J.B. Hunt Transport Services, Inc. (JBHT) 2026 Q2 法說會逐字稿

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

下午好，歡迎參加 J B Hunt Transport 2026 年第二季財報電話會議。(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.

現在我想把會議交給財務資深總監 Andrew Hall。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 Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are used 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》所定義的前瞻性陳述。例如 expects、anticipates、intends、estimates 或類似用語，係用以識別這些前瞻性陳述。

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

這些陳述係基於 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中所述內容出現重大差異。有關風險因素的更多資訊，請參閱 J B 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 Highway Services 與 Final Mile 總裁 Nick Hobbs；Dedicated Contract Services 總裁 Brad Hicks；以及 Intermodal 總裁 Darren Field。

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

現在我想把電話會議交給我們的執行長 Shelley Simpson 女士，請她發表開場談話。Shelley？

Thank you, Andrew, and good afternoon. I want to start by thanking our employees across the organization for their hard work and relentless focus on serving our customers safely. We continue to operate in a dynamic environment that requires us to be nimble, make decisions quickly and adapt as conditions change. Time and again, our people have demonstrated their ability to do exactly that while remaining operationally excellent.

謝謝你，Andrew，下午好。我想先感謝全體員工的辛勤付出，以及持續專注於以安全方式服務客戶。我們持續在一個充滿變動的環境中營運，這要求我們必須靈活應變、迅速決策，並隨著情勢變化而調整。一次又一次，我們的同仁都展現出能做到這些的能力，同時維持卓越的營運表現。

As we move through the year, we remain focused on executing against the priorities we outlined at the beginning of 2026. First and foremost, that means driving disciplined growth through operational excellence. Customer conversations around pricing continue to evolve alongside a market that is changing rapidly. We are pushing where we can and where we need to.

隨著我們推進今年的進程，我們仍專注於執行 2026 年初所提出的優先事項。首要之務，是透過營運卓越推動有紀律的成長。客戶對於定價的對話，仍隨著快速變化的市場而持續演進。我們會在能推動之處、以及必須推動之處積極爭取。

Second, we are leveraging the investments we have made in our people, technology and capacity to create sustainable competitive advantages. While the market environment has improved, our focus on cost control has not changed. We remain committed to removing structural costs from the business and improving the way we operate. That discipline is a critical component of our long-term strategy and positions us to perform well across market cycles.

第二，我們正運用在人才、科技與運能方面的投資，打造可持續的競爭優勢。雖然市場環境已有改善，但我們對成本控管的重點並未改變。我們仍致力於移除業務中的結構性成本，並改善我們的營運方式。這份紀律是我們長期策略的關鍵組成，也使我們能在不同市場循環中維持良好表現。

Third, we are focused on repairing margins and generating long-term shareholder returns. We have made meaningful progress repairing margins. And while further opportunity remains, we are encouraged by the trajectory of the business. We continue to have transparent conversations with customers about the investments required to maintain the service, capacity and innovation that supports their growth while producing appropriate returns for our shareholders. It is increasingly clear that the freight market has changed.

第三，我們專注於修復利潤率並創造長期股東報酬。我們在修復利潤率方面已取得實質進展。雖然仍有進一步的機會，但我們對業務走勢感到鼓舞。我們持續與客戶進行透明的對話，說明為了維持服務、運能與支持其成長的創新所需的投資，同時也要為股東帶來適當的報酬。貨運市場已經改變，這點愈來愈明顯。

Capacity has tightened across the industry as safety-focused enforcement and broader supply pressures continue to affect available truckload capacity. We saw that tightening build throughout the quarter, including a noticeable step change around the annual road check event in early May that has persisted. While demand is improving gradually, the current market tightness is being driven primarily by supply conditions.

由於以安全為導向的執法，以及更廣泛的供給壓力持續影響可用的整車運能，整體產業的運能已趨於緊縮。我們看到這種緊縮在本季逐步形成，包括在 5 月初年度道路檢查活動前後出現明顯的階梯式變化，且至今仍持續。雖然需求正逐步改善，但目前市場的緊俏主要是由供給條件所驅動。

We didn't spend the last four years waiting for the cycle to turn. We spent the last four years preparing for it. In this environment, I am confident in our strategy that has enabled us to gain market share. The foundation we built over our history, our commitment to people, technology and capacity, being a leader in safety performance, consistent operational excellence and delivering value to our customers through our CVD process has positioned us to succeed today and to deliver even stronger results in the future.

我們過去四年並不是在等待景氣循環反轉。我們過去四年是在為此做準備。在這樣的環境下，我對我們的策略充滿信心，該策略使我們得以提升市占率。我們在歷史中建立的基礎、對人才、科技與運能的承諾、在安全績效上的領先地位、一貫的營運卓越，以及透過我們的 CVD 流程為客戶創造價值，讓我們具備在當下成功的條件，並在未來交出更強勁的成果。

We have structurally lowered our cost to serve customers, creating additional growth opportunities while driving progress towards our margin goals, even without a material benefit from pricing. The financial leverage in our business model continues to improve through disciplined growth and the application of technology across the enterprise. All of this positions our company to compound growth through cycles.

我們已在結構上降低了服務客戶的成本，即使在定價未帶來重大助益的情況下，仍能創造更多成長機會，同時推動利潤率目標的進展。透過有紀律的成長，以及在全企業範圍內導入科技，我們商業模式的財務槓桿持續改善。這一切使公司能在不同循環中持續複利式成長。

Looking ahead, I'm excited about the opportunities in front of us during the second half of the year. We expect demand for our services to remain strong and remain closely aligned with our customers on their capacity needs. We have proven that our model works and that our service delivers value. We remain focused on ensuring that we receive the appropriate return for the value we provide while continuing to create disciplined, sustainable growth and long-term value for our shareholders.

展望未來，我對今年下半年的機會感到振奮。我們預期對我們服務的需求將維持強勁，並將持續與客戶就其運能需求保持緊密一致。我們已證明我們的模式可行，且我們的服務能帶來價值。我們仍專注於在持續創造有紀律、可持續的成長與為股東創造長期價值的同時，確保我們能就所提供的價值取得適當的報酬。

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

接下來，我把電話會議交給 Brad。

Thanks, Shelley, and good afternoon. I'll start with some quick comments about our financial performance in the quarter. As you've seen in our release, on a GAAP basis, total revenue increased 19%, operating income improved 32% and diluted earnings per share improved 45% compared to the prior year period. These results reflect disciplined execution and continued momentum from the strategy we've been discussing for several quarters around operational excellence and lowering our cost to serve.

謝謝，Shelley，下午好。我先就本季的財務表現做一些簡短說明。如各位在我們的新聞稿中所見，以 GAAP 基礎計算，總營收較去年同期成長 19%，營業利益改善 32%，稀釋後每股盈餘改善 45%。這些結果反映出我們有紀律的執行力，以及我們過去幾季持續討論、聚焦於營運卓越與降低服務成本的策略所帶來的動能。

While market conditions have improved, the biggest driver of our performance continues to be our people, executing at a high level on service, safety, productivity and cost discipline while leveraging our technology investments. As demonstrated this quarter, our cost discipline performance wasn't at the expense of supporting future growth as we achieved double-digit volume growth across JBI, ICS and JBT in the quarter. The investments we have made over the past several years in our people, technology and capacity are creating meaningful advantages for our business and allowing us to respond quickly to opportunities in the market.

雖然市場狀況已有改善，但推動我們表現的最大動力仍是我們的同仁：在服務、安全、生產力與成本紀律方面維持高水準執行，同時善用我們的科技投資。如本季所示，我們的成本紀律並未以犧牲支持未來成長為代價，因為本季我們在 JBI、ICS 與 JBT 的量皆達到兩位數成長。我們過去幾年在人才、科技與運能方面的投資，正為業務創造實質優勢，並使我們能快速回應市場機會。

Let me turn to our efforts on lowering our cost to serve. While market fundamentals have shifted, this remains one of the most important operational initiatives underway across the company. Over the past year, we've removed over $135 million of structural costs from our company, and we continue to look for opportunities to simplify processes, improve productivity, increase asset utilization and leverage technology to automate work. Just as importantly, these efforts are improving the customer experience while creating operating leverage across the organization. Our objective remains the same as it has been since the beginning of this initiative, build a stronger, more efficient company that can generate higher returns across all market environments.

接著談談我們降低服務成本的努力。即使市場基本面已轉變，這仍是公司全體正在推進的最重要營運倡議之一。過去一年，我們已自公司中移除超過 1.35 億美元的結構性成本，並持續尋找機會以簡化流程、提升生產力、提高資產使用率，以及運用科技自動化工作。同樣重要的是，這些努力正在改善客戶體驗，同時在整個組織中創造營運槓桿。我們的目標與本倡議啟動之初一致：打造更強健、更有效率的公司，使其能在各種市場環境下創造更高報酬。

We are encouraged by the progress we are making and believe there remains additional runway ahead as we continue to scale our technology investments and improve efficiencies across our scroll of services. Turning to capital allocation. Our approach remains consistent. We are a disciplined growth company, and we are equally disciplined in how we deploy capital. Our first priority continues to be investing in the business where we see opportunities to generate attractive long-term returns.

我們對目前取得的進展感到鼓舞，並相信隨著我們持續擴大科技投資規模、並在我們的服務組合中提升效率，前方仍有更多可發揮的空間。接著談資本配置。我們的方法一貫如一。我們是一家有紀律成長的公司，在資本部署上同樣保持紀律。我們的首要優先事項仍是投資於業務，在我們看到能創造具吸引力的長期報酬之處投入資本。

We remain committed to maintaining a strong investment-grade balance sheet, supporting the growth of our dividend and being opportunistic with share repurchases when appropriate. We believe the investments we have made throughout this cycle have positioned the company exceptionally well for future growth. Importantly, much of our capacity has already been funded, providing us with significant flexibility as demand for our services improves. The combination of a strong balance sheet, healthy cash generation and disciplined capital deployment gives us confidence in our ability to continue creating long-term shareholder value.

我們仍致力於維持強健的投資級資產負債表、支持股利成長，並在適當時機把握機會進行庫藏股回購。我們相信，本輪景氣循環期間所做的投資，已使公司在未來成長方面具備極佳的定位。重要的是，我們的大部分產能已完成資金到位，隨著對我們服務的需求改善，這將為我們帶來顯著的彈性。強健的資產負債表、健康的現金創造能力與審慎的資本配置相結合，使我們對持續創造長期股東價值的能力充滿信心。

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

以上是我的評論。接下來我把時間交給 Spencer。

Thank you, Brad, and thanks to everyone for joining the call. I'll start by saying how proud I am of our team's performance this quarter. In a rapidly changing environment, our people stayed focused on what we could control, serving customers, managing through volatility and helping them make the best decisions across their transportation networks.

謝謝你，Brad，也感謝各位參與本次電話會議。我先說，我對我們團隊本季的表現感到非常自豪。在快速變動的環境中，我們的同仁專注於可控事項：服務客戶、在波動中管理營運，並協助客戶在其運輸網路中做出最佳決策。

During the quarter, we saw an acceleration of the structural changes in the market that we discussed in April. Truckload capacity continued to tighten from ongoing regulatory enforcement, while at the same time, many carriers continue to face higher operating costs that are not fully supported by prevailing rates. As a result, several industry indicators, including higher tender rejections, higher spot pricing and lower driver employment moved towards levels not seen since 2021 and 2022.

本季我們看到，4 月所討論的市場結構性變化正在加速。由於監管執法持續加強，整車（Truckload）運力持續收緊；同時，許多承運商仍面臨較高的營運成本，而現行運價尚不足以完全支撐。因此，多項產業指標（包括更高的投標拒絕率、更高的即期運價以及更低的司機就業）回升至自 2021 與 2022 年以來未見的水準。

The pace of change has created real planning and execution challenges for our customers. Many shippers were not positioned for the speed and magnitude of these shifts, and they are now looking to the best providers who can help them build more durable and flexible plans around capacity, cost, service and mode.

變化速度為客戶帶來實質的規劃與執行挑戰。許多貨主未能因應這些轉變的速度與幅度，如今正尋求能協助其在運力、成本、服務與運輸模式方面建立更具韌性與彈性方案的最佳供應商。

In the second quarter, overall freight demand improved modestly from the first quarter. Demand in many industrial markets is improving and US consumer demand remains resilient. That said, demand for J B Hunt's suite of services continues to outpace the market, supported by record volumes in JBI and double-digit volume growth in both JBT and ICS. We gained market share across our services. Retention remains strong, and our pipelines in all business units continue to expand.

第二季整體貨運需求較第一季小幅改善。多個工業市場的需求正在改善，美國消費需求仍具韌性。儘管如此，J B Hunt 的整體服務需求仍持續領先市場，JBI 創下歷史新高的運量，且 JBT 與 ICS 皆達到雙位數運量成長。我們在各項服務中都取得市占率提升。客戶留存仍然強勁，各事業單位的商機管道也持續擴大。

As demand improved and capacity tightened, pricing and planning conversations with customers became more transparent, more frequent and more flexible. We saw customers initiate more out-of-cycle/mini bids as they work to keep pricing aligned with the rising cost of capacity. Customers are also becoming increasingly mindful of the carriers they rely on, consolidating more of their business with providers that can deliver capacity at scale. This is where our mode-neutral business model and our continued investments in people, technology and capacity create meaningful value. We are positioned to help customers optimize across orders, shipments and modes and to provide practical solutions as their networks adjust.

隨著需求改善與運力收緊，我們與客戶之間的定價與規劃對話變得更透明、更頻繁，也更具彈性。我們看到客戶為了讓價格與運力成本上升保持一致，啟動更多非例行／小型招標（out-of-cycle/mini bids）。客戶也愈來愈重視其所依賴的承運商，將更多業務集中給能以規模提供運力的供應商。這正是我們的模式中立（mode-neutral）商業模式，以及我們持續在人員、科技與運力上的投資所能創造顯著價值之處。我們具備協助客戶在訂單、貨運與運輸模式之間進行最佳化的能力，並在其網路調整時提供務實的解決方案。

During the quarter, the strongest areas of customer engagement centered on highway to intermodal conversion, dedicated fleets and access to safe, secure and reliable capacity. Looking ahead, we are actively helping customers prepare for fall peak, reset capacity assumptions and begin transportation planning for 2027.

本季客戶互動最強的領域集中在：由公路轉向鐵路聯運（highway to intermodal conversion）、專屬車隊（dedicated fleets），以及取得安全、可靠且穩定的運力。展望未來，我們正積極協助客戶為秋季旺季做準備、重新設定運力假設，並開始進行 2027 年的運輸規劃。

While many customers did not plan for this level of a change to occur this quickly, through external customer surveys and our ongoing customer conversations show a growing recognition that it is becoming more expensive to support the capacity, service and professional driving jobs that power our nation's supply chains. We believe that reality will shape future supply chain planning and budgeting discussions, and it reinforces the role J B Hunt will play in helping lead customers through a very dynamic operating environment.

雖然許多客戶未預期如此程度的變化會在這麼短時間內發生，但外部客戶調查與我們持續的客戶對話顯示，市場愈來愈認知到：要支撐驅動我國供應鏈的運力、服務與專業駕駛工作，成本正在上升。我們相信，這一現實將影響未來供應鏈的規劃與預算討論，也強化了 J B Hunt 在高度動態的營運環境中協助引導客戶前行的角色。

With that, I'll turn the call over to Nick.

接下來我把電話交給 Nick。

Thanks, Spencer, and good afternoon. I'll share updates on our Final Mile and Highway businesses. But first, as we do at internal meetings, I'll start with an update on safety.

謝謝你，Spencer，大家午安。我將分享我們末端配送（Final Mile）與公路（Highway）業務的最新進展。但首先，如同我們在內部會議所做的，我先更新安全方面的情況。

Safety is core to our culture at J B Hunt, and we continue to challenge ourselves to improve on our record safety performance as measured by DOT preventable accidents per million mile. I'm proud that year-to-date through the second quarter, we are besting last year's results by 11%. To support our current and future growth, we will bring on drivers to maintain our high service levels to our customers. As the driver market has tightened, we have implemented various strategies to recruit and retain drivers to meet our growing need.

安全是 J B Hunt 文化的核心，我們持續挑戰自我，提升以「每百萬英里 DOT 可預防事故」衡量的安全績效。我很自豪地表示，截至第二季的年初至今，我們的表現較去年改善 11%。為支持目前與未來的成長，我們將增聘司機，以維持對客戶的高服務水準。隨著司機市場趨於緊俏，我們已採取多項策略以招募並留任司機，滿足日益增加的需求。

We have implemented sign-on bonuses in several markets and targeted driver wage increases in select markets. While these are important early actions, we believe the industry will need to continue investing in professional drivers who operate safely and comply with regulations designed to protect both themselves and the motoring public. Moving to Final Mile. Demand remained stable across our core end markets of furniture, exercise equipment and appliances. Demand in our fulfillment business remains strong, driven by off-price retail channels.

我們已在多個市場提供到職獎金，並在部分市場針對性調升司機薪資。雖然這些是重要的早期行動，但我們認為產業仍需持續投資於專業司機，確保其安全營運並遵循旨在保護司機自身與用路大眾的法規。接著談末端配送（Final Mile）。我們在家具、運動器材與家電等核心終端市場的需求維持穩定。我們的履約（fulfillment）業務需求仍然強勁，主要由折扣零售通路（off-price retail channels）所帶動。

Our sales pipeline remains healthy, and we are adding new opportunities as we work to offset as much of our previously disclosed $90 million revenue headwind due to our focus on being disciplined. We remain committed to being safe and secure and providing customers with the high service levels that they have come to expect from J B Hunt.

我們的銷售商機管道仍然健康，並在我們致力於保持紀律的同時，持續新增機會，以抵銷先前揭露的 9,000 萬美元營收逆風中的最大部分。我們仍致力於安全與保障，並為客戶提供他們對 J B Hunt 一向期待的高服務水準。

In JBT, our focus on operational excellence continues to drive growth and market share gains, highlighted by our fifth consecutive quarter of double-digit volume growth. As we discussed last quarter, the tight truckload market remains challenging for independent contractors, leading us to rely more heavily on third-party capacity at current market spot rates.

在 JBT，我們對營運卓越的專注持續推動成長與市占提升，並以連續第五季達成雙位數運量成長為亮點。如同上季所提到，緊俏的整車市場對獨立承攬商仍具挑戰，導致我們在目前的即期市場價格下，更加依賴第三方運力。

During the quarter, our revenue increased 35% with load growth of 14%, but our gross profit dollars declined 12%, primarily due to higher purchase transportation rates. While we are seeing spot market opportunities in ICS to help offset some margin pressure, we don't have the same degree of opportunity within our trailer network business. Given the pace of market change, pricing implemented just a few months ago is no longer sufficient. Going forward, we remain disciplined in taking appropriate risk and are working with customers to better align rates with current market conditions and the value we provide.

本季我們營收成長 35%，載運量成長 14%，但毛利金額下滑 12%，主要因採購運輸費率上升。雖然我們在 ICS 看到即期市場機會可協助抵銷部分毛利壓力，但在我們的拖車網路業務中，並沒有同等程度的機會。鑑於市場變化速度，幾個月前所實施的定價已不再足夠。展望未來，我們仍將在承擔適當風險方面保持紀律，並與客戶合作，使費率能更貼近當前市場狀況以及我們所提供的價值。

I'll close with ICS. The positive momentum we have felt in our business is beginning to translate to improved financial performance. We have been successful in bid season, winning more volume and are securing double-digit rate increases. While gross margin remains under pressure compared to last year, they improved sequentially from the first quarter, supported by increased spot and mini bid opportunities and contractual freight repriced closer to current market conditions.

最後談 ICS。我們在業務上感受到的正向動能，正開始轉化為更佳的財務表現。我們在招標季表現成功，贏得更多運量，並取得雙位數的運價調升。雖然毛利率相較去年仍承壓，但在即期與小型招標機會增加，以及合約貨量以更接近當前市場狀況重新定價的支持下，毛利率較第一季呈現季比改善。

The market remains dynamic and going forward, our focus remains on leveraging our cost as volume scales through the platform and generating more gross profit dollars. While encouraged by the second quarter results, we remain focused on building sustained momentum.

市場仍然動態變化；展望未來，我們的重點仍是隨著運量在平台上擴大規模，發揮成本優勢，並創造更多毛利金額。儘管第二季結果令人鼓舞，我們仍專注於建立可持續的動能。

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

接下來，我想把電話交回給 Brad。

Thanks, Nick, and good afternoon, everybody. I'll provide an update on our Dedicated business. Starting with the quarter, our second quarter results once again highlight the strength of our Dedicated business. Despite a slow start due to weather, demand in the lawn and garden category improved and demand across our other end markets performed as expected. The second quarter also delivered another record safety performance for DCS as our team's commitment to safety and operational excellence continues to lower our cost to serve and deliver greater value for our customers.

謝謝你，Nick，大家午安。我將更新我們專屬運輸（Dedicated）業務的情況。先從本季談起，我們第二季的結果再次凸顯 Dedicated 業務的強勁實力。儘管因天候導致開局較慢，草坪與園藝（lawn and garden）類別的需求有所改善，而其他終端市場的需求表現符合預期。第二季也為 DCS 帶來另一項創紀錄的安全績效；我們團隊對安全與營運卓越的承諾，持續降低我們的服務成本，並為客戶創造更大價值。

It's worth reminding everyone that while fuel is primarily a pass-through in our business, it is dilutive to operating income margin percentage. In the second quarter, we estimate that fuel was close to a 100 basis points headwind to operating margin percentage compared with the prior year quarter.

值得提醒大家的是，雖然燃油在我們的業務中主要屬於轉嫁成本，但它會稀釋營業利益率百分比。在第二季，我們估計相較於去年同期，燃油對營業利益率百分比造成接近100個基點的不利影響。

During the second quarter, we sold approximately 250 trucks and remain confident we will achieve our full year target for gross truck sales of 1,000 to 1,200 new trucks. Our sales pipeline remains robust and has strengthened over the past few months as the tightening truckload market has driven increased customer interest in a dedicated solution.

在第二季期間，我們售出約250輛卡車，並且仍有信心達成全年新卡車總銷售量1,000至1,200輛的目標。我們的銷售管線依然強勁，且在過去幾個月進一步增強，因為卡車整車市場趨緊帶動客戶對專屬運輸解決方案的興趣提升。

In fact, our pipeline is currently at a record level in terms of number of trucks, which is a testament to the strength of our dedicated business and the value we consistently deliver for our customers. Even with more opportunities in the pipeline, we have not altered our pricing or return discipline to chase growth. We have a proven track record of value creation through our customer value delivery platform. And with our scale and density, we believe we can offer differentiated solutions to customers in the market.

事實上，就卡車數量而言，我們目前的管線處於歷史新高，這證明了我們專屬運輸業務的實力，以及我們持續為客戶交付的價值。即使管線中有更多機會，我們也沒有為了追求成長而改變我們在定價或報酬率上的紀律。我們透過客戶價值交付平台創造價值，擁有經驗證的良好紀錄。憑藉我們的規模與密度，我們相信能在市場上為客戶提供差異化的解決方案。

Last quarter, I outlined our expectation that we would return to fleet growth this year while achieving only modest operating income growth for 2026. On the fleet side, we need to see a wave of new truck growth for a few months before that growth translates into improved profitability given the expenses associated with starting up an account.

上季我概述了我們的預期：今年將恢復車隊成長，同時在2026年僅達成溫和的營業利益成長。就車隊面而言，在這些成長因啟動新客戶帳戶所伴隨的費用而轉化為獲利改善之前，我們需要先看到連續幾個月的新卡車成長浪潮。

I remain confident that this wave of growth is coming. However, we remain unwilling to sacrifice our discipline around margins and returns, particularly at this point in the cycle simply to accelerate growth. Doing so would add risk and variability to our Dedicated business, which has proven resilient throughout cycles. In fact, our win rate on new deals remains consistent with historic levels.

我仍然有信心這波成長即將到來。然而，我們仍不願為了加速成長而犧牲我們在利潤率與報酬率方面的紀律，尤其是在本週期的這個階段。這麼做會為我們的專屬運輸業務增加風險與波動性，而該業務已在各個週期中證明具備韌性。事實上，我們在新案子的得標率仍與歷史水準一致。

While Dedicated has historically been the last part of our business to see an inflection from a change in the freight cycle, and that will likely be true again in this cycle, I remain confident in our business and the growth opportunities ahead of us. We have a large untapped addressable market to grow into and a proven track record of disciplined financial and operational performance.

雖然專屬運輸歷來是我們業務中最後一個因貨運週期變化而出現拐點的部分，而在本週期很可能也會如此，但我仍對我們的業務以及未來的成長機會充滿信心。我們有龐大且尚未充分開發的可服務市場可供擴張，並且在嚴謹的財務與營運表現方面擁有經驗證的良好紀錄。

I remain proud of our entire team's efforts, the great work of our professional drivers and the value we create for our customers.

我仍為整個團隊的努力、我們專業駕駛員的出色工作，以及我們為客戶創造的價值感到自豪。

With that, I'll turn it over to Darren.

接下來，我把時間交給Darren。

Thank you, Brad, and thank you, everyone, for joining us this afternoon. The consistent execution of our strategy over the past several years has positioned us well to capture market share gains in the current environment. Service levels remain strong, and we have available capacity to support customer growth at a time when Intermodal's value proposition is the strongest it has been in more than a decade.

謝謝你，Brad，也謝謝各位今天下午加入我們。過去幾年我們持續一致地執行策略，使我們在當前環境下具備良好條件來取得市占率提升。服務水準依然強勁，而且在聯運（Intermodal）的價值主張處於十多年來最強之際，我們也有可用運能來支持客戶成長。

During the second quarter, demand for our intermodal service outperformed normal seasonality for the third consecutive quarter, and we also set a quarterly volume record with over 578,000 loads. For the quarter, volumes were up 10% year over year, the first double-digit volume growth quarter in over a decade. On a monthly basis, volumes were up 9% in April, up 9% in May and up 12% in June. Transcon volume grew 5%, while our Eastern volume increased 16%. Our Eastern growth comped against a plus 15% performance in the prior year or said differently, up 31% on a two-year stacked basis.

在第二季，我們的聯運服務需求連續第三個季度優於正常季節性表現，同時我們也以超過578,000趟載運創下單季量的新紀錄。本季運量年增10%，為十多年來首次出現雙位數運量成長的季度。以月度來看，4月運量年增9%、5月年增9%、6月年增12%。跨洲（Transcon）運量成長5%，而我們東部運量增加16%。我們東部的成長是與去年同期+15%的表現相比；換句話說，以兩年疊加基礎計算為+31%。

We continue to see significant road-to-rail conversion opportunities in the East, particularly as rising truckload rates, fuel prices and tightening truckload capacity make intermodal an increasingly attractive solution for shippers. While we have available container capacity to grow with our customers, we remain disciplined to ensure the growth is sustainable over the long term and at acceptable returns for the value we create.

我們持續在東部看到顯著的公路轉鐵路（road-to-rail）轉換機會，尤其是在整車運價上升、燃油價格上漲以及整車運能趨緊的情況下，聯運對貨主而言成為愈來愈具吸引力的解決方案。雖然我們有可用的貨櫃運能可隨客戶一同成長，但我們仍保持紀律，以確保成長在長期內可持續，並且在我們所創造價值的前提下取得可接受的報酬。

The rail network is experiencing quality growth, and we remain actively engaged with our rail providers on resource planning to support both current and future growth. While rail service has moderated slightly as volumes accelerated, conversion activity is at levels we have not seen in more than a decade. We remain confident in our rail providers' commitment to service and our collective ability to support higher volume levels while maintaining dependable and reliable performance.

鐵路網路正經歷高品質的成長，我們也持續與鐵路供應商積極合作進行資源規劃，以支持當前與未來的成長。雖然隨著運量加速，鐵路服務略有降溫，但轉換活動已達到十多年來未見的水準。我們仍對鐵路供應商對服務的承諾，以及我們共同在維持穩定可靠表現的同時支撐更高運量水準的能力充滿信心。

The same supply challenges affecting truckload capacity are impacting the drayage market, where driver availability remains tight, and we are working diligently to attract quality drivers to support our growth. In this environment, our in-sourced drayage strategy is a meaningful competitive advantage by owning our tractors, containers and chassis, and utilizing primarily company drivers, we maintain greater control of the customer experience while reducing reliance on more costly and less reliable third-party drayage capacity.

影響整車運能的同樣供給挑戰也正在影響短途接駁（drayage）市場，駕駛員供給仍然吃緊，我們正努力吸引優質駕駛員以支持成長。在此環境下，我們的自營短途接駁策略是一項重要的競爭優勢：透過自有牽引車、貨櫃與底盤，並主要使用公司駕駛員，我們能更有效掌控客戶體驗，同時降低對成本更高且可靠性較低的第三方短途接駁運能的依賴。

We previously outlined a path to the low end of our long-term margin range through contributions from cost, volume and price. We have done great work on lowering our cost to serve and believe we have achieved the point of margin from cost. On volume, the growth has materialized while remaining disciplined to attract the right freight that adds balance and connectivity across the network. So I would say we are pretty much there with the point from volume. The opportunity that is still in front of us is price.

我們先前已說明，透過成本、運量與價格的貢獻，我們有一條達到長期利潤率區間下緣的路徑。我們在降低服務成本方面做了大量工作，並相信我們已達到由成本帶來的利潤率提升拐點。在運量方面，成長已經實現，同時我們仍保持紀律，吸引能為網路帶來平衡與連結性的合適貨源。因此我會說，在運量帶來的拐點上，我們幾乎已經到位。目前仍擺在我們面前的機會是價格。

As you all know, our intermodal bid season begins each year in October and finalizes in Q3. So we're nearing completion of the 2026 bid season. In the first half of this year's bids, the operating environment at that time didn't present the same pricing opportunities that the current environment has. Historically, intermodal contract pricing has lagged truckload pricing, and we continue to believe that to be the case moving forward. However, given the pace of change in the truckload market, we are increasingly encouraged by the pricing opportunity heading into the 2027 bid season than we were even a couple of months ago.

各位都知道，我們的聯運招標季每年10月開始，並在第三季定案。因此，我們正接近完成2026年的招標季。在今年上半年招標時，當時的營運環境並未呈現出像目前環境這樣的定價機會。歷史上，聯運合約定價通常落後於整車定價，我們仍相信未來也會如此。然而，鑑於整車市場變化的速度，我們對邁入2027年招標季的定價機會感到愈來愈受鼓舞，甚至比幾個月前更為樂觀。

Encouragingly, our improved financial performance over the last several quarters is unrelated to any material contributions from price to cover inflation. While in prior cycles, we would typically see our financial performance lag other transportation modes, we feel like we've led the broader industry as this cycle ensues.

令人鼓舞的是，我們過去幾季改善的財務表現，與價格為涵蓋通膨所帶來的任何重大貢獻無關。雖然在先前的週期中，我們通常會看到自身財務表現落後於其他運輸模式，但在本週期展開之際，我們覺得我們反而領先了整體產業。

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

接下來，我想把時間交回給接線員，開放提問。

(Operator Instructions)

(接線員指示)

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Darren, following up on sort of how you ended that on the pricing discussion and the optimism going forward. Can we talk through how prevalent the multiyear price agreements are with intermodal customers today compared to prior cycles? And how much visibility did these commitments give you into the contract rate renewal plan into 2027 and even beyond? And just beyond the renewals, taking a step back beyond our past core pricing, what opportunities does Hunt have to increase intermodal revenue per load over the next few quarters that might not show up in the renewal number, but could still meaningfully impact the business?

Darren，延續你剛才在定價討論結尾所提到的、對未來的樂觀。我們能否談談，與過去週期相比，目前聯運客戶採用多年期價格協議的普遍程度如何？這些承諾讓你對2027年甚至更久之後的合約費率續約規劃，有多少能見度？另外，除了續約之外，退一步看、超越我們過去核心定價的範疇，Hunt在未來幾季有哪些機會可以提高每趟聯運收入（revenue per load）？這些機會可能不會反映在續約數字中，但仍可能對業務產生實質影響？

Sure. On the multiyear conversation, certainly, we have customers that we have engaged with multiyear programs. I don't know that we've ever talked about the percentage of our business that, that entails. And so I'm not ready to highlight that specifically, but we're aware of customers' value to our network and maybe areas that we can work with those customers specifically related to cost around serving their business. And so the behavior of our multiyear business is typically a little bit different than the constant change that we may face with customers that aren't engaged in multiyear agreements.

當然。關於多年期的議題，確實，我們有一些客戶是以多年期方案合作的。我不確定我們是否曾談過這類業務占我們整體業務的百分比。因此我還不準備具體強調該比例，但我們了解客戶對我們網路的價值，以及一些我們可以與這些客戶合作的領域，特別是與服務其業務相關的成本面。因此，多年期業務的行為模式通常會與那些未簽多年期協議、我們可能面臨其需求持續變動的客戶有所不同。

Look, the environment we're in today does present new opportunities for us. I think that the number of mini bids or the number of times customers are reaching out to us looking for an answer. I don't remember it ever being any stronger than it is right now. We have tremendous numbers of opportunities to talk to our customers about new opportunities. Not every single one of those opportunities is going to drive intermodal volume.

你看，我們今天所處的環境確實為我們帶來了新的機會。我認為小型招標的數量，或是客戶主動聯繫我們尋求解答的次數，我不記得曾經有比現在更強的情況。我們有大量機會與客戶討論新的機會。但並非每一個機會都會帶動聯運量。

It's coming in the door for J B Hunt's total book of solutions. And so we're constantly looking for that opportunity. I do think new business pricing has contributed to benefits in our network, and I fully expect that will continue through the remainder of this year and deep into next year's bid cycle. I know Spencer may also want to comment on this.

這些需求會先進到 J.B. Hunt 的整體解決方案組合裡。因此我們一直在尋找這樣的機會。我確實認為新業務的定價已為我們的網路帶來效益，而且我完全預期這種情況會延續到今年剩餘時間，並深入到明年的招標週期。我知道 Spencer 可能也想就此補充。

Yeah. Bascome, thanks for the question. And Darren, I'll kind of start where you left off, really around mini bids. I think the frequency of bids has definitely increased. You said extraordinary. It was actually a record in the quarter, the number of opportunities. And that comes across bids, proposals as well as reviews.

是的。Bascome，謝謝你的提問。Darren，我就從你剛才提到的地方接著說，主要談小型招標。我認為招標的頻率確實增加了。你說「非同尋常」。其實本季創下紀錄，機會數量達到新高。這涵蓋了招標、提案以及審查。

The main point on mini bids, I'd like to say is I'd almost like to get rid of the mini bid term. They are structurally larger bids as customers are competing for capacity to reset their networks. Our customers are still having significant challenges across their routing guides. And that gives, again, all of our services opportunities to step up and be the go-to for them and create opportunities again to hopefully get the right returns that we need on all of our businesses. So we look forward to continuing those conversations and working through and set our customers up with capacity plans that they can count on.

關於小型招標，我想說的重點是，我幾乎想把「小型招標」這個詞拿掉。它們在結構上其實是更大型的招標，因為客戶正在為了爭取運能、重設其網路而競爭。我們的客戶在其路由指南（routing guides）上仍面臨重大挑戰。而這也再次讓我們所有服務都有機會挺身而出，成為他們的首選，並再次創造機會，期望在我們所有業務上取得所需的合理報酬。因此我們期待持續這些對話，並協助客戶制定他們可以信賴的運能計畫。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行（Wells Fargo）。

I guess maybe just picking up on that point, Spencer, you're talking about mini bids. I guess we understand sort of how the bid cycle works and kind of what's locked in and maybe what needs to wait a bit. But I guess, how do you think about the back half from sort of a realized yield on the intermodal side with the combination of mini bids and then maybe a little bit of an opportunity around peak season because we have seen some announcements from other folks about peak season surcharges. So maybe just sort of wrapping that all in and maybe how we can think about the second half, if there is going to be any change in what maybe we could see.

我想也許就接著你剛才那點，Spencer，你在談小型招標。我想我們理解招標週期大致如何運作，以及哪些是已鎖定的、哪些可能需要再等一等。但我想問的是，從聯運端的已實現單位收益（realized yield）來看，結合小型招標，以及也許旺季帶來的一些機會——因為我們看到其他業者宣布旺季附加費——你怎麼看下半年？所以也許把這些因素都納入，談談我們該如何看待下半年，是否會有任何變化，或我們可能會看到什麼不同。

Yeah. Chris, thanks for the question, too. I'll let Darren talk about yields and things like that. I think he's got a good answer for you there. But regarding peak season, I will talk about that. We do engage in peak season planning conversations at the end of the peak season of the prior year. So we've been in peak discussions since the end of '25. We do have peak agreements with our customers today that have proactively planned for the 2026 season. And then we're in discussions right now trying to get forecasts with our customers and setting up really our plan and sharing with them the cost to serve and execute peak. So as far as that goes, I would say that peak from my perspective, is going to be similar in timing and shape.

是的。Chris，也謝謝你的提問。我會讓 Darren 來談收益率之類的議題。我想他會給你一個很好的回答。但關於旺季，我來談一下。我們會在前一年旺季結束時，就開始進行旺季規劃的討論。所以我們自 25 年底以來就一直在討論旺季。我們目前已與客戶簽有旺季協議，並已主動為 2026 年旺季做了規劃。而我們現在也正在與客戶討論，試圖取得預測，並真正建立我們的計畫，同時與他們分享服務與執行旺季所需的成本。因此就我看來，旺季在時間點與形態上會相近。

The import peak that talks about coming in early, that can happen early, a little bit later. But really, the lag -- there's always a lag from the import peak to the execution of the domestic peak because that domestic peak is really matched to meet their consumer demand. And so that's why I say the timing and the shape we expect to be similar, and we continue to have ongoing discussions to make sure we're set up for success with our customers.

大家談到的進口旺季可能提前到來，也可能稍晚一些。但實際上，從進口旺季到國內旺季的執行之間總會有一段落後期（lag），因為國內旺季主要是配合其消費者需求。所以我才說，我們預期時間點與形態會相似；我們也會持續進行討論，確保我們與客戶都能為成功做好準備。

Yeah. Chris, let me just jump in. It's Darren again. I'll jump in on pricing change and magnitude. Look, we're not going to -- I don't have a forecast number for you or any kind of guidance. What I'll tell you is our Eastern network business behaves and trends -- tracks against highway competition, and we have massive opportunities coming in the door.

是的。Chris，讓我插一句。我是 Darren。我來談談價格變動與幅度。你看，我們不會——我沒有可以給你的預測數字或任何形式的指引。我能告訴你的是，我們東部網路的業務表現與趨勢——會跟公路端的競爭同步，而我們有大量機會正在進來。

Spencer just highlighted that we're setting records with the opportunities. that we see, the gap between the highway rates and intermodal rates has grown in this cycle. And we have long time -- for a long time, we've said somewhere between 10% and 15% discount, fuel inclusive in the Eastern network is and has been sustainable for Intermodal. And we have a larger gap in the price today, largely because of rates that are now 6, 7, 8, 10 months old. So as we go through the rest of the year and bring on new business, we anticipate certainly closing that gap.

Spencer 剛才也強調，我們看到的機會數量創下紀錄；在這一輪週期中，公路運價與聯運運價之間的差距擴大了。而我們長期以來一直說，在東部網路中，含燃油在內約 10% 到 15% 的折扣對聯運而言是、也一直是可持續的。但目前我們的價差更大，主要是因為現在的運價是 6、7、8 甚至 10 個月前的舊價格。因此，隨著我們在今年剩餘時間推進並導入新業務，我們當然預期會縮小這個差距。

I don't know what magnitude that presents in terms of the mix of the rate, how you model that. Just know that certainly the opportunity to improve pricing. Now we're also faced with inflationary pressures. Driver wage cost is going to move up. The cost of labor is going to move up. Our rail providers are all going to be talking to us about cost challenges they're facing. And so we're looking for pricing to recover against inflation while also improving our margin a little bit. So certainly, as the rest of the year goes on and as we move into the next bid season, we will look for that gap from Intermodal to truckload to close.

我不知道這在運價組合上會呈現多大的幅度、你要怎麼建模。但請知道，改善定價的機會確實存在。同時我們也面臨通膨壓力。司機薪資成本會上升。勞動成本會上升。我們的鐵路供應商都會跟我們談他們面臨的成本挑戰。因此我們希望定價能夠對抗通膨、回收成本，同時也稍微改善我們的利潤率。所以，隨著今年剩餘時間推進並進入下一個招標季，我們會尋求讓聯運相對於整車（truckload）的價差縮小。

John Chappell, Evercore ISI.

John Chappell，Evercore ISI。

Darren, on the volume side, the acceleration from April through June and then we look at the second half of '25 or even if you want a two year stack it, it feels like it's an easier comp. So when you take that June number of 12%, look at potentially easier comps, the backdrop that you just laid out as it related to capacity, rail service, the spread. Is that a number now for volume in the second half of the year that continues to build off of that 12%? And if not, what kind of derails that, no pun intended?

Darren，在運量方面，4 月到 6 月的加速成長，然後我們看 25 年下半年，甚至如果你想用兩年疊加來看，感覺比較容易比較。所以當你拿 6 月的 12% 這個數字，並考量可能更容易的比較基期，以及你剛才就運能、鐵路服務、價差所描述的背景。那麼下半年運量是否會在這個 12% 的基礎上繼續往上走？如果不會，是什麼因素會讓它脫軌——無意雙關。

Chappell, is that a guidance question?

Chappell，這是在問指引嗎？

No, no, no. It's a cadence question.

不，不，不。這是在問節奏。

Listen, I think the demand for our services is extraordinarily strong. What you heard in some of the prepared comments is a lot of focus on disciplined growth. There were opportunities in the second quarter for even more volume that wasn't going to be sticky or might have contributed to even worse cost challenges for us. So we're being careful in ensuring that intermodal is the correct long-term answer for volume to onboard and convert from the highway. And I would anticipate that opportunity will continue.

聽著，我認為市場對我們服務的需求非常強勁。你在一些事先準備的評論中聽到的是，我們非常聚焦於有紀律的成長。第二季其實有機會拿到更多運量，但那可能不具黏著性，或可能讓我們面臨更嚴重的成本挑戰。因此我們很謹慎，確保聯運是正確的長期解方，來承接並把運量從公路端導入與轉換過來。而我預期這樣的機會會持續存在。

We're also careful with our own capacity challenges. We need to hire more drivers. We need to onboard more drayage capacity today. So that can be a bit of a headwind for us, but we're -- but I'm confident in J B Hunt's ability to go out and attract and retain and bring on drivers for our needs. As the rest of the year goes on, I don't know how to give you a forecast of percentage change, but I know that demand is really strong for what we're doing.

我們也很謹慎看待自身的產能挑戰。我們需要聘用更多司機。我們今天需要導入更多短途拖運（drayage）產能。因此這可能會對我們造成一些逆風，但我們——不過我對 J B Hunt 走出去吸引、留任並招募符合我們需求的司機的能力很有信心。隨著今年其餘時間推進，我不知道該如何給你一個百分比變動的預測，但我知道我們所做的業務需求非常強勁。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

Congratulations on the strong growth and execution on the plan. I wanted to get a sense related to intermodal margin of just where you're at on drayage productivity and also, I guess, just rising utilization of containers. It seems like you probably had a period where productivity was below normal, maybe against a weaker freight backdrop in, say, '23, '24. And then I think for -- I'm not sure how long maybe in the past year, you've had some nice improvement in that productivity, which I think has helped. Just where are you at on like loads for dray truck and container utilization? Is that -- can that go up further and help your margin in Intermodal? Or is that kind of peaked out and you can't squeeze out more there?

恭喜你們在強勁成長以及計畫執行上的表現。我想了解一下聯運（Intermodal）利潤率方面，你們在短途拖運生產力，以及我想還有貨櫃使用率提升方面，目前處於什麼位置。看起來你們可能曾有一段生產力低於正常水準的期間，或許是在例如 '23、'24 較疲弱的貨運背景下。然後我認為——我不確定多久——可能在過去一年，你們的生產力有不錯的改善，我想這有所幫助。目前像是每台短途拖運卡車的載運量（loads）以及貨櫃使用率大概在什麼水準？那——這還能再提升並幫助你們的聯運利潤率嗎？還是說這已經差不多到頂了，無法再從那裡擠出更多？

Sure. So on productivity around assets and our people, our driver productivity as well as our tractor productivity has been extremely strong. And clearly, we didn't prefund capacity on the tractor front or the driver front like we have containers. So we do have excess containers still, and there are thousands of loads for us to go grow into that capacity. So certainly, volume growth in Intermodal will continue to help spread fixed cost out over the system and continue to unlock margin improvement.

好的。就資產與人員的生產力而言，我們的司機生產力以及牽引車（tractor）生產力都非常強勁。而且很明顯地，我們在牽引車端或司機端並沒有像貨櫃那樣提前預先投入產能。因此我們仍有多餘的貨櫃，而且有數千筆貨載可讓我們成長以消化那部分產能。所以，聯運的量成長確實會持續幫助我們把固定成本分攤到整個系統，並持續釋放利潤率改善。

I don't want to lean into driver productivity and tractor productivity on the dray front as being a major contributor to margin expansion. I think over the last 12 months, we've really, really did a great job as an organization and the team was very successful in finding productivity benefits, and that is part of our cost-to-serve initiatives that we announced a year ago.

我不想把短途拖運端的司機生產力與牽引車生產力當作利潤率擴張的主要貢獻來源。我認為在過去 12 個月，我們作為一個組織確實做得非常、非常好，團隊也非常成功地找到了生產力效益，而這是我們一年前宣布的服務成本（cost-to-serve）倡議的一部分。

And so we've been successful there, but I don't -- I will always put some pressure on that team for productivity improvement, but I'm not looking for that area to really unlock margin expansion. On the container front, certainly getting back to, call it, 2018 type container terms is certainly where we would anticipate to move. And over the last year or two, seeing that improvement, while we stopped buying containers was one of the ways that has really helped that while we continue to grow into it.

因此我們在那方面確實成功，但我不——我會一直對那個團隊施加一些壓力以持續改善生產力，但我不指望那個領域會真正釋放利潤率擴張。在貨櫃方面，回到大概 2018 年那種貨櫃條件（terms）確實是我們預期要前進的方向。而在過去一兩年，當我們停止購買貨櫃時仍能看到那樣的改善，這也是在我們持續成長消化既有貨櫃的同時，真正帶來幫助的方式之一。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Impressive quarter. I wanted to ask you, have you seen any impacts from at least early on from the Montgomery decision, both looking at ICS as well as the asset-based side? And then if you haven't seen it thus far, what are you expecting down the road from both a capacity as well as an insurance cost standpoint?

令人印象深刻的一季。我想問的是，你們是否已經看到 Montgomery 判決在初期帶來任何影響，無論是在 ICS 或資產型（asset-based）業務端？如果目前尚未看到，那麼從產能以及保險成本的角度，你們預期未來會有什麼影響？

Yeah. I would just say -- this is Nick. So I'll jump in on that. I would say that we've seen more carriers come to our platform and more carriers getting approved. So I think we have seen carriers migrating from small brokers is our speculation on that, trying to go to higher ground. Plus we have a lot of freight, as we've talked about, our volumes are way up.

是的。我只想說——我是 Nick。我來回應這個問題。我會說我們看到更多承運商來到我們的平台，也有更多承運商獲得核准。所以我想我們推測，承運商正從小型經紀商那邊移轉過來，試圖轉往更安全的地方。再加上我們有大量貨量，如同我們談到的，我們的運量大幅上升。

So I think we have a lot of opportunity. But from our standpoint, the Montgomery decision, it's just increased a lot of focus in the carrier selection and broker responsibility, but we already exceeded the federal minimums, and we have dynamic monitoring going on. So no risk exposure increase there for us because we think we've been doing a really, really good job for many years with our safety focus. So -- but we think we have seen more carriers migrate over to our platform because of that.

所以我認為我們有很多機會。但就我們的立場而言，Montgomery 判決只是讓承運商遴選與經紀商責任受到更多關注，但我們本來就高於聯邦最低標準，而且我們有動態監控在進行。因此我們的風險曝險並沒有增加，因為我們認為多年來在安全聚焦方面一直做得非常、非常好。所以——但我們確實認為，因為這件事，我們看到更多承運商移轉到我們的平台。

I might just add, too, this is Brad Hicks. From a dedicated standpoint, in my prepared remarks, I talked about record pipeline -- how much of that is directly related to the outcome of that ruling is hard to say. But I certainly think that along with the other regulatory enforcement and the pressure on drivers, I do think there are examples where shippers want to ensure that they are partnered with the right reliable supply chain partner. And I do think that's a factor. It's really hard to pinpoint to what extent, but I do think that, that is showing up to some degree.

我也補充一下，我是 Brad Hicks。從專屬運輸（dedicated）的角度，在我事先準備的發言中，我提到創紀錄的案源管線（pipeline）——其中有多少是直接與該裁決結果相關，很難說。但我確實認為，連同其他法規執法以及對司機的壓力，我的確看到一些例子是貨主希望確保他們與正確且可靠的供應鏈夥伴合作。我也認為這是一個因素。很難精確指出到什麼程度，但我確實認為，某種程度上已經反映出來。

And Jason, this is Shelley. I would just add that in the driver market, there are specific markets that are as tight as we have ever seen. And so you're facing several markets where you're hearing customers come to us, but also really an advantage for us being on the asset side, thinking about how we attract, recruit and retain the best drivers. And so it is a challenge in the market, but I think it's a welcome challenge for us.

Jason，我是 Shelley。我再補充一點，在司機市場，有些特定市場的緊俏程度是我們前所未見的。因此你會面臨幾個市場：我們聽到客戶來找我們，同時在資產端對我們也是一個優勢，因為我們會思考如何吸引、招募並留任最優秀的司機。所以這在市場上是一項挑戰，但我認為對我們而言是個樂於面對的挑戰。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通（JPMorgan）。

Maybe just two follow-up questions on capacity. Shelley mentioned some of the markets are really tight in terms of the driver size has ever seen. Darren, is that a cause for concern on the drayage side? I know you have a lot in-house, so everybody else probably feels it more than you would. But is that something where if you're already kind of at the top end of productivity, maybe that becomes a little bit more of a challenge.

也許就產能再追問兩個問題。Shelley 提到有些市場在司機供給方面非常緊俏，緊俏程度是前所未見。Darren，這會不會讓短途拖運（drayage）端感到擔憂？我知道你們有很多自有資源，所以其他人可能比你們更有感。但這是否意味著，如果你們的生產力已經在高檔，這可能會變得更具挑戰？

And then if you can just talk through a little bit more about the pulling back some of the containers off of the stacks because I know you're over about 90% right now for the first time in a while. So really peak season discussions already underway. What are you thinking about managing that stack and maybe bringing some of that more to the market?

另外，如果你能再多談一點把部分貨櫃從堆場（stacks）拉回來的作法，因為我知道你們現在已經超過 90% 了，這是好一段時間以來第一次。所以旺季的討論其實已經在進行。你們對於管理那個堆場，以及可能把其中一些更多地釋出到市場，有什麼想法？

Well, certainly, any time there's a challenge with the driver supply, all parts of the supply chain that hire professional truck drivers are going to face some amount of challenge. I think the third-party drayage capacity out there has been under some pressure. And so I do think we have an advantage against our competition given the amount of in-source the amount of company drivers we use. We do partner with outside carriers, though, and have had a lot of success for a number of years to do that, and that will remain an important part of our strategy. But as we see specific markets that are most challenged, we feel that as well.

嗯，當然，只要司機供給出現挑戰，所有聘用專業卡車司機的供應鏈環節都會面臨某種程度的挑戰。我認為外部第三方短途拖運產能一直承受一些壓力。因此我確實認為，相較競爭對手，我們因為採用的內部資源比例、公司司機數量而具備優勢。不過我們也與外部承運商合作，而且多年來在這方面非常成功，這也將仍是我們策略的重要一環。但當我們看到某些最具挑戰的特定市場時，我們也同樣會感受到。

And it just sends customers looking for an intermodal conversion opportunity from the highway that much faster in those markets. And so it just kind of contributes to even more pressure in those markets where we're trying to onboard and hire and grow our driver base so that we can grow with customers, and we'll continue to work on that. As far as the container supply, we don't -- obviously, we manage forecast with customers. We manage expectations. We have a network plan around our volumes.

而這也會讓客戶在那些市場更快地尋找從公路轉換到聯運的機會。因此在那些市場，這會帶來更大的壓力；我們正努力導入、招募並擴大司機隊伍，以便能與客戶一同成長，我們也會持續推進這項工作。至於貨櫃供給，我們不——很明顯地，我們會與客戶一起管理預測。我們管理預期。我們針對我們的運量有一套網路規劃。

And as we see new opportunities come at us, we're going to look for how much capacity do we need to bring out of storage. That's been an ongoing process for us for well over a decade now. It's just been more visible with the amount of equipment we've had in storage over the last few years. So I don't think that our behavior around when to bring containers into the market is any different today than it ever has been, but certainly you can understand and appreciate the question.

而且當我們看到新的機會迎面而來時，我們會評估需要從庫存中釋放多少運能。這對我們而言已經是持續進行、超過十年的流程。只是因為過去幾年我們存放中的設備數量較多，所以更為顯眼。因此我不認為我們在何時把貨櫃投入市場的行為，今天和以往有任何不同；但你們提出這個問題，我當然能理解並且也很認同。

Brian, I would say in Intermodal, it's a strategic advantage for us. And so if you just think about what the market looks like today, it is very, very tight markets. Our customers are coming to us, and that's a direct correlation to the service that they're receiving in the intermodal market. We continue to have strong service performance. I believe that's the operational excellence that's happening inside our intermodal business, and that includes how much that we actually in-source with our own professional drivers.

Brian，我會說在聯運（Intermodal）方面，這對我們是策略性優勢。如果你看看目前市場的樣貌，市場非常、非常吃緊。客戶會來找我們，這與他們在聯運市場中所獲得的服務有直接關聯。我們持續維持強勁的服務表現。我相信這是我們聯運業務內部正在發生的營運卓越，而其中也包括我們實際上有多少是由自有的專業司機來內部承作（in-source）。

Jacob Lacks, Wolfe Research.

Jacob Lacks，Wolfe Research。

Maybe just a follow-up on that. How much capacity for incremental growth do you think you have today within Intermodal? And how do you think about balancing volumes versus pricing going forward? And then is the competitive backdrop in transcon improving at all?

也許就此再追問一下。你認為目前在聯運業務中，還有多少可用於增量成長的運能？以及往後你們如何在量與價之間取得平衡？另外，跨洲線（transcon）的競爭態勢有任何改善嗎？

So first of all, on the volume front, how much excess capacity, I don't know. We've got -- I think for the last couple of years, we've said we've had over 20% available capacity for growth.

首先，就量的部分而言，究竟有多少閒置運能，我不確定。我們——我想過去幾年我們都說，我們有超過20%的可用運能可用於成長。

And then we grew 10%.

然後我們成長了10%。

It's we grew 10%. Good point.

是的，我們成長了10%。說得好。

So, we'll settle on 10%.

所以，我們就先以10%來定調。

And as it relates to the comparison of price versus volume, look, we're in this business and own these assets to generate a return on those investments. And so we certainly balance our pricing opportunity, the volume growth opportunity around how it can contribute to our network and add value and expand our margin. And those decisions are going on every day with the opportunities, and we'll continue to come through the door like that.

至於價格與量的取捨，坦白說，我們投入並持有這些資產，是為了在這些投資上取得報酬。因此我們確實會在定價機會與量的成長機會之間取得平衡，並評估它如何能對我們的網路做出貢獻、創造價值並擴大我們的利潤率。這些決策每天都在隨著機會進行，而未來也會持續有這樣的機會出現。

I think in the transcon competitive space, I do think it has behaved a little bit different than normal and would have expected a little bit more pricing strength there than what we've seen. That has just shown up a lot of rail competitor -- rail-owned asset-based I'm sorry, the rail control competition that we face has been a little more aggressive than what we've seen in the past.

我認為在跨洲線（transcon）的競爭環境中，確實表現得和以往有些不同；我原本預期會看到更強的定價力，但實際上並沒有。這主要反映在鐵路競爭對手——抱歉，是鐵路所控制的資產型競爭——我們面對的鐵路控制型競爭，比過去更具侵略性。

And so there's times when we've been able to use our service quality and our ability to provide benefits to our network to defend that, to win more, to grow. We're not losing share in transcon, but it has been a little bit more difficult pricing environment there. Our prices are improving. I want to make sure everyone hears that. Our prices are up year over year in the transcon. It's just that the truckload capacity market is not as big of an influencer on that market as it is in the East.

因此有些時候，我們能運用服務品質，以及我們為網路提供效益的能力來防守、贏得更多、並推動成長。我們在跨洲線並沒有流失市占，但那裡的定價環境確實更具挑戰。我們的價格正在改善。我想確保大家都聽清楚：我們在跨洲線的價格年對年是上升的。只是整車（truckload）運能市場對該市場的影響力，不像在東部那麼大。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行（Bank of America）。

Nice job on handling the double-digit intermodal load growth into flowing into results. Brad or Darren, if utilization up to 90% and you've got 10% excess capacity, where does utilization get to before you start buying equipment? And can you detail a bit more on the rail service level comments that you made? Are you concerned this is a cap on your growth rates near term? Is there any particular region or market feeling more pain?

你們把聯運裝載量兩位數成長順利轉化到業績結果上，做得很好。Brad 或 Darren，如果使用率到90%，而你們還有10%的閒置運能，那使用率要到什麼程度你們才會開始購買設備？另外能否更詳細說明你們剛才提到的鐵路服務水準評論？你們是否擔心這會在短期內限制你們的成長率？是否有任何特定區域或市場感受到更大的壓力？

Yeah, Ken, let me start with maybe not necessarily correcting my statement. But I think just going back in history and saying, hey, we have 20% capacity and the simple math of saying we grew 10% would suggest 10%. I think there's still opportunities, particularly, and I'll let Darren support this comment.

好的，Ken，我先從也許不算是在更正我的說法開始。但我想回顧一下歷史：我們說有20%的運能，而用簡單數學來看，我們成長了10%，似乎就表示剩下10%。我認為仍然有機會，尤其是——我讓 Darren 來補充這點。

When we're growing in the East, we have opportunities to turn those boxes faster. And so a load isn't necessarily a load in every instance. And so with the growth we're seeing in the East, I think there would be opportunities for us to turn this equipment faster. I don't recall there ever really being a time when we put out an earnings report and you see a length of haul in intermodal below 1,600 miles. I think we've had two consecutive quarters of that.

當我們在東部成長時，我們有機會讓這些箱子周轉得更快。因此在每一種情況下，「一個裝載（load）」不一定都等同於「一個裝載」。所以以我們在東部看到的成長，我認為我們有機會讓設備周轉更快。我不記得曾經有哪個時候，我們發布財報時聯運的平均運距（length of haul）低於1,600英里。我想我們已經連續兩季出現這種情況。

And so the 31% two-year stack growth in the East, if that trend continues there's probably opportunity to get more productivity on that container. And so let's not just get too set in viewing that we only have 10% capacity. And then, Darren, I'll let you take over from there.

因此，東部兩年累計（two-year stack）成長31%，如果這個趨勢持續，可能就有機會讓每個貨櫃的生產力更高。所以不要太快就把觀點固定在「我們只有10%的運能」。接下來，Darren，我把話交給你。

Well, I think on the rail capacity front, look, when you start throwing the amount of growth that has come at those teams in pretty short order, everybody needs a minute to sort of build their plan, understand their resource planning. I'm not at all concerned about rail service moving forward and especially just the commitment to growth capacity and having the people available for our rail providers to operate. And that's universal amongst all of our rail providers. Everyone is very focused on maintaining the right levels of their headcount and their equipment and just all of their ability to do that.

我想就鐵路運能而言，當你在很短時間內把這麼多成長量丟給那些團隊時，每個人都需要一點時間來建立計畫、理解資源規劃。我完全不擔心未來的鐵路服務，尤其是對成長運能的承諾，以及我們的鐵路供應商是否能有足夠人力來營運。這在我們所有鐵路供應商之間都是一致的。大家都非常專注於維持適當的人力編制與設備水準，以及他們達成這些目標所需的一切能力。

So will there be blips along the way if growth shows up unexpected or if we and our customers are unable to forecast it and communicate what's coming, that's what makes me concerned. So I think we're doing a really good job of highlighting information we need and the ability to forecast how much volume is going to come at us and how do we communicate that with our rail providers and everybody is very receptive and the teams have never worked more closely than they are today in preparing for this growth.

所以，如果成長出乎意料地出現，或是我們與客戶無法預測並溝通即將到來的量，那途中會不會有一些小波動（blips）？會的，而這才是讓我擔心的地方。因此我認為我們在凸顯所需資訊方面做得很好，也具備預測將有多少量進來的能力，並且能把這些資訊與鐵路供應商溝通；大家都非常願意配合，而團隊為了準備這波成長，彼此合作的緊密程度也從未像現在這樣。

Hey, Ken, just to add, we are going to challenge ourselves on our turns on our boxes. If you think about a market that we have entered you do get the opportunity to think about the type of freight that you move and how efficient is the freight that you move. And so we'll have an opportunity to really get more efficient on our current boxes, and then we still have several thousand that -- or thousands that are still available and ready for growth. So between those two, we will not put in capital plans until we get confident what our turns can move up to with our base fleet first.

Ken，我再補充一下，我們會挑戰自己提升箱子的周轉率。如果你想想我們進入的一個市場，你確實有機會去思考你運送的貨種，以及你運送的貨有多有效率。因此我們會有機會讓現有箱隊的效率顯著提升；此外，我們仍有數千個——或說好幾千個——仍可用且已準備好支援成長。所以在這兩者之間，在我們先對基礎車隊的周轉率能提升到什麼程度有信心之前，我們不會把資本支出計畫（capital plans）納入。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行（Deutsche Bank）。

I guess just zooming in on some things. First, Darren, I think you said pricing was positive in transcon. So the intermodal pricing that we saw reported ex fuel going positive for the first time since 2022, that's not just driven by mix, right? It's driven by some real same-store pricing growth. I wanted to clarify that.

我想把焦點拉近到幾個點。首先，Darren，我想你說跨洲線（transcon）的定價是正向的。所以我們看到的聯運定價（不含燃油附加費）自2022年以來首次轉正，這不只是組合（mix）帶動，對吧？而是由一些真正的同店（same-store）定價成長所驅動。我想確認一下這點。

And then regarding a little more than normal transcon competition, it was encouraging to hear you're still able to defend share in the market despite that. But we're just trying to understand if there's anything changing that would prohibit intermodal's ability to narrow its gap to TL rates over the next several quarters. You reminded us that could be a very attractive pricing opportunity over time given how wide the spread is. Just yes, I just wanted to see if there's any significant opportunity for JBI or if the competitive environment has changed to make that more or less likely.

接著，關於跨洲（transcon）競爭比正常略高的情況，令人鼓舞的是，儘管如此，你們似乎仍能在市場上守住市占。但我們只是想了解，未來幾個季度是否有任何變化，會阻礙聯運（intermodal）縮小與整車（TL）運價差距的能力。你們提醒我們，鑑於目前價差很大，隨時間推移這可能是一個非常有吸引力的定價機會。所以是的，我只是想確認，對 JBI 而言是否存在任何顯著機會，或競爭環境是否有所改變，使這件事更可能或更不可能發生。

Well, more than anything, I want to make sure 1% positive price on revenue per load ex of fuel is what we reported and is accurate. But as you heard, our Eastern growth is up 16%, where transcon was plus 5%, taking our -- that's a negative to mix. So the positive pricing that's out there is more has been material for us to overcome a negative from the mix. As we grow in the Eastern network, those loads are lower revenue per load units than a transcon load is. That doesn't make it works at a worse margin. That's not at all what I'm saying is it's all contributing to positive benefits inside our network.

嗯，最重要的是，我想先確認我們所報告的、扣除燃油後每載（revenue per load ex of fuel）收入 1% 的正向價格變動是正確且準確的。但如你所聽到的，我們東部業務成長 16%，而跨洲是成長 5%，這使得我們的——在組合（mix）上是個負面因素。因此，市場上存在的正向定價，對我們而言更多是用來抵消組合帶來的負面影響。隨著我們在東部網路擴張，那些貨載的每載收入單位低於跨洲貨載。這並不代表它的利潤率更差。我完全不是這個意思；相反地，這些都在我們網路內部帶來正向效益。

But prices in the transcon, I absolutely believe will absolutely continue to close the gap back to what is their historical norm against truckload over time. It just hasn't -- it hasn't moved as fast because the amount of business that comes to us to convert from the highway to rail in transcon is just a smaller percentage of the opportunities. There's not as much of that business for us to go convert today as there is in the East. And so that's where you see a greater opportunity to impact price mid-cycle with new opportunities that present itself. It's just stronger in the East than it is transcon.

但跨洲的價格，我確實相信，隨著時間推移，會持續縮小與整車之間、回到其歷史常態的差距。只是它——它的變動沒有那麼快，因為在跨洲市場中，能夠從公路轉換到鐵路、並導入到我們這裡的業務量，只占機會的一小部分。今天在跨洲可供我們轉換的業務，沒有東部那麼多。因此，你會看到在景氣循環中段，透過出現的新機會來影響價格的空間更大。簡單說，東部的機會比跨洲更強。

As we move into next year's bid cycle, I fully anticipate the opportunity to talk and work with our customers around inflationary cost and generate positive improvements in our margins on that business as well.

隨著我們進入明年的投標週期（bid cycle），我完全預期會有機會與客戶就通膨成本進行溝通與合作，並在該等業務上帶來我們利潤率的正向改善。

And I want to add -- hey Richa, it's Brad. I want to add something to that and kind of reiterate points that Darren made in some of his prepared comments, but also take a step back and think about our broader portfolio. I mean, in cycles past, everyone sort of understands that intermodal pricing lags truckload pricing. And pricing is typically what drives improvements in financial performance.

我想補充一下——嗨 Richa，我是 Brad。我想在此補充一些內容，並重申 Darren 在他部分事先準備的評論中提到的重點，同時也退一步從我們更廣泛的產品組合來思考。我的意思是，在過去的景氣循環中，大家都理解聯運定價通常落後於整車定價。而定價通常是推動財務表現改善的關鍵。

And I want to just make sure to reiterate, this team has executed extremely well on being very disciplined on cost, controlling what we control, being operationally excellent on safety and service and then obviously giving you guys the update on our cost to serve initiative. And with our two largest segments, both Intermodal and Dedicated that don't really have as quick of a movement in transactional pricing as what we've seen in ICS.

我也想再次強調，這個團隊在成本紀律上執行得非常出色，專注控制我們能控制的部分，在安全與服務的營運上表現卓越，並且也向各位更新了我們的服務成本（cost to serve）計畫。而我們兩個最大的部門——聯運與專屬運輸（Dedicated）——在交易型定價（transactional pricing）的變動速度上，確實不像我們在 ICS 看到的那麼快。

And I think what we'll see in the coming quarters with JBT, our financial performance has largely been driven by what we can control with the benefits of what is happening in the market still to come. And so I fully anticipate Dedicated Intermodal, JBT, ICS, all of the businesses will have the benefit of seeing improved pricing opportunities. But what you've seen executed from the team over the last several quarters has largely been what we can control.

我認為在接下來幾個季度，JBT 的財務表現很大程度上是由我們可控的因素所驅動，而市場端正在發生的事情所帶來的好處仍有待逐步顯現。因此，我完全預期 Dedicated、Intermodal、JBT、ICS——所有業務都將受益於更好的定價機會。但你們在過去幾個季度看到團隊所執行的成果，主要仍是我們能控制的部分。

And so I know pricing is a big topic. We look forward to what the market presents us for opportunities to price to the value we create. Truckload pricing has moved up a lot. We haven't even really seen truckload providers print results yet that show a meaningful movement in contract pricing. And so we'll just see how supply and demand play out in the industry. But I think that there will be opportunities for us to take advantage of what the market presents.

所以我知道定價是一個很大的議題。我們期待市場提供機會，讓我們能依據我們所創造的價值來定價。整車定價已經上升很多。我們甚至還沒有真正看到整車業者公布的結果，顯示合約定價有明顯的上移。因此，我們就看看產業的供需如何發展。但我認為，我們會有機會把握市場所帶來的機會。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

So a couple of things. One, I'm just curious, just coming on talking about Dedicated in the context of what you mentioned on the pipeline and against the start-up timing and how do you think about that modest EBIT growth that you talked about? I don't know if you provided an update around that or sort of the progression as we think from here. And then I just wanted to come back to a volume question again. I think you had mentioned the shape of the peak could look similar. And I just wanted to understand if you mean similar to 2025 as we went from 2Q to 3Q and into 4Q.

我有幾點問題。第一，我想了解一下，談到 Dedicated 時，結合你提到的案源管線（pipeline）以及與啟動（start-up）時點相關的內容，你如何看待你所提到的那個溫和的 EBIT 成長？我不確定你是否有就此提供更新，或我們從現在開始應如何看待其進展。另外我想再回到一次量的問題。我記得你提到旺季的形狀可能看起來相似。我想確認你指的是不是類似 2025 年，也就是我們從第二季到第三季、再進入第四季的那種走勢。

Jordan, this is Brad. I'll start with Dedicated and maybe flip it over to Spencer to reiterate comments on peak. One thing, we've certainly seen the pipeline grow. It's at record levels, even higher than we saw at the peak of COVID. And so I do think that demand for professional dedicated solutions is peaking. Is that a factor of the driver market and the pressure that people are seeing? Yes. Is it a factor on what we're seeing in the one-way rate market and the pressures that shippers are seeing? Yes. I commented already that Montgomery probably plays a role as well.

Jordan，我是 Brad。我先從 Dedicated 談起，然後可能再交給 Spencer 重申他對旺季的評論。有一點是，我們確實看到案源管線在成長。目前處於歷史新高，甚至高於 COVID 高峰時期。因此我確實認為，對專業 Dedicated 解決方案的需求正在達到高峰。這是否與司機市場以及人們所感受到的壓力有關？是的。這是否與我們在單程（one-way）運價市場看到的情況，以及貨主所承受的壓力有關？是的。我先前也提到，Montgomery 可能也扮演一定角色。

But we can't forget that it's often a long sales cycle in Dedicated. Historically, that's 12 to 18 months. There are times when shippers are motivated to go a little faster to introduce those solutions and the value that those solutions create. Hard to say at this point, if we're seeing that speed up decision-making, but we're really excited about not only where we sit with the pipeline, but really just the great performance that our team has had through execution, our safety performance of our professional drivers and really the great work of our field operations and execution supporting our customers and driving value.

但我們不能忘記，Dedicated 的銷售週期往往很長。歷史上大約是 12 到 18 個月。有些時候，貨主會更有動機加快導入這些解決方案，以及這些解決方案所創造的價值。目前還很難說我們是否看到決策加速，但我們對案源管線所處的位置感到非常振奮，同時也對團隊透過執行所展現的優異表現、我們專業駕駛的安全表現，以及我們第一線營運團隊在支援客戶、創造價值方面的出色工作感到非常振奮。

A lot of our growth historically has been organically, and there are numerous conversations and opportunities inside that pipeline growing with customers that we already have. We certainly are always motivated and driven to grow our customer count and grow with new customers, and there's a fair amount of those opportunities inside of our pipeline as well. And so we're really optimistic about where we sit. Really excited about our performance coming through Q2.

我們過去很多成長是有機成長（organic）。在這條持續成長的案源管線中，有許多對話與機會來自我們既有客戶。我們當然也一直有動力、也被驅動去增加客戶數並與新客戶成長，而在我們的案源管線中也有相當多這類機會。因此我們對目前的位置非常樂觀，也對我們在第二季的表現感到非常興奮。

If you really think about close to 100 basis points headwind or pressure on what fuel did coming in at 100 operating ratio in terms of how our fuel surcharge mechanisms work puts us fundamentally inside of our target margins just fairly, but we're excited that we made that step.

如果你仔細想想，燃油在營運比率（operating ratio）上以 100 的方式反映，依照我們燃油附加費（fuel surcharge）機制的運作，等於對我們造成接近 100 個基點的逆風或壓力，這使我們在基本面上仍算是公平地落在目標利潤率區間內，但我們很高興已經邁出那一步。

I'll turn it over to Spencer.

我把時間交給 Spencer。

Yeah. Jordan, I think to your question, I would answer that, that it would be similar to 2025 and also as our volumes move from Q2 to three to four when I talk about shape and timing.

好的。Jordan，針對你的問題，我的回答是：會類似 2025 年；而且當我談到形狀與時點時，我指的是我們的量從第二季走到第三季、再到第四季的那種變化。

David Vernon, Bernstein.

David Vernon，Bernstein。

Just a quick follow-up on driver wages. I mean, Shelley or Nick, could you maybe put some numbers around what kind of wage increases you're seeing out in the marketplace, a little bit about how you guys are positioned for the rest of the broader industry? And if you're talking to a generalist and you're seeing this -- sort of supply-demand problem with labor, if wages go up, where does the industry (inaudible) labor from in this kind of market?

我想就司機薪資做個簡短追問。我的意思是，Shelley 或 Nick，你們能否用一些數字說明一下你們在市場上看到的薪資上調幅度大概是多少，以及你們相較於整個更廣泛產業在接下來的情況下是如何布局的？另外，如果你在跟一般型投資人溝通、也看到這種——勞動力供需問題——如果薪資上升，在這樣的市場裡，產業會從哪裡（聽不清）補充勞動力？

David, you kind of were coming in and out. I think we understand it to be the driver wage question and where do we think the supply of drivers would be coming from? We'll -- I'll let Nick handle that.

David，你的聲音有點斷斷續續。我想我們理解你的問題是關於司機薪資，以及我們認為司機供給會從哪裡來。我們——我讓 Nick 來回答。

Yes. I would just say we are seeing some pressure on driver wages. There are certain markets where we've had high sign-on bonuses and those are increasing. The locations are increasing where we have sign-on bonuses. So the driver market is clearly getting tighter, but that really flows into our sweet spot with our corporate driver personnel and our ability to hire drivers and attract drivers.

是的。我只想說，我們確實看到司機薪資有一些上行壓力。在某些市場，我們提供了較高的到職獎金（sign-on bonus），而這些金額正在增加。我們提供到職獎金的地點也在增加。因此司機市場顯然正在收緊，但這其實正好落在我們的甜蜜點：我們的公司自有司機人員，以及我們招募與吸引司機的能力。

We think it sets us up very well across pretty much every segment. And so we're really excited about that. The second part of the question, where you think you'll get -- I think it will pull some people that maybe have left the industry previously come back into the industry. I also think there'll be some good training opportunities for young people, but that's nothing quick that's going to solve that. So I think we're in for a longer-term answer to get the capacity where it needs to be.

我們認為這讓我們在幾乎每個業務區隔都具備非常好的優勢。所以我們對此非常興奮。至於問題的第二部分，你認為司機供給會從哪裡來——我想這會把一些可能先前離開產業的人拉回來。我也認為會有一些針對年輕人的良好培訓機會，但那不是能快速解決問題的方式。所以我認為，要讓運能回到所需水準，會是一個較長期的解方。

And I think there's always a good source of maybe a lot more military folks come in and some government getting involved on providing some training for people leaving the military. So there's some good sources out there, but there's not a good quick solution tomorrow. So I think that means capacity will remain tight for a while, which that means sets everything up for more intermodal conversions while we get that sorted out on the capacity side.

而且我認為一直都有一個不錯的來源：可能會有更多軍方人員加入，並且政府也可能介入，為退伍軍人提供一些培訓。所以外面確實有一些不錯的來源，但明天就能見效的快速解方並不存在。因此我認為運能會在一段時間內維持緊俏，而這也意味著，在我們把運能端的問題理順之前，一切都會更有利於更多的鐵路聯運（intermodal）轉換。

I was just going to expand on one of Nick's comments around our corporate driver personnel. And I think we've talked about this over the years, but we have tremendous experience. We believe that it is a competitive advantage for us, and we believe that we are positioned to outperform the market with respect to attract, recruit and retain drivers. And so while this pressure is felt across the entire industry, we think that we're best positioned to succeed when that pressure exists. And I think that we've proven that in our history in the past. And I think that we're already seeing signs of being able to win in this environment that we find ourselves in right now.

我只是想就 Nick 提到的我們公司自有司機人員再補充一下。我想我們多年來一直談到這點，我們擁有非常豐富的經驗。我們相信這是我們的競爭優勢，也相信在吸引、招募與留任司機方面，我們具備超越市場的能力。因此，雖然整個產業都感受到這股壓力，但我們認為在壓力存在時，我們是最有利位置、最有機會成功的。而且我認為我們過去的歷史已經證明了這一點。我也認為我們已經開始看到一些跡象，顯示我們能在目前所處的環境中勝出。

Yeah. That's exactly what I was going to say, Brad. Just a couple of comments. This has been a long time coming. So very welcoming to be in this part of the cycle. And if you look at our performance over the past decade, and if you look at when the periods of tightness occurred, you will see the organization thrives during those periods because our customers get constrained, since you talked about that, and they come to who they trust and they trust our people.

是的。Brad，這正是我本來要說的。再補充幾點。這其實是醞釀很久才出現的情況。所以很樂見我們正處於這個循環階段。如果你看我們過去十年的表現，以及在運能緊俏的時期，你會看到公司在那些期間表現得非常好，因為我們的客戶會受到限制——你剛才也提到——他們會轉向他們信任的對象，而他們信任我們的人。

And so what makes it great for us to work with our customers is we can help them with conversion in intermodal, we can build better fleets for them, and we have plenty of capacity to help them on the highway and Final Mile side. So I think we are best set up and positioned to do very well in this cycle.

因此，對我們來說，與客戶合作之所以很棒，是因為我們可以協助他們在鐵路聯運上做轉換，我們可以為他們打造更好的車隊，而且我們在公路運輸以及最後一哩（Final Mile）業務方面也有充足的運能來支援他們。所以我認為，在這個循環中，我們的準備最充分、定位也最好，能夠有非常好的表現。

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。

This quarter was a great example of what we do best. Our teams stayed focused. We executed. We're serving our customers, operated safely and just made great disciplined decisions and that strengthened our business. And that will happen even over time, you'll see more strengthening.

本季是我們最擅長之事的一個絕佳例子。我們的團隊保持專注。我們落實執行。我們服務客戶、安全營運，並且做出非常出色且嚴謹自律的決策，進而強化了我們的業務。而且即使隨著時間推移，你也會看到更進一步的強化。

But the results reflect the strength of the foundation we've been building and the work we've done, we've improved our efficiency. We've lowered our cost to serve and the decision to retain our talent through one of the most prolonged freight recessions our industry has experienced, I believe, we are seeing the benefit and we'll only continue to see more benefit going forward.

但這些成果反映了我們一直在打造的基礎之強韌，以及我們所做的努力；我們提升了效率。我們降低了服務成本（cost to serve），而且我相信，在我們產業所經歷最漫長的貨運衰退之一期間仍決定留住人才，我們正在看到其效益，且未來只會看到更多效益。

They've made us a stronger company not just for this cycle, but for any cycle. Because of the work of our 31,000 people, we are entering the second half of the year with momentum and clear focus on creating long-term value for our customers and our shareholders. Thanks for your time, continued support and can't wait to update you next quarter.

這些努力讓我們不僅在這個循環中更強，也讓我們在任何循環中都更強。憑藉我們 31,000 名員工的努力，我們帶著動能進入下半年，並清楚聚焦於為客戶與股東創造長期價值。感謝各位撥冗、持續支持，也期待在下個季度向各位更新。

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。