J B Hunt Transport Services Inc (JBHT) 2025 Q4 法說會逐字稿

Good evening, and welcome to the J.B. Hunt fourth-quarter 2025 earnings conference call and webcast. (Operator Instructions) Please note, this event is being recorded.

晚上好，歡迎參加 J.B. Hunt 2025 年第四季財報電話會議和網路直播。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Andrew Hall, Senior Director of Finance. Please go ahead.

現在我將把會議交給財務高級總監安德魯·霍爾。請繼續。

Good afternoon. Before I introduce the speakers, I would like to provide some disclosures regarding forward-looking statements.

午安.在介紹演講嘉賓之前，我想先就前瞻性陳述做一些披露。

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 in other reports and filings with the Securities and Exchange Commission.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。諸如“預期”、“預計”、“打算”、“估計”或類似表達等詞語旨在識別這些前瞻性陳述。這些聲明是基於 J.B. Hunt 目前的計劃和預期，並涉及風險和不確定性，可能導致未來的活動和結果與前瞻性聲明中所述的活動和結果有重大差異。有關風險因素的更多信息，請參閱 J.B. Hunt 向美國證券交易委員會提交的 10-K 表格年度報告和其他報告和文件。

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

現在我來介紹一下今天電話會議的發言人。今天下午，與我一同出席的有：總裁兼首席執行官 Shelly Simpson；首席財務官 Brad Delco；銷售和市場營銷執行副總裁 Spencer Frazier；首席營運官兼公路服務和最後一英里總裁 Nick Hobbs；專用合同服務總裁 Brad Hicks；以及多式聯運總裁 Darren Field。

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

現在我想把電話交給我們的執行長雪莉辛普森女士，請她發表一些緩和氣氛的評論。雪萊？

Thank you, Andrew, and good afternoon. We began 2025 with clear expectations, but when the external environment shifted, we responded by adapting our strategy. I am proud of the agility of our team as we navigated through dynamic economic conditions while maintaining high service levels for our customers and structurally removing costs from our business.

謝謝你，安德魯，下午好。2025 年伊始，我們對未來有著明確的預期，但當外在環境改變時，我們調整了策略以因應。我為我們團隊的敏捷性感到自豪，我們能夠在瞬息萬變的經濟環境中保持高水準的服務，同時從結構上降低業務成本。

Throughout 2025, we prioritized operational excellence. Not only did we meet this goal, but we set a new benchmark for success within our organization. Our service levels and safety performance remain exceptional, and they are key differentiators for us in the industry.

2025年全年，我們將營運卓越放在首位。我們不僅實現了這個目標，也為公司內部的成功樹立了新的標竿。我們的服務水準和安全表現依然非常出色，這是我們在業界脫穎而出的關鍵因素。

In the fourth quarter, we proudly celebrated our fourth driver to reach 5 million safe miles, Steve Kirschbaum, and is a reflection of the strong culture of safety at J.B. Hunt. Alongside this, two other key priorities for 2025 were scaling into our investments and continuing to repair our margins.

第四季度，我們自豪地慶祝了第四位安全行駛里程達到 500 萬英里的駕駛員 Steve Kirschbaum，這體現了 J.B. Hunt 強大的安全文化。除此之外，2025 年的另外兩個重點優先事項是擴大投資規模和繼續修復利潤率。

While we made meaningful progress in both areas, I recognize there is still more work ahead. We are laying the foundation for J.B. Hunt's future, a future defined by disciplined growth and even stronger financial performance. I'll briefly address rail consolidation now that the merger application has been filed.

雖然我們在這兩個領域都取得了實質進展，但我意識到還有更多的工作要做。我們正在為 J.B. Hunt 的未來奠定基礎，一個以穩健成長和更強勁的財務表現為特徵的未來。既然合併申請已經提交，我就簡單談談鐵路整合的問題。

We remain rooted in our commitment to our customers and providing excellent intermodal service and also to our shareholders to create lasting long-term value. We continue to have conversations with all Class I railroads and those conversations are progressing. In our view, there remains a significant amount of industry risks and opportunities, and we continue to work on multiple options to ensure our customers and shareholders are well placed. We have a strong brand and service product and offer tremendous value to our rail providers given our scale, technology capabilities, and how we go to market. Our ability to deliver seamless, differentiated service across the entire North American intermodal network is a competitive advantage.

我們始終秉持對客戶的承諾，提供卓越的多式聯運服務，同時也致力於為股東創造持久的長期價值。我們繼續與所有一級鐵路公司進行對話，這些對話正在取得進展。我們認為，產業內仍有大量風險和機遇，我們將繼續研究多種方案，以確保我們的客戶和股東的利益得到保障。我們擁有強大的品牌和服務產品，憑藉我們的規模、技術能力和市場推廣方式，為鐵路供應商提供了巨大的價值。我們能夠為整個北美多式聯運網路提供無縫、差異化的服務，這是我們的競爭優勢。

As we move into 2026, the freight market feels fragile. Capacity continues to exit the truckload market, and we are testing the elasticity of supply. Regardless of the market environment, we continue to manage our business to put us in the best position for long-term growth.

進入2026年，貨運市場顯得脆弱不堪。卡車運輸市場運力持續下降，我們正在測試供應彈性。無論市場環境如何，我們都將繼續管理我們的業務，使我們處於長期成長的最佳位置。

Let me give you a little more color on our strategy in 2026. Overall, our service levels across the business remain exceptional. The business leaders will share more but throughout peak season customers trusted us with more of their freight because of our service. As we grow through operational excellence, we will remain disciplined with our cost management and continue to lower our cost to serve. This will further strengthen our business model, providing capital to deploy for future growth, while providing strong returns for our shareholders.

讓我再詳細介紹一下我們2026年的策略。整體而言，我們公司各方面的服務水準依然非常出色。企業領導人會分享更多訊息，但在旺季期間，由於我們的服務，客戶信任我們，將更多貨物託付給我們。隨著我們透過卓越營運實現成長，我們將保持嚴格的成本管理，並繼續降低服務成本。這將進一步加強我們的商業模式，為未來的成長提供資金，同時為我們的股東帶來豐厚的回報。

Let me close with our key priorities for 2026. First, we're focused on disciplined growth through operational excellence. On the back of our operational excellence, we are playing offense and creating our own success that is not dependent on the market. Second, we will leverage our investments in our people, technology and capacity into clear and sustainable competitive advantages for our business. We pre-funded our capacity growth in the bottom of the cycle, including the purchase of Walmart's intermodal assets positioning us to grow without needing to deploy additional capital to do so.

最後，我想談談我們2026年的主要工作重點。首先，我們專注於透過卓越營運實現穩健成長。憑藉著卓越的營運能力，我們採取積極主動的策略，創造不依賴市場的自身成功。其次，我們將利用在人才、技術和能力方面的投資，為我們的業務帶來清晰、可持續的競爭優勢。我們在周期底部預先為產能成長提供了資金，包括收購沃爾瑪的多式聯運資產，這使我們能夠在無需投入額外資金的情況下實現成長。

We have invested in our people and technology, focusing on ways to improve efficiency and productivity through automation. Investing in people, technology, and capacity is core to who we are. Third, we will continue to repair our margins to drive long-term value for our shareholders. We are a disciplined growth company, and we will continue to build on that momentum we have created.

我們已對員工和技術進行投資，專注於透過自動化提高效率和生產力的方法。投資人才、技術和能力是我們企業的核心價值。第三，我們將持續改善利潤率，為股東創造長期價值。我們是一家穩健成長的公司，我們將繼續保持目前的發展勢頭。

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

那麼，我把電話交給布萊德了。

Thanks, Shelly, and good afternoon. I'll hit on some highlights of the quarter and the year, review our capital allocation for 2025, give some views on the plan for '26, and finish up with an update on our lowering our cost to serve initiative. Let me start with the quarter.

謝謝你，雪莉，下午好。我將重點介紹本季度和本年度的一些亮點，回顧我們 2025 年的資本分配，對 2026 年的計劃發表一些看法，最後更新一下我們降低服務成本的舉措。讓我先從季度開始說起。

As you've seen from our release, on a GAAP basis, revenue was down 2% year over year, while operating income improved 19%, and diluted earnings per share improved 24% versus the prior year period. In the prior year quarter, we did incur pretax charges of $16 million for intangible asset impairments.

正如您從我們的新聞稿中看到的，以 GAAP 準則計算，營收年減 2%，而營業收入成長 19%，稀釋後每股收益較去年同期成長 24%。上年同期，我們確實產生了 1,600 萬美元的稅前無形資產減損費用。

After consideration of these charges, operating income increased 10% from the prior year period. Inflationary cost pressures continued to impact us in the quarter, but once again, were more than offset by solid execution by our people on lowering our cost to serve, and by driving efficiencies and productivity into our daily work.

扣除這些費用後，營業收入比去年同期成長了 10%。本季通膨成本壓力持續對我們造成影響，但我們的員工在降低服務成本、提高日常工作效率和生產力方面表現出色，再次抵消了這些影響。

For fiscal year '25 on a GAAP basis, revenue declined 1%, while operating income increased 4%. Given the inflationary cost pressures in 2025 that were not fully covered with the pricing environment, these results again highlight operational excellence, in managing our cost, safety, and service to our customers.

根據美國通用會計準則 (GAAP) 計算，2025 財年收入下降 1%，而營業收入成長 4%。鑑於 2025 年的通膨成本壓力並未完全被定價環境所覆蓋，這些結果再次凸顯了我們在成本管理、安全保障和客戶服務方面的卓越運作。

On capital allocation. In 2025, we spent $575 million in capital reinvesting in our business that is net of proceeds from the sale of our equipment. We put $923 million towards our share repurchasing, the largest annual amount in our company's history and retired almost 6.3 million shares of stock.

關於資本配置。2025 年，我們投入了 5.75 億美元的資本用於業務再投資，這筆資金是扣除出售設備所得收益後的淨額。我們投入了 9.23 億美元用於股票回購，這是我們公司歷史上最大的年度回購金額，並註銷了近 630 萬股股票。

Our balance sheet remains healthy maintaining leverage just under our target of 1x trailing 12-month EBITDA. This aligns with our messaging around prefunding our long-term future growth, and not just remaining cost disciplined, but also disciplined on how we allocate our capital. In 2026, we anticipate net CapEx to be in the range of $600 million to $800 million, largely for replacement with expectations for success based growth capital to support our Dedicated segment. We will continue to manage our leverage to maintain an investment-grade balance sheet, support the growth of our dividend and opportunistically repurchase shares.

我們的資產負債表依然健康，槓桿率略低於我們設定的目標，即過去 12 個月 EBITDA 的 1 倍。這與我們關於預先資助長期未來成長的資訊一致，不僅要保持成本控制，還要嚴格控制資本分配。預計 2026 年淨資本支出將在 6 億美元至 8 億美元之間，主要用於設備更新換代，並期望獲得基於成功成長的資本，以支援我們的專屬業務板塊。我們將繼續管理槓桿，以維持投資等級資產負債表，支持股利成長，並擇機回購股票。

We do have $700 million of notes maturing on March 1, and have more than enough flexibility with our recently amended and extended credit agreement to satisfy that maturity. We're committed to giving you updates on our execution of our lowering our cost-to-serve initiative, and I'll start by saying our execution remains solid.

我們確實有 7 億美元的票據將於 3 月 1 日到期，而且我們最近修訂和延長的信貸協議有足夠的靈活性來滿足這一到期需求。我們致力於向您報告降低服務成本計畫的執行情況，首先我要說的是，我們的執行情況依然穩健。

I'll reiterate, our intent is to demonstrate our progress in our results rather than just speak to tracked savings. In the third quarter, we stated we executed over $20 million of cost savings in the quarter. In the fourth quarter, we executed over $25 million of tracked savings and are now on a run rate of over $100 million of annualized cost savings. Keep in mind, we continue to focus on productivity and efficiency gains that were not contemplated in our $100 million target as our achievement of that target was not dependent on volume growth.

我再次重申，我們的目的是透過業績來證明我們的進步，而不僅僅是談論追蹤到的節省金額。第三季度，我們宣布本季實現了超過 2,000 萬美元的成本節約。第四季度，我們實現了超過 2,500 萬美元的追蹤節約，目前年化成本節約已超過 1 億美元。請記住，我們將繼續專注於提高生產力和效率，而這並未在我們 1 億美元的目標中考慮，因為我們實現該目標並不依賴銷售成長。

We continue to see benefits in the same areas of service efficiencies and balancing our networks, dynamically serving customers to meet their needs and even more focus on discretionary spending and driving greater utilization of our assets.

我們繼續在服務效率和平衡網絡、動態服務客戶以滿足其需求、更加註重可自由支配支出以及提高資產利用率等領域看到效益。

Let me close with a couple of things that I think are important takeaways from our results. First, despite no meaningful tailwinds from market pricing, we posted solid year-over-year earnings growth for both the quarter and the year. Second, our focus on operational excellence and discipline on cost and deployment of capital sets us up well for the future. Finally, we entered 2026 with solid momentum, both operationally and financially and with ample capacity to deploy capital to meet our customers' needs with our scroll of services.

最後，我想分享幾點我認為是我們研究結果中的重要啟示。首先，儘管市場定價沒有帶來任何實質的利多因素，但我們本季和本年度的獲利均實現了穩健的年成長。其次，我們注重卓越運營，嚴格控製成本和資本部署，這為我們未來的發展奠定了良好的基礎。最後，我們以穩健的勢頭進入了 2026 年，無論在營運還是財務方面，我們都擁有充足的能力部署資金，透過我們廣泛的服務來滿足客戶的需求。

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

我的發言到此結束。現在我想把麥克風交給史賓賽。

Thank you, Brad, and good afternoon. I'll provide an update on our view of the market and share feedback we are hearing from customers.

謝謝你，布拉德，下午好。我將介紹我們對市場的看法，並分享我們從客戶那裡聽到的回饋。

Demand in the fourth quarter aligned with expectations. And we continue to see the truckload capacity bubbles deflate. As customer forecast accuracy improved throughout the year, so did our confidence we would have a solid peak season. As noted in our last call, a significant amount of early imported freight still needed to move inland, which ultimately supported a solid peak. I'm proud of how our teams met customers, seasonal demand, helping them deliver their plans.

第四季需求符合預期。我們持續看到卡車貨運能力泡沫破裂。隨著客戶預測準確率在一年內不斷提高，我們對旺季業績的信心也越來越強。正如我們上次報告中所提到的，大量早期進口貨物仍需運往內陸，最終支撐了強勁的銷售高峰。我為我們的團隊能夠滿足客戶需求、應對季節性需求並幫助他們實現計劃而感到自豪。

Additionally, we saw market dynamics tighten around Thanksgiving and continue through year-end, creating opportunities to leverage our culture of operational excellence and gain share. Our unique model, comprehensive service offerings, and 360 platform continue to differentiate us and position us for long-term growth. Most customers view the recent market tightening as temporary or seasonal rather than a structural shift. After several years of mix signals and forecasting challenges, customers will only acknowledge a structural change after they feel a tighter market for a longer period of time, likely driven by some degree of both reduced capacity and stronger demand.

此外，我們看到感恩節前後市場動態趨於收緊，並持續到年底，這為我們利用卓越的營運文化贏得市場份額創造了機會。我們獨特的模式、全面的服務產品和 360 度平台不斷使我們脫穎而出，並為長期發展奠定了基礎。大多數客戶認為近期的市場緊縮是暫時的或季節性的，而不是結構性轉變。經過數年各種訊號混雜和預測挑戰之後，客戶只有在感受到市場供應緊張且持續時間更長的情況下才會承認結構性變化，而這種緊張很可能是由產能下降和需求增強共同導致的。

Customers are also evolving their supply chain strategies. Many are consolidating logistics providers to do more business with fewer high-performing providers. Last year, we had our highest customer retention since 2017. Customers are also looking for the most efficient capacity solutions that meet their needs and more sophisticated customers are planning ahead of potential market shifts.

客戶的供應鏈策略也在不斷演變。許多企業正在整合物流供應商，以便與更少但績效優異的供應商開展更多業務。去年，我們的客戶留存率達到了自 2017 年以來的最高水準。客戶也在尋找能夠滿足自身需求的最有效產能解決方案，而更成熟的客戶則會事先規劃，以因應潛在的市場變化。

They are working with us to optimize networks and capacity strategies to leverage the right service offering at the right time to execute their business. This aligns well with the strength of our business model and our solution-based sales approach, and is helping drive our share gains.

他們正與我們合作，優化網路和容量策略，以便在適當的時間利用合適的服務產品來開展業務。這與我們強大的商業模式和以解決方案為導向的銷售方式非常契合，並有助於推動我們市場份額的成長。

Our current customer conversations focused on their 2026 outlook and initiatives and how we can strategically support their supply chain strategies and growth. They are looking forward to a more stable trade policy, a more confident consumer and potential benefits from higher tax refunds and policy changes. Customers want logistics providers that offer scale, visibility, consistent long-term service to bring predictability to a complex part of their business. They view us as operating from a position of strength, reinforcing our confidence in the value we can deliver in 2026 and beyond.

我們目前與客戶的對話主要圍繞著他們對 2026 年的展望和計劃，以及我們如何在策略上支持他們的供應鏈策略和成長。他們期待更穩定的貿易政策、更有信心的消費者以及更高的退稅額和政策變化帶來的潛在好處。客戶希望物流供應商能夠提供規模、可視性和持續的長期服務，為他們業務中這一複雜環節帶來可預測性。他們認為我們處於優勢地位，這增強了我們對2026年及以後能夠創造價值的信心。

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

現在我想把電話交給尼克。

Thanks, Spencer, and good afternoon. I'll provide an update on our safety performance across our operations, followed by an update on our Final Mile, truckload, and brokerage businesses.

謝謝你，史賓塞，下午好。我將先報告我們各項營運活動的安全績效，然後報告我們的最後一公里配送、整車運輸和經紀業務的最新情況。

Safety remains a top priority and is a key differentiator of our value proposition in the market. I'm proud to say that 2025 was our third consecutive year of record safety performance measured by DOT preventable accidents per million miles.

安全始終是我們的首要任務，也是我們在市場上的價值主張的關鍵差異化因素。我很自豪地說，2025 年是我們連續第三年創下安全績效記錄，以每百萬英里 DOT 可預防事故數衡量。

To put some context around our performance, our DOT preventable frequency is equivalent to driving more than five million miles between events. Our focus on safety is a key piece of driving out cost and this record performance is a testament to our entire team and their commitment to remaining safe and secure every day. Our commitment to safety starts well before anyone begins driving a truck for executing a final mile delivery.

為了更好地理解我們的表現，我們 DOT 可預防事故發生的頻率相當於兩次事故之間行駛超過 500 萬英里。我們對安全的重視是降低成本的關鍵，而這項創紀錄的表現證明了我們整個團隊以及他們每天致力於保持安全的承諾。我們對安全的承諾始於任何人開始駕駛卡車執行最後一公里配送之前。

In our Final Mile business, we continue to lead the industry in terms of background screening and identity verification, ensuring the person delivering the product into the home meets our rigorous standards. As Final Mile claims across the industry continue to rise, we are pleased to see a large customer recently announced enhanced identity verification standards, which we believe is a positive and needed step for the industry overall.

在我們的最後一公里配送業務中，我們繼續在背景調查和身份驗證方面引領行業，確保將產品送貨上門的人員符合我們嚴格的標準。隨著整個行業最後一公里索賠的持續增加，我們很高興看到一家大客戶最近宣布了增強身份驗證標準，我們認為這對整個行業來說是一個積極且必要的步驟。

Shifting to the business. Overall, Final Mile end market demand remains soft across furniture, exercise equipment, and appliances. In our Fulfillment business, we continue to see positive demand driven primarily by off-price retail channels. Going forward, we do not expect any meaningful positive change in market conditions but remain focused on continuing to provide high levels of service for customers, while being safe and secure and ensuring that our returns match the value we provide in the market.

轉入業務部分。整體而言，家具、健身器材和家電等終端市場需求仍疲軟。在我們的物流業務中，我們持續看到積極的需求，這主要得益於折扣零售通路的推動。展望未來，我們預期市場狀況不會有任何實質的正面變化，但我們將繼續專注於為客戶提供高水準的服務，同時確保安全可靠，並確保我們的回報與我們在市場上提供的價值相符。

We mentioned last quarter that we anticipated losing some legacy appliance-related business in 2026. We expect this to be an approximately $90 million revenue headwind in 2026. That said, we continue to work diligently to onboard new business in this area to offset as much of this as we can.

我們在上個季度提到過，我們預計在 2026 年會失去一些與傳統家電相關的業務。我們預計這將導致 2026 年約 9,000 萬美元的收入損失。儘管如此，我們仍將繼續努力拓展該領域的新業務，以盡可能抵消這些影響。

Moving to our Highway businesses. Overall, peak season demand was in line with normal seasonality, led by e-commerce-related volume. On the capacity side, the truckload market became noticeably tighter beginning the week before Thanksgiving and didn't recover through the end of the year. We believe this was driven primarily by supply or tighter truckload capacity due to higher levels of regulatory enforcement.

搬遷至我們的高速公路沿線企業。整體而言，旺季需求與正常季節性相符，主要由電子商務相關的銷售所推動。從運力方面來看，從感恩節前一周開始，整車運輸市場明顯趨緊，直到年底都沒有恢復。我們認為這主要是由於供應緊張或監管執法力度加大導致的貨車運力收緊所致。

In JBT, our strong service and focus on operational excellence led to another quarter of double-digit volume growth, our third consecutive quarter achieving that growth rate. As the truckload market tightened in the quarter, our focus on service created additional volume opportunities from customers as other carriers struggle to maintain commitments.

在 JBT，我們強大的服務和對卓越營運的專注，使我們連續第三個季度實現了兩位數的銷售成長，這也是我們連續第三個季度達到這一增長率。本季卡車運輸市場趨緊，而其他承運商難以履行承諾，我們專注於服務，從而為客戶創造了額外的貨運量機會。

Going forward, our focus in 2026 is disciplined growth to ensure our network remains balanced while also improving the utilization of our trailing assets through better box turns. While we will continue to execute on lowering our cost to serve, meaningful improvement in our profitability in this business will continue to be driven by our ability to price higher.

展望未來，我們在 2026 年的重點是穩健成長，以確保我們的網路保持平衡，同時透過提高貨箱週轉率來提高我們後方資產的利用率。雖然我們將繼續努力降低服務成本，但要真正提高該業務的獲利能力，仍將取決於我們提高定價的能力。

I'll close with ICS. During the fourth quarter, truckload spot rates moved noticeably higher, which put pressure on our gross margins, especially in late November and December. This did lead to more spot opportunities, but not until really late in the quarter. While lower gross profit year over year did pressure our profitability, we continue to make good progress on our controllable costs with operating costs of approximately $41 million in the quarter, our lowest since Q4 of '18.

最後我再補充一點ICS。第四季度，整車運輸現貨價格明顯上漲，給我們的毛利率帶來了壓力，尤其是在 11 月下旬和 12 月。這確實帶來了更多現貨機會，但直到季度末才出現。雖然年比毛利下降確實給我們的獲利能力帶來了壓力，但我們在可控成本方面繼續取得良好進展，本季營運成本約為 4,100 萬美元，是自 2018 年第四季以來的最低水準。

Going forward, we are encouraged by the work we have done to rightsize our cost structure in this business and the wins we achieved during mid-season. Our focus in 2026 is maintaining operational excellence, continuing to onboard additional volume on the platform and remaining disciplined on our cost as we grow.

展望未來，我們對已開展的調整業務成本結構的工作以及賽季中期的勝利感到鼓舞。2026 年，我們的重點是維持卓越的營運水平，繼續在平台上增加業務量，並在發展過程中保持成本控制。

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

那麼，我現在想把電話交給布萊德。

Thanks, Nick, and good afternoon, everybody. I'll provide an update on our Dedicated business. Starting with the results. At a high level, our full year results highlight the resiliency of our dedicated business, which remains a standout in the industry. A year ago, on our 2024 fourth quarter earnings call, I commented that we expected very modest operating income growth in 2025 in Dedicated. We had visibility to fleet losses throughout the first half of the past year. And given the nature of our business, we knew that growing operating income while shrinking the fleet would be difficult.

謝謝你，尼克，大家下午好。我將向我們報告專用業務的最新進展。首先來看結果。從宏觀層面來看，我們的全年業績突顯了我們專注業務的韌性，使其在業界保持領先地位。一年前，在我們 2024 年第四季財報電話會議上，我曾表示，我們預計 2025 年 Dedicated 的營業收入成長將非常溫和。在過去一年的上半年，我們已經預見了車隊的損失。鑑於我們業務的性質，我們知道在縮減船隊規模的同時增加營業收入是件難事。

I'm extremely proud of our dedicated team at not only addressing the expected fleet losses but also navigating unexpected customer bankruptcies during the year. Our focus on customer value delivery, efforts to lower our cost to serve, and strong safety performance allowed us to deliver flat operating income compared to 2024 results despite a lower fleet count.

我為我們敬業的團隊感到無比自豪，他們不僅應對了預期的車隊損失，還應對了年內意想不到的客戶破產情況。我們專注於為客戶創造價值，努力降低服務成本，並維持了良好的安全表現，即使車隊數量減少，我們也能實現與 2024 年業績持平的營業收入。

Looking at the fourth quarter, we sold approximately 385 trucks of new deals, bringing our full year new truck sales to approximately 1,205 trucks. As a reminder, our annual net sales target is for 800 to 1,000 new trucks per year. While the known fleet losses disclosed two years ago caused us to fall short of this target in 2025, we have good momentum coming out of the fourth quarter, which gives us greater confidence that we will get back to this level of annual net truck growth in 2026.

從第四季來看，我們售出了約 385 輛新卡車，使我們全年的新卡車銷量達到約 1205 輛。再次提醒大家，我們的年度淨銷售目標是每年銷售 800 至 1000 輛新卡車。雖然兩年前披露的已知車隊損失導致我們在 2025 年未能實現這一目標，但我們從第四季度開始勢頭良好，這讓我們更有信心在 2026 年恢復到這一年度淨卡車增長水平。

We continue to see considerable opportunities for future growth in our dedicated business with addressable market of roughly $90 billion. Our sales pipeline remains strong, and we have opportunities across a diverse set of customers and industries. Our sales cycle is elongated at around 18 months given the complex nature of these contracts and the big decisions to outsource a private fleet. We have seen this sales process extend a few additional months given the broad macroeconomic uncertainty, and continued challenging freight fundamentals. While we initially anticipated resuming net fleet growth in the latter half of last year, the extended time line for finalizing new agreements has pushed the return to fleet growth into 2026.

我們持續看到我們專注的業務領域未來有相當大的成長機會，潛在市場規模約為 900 億美元。我們的銷售管道依然強勁，我們在各個客戶群和行業都擁有很多機會。鑑於這些合約的複雜性以及將自有車隊外包的重大決策，我們的銷售週期延長至約 18 個月。鑑於宏觀經濟情勢的不確定性以及貨運基本面持續面臨挑戰，我們看到此次銷售過程又延長了幾個月。雖然我們最初預計在去年下半年恢復淨船隊成長，但由於最終敲定新協議的時間延長，船隊恢復成長的日期推遲到了 2026 年。

Let me close with some thoughts on 2026. About two years ago, we spoke about having visibility to fleet losses that would play out through second quarter of 2025. About a year ago, we spoke about expectations for very modest operating income growth in 2025 given those known fleet losses. Both of these comments proved to be true as the contractual nature of our dedicated business provides us clear visibility to and predictability of our performance. We also know that to see a material increase in the profit performance of this business, we must first see a wave of truck growth for about six months.

最後，我想談談我對2026年的看法。大約兩年前，我們討論過如何預測到 2025 年第二季可能出現的車隊損失。大約一年前，我們曾談到，鑑於已知的船隊虧損，預計 2025 年的營業收入成長將非常有限。事實證明，這兩則評論都是正確的，因為我們專屬業務的合約性質使我們能夠清楚地了解和預測我們的業績。我們也知道，要看到這項業務的利潤表現出現實質成長，我們首先必須看到卡車業務連續成長約六個月。

As we have discussed before, we incur startup expenses as business is onboarded, and it historically takes about six months before a new location starts contributing as expected to operating income. Our strong new truck sales in the fourth quarter and visibility to our pipeline gives us confidence that the wave of new business is coming just the timing is a little later than we had initially expected.

正如我們之前討論過的，我們在業務開展過程中會產生啟動費用，而且從歷史經驗來看，新地點大約需要六個月的時間才能開始按預期為營業收入做出貢獻。第四季強勁的新卡車銷售以及我們未來的發展前景，讓我們相信新業務浪潮即將到來，只是時間比我們最初預期的要晚一些。

As a result, and looking forward, as we sit here today, we are expecting only modest operating income growth in our Dedicated business in 2026, with more momentum likely to roll into 2027. The confidence in our dedicated business and our strategy hasn't changed. We'll continue to execute with operational excellence, drive value for our customers through our CV process, and continue to invest in our people to help support and accelerate our growth.

因此，展望未來，就目前而言，我們預計 2026 年我們的專用業務的營業收入成長將較為溫和，但成長動能可能延續到 2027 年。我們對自己專注的業務和策略的信心沒有改變。我們將繼續以卓越的營運能力執行，透過履歷篩選流程為客戶創造價值，並繼續投資於員工，以支持和加速我們的成長。

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

接下來，我想把麥克風交給達倫。

Thank you, Brad, and thank you, everyone, for joining us this afternoon. I'd like to start by thanking the team for their hard work during peak season. We executed very well during peak season and we're able to meet customer demand, while at the same time, remain disciplined on our costs and continuing to execute on lowering our cost to serve. This marks our third consecutive peak season of strong execution on behalf of our customers.

謝謝布拉德，也謝謝各位今天下午光臨。首先，我要感謝團隊在旺季期間的辛勤工作。我們在旺季期間表現出色，能夠滿足客戶需求，同時保持成本控制，並持續努力降低服務成本。這標誌著我們連續第三個旺季為客戶提供了強而有力的服務。

Similar to last quarter, I want to start with some comments regarding the potential for Class I rental consolidation. Even with the merger application now filed with the STB, similar to what we said last quarter, there are still a lot of unknowns. We continue to digest the application and had expected more intermodal specific questions to be addressed in the merger application than there were. So we continue to plan for a wide variety of scenarios.

與上個季度類似，我想先就一級租賃整合的可能性發表一些看法。即使合併申請已提交給STB，但正如我們上個季度所說，仍然有很多未知數。我們仍在仔細研究這份申請，原本預計合併申請會涉及更多與多式聯運相關的具體問題。因此，我們繼續為各種可能的情況制定計劃。

We can speculate on hypotheticals, but let's talk about what we know. We continue to have active dialogue with all Class one railroads and believe, given our position in the intermodal market, that J.B. Hunt should be a primary participant in all discussions regarding the future of the intermodal industry. We continue to see a large opportunity to convert highway truckload shipments to intermodal and have been actively pursuing these shipments long before any merger discussion.

我們可以推測一些假設的情況，但還是先談談我們知道的事情吧。我們繼續與所有一級鐵路公司保持積極對話，並且鑑於我們在多式聯運市場中的地位，我們認為 J.B. Hunt 應該成為所有有關多式聯運行業未來的討論的主要參與者。我們一直看到將公路整車運輸轉變為多式聯運的巨大機會，並且早在任何合併討論之前，我們就一直在積極尋求這些運輸方式。

We have offered seamless transcontinental intermodal services for decades connecting BNSF to both Eastern railroads. Our focus remains on engaging in discussions and executing a strategy that is in the best interest of our customers and our shareholders.

幾十年來，我們一直提供無縫銜接的跨大陸多式聯運服務，將 BNSF 與東部鐵路連接起來。我們將繼續專注於參與討論並執行符合客戶和股東最大利益的策略。

During the fourth quarter, demand for our intermodal service performed relatively as expected. Volumes in the quarter were down 2% year over year, and by month, were down 1% in October, down 3% in November and flat in December. We faced difficult year-over-year comparisons in the fourth quarter with the freight shift in volume from the East Coast to West Coast.

第四季度，我們對多式聯運服務的需求表現基本上符合預期。本季銷量年減 2%，按月計算，10 月下降 1%，11 月下降 3%，12 月持平。第四季度，由於貨運量從東海岸轉移到西海岸，我們面臨同比業績的困難。

Given these factors, our Transcontinental volumes were down 6% in the quarter, while Eastern loads were up 5%. As we have communicated previously, we had a bid strategy during 2025 focused on getting better balance in our network, growing volumes and repairing our margins with more price. And we were successful in the bid season. particularly around network balance and headhaul pricing.

鑑於這些因素，本季我們的跨大陸貨運量下降了 6%，而東部貨運量則上升了 5%。正如我們之前溝通的那樣，我們在 2025 年制定了一項競標策略，重點是使我們的網路更加平衡，增加銷量，並透過提高價格來修復我們的利潤率。我們在競標季取得了成功，尤其是在網路平衡和始發鏈路定價方面。

The third quarter each year is always the first chance to see the impact of our bid strategy show up in our results, considering our scorecard. We believe the success of bid season, combined with our efforts to lower our cost to serve were key drivers of our improved year over year and sequential financial performance in the quarter. As a reminder, given the cadence of our bid season, we will live with the impact of this past bid season through the first half of 2026.

根據我們的記分卡，每年的第三季總是第一個能看到我們的投標策略對業績產生影響的機會。我們認為，投標季的成功，加上我們降低服務成本的努力，是我們本季財務表現年比和季比改善的關鍵驅動因素。提醒大家，鑑於我們投標季的節奏，我們將承受上個投標季的影響，直至 2026 年上半年。

Going forward, our focus remains on being operationally excellent, which is being noticed by customers in driving additional opportunities in the market. I previously commented that in order for us to return to the low end of our 10% to 12% margin target range, we would need one point from cost, one point from volume and one point from price.

展望未來，我們將繼續專注於卓越運營，這一點也得到了客戶的認可，並為我們在市場上創造了更多機會。我之前評論過，為了讓我們的利潤率回到 10% 到 12% 的目標範圍的低端，我們需要成本下降 1 個百分點，銷量下降 1 個百分點，價格下降 1 個百分點。

We have good visibility to deploy in cost but have work left to do on volume and price. As we think about the 2026 bid season, our overall strategy won't change much. We will look to grow in the backhauls and continue to fill in our network, grow with customers in the right markets and lanes to look to further repair margins by pricing to the value we create for customers. The bid season for 2026 is still in the early innings, and it would be premature to comment on rate expectations at this point.

我們在成本方面有較好的部署可見性，但在數量和價格方面還有工作要做。展望 2026 年的申辦季，我們的整體策略不會有太大變化。我們將著眼於回程運輸業務的成長，並繼續完善我們的網絡，與合適的市場和線路上的客戶共同發展，透過為我們為客戶創造的價值定價，進一步提高利潤率。2026 年的投標季仍處於初期階段，現在評論利率預期還為時過早。

In closing, we remain confident in our industry-leading intermodal franchise, and I'm excited about the opportunities in front of us.

最後，我們仍然對我們行業領先的多式聯運特許經營權充滿信心，我對擺在我們面前的機會感到興奮。

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

接下來，我想把電話交還給接線員，讓她回答大家的問題。

(Operator Instructions) Brian Ossenbeck, JPMorgan.

（操作員指示）Brian Ossenbeck，摩根大通。

Maybe just start with Shelley and team, if you can just fill in some more comments on what you mean by the freight markets gradual -- of course, there's quite a lot going on right now, I don't know if that was more a comment on capacity and what we're seeing there. I know you have a white paper out there that walks through the impact of what you think could come out of the market. So maybe a little bit more color around the supply side and demand side, so we can understand the comments around being fragile to start here.

或許可以先和 Shelley 以及她的團隊談談，請你們再補充一些關於「貨運市場逐漸」的含義——當然，現在有很多事情正在發生，我不知道這是否更多的是指運力以及我們目前所看到的情況。我知道你們發布了一份白皮書，詳細闡述了你們認為市場可能出現的變化及其影響。所以，或許應該從供給面和需求面的角度再補充一些細節，這樣我們才能理解關於脆弱性的評論。

Sure. Okay. Thank you, Brian. So I'll start and then I'll let the team jump in from there. I think you heard in Nick's comments that really since Thanksgiving, we haven't seen the supply side change as we finish the rest of the year, and here entering into this first part of the year, we still see some signs of that supply side being down.

當然。好的。謝謝你，布萊恩。那我先開始，然後讓團隊成員接著發言。我想你從尼克的評論中也聽到了，自從感恩節以來，我們並沒有看到供應方面發生變化，直到年底，而現在進入今年上半年，我們仍然看到一些供應方面下降的跡象。

Along with that, from a demand perspective, I would say there's a mixed reaction from our customers. I think our customers always tend to be more optimistic. We tend to be a little more realist and a little more wait and see as well. But I would say the elasticity in the supply chain from a supply perspective feels very fragile to us.

除此之外，從需求角度來看，我認為我們的客戶反應不一。我認為我們的客戶總是比較樂觀。我們往往比較務實，也更傾向觀望。但從供給角度來看，我認為供應鏈的彈性非常脆弱。

There doesn't feel like a lot there. And so we've seen that in pockets -- as we've seen even small tightening is creating big ripples in the market than when it has historically.

感覺那裡沒什麼東西。因此，我們看到，在某些領域，即使是小幅收緊也會比以往在市場上造成更大的波動。

I think regulations have had an impact on that. And so that's what I mean when I say fragile, just a little bit of uptick in demand. I don't think there's a lot of elasticity left in supply. And so that uptick in demand could create an environment that's different than what we've seen in the last several years.

我認為相關法規對此產生了影響。所以，我所說的脆弱就是因為需求稍微上升。我認為供給方面已經沒有太多彈性了。因此，需求的成長可能會創造一個與過去幾年我們所看到的截然不同的環境。

Having said that, we're not going to hold our breath. That's why we've said we're going to take care of what we do and really focus on what we're good at, take market share and be a disciplined growth company. Maybe I'll turn it over to any of the other guys who want to comment.

話雖如此，我們不會抱太大希望。這就是為什麼我們說過，我們要做好自己該做的事，真正專注於我們擅長的領域，爭取市場份額，成為一家有紀律的成長型公司。或許我會把發言權交給其他想發表評論的人。

Yeah. Brian, thanks for the question. Shelley, you referenced some comments that Nick made, I will also do that really from a demand perspective. Nick, you talked about in the bid season, we're winning. We continue to win.

是的。布萊恩，謝謝你的提問。Shelley，你提到了Nick的一些評論，我也會從需求的角度來談談這件事。尼克，你在競標季說過，我們會贏。我們繼續取得勝利。

We're winning and taking share so are our customers. They're winning as well. And so as I think about kind of the momentum from Thanksgiving through the end of the year and also, while the first two weeks don't make the year, demand is solid, really across all of our services.

我們贏得了市場份額，我們的客戶也是如此。他們也贏了。因此，我認為從感恩節到年底的勢頭不錯，而且雖然前兩週的業績並不能決定全年的業績，但我們所有服務的需求都很穩定。

And I think that's reflective of some of the work that we've done, some of the bid strategies and approach to the market we've had really for the prior six months. And so from that perspective. I think demand is okay, but I think it's somewhat unique to J.B. Hunt and our approach to the market.

我認為這反映了我們過去六個月所做的一些工作，以及我們採取的一些競標策略和市場策略。所以從這個角度來看。我認為需求還可以，但我認為這在某種程度上是 J.B. Hunt 以及我們進入市場的方式所特有的。

The other thing I want to mention of is we talk about our customers. They went through a lot last year. They've got a lot of pressure. I've used words like they're going to believe it changed when they see it.

我想提的另一點是，我們會談論我們的客戶。他們去年經歷了很多事。他們壓力很大。我用了這樣的話：當他們看到實體時，一定會相信它已經改變了。

But I also want to talk about their supply chains. Their inventories are lean. Their supply chains are executing extremely well. And they've got agility to run their business to meet their sales plans, and they're leaning in then to the carriers like us that can match an operational plan to help them out. So I believe that's why we're taking share.

但我還想談談他們的供應鏈。他們的庫存很低。他們的供應鏈運作非常出色。他們能夠靈活地開展業務以實現銷售計劃，因此他們正在尋求像我們這樣的運營商的幫助，我們可以提供相應的營運計劃來幫助他們。所以我認為這就是我們佔據市場份額的原因。

It all connects back to operational excellence. And we're going to keep running that play. And then Shelley, your point about being fragile, I think the market is fragile, it's vulnerable to change. The prediction of when that tipping point is going to occur, everybody has missed that forecast for the last several years, but our customers are aware that if the tipping point does occur, that really, the industry has been uninvestable and needs to have dramatic change when that happens.

這一切都與卓越營運息息相關。我們將繼續執行這個戰術。雪萊，你說的脆弱性，我認為市場確實很脆弱，容易受到變化的影響。對於何時會出現這個轉折點的預測，過去幾年裡，每個人都錯過了這個預測，但我們的客戶意識到，如果轉折點真的出現，那麼這個行業實際上已經不值得投資，並且屆時需要進行徹底的變革。

So we're going up to market, working with our customers and just preparing for all scenarios.

所以我們正在進入市場，與客戶合作，並為各種可能的情況做好準備。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Maybe we could start on the cost side, kind of obviously, you made some progress there, $25 million kind of at the annual run rate of around $100 million, which was the target when you laid it out previously. So I guess as we think about '26, I know you don't want to kind of put the cart before the horse, but how do we think about the progress? What is the opportunity for you in 2026 on the cost side?

或許我們可以從成本方面入手，很顯然，你們在這方面取得了一些進展，以每年約 1 億美元的運行速度計算，大約節省了 2500 萬美元，這正是你們之前製定的目標。所以我想，當我們思考 2026 年的時候，我知道你不想本末倒置，但我們該如何看待進步呢？2026年，您在成本上有哪些機會？

Yeah. Chris, I think there was a blinker on that question. I sort of anticipated it. I mean, listen, from my comments, you can tell that we've been off to a good start on this lowering our cost to serve initiative. We said and we committed we give you guys some updates. I think if you really peel back the onion on each of the segment's performance in some segments with down revenue, in some segments with down volume with, of course, knowledge of the pricing environment not being very robust in 2025. I think you could probably parse out that we've been very successful executing on a lot of different cost initiatives around efficiency and productivity. And those are things that we sort of called out that we thought were not part of our lowering the cost to serve.

是的。克里斯，我覺得你在這個問題上有偏見。我其實預料到了。我的意思是，聽著，從我的發言中可以看出，我們在降低服務成本這項措施上已經取得了良好的開端。我們說過也承諾會​​為大家帶來一些最新消息。我認為，如果你仔細分析每個細分市場的表現，你會發現有些細分市場的收入下降，有些細分市場銷量下降，當然，我們也知道 2025 年的定價環境不會很強勁。我認為你大概能看出，我們在提高效率和生產力方面實施了許多不同的成本控制舉措，而且都非常成功。而這些正是我們所指出的，我們認為不屬於降低服務成本範疇的事。

So I think the proof is in the results that we've probably been executing above sort of what we've been stating. But it's also eating away at some of the inflationary pressure we've been feeling. Certainly, on the insurance side, that continues to be a topic of discussion. Obviously, we continue to invest in our people with wages and merit. And so as we're facing these inflationary cost pressures in what I want to call it a pricing environment that's not covering inflation in order to drive the earnings improvement that we did, I mean, we're hitting on a lot of the cylinders.

所以我認為，證據就在我們實際執行的結果中，這些結果可能與我們一直以來所說的有些吻合。但這同時也緩解了我們一直感受到的一些通膨壓力。當然，在保險領域，這仍然是一個討論的話題。顯然，我們會繼續透過薪資和績效來投資我們的員工。因此，當我們面臨通膨成本壓力，而我稱之為定價環境又無法覆蓋通膨以推動我們實現獲利成長時，我的意思是，我們已經取得了長足的進步。

Going forward, I mean, I think it's fair to assume that we're going to be executing above the $100 million target. I don't think we're prepared right now to give you a number. We had some headwinds actually on some cost items and things that we incurred in fourth quarter that we know won't repeat going forward. And so that gives me some confidence that we'll continue to build, I think Shelley use the word momentum. And we'll update you guys going forward at appropriate time when we want to raise that number.

展望未來，我認為可以合理地假設我們將實現超過 1 億美元的目標。我覺得我們現在還不具備給出具體數字的條件。實際上，我們在第四季度遇到了一些成本上的阻力，以及一些我們知道以後不會再發生的情況。所以這讓我有信心，我們會繼續發展壯大，我想雪萊用「勢頭」這個詞來形容就是如此。未來，當我們想提高這個數字時，我們會在適當的時候通知大家。

Jon Chappell, Evercore ISI.

Jon Chappell，Evercore ISI。

Darren, there's a lot of commentary about Thanksgiving to the end of the year being pretty robust. But on the other hand, Spencer said most of your customers are viewing things as kind of temporary or seasonal. So exit rate seems better. And as we think about the timing of peak season, when would we need to see kind of this continuation of the last six weeks holding into? Is it a February event that's better than seasonal and that gives you a little bit of a tailwind behind your back?

達倫，從感恩節到年底，有很多關於感恩節的評論，而且這些評論還相當豐富。但另一方面，史賓塞表示，你們的大多數客戶都把這些事情看作是暫時的或季節性的。所以退出率似乎比較好。當我們考慮旺季的時間安排時，我們需要看到過去六週的這種趨勢持續到什麼時候？二月的活動是否比季節性活動更勝一籌，並能為你帶來一些助力？

Or does it have to go through kind of March and April and to kind of prove the sustainability and give you a bit more between your teeth as you go for price.

或者說，它必須經歷三月和四月的考驗，才能證明其可持續性，並在價格方面給你更多底氣。

Okay. Well, I think Intermodal's answer to that question may be slightly different than parts of our highway other transactional businesses. I think Intermodal's experienced normal seasonality in the first quarter shift from the fourth quarter a little bit of a downturn from some retailers. I think that we are aligned with customers that are winning business, and we're -- we continue to be really encouraged by forecast feedback that we get from our customers and additional opportunities to grow our business and take share off the highway to intermodal.

好的。我認為多式聯運對這個問題的答案可能與我們高速公路上的其他交易業務略有不同。我認為多式聯運在第一季經歷了正常的季節性波動，但從第四季度開始，由於一些零售商的下滑，情況有所改善。我認為我們與那些正在贏得業務的客戶保持一致，而且我們——我們繼續從客戶那裡得到的預測反饋以及發展業務、從公路運輸轉向多式聯運的更多機會都讓我們倍受鼓舞。

But in terms of the seasonality of strength specifically from peak season or kind of Christmas shopping season. But every year has been a little bit different over the last four or five years. As we get into February and March, I think we'd have a better opportunity to understand what's going on there. But we're encouraged by what we've seen so far in January.

但就季節性而言，尤其是在旺季或聖誕購物季期間，實力會有所變化。但過去四、五年裡，每年的情況都略有不同。到了二月和三月，我認為我們會有更好的機會了解那裡正在發生的事情。但我們對一月份至今所看到的情況感到鼓舞。

I'll just take it from the other part of the transaction a bit. Other part -- this is Nick. So I'll talk about the ICS and truck. I think we need to see what demand is going to do. As Spencer said, and Darren, I think we've been taking some market share. If you look at other indexes out there, it says the market's down compared to this time last year and yet we're gaining volume.

我直接從交易的另一部分挪用。另一部分——這是尼克。那我就來談談ICS和卡車吧。我認為我們需要觀察市場需求趨勢。正如 Spencer 和 Darren 所說，我認為我們已經搶佔了一些市場份額。如果你看看其他指數，你會發現市場與去年同期相比有所下跌，然而我們的成交量卻在成長。

So feel good about that. But before we talk about rates and some of that, we've got to see some consistency in the overall market and not just our volumes. So probably a few more weeks

所以，為此感到高興吧。但在我們討論利率和其他一些問題之前，我們必須看到整個市場保持穩定，而不僅僅是我們的交易量。所以可能還要再過幾週。

And I would say, I mean, you hear a cautious tone from us because we've had some false starts. And so there's been some things that in our control, a lot has been outside of our control. And that's why you're hearing us be more cautionary. I think we do have encouragement from the things that we're seeing, but we want to wait and see what happens.

我想說，你們能聽出我們語氣謹慎，是因為我們之前有過一些不成功的嘗試。所以有些事情是我們能夠控制的，但很多事情是我們無法控制的。所以你們才會聽到我們更加謹慎。我認為我們從目前的情況中確實受到了鼓舞，但我們想拭目以待。

We want to finish up at least January and February and see what happens from there. And also, we want to wait and continue to gain customer feedback. This is our season where we spend a lot of time with customers over the next month. We will get a chance to hear what they're thinking, are they forecast changing the demand, we need demand to continue to move up. And with demand moving up with that fragility in the supply side, I think that could be a good opportunity for us to think about things differently.

我們至少想把一月和二月的工作做完，然後再看看情況如何。此外，我們也希望繼續等待並收集客戶回饋。接下來的一個月是我們的旺季，我們會花很多時間與客戶相處。我們將有機會了解他們的想法，他們預測需求是否會發生變化，我們需要需求繼續成長。鑑於需求上升而供給端卻如此脆弱，我認為這或許是我們換個角度思考問題的良機。

Hey Jon, this is Brad. I feel like I got to add here, too. I mean, clearly, we're the first out of gate to report, and it's still early -- relatively early in January. I remember sitting here a year ago, when we were feeling at least or seeing some sign of tightness in the market. Now the difference was, I remember a year ago, in the first week of January, we had a whole bunch of weather. So what is different is we haven't had as much of a weather disruption thus far in January, and things still feel pretty good.

嗨，喬恩，我是布萊德。我覺得我也應該在這裡補充幾句。我的意思是，很顯然，我們是第一個報導此事的，但現在還為時過早——1 月份還相對較早。我記得一年前我坐在這裡，當時我們至少感覺到或看到了市場趨緊的跡象。不同的是，我記得一年前，一月的第一周，我們遇到了各種各樣的天氣狀況。所以不同之處在於，到目前為止，1 月我們還沒有受到太大的天氣影響，一切感覺仍然相當不錯。

I think you guys should be picking up on that. I think demand is -- I think we're saying solid or okay. We're not saying robust and capacity, it feels still pretty tight and it's January 15. So let's let this settle and bake longer before we get out ahead of our skis and give any expectations of what we think that might mean for market pricing and rate.

我覺得你們應該要注意到這一點。我認為需求—我認為我們可以說需求穩定或尚可。我們並不是說供應充足、容量充足，感覺供應仍然相當緊張，而現在已經是1月15日了。所以，讓我們先讓情況沉澱一段時間，然後再提前預測一下這可能對市場定價和利率意味著什麼。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So Darren, I think you said on the path to margin restoration, you feel good about the cost side and less certain at this point about volume and price. I guess, is there one side of that equation you feel better about? And I think you also said like there's no change in your bid strategy this year versus last year. I guess, why not like it doesn't feel like you got a lot of price last year. Like why wouldn't this be a year where you think you could be a little bit more aggressive in getting some price.

所以達倫，我想你說過，在恢復利潤率的道路上，你對成本方面感覺良好，但目前對銷售和價格不太確定。我想問的是，你對這個等式中的哪一邊感覺好一點？而且我覺得你也說過，今年的競標策略和去年相比沒有任何改變。我想，為什麼不呢？感覺去年你沒花多少錢。為什麼今年你不覺得可以更積極主動去爭取一些價格？

Well, all good questions. And I hope that as the year moves on, we're both talking about that pricing opportunity was in front of us. So far, we've got a number of questions as to whether or not what's going to happen with the overall market. There early results are there, but the early part of bid cycle is a lot of westbound business, lots of backhaul pricing going out the door. And it's competitive.

嗯，都是很好的問題。我希望隨著時間的推移，我們都能意識到擺在我們面前的定價機會。目前，關於整體市場將會發生什麼，我們還有很多疑問。初步結果已經出來了，但是投標週期的早期階段有很多西行業務，很多回程定價都已出爐。而且競爭很激烈。

I wouldn't say it's any more or less competitive than what is normal. It's just -- it's an environment out there that has created a world where we want to protect our backhaul business, and we actually want to grow with it. So in that instance, we're utilizing our lower cost to serve as an opportunity to generate volume. And so when we talked about the idea of more of the same -- more of the same just means not allowing an imbalance of our business to drive negative impacts to our margin.

我覺得它的競爭程度和正常的競爭程度相比，並沒有更高或更低。只是－現在的環境造就了這樣一個世界：我們既想保護我們的回程業務，又想與時俱進。因此，在這種情況下，我們利用較低的成本來創造銷售的機會。因此，當我們談到「維持現狀」的想法時——「保持現狀」僅僅意味著不允許我們業務的失衡對我們的利潤率產生負面影響。

We have to sustain improvement in our margins. And by that, if we can utilize lower cost to serve to grow volume and continue to drive improvements from the volume front, and we're going to be doing that. And then meanwhile, we'll be talking to the customers in the headhauls about what a challenge it is to produce capacity in the headhaul markets and look for ways that we can help solve their challenges as capacity begins to tighten.

我們必須持續提高利潤率。因此，如果我們能夠利用較低的成本來增加銷量，並繼續從銷售方面推動改進，而我們也將這樣做。同時，我們將與長途運輸市場的客戶溝通，了解長途運輸市場產能面臨的挑戰，並尋找方法幫助他們解決產能緊張帶來的挑戰。

But certainly, 2026, we're -- you're hearing it from us that we're a little bit hesitant to suggest that we think there's some a big pricing opportunity, but we'll be all quick to identify when we see the market shift in a manner that we think there is an opportunity to generate price. We're absolutely ready to try and work on that area. But we're a bit cautious -- so I'll leave it at that.

但可以肯定的是，對於 2026 年，我們——你們從我們這裡聽到的是，我們有點猶豫是否要暗示我們認為存在很大的定價機會，但當我們看到市場發生我們認為存在定價機會的轉變時，我們會迅速做出判斷。我們完全準備好嘗試在這個領域開展工作。但我們還是比較謹慎——所以我就說到這裡吧。

Scott, I think you'll remember two years ago, we came out of peak season feeling confident. We did put -- we did push price, came out of the gate really strong. And I feel like we were in a -- we were the only horse in the front. And so we had to change the second half of our bid season because the market didn't react. So we've done that.

史考特，我想你應該還記得兩年前，我們結束了旺季，當時我們信心滿滿。我們確實推高了價格，開局非常強勁。我覺得我們當時就像是──我們是唯一在前面的馬。因此，我們不得不改變下半季的投標策略，因為市場沒有做出反應。我們已經做到了。

We're going to be prudent with what the market will give us. Our customers know that we have inflation and they know that we're not happy with our margins.

我們將謹慎對待市場提供的各種機會。我們的客戶知道我們面臨通貨膨脹，也知道我們對目前的利潤率並不滿意。

Now it's just down to timing. But we're not going to wait and sit back and just let all of this season go through without testing exactly what you're saying. So more of the same means that headhaul markets we're going to continue to push. and walk our customers through the cost part of that and then fill in that. I do think we had a successful bid season from that perspective.

現在就看時機了。但我們不能坐等，也不能袖手旁觀，任由這個賽季過去而不去驗證你所說的。所以，我們將繼續推進長途運輸市場，並向客戶詳細介紹成本部分，然後提供相應的解決方案。從這個角度來看，我認為我們的申辦季是成功的。

We can repeat that and then start to find those opportunities, but we can challenge the price. I think we're going to have a successful bid season.

我們可以重複這個過程，然後開始尋找這些機會，但我們可以質疑價格。我認為我們這次申辦季會成功。

Brady Lierz, Stephens.

布雷迪·利爾茲，史蒂芬斯。

I wanted to ask about Dedicated. You mentioned truck sales were almost four 00 during the quarter, which would put you near the high end of your annual target. So when you look ahead to '26, how does the recent tighter capacity freight market impact your expectations for Dedicated sales? Are you seeing any improvement in the pipeline year to date? Or is it just too early?

我想問一下關於Dedicated的問題。您提到本季度卡車銷量接近 400 輛，這將使您接近年度目標的上限。展望 2026 年，近期貨運市場運力緊張的局面將如何影響您對專用貨運銷售的預期？今年迄今為止，您認為管道建設方面有任何改善嗎？還是現在還太早？

Thanks, Brady. This is Brad Hicks. Great question. And I think it's probably a little too early to see the outward view. But what I would say is that the 385 in the quarter, is really close to what our expectations are.

謝謝你，布雷迪。這是布拉德·希克斯。問得好。我認為現在就看外部情況可能還為時過早。但我想說的是，本季的 385 非常接近我們的預期。

We're never satisfied. It's never enough, but we're very proud of the year we had and then closing with the strongest quarter in the year should give us some momentum coming into '26. We have high expectations to grow regardless of the environment or the market conditions.

我們永遠不會滿足。雖然永遠都不夠，但我們對過去一年的成就感到非常自豪，而且以全年最強勁的季度收官，應該能為我們進入 2026 年帶來一些動力。無論環境或市場狀況如何，我們都對實現成長抱有很高的期望。

It has been harder though. I mean the last two or three years, it's been more difficult. There's been more competition.

不過，情況變得更難了。我的意思是，最近兩三年變得更加困難了。競爭更加激烈了。

There's been a lot of inflationary costs that we've overcome. Super proud of where our margins were, industry-leading double digits. And that's not been easy. And so you think about what Darren was saying on cost to serve to overcome things, that's largely where our focus was throughout '25 to hang on to the great margins that we've had.

我們已經克服了許多通貨膨脹帶來的成本。我們對我們的利潤率感到非常自豪，達到了行業領先的兩位數。但這並不容易。所以，想想達倫所說的關於降低服務成本以克服困難的話，這在很大程度上就是我們在 2025 年的重點，以維持我們一直擁有的巨大利潤率。

I'm super excited about as we turn into '26. The last thing I'll say is, in my experience, Dedicated is always kind of the last area of the supply chain still feel some of the squeeze or the pressure from our customers. It works its way first and foremost, in truckload and then it finds its way in Intermodal. And then there's pressure to defend and maintain and renew the business that we have. I kind of feel like maybe we're there.

我對即將到來的2026年感到無比興奮。最後我想說的是，以我的經驗來看，專用線路總是供應鏈中最後一個仍然會感受到來自客戶的壓力或擠壓的環節。它首先以整車運輸的方式進行運輸，然後才以多式聯運的方式進行運輸。此外，我們也面臨捍衛、維持和發展現有業務的壓力。我感覺我們可能已經到達目的地了。

And so that gives me optimism as we go deeper into '26. One more great data point that I didn't share in my prepared comments, we did have a record year in terms of new customer names. So new names in our portfolio. We sold four zero new brand-new customers, that's not all of our sales, some of our sales inside of '25 were with customers we already had some business within Dedicated. But four new names also gives me a great promise for the work that we've done, the investments we've made in prospecting.

因此，這讓我對即將到來的2026年充滿樂觀。還有一個重要的數據點我沒有在準備好的發言稿中提到，那就是我們在新客戶數量方面創下了歷史新高。我們投資組合中新增了一些公司。我們新簽了 40 個全新客戶，但這並非我們全部的銷售額，2025 年的部分銷售額來自我們之前在 Dedicated 已經有一些業務往來的客戶。但四個新名字也讓我看到了我們所做的工作和我們在市場開發方面投入的巨大希望。

We certainly want suites to be larger on average than what we saw in '25. And something that I think is representative of the macroeconomic environment that we face. But again, four zero new names is a record for us, and that even includes our pretty remarkable COVID years where we had 2,500-plus trucks of growth.

我們當然希望套房的平均面積比 2025 年的更大。我認為這很能代表我們所面臨的宏觀經濟環境。但再次強調，4000個新名字對我們來說是一個記錄，這甚至包括我們相當出色的新冠疫情期間的增長，當時我們的卡車數量增加了2500多輛。

Richard Harnain, Deutsche Bank.

理查德‧哈南，德意志銀行。

I wanted to ask a little more about the cost savings and lowering your cost to serve, which you've clearly done a great job on. Brad, you spoke to some big bucket items of what you're going to attack in 2026, whether it's your service efficiency, balancing your network, dynamically serving your customers, monitoring your discretionary spend, and I think you said driving utilization. But maybe you can give us some more thoughts on like what does all that mean? What are some initiatives you have in the hopper to really take that $100 million-plus further?

我想再詳細了解成本節約和降低服務成本的情況，你們在這方面顯然做得非常出色。布拉德，你談到了你將在 2026 年著手解決的一些重大問題，例如提高服務效率、平衡網路、動態服務客戶、監控可自由支配支出，我想你也提到了提高利用率。但或許您可以給我們一些關於這一切意味著什麼的更多想法？為了真正將這超過1億美元的資金進一步利用起來，你們有哪些正在籌劃的計畫？

And then I'm going to try on this one. Just like looking at all the efficiency and some of the tailwinds that you all spoke to that are kind of unique to you and how you've managed to do pretty well starting out in 2026 in terms of, I think, the comment was in the first two weeks things feel pretty good. How should we be thinking about Q1? Typically, you see something like an 18% decline in EPS into 2026, but given some of those tailwinds, could we see something better than that to start the year? Thank you.

然後我要試試這個。就像你們談到的所有效率和一些順風一樣，這些都是你們獨有的，而且你們在 2026 年開局表現得相當不錯，我認為，評論說在前兩週感覺相當不錯。我們該如何看待問題1？通常情況下，到 2026 年，每股盈餘 (EPS) 會下降 18% 左右，但考慮到一些有利因素，我們能否在年初看到比這更好的結果呢？謝謝。

I'll certainly take the bait and answer the first part of that question. The second part certainly sounds very guidance heavy and I remember us making some comments like that a year ago, which I'm not necessarily going to repeat. But specific to the question on lowering our cost to serve, when you turn from a new year, December 31 to January 1, what are the incremental opportunities. It's all the things that I had in my prepared remarks and you took good note because you read them back to me.

我當然會上鉤，回答這個問題的第一部分。第二部分聽起來確實很有指導意義，我記得我們一年前也發表過類似的評論，但我不一定會重複這些評論。但具體到降低服務成本這個問題，從 12 月 31 日到 1 月 1 日，新年伊始，有哪些新增的機會？我演講稿裡的內容全都提到了，你也認真記下來了，因為你把它們複述給我聽了。

But I would say the incremental things are still driving efficiency in terms of the work we can do with our overhead and our people. We talked about scaling into our investments. Certainly, there's renewals with all sorts of different products and services that we buy. And so challenging ourselves on what are some of the things we can do. I think we continue to make really good progress on some of our maintenance initiatives that tended to have a little bit of a longer tail before we can fully realize the full benefits of some of those.

但我認為，這些漸進式的改進仍在提高效率，讓我們能夠利用現有資源和人員完成更多的工作。我們討論如何擴大投資規模。當然，我們購買的各種產品和服務都會有續訂的情況。因此，我們要挑戰自己，思考自己可以做些什麼。我認為我們在一些維護計劃方面繼續取得了非常好的進展，這些計劃往往需要較長時間才能完全實現其全部效益。

And so I think those are still some of the big buckets. But I think this is a team that has not -- well, as they've seen a lot of success from all the work. And I think there's still a lot of motivation to go out there and challenge ourselves on what more we can do to continue to drive our costs lower to allow us to be more competitive in the market to accelerate our growth.

所以我認為這些仍然是一些主要的類別。但我認為這支隊伍並沒有——嗯，因為他們從所有的努力中獲得了巨大的成功。我認為我們仍有許多動力去挑戰自我，思考如何進一步降低成本，進而提高市場競爭力，加速成長。

And I think you've heard -- Darren talked about it and the rest of the team, we want to be a disciplined growth company and the only way to accelerate our growth is to make sure that we can be very cost competitive and provide an excellent service. And I think staying focused on all those things should be a nice tailwind to the momentum that we've already built and hopefully leads us into a good direction generally in 2026.

我想你們也聽說了——達倫和其他團隊成員都談到了這一點，我們希望成為一家穩健成長的公司，而加速成長的唯一途徑就是確保我們能夠保持極具競爭力的成本，並提供優質的服務。我認為，繼續專注於所有這些事情，應該能為我們已經建立的勢頭提供良好的助力，並有望在 2026 年引領我們走向一個良好的方向。

To your comment about fourth quarter and first quarter, I'm not going to give you a specific range. But I mean if you've been around transportation more than five minutes, you generally know first quarter is usually the toughest quarter. It's what we disclosed in our filings. And typically, we see things improve from there. So to see market tightness in the first quarter is unique, and we'll just see how what we've seen plays out the rest of the quarter.

關於你提到的第四季和第一季度，我無法給出具體的範圍。但我的意思是，如果你在交通運輸業待超過五分鐘，你通常就會知道第一季通常是最艱難的季度。這是我們在文件中披露的內容。通常情況下，情況會從那時起好轉。因此，第一季出現市場緊張的情況實屬罕見，我們將拭​​目以待，看看這種情況會在本季剩餘時間裡如何發展。

The only thing I would add, that if you look at the bigger, more strategic items that we're working on, they're not necessarily in our $100 million, [lowering] our cost to serve. And so Nick and Stuart are really helping lead along with you, Brad, some of the work that we're reimagining with our people and how can technology really empower our teams.

我唯一要補充的是，如果你看看我們正在努力的那些更大、更具戰略意義的項目，它們不一定包含在我們 1 億美元的預算內，[降低]我們的服務成本。所以，尼克和史都華正在和你，布萊德，一起，幫助我們重新構想一些我們正在與員工一起進行的工作，以及科技如何真正賦能我們的團隊。

And so we have one big initiative in Intermodal and how we're thinking about that really from the way that order comes in, all the way to completion, and we also have another big initiative in quote to cash. And I think that will give us a lot of different opportunities. You'll see some of that. We'll even talk about that here as we progress through the year. That's just a couple of bigger ideas, but I would tell you, technology.

因此，我們在多式聯運方面有一項重大舉措，我們正在從訂單接收到完成的整個過程中認真思考這個問題；此外，我們在報價到收款方面也有一項重大舉措。我認為這將為我們帶來許多不同的機會。你會看到一些這樣的情況。隨著今年的進展，我們也會在這裡討論這個問題。這只是幾個比較大的想法，但我想說的是，技術。

We have, I think Stuart's done a nice job really rethinking what we should be doing, how we leverage our technology, how we deploy AI as part of that process. And I think that will be something that we'll be able to talk about as the year progresses.

我認為史都華做得很好，他真正重新思考了我們應該做什麼，如何利用我們的技術，以及如何將人工智慧部署到這個過程中。我認為隨著時間的推移，我們將能夠討論這個問題。

Dan Moore, Baird.

丹摩爾，貝爾德。

I think maybe one of the worst kept secrets for 2026 is this general idea that we're -- had some fairly healthy tailwinds related to tax rebate season and estimates are kind of all over the map, anywhere from $100 billion to as much as $160 billion of tailwinds. Those should land between March and April and May. My question to you is, how are your customers thinking about that, preparing for that, responding proactively to that? And then if you could remind us the percentage of the broader book of business, just kind of how it renews from a contract standpoint as we move through the year as a percent of the total. That's it.

我認為 2026 年最公開的秘密之一可能是，我們普遍認為，與退稅季相關的利好因素相當有利，但估計數字卻五花八門，從 1000 億美元到 1600 億美元不等。這些飛機應該會在三月、四月和五月之間降落。我想問的是，您的客戶是如何看待這個問題的？他們是如何為此做準備的？他們又是如何積極面對的？然後，您能否提醒我們一下，在整個業務範圍內，從合約角度來看，續約業務佔總業務的百分比是多少？就是這樣。

Dan, this is Spencer. Our customers, we talk to them about their 2026 planning really leading into this year. And I think you're right on the money with their optimism about really the potential continued strength of the consumer. I think if you look back at any data from November and December, macro data reporting as well as retail sales, they had a solid year-end finish. And so as the consumer might have a little bit of a tailwind from the refunds as well as other policy changes.

丹，這是史賓塞。今年，我們會與客戶討論他們的 2026 年規劃。我認為你對他們的樂觀態度非常準確，他們認為消費者的購買力可能會持續強勁。我認為，如果你回顧 11 月和 12 月的任何數據，包括宏觀數據報告和零售銷售數據，你會發現他們取得了穩健的年終成績。因此，消費者可能會從退款以及其他政策變化中獲得一些好處。

I know our customers are going to be there to serve them and have the right products that they can sell through. I do think as well, again, as I said earlier, their inventories are pretty lean right now, and they're wanting to make sure they've got the right products at the right time for every customer and to serve them through every channel. So we're going to work with them to make sure we understand their forecast. That's a big thing.

我知道我們的客戶會在那裡為他們提供服務，並擁有他們可以銷售的合適產品。我也認為，正如我之前所說，他們目前的庫存非常緊張，他們希望確保在合適的時間為每位客戶提供合適的產品，並透過各種管道為他們提供服務。所以我們將與他們合作，確保我們理解他們的預測。那可是件大事。

I do think they got a lot better last year in forecasting and also their award compliance with us. And so we're talking to them right now about how the rest of Q1 is going to shake out and any other changes that they have as we go through the winter season into the spring, lawn and garden and then obviously through the summer. So we're optimistic about what the American consumer can do.

我認為他們去年在預測方面有了很大的進步，而且在遵守我們的獎勵規定方面也有了很大的進步。所以我們現在正在和他們討論第一季剩餘時間的安排，以及隨著冬季進入春季，草坪和花園，然後顯然進入夏季，他們會有的任何其他變化。所以我們對美國消費者的能力持樂觀態度。

And also, I just want to make one other -- or two other comments. I mentioned how we're winning. I want to specifically call out our cross-border Mexico business. We've had solid double-digit growth there. Throughout 2025, continued momentum with our customers going into '26.

另外，我還想補充一、兩點。我提到了我們是如何取得勝利的。我想特別提一下我們在墨西哥的跨國業務。我們在那裡實現了兩位數的穩健成長。2025 年全年，我們將繼續保持與客戶的良好發展勢頭，並將這種勢頭延續到 2026 年。

And then one other area that we don't talk about, Nick, I think you might have said it, but for a truck line and JBT to have three consecutive quarters of double-digit volume growth. I think that's pretty solid, too. So that just gives you an example, Dan, of how we're positioning ourselves to be able to serve our customers as they're serving their customers and growing their business.

尼克，還有一點我們沒有談到，我想你可能已經說過，那就是卡車運輸公司和 JBT 連續三個季度實現兩位數的銷量增長。我覺得這也相當可靠。丹，這正好說明了我們如何定位自己，以便在我們的客戶服務他們的客戶並發展業務的同時，也能為我們的客戶提供服務。

Then I'll let Darren talk about the other part of that question.

然後我會讓達倫來談談這個問題的另一部分。

Sure, Dan. I mean we've said this before. This is -- we call it about 10% of the book implements new pricing in the fourth quarter of each year, and then the rest of the quarters are roughly even at about 30% each. Look, there's some error there, call it, plus or minus 5% in any one of those quarters, but that's a good rule of thumb and that's what we've shared in the past, and that's pretty close to what it lines up with year in and year out.

當然可以，丹。我的意思是，我們之前就說過這話了。也就是說，我們稱之為——大約 10% 的書籍在每年的第四季度實施新的定價，然後其餘季度大致平均，每個季度約有 30% 的圖書實施新的定價。你看，這裡面肯定有一些誤差，例如任何一個季度都有正負 5% 的誤差，但這是一個很好的經驗法則，也是我們過去一直分享的，而且與每年的數據都非常接近。

Dan, maybe one more comment. Spencer, I've heard you say the customers that are winning are more optimistic, and we see them really thinking about forecast, working more closely with them. And I think that's what has us make these comments is the customers that are winning do feel some of those tailwinds, I think they're planning on those and likewise, we're planning with them as a result.

丹，或許你還可以再補充一點。史賓塞，我聽你說過，那些取得成功的客戶比較樂觀，我們看到他們確實在認真考慮預測，並與他們更緊密地合作。我認為正是因為那些取得成功的客戶確實感受到了這些利好因素，他們正在為此制定計劃，同樣地，我們也在與他們一起制定計劃。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great. So big picture on the market, Shelley, you mentioned capacity is coming out. ICS is now adding providers back in. Obviously, you went through some theft issues that you wanted to eliminate carriers. So maybe just talk about that balance?

偉大的。雪莉，你剛才提到市場整體產能正在釋放。ICS 正在逐步恢復供應商功能。顯然，你們遇到了一些竊盜問題，所以想要除掉承運商。所以或許可以談談這種平衡問題？

Are we seeing that sustainably? Are you seeing that in terms of the capacity come out and stay out as we now move into the new year? And then just on the fragile comment, is that a comment that gradually, you're leaning toward the upside? I just want to understand your fragility view on that demand commentary.

我們能否持續看到這種情況？您是否注意到，隨著我們進入新的一年，產能方面會出現這種情況，而這種狀況會持續下去？然後，關於「脆弱」這個評論，你的評論是否逐漸傾向於正面的一面？我只是想了解你對這種需求評論的脆弱性看法。

Yeah, Ken, this is Nick. I'll talk about the carriers. What we're seeing in ICS is, yes, we did screen out a lot of carriers, did a lot of thorough investigations, put some new software and technology in and pushed a lot out. We're starting to let some back in after they go through further compliance. But we've also changed kind of who we're going.

是的，肯，我是尼克。我來說說是運營商。我們在 ICS 中看到的是，是的，我們確實篩選掉了很多運營商，進行了很多徹底的調查，引入了一些新的軟體和技術，並淘汰了許多舊軟體和技術。我們正在逐步允許一些人重新入境，前提是他們必須通過進一步的合規審查。但我們也改變了我們前進的方向。

We're going more midsized, small to mid, not micro in ICS. So we've changed it. We're going after the carriers to get us more capacity. So that's been the thing there.

在ICS中，我們更傾向於中型、小型到中型企業，而不是微型企業。所以我們做了修改。我們正在與航空公司談判，爭取更多運力。事情就是這樣。

But we're clearly seeing between visa policies and immigration capacity is definitely tighter. And we see capacity going out, particularly on the teams. We're seeing it's really hard right now. I think that impacted the non-dom impacted that more along with the (inaudible) seemed to be very tight right now, more so than others.

但我們清楚看到，簽證政策和移民容量之間的差距正在縮小。我們看到產能正在下降，尤其是在團隊方面。我們現在看到情況確實很艱難。我認為這對非主導者產生了更大的影響，而且（聽不清楚）現在似乎非常緊張，比其他人更緊張。

So we continue to see carriers go out. There's bankruptcies and just all kinds of things. So clearly, the carrier capacity from everything we're seeing is going out, even though we're bringing some back in, we just did -- in both -- yes. In both ICS and JBT, we're seeing that across the board.

所以我們繼續看到運營商退出市場。有破產，還有各種各樣的事情。所以很明顯，從我們目前看到的情況來看，營運商的維運能力正在下降，儘管我們正在恢復一些維運能力，我們只是做到了——在兩個方面都是如此——是的。無論是在 ICS 還是 JBT 中，我們都普遍看到了這種情況。

Yeah, and the whole word around fragile really is a positive. So we've done this business a long time. We've all been here. The management team has been here on average 25 years at J.B. Hunt.

是的，而且「脆弱」這個詞本身其實是個褒義詞。我們從事這行已經很久了。我們都經歷過這種情況。J.B. Hunt 的管理團隊平均工作年資為 25 年。

We've seen a lot of cycles. And in this cycle, when you see rejection rates with customers still hovering close to 10%, which is elevated. So you see the demand side a little better, but you see supply really still tighter than it should be. That's a fragile market for our customers. So that's in the industry and how we want to think about how we take advantage of that.

我們已經經歷了很多次週期。在這個週期中，你會發現客戶的拒絕率仍然徘徊在 10% 左右，這很高。所以，需求方面的情況稍微好轉了一些，但供應方面仍然比應有的水平要緊張得多。對我們的客戶來說，這是一個脆弱的市場。所以這就是產業現狀，也是我們希望思考如何運用這種現狀的方式。

If the market is fragile, if we're having customers call us to say, this pocket is tighter than what I expected or this area. That's really what we're starting to see. That does not mean that we think it's going to be tight this whole year. It's too early for us to call any of that. We've seen a lot of false starts.

如果市場脆弱，如果我們接到客戶的電話說，這個地區的價格比我預期的要低，或者這個地區的價格比我預期的要低。這正是我們開始看到的現象。但這並不意味著我們認為今年全年的競爭都會很激烈。現在下任何結論都為時過早。我們已經看到了很多次失敗的嘗試。

We just know that there's not a lot of elasticity. We did -- we saw that in the last six weeks of the year, where the tightness in the pockets, look at the margins that are happening in both ICS and JBT really struggled from a gross margin percentage, and that's because of what was happening on the supply side.

我們只知道彈性不大。我們看到，在今年最後六週，由於資金緊張，ICS 和 JBT 的毛利率都非常低，這是因為供應方面的情況。

Customers had a little more demand and boom that really created a better environment. Now that didn't last -- it has to last longer than six weeks. It has to last longer, really, to the earlier question, like how long does it have to last, well, certainly, for us this time, it's going to have to last a little bit longer than it would have had to in the past, just to make sure that we think that we're going to call it right. But it's fragile and that's in a positive way.

顧客需求略有增加，市場蓬勃發展，確實創造了更好的環境。但現在這種情況並沒有持續下去——它必須持續超過六週。確實，它必須持續更長時間。至於之前的問題，例如它必須持續多久，嗯，當然，對我們來說，這次它必須比過去持續的時間更長一些，只是為了確保我們認為我們所做的判斷是正確的。但它很脆弱，而這恰恰是它的優點。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

You guys have been pretty candid on customers maybe having a more optimistic view about the capacity situation than your fragile view to use your word. How has the rapid escalation in the spot rates in purchase transportation costs, maybe change the way around the edges that you're approaching this year and managing your business. I mean is there -- are there moves you're making that you wouldn't have otherwise made to maybe capture some of that on the revenue side or mitigate some of the cost on the purchase transportation side.

你們一直很坦誠地表示，客戶對產能狀況的看法可能比你們自己（用你們的話來說）要樂觀得多。現貨價格的快速上漲，以及採購運輸成本的快速上漲，是否改變了您今年應對和經營業務的方式？我的意思是，你是否採取了一些你原本不會採取的措施，以期在收入方面獲得一些收益，或者在採購運輸方面降低一些成本？

Yeah, Bascom, this is Nick. I'll take that. Yeah, we're absolutely. We're trying to get in the spot market and play in the spot market as much as we can. So that's just a play in our playbook that we've had for many years. So we see that we try to have the opportunity to jump in there.

是的，巴斯康，我是尼克。我接受。是的，我們絕對是。我們正努力進入現貨市場，並盡可能參與現貨市場交易。所以這只是我們多年來一直在使用的戰術之一。所以我們看到，我們努力爭取機會參與其中。

So we clearly all over the spot market trying to do that and our spot loads are going up. And so we're trying to take advantage of that, particularly where we know we can cover the load and still operate it safely and on time. So yes, we're doing that.

所以很明顯，我們在現貨市場上都在努力做到這一點，我們的現貨訂單量正在上升。因此，我們正努力利用這一點，尤其是在我們知道能夠滿足負載需求並安全準時運作的情況下。是的，我們正在這樣做。

Yeah. And Bascome, I'll just talk about the revenue part of your question. We've got to say new culture around here. We honor our commitments to our customers. We did that throughout the fourth quarter, and we're doing it today. And with that reputation and again, it goes back to operational excellence.

是的。巴斯科姆，我只談談你問題中的收入部分。不得不說，這裡正在形成一種新的文化。我們信守對客戶的承諾。我們在第四季一直這樣做，今天我們也在這樣做。而憑藉這樣的聲譽，一切又都歸結於卓越的營運。

We become the go-to when tender rejections go up, when routing guides begin to fail. And we saw some of those opportunities really take place at the tail end of Q4 and they're taking place today. So from a revenue perspective, we're going to be there for our customers when others aren't. And that's part of our ability to gain share.

當投標拒絕率上升，當路由指南開始失效時，我們就成了人們的首選。我們看到其中一些機會確實在第四季末出現，而且現在仍在發生。所以從收入的角度來看，當其他公司無法為客戶提供服務時，我們將始終與客戶站在一起。而這正是我們贏得市場佔有率的能力之一。

And I'd just say the many bids are active right now, and we like to participate in those, and we price those a little bit better typically. And so those give us different opportunities to price differently and take advantage of the market as we see it today.

我想說的是，目前有很多競標正在進行，我們很樂意參與其中，而且我們通常會給出更優惠的價格。因此，這些因素為我們提供了不同的定價機會，並讓我們能夠利用當今的市場狀況。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Apologies if I missed this, but what are contract renewals running at in ICS? And also, as you look ahead to '26, hopefully, you guys are being conservative and hopefully, we do have an upcycle. How are your customers thinking about using JBT versus ICS to meet their incremental capacity needs in an upcycle?

如果我錯過了相關信息，請見諒，但ICS的合約續約價格是多少？展望 2026 年，希望你們保持保守，也希望經濟能迎來上行週期。在業務週期中，您的客戶如何考慮使用 JBT 而不是 ICS 來滿足其增量產能需求？

Thanks, Ravi. This is Nick. I'll take that. And I would just say that our customers, we're seeing demand across the board. You can see our volumes are clearly up in the truck line.

謝謝你，拉維。這是尼克。我接受。我想說的是，我們的客戶，我們看到各方面的需求都在成長。從卡車運輸線上可以看出，我們的貨運量明顯增加了。

So customers are clearly leaning in over there on the asset side. But I think if you could see under the covers a little bit on ICS, there's a lot of demand coming in there. We've had some losses earlier in '25 that will be lapping here before long. So you'll see tremendous growth in ICS. So they're really leaning in on both sides of that.

顯然，客戶正在加大對資產方面的投入。但我認為，如果你能稍微了解ICS的運作機制，你會發現那裡有很多需求。我們在 2025 年初遭遇了一些損失，這些損失很快就會被我們超越。所以你會看到ICS領域出現巨大的成長。所以他們實際上是在雙方都採取了立場。

And your first question --

你的第一個問題--

You want to give guidance on pricing, which Ravi, I appreciate it, but we're not going to comment. I mean, clearly, we're going to get as much as we can. This goes back to even Scott's earlier question, like I know Darren answered that question very eloquently. But at the end of the day, we need to focus on operational excellence. We want to grow.

你想就定價問題提供指導，Ravi，我很感激，但我們不會對此發表評論。我的意思是，很顯然，我們會盡可能地獲取資源。這甚至可以追溯到 Scott 之前提出的問題，我知道 Darren 對此問題的回答非常精彩。但歸根結底，我們需要專注於卓越營運。我們想要發展壯大。

We want to be very disciplined with our growth, and we're going to get as much pricing as the market will allow us and try to be fair and balance in light of all the inflationary costs that we're being hit with. So but not yet ready to necessarily signal to the world what pricing is going to do this year.

我們希望在成長方面保持高度自律，我們將盡可能地提高定價，並努力在應對所有通貨膨脹成本的情況下做到公平和平衡。所以，但目前還不宜向外界發出今年定價策略的訊號。

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。我謹將會議交還給雪莉·辛普森女士，請她作總結發言。

Thank you. As we wrap up today, I just want to highlight our progress and outlook because -- over the last year, our team has demonstrated agility and discipline. We have driven operational excellence, record-breaking safety, record breaking service, and that is setting us apart.

謝謝。在今天結束之際，我只想強調我們所取得的進展和前景，因為——在過去的一年裡，我們的團隊展現了敏捷性和紀律性。我們實現了卓越的營運、破紀錄的安全記錄、破紀錄的服務，這使我們脫穎而出。

We've advanced our strategic priorities, and that's positioned us for sustainable growth. And that also provides us with the competitive advantage that we think we'll get to capture here in 2026 because our customers are choosing us because they trust us and they trust reliability. Financially, we remain disciplined, we're maintaining a strong balance sheet, executing record share repurchases, and that's supporting shareholder value.

我們推進了策略重點，這為我們實現永續成長奠定了基礎。這也為我們帶來了競爭優勢，我們認為我們將在 2026 年獲得這種優勢，因為我們的客戶選擇我們是因為他們信任我們，信任可靠性。在財務方面，我們保持嚴謹，維持穩健的資產負債表，執行創紀錄的股票回購，這都有助於提升股東價值。

So looking into '26, you've heard us say our focus is on disciplined growth. When we do that, it's going to take care of us leveraging our investments, and we're going to continue to repair our margins and drive shareholder value. So we're not standing by waiting for circumstances to improve, we're taking charge, we're making them better ourselves. Our growth isn't something that's dictated by the market, it's a direct result of our team's initiative and our drive. We're on the offense, we're creating new opportunities and defining what's possible.

展望 2026 年，正如我們所說，我們的重點是穩健成長。這樣做可以保障我們利用投資，我們將持續改善利潤率，提升股東價值。所以，我們不會袖手旁觀，等待情況好轉，而是主動出擊，努力讓情況變得更好。我們的發展並非由市場決定，而是由我們團隊的積極性和進取心的直接結果。我們採取進攻姿態，創造新的機會，並定義什麼是可能的。

So I'm confident in our strategy and ability to deliver in the year ahead super, super, super proud of this team and the 32,000 people that are working hard every day on behalf of our customers and our shareholders. They have delivered in a really tough environment and moving forward to 2026. Thanks for joining us today.

因此，我對我們的策略和未來一年的執行能力充滿信心，我為這支團隊以及每天為我們的客戶和股東辛勤工作的 32,000 名員工感到無比自豪。他們在極其艱難的環境下取得了成功，並展望了 2026 年。感謝您今天收看我們的節目。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。