J B Hunt Transport Services Inc (JBHT) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the J.B. Hunt Transport third-quarter 2025 earnings conference call. (Operator Instructions)

下午好，歡迎參加 J.B. Hunt Transport 2025 年第三季財報電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the conference over to Andrew Hall, Senior Director of Finance. Please go ahead.

請注意，此事件正在被記錄。現在我想將會議交給財務高級總監安德魯霍爾 (Andrew Hall)。請繼續。

Good afternoon. Before I introduce the speakers, I would like to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions, are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve risk and uncertainties that could cause future activities and result in the 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。這些聲明是基於 J.B. Hunt 目前的計劃和預期，涉及可能導致未來活動並產生前瞻性聲明的風險和不確定性。

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.

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 President and CEO, Shelley Simpson; our CFO, Brad Delco; Spencer Frazier, EVP of Sales and Marketing; our COO and President of Highway 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講者。今天下午，與我一起出席的還有總裁兼執行長 Shelley Simpson、財務長 Brad Delco、銷售和行銷執行副總裁 Spencer Frazier、首席營運長兼公路和最後一哩總裁 Nick Hobbs、專用合約服務總裁 Brad Hicks 和多式聯運總裁 Darren Field。

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

現在，我想將電話轉給我們的執行長雪萊辛普森 (Shelley Simpson)，請她發表一些開場評論。雪莉？

Thank you, Andrew, and good afternoon. Throughout the year, our focus has been on three clear priorities operational excellence, scaling into our investments, and continuing to repair our margins to drive stronger financial performance. We are executing these priorities with discipline and determination. Guided by strategy designed to strengthen our competitive position and unlock long-term value for our shareholders, I am highly confident that our approach is building a stronger company; one that is fully equipped to capitalize on meaningful growth opportunities ahead, while driving stronger financial performance.

謝謝你，安德魯，下午好。全年，我們的重點一直放在三個明確的優先事項上：卓越營運、擴大投資規模以及繼續修復利潤率以推動更強勁的財務表現。我們正在以紀律和決心執行這些優先事項。在旨在加強我們的競爭地位和為股東釋放長期價值的策略指導下，我非常有信心，我們的方法正在打造一家更強大的公司；一家完全有能力利用未來有意義的成長機會，同時推動更強勁的財務業績的公司。

Across our businesses, service levels remain excellent. We have systemically elevated our service standards to drive disciplined, profitable growth with both new and existing customers. Even as overall freight demands softened during the quarter, our in-wavering commitment to service enabled our intermodal and highway businesses to capture additional volume and outperform the market. Operational excellence is now synonymous with J.B. Hunt. And we are leveraging this reputation to drive strategic growth and maximize returns on our investments to match the unique value and strong service levels we provide for customers.

在我們的所有業務中，服務水準依然出色。我們有系統地提升了我們的服務標準，以推動新舊客戶的規範、獲利成長。儘管本季整體貨運需求有所減弱，但我們對服務的堅定承諾使我們的多式聯運和公路業務獲得了額外的運量並超越了市場。卓越營運如今已成為 J.B. Hunt 的代名詞。我們正在利用這一聲譽來推動策略性成長並最大化我們的投資回報，以匹配我們為客戶提供的獨特價值和強大的服務水準。

We remain focused on controlling what we can, optimizing cost in the near term without sacrificing our future earnings power potential. In addition, we are placing a heightened emphasis on operational efficiency throughout the organization. By streamlining processes, adopting best practices, and leveraging tech technology, we aim to utilize every resource as effectively as possible to maximize productivity and performance.

我們將繼續專注於控制我們所能控制的，在短期內優化成本，同時不犧牲我們未來的獲利潛力。此外，我們更加重視整個組織的營運效率。透過簡化流程、採用最佳實踐和利用技術，我們的目標是盡可能有效地利用每種資源來最大限度地提高生產力和效能。

Our initiative to lower our cost to serve announced last quarter is focused on removing structural cost from our business. The organization's collaborative efforts continue to gain momentum, and Brad will share more details on our progress. This initiative marks our latest evolution and expenses discipline, and we are making good progress towards reaching our $100 million savings goal and advancing towards our long-term margin target.

我們在上個季度宣布的降低服務成本措施主要是為了消除業務中的結構性成本。該組織的合作努力繼續獲得動力，布拉德將分享有關我們進展的更多細節。這項舉措標誌著我們最新的發展和費用紀律，我們在實現 1 億美元的節省目標和向長期利潤目標邁進方面取得了良好進展。

Now, let me address the elephant in the room, rail consolidation. J.B. Hunt's position is rooted in our commitment to delivering exceptional intermodal service and creating long-term value for our customers and shareholders. We recognize that the opportunities and risks that consolidation presents, but our decades of experience, including navigating seven prior Class 1 railroad mergers and are thoughtfully developed long-term agreements and strong relationships with NS, CSX, and BNSF, should provide the basis for us to adapt to any changes in the industry.

現在，讓我來談談這個顯而易見的問題：鐵路整合。J.B. Hunt 的立場植根於我們致力於提供卓越的多式聯運服務和為我們的客戶和股東創造長期價值。我們認識到整合帶來的機會和風險，但我們數十年的經驗，包括引導七次一級鐵路合併，以及與 NS、CSX 和 BNSF 精心製定的長期協議和牢固的關係，應該為我們適應行業的任何變化提供基礎。

As the largest domestic intermodal provider, our scale, and influence allow us to coordinate complex intermodal moves and deliver unique solutions for our customers. We are consistently rated best in class by third-party industry surveys of intermodal customers. And our ability to deliver seamless, differentiated service across the entire North American intermodal network is a key competitive advantage.

作為國內最大的多式聯運供應商，我們的規模和影響力使我們能夠協調複雜的多式聯運並為客戶提供獨特的解決方案。在針對多式聯運客戶的第三方產業調查中，我們一直被評為同類最佳。我們能夠在整個北美多式聯運網路提供無縫、差異化的服務，這是我們的關鍵競爭優勢。

Our focus remains on providing reliable, efficient, and innovative service that benefits our customers now and into the future. As the rail industry evolves, we expect our proven adaptability and unwavering dedication to service will, not only safeguard our leadership position, but should also continuously set higher standards of excellence for our customers.

我們始終致力於提供可靠、高效和創新的服務，讓我們的客戶在現在和未來都能受益。隨著鐵路行業的發展，我們期望我們久經考驗的適應能力和堅定不移的服務奉獻精神不僅能維護我們的領導地位，而且還能不斷為我們的客戶設定更高的卓越標準。

I want to close by recognizing the entire organization for their hard work and progress across many areas of focus. The third quarter is extra special at J.B. Hunt, as it includes National Truck Driver and National Technician Appreciation Week. Our professional drivers and maintenance teams are the backbone of our success, and their record-breaking safety performance is a testament to their skill, dedication, and attention to safety every day. We appreciate all they do to keep our company, our customers, and our communities safe.

最後，我要對整個組織在許多重點領域所付出的辛勤工作和所取得的進步表示讚賞。第三季對 J.B. Hunt 來說格外特別，因為它包括全國卡車司機和全國技術人員感謝週。我們的專業駕駛員和維修團隊是我們成功的支柱，他們破紀錄的安全表現證明了他們的技能、奉獻精神和每天對安全的關注。我們感謝他們為保護我們公司、客戶和社區的安全所做的一切。

With that, I'd like to turn the call over to our newly appointed CFO, Brad Delco. Brad?

說到這裡，我想把電話轉給我們新任命的財務長布拉德·德爾科 (Brad Delco)。布拉德？

Thanks, Shelley, and good afternoon. I will hit on some highlights of the quarter, review our capital allocation plan and give an update on the lowering our cost to serve initiative. Let me start with the quarter.

謝謝，雪萊，下午好。我將介紹本季的一些亮點，回顧我們的資本配置計劃，並介紹降低服務成本計劃的最新進展。讓我先從本季開始。

As you have already seen from our release, revenue was roughly flat year over year, while operating income improved 8% and diluted earnings per share improved 18% versus the prior year period. While inflation in insurance, wages and employee benefits and equipment costs were all up, our productivity and cost management efforts more than offset those headwinds to drive our improved results.

正如您從我們的發布中看到的，收入與去年同期基本持平，而營業收入增長了 8%，每股攤薄收益增長了 18%。儘管保險、薪資、員工福利和設備成本的通貨膨脹率都在上升，但我們的生產力和成本管理努力抵消了這些不利因素，推動了我們的績效改善。

Over the years, you have heard us talk about investing in our long-term growth, maintaining cost discipline without jeopardizing our future earnings power, and creating operating leverage when the market returns. Well, it's no secret the market hasn't returned yet, but the notable improvement in our financial performance this quarter should serve as a true testament to the talent and capabilities of the people throughout our organization and the execution of our strategy towards operational excellence in safety, service, and lowering our cost to serve.

多年來，您一直聽到我們談論投資於我們的長期成長，在不危及我們未來獲利能力的情況下保持成本紀律，以及在市場回歸時創造經營槓桿。好吧，市場尚未復甦已經不是什麼秘密了，但本季度我們財務業績的顯著改善應該真正證明我們整個組織人員的才華和能力，以及我們在安全、服務和降低服務成本方面實現卓越運營的戰略的執行。

On capital allocation, our balance sheet remains healthy, maintaining leverage around our target of 1x trailing 12-month EBITDA, while purchasing over $780 million or 5.4 million shares of our stock year-to-date. This aligns with our messaging around prefunding our long-term future growth during the downturn and having the flexibility with the strong cash flow generation of the business to be opportunistic with share repurchases as a way to return value to our shareholders.

在資本配置方面，我們的資產負債表保持健康，將槓桿率維持在 1 倍過去 12 個月 EBITDA 的目標附近，同時年初至今購買了超過 7.8 億美元或 540 萬股股票。這與我們的訊息一致，即在經濟低迷時期為我們的長期未來成長預先提供資金，並利用業務強勁的現金流創造靈活性，透過股票回購來為股東帶來回報。

We will be disciplined in our capital allocation approach with investing in the business as priority number one, sustaining our investment-grade balance sheet, supporting future dividend growth and finally, continuing our opportunistic repurchases.

我們將嚴格執行資本配置方法，將投資業務視為第一要務，維持投資等級資產負債表，支持未來股利成長，最後繼續進行機會性回購。

Last quarter, we outlined our lowering our cost to serve initiative to remove $100 million of structural costs from the business. I'm happy to share we are off to a good start, having eliminated greater than $20 million in the quarter. Examples of our success are in service efficiencies, balancing our networks, dynamically serving customers to meet their needs, focusing even more on discretionary spending and driving greater asset utilization. We remain committed to updating you on our progress going forward, but our intent is to demonstrate our progress in our reported results rather than just speak to them.

上個季度，我們概述了降低服務成本的舉措，旨在消除 1 億美元的業務結構性成本。我很高興地告訴大家，我們有一個良好的開端，本季已經削減了 2000 多萬美元。我們的成功例子包括服務效率、平衡我們的網路、動態地服務客戶以滿足他們的需求、更專注於可自由支配的開支以及提高資產利用率。我們仍然致力於向您通報我們未來的進展，但我們的目的是在報告的結果中展示我們的進展，而不僅僅是說說而已。

As we noted last quarter, we will realize a portion of these benefits this year with the majority of the impact realized in 2026. Let me close with this and what I hope you take away from our quarter.

正如我們上個季度所指出的，我們將在今年實現部分收益，而大部分影響將在 2026 年實現。最後，我想以此作為結束，並希望您能從我們的季度中有所收穫。

First, our company continues to execute from a position of strength. We have been transparent with our strategy and our investments to be best prepared to service our customers' future capacity needs. Second, we also continued to remove structural cost from the business. We are off to a good start, but have more work to do.

首先，我們公司繼續保持強勢地位。我們對我們的策略和投資保持透明，以便為滿足客戶未來的產能需求做好最佳準備。其次，我們也持續消除業務中的結構性成本。我們已經有了一個好的開端，但還有更多的工作要做。

Third, our business continues to generate a significant amount of cash, and we remain focused on generating strong returns with our deployed capital. We have been opportunistic with our share repurchases and all while maintaining modest leverage on our balance sheet.

第三，我們的業務繼續產生大量現金，我們仍然專注於利用已部署的資本來產生強勁的回報。我們一直在把握機會回購股票，同時在資產負債表上保持適度的槓桿率。

That concludes my remarks. Now, I'd like to turn it over to Spencer.

我的發言到此結束。現在，我想把它交給史賓塞。

Thank you, Brad, and good afternoon. I'll provide an update on our view of the market and some feedback we are hearing from our customers. Overall demand trended below normal seasonality for much of the quarter outside of the seasonal lift we saw at quarter end. On the supply side, truckload capacity continued to exit the market and the pace of exits is accelerating, but the soft demand environment is likely muting the market impact of capacity attrition.

謝謝你，布拉德，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。除了季末出現的季節性成長外，本季大部分時間整體需求都低於正常季節性。在供應方面，卡車運力持續退出市場，且退出速度正在加快，但疲軟的需求環境可能會減弱運力流失對市場的影響。

Outside of recent weeks, truckload spot rates remained under pressure in the quarter. More recent regulatory developments, and more importantly, regulatory enforcement is having an impact on capacity. While this industry may have a chicken little reputation when it comes to predicting capacity changes, the capacity bubble may be deflating as we speak. In the near term, customers will remain skeptical of any predicted change only believing it when they experience it.

除最近幾週外，本季卡車現貨價格仍承壓。最近的監管發展，更重要的是監管執法正在對產能產生影響。儘管這個行業在預測產能變化方面可能名聲不佳，但產能泡沫可能正在逐漸消退。短期內，客戶仍會對任何預測的變化持懷疑態度，只有親身經歷才會相信。

Shifting to intermodal, volumes declined 1% year over year. We believe our volumes held up better relative to the broader truckload market decline, primarily because more customers are converting freight to intermodal from the highway, as they see our commitment to operational excellence differentiating J.B. Hunt Intermodal from the competition. The service we provide ranks us at the top of our customer scorecards, and we continue to be ranked at the top of industry surveys as well, with a Net Promoter Score of 53.

轉向多式聯運後，貨運量年減了 1%。我們相信，相對於整體卡車運輸市場下滑而言，我們的貨運量保持得更好，主要是因為更多的客戶將貨運從公路運輸轉換為多式聯運，因為他們看到我們對卓越運營的承諾使 J.B. Hunt Intermodal 在競爭中脫穎而出。我們提供的服務使我們在客戶記分卡中名列前茅，我們在行業調查中也繼續名列前茅，淨推薦值達到 53。

When we go to market, we work with customers to dynamically solve their supply chain needs by designing and executing our operations to meet their requirements. For example, in our intermodal business, customers trust us to select the most efficient service regardless of the rail provider to seamlessly move their freight throughout North America.

當我們進入市場時，我們與客戶合作，透過設計和執行滿足其要求的營運來動態地解決他們的供應鏈需求。例如，在我們的多式聯運業務中，客戶信任我們，無論鐵路供應商是誰，我們都會選擇最有效的服務，以便將他們的貨物無縫運輸到整個北美。

Today, roughly half of our interchange volume on transcontinental shipments occurs through a steel wheel interchange. This ratio can change dynamically and demonstrates our ability to be agile at scale to execute and meet our customer expectations. Regardless about the rail landscape and operating scenarios might change over the next couple of years, we remain committed to delivering exceptional service and growing with our customers.

如今，我們大約一半的跨洲貨運交換量都是透過鋼輪交換進行的。該比率可以動態變化，並證明了我們能夠大規模且靈活地執行並滿足客戶期望。無論未來幾年鐵路格局和營運情況如何變化，我們仍致力於提供卓越的服務並與客戶共同成長。

Regarding the current peak season, the strong container volume into the West Coast in July generated headlines regarding a potential pull forward. Ocean peak season came early. That said, it is important to disconnect the timing of peak season on the water from peak season of the inland supply chain. Our customers are still expecting a peak season. although the magnitude and duration of peak volumes will vary.

就目前的旺季而言，7 月進入西海岸的貨櫃數量強勁，引發了有關可能提前發貨的新聞頭條。海運旺季提前到來。話雖如此，重要的是將水上旺季的時間與內陸供應鏈的旺季分開。我們的客戶仍然期待著旺季的到來，儘管高峰量的幅度和持續時間會有所不同。

Our conversations indicate there is a large amount of freight that was imported early that hasn't moved through the inland supply chain yet. No one has canceled Christmas.

我們的交談表明，有大量早期進口的貨物尚未通過內陸供應鏈。沒有人取消聖誕節。

I'll close with some customer feedback. Our customers realize the financial health of the transportation industry is not great. And as a result, they are choosing to do more with the best carriers and more with less carriers. Shippers are focused on creating efficiencies in our supply chains by working with providers who are safe and financially sound and to execute with agility and predictability. Our scroll of services continues to operate from a position of strength, creating value as the go-to transportation provider for our customers.

最後我想分享一些顧客的回饋。我們的客戶意識到運輸業的財務狀況並不好。因此，他們選擇與最好的運營商合作做更多的事情，而與更少的運營商合作做更多的事情。托運人專注於透過與安全、財務狀況良好的供應商合作並靈活、可預測地執行來提高我們供應鏈的效率。我們的服務將繼續保持優勢地位，作為客戶的首選運輸供應商，創造價值。

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.

謝謝，史賓塞，下午好。我將介紹我們整個營運重點領域的最新情況，然後介紹我們的最後一哩卡車運輸和經紀業務的最新情況。

I'll start on our safety performance. Safety is a core piece of our culture and a key differentiator of our value proposition in the market. We are coming off of two consecutive years of record performance measured by DOT preventable accidents per million miles and our safety results through the third quarter are performing even better than these record performances.

我先來談談我們的安全表現。安全是我們文化的核心，也是我們在市場上的價值主張的關鍵差異化因素。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，而我們第三季度的安全業績甚至比這些記錄還要好。

This performance is a testament to our people and the attention to detail we bring to the job every day as well as our focus on proper training and technology. Our safety performance is a key piece of driving out cost and will continue to be an area of focus.

這一表現證明了我們的員工對日常工作細節的關注以及對適當培訓和技術的重視。我們的安全性能是降低成本的關鍵因素，並將繼續成為重點關注的領域。

While the ultimate impact on industry capacity is hard to pinpoint, we believe the recent developments on regulations and enforcement when taken together could have a noticeable impact on available industry capacity. These include new regulations around English language proficiency, B1 BSS, FMCSA biometric ID verification, and nondomiciled CDLs. Importantly, for J.B. Hunt, we do not expect to see any material impact on our capacity, but there have been some signs based on what we are seeing in our truck and brokerage operations that it could have a broader industry impact.

雖然最終對產業產能的影響很難確定，但我們認為，法規和執法的最新發展可能會對現有的產業產能產生顯著影響。這些包括有關英語語言能力、B1 BSS、FMCSA 生物識別身份驗證和非居住 CDL 的新規定。重要的是，對於 J.B. Hunt 而言，我們預計它不會對我們的產能產生任何實質影響，但根據我們在卡車和經紀業務中看到的情況，有一些跡象表明它可能會對行業產生更廣泛的影響。

Moving to the business. Let's start with the final mile. As we said last quarter, business conditions in our end markets remain challenged with soft demand for furniture, exercise equipment and appliances. We continue to see positive demand in our fulfillment network driven by off-price retail. Going forward, we expect market conditions to remain challenged through at least year-end.

轉向業務。讓我們從最後一英里開始。正如我們上個季度所說，由於家具、健身器材和家用電器的需求疲軟，我們的終端市場的商業環境仍然面臨挑戰。我們繼續看到我們的履行網絡在折扣零售的推動下呈現積極的需求。展望未來，我們預期市場狀況至少在年底前仍將面臨挑戰。

Our focus remains on providing the highest service levels being safe and secure, ensuring that the value we provide in the market is realized to drive appropriate returns. In 2026, we do anticipate losing some legacy appliance-related business, but we will be working diligently on backfilling with other brands and service offerings in this segment of our business.

我們始終專注於提供最高水準的安全可靠的服務，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。2026 年，我們確實預計會失去一些與傳統家電相關的業務，但我們將努力透過其他品牌和服務來填補這一業務領域的空缺。

Moving to JBT. Our focus in this business hasn't changed, and we are winning business with strong service from both new and existing customers, leading to our highest quarterly volume in over a decade. We are remaining disciplined with our growth to ensure our network remains balanced in order to drive the best utilization of our trailing assets.

移至 JBT。我們對該業務的關注點沒有改變，我們憑藉新舊客戶的強大服務贏得了業務，並實現了十多年來最高的季度銷售。我們在發展過程中始終保持紀律，以確保我們的網路保持平衡，從而推動我們現有資產的最佳利用。

Going forward, we are pleased with the direction of this business in this soft demand environment and the progress we are making on lowering our cost to serve. We see an opportunity for further efficiency and automation gains in the future as we continue to leverage our 360 platform.

展望未來，我們對在這種疲軟需求環境下的業務發展方向以及在降低服務成本方面取得的進展感到滿意。隨著我們繼續利用 360 平台，我們看到未來進一步提高效率和自動化的機會。

That said, meaningful improvements in our profitability in this business will be driven by greater levels of rate improvement and overall demand for truckload drop trailing solutions.

也就是說，更高水準的費率改善和對卡車貨運拖運解決方案的整體需求將推動我們在該業務中的獲利能力的顯著提高。

I'll close with ICS. During the third quarter, volumes modestly improved sequentially as new volume from recent bid wins was partially offset by soft demand in the overall truckload market. Truckload spot rates remain depressed throughout the quarter, and we saw gross margins remain healthy. We are almost through bid season and are pleased with the awards we have received, with rates up low to mid-single digits and winning volume with new customers. Our focus here remains on profitable growth with the right customers where we can differentiate ourselves with service.

最後，我想以 ICS 來結束我的演講。第三季度，由於近期中標帶來的新增運輸量被整體卡車運輸市場疲軟的需求部分抵消，運輸量較上季略有改善。整個季度卡車現貨價格持續低迷，但毛利率仍保持健康。我們的投標季節即將結束，我們對所獲得的獎項感到滿意，費率上漲了低到中等個位數，並贏得了大量新客戶。我們的重點仍然是透過合適的客戶實現獲利成長，我們可以透過服務來脫穎而出。

Going forward, we remain focused on scaling into our investments while continuing to make improvements to our cost structure and leveraging our 360 platform to drive greater efficiency and automation, which will help lower our cost to serve.

展望未來，我們將繼續專注於擴大投資，同時繼續改善我們的成本結構，並利用我們的 360 平台來提高效率和自動化程度，這將有助於降低我們的服務成本。

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

說完這些，我現在想把電話轉給布萊德。

Thanks, Nick, and good afternoon, everybody. I'll provide an update on our dedicated results.

謝謝，尼克，大家下午好。我將提供有關我們專門成果的最新資訊。

Starting with the quarter. At a high level, our third-quarter results were very strong, particularly in light of this challenging freight environment. We believe our results are 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.

從季度開始。從整體來看，我們的第三季業績非常強勁，尤其是在當前充滿挑戰的貨運環境下。我們相信，我們的成果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 third quarter, we sold approximately 280 trucks of new deals. As a reminder, our annual net sales target is for 800 to 1,000 new trucks per year, and we would be on pace with this target absent the known losses we disclosed almost two years ago. Encouragingly, our overall sales pipeline remains strong as our value proposition in the market remains differentiated. Our sales cycle in Dedicated is typically 18 months from start to finish and our pipeline includes both large and small fleets at various stages of completion, all underwritten to our return targets.

第三季度，我們銷售了約 280 輛新卡車。提醒一下，我們的年度淨銷售目標是每年銷售 800 至 1,000 輛新卡車，如果沒有我們近兩年前披露的已知損失，我們就會實現這一目標。令人鼓舞的是，由於我們在市場上的價值主張仍然保持差異化，我們的整體銷售管道依然強勁。我們的專用銷售週期通常為 18 個月，從開始到結束，我們的管道包括處於不同完成階段的大型和小型車隊，全部按照我們的回報目標承保。

Overall, I remain pleased with the momentum and activity in the pipeline. As I just mentioned and as we have communicated over the past 18 months, we have had visibility to fleet losses that wrapped up in early July, which negatively impacted our third quarter '25 truck count by about 85 trucks versus our second quarter results. Navigating through these losses, in addition to callouts we've had related to some customer bankruptcies and the overall market dynamics demonstrates our discipline and strong execution.

總體而言，我對管道中的動力和活動感到滿意。正如我剛才提到的以及我們在過去 18 個月中溝通的那樣，我們已經看到了 7 月初結束的車隊損失，這對我們第三季度的 25 輛卡車數量產生了負面影響，與第二季度的結果相比，卡車數量減少了約 85 輛。克服這些損失，以及我們因一些客戶破產和整體市場動態而接到的電話，證明了我們的紀律性和強大的執行力。

While we were losing locations that had historically delivered mature margins, we were simultaneously absorbing startup costs from onboarding new business. Despite facing these two margin pressures, we still maintain double-digit margins during this period. I am extremely proud of all of our teams for their efforts.

當我們失去那些歷史上能夠提供成熟利潤的地點時，我們同時也吸收開展新業務的啟動成本。儘管面臨這兩大利潤率壓力，我們在這段期間仍維持了兩大利潤率的利潤率。我為我們所有團隊的努力感到非常自豪。

Our hope going forward, knowing that most of our fleet losses are behind us, is that we are back on track with our net fleet growth plan moving forward. We believe the performance of our dedicated business has been a standout, not only for our company, but also the industry. We have great visibility into the financial performance of each account, which provides a high level of accountability at each location and a diversified customer base with our managers on site with our customers, which we believe creates unique value that is a differentiator for us.

我們知道，我們的船隊大部分損失都已成為過去，我們希望我們的淨船隊成長計畫能夠重回正軌。我們相信，我們專注的業務表現非常出色，不僅對我們公司而言如此，對整個產業而言也是如此。我們對每個帳戶的財務表現都有很好的了解，這為每個地點提供了高水平的責任感，並且我們的經理在客戶現場為我們的客戶提供了多樣化的客戶群，我們相信這創造了獨特的價值，這是我們的差異化因素。

Going forward with our known losses behind us, our expectation for modest fleet growth in 2025 has not changed. As we have said previously, when we sell new truck deals and that business starts up, we do incur some expenses as that business is onboarded. That said, this isn't new for us as we are starting up new customer locations each quarter.

展望未來，鑑於我們已知的損失已經過去，我們對 2025 年船隊適度增長的預期沒有改變。正如我們之前所說，當我們銷售新卡車並且該業務啟動時，我們確實會產生一些費用，因為該業務已經啟動。話雖如此，但這對我們來說並不新鮮，因為我們每季都會開設新的客戶網點。

Given our progress with respect to lowering our cost to serve, we expect our 2025 operating income to be approximately flat compared to 2024. The magnitude of any potential variance, higher or lower to this outlook, will be driven by the number of locations we start up during the quarter. We believe the setup is favorable for us to continue our growth trajectory in 2026 and beyond. Our business model and value proposition are differentiated in the market and continues to attract new customers. We remain confident in our ability to compound our growth over many years to further penetrate our large addressable market.

鑑於我們在降低服務成本方面取得的進展，我們預計 2025 年的營業收入將與 2024 年基本持平。任何潛在差異的幅度，無論高於或低於此預期，都將取決於我們在本季啟動的地點數量。我們相信，這種設定有利於我們在 2026 年及以後繼續保持成長軌跡。我們的商業模式和價值主張在市場上脫穎而出，不斷吸引新客戶。我們仍然相信，我們有能力在未來多年內實現複合成長，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'd like to start by saying I feel really good about our performance and how our strategy and solid execution drove meaningful improvements in our results. I believe this is a true testament to our focus on operational excellence, cost discipline and progress on lowering our cost to serve initiative.

謝謝你，布萊德，也謝謝大家今天下午加入我們。首先我想說，我對我們的表現感到非常滿意，我們的策略和穩健的執行如何推動了我們的業績的顯著改善。我相信這真實地證明了我們專注於卓越營運、成本控制以及降低服務成本的進展。

Before we get into more detail on the results, I want to follow up on some of Shelley's comments regarding the potential for Class 1 rail consolidation.

在我們更詳細地討論結果之前，我想跟進雪萊關於一級鐵路合併潛力的一些評論。

First, there are still a lot of unknowns, but I am confident J.B. Hunt should be a primary consideration and actively engaged in all discussions involving the future of the intermodal industry as well as the execution of all Class 1's desire to take share from the highway to grow their intermodal service offering. We have offered seamless Transcontinental Intermodal services for decades, connecting BNSF with both Eastern railroads and believe that opportunity could exist well into the future regardless of the various outcomes we know are either announced or speculated in the market.

首先，仍有許多未知數，但我相信 J.B. Hunt 應該是首要考慮因素，並積極參與涉及多式聯運行業未來的所有討論，以及執行所有一級貨運公司從高速公路獲取份額以擴大其多式聯運服務的願望。幾十年來，我們一直提供無縫的跨大陸聯運服務，將 BNSF 與東部鐵路連接起來，並相信無論我們知道市場上宣布或猜測的各種結果如何，未來都可能存在機會。

We continue to see a large opportunity to convert highway shipments to intermodal. And if the motivation for consolidation is to compete more with trucks, we believe this will present our industry-leading intermodal franchise additional growth opportunities. We are one of the largest purchasers of rail capacity in North America, and we will engage in discussions with all rail providers to execute on a strategy and plan that we think is in the best interest of our shareholders.

我們繼續看到將公路運輸轉變為多式聯運的巨大機會。如果整合的動機是為了與卡車進行更多競爭，我們相信這將為我們行業領先的多式聯運特許經營帶來額外的成長機會。我們是北美最大的鐵路運力購買者之一，我們將與所有鐵路供應商進行討論，執行我們認為最符合股東利益的策略和計劃。

Turning to the quarter, demand for our domestic intermodal service wasn't all that strong. But nonetheless, we saw sequential improvement in volumes and executed some of the most efficient dray service in our history, particularly in September. As Spencer mentioned, we still expect the peak season as lots of volume that moved down the water earlier this year will still need to advance in the inland supply chain ahead of the holidays.

談到本季度，我們的國內多式聯運服務的需求並不那麼強勁。但儘管如此，我們的貨運量還是連續成長，並且執行了我們歷史上最高效的貨運服務，尤其是在九月。正如斯賓塞所提到的，我們仍然預計會出現旺季，因為今年早些時候順水而下的大量貨物仍然需要在假期前推進內陸供應鏈。

Volumes in the quarter were down 1% year over year; and by month were down 3% in July, down 2% in August and flat in September. After seeing unique strength off the West Coast last year due to the threat of the East Coast port labor disruption, transcon volumes were down 6% in the quarter, while Eastern loads were up 6%. As we've communicated all year, we had a bid season strategy focused on getting better balance in our network to grow volumes and repair our margins with more price, particularly in our head haul lanes.

本季交易量年減 1%；按月計算，7 月下降 3%，8 月下降 2%，9 月持平。去年，由於東海岸港口勞工中斷的威脅，西海岸的貨運量表現尤為強勁，但本季跨大陸貨運量下降了 6%，而東部貨運量則增長了 6%。正如我們全年所傳達的那樣，我們有一個投標季節策略，重點是在我們的網絡中實現更好的平衡，以增加運輸量並通過更高的價格修復我們的利潤率，特別是在我們的主幹道上。

Last quarter, we talked about our success in the bid season, particularly around balance, and we think that success, combined with our -- lowering our cost to serve initiatives were key contributors to our year over year and sequential performance improvement. Our service performance remains strong. Our primary rail providers, BNSF, NS, and CSX continued to deliver excellent service, which we believe is taking share from highway.

上個季度，我們談到了我們在投標季節的成功，特別是在平衡方面，我們認為，成功加上我們降低服務成本的舉措是我們逐年和連續業績改善的關鍵因素。我們的服務表現依然強勁。我們的主要鐵路供應商 BNSF、NS 和 CSX 繼續提供優質服務，我們相信它們正在搶佔高速公路的市場份額。

I am confident our service offering is being recognized in the market. Customers are reengaging with us with additional opportunities largely driven by our differentiated service offering and value compared to both highway and IMCs. As you all are keenly aware, we have the capacity and ability to execute on a meaningful growth plan over the coming years based on investments we've already made.

我相信我們提供的服務正在獲得市場的認可。客戶正在重新與我們合作，獲得更多機會，這主要得益於我們與高速公路和 IMC 相比提供的差異化服務和價值。正如大家所清楚的，我們有能力、有能力根據我們已經進行的投資在未來幾年內實施一項有意義的成長計劃。

In closing, we remain very confident in our intermodal franchise and the value we provide for our customers. We have shown the ability to grow and generate strong returns through many rail consolidation events over the past few decades and look forward to the opportunities we have in front of us.

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。過去幾十年來，我們透過多次鐵路整合活動展現了成長和產生強勁回報的能力，並期待著擺在我們面前的機會。

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) Chris Wetherbee, Wells Fargo.

（操作員指示）富國銀行的克里斯·韋瑟比 (Chris Wetherbee)。

Hey, good afternoon, guys.

嘿，大家下午好。

Hey, good afternoon.

嘿，下午好。

I guess, maybe if we could start on the cost side and maybe unpack, I think you said $20 million in the quarter. I think $100 million is the total program, can you give us a little sense maybe by segment, how that played out? Any examples that you can provide in terms of detail would be great too.

我想，如果我們可以從成本方面開始，也許可以分解一下，我想你說的是本季 2000 萬美元。我認為整個計劃的花費是 1 億美元，您能否按部分向我們稍微介紹一下該計劃的進展情況？如果您能提供任何詳細的例子就更好了。

And then I guess, as you think forward, is it sort of progressive from the $20 million to the $100 million over the next several quarters? Any sort of insight there? And I guess, in that context, boxes were down sequentially for the first time in quite some time. So just kind of curious how that is sort of part of the plan as it is?

然後我想，當你展望未來時，它是否會在接下來的幾季裡從 2000 萬美元逐步增加到 1 億美元？有什麼見解嗎？我想，在這種情況下，盒子數量在相當長的一段時間內首次出現連續下降。所以我只是有點好奇這是否是計劃的一部分？

Chris, I'll try to address the first part, and I'll pass it over to Darren to address the second part. Really, there's progress across all areas of the business. And so, when we think about as we laid out last quarter, what are the three buckets that we are targeting for this initiative. It was around efficiency and productivity. That's not just in the business that's also in back office and how all that gets allocated to businesses, driving better asset utilization.

克里斯，我會嘗試解決第一部分，然後交給達倫來解決第二部分。事實上，業務的各個領域都取得了進展。因此，當我們思考上個季度所設定的目標時，我們針對這項措施的三個目標是什麼。它與效率和生產力有關。這不僅涉及後台業務，還涉及如何將所有內容分配給各個企業，從而提高資產利用率。

I mean, you saw that in Intermodal. We certainly saw that, and you heard some comments about almost record performance in our tractor utilization in our dray operations. You saw good improvement in productivity and dedicated. I wouldn't want to say one segment versus the other. But I think you've seen it in the results across the board. In terms of the how we're going to progress going forward.

我的意思是，您在 Intermodal 中看到了這一點。我們確實看到了這一點，而且您也聽到了一些關於我們的拖拉機在運輸作業中的利用率幾乎創下紀錄的評論。您看到了生產力和奉獻精神的顯著提高。我不想說一個部分與另一個部分相反。但我想你已經從整體結果中看到了這一點。關於我們未來如何取得進展。

I said in my comments, we're going to give you an update each quarter. We said we think most of this will reveal itself next year. Listen, we're off to a good start. We wanted to share that, and I think you see it in the results.

我在評論中說過，我們將每季向您提供最新消息。我們說我們認為大部分問題將在明年顯現出來。聽著，我們已經有了一個好的開始。我們想分享這一點，我想您會在結果中看到這一點。

And while we do speak to it and we will speak to it each quarter, I really intend years for you guys to see it in the results. And I'm glad that you guys can see in the results we printed this afternoon. So I'm going to pass it over to Darren, let him address maybe the container count question and I appreciate the question, Chris.

雖然我們確實談論過這個問題，而且我們每個季度都會談論這個問題，但我真的希望你們能在幾年內看到結果。我很高興你們能看到我們今天下午公佈的結果。所以我要把它交給達倫，讓他來回答貨櫃數量的問題，我很感謝你提出這個問題，克里斯。

Yeah. I mean, the container count isn't down significantly. We have equipment that reaches a useful life every quarter. It's a small amount. Sometimes there's a repair build that's maybe greater than what the book value of that piece of equipment is, and we'll retire it.

是的。我的意思是，貨櫃數量並沒有大幅下降。我們的設備每季都會達到使用壽命。數額很小。有時維修費用可能高於該設備的帳面價值，我們就會將其退役。

The other component is we've worked closely with Dedicated in a few examples where we found what had been leased trailers in an account, and we were able to use containers instead. It's a pretty small number, but those would be the kind of moving pieces there.; nothing significant in terms of a real change in direction on our container equipment.

另一個組成部分是我們與 Dedicated 在一些案例中密切合作，我們發現帳戶中租用的是拖車，而我們能夠使用貨櫃來代替。這是一個相當小的數字，但這些會是那裡移動的部分；對於我們的貨櫃設備方向的真正改變而言，沒有什麼重大意義。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, good evening. Thanks for taking the question. I think, Nick, was giving us some commentary about pricing for next year. I think it was in ICS, low to mid-single. So hoping you can kind of run through what you're expecting across the different modes.

嘿，晚上好。感謝您回答這個問題。我認為尼克正在給我們一些關於明年定價的評論。我認為它是在 ICS 中，低到中單。所以希望您能夠大致了解您對不同模式的期望。

And if I'm hearing you correctly, lowering the cost to serve, if rates do stay flat or don't move a whole lot for next year? I mean, it sounds like the structural reductions here mean that the performance like this can be more durable and perhaps even better whenever we do get to that long way up cycle? Thank you.

如果我沒聽錯的話，如果費率保持不變或明年不會有太大變化，那麼降低服務成本呢？我的意思是，聽起來這裡的結構性減少意味著，當我們進入漫長的上升週期時，這種表現可以更持久，甚至更好？謝謝。

Yeah. Thank you. I was really talking about what we've seen in recent bids and the awards that we've seen, not really what we thought next year was going to be on rates. But we think in ICS, in particular, we've seen some success in growth in the amount of loads and in our pricing as we kind of focus on the more difficult challenging business that's not as commoditized. And so I think you see that in our gross margin.

是的。謝謝。我實際上談論的是我們在最近的投標和授予中看到的情況，而不是我們對明年利率的看法。但我們認為，特別是在 ICS 領域，我們在負載量和定價的成長方面取得了一些成功，因為我們專注於更具挑戰性的、尚未商品化的業務。所以我想您可以從我們的毛利率中看到這一點。

So it's just the type of business that we're working on that -- where we solve that.

所以，這就是我們正在從事的業務類型——我們要解決這個問題。

And then, Brian, to the second part of your question, I mean, clearly, the rate environment has been challenged now for quite some time for our industry. This initiative again that we launched, we -- if you really dig in into all the details, we have a spreadsheet that has over 100 lines of things that we're going to attack. And we've had very healthy debates around our executive table about what's structural, what's temporary, what we think are just cost avoidance versus what are things that we're removing.

然後，布萊恩，關於你問題的第二部分，我的意思是，顯然，對於我們這個行業來說，利率環境已經面臨相當長一段時間的挑戰了。我們再次發起了這項計劃，如果你真正深入了解所有細節，你會發現我們有一個電子表格，其中包含 100 多行我們要解決的問題。我們在執行會議上就哪些是結構性的、哪些是暫時的、哪些只是避免成本、哪些是我們要取消的東西進行了非常健康的辯論。

And the numbers we're sharing, I mean, I think we said last quarter, our goal is and what we've identified is something far greater than $100 million. We've always been -- I believe we've always been a fairly conservative company.

我們正在分享的數字，我想我們上個季度說過，我們的目標是，而且我們已經確定的數字遠遠超過 1 億美元。我相信我們一直是一家相當保守的公司。

We have a very strong safe culture. If we say something, we're really setting out to do it. And so we're comfortable sharing the $100 million. Again, we're off to a good start. Our hope is while we've had tremendous headwinds in this industry.

我們擁有非常強大的安全文化。如果我們說了什麼，我們實際上就會著手去做。因此我們很樂意分享這 1 億美元。再次，我們有了一個好的開始。儘管我們在這個行業遇到了巨大的阻力，但我們仍抱持著希望。

At some point, the headwinds will turn to tailwinds, and I think, it will make -- it will make the work we're doing, look even stronger again in my comments you heard us say, really, you're trying to set this business up to drive stronger incrementals when the market is more in our favor. And I think some of the discipline we have around cost is setting us up very nicely for that.

在某個時候，逆風會變成順風，我認為，這將使我們所做的工作再次顯得更加強大，在我的評論中，您聽到我們說，實際上，您正試圖讓這項業務在市場對我們更有利時推動更強勁的增量。我認為我們在成本方面的一些紀律為我們做好了很好的準備。

Jonathan Chappell, Evercore ISI.

喬納森‧查佩爾 (Jonathan Chappell)，Evercore ISI。

Thank you. Good afternoon. I don't know who wants to answer this, maybe Darren or Spencer or even Brad, but you talked about the demand challenges. We all know about that. Pricing in spot market doesn't seem to have done very much from three months ago either. But if you look at revenue per load in both Intermodal and ICS, you had a pretty nice sequential improvement.

謝謝。午安.我不知道誰願意回答這個問題，也許是達倫、史賓塞，甚至是布萊德，但你談到了需求挑戰。我們都知道這一點。現貨市場的定價似乎與三個月前相比也沒有太大變化。但如果你看一下多式聯運和 ICS 的每批貨物的收入，你會發現連續的改善相當不錯。

So I'm trying to understand, is that a decision you have to make versus volume versus pricing? Is that a mix situation? Is that surcharges? And is that now the starting point?

所以我想了解一下，這是你必須在數量和價格之間做出的決定嗎？這是混合情況嗎？那是附加費嗎？這就是現在的起點嗎？

You always talk about like the cake being baked into the next year, given that sequential increase now to 3Q, is this the starting point of which the cake is baked? Or is there a risk that, that could actually move backwards closer to the 2Q levels?

您總是說就像烤蛋糕到明年一樣，考慮到現在到第三季的連續成長，這是烤蛋糕的起點嗎？或者是否存在實際上可能倒退至接近第二季度水平的風險？

Okay. This is Darren. I'll try to tackle at least part of that. If Spencer has anything to add, he can certainly jump in. So we've often talked about we implement about 30% of prices in the first quarter, 30% second quarter, 30% third quarter, and call it, 10% in the fourth quarter.

好的。這是達倫。我會嘗試解決至少一部分問題。如果史賓塞還有什麼要補充的，當然可以加入。因此，我們經常談論的是，我們在第一季實施約 30% 的價格，第二季實施 30% 的價格，第三季實施 30% 的價格，第四季實施 10% 的價格。

I have long said the fourth -- or the third quarter is the best time to see the results of the previous bid cycle. And I think that's what we did just show in terms of the results is that's a fully implemented bid season.

我早就說過，第四季——或者第三季——是查看上一輪競標結果的最佳時機。我認為，從結果來看，我們所做的就是展示一個全面實施的競標季節。

What is washed in the results is there is some good pricing movement in the head hauls. There is some negative pricing in backhauls. And when you combine them, it looks relatively muted in terms of price per load. I think we reported minus 1%.

從結果可以看出，頭部運輸量出現了一些良好的價格變動。回程運輸存在一些負定價。當你將它們結合起來時，每個負載的價格看起來相對低調。我認為我們報告的是-1%。

And so I don't know that the sequential change did that come from some sort of a mix shift,. It could have, probably have some element of mix in there. I would say, while our transcon volumes weren't up year over year. I do believe our transcon volumes were up sequentially. And so that can play a role in terms of what happens sequentially from a revenue per load position.

所以我不知道連續的變化是否來自某種混合轉變。它可能含有、很可能含有某種混合元素。我想說的是，我們的跨大陸運輸量比去年同期並沒有增加。我確實相信我們的跨大陸運輸量是連續上升的。因此，這可以對每次裝載收入的連續發生產生影響。

Yeah, and Jonathan, this is Nick. I'll talk about ICS. I would just say it's really mix and ours in the type of business from -- just think about team or hazmat just various different things that we're going after. It's a little bit more difficult, multi-stop, so those carry a little higher rate. So it's the top of business that we're targeting in ICS.

是的，喬納森，這是尼克。我將談 ICS。我只想說，這真的是混合的，我們的業務類型來自——想想團隊或危險品，就是我們所追求的各種不同的東西。這有點困難，需要多次停留，所以費率會更高一些。因此，我們在 ICS 中瞄準的是頂級業務。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks, afternoon. So I want to follow up maybe similar to that last question. So obviously, very good sequential margin improvement from Q2 to Q3 in intermodal, like how much of that do you think is the cost side of what you're talking about versus the yield side, I know we had earlier peak season surcharges this year.

嘿，謝謝，下午好。因此我想繼續問與上一個問題類似的問題。因此，顯然，從第二季度到第三季度，聯運的利潤率連續改善非常好，例如，您認為其中有多少是您所說的成本方面，有多少是收益方面，我知道我們今年早些時候就收取了旺季附加費。

Ultimately, I'm trying to just figure out like the sustainability of this. And as costs continue to ramp, should we be expecting further sort of sequential improvement off of this trough from Q2 to Q3, further improving Q3 to Q4? Or is it not necessarily going to play out that way given some of the puts and takes with timing of peak surcharges and things like that?

最終，我只是想弄清楚這件事的可持續性。隨著成本持續上升，我們是否應該期待從第二季到第三季的低谷出現進一步的連續改善，並從第三季到第四季進一步改善？或者，考慮到高峰附加費的時間安排等因素，情況不一定會如此發展？

Well, clearly, peak season surcharges got a lot of press. We went early, because a lot of customers had believed that they needed extra capacity that I wouldn't say that the third quarter was a particularly strong peak season surcharge quarter. Frankly, we were disappointed in demand off the West Coast during the quarter and even adjusted our peak program in the middle of the quarter as an example. So I wouldn't want our analysts to believe that that's driven largely by peak season charges.

嗯，顯然，旺季附加費受到了媒體的廣泛關注。我們很早就開始了，因為很多客戶認為他們需要額外的容量，我不會說第三季是旺季附加費特別強勁的季度。坦白說，我們對本季西海岸的需求感到失望，甚至在本季中期調整了我們的高峰計畫。所以我不希望我們的分析師相信這主要是由旺季費用造成的。

Really, when we set out with our bid strategy a year ago, we wanted to grow. Clearly, we wanted to improve price, and we wanted to improve balance. And the improvement in balance, whether that be from growth westbound or an improvement in some price eastbound in the head hauls, I mean, all of that result is driving improvements that we feel confident we can continue to sustain as we move forward.

確實，當我們一年前製定競標策略時，我們就想要成長。顯然，我們希望提高價格，我們希望改善平衡。平衡的改善，無論是來自西行的增長還是東行主貨運價的改善，我的意思是，所有這些結果都在推動改善，我們有信心在前進的過程中繼續保持這種改善。

The cost side, we were able to implement some small technology enhancements during the summer that really began at the end of the second quarter that helped define for our entire operations planning team some new flexibility that our customers had given us in some cases. And from that, we were able to drive real efficiency in our driver base. We were able to drive out some empty miles on the dredge systems. So these are areas that we feel are sustainable.

在成本方面，我們能夠在夏季實施一些小型技術改進，這些改進實際上在第二季末開始，這有助於為我們的整個營運規劃團隊定義客戶在某些情況下給予我們的一些新的靈活性。由此，我們能夠真正提高駕駛群體的效率。我們能夠利用疏浚系統行駛出一些空載里程。因此，我們認為這些領域是可持續的。

And as we continue to look for opportunities to grow, what I don't want even want to hear is that growing an imbalanced lanes is a bad thing. It doesn't have to be bad. It just ultimately the pricing on those loans has to cover the cost of positioning empties. And in a lot of cases, I think our customers are beginning to look hard at their supply chains, what's happening, with capacity around them and can we look into the future and find a way to get back to growing in markets that maybe are in balance. That doesn't have to be a bad thing for us. But I believe the cost improvements that we made during the quarter, we must sustain those moving forward.

當我們繼續尋找成長機會時，我甚至不想聽到的是，發展不平衡的車道是一件壞事。這並不一定是壞事。最終，這些貸款的定價必須覆蓋空房的成本。在許多情況下，我認為我們的客戶開始認真審視他們的供應鏈，了解正在發生的事情、周圍的產能，以及我們能否展望未來並找到一種方法來恢復平衡的市場成長。這對我們來說不一定是壞事。但我相信，我們在本季取得的成本改進必須繼續維持下去。

Brady Leirz, Stephens.

布雷迪·萊爾茲，史蒂芬斯。

Great. Hey, Brad. Great, thanks. I wanted to touch on DCS for just a moment. Sales have continued to be pretty strong over the last few quarters despite trade uncertainty and a tough freight backdrop. Can you talk about what's driving these wins at this point, four years into a freight recession?

偉大的。嘿，布拉德。太好了，謝謝。我想稍微談談 DCS。儘管貿易不確定性和貨運情況嚴峻，但過去幾季的銷售仍然保持強勁。您能談談貨運業在經歷了四年的衰退之後，取得這些成功的因素是什麼嗎？

And despite the strength in sales, you mentioned in your prepared remarks, you saw a pretty meaningful improvement and margins. Can you think of -- can you help us think about how much of was just an improvement in your cost to serve versus kind of a maturation of these earlier sales?

儘管銷售強勁，但正如您在準備好的發言中提到的，您看到了相當顯著的改善和利潤率。您能想到嗎—您能幫助我們思考一下，與早期銷售的成熟相比，您的服務成本有多少改善？

Yeah. Thanks, Brady. This is Brad. First, let me say just how remarkably proud I am of our entire team in DCS, the effort, the service, our drivers maintenance teams, all the support personnel or operators, just fantastic results in the quarter, both from an execution standpoint, from a safety standpoint and certainly from a value creation and value delivery to our customers.

是的。謝謝，布雷迪。這是布拉德。首先，我要說的是，我對 DCS 的整個團隊感到非常自豪，他們的努力、服務、我們的司機維護團隊、所有支援人員或操作員，本季度都取得了出色的成績，無論是從執行的角度、從安全的角度，還是從為客戶創造價值和交付價值的角度來看。

And I think that, that -- and the reason I say that is I think that is one of the differentiations for J.B. Hunt is really our CVD program, customer value delivery. And so when I think about the value that we can create for our customers, both through creative solutions, but also just our density and our ability to leverage and share our resources across multiple customers and multiple business types to really drive and create valuable solutions.

我認為，我這樣說的原因是，我認為這是 J.B. Hunt 的差異化之一，實際上是我們的 CVD 計劃，即客戶價值交付。因此，當我想到我們可以為客戶創造的價值時，不僅透過創造性的解決方案，而且只是我們的密度以及我們在多個客戶和多種業務類型之間利用和共享資源的能力，以真正推動和創造有價值的解決方案。

The second part of that is, yeah, we have worked hard and similar to there. There's a variety of initiatives that we've kicked off, some earlier in the year, some more recent. There's been great work done by our maintenance teams, helping lower our cost to serve both by creating more uptime for our equipment, and also lowering the cost of the actual maintenance program that we have.

第二部分是，是的，我們已經努力工作並且與那裡類似。我們已經啟動了各種各樣的舉措，有些是今年早些時候啟動的，有些是最近才啟動的。我們的維修團隊做出了巨大的貢獻，透過延長設備的正常運作時間，幫助降低了服務成本，同時也降低了實際維護計畫的成本。

And then lastly, risk is a critical component of private fleet and the environment we're in and what insurance has done the last several years that we've talked about often. And we're doing a fantastic job there, as Shelley mentioned, and Nick did as well in the prepared comments. And so I can't really say it's one thing. It's all those things together that makes our program different we believe. And I think that, that's why we've continued to have success even though the backdrop of this market has been pretty terrible as we all know.

最後，風險是私人車隊和我們所處環境的關鍵組成部分，也是我們經常談論的保險在過去幾年中所扮演的角色。正如雪萊所提到的那樣，我們在那裡做得非常出色，尼克在準備好的評論中也做得非常出色。所以我真的不能說這是一回事。我們相信，所有這些因素共同作用，使得我們的計劃與眾不同。我認為，這就是為什麼儘管眾所周知這個市場的背景相當糟糕，我們仍然能夠繼續取得成功的原因。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Het, great. Good afternoon. Nick, you mentioned kind of seeing signs of impacts of ELP and the B1 visas. Is that what's driving kind of spot rates up the last few weeks? Is that capacity removal already being seen in the market, not the demand side but the supply side?

Het，太棒了。午安.尼克，你提到看到了 ELP 和 B1 簽證影響的跡象。這是過去幾週現貨價格上漲的原因嗎？市場上是否已經出現了產能削減的現象，不是需求方，而是供應方？

And then Shelley or Darren, I think you mentioned about the state of the potential rail mergers, but have you had conversations with UNP or Norfolk on sustaining your access or anything? Is that discussion you've had at this point ahead of their filing?

然後是 Shelley 或 Darren，我想你們提到了潛在的鐵路合併的狀況，但是你們是否與 UNP 或 Norfolk 就維持你們的通道或其他任何事情進行過對話？在他們提交文件之前，你們是否有進行過這樣的討論？

Yes. Well, Ken, I'll start with question one, and let Darren get over to question two here in a second. So question one, yes, that's three, and you've seen spot rates up in the last couple of weeks. It's been because of enforcement activity.

是的。好吧，肯，我先從第一個問題開始，然後讓達倫馬上回答第二個問題。所以第一個問題，是的，是第三個問題，而且你已經看到現貨價格在過去幾週上漲。這是因為執法活動。

And when you see the pockets I would say it's -- we've been able to cover freight. It's just tightened it up, and so we've seen a little tightness in probably 8 to 10 markets. And I think you can kind of follow the news around and see where is active and in big metropolitan areas.

當你看到這些口袋時，我會說——我們已經能夠支付運費了。它只是收緊了，所以我們看到大概 8 到 10 個市場出現了一點緊張。我認為你可以關注新聞，看看哪裡的活動以及大都市的情況。

And so it's a combination of nondomicile it's also some cabotage, but it's also some fear factors. But we're prepared for that for whatever happens. We're set up intermodal dedicated our brokerage, just like when we went through COVID. We'll be able to get the capacity no matter what happens in the market. So -- but we are seeing it in some spots; just a little notice, not the mix drain.

因此，這是非定居因素和沿海貿易的結合，但也存在一些恐懼因素。但無論發生什麼，我們都準備好了。我們設立了專門從事經紀業務的多式聯運，就像我們經歷 COVID 一樣。無論市場發生什麼，我們都能夠獲得產能。所以——但我們在某些​​地方看到了它；只是稍微注意一下，而不是混合排水。

And for your second question there, Ken, clearly got two questions in there.

對於你的第二個問題，肯，顯然有兩個問題。

So I'm not going to talk through any kind of rail conversations. I think it is important that all of our shareholders and all of our customers here, any future merger that would be approved for whatever reason has been perceived that J.B. Hunt would have to move our traffic to CSX, and that's not accurate at all. There's nothing about a future state new railroad that would mean our current Norfolk Southern footprint that we have today would be required to change.

所以我不會談論任何有關鐵路的對話。我認為，對於我們所有的股東和客戶來說，重要的是，無論出於什麼原因，任何未來的合併都會被批准，因為 J.B. Hunt 必須將我們的流量轉移到 CSX，而這根本不準確。未來新鐵路的建設並不意味著我們需要改變諾福克南方鐵路目前的佈局。

I think we referenced that we would intend to speak to all of the railroads to make sure that we can solve for our customers' networks and continue to be what we've been to the market for decades now, and that's just drive home the ability to take a customer's needs, translate that into what the railroad capacity and capabilities are, combine it with our world-class drayage system, and provide intermodal solutions for those customers using the best solution available. And that will be our approach for as long as I'm here.

我想我們提到過，我們打算與所有鐵路公司進行溝通，以確保我們能夠解決客戶的網絡問題，並繼續保持幾十年來我們在市場上的地位，而這只是推動我們滿足客戶需求的能力，將其轉化為鐵路的容量和能力，將其與我們世界一流的短途運輸系統相結合，並使用最佳解決方案為這些客戶提供多式聯運解決方案。只要我還在這裡，我們就會一直採取這種做法。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

So given sort of the color and commentary on customers, we still expect peak season and loads still have to advance inland against the pull forward. Is there any way you could sort of put that together a little bit and think through sort of loads and volumes for you guys relative to what we just saw in the third quarter as we look out over the next quarter or so, just from a high-level perspective? Thanks.

因此，考慮到客戶的顏色和評論，我們仍然預計旺季將到來，貨物仍必須向內陸推進以抵禦提前拉動。您能否將這些資訊稍微匯總一下，並從高層次的角度，針對我們剛剛在第三季度看到的情況，思考一下下一季度的負荷和數量？謝謝。

Yeah, Jordan, this is Spencer. Thanks for the question. The main point that I really wanted to make there, there's been quite a few headlines that come out and say, hey, peak is over. There's not going to be a peak. And I totally agree with that from an ocean perspective.

是的，喬丹，這是史賓塞。謝謝你的提問。我真正想表達的重點是，已經有不少頭條新聞說，嘿，高峰期已經過去了。不會出現高峰。從海洋的角度來看，我完全同意這一點。

But we always have to remember that that domestic that inland supply chain, the timing of that is really driven by actual consumer and customer demand. And that's going to take place at the same time it does every year associated with the holidays. So that was kind of point number one.

但我們始終要記住，國內內陸供應鏈的時機實際上是由實際消費者和客戶需求所驅動的。這項活動將在每年假期的同一時間舉行。這就是第一點。

And then back to our customers, are expecting a peak season. I think even the NRS came out with their retail sales number for retail sales for September being up 5.7%, our customers are working to keep their consumers, to keep all of us engaged and make sure that they can hit their sales targets and goals for the holiday season, and they're expecting to do that.

然後回到我們的客戶，他們正在期待一個旺季。我認為，即使 NRS 公佈的 9 月零售額成長了 5.7%，我們的客戶也在努力留住他們的消費者，讓我們所有人都參與進來，確保他們能夠實現假日季的銷售目標，他們也期待做到這一點。

Now for us, definitely deals and agreements and support that we have for our customers is unique. And each one of our customers is unique on how they're executing their peak volume. But the big thing when you think about going forward, to your question, when you look at last year, last year was artificially inflated due to the East Coast strike concerns and other issues, and that really started in the summer of '24 and carried through to really where West Coast port volumes were up 20%, significantly all the way through the year.

現在對我們來說，我們為客戶提供的交易、協議和支援絕對是獨一無二的。我們的每位客戶在執行高峰交易量方面都是獨一無二的。但當你考慮未來時，對於你的問題，當你回顧去年時，你會發現，由於東海岸罷工擔憂和其他問題，去年的吞吐量被人為誇大了，而這實際上始於 1924 年夏天，並一直持續到西海岸港口吞吐量增長了 20%，全年都大幅增長。

I expect the comps associated with that change and relate the current import volumes to really be challenged all the way through March of '26. So I think that where we're at today and what we've done and what we're going to do to help our customers through peak, we're looking forward to doing that and working with those customers that have provided us with the forecast and what their needs are.

我預計與這項變更相關的比較以及與當前進口量相關的比較將在 2026 年 3 月之前真正受到挑戰。因此，我認為，就我們目前的狀況、我們已經做了什麼以及我們將要做什麼來幫助我們的客戶度過高峰期而言，我們期待著這樣做，並與那些向我們提供預測和他們的需求的客戶合作。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great, thanks. I'm going to throw in a long-term question here. And maybe share this topic goes to your heart. Just kind of given you guys probably led peers on JV 360 and all the tech investments kind of many years ago, can you talk about kind of what you guys are working on right now, what that technology capital envelope looks like, key initiatives there and kind of how the ICS business will look like from a tech and automation perspective maybe three, four years from now?

太好了，謝謝。我要在這裡提出一個長期問題。也許分享這個主題會觸動你的心。鑑於你們可能在很多年前就領導了 JV 360 和所有技術投資，您能否談談你們目前正在進行的工作、技術資本狀況、主要舉措以及從技術和自動化角度來看三、四年後 ICS 業務會是什麼樣子？

Thank you, Ravi, and I love to talk about technology. Our strategy is rooted in how we transform our logistics. We want to be smarter, more predictive, and automated through J.B. Hunt 360. And if you just think about what our platform does, it supports $2 billion in carrier freight transactions, and that gives us scale to innovate, and we can do that quickly and effectively.

謝謝你，拉維，我喜歡談論技術。我們的策略根植於如何轉變我們的物流。我們希望透過 J.B. Hunt 360 變得更加聰明、更具預測性和自動化性。如果你想想我們的平台的作用，它支援 20 億美元的承運商貨運交易，這為我們提供了創新的規模，我們可以快速有效地做到這一點。

As I think about what we're working on, we've deployed 50 AI agents. That's across the business. We're trying to automate tasks, streamline our operations.

當我思考我們正在做什麼時，我們已經部署了 50 個 AI 代理程式。這是整個業務範圍的事情。我們正在嘗試實現任務自動化，簡化我們的操作。

And maybe just a few examples. Today, 60% of our third-party cure check calls, those are automated. More than 73% of our orders are auto accepted. 80% of our paper invoices are paid without a manual touch. Our dynamic API, it responds to 2 million closed a year. And we've automated about 100,000 -- or a little more than 100,000 hours annually across our highway dedicated and CE teams.

或許這只是幾個例子。如今，我們 60% 的第三方治療檢查電話都是自動化的。我們超過 73% 的訂單都是自動接受的。 80% 的紙本發票無需人工支付。我們的動態 API，每年響應 200 萬次關閉。我們的高速公路專用和 CE 團隊每年實現約 100,000 小時（或略多於 100,000 小時）的自動化。

And so it's not just about AI for us. It is about how do we think about technology, but how does it empower our people. And so whether that's engineering better processes, or using robotic automation, leveraging AI, we're focused on helping our teams work smarter and become more efficient. And that's going to improve our operational performance and enhance our customers' visibility and their experience.

所以對我們來說這不僅與人工智慧有關。這關乎我們如何看待技術，以及它如何賦予我們的人民權力。因此，無論是設計更好的流程，還是使用機器人自動化、利用人工智慧，我們都專注於幫助我們的團隊更聰明地工作並提高效率。這將提高我們的營運績效並增強客戶的知名度和體驗。

So as we continue to refine our technology strategy, our goal remains very clear to us. We want to deliver measurable gains in cost savings, we want to increase our customer satisfaction, and we want to gain market share as a result. Now as I think about ICS, they have a great opportunity to do even more work when it comes to automation, because the nature of the new customers that are onboarding are less sophisticated from a technology perspective. So it's really a new market for them.

因此，隨著我們不斷完善技術策略，我們的目標仍然非常明確。我們希望在成本節約方面取得可衡量的收益，我們希望提高客戶滿意度，我們希望因此獲得市場份額。現在，當我想到 ICS 時，他們在自動化方面有很大機會做更多的工作，因為從技術角度來看，新加入的客戶性質不太複雜。所以這對他們來說確實是一個新市場。

If you think about our overall company, our company and the percentage of customers that we have that are large shippers were heavily distorted to. And so I would say that's our opportunity to really grow with those small to midsized customers, and that's where automation will help significantly.

如果你考慮我們整個公司，我們公司和我們擁有的大型托運人客戶的百分比被嚴重扭曲了。所以我想說這是我們與中小型客戶真正共同成長的機會，而自動化將在這方面提供巨大幫助。

We've got a clear path of things that we're working on. And then I want to make sure that I do mention we did talk about UP.Labs, which is a company that we've partnered with and really having them attack two of our areas that we believe needs rewritten from a process and even more importantly, technology where they're integrating AI into those processes.

我們對正在進行的工作有著清晰的規劃。然後我想確保我確實提到了我們確實談論了 UP.Labs，這是一家我們合作的公司，他們確實攻擊了我們認為需要從流程上重寫的兩個領域，更重要的是，他們將 AI 整合到這些流程中的技術。

Those two areas, I would say, we're in the middle of really investigating and determining next path forward. But for us, all of this is about efficiency across our entire system. And so that's part of our lowering our cost to serve. It's part of our transformation work. And I don't think it just has to be AI that makes that happen. It can be a combination of processes, robotics, and AI.

我想說，我們正在對這兩個領域進行深入調查，並確定下一步的方向。但對我們來說，所有這些都與整個系統的效率有關。這是我們降低服務成本的一部分。這是我們轉型工作的一部分。我不認為只有人工智慧才能實現這一點。它可以是流程、機器人和人工智慧的結合。

Bascome Majors, SIG.

巴斯科姆·梅傑斯，SIG。

Brad, as you get into the base period.

布拉德，當你進入基礎期。

Hey, Bascome.

嘿，巴斯科姆。

Hey. As you get into the planning period for next year, can you talk a little bit about some of the higher visibility, big ticket cost items in the budget, be it health and welfare or insurance? What is the inflationary backdrop you're continuing with now? And how do you think that shifts in the next year? And when you put it all in the blender with the $50 million plus incremental cost savings, how much do you really need to get from pricing and growth to offset that? Thank you.

嘿。在進入明年的規劃期之際，您能否談談預算中一些較為引人注目、成本較高的項目，例如醫療福利或保險？您現在繼續面臨的通膨背景是什麼？您認為明年這種情況會發生怎樣的變化？當您將所有這些與 5000 萬美元加上增量成本節省放在一起時，您真正需要從定價和增長中獲得多少來抵消這些節省？謝謝。

Well, Bascome, I'll ask them the way you started with that question. I was just going to say, yes, yes, yes and yes. I would say the big areas where we're seeing deflationary pressure always on our people and wages, but in particular, around benefits, group medical healthcare costs are -- I don't think it's unique to J.B. Hunt. I think it's a challenge for any and all businesses. So that's certainly an area that I think is a hot topic as we're thinking about planning for 2026. Insurance, yes, we're in the renewal process now. It's probably too early to comment on that.

好吧，巴斯科姆，我會按照你開始問這個問題的方式來問他們。我只是想說，是的，是的，是的。我想說的是，我們看到通貨緊縮壓力始終存在於我們的員工和薪資方面，特別是福利、團體醫療保健成本方面——我認為這並不是 J.B. Hunt 獨有的。我認為這對所有企業來說都是一個挑戰。因此，當我們考慮 2026 年規劃時，我認為這肯定是一個熱門話題。保險，是的，我們現在正在續保過程中。現在評論這一點可能還為時過早。

But particularly as you get into certain layers or areas of coverage, we're seeing greater cost and largely because of how and how these claims are settling. And I think again, it's not -- that's not unique to J.B. Hunt. The thing that I'm really proud of is, and you heard Shelley and Nick both talk to it and our whole company should be proud of, is our safety performance.

但特別是當你進入某些層面或覆蓋範圍時，我們看到成本越來越高，這主要是因為這些索賠的解決方式和方法。我再次認為，這並不是——這並不是 J.B. Hunt 獨有的。我真正感到自豪的是，正如雪萊和尼克所說，我們整個公司都應該感到自豪的是我們的安全性表現。

I mean, we're coming off of a very strong year last year, which bested the prior year. And year-to-date, I'll knock on wood here, our performance is better than last year. And the best way to reduce our cost on claims and insurance items is to really to avoid any incidents. And so that's the goal.

我的意思是，我們去年的表現非常強勁，甚至超過了前一年。今年到目前為止，我可以敲敲木頭，我們的表現比去年更好。減少索賠和保險項目成本的最佳方法是真正避免任何事故。這就是目標。

The goal is zero. We've got a long ways to go to get there. In terms of what do we need, our customers I know are going to push hard, unless there's a meaningful change or a change in the supply-demand balance.

目標是零。要達到這個目標我們還有很長的路要走。就我們需要什麼而言，我知道我們的客戶會極力推動，除非發生重大變化或供需平衡發生變化。

I think Nick alluded to the fact that there are maybe some things that are starting to pop up that might be reasons for more concern about what the capacity situation looks like going forward. But we got to at least get above inflation. And if inflation is running 3%, I feel like our industry needs something better to get better than that to get into a healthier spot.

我認為尼克暗示了這樣一個事實，即可能有一些事情開始出現，這可能是人們更加擔心未來產能狀況的原因。但我們至少要克服通貨膨脹。如果通貨膨脹率達到 3%，我覺得我們的產業需要採取更好的措施來改善現狀，從而進入更健康的狀態。

And our industry is not in a healthy spot. And I think most of you who have covered this industry for a long time know that. So our goal, and we had a lot of follow-up conversations after our last earnings call about is the $100 million net or gross, and I jokingly will say this here.

我們的行業目前狀況並不健康。我想大多數長期關注這個行業的人都知道這一點。因此，我們的目標是實現 1 億美元的淨利潤或毛利潤，我們在上次財報電話會議後進行了很多後續對話，我在這裡開玩笑地說這個。

I've asked each of those investors to define it for me, and they all gave me a different example. But at the end of the day, our lowering our cost to serve initiative of $100 million, we want that to show up and be very visible to our owners. And we want to be obviously visible to you as well. But I would say we need something mid-single digits next year for our industry to at least get back on a healthier path to margin recovery, and particularly for some of these transportation providers to reinvest or be at reinvestable levels.

我曾要求每位投資人為我定義這一點，他們都給了我不同的例子。但最終，我們降低 1 億美元服務成本的舉措，我們希望能夠顯現出來，並讓我們的業主看得見。我們也希望您能清楚地看到我們。但我想說，明年我們需要一個中等個位數的成長，這樣我們的產業才能至少回到利潤率復甦的健康軌道上，特別是對於一些運輸供應商來說，才能進行再投資或達到可再投資的水平。

So that's a long answer. I know I didn't answer it specifically because I don't want to give guidance to what our rate expectations might be next year, but I would hope the value that we're providing customers will allow us to try to earn an appropriate return on the investments and the risk we're taking serving those customers.

這是一個很長的答案。我知道我沒有具體回答這個問題，因為我不想對明年的利率預期給出指導，但我希望我們為客戶提供的價值將使我們能夠嘗試從投資和為這些客戶提供服務所承擔的風險中獲得適當的回報。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨。

Yeah. Good afternoon. I want to give Shelley a shot at a question here if she wants to take it or I guess, could pass along certainly. But when I think about coming out of a downturn in the industry, it seems like there -- we look for kind of a catalyst to change the shipper mindset. And I know you've got tons of experience working with shippers over time. So do you think this -- the DOT efforts, you listed a number of them. I think there's a lot of focus on the nondomiciled CDL issue right now.

是的。午安.我想讓雪萊在這裡嘗試回答一個問題，看看她是否願意回答，或者我猜，她肯定可以回答。但當我想到要走出產業低迷時，似乎我們需要尋找一種催化劑來改變托運人的心態。我知道您長期以來與托運人合作累積了豐富的經驗。那麼，您認為這——DOT 的努力，您列舉了其中的一些。我認為現在人們非常關注非居住 CDL 問題。

But do you think that those DOT efforts are really causing a lot of concern in the shipper mindset, and there's potentially a shift in that mindset that seems important to pricing? And then I guess within that, is the 200,000 number DOT talked about? Is that -- do you think that sounds right? Or does that not sound right? Thank you.

但是您是否認為交通部的努力確實引起了托運人的極大擔憂，而這種心態可能會發生對定價很重要的轉變？然後我猜其中 DOT 談論的是 20 萬這個數字嗎？那是——你認為這聽起來對嗎？或者這聽起來不對？謝謝。

Yeah. Thank you, Tom. And let me start, and I'll have the team kind of jump in here overall.

是的。謝謝你，湯姆。首先，我將讓整個團隊參與其中。

When I think about how our shippers are viewing the market, it has been a surprise to all of us. So to J.B. Hunt and our shippers, how this market still is in the same place it's been over more than three years. And so I would tell you, our customers a year ago, they were prepared and understood the why that we would need more price.

當我想到我們的托運人如何看待市場時，我們所有人都感到驚訝。所以對於 J.B. Hunt 和我們的托運人來說，這個市場三年多來一直沒有改變。所以我想告訴你，一年前我們的客戶已經做好了準備，並且了解我們為什麼需要更高的價格。

It's not that our customers are unsympathetic to our position, but they're managing their costs based on what they see from a bid perspective and what they see from a cost perspective. And so I think it's incumbent on us.

這並不是說我們的客戶不理解我們的立場，而是他們根據從投標角度和成本角度所看到的情況來管理成本。所以我認為這是我們的責任。

One of the things I think is important, is we are a growth company, but we're a disciplined growth company. We can't just grow. We have to be disciplined in our growth strategy and making sure we articulate that.

我認為重要的一點是，我們是一家成長型公司，但我們是一家紀律嚴明的成長型公司。我們不能只是成長。我們必須嚴格執行我們的成長策略，並確保我們清楚地表達這一點。

I'll tell you this time, as much as Darren has talked about our pricing change, although that might seem really simple to do, in this environment, those were very difficult discussions but they were really fueled by our operational excellence and being able to talk to our customers about what great work we're doing and they saw value in that.

這次我要告訴你，儘管達倫多次談到我們的價格變化，儘管這看起來很簡單，但在這種環境下，這些都是非常困難的討論，但它們的真正推動力是我們卓越的運營，並且能夠與我們的客戶談論我們正在做的偉大工作，他們看到了其中的價值。

I've not seen us have to fight so hard for 1% and 2% before when you know inflation is so much more than that overall. So I would tell you, I think customers want to help us we need the market to change in order to do that.

我從未見過我們必須如此努力地爭取 1% 和 2% 的通膨率，而你知道整體通膨率遠高於這個數字。所以我想告訴你，我認為客戶想要幫助我們，我們需要市場做出改變才能做到這一點。

Do I think that nondomicile CDO could be a catalyst? Sure. It would at least make a little more sense to me why there's so much capacity in the market versus just our statistics say today. But I would tell you things have to change from here, if that's one of the things that happens. And does that happen in the next 12 months? Does that take 24 months for it to happen?

我是否認為非註冊 CDO 可以成為一種催化劑？當然。這至少能讓我更清楚地理解為什麼市場容量如此之大，而不僅僅是我們今天的統計數據。但我想告訴你，如果這是要發生的事情之一，事情就必須從現在開始改變。這會在未來 12 個月內發生嗎？這需要 24 個月才能實現嗎？

But let me just take a pause there and let -- Nick, maybe you want to jump in on the --?

但讓我先暫停一下，讓——尼克，也許你想加入--？

And I might just add a couple of quick things here, Shelley. I totally agree. Our customers really, the last two years have been planning for changes in cost that really didn't materialize because they didn't have to. And I think some of the things that we're seeing right now with a little bit of a disconnect and spot price rates going up versus volumes going down.

雪萊，我可能只想在這裡補充幾點。我完全同意。我們的客戶確實在過去兩年中一直在計劃改變成本，但由於沒有必要，所以並沒有真正實現。我認為我們現在看到的一些情況是，現貨價格上漲，而交易量卻下降，這有點脫節。

The first time we've seen that, maybe in the history of some of the data. Our customers look at macro data in spot pricing and volumes. But let me go back to -- until they actually experience it or feel it at the dock level, until freight has not picked up, they won't make a meaningful change. So that's the area where we've got to give them confidence and predictability of our capacity and service, which we've done through operational excellence that as this thing does change, whether it's near term or over time, they can count on us to take care of their business.

這可能是我們第一次在某些數據的歷史記錄中看到這種情況。我們的客戶關注現貨價格和數量的宏觀數據。但讓我回到正題——直到他們真正體驗到它或在碼頭感受到它，直到貨運量沒有回升，他們才會做出有意義的改變。因此，我們必須讓他們對我們的能力和服務充滿信心和可預測性，我們透過卓越的營運做到了這一點，無論情況是短期還是長期變化，他們都可以依靠我們來照顧他們的業務。

Nick?

缺口？

Yeah, I'll just add a couple of things. On the non-dom, I think the $200,000 is fairly legit, but I think there's a lot of other factors drivers that's going across the border, call it, cavities. It should only be in the border zone. There's some good data out there from a couple of sources that's come out recently to talk about that. And so I just think there's other factors that's going to continue to impact that.

是的，我只想補充幾點。對於非英國本土居民來說，我認為 20 萬美元是相當合法的，但我認為還有很多其他因素會影響跨國駕駛，例如蛀牙。它應該只位於邊界區域。最近有幾個來源發布了一些很好的數據來討論這個問題。所以我認為還有其他因素會繼續影響這一點。

But really to see any impact in the speed, it's going to take the economic side along with the regulation side, and that's what's going to drive the timing of those two, in my opinion.

但在我看來，要真正看到速度上的影響，就需要結合經濟面和監管面，而這正是決定兩者時機的因素。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good afternoon. This is Eric Morgan on for Brandon. Actually, just a quick one on intermodal growth in the east. I think you referenced in the prepared remarks, having the labor port issue kind of playing in there. So I was just wondering how sustainable that level of growth is moving forward? And maybe in the context of some of this different seasonality you're seeing this year would be helpful. Thanks.

嘿，下午好。這是 Eric Morgan 為布蘭登 (Brandon) 表演的節目。實際上，我只想簡單談談東部多式聯運的發展。我認為您在準備好的評論中提到了勞工港口問題。所以我只是想知道這種成長水準在未來能有多大的可持續性？也許在今年您看到的一些不同季節性的背景下會有所幫助。謝謝。

Sure. So I think in reference to the labor situation, that had more to do with last year's comps on the West Coast volumes being strong. Our eastern network volume really doesn't have a lot of interaction with the import economy at time. I think that the eastern network continues to be where we see the best highway to rail conversion opportunity.

當然。因此，我認為就勞動力狀況而言，這更多是與去年西海岸的產量強勁有關。我們的東部網路容量實際上與進口經濟沒有太多的互動。我認為東部網路仍然是我們看到的最佳高速公路轉鐵路機會。

Our eastern network also includes Mexico, as an example. And so we have really nice solid growth coming northbound out of Mexico as part of that. We think that the vast majority of the millions of loads that remain to be converted from highway to intermodal are in the east. So we're encouraged by our growth in the east, and we expect and anticipate we can continue to grow in the east for years to come.

例如，我們的東部網路也包括墨西哥。因此，我們在墨西哥北部地區實現了非常穩健的成長。我們認為，仍有數百萬貨物需要從公路運輸轉換為多式聯運，其中絕大多數位於東部。因此，我們對我們在東部地區的成長感到鼓舞，我們期望並預計未來幾年我們能夠在東部地區繼續成長。

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

問答環節到此結束。我想將會議交還給 Shelley Simpson 女士，請她做閉幕發言。請繼續。

Thanks, everyone, for joining. Hey, we're pleased with our results in the short term, especially considering this environment, but we have more work to do, and we're not satisfied. So we're going to continue to remain focused on our priorities of operational excellence in both service and safety. We're going to scale into our investments through disciplined growth, and then we're going to keep repairing our margins, and that will drive stronger financial performance.

謝謝大家的參與。嘿，我們對短期內的結果感到滿意，特別是考慮到這種環境，但我們還有更多工作要做，而且我們並不滿意。因此，我們將繼續專注於服務和安全方面的卓越營運。我們將透過有紀律的成長來擴大我們的投資，然後我們將繼續修復我們的利潤率，這將推動更強勁的財務表現。

We're a growth company. It's important. And we have the highest service across all five of our business units. I think the highest since I've been with the company from a consistency across the segments. We see that metric as a key enabler to execute on our strategy and maintain our said culture on delivering what we say and what we expect from ourselves.

我們是一家成長型公司。這很重要。我們五個業務部門均提供最優質的服務。我認為這是我加入公司以來各部門一致性最高的一次。我們認為該指標是執行我們的策略和維護我們的文化（兌現我們的承諾和我們對自己的期望）的關鍵推動因素。

Thanks for your interest, and we'll see you next quarter.

感謝您的關注，我們下個季度再見。

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。