J B Hunt Transport Services Inc (JBHT) 2022 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's J.B. Hunt First Quarter 2022 Earnings Webcast. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 J.B. Hunt 2022 年第一季度收益網絡直播。我的名字是漢娜，我將擔任今天電話會議的主持人。 （操作員說明）

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

我現在想將會議轉交給財務高級副總裁 Brad Delco。請繼續。

Thank you, operator, and good afternoon. Before I introduce the speakers, I would like to take some time to provide some disclosures regarding forward-looking statements.

謝謝接線員，下午好。在介紹演講者之前，我想花一些時間提供一些有關前瞻性陳述的披露。

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

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。預期、預期、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。這些陳述基於 J.B. Hunt 目前的計劃和預期，並涉及可能導致未來活動和結果與前瞻性陳述中所述內容存在重大差異的風險和不確定性。有關風險因素的更多信息，請參閱 J.B. Hunt 的 10-K 表格年度報告以及其他報告和提交給證券交易委員會的文件。

Now I would like to introduce the speakers on today's call. This afternoon, I'm joined by our CEO, John Roberts; our CFO, John Kuhlow; Shelley Simpson, our Chief Commercial Officer and EVP of People and Human Resources; Nick Hobbs, Chief Operating Officer and President of Contract Services; Darren Field, President of Intermodal; and Brad Hicks, President of Highway Services.

現在我想介紹一下今天電話會議的發言者。今天下午，我們的首席執行官約翰·羅伯茨 (John Roberts) 加入了我的行列；我們的首席財務官 John Kuhlow； Shelley Simpson，我們的首席商務官兼人力資源部執行副總裁； Nick Hobbs，首席運營官兼合同服務總裁；多式聯運總裁 Darren Field；和公路服務總裁 Brad Hicks。

At this time, I'd like to turn the call to our CEO, Mr. John Roberts, for some opening comments. John?

在這個時候，我想把電話轉給我們的首席執行官約翰·羅伯茨先生，請他發表一些開場白。約翰？

Thanks, Brad, and good afternoon. Thank you for joining our call today. We see the start of 2022 and this first quarter report as both encouraging and revealing. While overall labor and other supply chain issues have continued, we leveraged experience, focus and technology to move through this period with success.

謝謝，布拉德，下午好。感謝您今天加入我們的電話會議。我們認為 2022 年初和第一季度報告既令人鼓舞又具有啟發性。儘管整體勞動力和其他供應鏈問題仍在繼續，但我們利用經驗、重點和技術成功度過了這一時期。

Execution across all disciplines within the organization is running at solid performance levels, yet we have clear opportunities for improvement. Our equipment utilization continues to underperform due to consistent challenges with philosophy and the persistency for new driver hires.

組織內所有學科的執行都在穩定的績效水平上運行，但我們有明顯的改進機會。由於理念的持續挑戰和新司機僱用的持續性，我們的設備利用率繼續表現不佳。

We added 1,889 net drivers during 2021 and have so far increased our driver force by just over 1,400 this year. Our hiring teams are built out to levels not seen before in our history. The increased ability to improve hiring performance are enabled by the increases in driver compensation, improved benefits, reliable schedules with predictable home time and a company environment centered on growth for future career expansion.

我們在 2021 年增加了 1,889 名淨司機，今年迄今已增加了 1,400 多名司機。我們的招聘團隊達到了我們歷史上前所未有的水平。司機薪酬的增加、福利的改善、可靠的日程安排和可預測的家庭時間以及以未來職業擴展為中心的公司環境，使提高招聘績效的能力得到提高。

For the past 18 months, our entire people and human resources discipline has been in a comprehensive refresh, presenting the opportunity to make meaningful changes in the quality of services these capable teams can bring to the most critical area of our business, all of our people, current and new.

在過去的 18 個月中，我們的整個人員和人力資源學科都在全面更新，提供了對這些有能力的團隊可以為我們業務的最關鍵領域、我們所有的員工帶來的服務質量做出有意義的改變的機會，當前和新的。

As noted, we announced a multiyear expansion plan for our Intermodal fleet recently, coinciding with the renewed commitment between BNSF and JBHT. The opportunities that lie ahead in serving our customers are rejuvenated by this commitment, and we anticipate leveraging this unique and industry-leading position. The transportation dynamics of driver shortages and increasing labor costs, high fuel prices, congestion, reliable capacity, not to mention the remarkable impacts that Intermodal has in the Scope 3 emission reductions for our shippers gives us confidence in our decisions here.

如前所述，我們最近宣布了一項多式聯運車隊的多年擴張計劃，這與 BNSF 和 JBHT 之間的新承諾相吻合。這一承諾重振了為客戶服務的機會，我們預計將利用這一獨特的行業領先地位。司機短缺和勞動力成本增加、高燃料價格、擁堵、可靠運力的運輸動態，更不用說多式聯運對我們的托運人在範圍 3 減排方面產生的顯著影響，讓我們對我們在這裡的決定充滿信心。

Another important recent development is the formation of our Inclusion Council consisting of a highly cross-functional group of managers and executives whose purpose is to continue to guide the organization towards new awareness and actions. This will no doubt make us a better company.

另一個重要的近期發展是我們的包容性委員會的成立，該委員會由高度跨職能的經理和高管組成，其目的是繼續引導組織實現新的認識和行動。毫無疑問，這將使我們成為一家更好的公司。

Our leadership team is here and will cover each business more specifically for you. But before that, I will turn the call over to John Kuhlow for his thoughts on the quarter. John?

我們的領導團隊在這裡，將為您更具體地涵蓋每項業務。但在此之前，我會將電話轉給 John Kuhlow，了解他對本季度的看法。約翰？

Thank you, John, and good afternoon, everyone. My comments today will review our recent performance in the quarter, providing some additional perspective to the results on a consolidated level. I'll provide a quick update on capital expenditure plans for the year, and then I'll spend a little bit more time talking about our priorities around our capital allocation in light of recent market events and opportunities we see to capitalize on long-term sustainable growth in our business.

謝謝你，約翰，大家下午好。我今天的評論將回顧我們在本季度的近期表現，為綜合層面的結果提供一些額外的視角。我將提供有關本年度資本支出計劃的快速更新，然後根據最近的市場事件和我們看到的利用長期資本的機會，我將花更多時間討論我們圍繞資本配置的優先事項我們業務的可持續增長。

Overall, we are pleased with our performance for the first quarter of the year, highlighted by revenue growth of 33% and operating income growth of 61% versus the prior year period. These results were tempered by some fairly meaningful labor challenges at the start of the quarter related to Omicron variant outbreak. The most notable impact from this challenge was in our DCS business as driver availability and productivity were impacted.

總體而言，我們對今年第一季度的業績感到滿意，與去年同期相比，收入增長了 33%，營業收入增長了 61%。這些結果因本季度初與 Omicron 變異爆發相關的一些相當有意義的勞動力挑戰而有所緩和。這一挑戰最顯著的影響是在我們的 DCS 業務中，因為驅動程序的可用性和生產力受到了影響。

We also saw challenges in our rail velocity and Intermodal and in product availability in our FMS network. That said, the market tightness presented our highway businesses opportunities to step in to meet customer needs and our technology platform, J.B. Hunt 360, provided us an efficient effective avenue to source capacity for and on behalf of our customers. This continues to prove out the resiliency of our multimodal business model and our broader, mode-agnostic supply chain solutions offering.

我們還看到了鐵路速度和多式聯運以及 FMS 網絡中產品可用性方面的挑戰。也就是說，市場緊張為我們的高速公路業務提供了介入以滿足客戶需求的機會，而我們的技術平台 J.B. Hunt 360 為我們提供了一種為客戶和代表客戶採購容量的有效途徑。這繼續證明了我們的多式聯運業務模式和我們更廣泛的、與模式無關的供應鏈解決方案的彈性。

We have discontinued providing COVID-related costs on a quarterly basis a few quarters ago as the numbers were not meaningful to our consolidated results, but we did incur a little over $7 million in direct COVID-related costs for paid time off for those needing quarantine and also for those needing time to get vaccinated in the quarter.

由於這些數字對我們的綜合結果沒有意義，我們已在幾個季度前停止按季度提供與 COVID 相關的費用，但我們確實為需要隔離的帶薪休假支付了略高於 700 萬美元的直接 COVID 相關費用也適用於那些需要時間在本季度接種疫苗的人。

Weather also presented some challenges to our network businesses, but no more or less than what we had expected given our line of work. I would say, similar to my comments last quarter, labor continues to be an area with the greatest inflationary pressure in both professional driver and nondriver salary wages and benefits, and we expect that trend to continue throughout the remainder of the year.

天氣也給我們的網絡業務帶來了一些挑戰，但不比我們預期的工作要多或少。我想說，與我上個季度的評論類似，勞動力仍然是專業司機和非司機工資和福利中通脹壓力最大的領域，我們預計這一趨勢將在今年剩餘時間內持續下去。

In the first quarter, we recognized approximately $18 million of gains on sale of equipment in the quarter, which are atypical for us. We had very few trades last year as we hold most of our equipment to support our organic growth. Below the line, our tax rate was 24.4%, slightly lower, while our interest expense was modestly higher year-over-year, netting us to GAAP EPS of $2.29 or a 67% increase year-over-year.

在第一季度，我們在該季度確認了大約 1800 萬美元的設備銷售收益，這對我們來說是非典型的。去年我們的交易很少，因為我們持有大部分設備來支持我們的有機增長。低於該線，我們的稅率為 24.4%，略低，而我們的利息支出同比略有增加，使我們的 GAAP 每股收益為 2.29 美元，同比增長 67%。

Continuing to maintain a strong balance sheet with $145 million of cash, 0 drawn on our revolver and up to $750 million capacity on the revolver and our net debt balance remains below our targeted level of 1x trailing EBITDA at 0.6. Last quarter, I provided CapEx plans of $1.5 billion for the year. And while we are slightly behind plan through the first quarter due to continued constraints and equipment availability, $1.5 billion remains our target for 2022.

繼續保持強勁的資產負債表，現金為 1.45 億美元，我們的左輪手槍為 0，左輪手槍的容量高達 7.5 億美元，我們的淨債務餘額仍低於我們 1 倍尾隨 EBITDA 的目標水平 0.6。上個季度，我提供了 15 億美元的年度資本支出計劃。儘管由於持續的限制和設備可用性，我們在第一季度略微落後於計劃，但 15 億美元仍然是我們 2022 年的目標。

A quick update on our capital allocation priorities is that it hasn't changed. We will continue to prioritize supporting the growth of our business with reinvestment as needed, remaining committed to our investments in capacity to help serve our growing customer base. We recently increased our quarterly dividend to $0.40 a share or 33% from prior levels and keeping with our dividend strategy.

我們的資本分配優先事項的快速更新是它沒有改變。我們將繼續優先支持我們的業務增長，並根據需要進行再投資，繼續致力於我們的產能投資，以幫助服務於我們不斷增長的客戶群。我們最近將季度股息提高到每股 0.40 美元，或從之前的水平提高了 33%，並與我們的股息策略保持一致。

We also intend to incorporate mindful share repurchases and opportunistically execute on M&A opportunities. We remain conservatively leveraged to maintain our investment-grade rating. However, we are not afraid to increase leverage as opportunities arise.

我們還打算結合謹慎的股票回購和機會主義地執行併購機會。我們仍然保守地利用槓桿來維持我們的投資級評級。然而，我們並不害怕在機會出現時增加槓桿。

I'd like to reemphasize that investments in our business will continue to be supported by sound financial discipline and maintaining fair and reasonable returns on our invested capital. This keeps our business strong, healthy and capable of growing to meet the growing needs of our customers.

我想再次強調，對我們業務的投資將繼續得到健全的財務紀律和保持公平合理的投資資本回報的支持。這使我們的業務保持強勁、健康並能夠不斷增長，以滿足客戶不斷增長的需求。

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

我的發言到此結束，我現在把它交給雪萊。

Thank you, John, and good afternoon. My commercial update will focus on general market conditions and how we are serving our customers' needs by leveraging our investments in our people, our physical assets and our multimodal digital freight platform, J.B. Hunt 360. I'll provide an update on bid season, which will provide some insight into our expectations for the year. And finally, I'll provide some priorities that our organization will be focused on achieving this year for our people and for and on behalf of our customers.

謝謝你，約翰，下午好。我的商業更新將側重於一般市場狀況以及我們如何通過利用我們對人員、我們的實物資產和我們的多式聯運數字貨運平台 J.B. Hunt 360 的投資來滿足客戶的需求。我將提供投標季節的最新信息，這將為我們對今年的預期提供一些見解。最後，我將提供一些優先事項，我們的組織今年將專注於為我們的員工以及為我們的客戶和代表我們的客戶實現這些目標。

As has been the case much of the last 2 years, the market remains extremely dynamic, as also evidenced by our experience in the first quarter with disruptions across the supply chain related to the Omicron variant, weather events across the network, labor availability and rapidly rising fuel and commodity costs. We believe our mode-agnostic approach with our assets and technology platform, J.B. Hunt 360, both of which are powered and enabled by our people, allow us to dynamically meet and respond to the needs of our customers.

與過去 2 年的大部分時間一樣，市場仍然非常活躍，我們在第一季度的經驗也證明了這一點，與 Omicron 變體相關的整個供應鏈中斷、整個網絡的天氣事件、勞動力可用性和快速燃料和商品成本上升。我們相信，我們的資產和技術平台 J.B. Hunt 360 採用與模式無關的方法，這兩者都由我們的員工提供支持和支持，使我們能夠動態地滿足和響應客戶的需求。

As the quarter progressed, the market finally began to find more balance, which was evidenced by the expansion in margin we saw in our Highway Services segment. As we have discussed for some time, freight has been moving inefficiently over the last 2 years, creating additional costs for our customers and additional costs for our business.

隨著季度的進展，市場終於開始找到更多的平衡，我們在公路服務部門看到的利潤率擴大就是證明。正如我們一段時間以來所討論的，過去 2 年貨運效率低下，給我們的客戶和我們的業務帶來了額外的成本。

Five years ago, we launched internally our cycle of innovation to disrupt, adapt and to accelerate, which happened to coincide with the launch of J.B. Hunt 360. As we hit the 5-year anniversary for J.B. Hunt 360, I'd like to reflect on our journey and our investments. The investments we have made are intended to disrupt our industry. We, as an organization, had to adapt and make sure we had the right organizational structure and processes in place to execute our strategy.

五年前，我們在內部啟動了顛覆、適應和加速的創新周期，這恰好與 J.B. Hunt 360 的推出相吻合。當我們迎來 J.B. Hunt 360 的 5 週年紀念日之際，我想反思一下在我們的旅程和我們的投資。我們所做的投資旨在顛覆我們的行業。作為一個組織，我們必須適應並確保我們擁有正確的組織結構和流程來執行我們的戰略。

A month before the pandemic began, our organization transitioned to the theme accelerate. Going forward, we will continue with our current theme to accelerate. We will accelerate the speed at which we serve our customers, accelerate our investments in areas with promising long-term growth potential and accelerate our ability to react to the needs of our customers. Under this theme of acceleration, we will remain focused on opportunities to add value to our customers as our people, technology and assets come together to provide highly engineered cost-saving solutions. We believe this remains the right recipe for long-term compounding sustainable growth, and we will continue to approach the market that way while maintaining our financial discipline on fair and appropriate returns on our capital.

大流行開始前一個月，我們的組織過渡到主題加速。展望未來，我們將繼續推進當前的主題。我們將加快為客戶提供服務的速度，加快在具有長期增長潛力的領域的投資，並加快我們對客戶需求做出反應的能力。在加速這一主題下，我們將繼續專注於為客戶增加價值的機會，因為我們的人員、技術和資產共同提供高度工程化的成本節約解決方案。我們相信，這仍然是實現長期復合可持續增長的正確方法，我們將繼續以這種方式進入市場，同時保持我們的財務紀律，確保我們的資本獲得公平和適當的回報。

We are now almost halfway through bid season, and we're extremely encouraged by the feedback and the confidence that our customers have in us to deliver an efficient and cost-effective solution for their shipping needs. As we sit here today, demand for our services and, in particular, the asset side of our business, is the strongest I've seen in my 27-year career at the company. And this demand continues to put pressure on our need for more equipment and people.

我們現在已經接近投標季節的一半，客戶對我們的反饋和對我們的信心感到非常鼓舞，他們可以為他們的運輸需求提供高效且具有成本效益的解決方案。今天我們坐在這裡，對我們服務的需求，特別是對我們業務的資產方面的需求，是我在公司 27 年職業生涯中看到的最強勁的。這種需求繼續對我們對更多設備和人員的需求施加壓力。

Going forward, we have a lot of confidence in our plan to grow our capacity. And we believe it's a matter of when, not if, some of the labor challenges, which includes our rail providers, will moderate and ultimately assist us with improved fluidity. With elevated energy prices, customers are needing and expecting a lot from us, but capacity in an intermodal network remains extremely tight. Thankfully, our scroll of services allow us to continue to offer capacity solutions and say yes to our customers with our ability to source that capacity in the marketplace for J.B. Hunt 360.

展望未來，我們對擴大產能的計劃充滿信心。我們相信，包括我們的鐵路供應商在內的一些勞動力挑戰將緩和並最終幫助我們改善流動性，這只是時間問題，而不是是否。隨著能源價格的上漲，客戶對我們的需求和期望都很高，但多式聯運網絡的容量仍然非常緊張。值得慶幸的是，我們的服務滾動使我們能夠繼續提供容量解決方案，並通過我們在市場上為 J.B. Hunt 360 採購該容量的能力向我們的客戶說“是”。

Finally, I want to take some time to provide you some of our priorities for the year. As I discussed last quarter, we believe that market dynamics will present us with a lot of opportunities to grow, and that remains the case today as well as a priority. But I also believe our opportunity to provide and create efficiencies for our customers is greater this year than at any point in the last 2 years.

最後，我想花一些時間向您介紹我們今年的一些優先事項。正如我上個季度所討論的那樣，我們相信市場動態將為我們提供很多增長機會，今天仍然如此，也是一個優先事項。但我也相信，今年我們為客戶提供和創造效率的機會比過去兩年的任何時候都要大。

Our investments in our container fleet, trailing fleet, technology and people have us in the best position to provide the right solutions for our customers in 3 key areas: cost, capacity and service, more than any point since the beginning of this pandemic. I strongly believe in our team's ability to execute for and on behalf of our customers, delivering value and efficient solutions, and this will remain our priority as well as it has always. This strategy, combined with our financial discipline, gives us even greater confidence as we have set out to achieve our mission to create the most efficient transportation network in North America.

我們對集裝箱船隊、尾隨船隊、技術和人員的投資使我們處於最佳位置，可以在三個關鍵領域為我們的客戶提供正確的解決方案：成本、容量和服務，這比疫情開始以來的任何時候都更重要。我堅信我們的團隊有能力代表我們的客戶執行任務，提供有價值和高效的解決方案，這將一如既往地成為我們的首要任務。這一戰略與我們的財務紀律相結合，讓我們更加自信，因為我們已經著手實現我們創建北美最高效交通網絡的使命。

That concludes my comments. I'd now like to turn it over to Nick.

我的評論到此結束。我現在想把它交給尼克。

Thank you, Shelley, and good afternoon. Today, I'm going to review the performance of both our Dedicated and Final Mile segments as well as give some updated thoughts on current trends in some of our high-level expectations as we move throughout the year. I will also provide some perspective on the current challenges we face and the industry are facing in sourcing both equipment and professional drivers. I'll start my comments on Dedicated.

謝謝你，雪萊，下午好。今天，我將回顧我們的“專用”和“最後一英里”細分市場的表現，並就我們全年發展的一些高水平預期的當前趨勢提供一些最新的想法。我還將就我們當前面臨的挑戰以及行業在採購設備和專業司機方面面臨的挑戰提供一些觀點。我將開始對 Dedicated 發表評論。

At the expense of sounding like a broken record, our Dedicated business continues to have a lot of momentum as our backlog and pipeline for new business and start-ups continues to build to record levels. After coming off a record year of selling roughly 2,500 trucks in 2021, the first quarter kept pace with around 600 trucks sold in what is normally a slower time of the year for new business sales. As it pertains to the results in the quarter, revenue grew 28%, driven primarily by the average fleet size that was about 2,000 trucks or 20% larger than a year ago, which I believe is a true standout for our organization and in the industry.

以聽起來像破紀錄為代價，我們的專用業務繼續保持強勁勢頭，因為我們的新業務和初創企業的積壓和管道繼續達到創紀錄的水平。在結束了 2021 年銷售約 2,500 輛卡車的創紀錄年份之後，第一季度與新業務銷售通常較慢的一年中銷售的約 600 輛卡車保持同步。就本季度的結果而言，收入增長了 28%，這主要是由於平均車隊規模約為 2,000 輛卡車或比一年前增加了 20%，我認為這對我們的組織和行業來說是真正的佼佼者.

Margins in the quarter remained under pressure despite improving sequentially as a result of start-up costs as we onboarded almost half the accounts in the first quarter than what we did all of last year. I will also share that our operations and productivity were negatively impacted by labor challenges brought on by Omicron variant in January and weather events in February. That only added to some of the start-up expenses we incurred. That said, and hopefully, with COVID and weather events largely behind us, we saw performance and momentum out of the segment in March, which we believe should carry forward.

儘管由於啟動成本導致連續改善，但本季度的利潤率仍然面臨壓力，因為我們在第一季度加入了幾乎一半的賬戶，而不是去年全年。我還將分享我們的運營和生產力受到 1 月份 Omicron 變體和 2 月份天氣事件帶來的勞動力挑戰的負面影響。這只會增加我們產生的一些啟動費用。話雖如此，但希望隨著 COVID 和天氣事件在很大程度上落後於我們，我們在 3 月份看到了該細分市場的表現和勢頭，我們認為這應該會繼續下去。

Our new accounts onboarded last year are performing as expected, which gives us confidence in our approach to the market, and our annual price escalators will continue to protect us against broader inflationary pressures. Our concerns remain on both equipment and labor availability, namely professional drivers as our needs for both remain extremely elevated and may ultimately govern our pace of growth if demand remains or accelerates from current levels.

我們去年加入的新賬戶表現符合預期，這讓我們對我們的市場方法充滿信心，我們的年度價格上漲將繼續保護我們免受更廣泛的通脹壓力。我們仍然擔心設備和勞動力的可用性，即專業驅動因素，因為我們對兩者的需求仍然非常高，如果需求保持或從當前水平加速，最終可能會控制我們的增長速度。

In terms of priorities going forward, we will remain focused on the execution of our growth plan as well as maintaining our culture of operational excellence, high service and safety, which supports the value we deliver to our customers.

在未來的優先事項方面，我們將繼續專注於執行我們的增長計劃，並保持我們卓越運營、優質服務和安全的文化，這支持我們為客戶提供的價值。

Shifting to Final Mile. Revenue grew about 8% versus previous year period, driven by newly awarded accounts over the last year, but offset by some of the supply chain challenges impacting some of the primary markets we serve in this segment, namely appliances and furniture. We also announced and closed on the acquisition of Zenith Freight lines in the quarter, which contributed about $10 million in revenue for the 1 month it was consolidated in our results.

轉移到最後一英里。收入與去年同期相比增長了約 8%，這主要得益於去年新獲得的客戶，但被影響我們在該領域服務的一些主要市場（即電器和家具）的一些供應鏈挑戰所抵消。我們還在本季度宣布並完成了對 Zenith Freight Lines 的收購，這在合併到我們業績中的 1 個月內貢獻了約 1000 萬美元的收入。

We continue to make investments in our service quality and performance in order to differentiate ourselves in the market. We believe these investments are wise over the long term as safety and service will be the cornerstone to our long-term growth and success.

我們繼續對我們的服務質量和性能進行投資，以便在市場上脫穎而出。我們相信這些投資從長遠來看是明智的，因為安全和服務將是我們長期增長和成功的基石。

As we discussed last quarter, we are coming off a strong year of new business sales, giving us confidence in our differentiated service product. This confidence supported our decision to put some of our underperforming business at risk which we have done over the last few months. While it's too early to come to conclusions on all the underperforming accounts, we have been successful at getting meaningful rate increases at several accounts that should support better earnings and margin performance ahead. We remain focused on generating appropriate financial returns on our business so we can reinvest to provide more capacity and services for our customers. Going forward, our priorities remain investing in the business to support its growth but with some greater emphasis on improving the profitability in this segment in 2022.

正如我們上個季度所討論的，我們即將迎來新業務銷售強勁的一年，這讓我們對我們的差異化服務產品充滿信心。這種信心支持我們決定將我們在過去幾個月中所做的一些表現不佳的業務置於風險之中。雖然現在對所有表現不佳的賬戶下結論還為時過早，但我們已經成功地在幾個賬戶上實現了有意義的加息，這應該會支持未來更好的收益和利潤率表現。我們仍然專注於為我們的業務產生適當的財務回報，以便我們可以進行再投資，為我們的客戶提供更多的容量和服務。展望未來，我們的優先事項仍然是投資於該業務以支持其增長，但更加強調在 2022 年提高該領域的盈利能力。

Closing out with some operational updates. As I alluded to in my dedicated comments, the equipment market and professional driver market remain extremely tight. We have clearly had success growing our equipment levels and professional driver workforce to meet the most of the needs of our Intermodal and Dedicated businesses. But let me be clear, it hasn't been easy, and it certainly hasn't been cheap. We have relied heavily on some of our key OEMs to help support our growth. But I'm afraid it's not enough, and we're exploring new suppliers across all of our areas of need to support our growth.

以一些操作更新結束。正如我在專門評論中提到的那樣，設備市場和專業車手市場仍然非常緊張。我們顯然已經成功地提高了我們的設備水平和專業司機隊伍，以滿足我們多式聯運和專用業務的大部分需求。但讓我明確一點，這並不容易，而且肯定不便宜。我們嚴重依賴我們的一些主要 OEM 來幫助支持我們的增長。但恐怕這還不夠，我們正在所有需要的領域探索新的供應商，以支持我們的增長。

That concludes my remarks, so I'll turn it over to Darren.

我的發言到此結束，所以我將把它交給達倫。

Thank you, Nick, and hello to everyone on the call. My comments this afternoon will recap the performance of our Intermodal business in the quarter. I will also want to give some comments on our recent joint announcement with the BNSF to improve intermodal capacity challenges and what our priorities are for the business as we continue to invest in our people and capacity for meeting the strong and growing demand for intermodal services in the months, quarters and years ahead.

謝謝你，尼克，大家好。我今天下午的評論將回顧我們本季度多式聯運業務的表現。我還想就我們最近與 BNSF 聯合宣布改善多式聯運運力挑戰發表一些評論，以及隨著我們繼續投資於我們的人員和滿足多式聯運服務強勁且不斷增長的需求的能力，我們的業務優先事項是什麼未來的幾個月、幾個季度和幾年。

I'll start with the performance of the Intermodal segment in the quarter. Demand for the intermodal capacity remained extremely strong throughout the first quarter, and importantly, it remains so today. As has been the case for some time, our ability to execute on all of the demand for our intermodal capacity was hampered by rail velocity and, to a lesser extent, the detention of our equipment from customers. Box turns did deteriorate sequentially from fourth quarter, which is in line with seasonality, but nonetheless, still disappointing at current levels.

我將從本季度多式聯運部門的表現開始。整個第一季度對多式聯運能力的需求仍然非常強勁，重要的是，今天仍然如此。與一段時間以來的情況一樣，我們滿足多式聯運能力的所有需求的能力受到鐵路速度的阻礙，並且在較小程度上，我們的設備被客戶扣留。從第四季度開始，箱轉數確實連續惡化，這符合季節性，但在目前的水平上仍然令人失望。

The Omicron variant did impact labor availability for our rail providers and our customers and in our operations as well. And thankfully, those trends did improve as the quarter progressed, particularly for our customers as well as in our operations.

Omicron 變體確實影響了我們的鐵路供應商和客戶以及我們的運營中的勞動力可用性。值得慶幸的是，隨著季度的進展，這些趨勢確實有所改善，尤其是對我們的客戶以及我們的運營而言。

Volumes for the month -- for the quarter were down 1% in January, plus 17% in February and plus 6% in March. Keep in mind, February was a fairly easy comp due to some weather events in 2021. We were successful at onboarding over 4,300 containers in the quarter, and I am proud of our team for their execution on that front, which puts us in better position to meet the growing needs of our customers. We plan on taking delivery of the remaining balance of the 6,000 containers from our 2021 order during the second quarter. We did see approximately $14 million in gains on sale of equipment, which is unusual for us, but nonetheless should be transparently disclosed. Importantly, the core of our business is performing well in light of the inflationary and fluidity challenges facing the business and network, which is supported by our people running the operations and our customers who value our service offering.

本月的交易量——本季度在 1 月份下降了 1%，在 2 月份下降了 17%，在 3 月份下降了 6%。請記住，由於 2021 年的一些天氣事件，2 月是一個相當容易的比賽。我們在本季度成功裝載了 4,300 多個集裝箱，我為我們的團隊在這方面的執行感到自豪，這使我們處於更好的位置以滿足客戶不斷增長的需求。我們計劃在第二季度從 2021 年的訂單中接收剩餘的 6,000 個集裝箱。我們確實看到了大約 1400 萬美元的設備銷售收益，這對我們來說是不尋常的，但仍然應該透明地披露。重要的是，鑑於業務和網絡面臨的通貨膨脹和流動性挑戰，我們業務的核心表現良好，這得到了我們運營業務的人員和重視我們服務的客戶的支持。

During the last quarter, J.B. Hunt and BNSF announced a joint initiative to substantially improve capacity in the intermodal marketplace while meeting the expanding needs of our current customers. This is an important moment for our organization as the largest railroad and domestic intermodal carrier will be collaborating even more closely together to provide an unparalleled intermodal product, leveraging the talents, skills and technologies of both companies to provide a seamless door-to-door solutions for our customers.

在上個季度，J.B. Hunt 和 BNSF 宣布了一項聯合計劃，旨在大幅提高多式聯運市場的容量，同時滿足我們當前客戶不斷擴大的需求。這是我們組織的重要時刻，因為最大的鐵路和國內多式聯運承運人將更加緊密地合作，提供無與倫比的多式聯運產品，利用兩家公司的人才、技能和技術，提供無縫的門到門解決方案為我們的客戶。

With some channel partners leaving the BNSF network, we were provided an opportunity and have developed a plan to grow our intermodal container count to 150,000 in the next 3 to 5 years. This represents 40% growth from our count at the end of 2021. For the record, let me state the easiest thing we can do is go out and buy more containers. This will be a significant endeavor for our organization and will require investment in people, equipment and technology to get our desired outcomes. Importantly, these investments will be done with the same financial discipline as in the past. Needless to say, I'm excited and energized for our organization as we grow to meet the needs of our customers.

隨著一些渠道合作夥伴離開 BNSF 網絡，我們獲得了機會，並製定了一項計劃，在未來 3 到 5 年內將我們的多式聯運集裝箱數量增加到 150,000 個。這比我們到 2021 年底的數量增長了 40%。為了記錄，讓我聲明我們能做的最簡單的事情就是出去購買更多的容器。這對我們的組織來說將是一項重大的努力，並且需要對人員、設備和技術進行投資才能獲得我們想要的結果。重要的是，這些投資將按照與過去相同的財務紀律進行。不用說，隨著我們不斷成長以滿足客戶的需求，我為我們的組織感到興奮和充滿活力。

As we look forward, I thought I would share a little bit of perspective about our priorities for Intermodal this year. As Shelley discussed, we are encouraged by the level of demand we are seeing throughout the bid process for our capacity, which continues to give us confidence to make investments. We strongly believe in the value proposition we can deliver on the 3 key items our customers care about, which is cost, capacity and service.

當我們展望未來時，我想我會就今年多式聯運的優先事項分享一些觀點。正如雪萊所討論的，我們對在整個投標過程中看到的產能需求水平感到鼓舞，這繼續讓我們有信心進行投資。我們堅信我們可以在客戶關心的三個關鍵項目上提供價值主張，即成本、容量和服務。

As it stands today, there are inefficiencies across the supply chain and within the rail network that is impacting velocity. We are cautiously optimistic that velocity will improve which will create more capacity for our customers while improving efficiencies and costs in our operations. Simply put, this is a good outcome for our rail providers, our customers and for J.B. Hunt. We will continue to prioritize investments needed to support our growth to help us meet the robust demand we are seeing for intermodal capacity.

就目前而言，整個供應鍊和鐵路網絡內部都存在效率低下的問題，這正在影響速度。我們對速度將提高持謹慎樂觀態度，這將為我們的客戶創造更多容量，同時提高我們的運營效率和成本。簡而言之，這對我們的鐵路供應商、我們的客戶和 J.B. Hunt 來說都是一個很好的結果。我們將繼續優先考慮支持我們增長所需的投資，以幫助我們滿足我們對多式聯運能力的強勁需求。

In closing, Intermodal's value proposition remains strong, supporting our view of long-term sustainable growth. We continue to see ample opportunities to convert highway freight as well as transloading cargo into our domestic containers. We believe our service, backed by our people and the ownership of our equipment, is differentiated in the market and even more so when combined with the power of the J.B. Hunt 360 platform that allows us to source capacity efficiently when needed.

最後，多式聯運的價值主張依然強勁，支持我們對長期可持續增長的看法。我們繼續看到大量機會將公路貨運以及將貨物轉運到我們的國內集裝箱中。我們相信，我們的服務以我們的員工和我們的設備所有權為後盾，在市場上是與眾不同的，當與 J.B. Hunt 360 平台的強大功能相結合時更是如此，該平台使我們能夠在需要時有效地獲取容量。

That concludes my remarks, so I'll turn it over to Brad Hicks.

我的發言到此結束，所以我將把它交給布拉德希克斯。

Thank you, Darren, and good afternoon, everyone. I'm going to cover the performance of our Highway Service businesses, which includes both integrated capacity solutions and trucks. We continue to see tremendous opportunity to leverage our investments in our people, assets and technology to support the growth opportunities presented to us by our customers. As evidenced by our results, I think we were able to demonstrate that in the first quarter. So with that, let me go ahead and dive into the performance of the segments that make up Highway and provide some perspective on our priorities moving forward as well as some perspective on the market currently.

謝謝你，達倫，大家下午好。我將介紹我們公路服務業務的表現，其中包括綜合容量解決方案和卡車。我們繼續看到巨大的機會，可以利用我們對人員、資產和技術的投資來支持客戶提供給我們的增長機會。正如我們的結果所證明的那樣，我認為我們能夠在第一季度證明這一點。因此，讓我繼續深入研究構成高速公路的細分市場的表現，並就我們前進的優先事項以及當前市場的一些觀點提供一些觀點。

I'd like to start with truck at JBT. Revenue grew 77% year-over-year to $264 million, while operating income improved to $31.5 million in the quarter. This represents some of the strongest quarterly performances in the segment going back to 2005, yet with less than 20% of the company trucks or assets than we had running in the segment at that time. This continues to support our decision to invest in trailing assets for this segment while leveraging our investments in our technology, specifically J.B. Hunt 360, to source the most efficient capacity to move freight for and on behalf of our customers.

我想從 JBT 的卡車開始。收入同比增長 77% 至 2.64 億美元，而本季度營業收入提高至 3150 萬美元。這代表了自 2005 年以來該領域的一些最強勁的季度業績，但公司卡車或資產不到我們當時在該領域運行的 20%。這將繼續支持我們投資於該細分市場的跟踪資產的決定，同時利用我們對技術的投資，特別是 J.B. Hunt 360，為我們的客戶和代表我們的客戶尋找最有效的貨運能力。

As Shelley mentioned in her comments, demand for our trailing assets, which is our 360box product, remains strong as customers continue to realize the efficiencies and benefits of giving us a holistic view of their freight and allow us to blend their live and drop trailer networks with a single-source solution. We continue to see strong customer demand for this product and service offering as they recognize these benefits.

正如雪萊在她的評論中提到的那樣，隨著客戶繼續意識到為我們提供對其貨運的整體視圖並允許我們融合他們的實時和丟棄拖車網絡的效率和好處，對我們的尾隨資產（即我們的 360box 產品）的需求仍然強勁使用單一來源的解決方案。我們繼續看到客戶對該產品和服務的強烈需求，因為他們認識到這些好處。

Going forward, we will continue to prioritize our investments in our people, growing our trailing fleet and leveraging our technology to support long-term sustainable growth in the segment while maintaining our financial discipline around acceptable returns on invested capital. To close out on JBT, you might have noticed an update to some of the stats we shared on this segment, which we believe better aligns with how the business has transformed with the introduction of our 360box service offering by managing a trailing capacity fleet and sourcing the most efficient capacity to move it for our customers, whether it's our truck or asset or someone else's.

展望未來，我們將繼續優先考慮對員工的投資，發展我們的尾隨船隊，並利用我們的技術支持該領域的長期可持續增長，同時保持我們圍繞可接受的投資資本回報的財務紀律。在結束 JBT 時，您可能已經註意到我們在該細分市場上分享的一些統計數據的更新，我們認為這與通過管理尾隨容量車隊和採購來引入我們的 360box 服務產品的業務轉型方式更好地保持一致為我們的客戶提供最有效的運輸能力，無論是我們的卡車、資產還是其他人的。

Shifting gears now to ICS. We delivered $675 million of revenue in the quarter, with year-over-year growth of 29% versus the prior year period. This growth was driven by more balance between volumes and revenue per load than in our more recent periods as our segments volume grew 12% year-over-year. Specific to truckload volumes, our growth was 15% versus the prior year period.

現在換檔到 ICS。我們在本季度實現了 6.75 億美元的收入，與去年同期相比同比增長 29%。這一增長是由於我們的細分市場銷量同比增長 12%，因此與我們最近的時期相比，銷量和每負荷收入之間的平衡更加平衡。具體到卡車貨運量，我們的增長率比去年同期增長了 15%。

We have seen a moderation in spot opportunities as of late, which we attribute partly to more customer shifting freight out of the spot market into published or contractual business but also recognizing a movement in the market towards more balance. Taking that a step further for the quarter, our published business was up more than 20% while our spot business was up low single digits. That said, we continue to see record levels of freight opportunities from our customers to execute in our platform, J.B. Hunt 360, which we think demonstrates the power of our platform to source the most efficient means of moving freight for and on behalf of our customers. Going forward, we will continue to focus on leveraging our people and our technology to provide an efficient solution for our customers. We believe this will support our long-term growth and will be supported by fair and adequate returns on invested capital.

我們最近看到現貨機會有所放緩，部分原因是更多的客戶將貨運從現貨市場轉移到已公佈或合同業務，但也認識到市場正在朝著更加平衡的方向發展。在本季度更進一步，我們的已發佈業務增長了 20% 以上，而我們的現貨業務增長了低個位數。也就是說，我們繼續看到客戶在我們的平台 J.B. Hunt 360 上執行的貨運機會達到創紀錄水平，我們認為這證明了我們平台為客戶和代表客戶尋找最有效的貨運方式的能力.展望未來，我們將繼續專注於利用我們的人員和技術為我們的客戶提供有效的解決方案。我們相信這將支持我們的長期增長，並將得到公平和充足的投資資本回報的支持。

In closing, I'd like to leave you with our confidence to continue to invest in the areas I've highlighted for you, and that is our trailing capacity, our people and our technology. We continue to see how each complements one another to provide the most efficient solution for our customers. Our customers have and always will remain focused on cost, capacity and service. And if we can differentiate ourselves and deliver on all 3, we believe that is the right recipe for long-term compounding sustainable growth. As we continue to deliver on our value proposition for customers, we stay true to our mission to create the most efficient transportation network in North America.

最後，我想讓您有信心繼續投資我為您強調的領域，那就是我們的跟踪能力、我們的人員和我們的技術。我們將繼續看到它們如何相互補充，為我們的客戶提供最有效的解決方案。我們的客戶已經並將始終關注成本、容量和服務。如果我們能夠區分自己並實現所有 3 點，我們相信這是實現長期復合可持續增長的正確秘訣。在我們繼續為客戶提供價值主張的同時，我們將忠於我們的使命，即在北美創建最高效的交通網絡。

That concludes my comments, so I'll turn it back to the operator to open the call for Q&A.

我的評論到此結束，所以我會將其轉回給接線員以打開問答電話。

(Operator Instructions) The first question is from the line of Chris Wetherbee with Citi.

（操作員說明）第一個問題來自花旗銀行的 Chris Wetherbee。

Maybe just start with the sort of most, I guess, pressing question that we're getting asked in the market is sort of your view on the freight cycle and if you're seeing some incremental weakness, maybe thoughts on the potential for consumer-led freight recession over the course of maybe the next several quarters. And then specifically within that, how should we think about intermodal volumes performing, say there is some downturn in overall consumer freight? It would seem -- I think you guys noted that there's demand above what you're able to sort of fill in the market today, just kind of curious how you think that would play out if we were to see a slowdown in broader freight. Maybe that's a question for John or Shelley.

也許只是從最重要的問題開始，我猜，我們在市場上被問到的最緊迫的問題是你對貨運週期的看法，如果你看到一些漸進式的疲軟，也許是對消費者潛力的想法——可能導致未來幾個季度的貨運衰退。然後具體來說，我們應該如何看待多式聯運的表現，比如說整體消費貨運出現了一些下滑？看起來 - 我認為你們注意到今天的市場需求超出了你們能夠填補的水平，只是有點好奇，如果我們看到更廣泛的貨運放緩，你們認為這會如何發揮作用。也許這是約翰或雪萊的問題。

Okay. Thank you, Chris. So I will say that there are varying signals in the market. And a lot of what you're hearing in the market is in the spot market, so small carrier capacity for the most part, and I think that's what's causing a lot of conversation. If you look across all of our 5 segments, you would see differing viewpoints inside the segments overall.

好的。謝謝你，克里斯。所以我會說市場上有不同的信號。你在市場上聽到的很多都是現貨市場，所以大部分運營商容量都很小，我認為這就是引起很多討論的原因。如果您查看我們所有的 5 個細分市場，您會在整體細分市場內看到不同的觀點。

I do think there has been a temporary relief in the dislocation from labor shortages and also just where shipments are located. We do forecast that to get a lot worse as we come into the summer months, particularly with what's happening in the supply chain from an ocean perspective or in China coming inbound. So we have had a lot of customers talk to us about that.

我確實認為勞動力短缺和貨物所在地的混亂已經暫時緩解。我們確實預測，隨著夏季的到來，情況會變得更糟，尤其是從海洋的角度來看，供應鏈中正在發生的事情或中國即將到來。因此，我們有很多客戶與我們討論過這個問題。

Also, I did mention that our bid season is the best bid season that I have seen, and very pleased with our customers leaning into us for solutions. I will say if there is something that were to occur, and we see a lot of inefficiency in the market. We are constantly talking to our customers about what that is. That's why you hear us and have heard us talk about creating the most efficient transportation network in North America because we see a lack of efficiency. Part of that's labor driven, but another part of that is most of our customers have been primarily concerned with on-shelf availability, not as much around efficiency. So we see opportunity to help our customers increase payload and get freight into its most optimal mode.

此外，我確實提到我們的投標季節是我見過的最好的投標季節，並且非常高興我們的客戶向我們尋求解決方案。我會說如果有什麼事情發生了，我們看到市場上有很多效率低下的地方。我們一直在與客戶討論那是什麼。這就是為什麼您聽到我們並聽到我們談論創建北美最高效的交通網絡的原因，因為我們看到效率不足。其中一部分是勞動力驅動的，但另一部分是我們的大多數客戶主要關注貨架上的可用性，而不是效率。因此，我們看到了幫助我們的客戶增加有效載荷並使貨運進入最佳模式的機會。

We happen to have the most optimal land transportation mode in intermodal. And so whether it's a downturn, or even in the current environment, we do think there is a lot of freight from what we see in bid season that can move into a more efficient mode like intermodal. But I would say across the segments, I think that there are cost and structural issues that will continue to remain.

我們碰巧擁有多式聯運中最優化的陸路運輸方式。因此，無論是經濟低迷，還是在當前環境下，我們確實認為我們在投標季節看到的大量貨運可以進入像多式聯運這樣更高效的模式。但我會說，在各個細分市場中，我認為成本和結構性問題將繼續存在。

I think it's too early to say if there's anything happening with the consumer over the long term. But certainly, we're watching all of those signals. I would tell you, customers are leaning into us more now, even including the most recent data. So I think that would say there are more supply chain disruptions happening that could be lending to what we're seeing in the market today.

我認為，從長遠來看，現在說消費者是否會發生任何事情還為時過早。但可以肯定的是，我們正在關注所有這些信號。我會告訴你，客戶現在更傾向於我們，甚至包括最新的數據。因此，我認為這意味著發生了更多的供應鏈中斷，這可能有助於我們今天在市場上看到的情況。

The next question is from the line of Scott Group with Wolfe Research.

下一個問題來自 Scott Group 與 Wolfe Research 的觀點。

Shelley, can you just clarify those comments about the shutdowns in China and what you think that means for volumes now and then heading into the summer? And then, Darren, just with spot prices down but fuel up a lot, how are you thinking -- how do you see the spread right now between trucking and intermodal rates?

雪萊，你能否澄清一下那些關於中國停工的評論，以及你認為這對不時進入夏季的銷量意味著什麼？然後，Darren，只是現貨價格下跌但燃料價格上漲很多，你怎麼看 - 你現在如何看待卡車運輸和多式聯運之間的價差？

Yes, Scott, so I'll take that first part. If you actually look at the live screenshot of what's happening in Shanghai, the ships are -- it looks just like a lot of ships and a little bit of water. And so that certainly is going to make its way back into the U.S. here this summer. Our customers are concerned about the July time frame between that and also what's happening with labor at the port. I think there could be reason for concern or just reason to have different conversations. And this type of bid environment just takes a little bit of disruption to really change the environment all over again. And so that's what we're watching out for.

是的，斯科特，所以我將參加第一部分。如果你真的看一下上海發生的事情的現場截圖，這些船就是——它看起來就像很多船和一點點水。所以這肯定會在今年夏天回到美國。我們的客戶擔心這之間的七月時間框架以及港口勞動力的情況。我認為可能有理由擔心或只是有理由進行不同的對話。而這種類型的投標環境只需要一點點干擾就可以真正重新改變環境。這就是我們要注意的。

So somehow, Scott snuck 2 questions in there, but I'll try to respond here. Spot prices in the truckload market have always been volatile over time. And we've seen times in the past when they rocketed up, times of really expensive or higher cost of fuel. And in this most recent 2-year window, I mean, spot prices for highway solutions have risen because, in some cases, intermodal capacity was tapped out.

所以不知何故，斯科特在那裡偷偷問了兩個問題，但我會試著在這裡回答。隨著時間的推移，整車市場的現貨價格一直在波動。而且我們在過去看到過它們飆升的時期，非常昂貴或燃料成本更高的時期。在最近的 2 年窗口中，我的意思是，高速公路解決方案的現貨價格已經上漲，因為在某些情況下，多式聯運能力被挖掘出來。

And so all of a sudden, there's a much larger truckload spot market originating from the West Coast, for example. The gap between that kind of rate and an intermodal price is north of 2x. I mean you're 200% higher to buy a spot-rated truckload solution off the West Coast versus an intermodal rate. So there's a very significant gap before truckload prices put any kind of pressure back on the intermodal market.

例如，突然之間，來自西海岸的整車現貨市場就大得多了。這種費率與多式聯運價格之間的差距在 2 倍以北。我的意思是，與多式聯運相比，在西海岸購買現貨卡車裝載解決方案的成本要高 200%。因此，在整車價格給多式聯運市場帶來任何壓力之前，存在一個非常大的差距。

So again, intermodal demand is extraordinarily high. We have more demand from customers than we currently have capacity to serve. And so I'm very encouraged by that demand cycle, feel strongly that intermodal can continue to grow. And I don't really feel like, at this time, truckload rates falling is putting any pressure on intermodal pricing.

同樣，多式聯運的需求非常高。我們的客戶需求超過了我們目前的服務能力。因此，我對這種需求週期感到非常鼓舞，強烈認為多式聯運可以繼續增長。而且我真的不覺得，此時，卡車裝載率下降對多式聯運定價施加任何壓力。

The next question is from the line of Jon Chappell with Evercore ISI.

下一個問題來自於 Evercore ISI 的 Jon Chappell。

Darren, I'm going to stick with you. That 7% volume growth number in 1Q, I understand that February was a very easy comp, but the rails all had easy comps, too. And no one put up, even growth, let alone, almost high single digits from a volume perspective. How much of this was just strictly the new equipment that you brought on?

達倫，我會和你在一起。第一季度 7% 的銷量增長數字，我知道 2 月份是一個非常輕鬆的比賽，但鐵路也都有輕鬆的比賽。從數量的角度來看，沒有人提出，甚至增長，更不用說幾乎是個位數的增長。其中有多少只是你帶來的新設備？

How much of it is Hunt-specific market share gains? And when you think about this long-term growth strategy you've set up, and we layer that on top of this really strong relative 1Q, how sustainable is this type of outperformance as you continue to invest in the business?

亨特特有的市場份額增長有多少？當您考慮您制定的長期增長戰略時，我們將其置於相對強勁的第一季度之上，隨著您繼續投資該業務，這種出色表現的可持續性如何？

Okay. Well, I appreciate that. We're proud of our results but not yet satisfied because we can actually grow more than that and demand is actually stronger for our product, and that gives us a lot of motivation, a lot of energy. So certainly, the new equipment we added last year and onboarded during the first quarter obviously contributed significantly to our growth. When I say we can grow more, I mean, 6 months ago, prior to the -- midway through last year or even in the third quarter of last year, we would have anticipated stronger growth than we achieved -- but that equipment we added really was consumed by weakness in velocity.

好的。嗯，我很感激。我們為我們的成果感到自豪，但還沒有滿足，因為我們實際上可以增長得更多，而且對我們的產品的需求實際上更強，這給了我們很大的動力，很多的能量。因此，可以肯定的是，我們去年添加並在第一季度加入的新設備顯然對我們的增長做出了重大貢獻。當我說我們可以增長更多時，我的意思是，在 6 個月前，在去年中期甚至去年第三季度之前，我們預計增長將比我們實現的要強勁 - 但我們添加的設備真的被速度的弱點所消耗。

And I don't want to beat a velocity drum here on the call all day today. Our rail providers all know that it needs to get better. They're all working very hard to improve that. We're very aware that they can improve that, fully anticipate that they will. The question remains when does that begin to show up. And certainly, during the first quarter, there were some challenges in that area.

而且我不想在今天一整天的電話會議上敲打速度鼓。我們的鐵路供應商都知道它需要變得更好。他們都在努力改善這一點。我們非常清楚他們可以改進這一點，並完全預期他們會這樣做。問題仍然是什麼時候開始出現。當然，在第一季度，該領域存在一些挑戰。

We're turning down thousands of loads per week and feel strongly that we have more volume to grow as velocity picks up. And again, we're very encouraged by the way we're communicating with both our customers as well as our rail providers.

我們每週減少數千個負載，並強烈感覺到隨著速度的加快，我們有更多的容量需要增長。再一次，我們與客戶和鐵路供應商的溝通方式讓我們深受鼓舞。

The next question is from the line of Justin Long with Stephens.

下一個問題來自 Justin Long 和 Stephens 的對話。

Bigger picture, 2 of the priorities that you've conveyed historically are a focus on growth and a focus on ROIC. I wanted to ask about the balance between those 2 items, specifically as it relates to intermodal. As we think about your intermodal container fleet growing 40%-plus in the next 3 to 5 years, do you feel like that's something you can execute in a way that's accretive to intermodal ROIC? And if the answer to that is yes, I'm curious what the assumptions are from a pricing and box turn perspective to make that math work.

更大的圖景，您在歷史上傳達的兩個優先事項是關注增長和關注投資回報率。我想問一下這兩個項目之間的平衡，特別是與多式聯運有關的問題。當我們考慮到您的多式聯運集裝箱船隊在未來 3 到 5 年內增長 40% 以上時，您是否認為您可以通過增加多式聯運投資回報率的方式來執行此操作？如果答案是肯定的，我很好奇從定價和盒子轉向角度的假設是什麼，以使數學工作。

My goodness, Justin, you just asked for all of the answers there. So certainly, we've highlighted that returns drive our investment decisions. And that's not any different today with the announcement of the expansion of our equipment. I think that, that signals our belief in the long-term growth available in the intermodal system and that, that growth can come on board at the return profiles that we would expect.

天哪，賈斯汀，你剛剛問了那裡的所有答案。因此，當然，我們已經強調了回報推動我們的投資決策。今天宣布擴大我們的設備並沒有什麼不同。我認為，這表明我們相信多式聯運系統可實現長期增長，並且這種增長可以在我們預期的回報情況下實現。

Now there comes a point at which whether or not it's accretive or you simply are just sustaining your return profile. I mean that's -- there will be some small cycles whenever -- if we get the opportunity to take cost out of our system, I could see a world where that transfers to prices that go back to the customers. And that's okay. We fully anticipate a velocity improvement -- and that could very well result in prices going back a little bit to benefit the customers because, frankly, today, weakness in velocity has been considered inside the intermodal system.

現在有一點，無論它是增值還是你只是維持你的回報概況。我的意思是——任何時候都會有一些小的周期——如果我們有機會從我們的系統中扣除成本，我可以看到一個轉移到價格回饋給客戶的世界。沒關係。我們完全預計速度會有所提高——這很可能導致價格回落一點，以使客戶受益，因為坦率地說，今天，多式聯運系統內部已經考慮了速度的弱點。

But I would certainly believe that we can sustain long-standing success with our ROIC. And we don't -- and we're not willing to grow in a world that would damage that. That's the first thing that would slow down that investment. So that's a -- that is core tenet #1 at J.B. Hunt, and there will be no change to that.

但我當然相信，我們可以通過我們的投資回報率保持長期的成功。我們不會——而且我們也不願意在一個會損害它的世界中成長。這是減緩投資的第一件事。這就是 J.B. Hunt 的核心原則 #1，不會有任何改變。

The next question is from the line of Ken Hoexter with Bank of America.

下一個問題來自美國銀行的 Ken Hoexter。

Just a couple of follow-ups on that. The agreement with Burlington, Darren, can you talk about or be any more specific on the time frame to get that target? Or what encourages you to speed that up to the 3 versus the 5 years in terms of growth? And in the agreement, anything that you can specify in terms of -- it sounded like you were aiming to improve service. Are there things you want to work on through that in the long-term part of that agreement?

只是一些後續行動。與伯靈頓達成的協議，達倫，你能談談或更具體的時間框架來實現這個目標嗎？或者是什麼鼓勵你將增長速度加快到 3 年而不是 5 年？在協議中，您可以指定的任何內容 - 聽起來您的目標是改善服務。在該協議的長期部分中，您是否想通過該協議進行一些工作？

Okay. I appreciate the question. I'm not going to call out anything specific in the agreement. I think it's really -- obviously, it's of note that we made that release jointly. And BNSF's logo is on the same press release with ours, and that's because we're very aligned in our efforts around growth. We're aligned in our efforts around how we can use technology and build out our systems in a better way that allows both of us collectively to be more efficient on the whole. That could mean things like if we get an opportunity to take a load in the gate at a BNSF location and park it track side so we can eliminate a hostile move.

好的。我很欣賞這個問題。我不會在協議中提及任何具體內容。我認為這真的 - 顯然，值得注意的是我們共同發布了該版本。 BNSF 的徽標與我們的新聞稿在同一個新聞稿中，這是因為我們在圍繞增長的努力中非常一致。我們在如何使用技術並以更好的方式構建我們的系統方面保持一致，從而使我們雙方整體上更加高效。這可能意味著，如果我們有機會在 BNSF 位置的大門上裝載貨物並將其停放在軌道一側，這樣我們就可以消除敵對行動。

We want to connect our technology so that the planners with BNSF have good visibility into loads that haven't yet picked up, but that are going to come in the gate later that day. And that's why you heard in some of the prepared comments that the easiest thing we can do is go buy containers. And that's very true.

我們希望將我們的技術連接起來，以便 BNSF 的規劃人員能夠很好地了解尚未收到的負載，但這些負載將在當天晚些時候進入大門。這就是為什麼你在一些準備好的評論中聽到我們能做的最簡單的事情就是去購買容器。這是非常真實的。

I mean the mission we're on has a lot more to do with how we work together, how we work with our customers and how we solve long-term supply chain solutions together. And all of that effort drives into that decision on growing the capacity, whether it's in 3 or 5 years. I mean, certainly, the window is in there because we recognize that there has been a velocity loss in the system.

我的意思是，我們的使命與我們如何合作、我們如何與客戶合作以及我們如何共同解決長期供應鏈解決方案有很大關係。所有這些努力都促成了增加容量的決定，無論是在 3 年還是 5 年內。我的意思是，當然，窗口在那裡，因為我們認識到系統中存在速度損失。

And over these next couple of years, we anticipate a time when we can get velocity back. We would fully expect to do that. And if that gives us the opportunity to grow and maybe we didn't have to onboard quite as many containers in a given period, that's okay, too. I mean we're -- we also highlighted that our ROIC is going to be the driving landmark behind how we do that. We're so confident in the market size and the magnitude of the opportunity, that's why we made that announcement, and we're more aligned than ever with BNSF and we're very energized by the -- that announcement.

在接下來的幾年裡，我們預計我們可以恢復速度。我們完全希望這樣做。如果這給了我們成長的機會，也許我們不必在特定時期內裝載那麼多容器，那也沒關係。我的意思是我們 - 我們還強調我們的 ROIC 將成為我們如何做到這一點的驅動里程碑。我們對市場規模和機會的重要性非常有信心，這就是我們宣布這一消息的原因，我們比以往任何時候都更加與 BNSF 保持一致，我們對這一宣布感到非常振奮。

The next question is from the line of Jordan Alliger with Goldman Sachs.

下一個問題來自高盛的 Jordan Alliger。

Just sort of curious in light of your comments around congestion and what may be coming if this lull from China starts coming over here. On box turns where you noted it was a little disappointing in the grand scheme of things in the first quarter, although in line with seasonality, how are you thinking about it from here, whether it be sequentially, normal seasonality, can you see some year-over-year improvement? Or is it hard to call at this point?

鑑於您對擁堵的評論以及如果來自中國的這種平靜開始來到這裡可能會發生什麼，這有點好奇。在轉折點上，您注意到第一季度的宏偉計劃有點令人失望，儘管符合季節性，但您從這裡如何看待它，是否是順序的，正常的季節性，您能看到某年- 同比改善？或者此時很難打電話？

I mean I think that it's a little bit hard to call. I mean, again, we -- our commentary on box turns had a lot more to do with velocity challenges not from anything going on in China. Certainly, demand is very strong. And so we're encouraged by that and would anticipate that box turns will improve as velocity improves.

我的意思是我認為這有點難以調用。我的意思是，我們——我們對彎道的評論更多地與速度挑戰有關，而不是來自中國正在發生的任何事情。當然，需求非常強勁。因此，我們對此感到鼓舞，並預計隨著速度的提高，箱形轉彎將得到改善。

The next question is from the line of Ravi Shanker with Morgan Stanley.

下一個問題來自摩根士丹利的 Ravi Shanker。

So just on the new agreement with BN, is it possible to quantify kind of how much of that 40% growth is likely to come from just expanding the pie and kind of truck conversion, et cetera, versus taking market share? Because kind of obviously, with your peers also growing capacity by a similar amount, that is a lot of capacity coming in. So are you guys like pretty confident you can convert all that to truck? Or is that going to be kind of a share shift from your peers?

因此，僅根據與國陣的新協議，是否有可能量化這 40% 的增長有多少可能來自擴大餡餅和卡車改裝等，而不是佔據市場份額？因為很明顯，隨著您的同行也以類似的數量增長容量，這是一個很大的容量。所以你們非常有信心可以將所有這些轉換為卡車嗎？或者這會是你的同行的一種分享轉變？

So first of all, there's not a new agreement with BNSF, I want to be clear about that. We've had a long, long-term agreement with BNSF, and we're energized by the work we're doing together as we've been energized by that for 30-plus years now.

所以首先，與BNSF 沒有新的協議，我想澄清一下。我們與 BNSF 達成了長期的長期協議，我們為我們正在共同開展的工作而感到振奮，因為我們已經為此振奮了 30 多年。

The growth is going to come organically from our customers. The growth is going to come from significant inefficiency in the networks today where a truckload business is moving intermodal that should be intermodal. And lastly, there continues to be a really significant effort amongst some of our customers to grow their transload business and take international intact off of the railroad and replace that with domestic intermodal, and that certainly can present some additional efficiency for our customers.

增長將來自我們的客戶。增長將來自當今網絡的效率顯著低下，卡車裝載業務正在移動應該是多式聯運的多式聯運。最後，我們的一些客戶繼續做出重大努力，以發展他們的轉運業務，將國際鐵路完整地從鐵路上撤下，並用國內多式聯運取而代之，這當然可以為我們的客戶帶來一些額外的效率。

So we always look to grow in that way. We don't look to grow by just going out in a pricing fight with the host of intermodal channels. We believe strongly in presenting supply chain solutions to our customers. And that's going to drive a behavior change or a mode change in the way they're executing it. There will certainly always be business that's in the bid that other people handle. But our mission to grow is off the highway and transload and organic growth with our existing customers.

所以我們總是希望以這種方式成長。我們不希望僅僅通過與眾多多式聯運渠道進行價格戰來實現增長。我們堅信向客戶提供供應鏈解決方案。這將推動他們執行方式的行為改變或模式改變。肯定總會有其他人處理的業務。但我們的發展使命是脫離高速公路，與我們現有的客戶一起進行轉運和有機增長。

Our next question comes from Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Darren, can you just talk about where box turns exited in 1Q? I understand January obviously bringing on the quarter down, but I want to understand where you exited. And when can we see more meaningful improvement?

達倫，你能談談第一季度盒子在哪裡退出嗎？我理解一月份顯然會導致季度下降，但我想了解您退出的位置。我們什麼時候才能看到更有意義的改進？

Because I understand velocity and train solidity is obviously key variables, but all else equal, I would imagine that this new initiative helps turn the boxes faster. So if you could just talk about where you exited in the first quarter and when can we see more meaningful kind of idiosyncratic improvement on the back of this initiative.

因為我理解速度和列車穩定性顯然是關鍵變量，但其他條件相同，我想這個新舉措有助於更快地扭轉局面。因此，如果您可以談談您在第一季度退出的位置，以及在這一舉措的背後，我們什麼時候可以看到更有意義的特殊改進。

And I also think talking about the long-term margin target, which you guys obviously reduced. It's -- I guess it's my understanding that maybe you guys incurred some extra costs associated with the cyclicality of the BN relationship, if I could put it that way. And now obviously, with that relationship, both parties kind of rowing in the same direction for the first time in a while, in this initiative, is there an opportunity to revisit that margin target? Or would you use that as kind of a lever for growth? If you can just address those points, please?

而且我還考慮談論長期保證金目標，你們顯然降低了。這是 - 我想我的理解是，如果我可以這樣說的話，也許你們會因國陣關係的周期性而產生一些額外的成本。現在很明顯，有了這種關係，雙方在一段時間內第一次朝著同一個方向划船，在這個倡議中，是否有機會重新審視那個利潤目標？或者你會用它作為增長的槓桿嗎？如果你能解決這些問題，好嗎？

Well, I'll just quickly start with your second question and say it took us the better part of 3 or 4 years to change our margin target. We don't have an update for you today. Certainly, it's our mission to be focused on our return on invested capital. And that's what we're focused on, and the margin turns out to be kind of an output from that.

好吧，我將很快從您的第二個問題開始，並說我們花了 3 或 4 年的大部分時間來改變我們的保證金目標。我們今天沒有更新給你。當然，我們的使命是專注於我們的投資資本回報。這就是我們所關注的，而利潤證明是一種輸出。

I don't have a good way to describe the turn number coming out of the quarter. What I would just say is we highlighted that volumes were still slightly negative in January, and then we started to experience growth as the quarter went on. We did onboard new equipment as the quarter went on, and we're not satisfied with our turn number, but we're encouraged by what we've seen from our customers, and we're beginning to have -- we're encouraged by what we're seeing from the rail network today. But it's nowhere near getting back to where it was prior to the pandemic. So we have a long ways to go in that area. But there's no lack of motivation from our rail providers to improve their velocity.

我沒有一個好的方法來描述本季度的轉數。我只想說的是，我們強調 1 月份的銷量仍然略有下降，然後隨著季度的進行，我們開始經歷增長。隨著季度的進行，我們使用了新設備，我們對我們的輪數不滿意，但我們對我們從客戶那裡看到的情況感到鼓舞，而且我們開始擁有 - 我們受到鼓舞根據我們今天從鐵路網絡看到的情況。但它遠未回到大流行之前的狀態。因此，我們在該領域還有很長的路要走。但是我們的鐵路供應商不乏動力來提高他們的速度。

So as that goes, we're going to continue to work on box turns. That will be a subject forever. But until we can get an improvement in box turns, we have to consider the cost of the ownership of that equipment at the weaker velocity until we can get an improvement. And at that point, I'm certain you'll see those results in our results.

因此，我們將繼續進行箱形轉彎。那將是永遠的話題。但是，在我們能夠改進箱形轉彎之前，我們必須考慮以較弱的速度擁有該設備的成本，直到我們能夠得到改進。到那時，我相信你會在我們的結果中看到這些結果。

Our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I just want to turn to Dedicated. There is -- obviously, the pipeline is quite strong in Dedicated. You referenced that. But there was also a comment around the ability to get capacity there, potentially limiting your growth. Is there any way to better understand how that limiting capacity is limiting your growth? Is there weighted -- is it 1 point or 2? And do you think you can overcome that based on your current conversations with the OEMs?

我只想轉向專用。有 - 顯然，Dedicated 中的管道非常強大。你引用了那個。但是也有關於在那裡獲得容量的能力的評論，這可能會限制你的增長。有什麼方法可以更好地了解限制容量如何限制您的增長？是否有加權 - 是 1 分還是 2 分？根據您當前與原始設備製造商的對話，您認為您可以克服這個問題嗎？

Yes. The big challenge in what it limits really is we're having to use hold trucks for up to 6 months and to help us increase our capacity just because of the chip shortages and other components that the OEMs are facing right now. So we're addressing that.

是的。它真正限制的最大挑戰是，我們不得不使用裝載卡車長達 6 個月，並幫助我們增加產能，這僅僅是因為 OEM 目前面臨的芯片短缺和其他組件。所以我們正在解決這個問題。

Right now, it's not limiting us other than it's pushing what would normally be a 90-day start-up up to 120. So that's pushing out some start-ups a little bit longer. But at this point, it's not really limiting us for many deals.

現在，除了將通常需要 90 天的初創公司推向 120 天之外，它並沒有限制我們。所以這將一些初創公司的推出時間延長了一點。但在這一點上，它並沒有真正限制我們進行許多交易。

Our pipeline is still very strong. It's just pushing them out probably another 30 days from what we would normally have out there. We are having good conversations with OEMs, but none of them have any extra capacity at this point.

我們的管道仍然非常強大。它只是將它們從我們通常在那裡的情況下推出了大約 30 天。我們正在與 OEM 進行良好的對話，但目前他們都沒有任何額外的容量。

Our next question is from the line of Brandon Oglenski with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandon Oglenski。

Shelley, maybe just a follow-up on the earlier question around consumer demand just because there's so much conjecture and anecdotes in the market right now about a looming freight recession. I think you said the market is sending your mixed signals, but are you seeing a slowdown in demand in any of your customer segments?

雪萊，也許只是對先前關於消費者需求的問題的跟進，只是因為目前市場上有太多關於迫在眉睫的貨運衰退的猜測和軼事。我認為您說市場正在發出混合信號，但您是否看到任何客戶群的需求放緩？

And then maybe second to that, as we see spot truck rates come down and everyone's focused on that, how is that going to impact the ICS? Because I think it actually gained pretty good volume gains there, at least through the first quarter.

然後可能是其次，當我們看到現貨卡車價格下降並且每個人都關注這一點時，這將如何影響 ICS？因為我認為它實際上在那裡獲得了相當不錯的銷量增長，至少在第一季度是這樣。

Okay. So I think we noted that we are seeing strength, particularly in the asset part of our businesses. Part of that is because Intermodal is the most efficient way to move business and Dedicated really taking on a private fleet in a long-term agreement. But also in JBT and 360box, we're seeing significant growth, and our customers are really pushing us in that space. Part of that is labor-challenged, but I think part of it is we're solving for a better way to do business more efficiently by utilizing the box. All of that's powered through J.B. Hunt 360. So I think that's one of the biggest benefits we've seen through our technology is the growth that we've seen and also the value we create for our customers.

好的。所以我認為我們注意到我們正在看到實力，特別是在我們業務的資產部分。部分原因是多式聯運是轉移業務的最有效方式，而 Dedicated 在長期協議中真正接受了私人車隊。但在 JBT 和 360box 中，我們也看到了顯著的增長，我們的客戶確實在推動我們進入這個領域。部分原因是勞動力方面的挑戰，但我認為部分原因是我們正在尋找一種更好的方式來通過利用盒子更有效地開展業務。所有這些都通過 J.B. Hunt 360 提供支持。所以我認為，我們通過我們的技術看到的最大好處之一就是我們看到的增長以及我們為客戶創造的價值。

In ICS, as margins were -- or excuse me, if there were some kind of downturn, I think margins would change clearly from a margin expansion as most of our bids have been -- are either locked in or about halfway through or so. And so we'll have pricing locked in for a large portion of that business. And then we're going to be flexible in the market from a spot perspective. That really goes across all of our businesses. Anywhere we have a chance to talk to our customers about being dynamic in pricing and capacity, we're going to do that on behalf of our customers. So that will move with the market and then our contract pricing will stay relatively in line with whatever we finish in bid season.

在 ICS 中，由於利潤率——或者對不起，如果出現某種低迷，我認為利潤率會像我們的大多數投標一樣從利潤率擴張中明顯改變——要么被鎖定，要么大約在一半左右。因此，我們將鎖定大部分業務的定價。然後我們將從現貨的角度在市場上保持靈活性。這確實涉及我們所有的業務。在任何有機會與客戶討論動態定價和容量的任何地方，我們都會代表我們的客戶這樣做。所以這將隨著市場的變化而變化，然後我們的合同定價將與我們在投標季節完成的任何事情保持相對一致。

Next question comes from Bascome Majors with Susquehanna.

下一個問題來自 Bascome Majors 和 Susquehanna。

Yes. And just the last 6 weeks, you've had diesel prices go up $1. You've had the SEC seek to require disclosures of Scope 3 and supply chain emissions. And you've announced this investment publicly that you intend to make in your capacity in partnership with BN to deliver on that for your customers.

是的。就在過去 6 週，柴油價格上漲了 1 美元。您已經讓 SEC 尋求要求披露範圍 3 和供應鏈排放。您已經公開宣布了這項投資，您打算以您的身份與 BN 合作，為您的客戶實現這一目標。

Can you talk a little bit -- is the customer buying behavior in intermodal changing? Do you have customers out there asking for capacity in '23, '24, '25? Is there a chance this could shift to a take-or-pay type commitment? Just how much visibility do you have? And where are your strategic customers looking to grow with you not just this year but the year after and the year after?

您能談一談——多式聯運中的客戶購買行為是否發生了變化？您是否有客戶要求 '23、'24、'25 的容量？這有可能轉變為照付不議的承諾嗎？你有多少能見度？您的戰略客戶希望在哪裡與您一起成長，不僅是今年，而是後年和後年？

Thank you for that. I really should have mentioned it's not just our bid season we're encouraged by, but also the longer-term discussions that we're having with our customers in general. Certainly, we have customers right now asking us for intermodal, a lot more of it.

謝謝你。我真的應該提到，我們受到鼓舞的不僅僅是我們的投標季節，還有我們與客戶進行的長期討論。當然，我們現在有客戶要求我們提供多式聯運服務，而且數量更多。

You mentioned fuel. That's part of it, but also just overall, our ability to service our customers in an efficient way in intermodal. The more we can do that, the more they want to do that. PSR has really created a pent-up demand from our customers over the last 5 to 6 years. They had to move into the truckload market when really intermodal is the most efficient way to move goods.

你提到了燃料。這是其中的一部分，但也只是總體而言，我們以高效的方式為客戶提供多式聯運服務的能力。我們越能做到這一點，他們就越想這樣做。在過去的 5 到 6 年裡，PSR 確實創造了我們客戶被壓抑的需求。當真正的多式聯運是最有效的貨物運輸方式時，他們不得不進入整車市場。

So I see our customers continuing to lean in long term, but that's not just in intermodal. That's long term across all 5 of our segments. So I see our customers adding 2 lengths of agreements and also talking to us across the fast services.

所以我看到我們的客戶長期繼續傾斜，但這不僅僅是多式聯運。這是我們所有 5 個細分市場的長期目標。因此，我看到我們的客戶添加了 2 個協議長度，並且還通過快速服務與我們交談。

The next question comes from Tom Wadewitz with UBS.

下一個問題來自瑞銀的 Tom Wadewitz。

Yes. Wanted to ask you about how you think your businesses will respond to a down cycle. I mean it seems like the spot market data creates that concern. I guess it's hard to tell whether that continues or not. Maybe it's noise. Maybe it's a downturn. But do you think your businesses will react in a similar fashion to what they did in maybe 2015, '16 or 2019 when we saw prior downturns in freight? Or do you think things are different for J.B. Hunt in terms of your biggest businesses and how they might respond to a downturn in freight if that plays out?

是的。想問您您認為您的企業將如何應對下行週期。我的意思是，現貨市場數據似乎引發了這種擔憂。我想很難說這種情況是否會繼續下去。也許是噪音。也許這是一個低迷。但是你認為你的企業會以類似的方式做出反應嗎？他們在 2015 年、16 年或 2019 年我們看到之前的貨運下滑時所做的事情？或者您認為 J.B. Hunt 在您最大的業務方面是否有所不同，以及如果出現這種情況，他們會如何應對貨運下滑？

Well, if you look at -- I'm going to call downturn a recession from 2008 and 2009, really the last time you could see it dramatically in our business. Intermodal performed very well, and we would expect intermodal to continue to perform very well for our customers. It would be a great way for us to deliver more efficiency for them in cost servicing capacity.

好吧，如果你看一下——我將把 2008 年和 2009 年的經濟衰退稱為衰退，這是你最後一次在我們的業務中看到它的戲劇性。多式聯運的表現非常好，我們預計多式聯運將繼續為我們的客戶提供出色的表現。這將是我們在成本服務能力方面為他們提供更高效率的好方法。

So we see resiliency in our intermodal model Certainly, we see resiliency in our dedicated model. Remember, in DCS, that business is really private fleet conversion business. So when they made that decision, they know Joe and Sue coming into their facility on a regular basis, much like not an employee, but similar to representing their brand. And so that's a longer-term discussion for our Dedicated customers.

因此，我們在多式聯運模型中看到了彈性 當然，我們在專用模型中看到了彈性。請記住，在 DCS 中，該業務實際上是私人車隊轉換業務。因此，當他們做出決定時，他們知道 Joe 和 Sue 定期進入他們的工廠，就像不是員工，但類似於代表他們的品牌。因此，對於我們的專用客戶來說，這是一個長期的討論。

I think in the Highway Services side, we are more variable this time than last time. So in the last recession, we had a lot of trucks and a lot of trailers. Now we have a lot of trailing capacity that allows us to be flexible in the market with J.B. Hunt 360. So both ICS and JBT will be able to be flexible in the market on creating the right cost servicing capacity for the right loads at the right time.

我認為在高速公路服務方面，這次我們比上次更加多變。所以在上一次經濟衰退中，我們有很多卡車和很多拖車。現在，我們擁有大量的尾隨容量，使我們能夠通過 J.B. Hunt 360 在市場上靈活應對。因此 ICS 和 JBT 將能夠在市場上靈活地為正確的負載創建正確的成本服務能力時間。

And then in Final Mile, I think part of that business has a non-asset part to it, and part of it is on the asset part of the business. That's a growing sector, so I think it will continue to take share from a sector perspective. Nick, I'd be curious if you have anything to add on that.

然後在“最後一英里”中，我認為該業務的一部分具有非資產部分，而一部分則屬於業務的資產部分。這是一個不斷增長的行業，所以我認為從行業的角度來看，它將繼續佔據份額。尼克，如果你有什麼要補充的，我會很好奇。

No, I just think we have a lot of flexibility, depends on 1 of the 4 channels that we have. And so we can adjust our cost when we have the non-asset side. But on the asset side, we have contracts in place that help protect us there as the volume changes. So we feel good about that. So I think we're well protected.

不，我只是認為我們有很大的靈活性，取決於我們擁有的 4 個渠道中的 1 個。因此，當我們擁有非資產方面時，我們可以調整成本。但在資產方面，我們有合同可以幫助保護我們隨著交易量的變化。所以我們對此感覺很好。所以我認為我們受到了很好的保護。

The next question comes from the line of Brian Ossenbeck with JPMorgan.

下一個問題來自摩根大通的 Brian Ossenbeck。

Maybe one for Brad. If you can you talk about the scale, the size, the scope, how you're going to frame in terms of 360 in the platform, in terms of profitability, in terms of loads, headcount, where do you think you are at this point relative to where you want to be in the next, call it, 2 to 3 years? Clearly, the market tailwind from a margin perspective is a little bit edged back here, but maybe you can elaborate on that, especially when you think about the next step being accelerating the phase of the investment you've been through with those platforms.

也許是給布拉德的。如果你能談談規模、規模、範圍、你將如何在平台中構建 360 度、盈利能力、負載、員工人數，你認為你在哪裡點相對於你想在接下來的地方，叫它，2 到 3 年？顯然，從利潤率的角度來看，市場順風在這裡有點退縮，但也許您可以詳細說明這一點，尤其是當您考慮下一步是加速您在這些平台上所經歷的投資階段時。

Yes, Brian, I appreciate the question. Just to build on what Shelley spoke of or in her prepared comments, we just rolled into our 5-year anniversary of J.B. Hunt 360. And knowing that just in the last 12 months or from a Q1 versus Q1, we grew 36% on the platform, and so I do think that, that really speaks to us having made the foundation of the investment in the technology and then beginning to scale. And so with revenue growth in JBT of 77% year-over-year, just outstanding performance in an area that for a long time had been relatively flat for us here at J.B. Hunt. So the combination of our assets and non-asset models with live and drop inside of Highway Services and how we blend those networks together to create efficiencies and value for our customers, really, I'm encouraged about where we sit today.

是的，布賴恩，我很欣賞這個問題。只是為了鞏固雪萊所說的或在她準備好的評論中，我們剛剛進入了 J.B. Hunt 360 的 5 週年紀念日。並且知道在過去 12 個月或從第一季度與第一季度開始，我們增長了 36%平台，所以我確實認為，這確實說明我們已經為技術投資奠定了基礎，然後開始擴大規模。因此，隨著 JBT 的收入同比增長 77%，我們在 J.B. Hunt 長期以來一直相對平穩的領域表現出色。因此，我們的資產和非資產模型與高速公路服務內部的實時和下降相結合，以及我們如何將這些網絡融合在一起為我們的客戶創造效率和價值，真的，我對我們今天所處的位置感到鼓舞。

As it relates to kind of where we're at in the environment as we speak today and not trying to predict what's in front of us, the variable nature of the power does give us flexibility. And so I do feel like we're going to be able to succeed in any environment given the foundation of our trailing fleet investment, and we will look to continue to make investment there and grow that fleet. And if we can complement live freight into our drop network, it provides efficiency for our customers. Thank you for the question, Brian.

因為它與我們今天所說的我們在環境中所處的位置有關，而不是試圖預測我們面前的東西，所以權力的可變性確實給了我們靈活性。因此，鑑於我們尾隨機隊投資的基礎，我確實覺得我們將能夠在任何環境中取得成功，我們將繼續在那裡進行投資並發展該機隊。如果我們能夠將實時貨運補充到我們的直運網絡中，它將為我們的客戶提供效率。謝謝你的問題，布賴恩。

The next question is from the line of David Vernon with Bernstein.

下一個問題來自 David Vernon 和 Bernstein 的觀點。

Darren, I wanted to ask a little bit about the new intermodal containers coming into the network. How much of that is just backfilling what BN lost with Schneider and Knight sort of in existing sort of service lanes? And how much of this is about maybe getting the railroads to stretch what they're comfortable doing, opening up new markets, that kind of thing? I'm just trying to get a sense for how much of that capacity is just going into a market that's already served versus how much might be coming in to come after some new growth opportunities.

達倫，我想問一些關於進入網絡的新多式聯運集裝箱的問題。其中有多少只是補充了國陣在現有服務通道中與施耐德和奈特一起失去的東西？其中有多少是關於讓鐵路延伸他們喜歡做的事情，開闢新市場之類的事情？我只是想了解有多少容量剛剛進入一個已經服務的市場，而在一些新的增長機會之後可能會進入多少。

Well, I think it's hard to answer that. I would just say when we go out and acquire equipment like that, it's to grow with our customers to add new customers. I don't know that we're adding new markets. We're certainly more engaged with customers in discussing the transloading of their international intact intermodal business. So that's certainly an opportunity for us to grow that isn't related to the channels that have exited BNSF.

嗯，我認為這很難回答。我只想說，當我們出去購買這樣的設備時，就是與我們的客戶一起成長以增加新客戶。我不知道我們正在增加新市場。我們當然更願意與客戶討論他們的國際完整多式聯運業務的轉運。因此，這對我們來說無疑是一個與退出 BNSF 的渠道無關的發展機會。

Look, we're also not naive. I mean a lot of lift capacity is exiting BNSF. And so we're -- we know that customers want to diversify their underlying rail providers. And so we have a host of customers that are talking to us about taking on business that maybe another channel handled in the past. So I don't want to act like it's none.

看，我們也不天真。我的意思是很多提升能力正在退出BNSF。所以我們 - 我們知道客戶希望他們的基礎鐵路供應商多樣化。因此，我們有許多客戶正在與我們討論承接過去可能由另一個渠道處理的業務。所以我不想表現得好像沒有。

It's certainly a part of the decision, but it's certainly not all of it. I don't have a great answer to tell you, is it half, is it -- we just want to grow and serve customers and do so at a return on our investment that warrants reinvestment, and we're very confident in our ability to do that.

這當然是決定的一部分，但肯定不是全部。我沒有一個很好的答案要告訴你，是一半，是不是 - 我們只是想發展和服務客戶，並以值得再投資的投資回報來做到這一點，我們對自己的能力非常有信心要做到這一點。

The question-and-answer session has now ended. That concludes today's J.B. Hunt First Quarter 2022 Earnings Webcast. Thank you for your participation. You may now disconnect your lines.

問答環節現已結束。今天的 J.B. Hunt 2022 年第一季度收益網絡廣播到此結束。感謝您的參與。您現在可以斷開線路。