J.B. Hunt Transport Services, Inc. (JBHT) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the J.B. Hunt Transport first-quarter 2026, earnings call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 J.B. Hunt Transport 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給財務資深總監 Andrew Hall。先生，請開始。

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 Ligation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements.

下午好。在我介紹講者之前，我想先提供一些關於前瞻性陳述的揭露事項。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」、「預見」、「打算」、「估計」或類似用語，旨在識別這些前瞻性陳述。

These statements are based on J.B. Hunt's current plans and expectations and involve risks and uncertainties that could cause future activities and results to be materially different from those set forth in the forward-looking statements. For more information regarding risk factors, please refer to JB Hunt's annual report on Form 10-K and other reports and filings with the Securities and Exchange Commission.

這些陳述係基於 J.B. Hunt 目前的計畫與預期，並涉及風險與不確定性，可能導致未來活動與結果與前瞻性陳述所載內容出現重大差異。有關風險因素的更多資訊，請參閱 JB Hunt 的 Form 10-K 年度報告以及向美國證券交易委員會提交的其他報告與申報文件。

Now, I would like to introduce the speakers on today's call. This afternoon I'm joined by our President and CEO, Shelley 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，我想介紹今天電話會議的講者。今天下午與會者包括：我們的總裁兼執行長 Shelley Simpson；財務長 Brad Delco；銷售與行銷執行副總裁 Spencer Frazier；營運長暨公路服務與最後一哩總裁 Nick Hobbs；專屬合約服務（Dedicated Contract Services）總裁 Brad Hicks；以及聯運（Intermodal）總裁 Darren Field。

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

接下來我想把電話會議交給我們的執行長 Shelley Simpson 女士，請她先做開場致詞。Shelley？

Thank you, Andrew, and good afternoon. I want to begin by thanking our teams for the work they continue to do every day for our customers. The year-over-year improvement we delivered both financially and operationally is a direct result of the focus, discipline and commitment across this organization.

謝謝你，Andrew，下午好。我想先感謝我們的團隊每天持續為客戶所做的努力。我們在財務與營運面所交出的年對年改善，直接來自全公司上下的專注、紀律與承諾。

We delivered strong results relative to the market in a still challenging environment, reflecting disciplined execution against the strategy we laid out. We are taking share, driven by the strength of our execution and consistent service for our customers.

在仍具挑戰的環境中，我們相較市場交出強勁成果，反映出我們對既定策略的紀律性執行。憑藉我們執行力的優勢與為客戶提供的一致服務，我們正在提升市占。

As we moved through the first quarter, the freight environment felt meaningfully different than what we've operated in over the past several years. When we spoke last quarter, I described the truckload market as fragile and that we are testing the elasticity of supply, and that assessment proved accurate.

隨著第一季推進，貨運環境明顯不同於我們過去幾年所處的狀況。上季我們談到，整車（truckload）市場相當脆弱，我們正在測試供給的彈性，而這項判斷證明是正確的。

Continued regulatory enforcement to improve safety in our industry has removed non-compliant capacity and when combined with early signs of improved demand, resulted in a tighter truckload market throughout the quarter. While predicting inflection points is never precise, we believe we are on a path of recovery.

為提升產業安全而持續加強的監管執法，已移除不符規範的運能；再加上需求改善的早期跡象，使得本季整車市場全季呈現更為緊俏的狀態。雖然要精準預測拐點從來不容易，但我們相信我們正走在復甦的道路上。

We feel confident about how we are positioned. The operational discipline we've established over the past several years is showing up in year-over-year financial improvements and enhanced customer responses, enabling us to shift from a defensive posture to playing offense from a position of strength. This confidence is grounded in results.

我們對自身的布局充滿信心。過去幾年建立的營運紀律，已反映在年對年的財務改善與更佳的客戶回饋上，使我們得以從防守姿態轉為在優勢位置上主動出擊。這份信心是以成果為基礎。

We have delivered exceptional performance in safety and service surpassed expectations on lowering our cost to serve and maintained very high customer retention. Our strong execution has earned the company multiple Carrier of the Year awards as customers increasingly choose J.B. Hunt. This opens doors to growth opportunities, and we are approaching them with intentionality and discipline.

我們在安全與服務方面交出卓越表現，降低服務成本（cost to serve）的成果超出預期，並維持非常高的客戶留存率。我們強勁的執行力讓公司獲得多項「年度承運商」獎項，客戶也愈來愈多選擇 J.B. Hunt。這為成長機會打開大門，我們將以明確的目的與紀律來把握。

Let me close by outlining our key priorities for the year and how they position us for success in this dynamic environment.

最後，我想概述我們今年的關鍵優先事項，以及這些重點如何讓我們在這個動態環境中取得成功。

First, we are focused on disciplined growth driven by operational excellence. Customer conversations during this season have become more constructive, though there is still work to do to fully restore pricing and margins to expected levels. We are pushing where appropriate and remain confident in the value we deliver. We are seeing increased traction in ICS and JBT consistent with early cycle market shifts and there remains opportunity in Intermodal, which Darren will discuss.

第一，我們聚焦於以營運卓越為驅動的紀律性成長。在這個旺季期間，與客戶的對話變得更具建設性，但要將定價與利潤率完全恢復到預期水準仍有工作要做。我們在適當之處推進，並對我們所提供的價值保持信心。我們看到 ICS 與 JBT 的動能提升，與景氣循環早期的市場轉變一致；而聯運（Intermodal）仍有機會，Darren 稍後會說明。

Second, we will continue to leverage our investments in people, technology and capacity to drive sustainable, competitive advantages in our business. We consistently invest in our people who represent J.B. Hunt to our customers and are central to our operational excellence.

第二，我們將持續運用在人員、科技與運能上的投資，為業務打造可持續的競爭優勢。我們持續投資於代表 J.B. Hunt 面對客戶的同仁，他們是我們營運卓越的核心。

Our technology connects and empowers our people and helps us optimally utilize our capacity. And we are building on our innovative foundation to drive greater automation and productivity. We have prefunded our capacity needs, particularly in intermodal at the bottom of the cycle. These remain core foundations in our business and expect to see future benefit from these investments.

我們的科技連結並賦能同仁，並協助我們最佳化運能使用。我們也將在創新基礎上持續深化，以推動更高程度的自動化與生產力。我們已在景氣循環底部預先籌措運能需求，尤其是在聯運方面。這些仍是我們業務的核心基礎，並預期未來將從這些投資中受益。

Third, we remain focused on repairing margins and driving long-term shareholder value. We are a disciplined growth company and equally disciplined in how we deploy capital. We have momentum in the business, and we'll continue to build on our strong start to the year.

第三，我們仍聚焦於修復利潤率並推動長期股東價值。我們是一家紀律性成長的公司，在資本配置上同樣嚴謹。我們的業務動能正在增強，並將在今年強勁開局的基礎上持續推進。

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

接下來，我想把電話會議交給 Brad。

Thanks, Shelley, and good afternoon. Let me start with the first-quarter results.

謝謝你，Shelley，下午好。我先從第一季的業績開始。

On a GAAP basis, total revenue was up 5% while operating income improved 16% and diluted earnings per share improved 27% versus the prior-year period. We experienced strong demand for our service offerings as a predominantly supply-driven freight recovery continued to gain steam, coupled with some modest improvements in demand.

以 GAAP 基礎計算，總營收年增 5%，營業利益年增 16%，稀釋後每股盈餘年增 27%，相較去年同期皆有改善。在以供給面驅動為主的貨運復甦持續加速之際，加上需求略有改善，我們的服務產品需求強勁。

During the quarter, we executed well across our service, safety and cost to serve initiatives, which continue to gain momentum. As we discussed during the first-quarter conference circuit, this momentum was partially offset by the impact of weather, which negatively impacted incremental margins in the quarter.

本季我們在服務、安全與降低服務成本（cost to serve）等各項措施上執行良好，且動能持續增強。如同我們在第一季的投資人會議行程中所討論，這股動能部分被天氣影響所抵銷，天氣對本季的增量利潤率造成負面影響。

We also saw volatile fuel prices. Our business and our industry has fuel surcharge programs that protect our operations from fluctuations in fuel markets. Admittedly, Intermodal is a very fuel-efficient solution for our customers, so higher fuel prices enhance the value proposition of our leading intermodal franchise. It's worth reminding our investors, fuel is generally a pass-through expense and typically has a small impact on profit dollars quarter-to-quarter. However, it is dilutive to overall margins.

我們也看到燃油價格波動。我們的業務以及整個產業都有燃油附加費（fuel surcharge）機制，可保護營運免受燃油市場波動影響。坦白說，聯運對客戶而言是非常省油的解決方案，因此較高的燃油價格會強化我們領先的聯運業務（intermodal franchise）的價值主張。值得提醒投資人的是，燃油通常屬於轉嫁成本（pass-through expense），一般而言對季度間的利潤金額影響不大。然而，它會稀釋整體利潤率。

Let me turn to our lowering our cost to serve initiative. We have given an update each quarter since we announced our $100 million target to remove structural costs from our business. In the first quarter, we continued to make additional progress, eliminating over $30 million during the quarter.

接著談我們降低服務成本（cost to serve）的計畫。自我們宣布以移除結構性成本為目標的 1 億美元計畫以來，我們每季都提供更新。在第一季，我們持續取得進展，本季額外削減超過 3,000 萬美元。

Again, our intent is to make sure these cost initiatives are visible in our results. And despite further investments in our people, higher insurance premiums, medical cost and fuel prices and worse weather, we were able to expand margins 70 basis points year over year in the quarter with pricing that still did not cover core inflation. Going forward, we will continue to challenge ourselves on our structural cost without sacrificing our ability to capitalize on market opportunities to compound our growth ahead.

同樣地，我們的用意是確保這些成本措施能在我們的業績中清楚呈現。儘管我們進一步投資於人員、保險費率上升、醫療成本與燃油價格提高，以及天氣更差，我們仍能在本季於定價尚未涵蓋核心通膨的情況下，年對年擴大利潤率 70 個基點。展望未來，我們將持續在不犧牲把握市場機會、以推動成長複利的前提下，挑戰並降低我們的結構性成本。

The discipline across our company also extends to our capital deployment. We continue to prioritize reinvestment in the business, and we'll reiterate our guidance of a $600 million to $800 million net CapEx plan for the year.

全公司的紀律也延伸到資本配置。我們仍以對業務再投資為優先，並重申今年淨資本支出（net CapEx）指引為 6 億至 8 億美元。

Success-based growth opportunities in Dedicated will continue to be the main catalyst to influence this range. We retired $700 million of notes that matured on March 1, and ended the quarter with 0.8 turns of debt below our stated target of 1 turn. We repurchased 380,000 shares of stock in the quarter for approximately $80 million.

Dedicated 的成功導向成長機會將持續是影響此區間的主要催化因素。我們已償還於 3 月 1 日到期的 7 億美元票據，並在季末將負債倍數降至 0.8 倍，低於我們所述目標的 1 倍。本季我們以約 8,000 萬美元回購 38 萬股股票。

Finally, back in January, the Board authorized a 2% increase in our dividend, which is also the 22nd consecutive year of increasing our quarterly dividend.

最後，回到 1 月，董事會核准將我們的股利提高 2%，這也代表我們已連續第 22 年調升季度股利。

Let me close with this.

讓我用這段話作結。

First, we are executing extremely well across the organization on operational excellence in service, safety and lowering our cost to serve. Second, without any meaningful tailwinds from price driven by this recent market inflection, we have already put ourselves on a path to restoring our margins, which we think is a differentiator in the market. Third, we have prefunded a lot of our growth while maintaining a significant amount of flexibility to deploy capital to drive long-term value for our shareholders. We are operating from a position of strength.

第一，我們在全公司範圍內，於服務、安全以及降低服務成本等營運卓越面向的執行表現極為出色。第二，即便近期市場拐點所帶來、由價格驅動的任何實質順風幾乎不存在，我們已經走在恢復利潤率的道路上，而我們認為這將成為市場上的差異化優勢。第三，我們在維持相當程度資本運用彈性的同時，已為大量成長預先籌資，以便部署資本、為股東創造長期價值。我們正以強勢姿態營運。

That concludes my comments, and I'll turn it over to Spencer.

以上是我的評論，接下來交給 Spencer。

Thank you, Brad, and good afternoon. I want to start with what we're seeing from customers and across our network.

謝謝你，Brad，大家午安。我想先從我們從客戶端以及整個網路所觀察到的情況談起。

Throughout the first quarter, there has been an evolving narrative from customers that tightening in the truckload market would be temporary in nature. Today, most customers understand there has been and continues to be a shift in industry capacity that is impacting the truckload market, and this is a structural change.

在第一季期間，客戶端的說法逐步形成一種敘事：卡車整車（truckload）市場的緊縮將是暫時性的。如今，多數客戶理解到，產業運能已經發生且仍在持續發生轉變，正影響整車市場，而這是一項結構性改變。

Customers haven't seen a capacity-led cycle change with the exception of when the industry implemented ELDs or experienced a constrained market since 2022. What we're seeing is a freight market that has fundamentally less flat than it did in prior cycles. Capacity has been steadily exiting for an extended period, driven by regulatory enforcement, rising costs and financial performance that does not support capital reinvestment.

除非是在產業導入 ELD（電子行車紀錄器）或自 2022 年以來經歷運能受限的市場情況，客戶並未見過由運能主導的週期轉折。我們所看到的貨運市場，相較於過往週期，基本上波動性小得多。在監管執法、成本上升以及財務表現不足以支撐資本再投資的推動下，運能已在相當長的一段時間內持續退出市場。

Even if spot rates increase, capacity continues to lead the industry. You can look at most industry KPIs, and they are either at their highest or lowest levels since 2022. Truckload rates, tender rejections, the ISM PMI and several others are all at their highest levels since 2022. And trucking employment is at the lowest levels since 2022, all proof points of structural change.

即使現貨運價上升，運能仍持續主導整個產業。你可以看看多數產業 KPI，它們不是處於自 2022 年以來的最高，就是最低水準。整車運價、投標拒絕率（tender rejections）、ISM PMI 以及其他多項指標，皆處於自 2022 年以來的最高水準。而卡車運輸就業人數則處於自 2022 年以來的最低水準，這些都是結構性改變的佐證。

At the same time, customers' supply chains are leaner, agile and more synchronized than they've ever been while their demand is solid and increasing. This combination matters. It means the system is far more sensitive to even modest changes in volume or disruption.

同時，客戶的供應鏈比以往任何時候都更精實、更敏捷且更同步，而其需求穩健並且正在增加。這樣的組合很重要。這意味著整個系統對於即便是溫和的量變或干擾，都會更加敏感。

We saw that dynamic clearly late last year as volumes increased around peak, conditions tightened quickly, service became more valuable and customers leaned into partners they trust to execute. Partners who can honor commitments when it matters. This dynamic continued into the first quarter.

我們在去年年底清楚看到這種動態：在旺季前後運量增加，市場狀況迅速收緊，服務變得更有價值，客戶更倚重他們信任、能夠落實執行的合作夥伴。也就是那些在關鍵時刻能夠履行承諾的夥伴。這種動態延續到了第一季。

For J.B. Hunt, that environment plays directly to our strengths. We are seeing strong customer retention, continued share gains across all our services and expanding pipeline and much more disciplined pricing conversations.

對 J.B. Hunt 而言，這樣的環境正好發揮我們的優勢。我們看到客戶留存強勁、在所有服務上持續提升市占、銷售管線擴大，且定價對話更加自律。

We're not chasing volume, but we are taking market share. We're focused on freight that fits our networks, creates value for our customers and at the right rate to generate durable returns.

我們不追逐運量，但我們正在取得市占。我們專注於符合我們網路、能為客戶創造價值，且在適當費率下可帶來可持續報酬的貨運。

What's also different this time is how customers are behaving. We're seeing far less price-led decision-making and far more focus on execution quality. They're adjusting to capacity challenges with frequent mini bids, they're consolidating freight with fewer, more reliable providers and are prioritizing scale, visibility and execution.

這次也不同的一點在於客戶的行為方式。我們看到以價格主導的決策明顯減少，而對執行品質的重視大幅提升。他們透過頻繁的小型招標（mini bids）來因應運能挑戰，將貨量整併給更少但更可靠的供應商，並優先考量規模、可視性與執行力。

So while we remain mindful about the macro and recognize today's risks, we're confident in our positioning. We built this company for environments like this where operational excellence, reliability and network depth matter.

因此，雖然我們仍留意總體環境並認知當前風險，但我們對自身的定位充滿信心。我們打造這家公司，就是為了應對像這樣重視營運卓越、可靠性與網路深度的環境。

Our focus remains the same, execute at a high level, honor commitments when the market tightens and use our platform to help customers manage volatility. That approach has driven share gains in the past, and we believe it will continue to do so well into the future.

我們的重點一如既往：高水準執行、在市場收緊時履行承諾，並運用我們的平台協助客戶管理波動。這種做法過去帶來了市占提升，我們相信未來也將持續如此。

I'll now hand it over to Nick.

接下來我把時間交給 Nick。

Thanks, Spencer, and good afternoon. I'm going to start with safety. We are coming off of three consecutive years of record safety performance as measured by DOT preventable accidents per million miles.

謝謝你，Spencer，大家午安。我將先從安全談起。以每百萬英里 DOT 可預防事故數衡量，我們剛完成連續三年創下安全表現新高的紀錄。

I'm proud to say that we continue to lead the industry and set new records for ourselves, besting last year's first quarter result by 14% despite a materially more challenging weather-impacted quarter versus prior year. This performance directly reflects the commitment of our drivers and broader teams to operating safe and secure every day.

我很自豪地說，我們持續領先產業並為自己再創新紀錄；儘管本季受天候影響、相較去年同期挑戰明顯更大，我們仍將去年第一季的結果再提升 14%。這項表現直接反映出我們的駕駛員與更廣泛團隊每天致力於安全、穩健營運的承諾。

As we continue to grow with customers and take market share, we will bring on drivers and operations-focused employees to maintain our operational excellence our customers expect. In fact, our current driver need is the highest it has been since June of 2022.

隨著我們持續與客戶共同成長並取得市占，我們將增聘駕駛員與以營運為導向的員工，以維持客戶所期待的營運卓越。事實上，我們目前對駕駛員的需求是自 2022 年 6 月以來最高。

As the driver market has tightened, we have begun to execute various strategies that allow us to recruit to meet our needs and support our growth. As these new drivers are onboarded, our emphasis on safety starts day one with our more tenured drivers, reinforcing our culture through training and the sharing of best practices.

隨著駕駛員市場收緊，我們已開始執行多項策略，使我們能夠招募以滿足需求並支持成長。在這些新駕駛員到職後，我們對安全的重視從第一天就開始，並由資深駕駛員帶領，透過訓練與分享最佳實務來強化我們的文化。

Moving to the business. I'll start with the Final Mile. End market demand has shown signs of stabilization across furniture and exercise equipment, with appliance replacement demand remaining solid. We continue to see strength in our fulfillment business, driven primarily by off-price retail channels.

接著談業務。我先從 Final Mile（最後一哩）開始。家具與健身器材的終端市場需求已出現穩定跡象，而家電汰換需求仍然穩健。我們持續看到履約（fulfillment）業務的強勁表現，主要由折扣零售通路（off-price retail channels）所帶動。

Going forward, our focus hasn't changed. We are committed to providing high service levels for customers and being safe and secure while continuing to lead the industry in background verification standards.

展望未來，我們的重點沒有改變。我們致力於為客戶提供高水準服務，並在安全與保全方面做到位，同時持續在背景查核標準上領先產業。

Last quarter, we spoke to an expected $90 million revenue headwind this year from some lost business. Since then, we secured new wins and see a strong and developing pipeline as we work to offset as much of that headwind as possible without sacrificing returns for the unique value we provide.

上一季我們提到，今年因部分流失業務，預期將面臨 9,000 萬美元的營收逆風。自那之後，我們取得新的得標案，並看到強勁且持續發展的銷售管線；在不犧牲我們所提供獨特價值之報酬的前提下，我們正努力盡可能抵消這股逆風。

Moving on to our Highway businesses. Overall demand was better than normal seasonality with more spot opportunities as tender rejections remain high and routing guides were breaking down.

接著談我們的 Highway（公路）業務。整體需求優於一般季節性表現；由於投標拒絕率仍高、路由指南（routing guides）失靈，市場上出現更多現貨機會。

On capacity, the truckload market remained unseasonably tight as market factors continue to pressure capacity. We believe the market tightness was driven primarily by a shortage of supply, but with some positive elements of demand, which is a slight positive development from Q4, which seemed to be mostly supply-driven.

在運能方面，整車市場仍呈現反季節性的緊俏，因市場因素持續對運能造成壓力。我們認為市場緊俏主要由供給短缺所驅動，但也伴隨一些需求面的正向因素；相較之下，第四季看起來幾乎主要是供給驅動，因此這是一項略為正面的發展。

In JBT, we reported our fourth consecutive quarter of double-digit volume growth as our focus on operational excellence is leading to additional opportunities for growth and market share gains. Execution remains strong as we continue to grow revenue while effectively managing controllable cost. However, the tight truckload market and rapid rise in fuel prices late in the quarter created challenges for independent contractors, leading us to source more third-party capacity to cover loads in the first quarter.

在 JBT，我們已連續第四季呈現兩位數的運量成長；我們對營運卓越的專注正帶來更多成長機會與市占提升。在有效管理可控成本的同時，我們持續擴大營收，執行力依然強勁。然而，整車市場緊俏以及季末燃油價格快速上升，為獨立承攬商帶來挑戰，導致我們在第一季需要採購更多第三方運能來承接貨載。

To put this in context, our revenue increased 23% on 19% load growth, but our gross profit declined 5%, primarily due to the higher purchased transportation rates. Going forward, our focus remains on disciplined growth of our trailing network while continuing to improve the utilization of our assets through improved box turns.

為了提供背景脈絡，我們的營收在運量成長 19% 的情況下增加了 23%，但毛利下降 5%，主要是因為外購運輸費率上升。展望未來，我們仍將專注於以自律方式擴大我們的拖運（trailing）網路，同時透過提升箱體周轉（box turns）來持續改善資產使用率。

I'll close with ICS. We have positive momentum in this business that hasn't yet translated to improved financial performance due to continued gross margin pressure from higher purchase transportation costs. This margin pressure is normal at this point in the cycle as we balance honoring customer commitments and working with customers to reprice freight as needed.

最後談 ICS。這項業務有正向動能，但由於外購運輸成本較高而持續壓抑毛利率，尚未轉化為財務表現的改善。在此週期階段，這樣的毛利壓力屬正常現象，因為我們需要在履行對客戶的承諾與在必要時與客戶協商重新定價運費之間取得平衡。

So far in bid season, we are winning more volume and securing rate increases. While spot market opportunities have increased, they were not enough to offset the margin pressure on our contractual business. Going forward, we are encouraged by the momentum we have and remain focused on leveraging our costs as we scale the business.

截至目前的投標季，我們贏得了更多運量並成功取得運價上調。雖然現貨市場機會有所增加，但仍不足以抵銷我們合約業務的利潤率壓力。展望未來，我們對目前的動能感到鼓舞，並將持續專注於在擴大業務規模的同時，善用並攤提我們的成本。

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

接下來，我想把電話會議交給 Brad。

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

謝謝你，Nick，各位下午好。我將就我們的專屬運輸（Dedicated）業務提供最新進展。

Starting with the quarter, at a high level, our first-quarter results continue to highlight the resiliency of our Dedicated business. Weather did negatively impact our operations during the quarter, particularly in January and February. As a result, we have not seen much of spring surge with our lawn and garden customers across much of the northern half of the country, which could be delayed from the lingering winter weather.

先從本季談起，整體而言，我們第一季的結果再次凸顯專屬運輸業務的韌性。本季天候確實對我們的營運造成負面影響，尤其是在一月與二月。因此，我們在全國北半部多數地區，尚未從草坪與園藝客戶看到明顯的春季旺季拉升，這可能是因冬季天候延續而有所延後。

Regardless of this, the team did a great job managing our costs and continuing to lower our cost to serve while maintaining high service levels and delivering value for customers. The combination of these factors, plus a record safety performance in the first quarter allowed us to grow operating income, 9%, compared to the prior year on only modestly higher revenue.

儘管如此，團隊在成本管理方面表現出色，持續降低我們的服務成本，同時維持高服務水準並為客戶創造價值。上述因素的綜合作用，加上第一季創紀錄的安全表現，使我們在營收僅小幅成長的情況下，營業利益較去年同期成長 9%。

During the first quarter, we sold approximately 295 trucks and remain confident in our ability to achieve our full-year target for net truck sales of 800 to 1,000 new trucks this year. Our sales pipeline is strong and strengthening, while also broad with a lot of diverse fleets from both a customer size and industry perspective. As the truckload market has tightened over the past several months, we have seen an uptick in interest from customers for a Dedicated solution.

第一季期間，我們售出約 295 輛卡車，並仍有信心達成全年淨售卡車 800 至 1,000 輛新車的目標。我們的銷售管線強勁且持續增強，同時也相當多元，無論從客戶規模或產業角度來看，都涵蓋許多不同的車隊需求。隨著過去幾個月整車市場趨於吃緊，我們看到客戶對專屬運輸解決方案的興趣上升。

I commented last quarter that we added a record 40 new customer names to the portfolio in 2025. Historically, once we have been able to get in the door with customers, and prove out the value of our differentiated service. This has led to additional opportunities for growth at new locations for these customers.

我在上季提到，我們在 2025 年新增了創紀錄的 40 個新客戶名稱納入組合。歷來而言，一旦我們能夠打入客戶端並證明我們差異化服務的價值，往往就會帶來這些客戶在新據點的額外成長機會。

This has been a large part of what has driven our success, operational excellence on execution and service. We get the customer [in] the door, get our people involved in running and managing the business, get the equipment and drivers in position and stand up our processes and service standards and the majority of the time, customers realize our service truly is differentiated and new growth opportunities present themselves.

這一直是推動我們成功的重要因素之一，也就是在執行與服務上的卓越營運。我們讓客戶「進門」，讓我們的人員參與營運與管理，將設備與駕駛配置到位，並建立我們的流程與服務標準；多數情況下，客戶會認知到我們的服務確實具差異化，新的成長機會也就隨之出現。

I spoke last quarter about expecting only modest operating income growth in our Dedicated business in 2026, and I still believe that is the right framework for this year. I also spoke about needing to see a wave of truck growth for about six months before we see material increases in profit performance given the nature of starting up new accounts and incurring expenses there.

我上季談到，預期 2026 年我們的專屬運輸業務營業利益僅會溫和成長，我仍認為這是今年合適的思考框架。我也提到，鑑於新帳戶啟動的特性以及相關費用的發生，我們需要先看到約六個月的一波卡車成長，之後才會在獲利表現上看到實質提升。

We are now on two consecutive quarters of strong truck sales, and our pipeline has strengthened recently. I'm confident this wave of new business is coming, just the timing was pushed out a little later than we anticipated.

目前我們已連續兩季卡車銷售強勁，而近期我們的管線也進一步增強。我有信心這波新業務即將到來，只是時點比我們原先預期稍微往後延。

To wrap up, I want to hit on a couple of things that could impact our results for the rest of the year.

最後，我想提幾點可能影響我們今年剩餘期間業績的事項。

First, as I mentioned earlier, we are seeing increased interest from customers for a Dedicated solution. Actually, during the first quarter, we had our second highest month in the last five years of new deals priced. This is encouraging for potential truck growth, but keep in mind, the more successful we are at selling new trucks, the more start-up expense we incur.

第一，如我先前提到的，我們看到客戶對專屬運輸解決方案的興趣增加。事實上，在第一季，我們出現了過去五年中「新案定價」第二高的單月表現。這對潛在的卡車成長令人鼓舞，但也請記住，我們越成功賣出新卡車，就會承擔越多的啟動成本。

Next, we have seen a significant increase in fuel prices over the past several weeks. While fuel is predominantly a pass-through in our business, it is dilutive to operating ratio or margin percent, but not dilutive to margin dollars.

第二，過去幾週燃油價格大幅上升。雖然燃油在我們的業務中主要屬於轉嫁項目，但會稀釋營運比率或毛利率百分比，然而不會稀釋毛利金額。

Finally, with the capacity rationalization that has taken place in the market, we are experiencing increased challenges in driver hiring that we haven't seen in years. We are well positioned to handle these challenges, but it is a notably different environment.

最後，隨著市場上已發生的運能出清與調整，我們在駕駛招募方面正面臨多年未見的更大挑戰。我們具備良好條件來因應這些挑戰，但整體環境確實明顯不同。

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

接下來，我想把電話會議交給 Darren。

Thank you, Brad, and thank you, everyone, for joining us this afternoon. Our Intermodal business executed extremely well on our strategy during the first quarter with high service levels to meet elevated customer demand despite some really harsh weather conditions in parts of the country. Our focus on operational excellence is resonating with customers and is leading to market share gains and continued road-to-rail conversion. I am proud of the team and encouraged by our strong start to the year.

謝謝你，Brad，也謝謝各位今天下午加入我們。第一季我們的聯運（Intermodal）業務在策略執行上表現極佳；即使全國部分地區天候相當嚴峻，我們仍以高服務水準滿足偏高的客戶需求。我們對卓越營運的專注正獲得客戶共鳴，並帶來市占提升以及持續的「公路轉鐵路」運輸轉換。我為團隊感到自豪，也對今年強勁的開局感到鼓舞。

During the first quarter, demand for our Intermodal service outperformed normal seasonality, and we set a record for first-quarter volume. We also set a weekly volume record in March with over 46,000 loads delivered, an unusual occurrence in that first quarter when fall peak season is typically when we break volume records.

第一季期間，我們聯運服務的需求表現優於一般季節性，我們也創下第一季運量紀錄。我們在三月也創下單週運量紀錄，交付超過 46,000 趟載運；這在第一季相當罕見，因為通常打破運量紀錄的是秋季旺季。

The strength in demand was broad-based among customers and across the network. For the quarter, volumes were up 3% year over year and by month were down 1% in January, up 1% in February and up 8% in March. Despite facing difficult year-over-year comparisons in our eastern network, we grew eastern loads 7% against a 13% comp, while Transcon volume was flat.

需求強勁的動能在客戶端與整體網路上都相當廣泛。以整季來看，運量年增 3%；按月來看，一月年減 1%、二月年增 1%、三月年增 8%。儘管我們在東部網路面臨艱難的年對年比較，我們仍在 13% 的比較基期下將東部載運量提升 7%，而 Transcon 運量則持平。

We are seeing road-to-rail conversion continue in the East. Also with elevated truckload spot rates and rising fuel prices, the value proposition of our Intermodal offering becomes increasingly more attractive for customers.

我們看到東部地區的「公路轉鐵路」轉換仍在持續。此外，在整車現貨運價走高與燃油價格上升的情況下，我們聯運方案的價值主張對客戶而言變得愈發具吸引力。

We continue to see strong rail service from all of our rail providers, a trend we have seen for several years now. During a winter in which we saw several impactful storms across the country, the rail networks were able to quickly recover their service, a testament to the investments that have been made in their networks and service over the past few years.

我們持續從所有鐵路供應商那裡看到強勁的鐵路服務水準，這也是我們多年來觀察到的趨勢。在這個冬季，全國多地出現數場具影響力的風暴，但鐵路網路仍能迅速恢復服務，這證明了過去幾年在其網路與服務上的投資成效。

We and our rail providers know the true test of network resiliency will come once demand strengthens. As we enter this [prove-it] time for rail networks, we and the railroads are confident service levels can be maintained even in a period of sustained volume growth.

我們與鐵路供應商都明白，真正考驗網路韌性的時刻，將在需求轉強之後到來。當我們進入鐵路網路的這段「驗證期」時，我們與鐵路公司都有信心，即使在運量持續成長的期間，仍能維持服務水準。

I'll close with some comments on pricing. As we have said previously, but it bears repeating, given the nature of our bid cycle, we are living with the results of last year's bid season in the first half of 2026. Turning to the current bid season. We are in the final stretch. And as is our normal practice, we aren't going to provide any updates on overall results or expectations until we wrap up this bid season.

最後我補充一些關於定價的看法。如同我們先前所說（但值得再次強調），由於我們投標循環的特性，2026 年上半年我們承受的是去年投標季的結果。接著談目前的投標季。我們已進入最後階段。依照我們一貫作法，在本次投標季結束之前，我們不會就整體結果或預期提供任何更新。

That said, I will give a few high-level thoughts and observations. Early in bid season, we saw westbound backhaul freight repriced down year over year as the market for this freight was competitive as it is every year. In the rest of our network, the emphasis on operational excellence has positioned us well to have conversations with customers in the bid season, leaning into the value we create with our differentiated service.

不過，我會提供幾點高層次的想法與觀察。在投標季初期，我們看到西向回程（backhaul）貨量的價格較去年下調，因為這類貨量的市場競爭激烈，且每年皆然。在我們網路的其他部分，對卓越營運的重視使我們在投標季與客戶對話時具備良好位置，能更著重於我們差異化服務所創造的價值。

In the eastern network where we compete more directly with truck, our ability to push price and the reception from customers to price increases is different than the Transcon market. So far in the Transcon network, we have seen a more competitive bid season, particularly outbound off the West Coast than we had expected. Our strategy is to remain disciplined in our growth and our pricing, expecting the value we create for customers when we leverage our network to be realized in the returns we generate.

在東部網路中，由於我們更直接與卡車運輸競爭，我們推動價格上調的能力，以及客戶對漲價的接受度，與 Transcon 市場有所不同。截至目前，在 Transcon 網路中，我們看到本次投標季的競爭程度高於預期，尤其是從西岸出發的外運貨量。我們的策略是在成長與定價上保持紀律，並期待當我們善用網路為客戶創造價值時，這些價值能反映在我們所產生的報酬上。

My confidence in the strength of our Intermodal franchise and the opportunities for growth that are ahead of us remains high. We have prefunded our capacity needs and are ready to meet our customer growth demand with our unmatched scale and density.

我對我們聯運（Intermodal）業務版圖的實力以及未來的成長機會仍然充滿信心。我們已預先籌措資金以滿足產能需求，並已準備好憑藉我們無可匹敵的規模與網路密度，來滿足客戶成長帶來的需求。

Our focus on operational excellence and industry-leading service are competitive advantages that further differentiate us for customers. As we have stated before, we have long-term Intermodal solutions for our customers in any operating environment and provide seamless coast-to-coast Intermodal service today as we have for years.

我們對營運卓越與業界領先服務的專注，是進一步讓我們在客戶面前脫穎而出的競爭優勢。正如我們先前所說，無論在任何營運環境下，我們都能為客戶提供長期的聯運解決方案，並且如同多年來一樣，今天也提供無縫的全美東西岸聯運服務。

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

接下來，我想把時間交還給接線員，開放提問。

(Operator Instructions) Jonathan Chappell, Evercore ISI.

(接線員指示) Jonathan Chappell，Evercore ISI。

Questions for Spencer, but anyone can answer it. One of the big takeaways, I think, from the January call was a reluctance to call the inflection so much. And the one quote that really stood out was you're hesitant to suggest there's some big pricing opportunity this year.

問題是問 Spencer 的，但任何人都可以回答。我認為一月那通電話的一個重要重點，是不太願意把它稱作拐點。而最讓人印象深刻的一句話是，你們對於暗示今年會有很大的定價機會感到猶豫。

It sounds like a lot has changed in the last three months, up to and including customers' willingness to kind of acknowledge the durability of this. So Darren kind of talked on Intermodal bid season, I know you're not going to get into any more detail there. But just broadly speaking for the business, does it feel today that there is a better pricing opportunity, whether it be for second half of '26 or '27, than you maybe anticipated back in January?

聽起來過去三個月發生了很多變化，甚至包括客戶也更願意某種程度上承認這種狀況的持久性。所以 Darren 談到聯運的投標季，我知道你們不會再深入細節。但就整體業務而言，今天看起來，是否存在比你們一月時預期更好的定價機會——不論是 2026 年下半年或 2027 年？

Yeah. John, thanks for the question. I do think it feels quite a bit different today than it did in January. But as you mentioned, when we talked in January, we referenced -- we started to see some tightening both in demand and then also really tightening of capacity that took place really around Thanksgiving and through the end of Q4. And that just continued through this quarter.

是的。John，謝謝你的問題。我確實覺得今天的感受和一月時相當不同。但如你所提到的，我們在一月討論時曾提到——我們開始看到需求收緊，同時產能也明顯收緊，這大約發生在感恩節前後並延續到第四季末。而這種情況在本季持續延伸。

Capacity, I'll just say this, has inverted. And it's changed rapidly as regulatory enforcement continues to be implemented. And we believe that enforcement is going to continue to accelerate. Also, there's multiple shipper and other surveys out there done by several of you that indicate that their perspective of capacity is going down and pricing is going up with solid demand.

我只想說，產能已經出現反轉。隨著監管執法持續落實，情勢快速改變。我們相信執法還會持續加速。此外，你們當中有好幾位所做的多項貨主與其他調查也顯示，在需求穩健的情況下，他們對產能的看法是下降、而價格是上升。

And one other thing I just want to mention, and I mentioned it earlier in my comments today, really talking about how this cycle is a little bit different than in the past, but a little bit similar to the prior two cycles -- the prior two up cycles, specifically the capacity led one in '17 and '18 with ELDs and then also the demand cycle and shock associated with '20 through '22.

另外我還想提一點，我在今天的評論前面也提過：這一輪循環和過去有些不同，但也有點類似前兩輪循環——特別是前兩輪上行循環：一是 2017、2018 年由產能主導、與 ELD（電子行車紀錄器）相關的那一輪；二是 2020 到 2022 年與需求循環及衝擊相關的那一輪。

And here's the things that really kind of are illustrated in our results, but also match the patterns of those two cycles.

而以下幾點，不僅在我們的業績中有所呈現，也符合那兩輪循環的模式。

Number one, spot price always is our real-time indicator of change, and it changed rapidly in both of those up cycles first. Well, what's happening today, spot pricing has changed first. Then you typically see, say, a 3- to 6-month window of contract pricing changing on the highway, and then maybe even a 6- to 12-month window of contract pricing changing.

第一，現貨價格一向是我們用來即時判斷變化的指標，而在那兩輪上行循環中，它都是最先快速變動的。那麼今天發生了什麼？現貨定價也先動了。接著通常會看到公路合約價格在約 3 到 6 個月的時間窗內開始變動，然後甚至可能在 6 到 12 個月的時間窗內持續調整合約價格。

We'll look at our revenue per load that we just shared. ICS, up 9%, JBT up 3%, and our Intermodal changing just a little bit slower. But I can tell you, things are structurally different. Capacity is continuing to exit the industry. Customer demand is solid. And therefore, I think we're in this structural change and the first part of an up cycle.

看看我們剛分享的每載次營收。ICS 上升 9%，JBT 上升 3%，而我們的聯運變動稍微慢一些。但我可以告訴你，結構上已經不同了。產能持續退出這個產業。客戶需求穩健。因此，我認為我們正處於這種結構性變化之中，也是在一輪上行循環的前段。

Jon, this is Nick. I'll just add from the Highway segment. We've clearly seen a big shift from the first half to the second half of the bid season and customers more willing and coming back with different opportunities with a lot of mini bids and rate increases. So it's moving quicker on the brokerage side, but it's also following quickly just on the pure Truckload side as well.

Jon，我是 Nick。我補充一下公路（Highway）部門的情況。我們很清楚看到投標季從上半段到下半段出現了很大的轉變，客戶更願意回來談不同的機會，出現很多小型投標（mini bids）以及運價上調。所以在經紀（brokerage）端變動更快，但在純卡車整車（Truckload）端也同樣快速跟進。

Yeah. This is Darren. I'll chime in on Intermodal. I just want to highlight that it's behaving a lot like we've seen in the past in that where we compete most directly with Highway we're going to see new opportunities for road-to-rail conversion, and that is happening in a 7% growth on top of 13% growth in our eastern network a year ago is proof that those opportunities are presenting themselves. And so again, as the season goes on, we'll continue to look for additional pricing improvement opportunities as the market certainly makes that available.

是的。我是 Darren。我也從聯運角度補充一下。我想強調的是，它的表現很像我們過去看到的情況：在我們與公路運輸競爭最直接的區域，我們會看到更多「公路轉鐵路」（road-to-rail）的新機會，而我們東部網路在去年已成長 13% 的基礎上，今年再成長 7%，就是這些機會正在浮現的證明。因此，隨著投標季推進，我們會持續尋找更多定價改善的機會，因為市場顯然正在提供這樣的條件。

Look, customers are under a lot of pressure, and our customers are fighting the path up and that's not new. We've dealt with that for decades. We'll continue to compete, and we'll continue to be disciplined with our approach on how we bring on volume.

你看，客戶承受很大壓力，而我們的客戶在對抗上行趨勢，這並不新鮮。我們幾十年來一直在面對這種情況。我們會持續競爭，也會在如何承接運量方面保持紀律。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

Brad, maybe I'll direct this one at you because I think you made a prepared comment about being on track to restored margins, even though you haven't really seen any material tailwinds from price yet. And I guess it fits in with the conversation on the last question. But can you talk about your cost-to-serve programs here, maybe the confidence you're seeing on the cost side as well?

Brad，也許我把這題問你，因為我記得你在事先準備的發言中提到，即使你們尚未從價格端看到任何實質性的順風，你們仍在朝著恢復利潤率的軌道前進。我想這也呼應上一題的討論。你能談談你們的服務成本（cost-to-serve）計畫嗎？也談談你們在成本端看到的信心？

Yeah, sure. Thanks, Brandon. So the announcement for this quarter was we're sort of running at a pace north of $30 million a quarter, we targeted $100 million. I think we're closer to running somewhere close to -- or just north of $130 million. So I think we're outperforming. That was also included in Shelley's comments.

好的，當然。謝謝你，Brandon。所以本季我們的公告是，我們目前的執行速度大約每季超過 3,000 萬美元，我們原本的目標是 1 億美元。我認為我們現在的執行速度接近——或略高於——1.3 億美元。所以我認為我們表現優於預期。Shelley 的評論中也有提到這點。

But I think the important point that I really want to make sure is when you look at the year-over-year change in margin performance. And I know you guys like looking at incremental margins in our business. We still have some pretty meaningful year-over-year headwinds and inflationary costs.

但我認為我真正想確保大家理解的重點是：當你看利潤率表現的年對年變化時——我知道你們很喜歡看我們業務的增量利潤率（incremental margins）。我們年對年仍面臨一些相當顯著的逆風與通膨成本。

And I think I called out insurance premiums, medical cost. We continuously invest in our people. I think we've called out weather being more material in this first quarter than the prior first quarter. And so despite all of those what I'd say sort of above trend inflationary cost pressures, combined with the fact that I don't think if you aggregated our pricing performance over the last 12 months, it would even exceed what I would consider core inflation.

我想我提到過保險費率、醫療成本。我們也持續投資在員工身上。我想我們也提到過，天氣因素在今年第一季比去年第一季更為顯著。因此，儘管存在我所說的這些高於趨勢的通膨成本壓力，再加上如果你把我們過去 12 個月的定價表現加總起來，我認為甚至未必能超過我所認定的核心通膨。

It sort of speaks to, okay, you've executed really well on you're lowering our cost to serve, but we've also executed extremely well on all the productivity we've seen in ICS and JBT and DCS, in FMS and in Intermodal. And particularly, the callouts to me, and I'll just point out, we did add a little bit of incremental financial color on JBT and introduced the concept of gross profit dollars, right, think of revenue and then purchase transportation cost.

這其實說明了：好，你們在降低服務成本方面執行得非常好；同時，我們在 ICS、JBT、DCS 的各項生產力提升，以及在 FMS 與聯運方面，也執行得極為出色。尤其對我來說值得點出的，是我們確實在 JBT 上補充了一些額外的財務細節，並引入了「毛利美元」（gross profit dollars）的概念——也就是把營收與外購運輸成本（purchase transportation cost）放在一起思考。

So with that sort of revenue growth, both in ICS and JBT, our gross profit dollars were actually lower year over year, but you saw our operating expenses in each of those business units lower also year over year despite meaningfully more volume. And I think that's been the story across really all of our segments other than maybe Final Mile who is dealing with the customer loss that we disclosed last quarter.

因此，在ICS與JBT都有這樣的營收成長之下，我們的毛利金額其實較去年同期下降，但你也看到，儘管出貨量明顯增加，這兩個事業單位的營業費用也都較去年同期下降。我認為，除了可能是我們在上一季揭露客戶流失、正在處理相關影響的Final Mile之外，這幾乎是我們所有事業部門共同的情況。

So without maybe giving a new number on cost to serve, I think it's probably really good for you and everyone else to think about how much productivity we've driven in our business combined with the structural cost removal to really put up what I think is meaningful improvements year over year with really without much tailwind yet from what we're seeing play out thus far in the market.

所以，在不一定要提供一個新的「服務成本（cost to serve）」數字的前提下，我認為對你以及其他人來說，很值得去思考：我們在業務中推動了多少生產力提升，再加上結構性成本移除，讓我們在年對年上實現了我認為相當有意義的改善，而且就目前我們看到市場的發展而言，幾乎還沒有太多順風助力。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

We've talked a lot about capacity, but maybe I wanted to ask a little bit about demand. It does seem like you guys are getting more constructive about the demand environment that we're in right now and I think intermodal sounds like it accelerated a bit as you went through the quarter.

我們談了很多關於產能，但我想也許可以問一下需求面。看起來你們對目前所處的需求環境變得更為建設性一些，而且聽起來聯運（intermodal）在本季進行過程中似乎也有些加速。

So I was wondering, if you think about the March improvement, how much is that related to the increase that we saw in fuel? I guess, how do you think about broadly the demand environment? And then maybe as a second piece, how we should you think about the knock-on effect of fuel driving volume to intermodal as we look forward?

所以我想問的是，若你們回頭看3月的改善，其中有多少與我們看到燃油價格上升有關？也就是說，你們如何從更廣泛的角度看待需求環境？另外作為第二部分，往前看時，我們應該如何思考燃油推動貨量轉向聯運所帶來的連鎖效應？

Yeah, Chris, I'll take that. Just a couple of things. I think even associated with some of the comments around the consumer in your earnings release and several other banks, I think the consumer remains resilient, and that's been proven time and time again. I think that there's strength there. And then again, our customers continue to compete and drive value for their customers in unique ways.

好的，Chris，我來回答。先說幾點。我認為，即便結合你們財報新聞稿中對消費者的一些評論，以及其他幾家銀行的看法，消費者仍然具韌性，而且一次又一次被證明如此。我認為那裡仍有強勁動能。再者，我們的客戶也持續以獨特的方式競爭，並為他們的客戶創造價值。

And as we meet with them at conferences throughout the first quarter and had multiple conversations with our customer and sales teams on a daily basis, they're confident in their demand outlook. And I would just call it as solid.

而且，當我們在第一季於各種會議上與他們會面，並且每天與我們的客戶與銷售團隊進行多次對話時，他們對自身的需求展望是有信心的。我會把它形容為穩健。

And to your point on fuel, I think fuel definitely is potentially a watch out there. That's what we talked about, there's some risks that we're aware of. But also definitely a big opportunity for customers when they look at optimization of their networks, which they consistently do. They're trying to optimize orders, shipments modes and fleets. And that really plays into the strength of our opportunity for mode conversion as well as fleet expansion.

至於你提到的燃油，我認為燃油確實可能是一個需要留意的點。這也是我們談到的：我們知道有一些風險存在。但同時，當客戶在思考其網路最佳化（他們一直都在做）時，這也絕對是一個很大的機會。他們正試圖最佳化訂單、運輸模式與車隊配置。而這也正好強化了我們在運具轉換（mode conversion）以及車隊擴張方面的機會。

And I think that kind of -- one other thing, I think, Brad, you mentioned this in your Dedicated remarks talking about really a strengthening pipeline inside DCS. I would also say that's across the board in all of our services. Our pipelines are strong and growing that really kind of goes to the value proposition that we put out there related to some fuel nuances, but also mostly related to operational excellence and the value we create for our customers.

另外我想補充一點，我認為Brad，你在Dedicated的發言中提到DCS內部的案源管道（pipeline）正在強化。我也會說，這其實是我們所有服務的共同現象。我們的pipeline強勁且持續成長，這也回到我們提出的價值主張：一部分與燃油的細微變化有關，但更主要是與營運卓越以及我們為客戶創造的價值有關。

So I just want to comment real quick. This is Darren on Intermodal. I think that while the fuel certainly is a major headline and has been for a few weeks now. Largely in the first quarter, that wasn't present yet. And so a lot of success we were having in our eastern network growth, I would not characterize our results in the first quarter as being very driven from fuel.

我想很快補充一下。我是負責聯運的Darren。我認為，雖然燃油確實是重大頭條，而且過去幾週一直如此，但在第一季的大部分時間裡，這個因素其實尚未出現。因此，我們在東部網路成長上的許多成功，我不會把第一季的結果形容為主要由燃油所驅動。

It has certainly elevated the opportunity for discussions with our customers. And we've got some anecdotal examples where maybe a customer split a lane between Intermodal and Highway and they ran a little bit more Intermodal or we'll continue to do that as the year goes on. But I know that our operational excellence as proven by 13% growth in the eastern network a year ago in the first quarter without any fuel tailwinds is driving the majority of our opportunity to continue to grow in the East.

不過，燃油確實提高了我們與客戶討論的機會。我們也有一些軼事例子，例如某位客戶原本在某條路線上把貨量分配在聯運與公路之間，現在可能多跑一些聯運，或在今年接下來的時間持續這麼做。但我知道，我們的營運卓越——以去年第一季在沒有任何燃油順風下，東部網路仍達成13%成長為證——正在驅動我們在東部持續成長的大部分機會。

Chris, this is Shelley. I would just add also that if you think about what's happened here in the first quarter, really January and February played with weather. And then fuel prices here in March, our customers routing guys and their budgets have not really gone as they had planned. And so any time that, that happens, for whatever reason, our customers become more interested in our ideas around creating a more efficient way of transportation.

Chris，我是Shelley。我也想補充，如果你回想第一季發生的事情，1月與2月其實受到天氣影響。而到了3月燃油價格上升，我們客戶的路由人員以及他們的預算，實際走勢並沒有如原先計畫。因此，只要出現這種情況，不論原因為何，我們的客戶就會更有興趣聽取我們關於如何打造更有效率運輸方式的想法。

And so I think our pipelines are up as they're thinking about who can I go to? Who do I trust? I think we're one of those names that come to the forefront of their mind with things like that are happening.

所以我認為，當他們在思考「我可以找誰？我信任誰？」時，我們的pipeline就會上升。我認為，在這類事情發生時，我們是他們腦海中會優先浮現的名字之一。

And as Spencer talked about, the structural change happening on the supply side, we continue to see customers leaning more into us to say, okay, let me think about you more from a conversion perspective. Let me help -- get help building a dedicated fleet. Let's think about technology and the platform and 360 with [mix areas] and certainly Final Mile and we differentiate the way we're going into home.

而且如Spencer所談到的，供給端正在發生結構性變化，我們持續看到客戶更傾向依靠我們，表示：好，那我從轉換（conversion）的角度再多想想你們。讓我——獲得協助來建立一支專屬車隊（dedicated fleet）。也一起思考科技、平台，以及360與[mix areas]，當然還有Final Mile，以及我們在到府配送（home delivery）上的差異化做法。

So I think that those conversations are having more today than they were at the first part of the year, and it's because of all of those things I've just mentioned.

所以我認為，這些對話在今天比今年一開始時更多，而原因就是我剛提到的所有因素。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So Darren, we've always seen intermodal price lag, truckload price, that's very normal. I just want to get a little perspective about some of your comments. Like when Intermodal pricing does start to turn, do you typically see it first in the east and Transcon lags? And so what you're saying right now is very normal? Or is this abnormal where East price is starting to turn positive, but Transcon is lag? I just don't know if this is normal or not.

Darren，我們一直看到聯運價格落後於整車（truckload）價格，這很正常。我只是想就你的一些評論取得更多觀點。例如當聯運定價開始轉向時，你們通常會先在東部看到，然後Transcon（跨大陸線）落後嗎？所以你現在所說的是很正常的情況嗎？還是這是不尋常的情況：東部價格開始轉正，但Transcon仍落後？我只是想確認這到底正不正常。

And then maybe just if I can broaden it out just a little bit, Brad, your comment at the beginning of the call, that price not covering inflation yet, like do you ultimately have visibility that we get there over the next couple of quarters?

另外，如果我可以把問題稍微擴大一點，Brad，你在電話會議一開始提到，價格還沒有覆蓋通膨，例如你最終是否看得到在接下來幾季內能達到覆蓋通膨？

Well, first of all, Scott, I'll say that I think eastern network pricing improving faster than Transcon, I would consider very normal. That's just -- it's more closely related to Highway rates and the customer buying patterns, shorter length of haul, cost to serve in those markets are more impacted by certainly driver wages, that sort of thing can really push challenges in the East. So historically speaking, eastern network would move faster than Transcon.

首先，Scott，我會說我認為東部網路的定價改善速度快於Transcon，我會把這視為非常正常。這只是——它與公路運價以及客戶採購模式的關聯更緊密，運距較短，而在那些市場的服務成本更容易受到影響，尤其是司機薪資等因素，確實會在東部帶來更大的壓力。所以從歷史來看，東部網路的變動會比Transcon更快。

The Transcon network is not competing head up against the Highway to the degree that you do in the East. And so historically speaking, it certainly would lag a little bit longer.

Transcon網路並不像東部那樣，在同等程度上與公路運輸正面競爭。因此從歷史角度來看，它確實會落後更久一些。

Yeah. And maybe, Scott, just make sure the context of my comment was taken correctly. I would actually say, yeah, based on what we're seeing, the change in price, I think, will exceed core inflation. When I say core inflation, I'm thinking ECI CPI.

是的。另外，Scott，我想確認你正確理解我那段話的脈絡。我其實會說，是的，根據我們所看到的價格變化，我認為它將會超過核心通膨。當我說核心通膨時，我指的是ECI、CPI。

I think the challenging part if you want me to add a layer to that would say, I don't know when the cost of purchase transportation might settle. And so as you know, in JBT and ICS, even with what I think are some pretty meaningful increases in rates, a lot of those rates are being passed to carriers to cover loads. And so I think you've seen that with margin compression in those two areas. And so if we wanted to say, hey, is pricing going to exceed core inflation? I would feel pretty confident the answer is going to be yes.

我認為具挑戰的部分，如果你要我在此基礎上再加一層來說，就是我不知道採購運輸成本何時會趨於穩定。因此如你所知，在 JBT 與 ICS，即便我認為運價已有相當有意義的上調，其中有不少運價是轉嫁給承運商以覆蓋運載成本。所以我想你已經在這兩個領域看到毛利率被壓縮。因此如果我們要說，嘿，定價是否會超過核心通膨？我會相當有信心答案會是肯定的。

The industry needs margin recovery, industry needs better financial performance to support reinvestment. And so I think that's probably the direction the industry is going to be heading. I just don't know at what point securing third-party capacity may settle because obviously, the direction has been up and to the right.

這個產業需要毛利修復，產業需要更好的財務表現來支撐再投資。所以我認為這大概就是產業將要前進的方向。我只是不知道取得第三方運能在什麼時點會趨於穩定，因為很明顯地，走勢一直是向上且持續走強。

I don't know, Nick, if you wanted to add anything in terms of what you're seeing on --

我不知道，Nick，你是否想就你所看到的補充一些內容，關於--

I would just say what we've seen so far is that it was really, really tight early on and March was very tight when I look at month over month. So it was kind of building. And then April was very typical just kind of settle there, and that's what we're seeing just typical. I would say, on rate and on the carrier side as well, particularly when you get in flatbed and [temp], it's still really, really tight there (multiple speakers)

我只想說，我們目前看到的是，一開始真的、真的非常吃緊；當我看月對月時，3 月非常緊。所以有點像是在逐步累積。然後 4 月就很典型地只是稍微在那裡穩住，而我們看到的也就是這種典型狀況。我會說，不論在運價或承運商端也是如此，尤其是你進到平板車（flatbed）和 [temp] 時，那裡仍然真的、真的非常吃緊。(多位講者)

But -- and I think, Nick, you were talking about double-digit rate increases in brokerage --

但是——而且我想，Nick，你剛才在談經紀業務（brokerage）運價有兩位數的上漲--

In brokerage, where we're clearly seeing double digits. And that's on some contract stuff as well as spots even higher than that. So it's driving higher.

在經紀業務方面，我們很明確地看到兩位數的成長。而且這也包含一些合約業務，現貨（spot）甚至更高。所以它正在推動走高。

I hope that helps, Scott.

希望這對你有幫助，Scott。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

I just wanted to come back a little bit to the brokerage side. It's good to hear on the pricing front. Obviously, still a squeeze, still an impact on overall profitability. Can you maybe talk a little bit to how you're thinking about that profit profile for brokerage as you think ahead, given the puts and takes with PT versus selling price and maybe getting back to the black?

我想稍微回到經紀業務這一塊。在定價方面聽起來不錯。顯然仍然有擠壓，仍然對整體獲利能力造成影響。你能否談談，展望未來你如何看待經紀業務的獲利輪廓（profit profile），考量到採購運輸（PT）相對於售價之間的拉鋸，以及也許回到獲利（回到黑字）的可能性？

Yeah. I would just say, I feel very good about where we're at. If we look at the volume that we've had up 10% growth in ICS, very excited about that. The market was typically down, let's say, 3% to 5%, and our direct expense was down 1%.

是的。我只想說，我對我們目前的位置感到非常好。如果我們看 ICS 的量，成長了 10%，我們對此非常興奮。市場通常是下滑的，比方說 3% 到 5%，而我們的直接費用下降了 1%。

So we think we're lining up very well from a cost and being able to leverage our platform, our technology and our people. And we've got a great retention rate going on there. So our customers love our brand, love our operational excellence. And we've got the capacity with the carriers. We're safe and secure. So it's lining up very well for us. We're excited about where we're going in the future.

所以我們認為，在成本面以及能夠槓桿運用我們的平台、技術與人員方面，我們的配置非常到位。而且我們那邊的留任率也很高。所以我們的客戶喜歡我們的品牌，喜歡我們的營運卓越。而且我們也具備承運商端的運能。我們安全且可靠。因此對我們而言各方面都對得很齊。我們對未來的走向感到興奮。

Brady Lierz, Stephens.

Brady Lierz，Stephens。

Brad, I wanted to ask about Dedicated and specifically the impact of the administration's regulatory actions. You mentioned in your remarks, a tighter market, more difficulty hiring drivers.

Brad，我想問 Dedicated（專屬運輸）以及特別是政府監管行動的影響。你在發言中提到市場更緊、招募司機更困難。

Do you think this supply-driven nature of the tighter market could translate to a faster Dedicated sales time line in this cycle? And maybe on the other hand, do you expect any margin impact from the increased challenges hiring drivers and the subsequent potential increase to driver wages?

你認為這種由供給驅動的市場緊縮，在本輪循環中是否可能轉化為 Dedicated 銷售時程更快？另外一方面，因招募司機挑戰增加以及隨之可能提高司機薪資，你是否預期會對毛利造成任何影響？

Yeah. Thanks, Brady. Nick touched upon it in his prepared remarks, kind of what we're seeing on the driver front. I made a reference. We've definitely seen it tighten certainly in some geographies more than others.

是的。謝謝你，Brady。Nick 在他事先準備的發言中提到了一些我們在司機端看到的情況。我也做了個呼應。我們確實看到市場變得更緊，當然在某些地區比其他地區更明顯。

But we absolutely do believe that the regulatory changes are playing through with respect to driver availability, not so much in terms of how we've been directly impacted because our programs largely provisioned us to not have as much exposure. But we do see the overall market tightening.

但我們絕對相信，監管變更正在影響司機可得性；並不是說我們直接受到很大衝擊，因為我們的方案在很大程度上已讓我們不會有那麼多曝險。但我們確實看到整體市場在收緊。

In particular, I might add, we've seen abnormalities in states like Texas, Ohio, Michigan, those that are close to the borders. We think that cabotage is a factor in those particular geographies. And then obviously, the English language proficiency as well as non-dom is really more generally across the entire United States.

我特別補充一下，我們在德州、俄亥俄州、密西根州等靠近邊境的州看到一些異常情況。我們認為沿岸运輸（cabotage）是這些特定地區的一個因素。然後很顯然，英語能力要求以及 non-dom（非本土/非國內）也更普遍地影響整個美國。

We've seen our total needs climb for driver needs. But we feel and are very confident in the investments and the strategy that we have in our corporate driver personnel strategy. And so we believe that we're positioned better than anybody to overcome those market obstacles.

我們看到我們的司機總需求在攀升。但我們對於在企業司機人員策略上的投資與策略感到非常有信心。因此我們相信，我們的定位比任何人都更好，能夠克服這些市場障礙。

To the second part of your question, yes, we've already seen the acceleration, and that was part of the reason why I wanted to highlight the comment on the volume of pricing that we've seen come through and really pricing after we do engineering work. And so we call that an engineered design request and those were record volumes for us in the month of March, in particular.

至於你問題的第二部分，是的，我們已經看到加速，而這也是我想強調我們看到大量定價進來的原因之一——而且是真正在我們完成工程設計工作之後的定價。我們把那稱為工程化設計需求（engineered design request），而在 3 月份，尤其是 3 月，這對我們而言是創紀錄的量。

And so we see our pipeline building. We feel great about how that looks, both from diversity. It's really not getting propped up by big, big deals. Sometimes, our pipeline, we could get some mega fleets that come through that will kind of artificially prop up our pipelines, but this is really with the volume of deals that are helping the overall health of our pipeline.

因此我們看到我們的案源管線（pipeline）正在建立。我們對它的樣貌感到非常好，包含多元性。它並不是靠少數非常、非常大的案子在撐場面。有時候，我們的管線會出現一些超大型車隊案，會在某種程度上「人為」地把管線撐高，但這次是真正靠交易量來改善我們管線的整體健康度。

So all those things add up to huge optimism from my perspective for Dedicated opportunities. Now the trick for us is, we've seen this play out before, and we want to make sure that we stay disciplined to not grow our Dedicated business unit with what we would call capacity fleets. Those that only want to have a guaranteed capacity at a guaranteed rate in these environments.

所以從我的角度來看，這些因素加總起來，讓我對 Dedicated 的機會非常樂觀。不過對我們而言的關鍵是，我們以前也看過這種情況，我們要確保保持紀律，不要用我們所謂的「容量型車隊」（capacity fleets）來擴張 Dedicated 事業單位。也就是那些在這種環境下，只想以保證運能、保證費率來取得確定性的人。

We've got great businesses like ICS and JBT that can help provide customers solutions there. But we do see the acceleration. We do think that the combination of inflation the risks that Brad referenced earlier when you think about health care and insurance premiums, those are what will drive private fleets towards us and those private fleets have particularly more difficult time sourcing drivers than the success that we have. So we think that, that recipe lines up nicely for us to have a really healthy growth year.

我們有像 ICS 和 JBT 這樣很棒的業務，可以在那裡協助為客戶提供解決方案。但我們確實看到加速。我們也認為，通膨加上 Brad 先前提到的風險——當你想到醫療保健與保險保費時——這些將推動自營車隊（private fleets）轉向我們；而那些自營車隊在招募司機方面，尤其比起我們的成功程度，會更困難。所以我們認為，這個配方很契合，讓我們有機會迎來非常健康的成長年。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So maybe a more longer-term oriented one for Shelley. Shelley, you commented on how you still have work to do to fully restore pricing and margins even on the back of the third consecutive quarter of margin expansion despite what Brad keeps reminding us, there is limited help from price thus far so pretty impressive. Just maybe talk to us about your line of sight on margins longer term.

所以也許這是一個更偏長期、想問 Shelley 的問題。Shelley，你提到即便毛利率已連續第三季擴張，但你仍有工作要做，才能完全恢復定價與毛利；儘管 Brad 一直提醒我們，到目前為止價格帶來的幫助有限，這其實相當令人印象深刻。能否跟我們談談你對長期毛利率的可見度（line of sight）？

In the past, you've indicated 10% to 12% as a potential for your Intermodal business. Is that still what you're targeting? Or given the structural changes Spencer spoke about, coupled with the efficiencies you're uncovering with all your technology and such. Could it be higher? And what do you think is a reasonable time frame to achieve that?

過去你曾表示，你的 Intermodal（多式聯運）業務可能有 10% 到 12% 的水準。這仍是你們的目標嗎？或者考量 Spencer 談到的結構性變化，再加上你們透過各種技術等所挖掘出的效率提升，是否可能更高？以及你認為達成該目標的合理時間框架是什麼？

Yeah. Thank you for that question, Richa. And I will tell you we talked a lot about our internal goals and the things that we want to get accomplished. We've not changed any of our margin targets externally. But I'll tell you, I think we've got a few opportunities.

是的。謝謝你的提問，Richa。我可以告訴你，我們花了很多時間討論內部目標以及我們希望完成的事項。我們對外並未更改任何利潤率目標。但我想，我們確實有幾個機會點。

One, is really around the work we're doing in our transformation work that I've talked about now here for the last several quarters. So I'm using our technology and our investments and that being a core foundation for us and really how we're using the disciplined ROS-driven investment to lower cost to serve, how we think about AI and that really being a force multiplier across our entire organization.

第一個，主要在於我們正在推動的轉型工作，我在過去幾個季度也一直談到。因此，我們把技術與投資作為核心基礎，並且真正運用以ROS驅動、具紀律的投資來降低服務成本；同時我們也在思考AI，讓它成為橫跨整個組織的「倍增器」。

And so we're early on in that. We have -- we do believe that there is good opportunity for us to think about that differently. But part of our ability to get margins back in our margin target, we're going to have to have more help from a demand perspective.

所以我們目前還在早期階段。我們確實相信，這方面有很好的機會讓我們用不同方式來思考。但要讓利潤率回到我們的目標區間，需求面還需要給我們更多助力。

So there's a lot happening from a supply side. The recovery is happening from that perspective. But we just need a more normalized environment from demand overall.

因此，供給端正在發生很多事情。從那個角度來看，復甦正在進行。但整體需求仍需要一個更正常化的環境。

Certainly, we've all been here a really long time. We've seen recoveries happen very quickly. Those tend to not work at all for us over the long term. And so if we can recover over the next one to two years, that's going to be healthier for our business over the next four to five years. If it's a huge inflection with pricing changing significantly, very quickly in Darren's business or really in any of our businesses, then when that settles back down, customers wanted to do something different. They are also -- and it also means there's probably more inflationary costs that stick over the long term.

當然，我們大家在這裡都待了很長時間。我們看過復甦非常快速地發生。那種情況從長期來看往往對我們完全沒有好處。因此，如果我們能在未來一到兩年逐步復甦，對我們未來四到五年的業務會更健康。如果在Darren的業務或我們任何業務中，價格出現非常大的拐點、在很短時間內大幅變動，那麼當它回落穩定後，客戶就會想改用不同做法。同時也意味著，可能會有更多通膨性成本在長期中固化下來。

So for us, we've been patient. We've grown impatient. We're really trying to help our customers understand where we're at. And I think that they're hearing us on that. But I can't really speak to if our margins would change. I'll tell you, we wouldn't get first inside the margin targets, but that's not a stopping point for us. We'll evaluate those as we get there.

所以對我們而言，我們一直很有耐心。我們也開始變得不那麼有耐心。我們正努力協助客戶理解我們目前所處的位置。我認為他們也聽進去了。但我無法確切說我們的利潤率是否會改變。我可以告訴你，我們不會在剛回到利潤率目標區間就停下來，但那也不是我們的終點。等我們到達時，我們會再評估。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

So you noted in the past about 30% excess capacity in Intermodal. I don't know where that -- maybe an update on where that stands now. But given that backdrop and how do you balance pulling out the capacity and your ability to get pricing, does that maybe delay the ramp in pricing as you move here?

你們過去提到聯運（Intermodal）大約有30%的過剩產能。我不確定目前狀況如何——也許可以更新一下現在的情況。但在這樣的背景下，你們如何在抽離產能與取得定價能力之間取得平衡？這是否可能會延後你們接下來的漲價節奏？

And then given the contrasting rising driver pay, given the tighter market, I think you mentioned you're hiring drivers and ops teammates. Does that eat up the incremental margins? I guess that's a margin question going back to Shelley's last answer, but maybe just how you think about the pace of it in this recovery.

另外，考量到司機薪資上升、且市場更緊俏，我想你提到你們正在招募司機與營運同仁。這會不會吃掉新增的利潤率？我想這也是一個利潤率問題，回到Shelley剛才的回答，但也許可以談談你們如何看待這次復甦中的節奏。

Well, Ken, this is Darren. Let me just highlight. We haven't added any capacity in some time now. And certainly, we have highlighted, we think our network can support up to 20% more volume, I think, is what we've said in previous earnings calls.

Ken，我是Darren。我先強調幾點。我們已經有一段時間沒有新增任何產能。而且我們也提過，我們認為我們的網路可支撐最多約20%更多的運量，我想這是我們在先前法說會上說過的。

I don't know what I would call the industry excess capacity, but certainly most of the public competitors we fight with, I'll talk about having similar excess capacity. And so I don't think we're necessarily talking about taking capacity out as much as we're talking about growing into our prefunded capacity investments that we've made. And so that's how -- that's been our approach for some time now.

我不確定該如何界定產業的過剩產能，但我們主要的上市同業競爭對手，多數也都談到有類似的過剩產能。因此我認為，我們談的未必是抽離產能，而是把我們先前已預先投入資金的產能投資，透過成長把它「用滿」。這就是——這一直是我們一段時間以來的做法。

I think the discipline that we apply to not just using a reduction in pricing to add volume at weaker margins is where we really would draw the line. And that has -- and we've maintained that discipline certainly over the last couple of years. We've been very focused on improving our balance, looking at cost areas that we can attack in order to reduce our cost to serve, and in some ways to allow us to be even more competitive on our price and get volume growth.

我認為我們所堅持的紀律，是不會僅僅透過降價來增加運量、卻換來較弱的利潤率；這就是我們真正會畫下界線的地方。而且我們在過去幾年確實維持了這樣的紀律。我們非常專注於改善我們的平衡，找出可以著手的成本領域以降低服務成本，並在某些方面讓我們能在價格上更具競爭力、進而帶動運量成長。

And I think that's our approach as we move on. I don't know. There's not a capacity exit in the Intermodal space like there is in the Highway space, given the Intermodal capacity is largely containers. And certainly, the drivers and the drayage community used to operate Intermodal is impacted by higher driver wages, but certainly, it's a lower percentage of the total cost. And so everybody as we look for ways to grow, that's our plan in J.B. Hunt is grow into our excess capacity.

我想這就是我們接下來的做法。我不確定。聯運領域不像公路運輸（Highway）那樣會出現產能退出，因為聯運的產能主要是貨櫃。當然，用於聯運的司機與短途拖運（drayage）社群會受到較高司機薪資的影響，但它在總成本中的占比相對較低。因此，當大家在尋找成長方式時，我們J.B. Hunt的計畫就是在我們的過剩產能中實現成長。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Two kind of follow-ups here. Just the first, Darren, coming back to your comment on Transcon competition was a little bit tougher than you expected at least to start. I don't know if you have a sense as to why that is given -- seeing everybody else is facing similar inflationary impacts, maybe more so than you all?

我這裡有兩個追問。第一個，Darren，回到你提到Transcon競爭比你預期的至少在一開始更激烈一些。在大家都面臨類似、甚至可能比你們更嚴重的通膨影響之下，你是否能判斷為什麼會這樣？

And then just maybe a quick update as we get into the spring and summer here. What's the most impactful in your perspective from the regulatory perspective as it comes to maybe even increasingly squeezing out more of the truckload capacity? Are there any other step changes you're looking for? Or is it more of just increasing compliance and enforcement on a more gradual basis?

另外，隨著我們進入春夏季，能否簡要更新一下？從監管角度來看，哪些因素在你看來影響最大，可能甚至會進一步擠出更多整車（truckload）產能？你們是否在觀察任何其他的結構性變化？還是說只是合規與執法在較為漸進的基礎上持續加強？

Yeah, I think -- appreciate it, Brian. When we think about the Transcon pricing, I mean, you highlighted what is a surprise to us is that certainly, what appears to be depressed margins in the industry, but yet a competitive environment out that or at least what our customers are telling us and what they're willing to do in terms of -- put capacity at risk for their business based on pricing discussion.

是的，我想——謝謝你，Brian。談到Transcon定價，你提到的、讓我們感到意外的是：產業利潤率看起來確實被壓低，但競爭環境卻仍然激烈——至少從客戶告訴我們的情況，以及他們在定價討論中願意做的事情來看，他們願意為了價格把產能配置拿來冒風險。

I don't know. I want to be cautious and not over highlight that issue. It's just we have grown were flat in our Transcon business as we highlighted. We're being very disciplined with our price so that we can achieve appropriate margin levels on that business. And in doing so this year, I mean, that's been harder than what we would have anticipated given the environment that we're in.

我不確定。我想保持謹慎，不要過度強調這個問題。只是如我們所說，我們的Transcon業務運量持平。我們在價格上非常有紀律，以便在該業務上達到適當的利潤率水準。而在今年這樣做的過程中，考量到我們所處的環境，這比我們原先預期的更困難。

I also want to highlight that, look, we're pricing backhaul business. It's very competitive. That book of business actually repriced negative. Every head haul segment we operate in is positive.

我也想強調，請看，我們在回程（backhaul）業務的定價上競爭非常激烈。確實非常競爭。那一組業務的重新定價實際上是負成長。而我們所營運的每一個去程（head haul）區段都是正成長。

Again, I think that it's not covering our inflationary costs. But certainly, we are getting price increases, but we're not getting to the level of price increases that would cover our inflation at this point in the cycle. And as we continue to go through the summer, we'll be looking for opportunities to grow with customers at returns that justify reinvestment in our business.

再說一次，我認為這還不足以覆蓋我們的通膨成本。但我們確實正在取得漲價，只是目前在這個週期階段，我們取得的漲價幅度還沒有達到足以覆蓋通膨的水準。隨著我們持續走過夏季，我們會尋找機會，與客戶在能夠支持我們再投資於業務、且回報合理的前提下實現成長。

I'll hand the driver question off to Nick.

我把有關司機的問題交給 Nick 來回答。

Yeah, Brian. I would just sense that, I would say, continued enforcement you're seeing states like Indiana that just made an announcement took 18,000 non-dom out -- 1,800, sorry, drivers out. You're seeing the same thing in California. So you see a lot of states starting to enforce that. So I just think there'll be continued enforcement and it may got road check. I think that will be a big test there to see what supply looks like.

是的，Brian。我的感覺是，持續的執法正在進行中；你看到像印第安納州剛宣布把 18,000 名非本地（non-dom）——更正，是 1,800 名——司機清出市場。你在加州也看到同樣的情況。所以你會看到很多州開始加強執法。因此我認為執法會持續，而且可能會在路檢（road check）時體現出來。我認為那將是一個很大的測試，用來看看供給端看起來如何。

They're going to really focus on ELDs and load securement. So it will be interesting to see what they do there. But I just see this administration with [indiscernible] carriers and authorization. They're going to continue to tighten the enforcement around that, they really won't CDLs to mean something and have the right folks behind the wheels that are trained and certified. And so I think that's going to continue for some time.

他們會非常聚焦在 ELD（電子行車紀錄器）以及貨物固定（load securement）。所以看看他們會怎麼做會很有意思。但我認為這個政府對於（聽不清）承運商與授權方面的態度是明確的。他們會持續收緊相關執法；他們真的希望 CDL（商業駕照）要有其意義，並且由受過訓練、取得認證的合適人員來駕駛。因此我認為這種趨勢還會持續一段時間。

I would just add to, Brian. This is Brad Hicks. The volume of truck driving schools that have been shut down, the ELD providers that have been shut off, all of those are going to create a more challenging pathway for us to have growing capacity or new entrants into the marketplace.

我再補充一下，Brian。我是 Brad Hicks。被關停的卡車駕駛學校數量、被停用的 ELD 供應商，這些都會讓我們在擴增運能或讓新進者進入市場的路徑變得更具挑戰。

And then we have an administration that's looking to put more, I guess, controls in place for carrier to even come into the industry. And so all those things, I think, are going to continue to add. It's hard to pinpoint which one is going to put more pressure on, but it's the collective that really is going to reveal itself.

另外，我們也面對一個政府，正試圖對承運商進入這個產業設置更多、我想是更多的管制。因此我認為所有這些因素都會持續疊加影響。很難精準指出哪一項會帶來更大的壓力，但真正會顯現出來的是這些因素的合力作用。

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

So I wanted to ask you, go back to Intermodal, the monthly progression was pretty notably favorable. I'm guessing that January or February is an impact on the year-over-year volume, but update in March is pretty strong. How do you think about the way we should interpret that for the go-forward Intermodal volume growth relative to [3%] for the full quarter, is it reasonable to expect some nice acceleration given that [8%]? Or was there something quirky about that?

我想問一下，回到聯運（Intermodal），月度走勢的改善相當明顯。我猜一月或二月對年增量有影響，但三月的更新數據相當強。你們認為我們應該如何解讀這件事，對於未來聯運量的成長，相對於整季 [3%] 而言，是否合理期待在[8%] 的基礎上有不錯的加速？還是說那裡有什麼特殊因素？

And then I guess another component of just how we think about Intermodal volume growth. It's less driver intensive, which is great for the environment. But have you seen environments in the past where the driver market is so tight that you had squeezed on drayage and that's a constraint on your Intermodal volume growth?

另外我想問的是，關於我們如何看待聯運量的成長。它對司機的依賴較低，這對環境很有利。但你們過去是否看過這樣的情況：司機市場緊到某種程度，導致短駁（drayage）被擠壓，進而成為限制你們聯運量成長的瓶頸？

Well, thanks for the question, Tom. I just want to -- I'm going to hit the driver question first.

謝謝你的問題，Tom。我想先回答司機的問題。

Look, driver wages, in a tight driver market, it impacts every part of the transportation market that involves a truck driver. And so certainly higher wages is a challenge for Intermodal. Do I think that drayage capacity has been a bottleneck for Intermodal volumes in the past, not to the extent that it shows up on the highway.

你看，在司機市場緊俏時，司機薪資會影響所有涉及卡車司機的運輸市場環節。因此更高的薪資確實對聯運是一項挑戰。至於短駁運能過去是否曾成為聯運量的瓶頸，我認為沒有到像公路運輸那樣明顯。

I do think that one driver in a local environment in intermodal can certainly execute multiple loads in a day. And so that ends up being the ability to add capacity in the Intermodal drayage market certainly offers an opportunity. And it's a career path for a lot of highway capacity as Intermodal demand climbs and more of those jobs grow. We have a very attractive job to go and recruit to. And so that certainly helps the industry.

我確實認為，在聯運的本地作業環境中，一名司機一天可以執行多趟載運。因此，在聯運短駁市場增加運能的能力，確實提供了一個機會。而且隨著聯運需求攀升、相關工作增加，這也成為許多公路運能司機的一條職涯路徑。我們有一份非常有吸引力的工作可以去招募。所以這當然也有助於整個產業。

And so in terms of the volume, look, you know us, Tom, I can't give you guidance on that. Certainly, March was very strong. We set a single week volume record during the month of March that I'm very, very proud of my team for their execution on, and we continue to see a strong pipeline and look forward to the remainder of the bid season.

至於運量方面，你也了解我們，Tom，我不能提供這方面的指引。三月確實非常強勁。我們在三月創下單週運量紀錄，我為團隊的執行表現感到非常、非常自豪；我們也持續看到強勁的案源管線，並期待投標季（bid season）剩餘期間的表現。

And as we head forward, we think the value of our business unit and the way that we provide our service to customers really gives us a strong opportunity to keep growing in the future.

展望未來，我們認為我們事業單位的價值，以及我們為客戶提供服務的方式，確實讓我們在未來持續成長方面擁有很強的機會。

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

問答環節到此結束。我想把電話會議交回給 Shelley Simpson 女士，請她做結語。

So thanks again for the discussion today. It was a strong quarter for us, and our people delivered that through great operational excellence. We've been focused on that the last two years. I think you're seeing that really come forward and show in our results and not being reliant on the environment. And so we've had reliable service, strong safety performance, our customer retention is excellent, and we continue to make great share gains with our customers.

再次感謝今天的討論。對我們而言，這是一個強勁的季度，我們的同仁透過卓越的營運執行交出了成果。過去兩年我們一直專注在這件事上。我想你們看到這點確實在我們的結果中逐步展現出來，而且我們並不依賴外部環境。因此我們的服務穩定可靠，安全表現強勁，客戶留存非常出色，我們也持續在客戶端取得很好的市占提升。

But we know there's more work to do, particularly as we want to continue to improve our returns to performance across the portfolio. But, having said that, we like the progress that we're making, the investments that we've made in our people and our technology and capacity. I think that's clearly moving our business in the right direction.

但我們知道還有更多工作要做，特別是我們希望持續提升整個投資組合的報酬與績效表現。不過話說回來，我們喜歡目前取得的進展，以及我們在人才、科技與運能上的投資。我認為這些都很明確地正把我們的業務推向正確的方向。

I am proud of the team in how they delivered this quarter. I am confident in our momentum and we are focused on continuing to build long-term value.

我為團隊在本季的交付成果感到自豪。我對我們的動能充滿信心，我們也專注於持續打造長期價值。

Thanks for your time. Look forward to our discussion next fall.

感謝各位撥冗。期待明年秋天再與各位交流。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。