複出現。我認為至少從今年前兩個季度來看，您肯定已經看到 ICS 的營運支出較去年同期大幅下降。這並不意味著那裡沒有機會，但這可能是我們已經做最多工作的領域之一。

And I think as you heard in Nick's prepared comments, scaling and growing is a big focus, while also looking at other areas to drive out cost.

我認為，正如您在尼克準備好的評論中聽到的那樣，擴大規模和發展是一個重點，同時也要考慮其他領域以降低成本。

Thanks for the color. Good luck, guys.

謝謝你的顏色。祝大家好運。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hi, good afternoon. Thanks for taking the question. So I want to come back to the cost savings target. Maybe John, can you give us a little bit more description on that how much of this is volume dependent of any bigger buckets that you can kind of point to from a headcount perspective? And I think in the past you even said there might be some container rentals or other utilization. So is that also considered in this program? So any other details you can provide there, including the cadence would be helpful.

嗨，下午好。感謝您回答這個問題。所以我想回到成本節約目標。也許約翰，你能否給我們更多的描述，其中有多少是依賴數量，從人數角度來看，你可以指出哪些更大的桶子？我認為過去您甚至說過可能會有一些貨櫃租賃或其他利用。那麼該計劃也考慮到了這一點嗎？因此，您提供的任何其他詳細資訊（包括節奏）都會有所幫助。

Hey, Brian. I appreciate the question. So really, we -- what we've identified and tried to go through is really looking at cost dollars and where we can find opportunities there. This is across the board. As I said in our opening remarks, we had each executive kind of assigned to an area, and that was salaries and wages, that was benefits, that was equipment utilization, really across the board. And so some of it will be volume improvement.

嘿，布萊恩。我很感謝你提出這個問題。所以實際上，我們 — — 我們所確定的和嘗試解決的問題實際上是在考慮成本以及我們可以在哪裡找到機會。這是全面的。正如我在開場白中所說，我們為每位高階主管分配了一個領域，即薪資、福利、設備利用等，實際上是全面的。因此，其中一些將是音量的提高。

That will be -- certainly, it will help drive cost out. But a lot of these are structural changes to costs that we've been incurring to date that we have line of sight that we can remove from the system. And so that's kind of where our focus is and what's driving that initiative.

這肯定會有助於降低成本。但其中許多都是對我們迄今為止產生的成本進行的結構性改變，我們已經看到了可以從系統中刪除這些改變的跡象。這就是我們的重點所在，也是推動這項措施的動力。

Yeah, maybe it's helpful, too. I mean, Brad or Darren, up with you on the spot, if you think there are areas that you want to just highlight that you're looking into?

是的，也許它也有幫助。我的意思是，布拉德或達倫，您是否認為有一些領域需要強調，您正在研究這些領域？

Yeah. I'll just mention, we continue to see advancements in technology. And so as we think about artificial intelligence and the use of agents allows us to complete our work more efficiently and therefore, lower cost. Shelley mentioned it, I think it's one of my favorite things, and that's just do more with less. And that's really the mantra that we've been on, and we've been on that site for three years now.

是的。我只想說，我們不斷看到科技的進步。因此，當我們考慮人工智慧和代理時，我們可以更有效率地完成工作，從而降低成本。雪萊提到了這一點，我認為這是我最喜歡的事情之一，那就是用更少的資源做更多的事情。這確實是我們一直秉持的理念，我們已經在這個網站上工作了三年。

It's dry, but we're still not where we need to be. And so we're pushing harder and farther. And really, that's what it comes down to. There's a lot of great ideas that are in flight that will help us become more productive, leverage our equipment, investments better in the future than we have in the past through collaboration and sharing of resources, not only within Dedicated, for example, but also across divisions with Intermodal and Dedicated and Final Mile working closer together. So those are just some of the areas that I see.

雖然天氣已經乾燥，但我們還沒有達到我們需要的程度。因此，我們會更加努力、更加努力。事實上，這就是事情的真相。有很多好主意正在醞釀中，這些主意將幫助我們提高生產力，利用我們的設備和投資，比過去更好地利用協作和資源共享，不僅在專用部門內部，而且在跨部門之間，使多式聯運、專用和最後一英里部門更加緊密地合作。這些只是我看到的一些領域。

And I might just add to something you said, Brad. As I think about artificial intelligence, if you think from our people perspective, one of the things we've really done over the last three years was to make sure there are people in that we wouldn't be doing mass because we think our people, that is our culture. And so as we've started having these conversations and really introducing them to these concepts, our people have a level of safety that allows them to really bring the vast ideas of how we can eliminate work that is not meaningful to them. And so we want to point our people from doing work that we think we can automate and become more efficient into growing our business. And so that's a big part of our plan as well.

我可能只是想補充你所說的內容，布拉德。當我思考人工智慧時，如果從我們的人員角度思考，我們在過去三年中真正做的事情之一就是確保我們不會進行大規模生產，因為我們認為我們的人員就是我們的文化。因此，當我們開始進行這些對話並真正向他們介紹這些概念時，我們的員工就有了一定程度的安全感，使他們能夠真正提出關於如何消除對他們沒有意義的工作的廣泛想法。因此，我們希望引導員工不再從事那些我們認為可以自動化、更有效率的工作，而是致力於發展我們的業務。這也是我們計劃的重要組成部分。

I don't think we've identified everything there yet in the $100 million. And so that's part of what John Kuhlow talked about. That's our first $100 million. We'll have updates from there. But I think that's an important no. Because when you have people understanding the strategy of the company, making sure that we've invested in our people, technology, and capacity, and that when we come through this, their good ideas will help us move forward and progress more quickly than had we not.

我認為我們還沒有確定這 1 億美元中的所有事項。這就是 John Kuhlow 所談論的部分內容。這是我們的第一個1億美元。我們將從那裡發布最新消息。但我認為這是一個重要的問題。因為當你讓人們理解公司的策略時，確保我們對我們的人才、技術和能力進行了投資，並且當我們度過難關時，他們的好主意將幫助我們比以前更快地前進和進步。

So I'll jump in here, Brian. You asked some questions about equipment utilization and how that might play a role. Certainly, we've talked about having excess capacity for some time now. We're working on a host of creative ways to put that equipment to work. It can be replacing at least trailer in the Dedicated business unit as an example or even in JBT or even Final Mile. Can we put some of the containers to work in places where maybe in the past, we had trailers leased.

所以我要加入進來，布萊恩。您詢問了一些有關設備利用率及其可能發揮的作用的問題。當然，我們已經討論產能過剩問題有一段時間了。我們正在研究多種創造性的方法來使這些設備發揮作用。例如，它可以取代專用業務部門中的至少一個拖車，甚至可以取代 JBT 或 Final Mile 中的拖車。我們能否將一些貨櫃放到過去可能租用拖車的地方使用？

Have we talked to outside entities about potential leases, that's certainly a topic out there. I don't have anything to share. There isn't one of those currently going on, but it's certainly a topic. And then certainly, we've been engaged with BNSF in a meaningful way to talk about the cost to store the equipment, facilities we both own how can we minimize the cost together, and they are a partner with us in that. And we look forward to seeing the benefits of that.

我們是否與外部實體討論過潛在的租賃，這當然是一個主題。我沒有什麼可以分享的。目前還沒有發生這樣的事情，但這肯定是一個話題。當然，我們已經與 BNSF 進行了有意義的接觸，討論了儲存我們共同擁有的設備、設施的成本，我們如何才能共同最大限度地降低成本，在這方面他們是我們的合作夥伴。我們期待看到其帶來的好處。

I'm not going to tell you that the second quarter had a lot of benefits in those kinds of areas. But as we move through the rest of the year, we think we can have a meaningful impact on some cost areas, certainly around the assets and the trailing equipment.

我不會告訴你第二季度在這些領域有很多好處。但隨著我們度過今年剩餘的時間，我們認為我們可以對一些成本領域產生有意義的影響，當然圍繞資產和尾隨設備。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So Darren, you had a comment that you think we're at a point where Intermodal margins will be stable to modestly improved. And I guess, I just want to understand that a little bit more. Is that a sequential comment? Is that a year-over-year comment? I guess, ultimately, what I'm trying to understand is, you're doing something with cost, it sounds like price may be just getting a little bit better, earlier peak surcharges.

所以 Darren，您評論說，您認為我們正處於多式聯運利潤率將保持穩定並略有提高的階段。我想，我只是想對此有更多的了解。這是連續的評論嗎？這是同比評論嗎？我想，最終，我想理解的是，你正在做一些與成本有關的事情，聽起來價格可能會變得更好一點，更早的高峰附加費。

Like do you think are we at a point now where year-over-year Intermodal margins can start improving or at least being flat? Or are we not saying that yet?

您是否認為我們現在處於一個可以開始提高或至少保持平穩的聯運利潤率的階段？或者我們還沒這麼說？

Well, I think that what we're suggesting is that we've stabilized where they're at. I would -- I believe strongly in our cost initiatives and the efforts we have underway to help us moving forward.

嗯，我認為我們的意思是我們已經穩定了他們的現狀。我堅信我們的成本措施和我們正在進行的努力將幫助我們向前邁進。

I want to highlight that we didn't get the pricing that we would have liked to have achieved given cost pressures that we -- that every entity is facing. That's driver wages. It's the cost of maintenance equipment. It's the cost of insurance. It's all the things that are factors in our results. And -- so pricing hasn't kept up with that necessarily.

我想強調的是，考慮到每個實體都面臨的成本壓力，我們並沒有獲得我們希望實現的定價。那是司機的薪水。這是維護設備的成本。這是保險費用。所有這些都是影響我們結果的因素。因此定價並不一定能跟上這一步。

What that did do though in the bid cycle is it created an environment where we're talking to customers about our challenges. And I think together, we have found, not in every instance, but in some instances, we found where customers are working with us to find new ways to flow new flexibility into our drayage operations to where we can drive better driver productivity, certainly drive out empty miles from time to time. I mean, these are all ways that we're attacking our margin.

但這在投標週期中確實創造了一個我們與客戶討論我們所面臨的挑戰的環境。我認為，我們共同發現，雖然不是在所有情況下，但在某些情況下，我們發現客戶正在與我們合作，尋找新的方式，為我們的短途運輸業務注入新的靈活性，以便我們能夠提高駕駛員的工作效率，當然有時也會減少空載里程。我的意思是，這些都是我們攻擊利潤的方法。

And I just want to make sure that the investor group doesn't believe that the only path to margin improvement at J.B. Hunt is from price. It is a necessary factor to fully repair our margin, but growth and cost control are also big factors that can help us. And I would probably take growth cost takeouts or cost efficiencies and then price as kind of equal parts of our mission back to at least a [10%] margin. And that's an important element for our investors to watch. And we believe as we move forward, we can achieve sequential improvements in what's going on with our margin.

我只是想確保投資者群體不會認為 J.B. Hunt 提高利潤率的唯一途徑是價格。這是全面修復我們利潤率的必要因素，但成長和成本控制也是可以幫助我們的重要因素。我可能會將成長成本或成本效率與價格作為我們使命的平等部分，使其利潤率至少回到 [10%]。這是我們的投資者需要關注的重要因素。我們相信，隨著我們不斷前進，我們的利潤率能夠不斷提高。

So just if I can, just I want to make sure I'm understanding, are you suggesting we don't need to wait until the back half of next year and another year pricing to get margin improvement, we can get there before then. Is that ultimately what you're trying to say?

因此，如果可以的話，我只是想確保我理解，您是否建議我們不需要等到明年下半年和另一年的定價才能提高利潤率，我們可以在那之前實現這一目標。這最終就是您想要表達的意思嗎？

Scott, I'll take a stab at this. I think we were very intentional with what we put in our prepared comments as we are each and every year. I think it is an important and also a pretty big statement for us to say, hey, we think we've seen stabilization in our margins in Intermodal based upon our executing on our cost to serve initiatives and based upon what we're able to achieve in the bid process. And I think we've been clear and transparent there, particularly with, hey, we have gotten -- we had -- sorry, we have seen rate improvement in our head haul-ins. And we've also tried to explain why there's a lot of value in balancing the network.

斯科特，我會嘗試一下。我認為，我們每年都是有意在準備好的評論中表達自己的觀點。我認為這對我們來說是一個重要且相當重大的聲明，嘿，我們認為我們已經看到我們的聯運利潤率趨於穩定，這是基於我們執行的成本服務計劃以及我們在投標過程中所能取得的成就。我認為我們在這方面一直很清晰和透明，特別是，嘿，我們已經得到了 - 我們已經 - 抱歉，我們已經看到我們的頭部運輸率有所提高。我們也試著解釋為什麼平衡網路具有很大的價值。

And we talked about, hey, seeing some improved balance, can move margin 10s of basis points. But we've been facing headwinds on price for two years, and I think our margins have held up well. We are finally at a point where we have just a very, very small tailwind to price, not nearly enough to compare where inflationary costs are. But if you take what we've shared on what we think we could achieve on lowering our cost to serve, plus a little bit of help on rate, yeah, we said we think we can stabilize our Intermodal margins and this can be supportive of some modest improvements. And I would say that's from where we are today.

我們討論過，嘿，看到一些改善的平衡，可以將保證金提高 10 個基點。但兩年來我們一直面臨價格阻力，但我認為我們的利潤率保持良好。我們最終處於這樣一個階段：價格只受到非常非常小的推動，遠遠不足以與通膨成本進行比較。但是，如果您接受我們所分享的關於我們認為我們可以實現的降低服務成本的目標，再加上一點費率方面的幫助，是的，我們說我們認為我們可以穩定我們的多式聯運利潤率，這可以支持一些適度的改進。我想說，這就是我們今天的處境。

(Operator Instructions) Daniel Imbro, Stephens.

（操作員指示）丹尼爾·伊姆布羅，史蒂芬斯。

Good evening, everybody. Thanks for taking the question. I'll ask a non-Intermodal one here. I guess, Brad, you mentioned in your prepared script, the dedicated customer loss trickled here into July. I guess that helps we count in 2Q. Was there any benefit on margin in 2Q as we think about maybe you maintained that higher margin business longer than you anticipated?

大家晚上好。感謝您回答這個問題。我會在這裡詢問非聯運的問題。我想，布拉德，你在準備好的腳本中提到過，專用客戶的流失已經持續到 7 月了。我想這有助於我們計算第二季的數據。我們認為，也許您維持高利潤率業務的時間比預期的要長，那麼第二季的利潤率是否有所提高？

And then I think in the script, you mentioned start-up costs are going to affect your ability to maybe hit your operating income growth. Any more color you can share there? Is there anything anomalous about the start-up costs or how long they should may be a drag on margin before you see that recovery from this new business and fleet growth?

然後我認為在腳本中您提到啟動成本將會影響您實現營業收入成長的能力。能分享更多顏色嗎？啟動成本是否存在異常，或者在看到新業務和機隊成長復甦之前，啟動成本可能會對利潤率造成多長時間的拖累？

Thanks, Daniel. I'll start with the back half of your question. As we get deeper in the year, the comment was really just a reminder that as we have growth in Q4, that always is a drag for us.

謝謝，丹尼爾。我先從你的問題的後半部開始。隨著我們進入新的一年，這條評論實際上只是一個提醒，儘管我們在第四季度實現了成長，但這對我們來說始終是一個拖累。

When we have that growth in the first half of the year, we can outrun the start-up cost and investments by getting to profitability. Typically, we talk about that being in the third or fourth operating months. And so just based on the way this year has played out and the way we see our growth getting back to the net growth in the back half, it likely will have some degree of drag on it.

當我們在上半年實現成長時，我們可以透過實現盈利來超越啟動成本和投資。通常，我們談論的是第三或第四個營運月份。因此，僅根據今年的進展以及我們看到的下半年經濟成長恢復到淨成長的情況，它可能會產生一定程度的拖累。

As it relates to the smaller carryover on the known losses, did that have a positive or material impact on our Q2 profitability? I would say -- I would not be able to say that it had any material impact on our profitability. That business was in line with what our operating results were. So I guess maybe having that revenue a little bit longer than we anticipated may have contributed to some OI, but I wouldn't say that it positively or negatively our operating ratio.

由於這與已知損失的較小結轉有關，這對我們第二季度的盈利能力產生了積極或重大影響嗎？我想說——我不能說它對我們的盈利能力產生了任何實質的影響。該業務與我們的經營業績一致。因此，我想也許這筆收入的持續時間比我們預期的要長一些，可能會對一些營業利潤產生一些影響，但我不會說這會對我們的營業比率產生積極或消極的影響。

Hey, Daniel, this is Brad. I mean, I would say, and we tried to make this clear in the prepared comments. We thought our fleet count would be relatively flat Q1 to Q2. We outperformed it. We're effectively saying kind of like just the timing of literally a couple of days is the difference of what we reported in terms of ending truck count versus maybe what it looks like today. And so literally just a couple of days extra with that account on the books made that number just look a little bit off from what we shared with you guys three months ago.

嘿，丹尼爾，我是布萊德。我的意思是，我想說，我們試圖在準備好的評論中明確這一點。我們認為第一季至第二季我們的船隊數量將相對持平。我們的表現超越了它。我們實際上是說，我們報告的最終卡車數量與今天的情況之間的差異僅僅是幾天的時間差異。因此，實際上，由於該帳戶只多存了幾天，所以這個數字與我們三個月前與你們分享的數字相比略有不同。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

I know customer uncertainty around forecasting demand in the second half is still a challenge, but peak season is coming pretty quickly. So given the on again, off again tariffs and your own relatively tough second half volume comps, can you maybe drill down a little bit deeper on how you think peak season will develop? Can you get positive volume growth? And do you see more mix shifts around that TransCon versus East Coast?

我知道客戶對於下半年需求預測的不確定性仍然是一個挑戰，但旺季即將到來。因此，考慮到時斷時續的關稅和您自己相對艱難的下半年銷售對比，您能否更深入地探討一下您認為旺季將如何發展？您能獲得正的銷售成長嗎？您是否看到 TransCon 與東海岸相比有更多的混合轉變？

Hey, Jordan. This is Spencer. Thanks for the question. As I mentioned in my remarks, every one of our customers is unique and specifically and how they've adjusted the changes in trade policy. Some stayed the course, some paused certain items, some pulled inventory forward, and really, all of them longer term are considering their sourcing strategies. And that makes for a very dynamic forecasting challenge for them and for us.

嘿，喬丹。這是斯賓塞。謝謝你的提問。正如我在演講中提到的，我們的每個客戶都是獨一無二的，他們也都各自具體地調整了貿易政策的變化。有些公司堅持原有計劃，有些公司暫停某些項目，有些公司提前庫存，實際上，所有公司都在考慮長期採購策略。這對他們和我們來說都是一個極具挑戰性的預測問題。

And so to your question, the size, the shape, the duration of peak, that's going to be different for every customer. And that's also really why we implemented our surcharge early this year. There are quite a few unknowns as to how that's going to manifest itself over the next couple of months.

對於您的問題，高峰的大小、形狀和持續時間對於每個客戶來說都是不同的。這也是我們今年稍早實施附加費的原因。至於未來幾個月內這種情況將如何發展，仍有許多未知數。

Specifically, some customers have said they're going to have a similar peak in shape and size. Others have said it might be extended or also uneven. So that presents a very large challenge for them and also for us as we're staring at the next couple of quarters. But it's also why we wanted to be in a position to make sure that we were going to be ready with our people as well as our equipment that whenever that demand does occur over the next few months that we can serve them. And so we're very confident in that part and focusing in on our operation. And so whatever the volatility is, we're going to be ready to take care of that business when it comes in.

具體來說，一些顧客表示他們將會擁有形狀和大小相似的峰值。其他人則表示，它可能會延長或不均勻。因此，這對他們和我們來說都是一個巨大的挑戰，因為我們正著眼於未來幾季。但這也是為什麼我們希望能夠確保我們的人員和設備都做好準備，以便在接下來的幾個月裡，無論何時出現這種需求，我們都可以為他們提供服務。因此，我們對這部分非常有信心，並專注於我們的營運。因此，無論波動性如何，我們都將做好準備來應對。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Last year, you repurchased $550 million worth of shares. That's the most you had done since 2007, I believe, and this year, halfway through, you're at roughly the same rate you did last year. Can you talk a little bit about the opportunism and just access to cash with CapEx falling down, the opportunism and we see long-term value in our stock where it's trading today. And -- or is there, maybe a structural rethinking about how to use cash with the buyback versus other uses longer term?

去年，你們回購了價值 5.5 億美元的股票。我相信，這是自 2007 年以來你們最大的成就，而今年已經過去一半了，你們的成就速度與去年大致相同。您能否談談機會主義和隨著資本支出下降而獲得的現金、機會主義以及我們看到的當前股票交易的長期價值。或者，可能需要重新思考如何使用現金回購，而不是長期用於其他用途？

Hey, Bascome, this is John. And there really hasn't been any change in our -- the way we approach our capital deployment. Obviously, we want to reinvest in our core businesses. And traditionally, that is through our revenue equipment purchases.

嘿，巴斯科姆，我是約翰。我們的資本配置方式確實沒有任何改變。顯然，我們希望對我們的核心業務進行再投資。傳統上，這是透過我們購買設備來實現的。

As we talked about, we have prefunded a lot of those investments. And so we're -- the current environment. We do have, as I mentioned, strong free cash flow, and we have used that to repurchase our shares, mostly from an opportunistic, just looking at the value of our stock multiple relative to S&P RSI. We look at all those factors when we think about how we repurchase. But the bottom line is we want to continue to maintain our dividend.

正如我們所說的，我們已經預先資助了許多投資。這就是我們目前的環境。正如我所提到的，我們確實擁有強勁的自由現金流，我們利用它來回購我們的股票，主要是從機會主義的角度，只是看看我們的股票相對於標準普爾 RSI 的倍數價值。當我們考慮如何重新購買時，我們會考慮所有這些因素。但最重要的是我們希望繼續維持我們的股利。

We want to maintain our leverage. What we're targeting right now is at 1 times EBITDA. And so when to the extent we have free cash flow, we will again take a look at opportunistic possibilities for repurchasing stock. The one thing I would say is, we did earlier this year, we renewed some of our senior notes.

我們希望保持我們的優勢。我們現在的目標是 1 倍 EBITDA。因此，當我們擁有自由現金流時，我們將再次考慮回購股票的機會。我想說的是，我們今年早些時候確實更新了一些優先票據。

We do have some coming up early next year. And so we're looking at that and really feel like we're in a healthy spot with respect to our cash flows. We don't see deterioration in cash flows from operations. And so we're going to continue to use that methodology and how we think about when we repurchase.

明年年初我們確實會推出一些產品。因此，我們正在研究這一點，並且確實感覺到我們的現金流處於健康狀態。我們沒有看到經營現金流惡化。因此，我們將繼續使用該方法以及我們考慮何時回購。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

So you talked about not seeing pre-shipping the last couple of quarters, and now TransCon volumes are declining 1% with the pause in shipping, Eastern volumes up 15%. But now, you're ending the 7% down comps from a year ago. So maybe can you describe the market backdrop now?

所以您說過去幾季沒有看到預出貨，現在由於運輸暫停，TransCon 的貨運量下降了 1％，而東部的貨運量則增加了 15％。但現在，你們結束了與一年前相比 7% 的下降趨勢。那麼，您能描述一下現在的市場背景嗎？

And I guess in that vein, you noted peak season surcharge programs are starting earlier this year. So thoughts on how that flows through to yields versus normal seasonality?

我想，您也注意到了，今年旺季附加費計畫開始得比較早。那麼，您認為這對收益率和正常季節性有何影響？

Yeah. Sure, Ken. This is Darren. So look, I think that over the last several quarters, when a lot of the commentary was about a pull forward of inventory, we just -- we didn't have a lot of customers telling us that's what they were doing. We continue to look to our customers for as much forecasting and feedback as we could get about what to expect, what to anticipate. I think our customers did the best they could and gave us the information available. I don't think anybody was hiding anything. It just was -- it was difficult for our customers to see, and we were able to execute on their behalf.

是的。當然，肯。這是達倫。所以，我認為在過去幾個季度中，當很多評論都是關於庫存提前的時候，我們只是——沒有很多客戶告訴我們他們正在做什麼。我們將繼續向客戶尋求盡可能多的預測和回饋，以了解預期情況和預期結果。我認為我們的客戶已經盡了最大努力並向我們提供了可用的資訊。我認為沒有人隱瞞任何事。這只是—我們的客戶很難看到，而我們能夠代表他們執行。

As the second quarter went on, we did see some changes in the way the TransCon volumes were flowing. And so I mean, I would think you all can see some of that in IANA data, and you'll begin to see that, I would anticipate, in the industry.

隨著第二季的進行，我們確實看到了 TransCon 貨運量流動方式的一些變化。所以我的意思是，我認為大家都可以在 IANA 數據中看到一些這樣的情況，而且我預計，你們也會在業界看到這樣的情況。

And so there began to be a lot of dialogue about, well, there's going to be a surge coming. And maybe it will come earlier. We did have a handful of customers that said, hey, I might have extra business in July. I might -- we had many customers say, I'm going to have the same peak I had last year, for example. And so you began to hear a host of different thoughts about that. And we just wanted to build a plan, not be caught by surprise and frankly, not be forced to take on cost that was essentially a peak-like event that we just -- our shareholders don't deserve to take on that cost, and we built a program for our customers.

因此，人們開始大量討論，認為即將出現一波浪潮。或許它會來得更早。我們確實有少數客戶說，嘿，我七月可能會有額外的生意。我可能會——例如，我們有很多客戶說，我將迎來與去年相同的高峰。因此你開始聽到許多關於此的不同想法。我們只是想制定一個計劃，而不是措手不及，坦白說，也不是被迫承擔成本，這基本上是一個高峰事件，我們的股東不應該承擔這些成本，我們為客戶制定了一個計劃。

Now obviously, if they don't surge, they won't pay for excess capacity, and that's how we've shared that. And so we're trying to be prepared. We're trying to highlight our capabilities. We're trying to organize our own teams with our capacity and be ready.

現在很明顯，如果他們不激增，他們就不會為過剩產能付費，而這就是我們分享的。因此我們正在盡力做好準備。我們正在努力凸顯我們的能力。我們正在盡力組織我們自己的隊伍並做好準備。

The last thing our industry can do is fail this shipping community at a time when demand upticks. And BNSF and J.B. Hunt are jointly aligned and being prepared for the next uptick in demand. And I think that, that's what we're trying to highlight that we're out there ready to do.

在需求上升之際，我們的產業最不該做的事情就是讓航運界失望。BNSF 和 J.B. Hunt 已達成一致，為下一輪需求上漲做好準備。我認為，這就是我們試圖強調的，我們已經準備好了。

So as we move forward, I don't know what to tell you in terms of forecasting TransCon volumes. Certainly, we can all see ocean vessels are bringing more cargo in through California today than they were several weeks ago. And traditionally, that translates into domestic Intermodal at some point. And so we'll have to wait and see, but we're prepared to help our customers whenever they need it.

因此，隨著我們不斷前進，我不知道該如何預測 TransCon 的運輸量。當然，我們都可以看到，今天透過加州運送的遠洋船隻比幾週前多了。傳統上，這在某種程度上會轉化為國內聯運。因此，我們必須拭目以待，但我們已準備好在客戶需要時隨時為他們提供協助。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Maybe as a follow-up to that answer, how does growth in the East relative to flat lows or downloads in TransCon help with the lane balance strategy and the cost efficiency outlook for the Intermodal segment, if you don't mind?

也許作為該答案的後續，如果您不介意的話，東部地區的增長相對於 TransCon 的平底或下載量如何有助於多式聯運領域的航線平衡戰略和成本效率前景？

Well, I -- look, Eastern Network growth has its own kind of balanced challenges that are different than what the TransCon balance looks like. Certainly, the length of haul is much shorter, and thus, the cost to reposition empty equipment is also significantly lower. You're just moving shorter distances. But the mix of business that grows in the East is very similar throughout the year. And so there's not what I would call surges in the need for empty flows.

嗯，我看，東部網路的成長有其自身的平衡挑戰，與 TransCon 的平衡不同。當然，運輸距離要短得多，因此重新定位空設備的成本也要低得多。你只是移動了較短的距離。但東部地區全年的業務成長結構非常相似。因此，我所說的對空流的需求並不會激增。

And so the cost process to consider with pricing, all of that is considered. And so as we look to grow our Eastern business just as fast as the customers want to convert that Highway business and we'll continue to do that. It certainly just doesn't put the pressure on the empty repositioning costs in the same weight as what TransCon can.

因此，定價時要考慮成本過程，所有這些都需要考慮。因此，我們希望東部業務的成長速度與客戶對高速公路業務轉型的速度一樣快，我們將繼續這樣做。它顯然不會像 TransCon 那樣對空載重新定位成本施加同樣大的壓力。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Good day, everyone. Maybe just to shift gears a little bit and a little bit of a bigger picture question here. Intermodal and Dedicated EBIT have kind of converged a little bit and probably other clear as they've been maybe ever right now. Is this cyclical or structural in your view? And kind of how do we think about the trajectory of EBIT for both segments into the up cycle? Do you think Intermodal probably has more operating leverage and torque as up cycle comes back? Or do you think both of them track pretty closely?

大家好。也許只是稍微轉換話題，來探討一個更大層次的問題。多式聯運和專用息稅前利潤已經有點趨同，而且可能其他方面也一直都很明確。您認為這是週期性的還是結構性的？我們如何看待這兩個部門的息稅前利潤進入上升週期的軌跡？您是否認為隨著上升週期的回歸，多式聯運可能會擁有更大的營運槓桿和扭力？還是您認為兩者的軌跡相當接近？

Ravi, this is Brad Delco. I'll take a shot at that and let Brad or Darren maybe chime in if they wanted to add more. But it is a good observation. I think the financial, let's just say, operating income of those segments are as close as they've been in maybe ever. And I think it's really a function of probably more the cycle and where we are.

拉維，這是布拉德·德爾科。我會嘗試一下，如果布萊德或達倫想添加更多內容，也許可以讓他們加入。但這是一個很好的觀察。我認為這些部門的財務狀況，或者說營業收入，可能已經達到了有史以來最接近的水平。我認為這實際上可能更多地取決於週期和我們所處的位置。

I mean, clearly, dedicated margins are -- they're off from the publicly stated margin target range of 12% to 14%, but not that far off. Clearly, we're a little bit further off from our -- the low end of our margin target range in JBI. So I think there's some more cyclical dynamics there.

我的意思是，顯然專用利潤率 - 它們與公開聲明的 12％ 至 14％ 的利潤率目標範圍有所偏差，但差距也不大。顯然，我們距離 JBI 的利潤目標範圍的低端還有一段距離。所以我認為這裡還存在著一些週期性的動態。

But I think there's some very strong secular trends in Dedicated. And I think you've seen consistent performance there. We've highlighted why we think our model is strong, resilient and also unique in terms of how we think about Dedicated versus how we think the broader market talks about their Dedicated business. And so, good observation. Obviously, we like both of these businesses.

但我認為《Dedicated》中存在一些非常強勁的長期趨勢。我認為你已經看到了那裡的穩定表現。我們已經強調了為什麼我們認為我們的模型是強大的、有彈性的，並且在我們如何看待專用業務方面與我們認為更廣泛的市場如何談論他們的專用業務方面也是獨一無二的。所以，觀察得很好。顯然，我們都喜歡這兩家公司。

I'll let Brad and Darren add anything more that they would like to have.

我會讓布拉德和達倫添加他們想要的任何其他內容。

Well, I'll just start with Intermodal. Certainly, we have we prefunded capacity for growth that we haven't achieved yet. It is absolutely our expectation and our plan to continue to grow into the intermodal excess capacity that we have today.

好吧，我就從多式聯運開始吧。當然，我們已經為尚未實現的成長預留了資金。我們絕對期望併計劃繼續發展我們今天所擁有的多式聯運過剩產能。

Brad and I have known each other for a really long time. And I've always said the race between Dedicated and Intermodal is going to be fun. I don't know that I ever think that there's a winner or a loser in that. We enjoy kind of the internal competition of that, and I'm well aware that Dedicated is right on our heels.

我和布拉德認識很久了。我一直說專用運輸和多式聯運之間的競爭將會很有趣。我不知道我是否曾經想過這其中有贏家或輸家。我們很享受這種內部競爭，而且我很清楚 Dedicated 緊跟在後。

I'd just say, to Darren's comment, we do have some fun with the competitive nature that we have here at J.B. Hunt. But we want to win all across the board. And so yeah, I'm closer to my target ranges, but I'm not there yet. So I'm driven and all of the initiative work that John Kuhlow mentioned earlier, I think that we can get back in our range in the near term.

對於達倫的評論，我只想說，我們確實從 J.B. Hunt 的競爭性質中獲得了一些樂趣。但我們希望全面獲勝。是的，我已經接近我的目標範圍了，但還沒有達到。因此，我充滿動力，並且透過 John Kuhlow 之前提到的所有主動工作，我認為我們可以在短期內回到我們的範圍內。

We're that close. I'm really proud of the team, the results that we have, operational excellence, whether it's safety, driver retention and our injury rates. Yes, we've touched off some inflationary costs, predominantly in the buckets of insurance that we're trying to outrun with efficiency gains and with productivity improvements, but really proud of my team. But no, we want to win across the board at J.B. Hunt.

我們如此接近。我為我們的團隊、我們所取得的成果、卓越的營運、安全性、司機保留率和受傷率感到自豪。是的，我們已經觸及了一些通膨成本，主要是在保險方面，我們正試圖透過提高效率和提高生產力來超越這些成本，但我對我的團隊感到非常自豪。但不，我們想在 J.B. Hunt 取得全面勝利。

And so if Darren's at his target range and I'm at my target range, then yeah, we'll arm wrestle to see who can be the biggest when the music stops.

因此，如果達倫達到他的目標範圍，而我也達到我的目標範圍，那麼，當音樂停止時，我們會進行腕力較量，看看誰能成為最強大的人。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

So I know you've had quite a bit on the cost side, but I wanted to ask one more. I just I guess people think about the cost initiatives is sometimes being a growth initiative. You take that out, but you're going to have to offset inflation. I understand you have significant moving parts that drive operating income, how much price you get, you get a volume.

我知道您在成本方面已經問了不少問題，但我想再問一個。我只是猜想人們認為成本舉措有時也是一種成長舉措。你把它拿出來，但你必須抵消通貨膨脹。我知道推動營業收入的重要因素很多，你能得到多少價格，就能得到多少數量。

But at a high level, should we think about this $100 million program in 2026 as being a net impact to EBIT? Should we -- you think you'll look back at this and say, look, this really gave us another $100 million on top in terms of EBIT? Or is it more appropriate to say, hey, this is a gross thing, and there are a lot of moving parts that might be tougher to kind of see that clearly in the numbers when we look back?

但從高層次來看，我們是否應該認為這個 2026 年 1 億美元的計畫會對 EBIT 產生淨影響？我們是否應該——您認為您會回顧這一點並說，看，這確實為我們帶來了 1 億美元的息稅前利潤？或者更合適的說法是，嘿，這是一件噁心的事情，而且有很多活動部件，當我們回顧時可能很難在數字中清楚地看到它們？

Well, I mean, I think, Tom, hopefully, we would like the audience to take into consideration, it typically doesn't step out on a limb and throw out numbers. We have been very thoughtful, put a lot of work into this. And we said over and over again, this is the same new culture. I mean we said the $100 million is the start. These are things that we've identified.

嗯，我的意思是，湯姆，我希望，我們希望觀眾能夠考慮到這一點，通常不會冒險拋出數字。我們對此深思熟慮，付出了很多努力。我們一遍又一遍地說，這是一種相同的新文化。我的意思是我們說 1 億美元只是一個開始。這些都是我們已經確定的事情。

Does that mean over the next 12 months, we don't anticipate to see inflationary cost pressures that some of this work won't help us in overcoming those inflationary cost pressures? I mean I actually think you see a lot of that in the results of Q2. I mean everyone could see that our revenues were effectively flat year over year. I think we are off $500,000. And our operating expense was up $8 million year over year.

這是否意味著在未來 12 個月內，我們預計不會看到通膨成本壓力，而其中一些工作不會幫助我們克服這些通膨成本壓力？我的意思是，我實際上認為你在第二季的結果中看到了很多這樣的情況。我的意思是每個人都可以看到我們的收入實際上與去年同期持平。我認為我們已經損失了 50 萬美元。我們的營運費用比去年同期增加了 800 萬美元。

And if you look at insurance and claims and I'll go ahead and share group medical, we were up $21 million just in those two areas. And so with good growth in JBT and good growth in Intermodal, we're doing more, and excluding those two items, our operating expenses are actually down year over year. So I think the organization has done a really good job managing cost.

如果你看一下保險和索賠，我會繼續分享團體醫療，光是這兩個領域我們就賺了 2,100 萬美元。因此，隨著 JBT 和 Intermodal 的良好成長，我們做得更多，除這兩項外，我們的營運費用實際上比去年同期下降。所以我認為該組織在成本管理方面做得非常好。

Do I have a perfect crystal ball as to what inflationary cost pressures are going to look like over the next 12 months? No, I don't. But I do know that we feel very strongly about executing on $100 million of cost that we feel like we can take out. And my hope is that it will be very noticeable to our shareholders that they'll see improved performance because of the additional efforts that we put at identifying and going out and tackling these costs moving forward.

我是否擁有一個完美的水晶球來預測未來 12 個月的通膨成本壓力將會是什麼樣子？不，我不知道。但我確實知道，我們非常希望完成我們認為可以負擔的 1 億美元成本。我希望我們的股東能夠明顯地看到，由於我們在未來為識別、解決和解決這些成本而付出的額外努力，他們會看到業績的改善。

Kuhlow, I don't know if you want to add anything?

Kuhlow，我不知道您想補充什麼？

Yeah. I think you said it great. We -- as Brad mentioned, frankly, our number is actually higher than the $100 million. But we want to maintain our credibility with investors. And when we say we're going to do something, we want to have high conviction that we can have success in achieving that.

是的。我認為你說得很棒。正如布拉德所說，坦白說，我們的數字實際上高於 1 億美元。但我們希望在投資者面前保持信譽。當我們說要做某事時，我們希望堅信自己能夠成功實現這一目標。

And so it's not simply taking the $100 million and removing it from our OpEx, and you can forecast what next year's operating expenses will be. But we have identified $100 million as we sit today and more work to come of costs that we can remove from the system.

因此，這並不是簡單地從我們的營運支出中扣除 1 億美元，你就可以預測明年的營運費用是多少。但今天我們已經確定了 1 億美元，還有更多的工作要做，以消除系統成本。

There is going to be continued inflationary pressures in probably all of our cost items. But what we are doing is working on the costs that we can control, and we've identified areas where we feel highly confident that we can be on a better path to improving our margins.

我們的所有成本項目可能都將面臨持續的通膨壓力。但我們正在努力控製成本，並且我們已經確定了我們非常有信心可以更好地提高利潤率的領域。

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

我們的問答環節到此結束。我想將會議交還給雪萊辛普森女士，請她做最後發言。

Thank you. We've been in a prolonged challenging environment for the last three years. And you heard us talk about in the last earnings call that we were really being fluid, but also adapting to what we believe this environment looks like. That allow us to focus on short-term things that we could work on that wouldn't jeopardize our long-term opportunities.

謝謝。過去三年來，我們一直處於長期充滿挑戰的環境。您在上次財報電話會議上聽到我們談到，我們確實在不斷變化，但也在適應我們所認為的當前環境。這使我們能夠專注於短期事務，而不會危及我們的長期機會。

I'm proud of our people in this environment. We've been operationally excellent, and we're set for growth, and we do really well in a growth environment. And that's because we keep focused on our customers, and we keep creating more value and they keep asking us to grow, and all of our segments are set for growth.

我為我們在這種環境中的人民感到自豪。我們的營運一直非常出色，我們已做好成長的準備，並且在成長環境中我們做得非常好。這是因為我們始終專注於客戶，不斷創造更多價值，他們不斷要求我們成長，我們所有的部門都已準備好成長。

And so as you think about where we're positioning for the second half of the year and in to 2026, we have a large addressable market of $600 billion. We're at the highest level of service and customer sentiment across all five of our segments. And we have the people, technology, and capacity for the inflection occurs.

因此，當您思考我們今年下半年和 2026 年的定位時，我們擁有 6000 億美元的巨大潛在市場。我們所有五個部門的服務和客戶情感都處於最高水準。我們擁有應對這項轉變所需的人才、技術和能力。

Meanwhile, we've identified our first $100 million in cost to target. We are highly motivated, and we're ready to grow while we lower our cost to serve. And that puts us on the right path of repairing our margins and growing our earnings.

同時，我們已經確定了第一個 1 億美元的目標成本。我們積極性很高，我們準備在降低服務成本的同時實現成長。這使我們走上了修復利潤率和增加收益的正確道路。

Thank you for your interest, and we look forward to talking to you next quarter.

感謝您的關注，我們期待下個季度與您交談。

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。