J B Hunt Transport Services Inc (JBHT) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth quarter 2021 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 2021 年第四季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Vice President of Finance and Investor Relations, Mr. Brad Delco. Please go ahead.

我現在想把會議交給你今天的演講者，即財務和投資者關係副總裁 Brad Delco 先生。請繼續。

Good afternoon. Before I introduce the speakers, I would like to take some time to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve 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.

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。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 speakers on today's call. This afternoon, I'm joined by our CEO, John Roberts; our CFO, John Kuhlow; Shelley Simpson, 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，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？

Thank you, Brad, and good afternoon. Thank you for joining our call today. We all thought 2020 was a remarkable year in our history, but I'll consider 2021 as a good contender for being equally challenging. And in the midst of perpetual challenge, we have continued to see our collective resiliency and strength carry us during these unique times. Our teams have adjusted and adapted to multiple scenario changes impacting our customers' ability to thrive.

謝謝你，布拉德，下午好。感謝您今天加入我們的電話會議。我們都認為 2020 年是我們歷史上非凡的一年，但我認為 2021 年同樣具有挑戰性。在永恆的挑戰中，我們繼續看到我們的集體韌性和力量在這些獨特的時期陪伴著我們。我們的團隊已經調整併適應了影響客戶發展能力的多種情景變化。

In 2021, our leaders made bold calls to increase investments in our people, our technologies and in expanding our fleets across our asset base. We've long been committed to following a disciplined approach for all capital allocations and believe these investments are good for our customers in the long term.

2021 年，我們的領導人大膽呼籲增加對我們的人員、我們的技術以及在我們的資產基礎上擴大我們的車隊的投資。長期以來，我們一直致力於對所有資本分配採取嚴格的方法，並相信這些投資從長遠來看對我們的客戶有利。

I can't say enough about the way every one of our team members has risen to the opportunities presented in this current environment. Accordingly, we have done exhaustive research on where we stand regarding being competitive in total compensation for our people as we move into 2022. Our team leaders have unilaterally approved comprehensive changes to our base wages, incentive compensation and benefits. Increasing our awareness for how we approach tracking and retaining the best talent is critical to our mission of creating the most efficient transportation network in North America.

關於我們每個團隊成員如何應對當前環境中出現的機會，我說得再多也不為過。因此，我們對進入 2022 年時我們在員工總薪酬方面的競爭力進行了詳盡的研究。我們的團隊領導單方面批准了對我們的基本工資、激勵薪酬和福利的全面改變。提高我們對如何跟踪和留住最優秀人才的認識對於我們在北美創建最高效的交通網絡的使命至關重要。

The overall growth we experienced in 2021 is unprecedented, once again revealing the necessity of our services and confirming the approach our people take on solving our customers' challenges. We added 1,778 tractors to DCS, 6,284 containers to Intermodal with 531 net tractor adds and 2,605 trailers for our 360box program in highway. We continue to work strategically with our equipment providers on build and delivery plans as we head into 2022.

我們在 2021 年經歷的整體增長是前所未有的，再次揭示了我們服務的必要性，並證實了我們的員工為解決客戶挑戰所採取的方法。我們為 DCS 增加了 1,778 輛拖拉機，為多式聯運增加了 6,284 個集裝箱，其中 531 輛淨拖拉機增加了 2,605 輛拖車，用於我們在高速公路上的 360 箱計劃。隨著我們進入 2022 年，我們將繼續與我們的設備供應商就建造和交付計劃進行戰略合作。

With the growth coming out of '21, we anticipate ongoing demand for all types of power and trading equipment. We also look forward to working with our rail service providers to find improvements across all aspects of intermodal service, capacity management and utilization.

隨著 21 年的增長，我們預計對所有類型的電力和交易設備的持續需求。我們還期待與我們的鐵路服務提供商合作，在多式聯運服務、運力管理和利用的各個方面尋求改進。

Lastly, I will comment on our efforts relating to sustainability. Over the past several years, we have worked to better understand, communicate and advance our positioning in this important area. While we have seen good progress and have been recognized by many third parties for our efforts, we also believe we have important work to do. We are committed to our mission to create the most efficient transportation network in North America, and we are also committed to being transparent on the progress of our sustainability journey.

最後，我將評論我們在可持續發展方面所做的努力。在過去的幾年裡，我們一直在努力更好地理解、溝通和推進我們在這一重要領域的定位。雖然我們已經看到了良好的進展，並且我們的努力得到了許多第三方的認可，但我們也相信我們還有重要的工作要做。我們致力於創建北美最高效的交通網絡的使命，我們還致力於對我們的可持續發展之旅的進展保持透明。

This concludes my remarks. Our executives will provide more specific information. So I would like to turn the call over to our CFO, John Kuhlow.

我的發言到此結束。我們的高管將提供更具體的信息。所以我想把這個電話轉給我們的首席財務官 John Kuhlow。

Thank you, John, and good afternoon, everyone. My comments today will follow a similar pattern as our previous calls, where I'll review our recent performance on a consolidated level. I'll then provide some commentary on our CapEx plans for 2022 and as well as our approach to allocation. And then I'll close with some thoughts on our financial priorities for the coming year.

謝謝你，約翰，大家下午好。我今天的評論將遵循與我們之前的電話類似的模式，我將在綜合層面回顧我們最近的表現。然後，我將對我們 2022 年的資本支出計劃以及我們的分配方法提供一些評論。最後，我將對我們來年的財務重點提出一些想法。

Overall, we are pleased with our fourth quarter performance highlighted by growing revenues, 28%, and operating income, 55%, over the prior year period. We saw positive year-over-year revenue performance across all segments and positive operating income performance in all segments except for DCS, which Nick will cover in greater detail in his remarks.

總體而言，我們對第四季度的業績感到滿意，其中收入增長 28%，營業收入增長 55%，與去年同期相比。除了 DCS 之外，我們看到所有細分市場的收入同比均呈現正增長，所有細分市場的營業收入均呈現正增長，Nick 將在他的講話中更詳細地介紹這一點。

As I look across our business, the common denominator in terms of our pain points continues to be labor-related in wages, salaries, benefits and recruiting trends in both driver and non-driver. We continue to elevate investments in our people, as was evidenced by our decision to provide a special bonus in December of nearly $11 million to our frontline workers for their efforts in working through the supply chain challenges facing our customers and the industry. Below the line, interest expense was slightly lower and the tax rate is slightly higher than the prior period, resulting in GAAP EPS of $2.28 a share for the quarter or a 58% increase versus the prior year period.

縱觀我們的業務，就我們的痛點而言，共同點仍然是在工資、薪水、福利和司機和非司機的招聘趨勢方面與勞動力相關。我們繼續加大對員工的投資，我們決定在 12 月向一線員工提供近 1100 萬美元的特別獎金，以表彰他們努力應對客戶和行業面臨的供應鏈挑戰。低於該線，利息費用略低，稅率略高於上一期，導致本季度 GAAP 每股收益為 2.28 美元，或比上年同期增長 58%。

As has been stated in previous calls, the impacts of network congestion, labor shortages and general supply chain challenges are well known and have continued to have a meaningful impact on our business and are likely to persist, particularly given the heightened challenges evolving around COVID infections across our country. We ended the quarter with $356 million of cash, which was slightly higher than planned. Last quarter, I provided you with updated thoughts on our 2021 net CapEx, and that would fall within the $1 billion range, which we missed by approximately $130 million. This miss was almost entirely due to supply chain delays continuing to impact our ability to take timely delivery of our equipment.

正如之前的電話會議所述，網絡擁堵、勞動力短缺和一般供應鏈挑戰的影響是眾所周知的，並且繼續對我們的業務產生有意義的影響，並且可能會持續存在，特別是考慮到圍繞 COVID 感染不斷演變的挑戰在我們國家。我們以 3.56 億美元現金結束本季度，略高於計劃。上個季度，我向您提供了關於我們 2021 年淨資本支出的最新想法，這將落在 10 億美元的範圍內，我們錯過了大約 1.3 億美元。這次錯過幾乎完全是由於供應鏈延遲繼續影響我們及時交付設備的能力。

We remain committed to these investments and capacity to help serve our customers, and we anticipate net CapEx for 2022 to approximate $1.5 billion. We continue to prioritize our capital to invest in our business, support our dividend, repurchase shares and opportunistically execute on our M&A strategy, all while maintaining a modest net leverage ratio of around 1x EBITDA, and importantly, continuing to maintain our investment-grade status.

我們將繼續致力於這些投資和能力，以幫助為我們的客戶服務，我們預計 2022 年的淨資本支出約為 15 億美元。我們繼續優先考慮我們的資本投資於我們的業務、支持我們的股息、回購股票和機會性地執行我們的併購戰略，同時保持約 1 倍 EBITDA 的適度淨槓桿率，重要的是，繼續保持我們的投資級地位.

Before I close out my comments, and in light of expecting some questions around our 2022 outlook, I'd like to provide you some context, not guidance, but context for our financial priorities in 2022. These priorities include continuing investments in our people, maintaining a strong balance sheet to support all of our planned investments and focusing on generating appropriate returns on the capital we are investing to grow our businesses and serve our customers. This disciplined focus on the priorities enables us to manage the business for long-term growth and success.

在我結束我的評論之前，鑑於對我們 2022 年展望的一些問題，我想為您提供一些背景，而不是指導，而是我們在 2022 年的財務優先事項的背景。這些優先事項包括繼續投資於我們的員工，保持強大的資產負債表以支持我們所有計劃的投資，並專注於為我們為發展業務和服務客戶而投資的資本創造適當的回報。這種對優先事項的嚴格關注使我們能夠管理業務以實現長期增長和成功。

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

我的發言到此結束，所以我將把它交給雪萊。

Thank you, John, and good afternoon. Today, I want my commercial update to focus first on a quick review of 2021 and how we were able to deliver for our customers. I will then focus my comments on the market and how we're going to approach the ongoing supply chain challenges for and on behalf of our customers. Finally, I'll finish up with some updates on our priorities for J.B. Hunt 360 multimodal digital freight platform as we move forward.

謝謝你，約翰，下午好。今天，我希望我的商業更新首先關注 2021 年的快速回顧以及我們如何為客戶提供服務。然後，我將把我的評論集中在市場上，以及我們將如何代表我們的客戶應對持續的供應鏈挑戰。最後，在我們前進的過程中，我將對 J.B. Hunt 360 多式聯運數字貨運平台的優先事項進行一些更新。

As we've discussed over the past year, the freight environment has been extremely volatile and unpredictable and not just for capacity providers but also for those that we are providing capacity for to meet their needs. In this environment, we, as an organization like our customers, have had to adapt to this disruption. And I firmly believe that our mode-agnostic, comprehensive supply chain solutions approach has been a key to help our customers over the last year, where we were able to honor our commitments and particularly during peak season.

正如我們在過去一年中所討論的那樣，貨運環境非常不穩定和不可預測，不僅對運力供應商而言，而且對我們提供運力以滿足他們需求的那些人而言也是如此。在這種環境下，作為像我們的客戶一樣的組織，我們不得不適應這種顛覆。我堅信，我們與模式無關的全面供應鏈解決方案方法是去年幫助我們的客戶的關鍵，我們能夠兌現我們的承諾，尤其是在旺季期間。

Another key element of our success was a significant commitment and investment in physical assets across all of our business segments, from containers and chassis to trucks and trailers. That said, I would be remiss to leave out the most critical element of our success, and that is our people, our drivers, mechanics, load planners and all of those behind the scenes, helping our frontline workers succeed.

我們成功的另一個關鍵因素是對我們所有業務部門（從集裝箱和底盤到卡車和拖車）的實物資產的重大承諾和投資。話雖如此，如果我忽略了我們成功的最關鍵因素，那就是我們的員工、司機、機械師、負載計劃人員以及所有在幕後幫助我們的一線工人取得成功的人，這將是一種疏忽。

Tying it all together, of course, was our technology platform, J.B. Hunt 360, which I believe gives us a distinct advantage in sourcing efficient capacity for our customers. Simply put, our investments, people and technology put us in a position to say yes in 2021 and has me excited for our future growth as more and more customers are leaning in.

當然，將這一切結合在一起的是我們的技術平台 J.B. Hunt 360，我相信它為我們在為客戶採購高效產能方面提供了明顯的優勢。簡而言之，我們的投資、人員和技術使我們能夠在 2021 年說“是”，隨著越來越多的客戶加入進來，這讓我對我們未來的增長感到興奮。

As we look at the market today and try to prepare for the year ahead, many components of our business plan and go-to-market strategy are similar to those exercised here in our recent past. The market remains challenging, capacity-constrained and unpredictable, and we will need to remain agile in our approach to securing capacity for our customers.

當我們審視今天的市場並努力為來年做準備時，我們的商業計劃和進入市場戰略的許多組成部分與我們最近在這裡執行的那些類似。市場仍然充滿挑戰、容量受限且不可預測，我們需要在確保客戶容量的方法上保持敏捷。

Some unique areas I see impacting capacity is the ability to source new equipment, which is likely to keep used truck prices elevated, and as a result, small carrier rates as well. I see customers wanting to lock up more capacity in dedicated arrangements and lean into technologies that drive efficiency in their supply chain and how they procure capacity. As an organization, we see tremendous pent-up demand to convert highway freight to intermodal with elevated truck rates, the tight labor market, higher fuel prices and a 60% improvement in carbon efficiency intermodal offers versus truck. Needless to say, 2022 will present us with many opportunities to grow, and we will approach the market similar to how we always have, serving our customers as our top priority while maintaining sound financial discipline.

我認為影響產能的一些獨特領域是採購新設備的能力，這可能會導致二手卡車價格上漲，因此也會導緻小型承運人費率。我看到客戶希望在專門的安排中鎖定更多產能，並傾向於採用能夠提高供應鏈效率的技術以及他們如何採購產能。作為一個組織，我們看到巨大的被壓抑的需求將公路貨運轉換為多式聯運，卡車費率提高，勞動力市場緊張，燃料價格上漲，碳效率多式聯運比卡車提高了 60%。毋庸置疑，2022 年將為我們提供許多增長機會，我們將以一如既往的方式進入市場，將服務客戶作為我們的首要任務，同時保持穩健的財務紀律。

Finally, as I look at the investments we've made building out and scaling J.B. Hunt 360, I continue to be encouraged where we are relative to our long-term plan. As we have discussed, user activity and engagement continue to accelerate and break records across both carrier and shipper platforms, solidifying the value of optimizing and transacting in real time, in a frictionless process.

最後，當我看到我們為構建和擴展 J.B. Hunt 360 所做的投資時，我繼續受到鼓舞，因為我們與我們的長期計劃相關。正如我們所討論的，用戶活動和參與度繼續加速並打破承運人和托運人平台的記錄，鞏固了在無摩擦過程中實時優化和交易的價值。

As we look ahead to this year, we see opportunities to further acceleration as we continue the rollout of our new automated tools and to drive even greater efficiency in our organization and higher service quality for our customers. These tools will enable, enhance and leverage our people and core technologies to drive more efficiencies in the marketplace, which gets us even closer to our mission to create the most efficient transportation network in North America.

展望今年，我們看到了進一步加速的機會，因為我們將繼續推出我們的新自動化工具，並推動我們組織的效率更高，為我們的客戶提供更高的服務質量。這些工具將支持、增強和利用我們的人員和核心技術來提高市場效率，這使我們更接近我們在北美創建最高效的交通網絡的使命。

To wrap up, we continue to uncover innovative ways to accomplish that mission, including the collaborative work with Google and the recently announced strategic alliance with Waymo, where I see tremendous opportunity for us to explore solutions that merge 2 of the most innovative companies in the transportation industry: autonomous driving and our multimodal digital freight platform, J.B. Hunt 360.

最後，我們將繼續探索完成這一使命的創新方法，包括與穀歌的合作以及最近宣布與 Waymo 的戰略聯盟，我認為我們有巨大的機會來探索合併全球 2 家最具創新性的公司的解決方案。交通運輸行業：自動駕駛和我們的多式聯運數字貨運平台 JB Hunt 360。

That concludes my comments, and 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 final mile and dedicated segments as well as provide some thoughts on the priorities for these businesses as we move forward. I will also provide some updated thoughts from an operational perspective on our ability to source equipment and some updated views on the driver market.

謝謝你，雪萊，下午好。今天，我將回顧最後一英里和專用細分市場的表現，並就我們前進時這些業務的優先事項提供一些想法。我還將從運營角度提供一些關於我們採購設備能力的最新想法以及對驅動程序市場的一些最新觀點。

I'll start with final mile. As we have discussed over the last several quarters, we have been focused on making the right investments in our people and processes to ensure a high level of service quality and execution for the safe and timely delivery of our customers' products into their customers' homes. That trend continued in Q4 as service quality and safety will be a cornerstone to the long-term growth and success of our business. These investments, labor challenges as well as supply chain disruptions for some key markets that we serve have continued to weigh on margin performance in the most recent quarter in addition to some start-up costs for some newer accounts.

我將從最後一英里開始。正如我們在過去幾個季度中所討論的那樣，我們一直專注於對我們的人員和流程進行正確的投資，以確保高水平的服務質量和執行力，從而將客戶的產品安全、及時地送到客戶家中.這一趨勢在第四季度繼續存在，因為服務質量和安全將成為我們業務長期增長和成功的基石。除了一些新賬戶的一些啟動成本外，這些投資、勞動力挑戰以及我們服務的一些關鍵市場的供應鏈中斷繼續對最近一個季度的利潤率表現構成壓力。

As we set out to differentiate our service product, we've also set out to demonstrate the differentiated value we bring to our customers and the market. We believe some of that differentiation is being recognized as we are coming off our largest sales year for new business in 2021. That said, in the coming months, we do expect to put some business at risk as we focus and put even greater emphasis on generating the appropriate financial returns on these investments. Going forward, we continue to see a solid pipeline of organic growth opportunities with potential to supplement some of that growth with small tuck-in acquisitions as a way to build out our service capabilities and customer list.

在我們著手區分我們的服務產品的同時，我們還著手展示我們為客戶和市場帶來的差異化價值。我們相信，隨著 2021 年新業務的最大銷售年即將結束，我們認為其中一些差異化正在得到認可。也就是說，在接下來的幾個月中，我們確實希望在我們專注並更加重視的情況下將一些業務置於風險之中為這些投資產生適當的財務回報。展望未來，我們將繼續看到堅實的有機增長機會管道，並有可能通過小型收購來補充部分增長，以此作為建立我們的服務能力和客戶名單的一種方式。

Shifting to dedicated. Our dedicated business continues to have a lot of momentum as our backlog and pipeline for new business and startups continue to build to record levels despite the onboarding of nearly 1,800 new trucks in 2021. In terms of truck sales, we sold over 2,500 trucks of new business in the year, a new record for us, or an incremental 663 units specifically in the fourth quarter.

轉為專職。儘管 2021 年有近 1,800 輛新卡車入駐，但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公司的積壓和管道繼續達到創紀錄水平。在卡車銷售方面，我們售出了超過 2,500 輛新卡車今年的業務，對我們來說是一個新的記錄，或者特別是在第四季度增加了 663 台。

Historically, we have shared a target to sell 800 to 1,000 trucks per year. And at this point, we feel it's appropriate to update that long-term target to 1,000 to 1,200 based on our team's ability to execute. As planned or expected, these startups do put near-term pressure on margin performance, as does elevated driver pay and recruiting costs, and specific to the quarter, the special bonus we provided our frontline employees. But we remain confident in our ability to price and manage each of our accounts to their appropriate levels of profitability and returns, which should reveal itself in the coming quarters.

從歷史上看，我們的共同目標是每年銷售 800 至 1,000 輛卡車。在這一點上，我們認為根據我們團隊的執行能力將長期目標更新為 1,000 到 1,200 是合適的。正如計劃或預期的那樣，這些初創公司確實對利潤率表現造成了短期壓力，司機薪酬和招聘成本也隨之提高，並且在本季度，我們為一線員工提供了特別獎金。但我們仍然相信我們有能力將每個賬戶定價和管理到適當的盈利能力和回報水平，這應該會在未來幾個季度顯現出來。

In terms of priorities going forward, we will remain focused on the execution of our growth plan as well as maintaining our culture for operational excellence, high service and safety while maintaining through some challenges around a modestly less experienced team as our pace of growth has been robust.

就未來的優先事項而言，我們將繼續專注於執行我們的增長計劃，並保持我們的卓越運營、優質服務和安全文化，同時圍繞一個經驗較少的團隊克服一些挑戰，因為我們的增長速度一直在強壯的。

Closing out with some operational updates. As you could tell by my dedicated comments, there's a lot of momentum, which has us put additional pressure on our organization to source both drivers and equipment. I would say that both the truck and trailer market as well as the driver market remain extremely tight and does give me some concern for our ability to execute on our growth plan to meet the demands of the business. That said, we are working closely with our OEMs to get delivery of product and continue to recruit tirelessly to meet the driver demands across our organization.

以一些操作更新結束。正如你可以從我的專門評論中看出的那樣，有很大的動力，這讓我們對我們的組織施加了額外的壓力，要求他們同時採購驅動程序和設備。我想說的是，卡車和拖車市場以及司機市場仍然非常緊張，這確實讓我對我們執行增長計劃以滿足業務需求的能力有些擔憂。也就是說，我們正在與我們的原始設備製造商密切合作以交付產品，並繼續不知疲倦地招聘以滿足整個組織的駕駛員需求。

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, Dick. Good afternoon, everyone. Today, my comments will recap the performance of our Intermodal business in '21 and specifically the fourth quarter. I will also provide an update on our significant investment to expand our capacity with our equipment orders and finish up with some thoughts about the outlook for the business in 2022 as we anticipate strong demand for our services as a result of our investments and the value of intermodal in the truck-to-rail conversion equation.

謝謝你，迪克。大家下午好。今天，我的評論將回顧我們多式聯運業務在 21 年特別是第四季度的表現。我還將提供有關我們重大投資的最新信息，以通過我們的設備訂單擴大我們的產能，並結束對 2022 年業務前景的一些想法，因為我們預計由於我們的投資和價值，我們的服務需求強勁卡車到鐵路轉換方程中的多式聯運。

I'd like to start by reviewing our recent performance. Demand for our intermodal service remained strong in the fourth quarter, but similar to recent trends, wasn't reflected in the volume performance for the business as network congestion and restrictions hindered a large amount of our potential capacity. That said, I am proud of our team and its ability to onboard the equipment available to us to ensure that we met the commitments to our customers during their peak period of demand.

我想先回顧一下我們最近的表現。對我們的多式聯運服務的需求在第四季度保持強勁，但與最近的趨勢相似，由於網絡擁塞和限制阻礙了我們大量的潛在運力，因此業務量表現並未反映出來。也就是說，我為我們的團隊及其為我們提供可用設備的能力感到自豪，以確保我們在客戶需求高峰期履行對客戶的承諾。

On a positive note, we did see improvements in the quarter in parts of the network, specifically the speed in which customers were able to turn our equipment. However, those improvements were effectively offset by further deterioration in other parts of the network, namely rail velocity.

積極的一面是，我們確實在本季度看到部分網絡有所改善，特別是客戶能夠轉動我們設備的速度。然而，這些改進被網絡其他部分的進一步惡化（即鐵路速度）有效地抵消了。

For the quarter, box turns achieved minimal improvement from the third quarter. Needless to say, lots of work remains to be done. As a result, volumes for the quarter were down 3% year-over-year. And by month, volumes were down 4% in October, down 3% in November and down 1% in December.

本季度，箱轉數較第三季度的改善微乎其微。不用說，還有很多工作要做。結果，本季度的銷量同比下降了 3%。按月計算，10 月份的銷量下降了 4%，11 月份下降了 3%，12 月份下降了 1%。

The onboarding of new equipment was slower than we anticipated, taking delivery of only 2,700 units in the quarter and approximately half of our 12,000 orders for the year. Naturally, this will push more units into our delivery plan for the first half of 2022. This investment in additional capacity and the corresponding investment in additional trucks and chassis and most importantly our people puts us in a good position to serve our customers and focus on growth in '22.

新設備的上線速度比我們預期的要慢，本季度僅交付了 2,700 台，佔全年 12,000 份訂單的一半左右。自然，這將推動更多單位進入我們 2022 年上半年的交付計劃。這種對額外產能的投資以及對額外卡車和底盤以及最重要的是我們的員工的相應投資，使我們能夠為客戶服務並專注於22 年的增長。

In addition to these investments, we continue to work closely with our customers and rail service providers to improve velocity in the system to unlock the latent capacity in the network. Predicting the exact timing of improvement in the network fluidity is difficult, particularly in light of some of the more recent disruption caused by new COVID cases impacting our own and our customers' operations.

除了這些投資之外，我們還將繼續與我們的客戶和鐵路服務提供商密切合作，以提高系統的速度，以釋放網絡中的潛在容量。預測網絡流動性改善的確切時間是困難的，特別是考慮到新的 COVID 案例影響我們自己和客戶的運營造成的一些最近的中斷。

As we look forward to the year ahead, and similar to what you've heard earlier, we are optimistic about our opportunities to grow the business. We have executed a plan that puts us on a solid growth trajectory based on items within our control. Consistent with our strategy historically, we will focus on striking the right balance between volume and price while maintaining our financial discipline on targeting appropriate returns on our business.

展望未來一年，與您之前聽到的類似，我們對發展業務的機會持樂觀態度。我們已經執行了一項計劃，根據我們控制的項目，使我們處於穩健的增長軌道上。與我們的歷史戰略一致，我們將專注於在數量和價格之間取得適當的平衡，同時保持我們的財務紀律，以實現我們業務的適當回報。

Of course, returns and margins are impacted by items like velocity and asset utilization, which will also be a key component in terms of how we manage the business as we progress through the year. In anticipation of questions on both volume and margin expectations for the year, my answer is it depends. But know that the business will be managed to protect our investment and our returns on that investment.

當然，回報和利潤率受到速度和資產利用率等項目的影響，這也將是我們在一年中如何管理業務的關鍵組成部分。考慮到今年的銷量和利潤率預期問題，我的回答是視情況而定。但要知道，將管理業務以保護我們的投資和我們的投資回報。

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 freight 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 Highway Services, which includes both Integrated Capacity Solutions and trucks. But before I do, I would just like to stop for a second and thank all the members in ICS and JBT for how they continue to rise to the occasion to deliver on behalf of our customers, particularly during what was another tight and capacity-constrained peak season.

謝謝你，達倫，大家下午好。我將介紹公路服務的性能，其中包括綜合容量解決方案和卡車。但在此之前，我想先停下來，感謝 ICS 和 JBT 的所有成員，感謝他們如何繼續站出來代表我們的客戶提供服務，特別是在另一個緊張和產能受限的情況下旺季。

You've heard us talk now for quite some time about how we plan on leveraging our investments in our people and our technology to support rapid growth in this area of our business. And as I look back on the past year, I couldn't be more pleased with how this team has responded to deliver on that statement.

您已經聽到我們談論我們計劃如何利用我們對人員和技術的投資來支持我們業務領域的快速增長已經有一段時間了。當我回顧過去的一年時，我對這個團隊如何回應以實現這一聲明感到非常滿意。

I'd like to first cover ICS or our Integrated Capacity Solutions segment. We delivered $739 million of revenue in the quarter with year-over-year growth of 26%. This growth was driven primarily by an increase in revenue per load as total loads were down 1% year-over-year in the quarter. Truckload volume was up 3% versus the prior year period.

我想先介紹一下 ICS 或我們的集成容量解決方案部分。我們在本季度實現了 7.39 億美元的收入，同比增長 26%。這一增長主要是由於本季度總負荷同比下降 1% 導致每負荷收入的增加。卡車貨運量與去年同期相比增長了 3%。

Going into peak, we felt like our volume comps would decelerate based on our rapid growth a year ago from third to fourth quarter in addition to some of the discipline we instilled in our bid strategy earlier in the year, which, combined with scaling and productivity benefits, is reflected in our profitability improvement. As we look forward, I know our teams are excited about the rollout of 2 technology enhancements this year that will enable greater productivity of our people and greater service for our customers and carriers, which will support our growth and scaling of the business even further.

進入頂峰時，我們覺得我們的銷量將減速，因為我們一年前從第三季度到第四季度的快速增長，除了我們在今年早些時候灌輸到我們的投標策略中的一些紀律，再加上規模和生產力收益，體現在我們盈利能力的提升上。展望未來，我知道我們的團隊對今年推出的兩項技術增強功能感到興奮，這將提高我們員工的生產力並為我們的客戶和運營商提供更好的服務，這將進一步支持我們的業務增長和擴展。

To close out my comments on ICS, I would like to establish some priorities for the year, which include continuing to invest in and leverage our people and technology, focus on operational excellence so customers and carriers have a world-class experience utilizing the J.B. Hunt 360 platform and create value for customers and carriers that would support further market share gains.

為了結束我對 ICS 的評論，我想確定今年的一些優先事項，包括繼續投資和利用我們的人員和技術，專注於卓越運營，以便客戶和運營商利用 JB Hunt 獲得世界級的體驗360 平台，為客戶和運營商創造價值，從而支持進一步的市場份額增長。

Shifting gears now to truck or JBT. Revenue grew 85% year-over-year to $259 million, while operating income improved to $26 million in the quarter and delivering results this segment hasn't achieved since 2005. I think it's important to highlight that our go-to-market strategy has evolved as the makeup of our truck service offering has continued to gravitate to a more asset-light model.

現在換檔到卡車或 JBT。收入同比增長 85% 至 2.59 億美元，而本季度營業收入提高至 2600 萬美元，並實現了自 2005 年以來該細分市場未取得的成果。我認為重要的是要強調我們的上市戰略已經隨著我們的卡車服務產品的構成繼續傾向於更輕資產的模式而發展。

I remain encouraged by our ability to disrupt the traditional way of serving customers in this segment to discover new and innovative ways to scale into the large addressable drop trailer market that has normally been served by the large asset-based carriers. By leveraging the power and investments we've made in our J.B. Hunt 360 platform, our people and building out our 360box networking capacity, we are positioned for growth as financial returns support our strategy and further investment.

我仍然對我們能夠打破這一領域客戶的傳統服務方式感到鼓舞，以發現新的和創新的方式來擴展到通常由大型資產運營商服務的大型可尋址拖車市場。通過利用我們在 J.B. Hunt 360 平台、我們的員工和建立我們的 360box 網絡能力方面的力量和投資，我們為增長做好了準備，因為財務回報支持我們的戰略和進一步的投資。

Similar to ICS, these investments will focus on building out further capabilities with our technology, investing more in our people and investment in our physical assets, which, in this case, is additional trailing capacity. We will continue to maintain our discipline on our capital allocation in this area of investment, but I am encouraged by our progress and the opportunities for long-term sustainable growth in the segment.

與 ICS 類似，這些投資將側重於利用我們的技術建立更多能力，更多地投資於我們的員工和投資於我們的實物資產，在這種情況下，這就是額外的追踪能力。我們將繼續保持我們在這一投資領域的資本分配的紀律，但我對我們的進步和該領域長期可持續增長的機會感到鼓舞。

In closing, we continue to see a lot of opportunities in our Highway Services businesses to provide an efficient source of capacity for our customers by leveraging our investments in our people and J.B. Hunt 360, our multimodal digital freight platform. As I said last quarter, much work has been done, but much more remains. And we will stay focused on delivering on our mission to create the most efficient transportation network in North America.

最後，我們繼續在我們的公路服務業務中看到很多機會，通過利用我們對員工和我們的多式聯運數字貨運平台 J.B. Hunt 360 的投資，為我們的客戶提供有效的運力來源。正如我上個季度所說，我們已經做了很多工作，但還有很多工作要做。我們將繼續專注於實現我們在北美創建最高效的交通網絡的使命。

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

我的評論到此結束，所以我將把它交還給接線員以打開問答電話。

(Operator Instructions) Your first question will come from Scott Group with Wolfe Research.

（操作員說明）您的第一個問題將來自 Scott Group 和 Wolfe Research。

Let me see if I can squeeze a few into one. Darren, just on the container count, it sounds like 6,000 containers getting pushed into first half of the year. Are you adding additional containers beyond that in the second half of the year? Where do you expect to end? And then just from a pricing and margin standpoint, any directional color on how much of the yield is accessorial? And as long as this environment stays tight like this, now that you're above 12% from a margin standpoint, you think you'll stay above 12%?

讓我看看我能不能把幾個擠成一個。達倫，就集裝箱數量而言，今年上半年似乎有 6,000 個集裝箱被推入。您是否會在下半年增加額外的容器？你希望在哪裡結束？然後僅從定價和利潤的角度來看，有多少收益率是輔助性的？只要這個環境像這樣保持緊張，現在從利潤率的角度來看你已經超過 12%，你認為你會保持在 12% 以上嗎？

Well, my goodness, Scott, you managed multiple questions there.

好吧，我的天哪，斯科特，你在那裡解決了多個問題。

Scott, I don't know where you are, but if it's morning there, I probably want to be hanging out with you.

斯科特，我不知道你在哪裡，但如果那裡是早上，我可能想和你一起出去玩。

So listen, yes, we're not satisfied with the flow of the new equipment ending the fourth quarter. Certainly, delays in the transportation of that equipment impacted us, and that has pushed 6,000 into 2022. We are going to add capacity in 2022 beyond those. We're not prepared to release a number like that today.

所以聽著，是的，我們對第四季度結束的新設備的流量並不滿意。當然，該設備運輸的延誤影響了我們，這已將 6,000 台設備推到 2022 年。我們將在 2022 年增加產能。我們今天不准備發布這樣的數字。

As it relates to accessorials and whatnot, I anticipated this question, of course, and I really only want to answer it one time today. We're not going to tell you how much was accessorial and how much was core pricing. We set out -- I think every time I've been on an earnings call, I've talked about our focus on pricing to return profile. That continues to be the case. Certainly, in 2021, we experienced some unusual characteristics. And the equipment utilization was hampered, and we took action. And certainly, that is part of our results in the fourth quarter.

因為它涉及到附件和諸如此類的東西，我當然預料到了這個問題，我今天真的只想回答一次。我們不會告訴你有多少是輔助定價，多少是核心定價。我們開始了——我想每次我參加財報電話會議時，我都會談到我們對定價以回報概況的關注。情況仍然如此。當然，在 2021 年，我們經歷了一些不尋常的特徵。設備利用率受到阻礙，我們採取了行動。當然，這是我們第四季度業績的一部分。

But we also had meaningful cost to recover in the pricing cycle last year. 2020 saw really significant cost increases that we experienced, and we were able to communicate that with customers and certainly recovered some of those costs. We certainly have additional pressure on driver wages, and we're constantly talking to both our customers and rail providers about the need for velocity improvements in our assets.

但我們在去年的定價週期中也有相當大的成本需要收回。 2020 年，我們經歷了真正顯著的成本增長，我們能夠與客戶進行溝通，當然也收回了部分成本。我們當然對司機的工資有額外的壓力，而且我們一直在與我們的客戶和鐵路供應商討論提高資產速度的必要性。

So as we have always done, we will price for a return profile. There are probably times, if utilization of our equipment is difficult, it may require a slightly higher margin because utilization is hurt. But certainly, as we can get benefits or better velocity on the equipment, maybe the same margin requirements isn't there. We issued long-term margin guidance of 10% to 12%. And for the calendar year 2021, we hit an 89% OR and 11% margin. So we're right in the middle of our long-term guidance, and I certainly would anticipate in 2022 we're able to continue growing while also pricing in an effort to recover cost exposure that we have.

因此，正如我們一直所做的那樣，我們將為退貨配置文件定價。可能有時，如果我們的設備難以使用，則可能需要稍高的利潤，因為利用率會受到損害。但可以肯定的是，由於我們可以在設備上獲得收益或提高速度，因此可能不存在相同的保證金要求。我們發布了 10% 至 12% 的長期利潤率指導。對於 2021 日曆年，我們達到了 89% 的 OR 和 11% 的利潤率。因此，我們正處於長期指導的中期，我當然預計到 2022 年，我們能夠繼續增長，同時定價以努力恢復我們所擁有的成本風險。

Your next question comes from Allison Poliniak with Wells Fargo.

您的下一個問題來自富國銀行的 Allison Poliniak。

On J.B. Hunt 360, certainly a unique environment and the business has grown or the technology has expanded. Has this environment at all altered? I know you're talking you're in that path of its long-term goals. But has this environment altered kind of where you want to take that offering as you go forward? Or are there new opportunities or needs that are out there that you think you could pursue with that?

在 J.B. Hunt 360 上，肯定是一個獨特的環境，業務增長或技術擴展。這個環境有沒有改變？我知道你在說你正處於實現其長期目標的道路上。但是，這種環境是否改變了您在前進的過程中想要獲得該產品的地方？或者是否有你認為可以追求的新機會或需求？

This is Shelley. I'll try to take that. Certainly, the more that we are working with our customers and transportation providers, the more opportunities that we are seeing, hence, the announcement we just made recently with Waymo. I think that there is a great opportunity to eliminate the inefficiency that's happening in the market. Our customers are helping us drive that strategy. Our carriers are helping us drive that strategy.

這是雪萊。我會努力接受的。當然，我們與客戶和運輸提供商合作得越多，我們看到的機會就越多，因此，我們最近剛剛與 Waymo 發布了公告。我認為有一個很好的機會來消除市場上正在發生的低效率。我們的客戶正在幫助我們推動這一戰略。我們的運營商正在幫助我們推動這一戰略。

As we said in our opening remarks, we are pleased with the progress. We are ahead of schedule, but we do have new ideas on the road map and continue to want to explore those ideas and anything that's logically adjacent, our customers are asking us and that we can give a proper return to. It's something we're going to investigate and continue to move forward with our mission.

正如我們在開幕詞中所說，我們對取得的進展感到高興。我們領先於計劃，但我們確實在路線圖上有新的想法，並繼續想要探索這些想法和任何在邏輯上相鄰的東西，我們的客戶要求我們並且我們可以給予適當的回報。這是我們將要調查並繼續推進我們的使命的事情。

Your next question comes from Justin Long with Stephens.

您的下一個問題來自 Justin Long 和 Stephens。

I wanted to ask about the $11 million special bonus. Could you give us some additional color on how that was spread out across the different segments? And then in dedicated, as we look at margins and how they've progressed sequentially and that bonus may be part of the 4Q decline, but I'm guessing a lot of it coming from the significant amount of fleet additions you've made sequentially the last couple of quarters. So as we think about the growth in dedicated going forward, at what point do you think we can get back to that targeted margin range of 12% to 14%?

我想問一下1100萬美元的特別獎金。你能給我們一些額外的顏色，說明它是如何分佈在不同部分的嗎？然後在專門的情況下，當我們查看利潤率以及它們如何按順序發展時，該獎金可能是第四季度下降的一部分，但我猜其中很大一部分來自您按順序增加的大量機隊最後幾個季度。因此，當我們考慮未來專用的增長時，您認為我們可以在什麼時候回到 12% 到 14% 的目標利潤率範圍？

Justin, this is Brad. I'll give you the numbers and then kick it over to Nick to give you a response to the second part of your question. Intermodal, JBI, the impact was $3.4 million; DCS, the impact was $5.9 million; ICS was $100,000; FMS was $900,000; and JBT was $400,000, for a total of $10.7 million.

賈斯汀，這是布拉德。我會給你數字，然後把它交給尼克，讓你回答你問題的第二部分。多式聯運，JBI，影響為 340 萬美元； DCS，影響為 590 萬美元； ICS 為 100,000 美元； FMS 為 900,000 美元； JBT 為 400,000 美元，總計 1070 萬美元。

Justin, this is Nick. I'll just tell you that we feel very good about our ability to operate in that range. When I look at just our base business, we are clearly operating in that range. I can't predict the future. I can just tell you that our pipeline is much larger today than it was last January. So if I could tell you when the demand will back off on the amount of adds that we have coming, I can tell you when our margins will get back down there.

賈斯汀，這是尼克。我只想告訴你，我們對在這個範圍內運作的能力感到非常滿意。當我只看我們的基礎業務時，我們顯然是在這個範圍內運營的。我無法預測未來。我只能告訴你，我們今天的管道比去年一月要大得多。因此，如果我能告訴您需求何時會因我們即將到來的新增數量而回落，我可以告訴您我們的利潤率何時會回落到那裡。

On the base business, there's a slight impact just from driver wages that we're seeing. Just from a timing of 80% of our business has indexes in it. So the timing of when we may have to give a driver wage as opposed to when we implement that rate increase in the index could be off just a little bit. That impacts us. But our view is we take care of the customer for the long term and not put business at risk just for 2 or 3 months of rate increase.

在基礎業務方面，我們看到的司機工資有輕微影響。就在我們 80% 的業務中都有索引的時候。因此，我們可能不得不給司機工資的時間，而不是我們在指數中實施加息的時間可能會稍微偏離一點。這影響了我們。但我們的觀點是，我們會長期照顧客戶，而不是僅僅在 2 或 3 個月的利率上調就將業務置於風險之中。

So we feel very solid about our base business and how it's performing. We're excited about the new business that it's coming out and doing well. So we just barely got outside the range for the year. So I think that's pretty good, if I look at that with adding over 1,800 trucks and selling over 2,500.

因此，我們對我們的基礎業務及其表現感到非常堅定。我們對即將推出並表現良好的新業務感到興奮。所以我們只是勉強超出了這一年的範圍。所以我認為這非常好，如果我增加超過 1,800 輛卡車並銷售超過 2,500 輛。

Your next question comes from Jon Chappell with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Jon Chappell。

Darren, in the last call, you said that you had implemented some programs to better encourage equipment turns. And then you noted earlier in your prepared remarks that you're seeing some of the benefits there, but it's effectively being offset by some of the rail velocity. Where do you think you are on these initiatives so that if rail service does, and we all hope it does, get back to "normal" in the next month or so, you can really see an inflection in those box turns, especially as you're onboarding the rest of those 12,000 that you didn't get in '21?

達倫，在上次通話中，你說你已經實施了一些程序來更好地鼓勵設備周轉。然後你在前面準備好的評論中指出，你在那裡看到了一些好處，但它實際上被一些鐵路速度所抵消。您認為您在這些舉措中處於什麼位置，因此如果鐵路服務確實如此，我們都希望它會在下個月左右恢復“正常”，您真的可以看到這些盒子轉彎的拐點，尤其是當您'正在加入你在 21 年沒有得到的 12,000 人中的其餘部分嗎？

Well, I mean, certainly, we did see some minor improvement in the fourth quarter from the third quarter. But minor, I mean, very, very minor, effectively flat. And then we highlighted that rail velocity took a little bit of a step back in the fourth quarter. Like you said, we would anticipate rail velocity to have some improvement. I know that all of our rail providers want nothing more than for velocity to improve. So I'm confident that -- the efforts underway.

好吧，我的意思是，當然，我們確實看到第四季度比第三季度略有改善。但是次要的，我的意思是，非常非常次要，實際上是平坦的。然後我們強調，鐵路速度在第四季度略有退步。就像你說的，我們預計鐵路速度會有一些改善。我知道我們所有的鐵路供應商只想提高速度。所以我有信心 - 正在進行的努力。

As that takes hold, there is really significant capacity available in the market from Intermodal to move more loads. The good news is that demand remains extremely strong. We have customer business that we could have onboarded in the fourth quarter that we weren't able to because of a slowdown in velocity and capacity. So we remain really bullish on our opportunity to fill up that capacity in the combination of new containers coming onboard and a return to maybe pre-pandemic velocity statistics. We really feel strongly that we have a lot of demand. And we see that in other parts of our business.

隨著這種情況的發展，多式聯運市場上確實有很大的容量可以運送更多的貨物。好消息是需求仍然非常強勁。我們有客戶業務，我們本可以在第四季度加入，但由於速度和容量放緩，我們無法做到。因此，我們仍然非常看好我們有機會通過新集裝箱的加入以及可能恢復到大流行前的速度統計數據來填補這一容量。我們真的強烈地感覺到我們有很多需求。我們在業務的其他部分也看到了這一點。

There's business operating inside the J.B. Hunt enterprise today that Intermodal is the correct solution for. But in 2021, Truckload remained a solution. Maybe it was a transit time requirement for that customer or a lack of capacity in the market from Intermodal, but both of those factors play a role in a lot of confidence we have as the ability to grow as velocity improves.

今天，在 J.B. Hunt 企業內部開展業務，多式聯運是正確的解決方案。但在 2021 年，卡車裝載仍然是一個解決方案。也許這是該客戶對運輸時間的要求，或者是多式聯運市場缺乏運力，但這兩個因素在我們有很大的信心方面發揮了作用，因為我們有能力隨著速度的提高而增長。

Your next question comes from Amit Mehrotra with Deutsche Bank.

您的下一個問題來自德意志銀行的 Amit Mehrotra。

Darren, just on Intermodal volume. Is there a better opportunity to access rail capacity on the BN this year because of maybe some of the market share shifts that have occurred? Can you just talk about what impact that has, if any, on your ability to grow volumes? And then I just wanted to follow up on the pricing questions earlier. You talked about cost and pricing for cost, but obviously, it's a very tight market. Fuel costs are up. I'm just trying to understand what you think the market-based pricing opportunity is this year. Do you think that market opportunity allows for double-digit pricing growth for contracts that come up in 2022?

達倫，就在多式聯運卷上。由於可能發生了一些市場份額的變化，今年是否有更好的機會獲得國陣的鐵路運力？您能否談談這對您增加銷量的能力有什麼影響（如果有的話）？然後我只是想更早地跟進定價問題。您談到了成本和成本定價，但顯然，這是一個非常緊張的市場。燃料成本上漲。我只是想了解您認為今年基於市場的定價機會是什麼。您認為市場機會允許 2022 年出現的合同價格實現兩位數增長嗎？

Okay. Well, the market is going to answer that question for us. We're certainly always out there competing. We're aware of prices that are winning business, and we're aware of prices that are losing business in the competition. And so certainly, if the market presents an opportunity for double-digit increases, I would tell you my experience always says that without cost increases, it's not likely that double-digit rate increases present themselves without significant cost pressure. It would be -- I would consider it highly unusual for our rates to climb in the double-digit range without corresponding cost challenges coming at the market. Those are going to dominate with driver wage, predominantly. But certainly, the asset utilization is also playing a role.

好的。好吧，市場將為我們回答這個問題。我們當然總是在那裡競爭。我們知道贏得業務的價格，也知道在競爭中失去業務的價格。因此，當然，如果市場提供了兩位數增長的機會，我會告訴你，我的經驗總是表明，如果不增加成本，那麼兩位數的利率增長就不可能在沒有顯著成本壓力的情況下出現。這將是 - 我認為我們的費率在兩位數範圍內攀升而沒有市場上出現相應的成本挑戰是非常不尋常的。這些將主要以司機工資為主。但可以肯定的是，資產利用率也在發揮作用。

And what was the second part of your question, I'm sorry? Did we address both of them?

對不起，你問題的第二部分是什麼？我們解決了他們兩個問題嗎？

Capacity on BNSF, let me just -- we're aware of another channel that certainly left BNSF and went to Union Pacific. And certainly, that presents an opportunity. I mean those lifts were occurring on BNSF. We're aligned with BNSF in a growth strategy. We have discussions with BNSF daily about our efforts to grow together, and we have a lot of focus in that area in '22.

BNSF 的容量，讓我說一下——我們知道另一個肯定離開 BNSF 並轉到聯合太平洋的頻道。當然，這提供了一個機會。我的意思是那些升降機發生在BNSF。我們在增長戰略上與 BNSF 保持一致。我們每天都與 BNSF 討論我們共同成長的努力，我們在 22 年在該領域有很多關注。

Your next question will come from Jason Seidl with Cowen.

您的下一個問題將來自 Jason Seidl 和 Cowen。

I wanted to look a little bit at the volume growth on the Intermodal side. Clearly, you were impacted by some of the congestion on the rail and the supply chain. If you would have to put it into a numbers context, what percentage impact would you think it would have on the volumes in 2021? I'm just trying to frame it so how we can think about it if this clears up, what kind of opportunity presents itself in '22 and beyond.

我想看看多式聯運方面的銷量增長。顯然，您受到了鐵路和供應鏈擁堵的影響。如果您必須將其放在數字背景下，您認為它將對 2021 年的交易量產生多大的影響？我只是想把它框起來，如果這一切都清楚了，我們如何思考它，在 22 年及以後會出現什麼樣的機會。

Jason, this is Brad. I mean I'll take a crack at that. But we don't give specific targets or guidance or having set an expectation on what realistic Intermodal turns are. But if you assume we've been running mid-16 to low 16 on monthly box turns and assume, I don't know, 18 -- 185, which is probably where we were running pre-pandemic, that's probably an approximate way to get to a number that says what the opportunity is if we got back to those pre-pandemic velocity levels that the supply chain was moving from both a customer and rail capacity service perspective.

傑森，這是布拉德。我的意思是我會對此進行破解。但我們沒有給出具體的目標或指導，也沒有對現實的多式聯運轉向設定期望。但是，如果您假設我們在每月的周轉率中一直運行在 16 到 16 低，並假設，我不知道，18 - 185，這可能是我們在大流行前運行的地方，這可能是一個近似的方式得到一個數字，說明如果我們從客戶和鐵路運力服務的角度回到大流行前的供應鏈速度水平，機會是什麼。

Your next question comes from Ravi Shanker with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ravi Shanker。

This is not a 2022 guidance question, I promise. But just on ICS, is that now structurally a 3% to 4% top margin business kind of irrespective of what the cycle does? Or kind of if spot rates do roll over next year, kind of could that margin be under pressure? And also just a follow-up on the accessorials, can you confirm the accessorials? Again, I know you won't quantify it, but was it higher or lower sequentially in the fourth quarter relative to the third quarter?

我保證，這不是 2022 年的指導問題。但就 ICS 而言，現在無論周期如何，這在結構上是 3% 到 4% 的最高利潤率業務嗎？或者，如果明年即期利率確實會滾動，那麼該利潤率會受到壓力嗎？並且只是對配件的跟進，您可以確認配件嗎？同樣，我知道您不會對其進行量化，但第四季度相對於第三季度的順序是更高還是更低？

Okay. Ravi, I'll start and maybe let Darren speak to the accessorial component there at the end. This is Brad Hicks. We don't give guidance. I do think that if you go back in the last 2 full years, we made substantial investments in the business, both in people and technology, that will allow for scale and leveraging of the platform. We continue on that journey. We are satisfied with the progress that we've made. But we still have work to do.

好的。 Ravi，我將開始，也許讓 Darren 在最後與那裡的輔助組件交談。這是布拉德希克斯。我們不提供指導。我確實認為，如果你回顧過去的整整兩年，我們在業務上進行了大量投資，包括人員和技術，這將允許平台的規模和利用。我們繼續這一旅程。我們對我們取得的進展感到滿意。但我們還有工作要做。

So I would anticipate that we would stay on a positive trajectory as we go forward because we are seeing the benefits of the tech investments, both through leverage, through efficiency gains. And I think you can see that from our overall growth and results over the last several quarters. And so we're certainly encouraged. But we -- as I said in my prepared comments, we're not satisfied yet, and we have work to do. But I do think that we've continued to show progress and we'll continue to show progress towards our long-term objectives.

因此，我預計我們將在前進的過程中保持積極的軌跡，因為我們看到了技術投資的好處，無論是通過槓桿作用還是通過效率提升。我認為你可以從我們過去幾個季度的整體增長和業績中看出這一點。所以我們當然受到鼓勵。但我們——正如我在準備好的評論中所說，我們還不滿意，我們還有工作要做。但我確實認為我們繼續取得進展，我們將繼續在實現我們的長期目標方面取得進展。

On the accessorial question, sorry, Ravi, we're just not going to answer that question.

關於附加問題，抱歉，拉維，我們只是不打算回答這個問題。

Your next question will come from Brian Ossenbeck with JPMorgan.

您的下一個問題將來自摩根大通的 Brian Ossenbeck。

I wanted to see if you can just give us a broader perspective of the challenges in labor, hiring retention. I think as mentioned, you made some pretty significant changes across multiple areas. So maybe helpful if you can run through some of the availability and wage pressures and challenges that you're seeing across the warehouses, terminals, drayage. And then specifically, it sounds like dedicated might be more of a short-term impact with some of the unseated truck challenges you have right now, which seems to be somewhat unique for a business that's been growing pretty well the last couple of years. Appreciate the color.

我想看看你是否可以讓我們更廣泛地了解勞動力、招聘保留方面的挑戰。我認為如前所述，您在多個領域進行了一些非常重要的更改。因此，如果您能夠克服您在倉庫、碼頭、貨運中看到的一些可用性和工資壓力和挑戰，這可能會有所幫助。然後具體來說，對於您現在面臨的一些無人問津的卡車挑戰，聽起來專注可能更像是一種短期影響，這對於過去幾年發展良好的企業來說似乎有些獨特。欣賞顏色。

Brian, this is Brad. I'll let Nick address the driver side of that and then Shelley kind of address the broader organization side of that question. So...

布萊恩，這是布拉德。我會讓尼克解決驅動方面的問題，然後雪萊會解決這個問題的更廣泛的組織方面。所以...

I'll go. Yes, we're -- our driver wages are significantly pretty much in every division. Again, we don't do anything across the board. It's by site, by location. But our cost per hire is up. We've seen higher sign-on bonuses. And the market is very, very difficult with the drivers being out there facing COVID. We have a higher percent of our fleet with COVID right now than we've had at any other time. They're not as severe but more of. So we're seeing an impact on that. We're seeing impacts on our orientation because of COVID, on schedule versus what actually shows. So we're seeing some short-term impacts there.

我會去。是的，我們是——我們的司機工資在每個部門都差不多。同樣，我們不做任何事情。它是按站點，按位置。但是我們的每次僱傭成本上升了。我們已經看到了更高的簽約獎金。市場非常非常困難，因為司機們都面臨著 COVID。與以往任何時候相比，我們現在擁有更高比例的 COVID 機隊。他們沒有那麼嚴重，但更多。所以我們看到了這方面的影響。由於 COVID，我們看到了對我們方向的影響，按計劃進行，而不是實際顯示。因此，我們在那裡看到了一些短期影響。

But we think we've addressed the driver market pretty well. But it still takes a little bit longer to fill up trucks in our startups when we start up even if they're priced appropriately. And with as many as we have starting up, that's continued to be a challenge.

但我們認為我們已經很好地解決了驅動程序市場。但是，即使我們的初創公司定價合適，在我們的初創公司中裝滿卡車仍然需要更長的時間。隨著我們的初創企業數量眾多，這仍然是一個挑戰。

So the other thing is just on the tech side. We're facing a lot of pressure on the maintenance tech side, in the shops as well, and that affects some of our turn times and getting equipment turns. So there's just constant new challenges that we're facing all the time around wages and that we're facing some wage pressure in the shop as well that we're addressing.

所以另一件事只是在技術方面。我們在維修技術方面面臨著很大的壓力，在商店也是如此，這會影響我們的一些周轉時間和設備周轉。因此，我們在工資方面一直面臨著不斷的新挑戰，而且我們在車間也面臨著一些工資壓力，我們正在解決這些問題。

So I'll talk -- that will do it for me. I'll let Shelley talk about the office side of things.

所以我會談談 - 這會為我做的。我會讓雪萊談談辦公室方面的事情。

Yes. When we look just comprehensively around all of our labor challenges, we really moved from a defensive mode with what's happened with COVID to an offensive mode. And it's really allowing us to move forward and think about the investments we need to make for growth for our customers. So we've looked across all of compensation and starting with our benefits package, and there were specific changes that we made to our benefit as well as total rewards, whether that was in benefits or also what happened from a short-term cash incentive to also long-term incentives as well.

是的。當我們全面審視我們所有的勞工挑戰時，我們真的從 COVID 發生的防禦模式轉變為進攻模式。它真的讓我們能夠向前邁進，並思考我們需要為客戶增長而進行的投資。因此，我們查看了所有薪酬，並從我們的福利方案開始，我們對福利和總獎勵做出了具體的改變，無論是福利還是短期現金激勵也是長期的激勵措施。

And so we've had a more comprehensive approach, really probably for our first time in quite some time across the entire organization, from drivers to our maintenance technicians and our office employees. We are leaning in. We're on the offensive side of that, really preparing for growth inside all of our segments and in all of our support groups. So it's something that we see happening here at the first of this year.

所以我們有了一個更全面的方法，這可能是我們在相當長一段時間內第一次在整個組織中，從司機到我們的維護技術人員和我們的辦公室員工。我們正在努力。我們處於進攻端，真正為我們所有部門和所有支持小組的增長做準備。所以這是我們在今年年初看到的事情。

We've been investing into our labor all of last year. But as Darren talked about, our cost -- and that's really trying to line out our price to what's happening in cost. We try to be offensive in that to make sure we have drivers and ensure we have our maintenance technicians and make sure that we have our office employees ready, equipped and available to help our customers.

去年我們一直在對勞動力進行投資。但正如達倫所說，我們的成本 - 這真的是試圖將我們的價格與成本發生的事情相匹配。我們試圖在這方面採取攻擊性措施，以確保我們有司機，確保我們有我們的維護技術人員，並確保我們的辦公室員工準備好、裝備齊全並且可以幫助我們的客戶。

Your next question will come from Chris Wetherbee with Citigroup.

您的下一個問題將來自花旗集團的 Chris Wetherbee。

Maybe for Darren, can we talk a little bit about the fleet again in Intermodal? Just want to get a sense of based on what you're seeing on the ocean today, how many boxes do you think you might expect in 1Q and 2Q out of that 6,000? And then I know there's a lot of variables out there about 2022, and that's fine. I guess given how strong the demand environment sounds for Intermodal services, assuming you get the boxes and you have some greater fluidity in the market, how many boxes would you want to grow beyond the 6,000 in 2022? What would be sort of what you see like the market opportunity for you that you could grow into?

也許對於達倫來說，我們可以在多式聯運中再次談談艦隊嗎？只是想根據您今天在海洋上看到的情況來了解一下，您認為 1Q 和 2Q 在這 6,000 個盒子中您可能期望有多少個盒子？然後我知道 2022 年有很多變數，這很好。我猜考慮到多式聯運服務的需求環境聽起來有多強勁，假設您獲得了箱子並且您在市場上有更大的流動性，那麼您希望在 2022 年超過 6,000 個箱子嗎？你認為你可以成長為什麼樣的市場機會？

Man, Chris, that's the magic question, isn't it? So we have -- we certainly -- we have a meaningful percentage of those 6,000 that are literally on vessels, either at anchor, waiting to unload or in some form of transportation. I don't know that we've decided yet to break out how many. I think it's a fair assumption to just spread those 6,000 more or less evenly over the first half of the year. If we can move them in faster than that, we will.

伙計，克里斯，這是個神奇的問題，不是嗎？因此，我們 - 我們當然 - 在這 6,000 艘船上，無論是錨泊、等待卸貨還是某種形式的運輸，我們都有相當大的比例。我不知道我們已經決定要打破多少。我認為在今年上半年或多或少地平均分配這 6,000 個是一個公平的假設。如果我們能比這更快地移動它們，我們會的。

I'm aware that I've given a direction on this call for the last 2 calls of equipment count expectations, and we haven't met either of those. So I don't want to give too much out there. But certainly, we're trying to get all of that equipment here just as soon as we can.

我知道我已經就最近兩次關於設備數量預期的電話給出了這個電話的指示，但我們還沒有滿足其中任何一個。所以我不想在外面付出太多。但可以肯定的是，我們正在努力盡快將所有這些設備都送到這裡。

I think that with all of the talk of velocity challenges in 2021, we're going to be a little bit careful watching what comes from velocity improvements. I mean there is really a lot of growth capacity in the system we have today plus the 6,000 boxes yet to be received. We can really grow a lot. We have a lot of confidence in our rail providers, in our rail network and our ability to grow business there. In the event that velocity can't improve, then certainly we have to go buy more equipment in an effort to grow at the same pace, but that will come with sort of new challenges.

我認為，隨著 2021 年所有關於速度挑戰的討論，我們將稍微仔細觀察速度改進帶來的影響。我的意思是，我們今天擁有的系統確實有很大的增長能力，加上尚未收到的 6,000 個盒子。我們真的可以成長很多。我們對我們的鐵路供應商、我們的鐵路網絡以及我們在那裡發展業務的能力充滿信心。如果速度無法提高，那麼我們當然必須購買更多設備以努力以同樣的速度增長，但這將帶來一些新的挑戰。

So I don't have an answer for you on how many we would like to have. We'd like to have as many as we can fill up, to be honest. And there's no great answer to that question. But certainly, we have tremendous growth opportunities with our customers. We're confident in the demand equation out there, and we know that if we can improve velocity, we can grow in a hurry. And in the event that we can't improve velocity, then we'll have to go secure more containers and grow that way.

因此，我無法回答您希望擁有多少人。老實說，我們希望盡可能多地填滿。這個問題沒有很好的答案。但可以肯定的是，我們與客戶有巨大的增長機會。我們對現有的需求方程充滿信心，並且我們知道，如果我們能夠提高速度，我們就可以快速增長。如果我們無法提高速度，那麼我們將不得不保護更多容器並以這種方式發展。

Chris, could I take one level just for our customers overall? I would say demand is very strong across all of our services. And so whether it's in container adds, 360box adds or as in dedicated or final mile, our customers are asking us to grow. We're really walking through either bid season or communication in those conversations in dedicated and final mile to help us determine what we should do. And then we want to have a balanced approach, making sure that we do what we say with our customers, honor our commitments and grow as much as possible with proper financial returns.

克里斯，我可以只為我們的客戶整體上一個級別嗎？我想說，我們所有服務的需求都非常強勁。因此，無論是集裝箱添加、360box 添加還是專用或最後一英里，我們的客戶都在要求我們發展。我們真的經歷了競標季節或在最後一英里的這些對話中的溝通，以幫助我們確定我們應該做什麼。然後我們希望採取一種平衡的方法，確保我們對客戶所說的話，兌現我們的承諾，並儘可能以適當的財務回報增長。

So bid season so far has gone well. We'll continue to get through bid season to help us refine what that can look like across all of our segments.

到目前為止，投標季節進展順利。我們將繼續度過投標季節，以幫助我們完善所有細分市場的樣子。

Next question will come from Jordan Alliger with Goldman Sachs.

下一個問題將來自高盛的 Jordan Alliger。

So curious from a very high-level standpoint relative to, let's say, I don't know, early December. Are you -- would you say you're more or less optimistic on the whole supply chain congestion issue easing, let's say, over the first half? Or does it just keep pushing later? And then just a clarification on dedicated fleet given what you said on purchases themselves. Are we looking at the dedicated fleet down in 2022 versus the fourth quarter of 2021?

從一個非常高級的角度來看，我非常好奇，比如說，我不知道，12 月初。你 - 你會說你對整個供應鏈擁塞問題的緩解或多或少持樂觀態度嗎？比方說，在上半年？還是只是稍後繼續推動？然後根據您對購買本身所說的話，對專用車隊進行澄清。我們是否正在考慮 2022 年專用機隊與 2021 年第四季度相比下降？

Yes. Jordan, this is Brad. I'm going to ask Shelley to address the first part of your question about our view on -- just to rehash your question, our outlook on the supply chain today versus maybe where it is early -- or where it was early December. And then to the second part of your question about dedicated and fleet addition, I'll let Nick address that.

是的。喬丹，這是布拉德。我要請雪萊回答你關於我們觀點的第一部分問題——只是為了重新提出你的問題，我們對今天供應鏈的展望與可能是早期的情況——或者是十二月初的情況。然後關於您關於專用和機隊添加的問題的第二部分，我會讓尼克解決這個問題。

So I would say throughout all of 2020 and 2021, when we would make a prediction, typically, we were wrong. And so although I would like to be optimistic, I think this latest round of COVID has caught everyone by surprise. So I can't say that I feel optimistic about the supply chain challenges going away in the near term. We're focused on making sure that we help our customers be right, to help them smooth out their supply chain challenges and that we're there for them.

所以我想說，在整個 2020 年和 2021 年，當我們做出預測時，通常情況下，我們都錯了。因此，儘管我想保持樂觀，但我認為最新一輪的 COVID 讓每個人都感到意外。所以我不能說我對供應鏈挑戰在短期內消失感到樂觀。我們專注於確保我們幫助客戶正確，幫助他們解決供應鏈挑戰，並確保我們為他們服務。

I would say any time there's more crisis in the supply chain, our mode-agnostic solutions really come to the forefront because we're fairly indifferent as to how we solve our customers. We wrap around our customers, solve for yes and then continue to move business.

我會說，只要供應鏈中出現更多危機，我們與模式無關的解決方案就會真正脫穎而出，因為我們對如何解決客戶問題相當漠不關心。我們圍繞我們的客戶，解決問題，然後繼續開展業務。

So for us, we're going to be there for them. I can't really say if we're optimistic or not because I'm not certain what lies ahead. But we are planning for that. We are on the offensive side, as I said earlier, on equipment, on people and on technology. We think we can serve our customers best, even more so this year than last year.

所以對我們來說，我們將在那里為他們服務。我真的不能說我們是否樂觀，因為我不確定未來會發生什麼。但我們正在為此做計劃。正如我之前所說，我們在設備、人員和技術方面處於進攻端。我們認為我們可以為客戶提供最好的服務，今年比去年更是如此。

And I will just say that we sold 2,500 trucks, and we started about 1,800 of them. And so that means we've got a significant amount to start already in the hopper before we sell anything this year. We are waiting on some trailing equipment to stock some stuff. But we're holding trades and doing various other things on the power side. So I would say Q1 is going to be just like the last 2 or 3 quarters for us. Right in that ballpark is where we think it's going to be from a number standpoint.

我只想說我們賣出了 2,500 輛卡車，我們開始了大約 1,800 輛。所以這意味著在我們今年出售任何東西之前，我們已經在料斗中開始了大量的工作。我們正在等待一些尾隨設備來儲存一些東西。但我們在電力方面進行交易並做各種其他事情。所以我想說第一季度對我們來說就像最後兩三個季度一樣。就在那個球場上，我們認為從數字的角度來看它將會是什麼地方。

Your next question comes from Ken Hoexter with Bank of America.

您的下一個問題來自美國銀行的 Ken Hoexter。

John, you mentioned CapEx about -- I think it was about $1.5 billion. If you're at, what, net of $877 million, you said $150 million rolls over. Can you kind of walk us through how you get to the $1.5 billion where -- how you see that step up? And then, Brad, just real quick as a cleanup, I think you mentioned some new tech at ICS. Should we expect cost to step up there and see margin pressure? Or is that just blended into the cost?

約翰，你提到了資本支出——我認為大約是 15 億美元。如果你在，什麼，淨 8.77 億美元，你說 1.5 億美元滾存。你能告訴我們你是如何達到 15 億美元的嗎？你如何看待這一步？然後，布拉德，我想你在 ICS 中提到了一些新技術。我們是否應該預期成本會上升並看到利潤率壓力？或者這只是混合到成本中？

Ken, this is John. I'll give a little bit of color on the CapEx. We're not really in a position to give too much detail, but of the $1.5 billion, I would say, around 10% is for general corporate purposes, building enhancements and things like that. The rest is probably split evenly between trucks and trailing equipment. And by trailing equipment, I mean containers, I mean dedicated trailers and also 360box. So that's probably around $700 million. And then the rest is on tractors, and that's another $700 million. And again, I'm not going to give too much color on that, but that includes both replacement and growth for '22.

肯，這是約翰。我將對資本支出進行一些說明。我們真的無法提供太多細節，但在 15 億美元中，我想說，大約 10% 用於一般企業用途、建築改進等。其餘的可能在卡車和拖曳設備之間平均分配。拖車設備是指集裝箱，專用拖車和 360 箱。因此，這可能約為 7 億美元。然後剩下的就是拖拉機了，這又是 7 億美元。再說一次，我不會對此給出太多的色彩，但這包括 22 年的替換和增長。

And then I would just like to add what we did comment. We gave some guidance for the last couple of quarters on what we thought CapEx would be. We've also given for full year 2022. That's based on both what we want to order but also what we think we can get. And so there is certainly a lot of noise and uncertainty as the OEMs are trying to meet their plans and get us the equipment we need. We'll continue to update on our progress there. But just know that there's risk in that number based on what we can get in and place in service.

然後我想補充一下我們所做的評論。我們在過去幾個季度就我們認為的資本支出提供了一些指導。我們還為 2022 年全年提供。這既基於我們想要訂購的產品，也基於我們認為可以得到的產品。因此，當原始設備製造商試圖滿足他們的計劃並為我們提供我們需要的設備時，肯定會有很多噪音和不確定性。我們將繼續更新我們在那裡的進展。但是要知道，根據我們可以投入使用和投入使用的服務，這個數字存在風險。

And then, Ken, on part 2 there, the technology enhancements, it's really on the tail of the investments that we have been making. And what I'm referencing there is that we will be deploying some internal tools that will allow and should allow for our people's productivity to be improved, which we would expect will allow us to advance our strategy as we move forward. And so I'm just really excited about finally getting done with some of those tools that we're going to be able to utilize to make better decisions, to make decisions faster and to enhance overall productivity of our workforce.

然後，Ken，在第 2 部分，技術改進，這真的是我們一直在進行的投資的結果。我所指的是，我們將部署一些內部工具，這些工具將允許並且應該允許提高我們員工的生產力，我們希望這將使我們能夠在前進的過程中推進我們的戰略。因此，我真的很高興終於完成了其中一些工具，我們將能夠利用這些工具做出更好的決策，更快地做出決策並提高我們員工的整體生產力。

Our next question will come from Tom Wadewitz with UBS.

我們的下一個問題將來自瑞銀的 Tom Wadewitz。

So I wanted to ask, I think -- it seems to me like there's a pretty consensus view out there that there will be some supply chain improvement through the year. I share that view. I wanted to get your sense of what if that's wrong and we don't see supply chain improvement and you kind of have a repeat of 2021, where things are pretty congested through the year. What does that look like for J.B. Hunt? And then just maybe a short second question. What's your best read on gross margin percent for ICS in 2022? Should we kind of think of it as stable as maybe the base case? Or any thoughts on that?

所以我想問一下，我認為 - 在我看來，似乎有一個相當一致的觀點，即全年供應鏈會有所改善。我同意這種觀點。我想了解一下，如果這是錯誤的，我們沒有看到供應鏈得到改善，而且您會重蹈 2021 年的覆轍，那裡的情況全年都非常擁擠。這對 J.B. Hunt 來說是什麼樣的？然後可能只是一個簡短的第二個問題。您對 2022 年 ICS 毛利率百分比的最佳解讀是什麼？我們是否應該將其視為可能與基本情況一樣穩定？或者對此有什麼想法？

I feel like I've answered some of this before. I think we're in a great position our customers. We did make the call early in 2021 to add more equipment to lean in, and you're seeing that equipment now starting to come online. So I think we're in a great position with our customers. We're going to continue to be very close with them and make sure that we can answer whatever our customers' needs are.

我覺得我之前已經回答了一些問題。我認為我們的客戶處於有利地位。我們確實在 2021 年初打了電話，要求增加更多設備以供使用，而您現在看到這些設備開始上線。所以我認為我們在客戶中處於有利地位。我們將繼續與他們保持密切聯繫，並確保我們能夠滿足客戶的任何需求。

In 2021, more than any other year, I saw us be able to move freight for our customers that wouldn't necessarily have moved in that mode or that type of shipment in the past. When a customer had a shipment, we could say yes. J.B. Hunt 360 allowed for a lot of that, but also the interconnectivity of all of our segments, working very closely together, understanding where capacity was at and how we could help our customers.

2021 年，比以往任何一年都多，我看到我們能夠為我們的客戶運送過去不一定會以那種模式或那種類型的貨物運送的貨物。當客戶有貨時，我們可以說是。 J.B. Hunt 360 實現了很多這樣的目標，但也實現了我們所有細分市場的互聯互通，緊密合作，了解產能狀況以及我們如何幫助客戶。

I don't see a lot of negative impacts for our organization if it were to stay congested as is. We are already set up for the as is, and we're continuing to talk closely with our customers. When you say that there's consensus that it's going to get a lot better, I'm not sure how much that consensus is optimism versus reality. And I think that that's really key questions that we're asking our customers.

如果它保持原樣，我認為我們的組織不會有很多負面影響。我們已經按原樣進行了設置，並且我們將繼續與客戶密切溝通。當你說人們一致認為它會變得更好時，我不確定這種共識在多大程度上是樂觀與現實。我認為這確實是我們向客戶詢問的關鍵問題。

Certainly, we want to help our customers get better. We want to help them be more planned and help them reduce costs in their supply chain in total. But if nothing changes from today, we'll continue to lean into our customers. We'll continue to ask them how we can help them more, and we will make more bets on how we can help them through our people, technology and our equipment.

當然，我們希望幫助我們的客戶變得更好。我們希望幫助他們更有計劃地進行計劃，並幫助他們降低供應鏈中的總成本。但是，如果從今天起沒有任何變化，我們將繼續依靠我們的客戶。我們將繼續詢問他們如何才能更多地幫助他們，我們將更多地賭注如何通過我們的人員、技術和設備幫助他們。

And then as we've stated, we're not interested in giving guidance around what our return expectations are for the year. I think that we're early in bid season. We're going to need to see what the market does and how it continues to respond to the work that we have been doing.

然後正如我們所說，我們沒有興趣就我們今年的回報預期提供指導。我認為我們處於投標季節的早期。我們需要看看市場做了什麼，以及它如何繼續響應我們一直在做的工作。

If you look back over the last several years, going back to '18, I'm at least encouraged that we've returned closely to a profitability level we saw before the heavy lift tech investments. But we're not inside of our desired long-term range yet at this point. So we're working every day. The technology that I just referenced is hopeful to aid us in that, and we would anticipate and expect to continue on our journey towards the 4% and 6% range that we stated previously.

如果你回顧過去幾年，回到 18 年，我至少感到鼓舞的是，我們已經緊密地回到了我們在重型技術投資之前看到的盈利水平。但目前我們還沒有在我們期望的長期範圍內。所以我們每天都在工作。我剛才提到的技術有望在這方面為我們提供幫助，我們預計並期望繼續朝著我們之前所說的 4% 和 6% 範圍邁進。

And we have time for one more question, which will come from Brandon Oglenski with Barclays.

我們還有時間再回答一個問題，這個問題將來自巴克萊銀行的 Brandon Oglenski。

So I guess if I could just follow up on that, or maybe for Brad. It looks like headcount was actually down in ICS, and core truckload growth may be 3%. Can you just talk about the market dynamics there? And has this reached more of a level of maturity that we are contemplating maybe 1.5 years ago? Or is there still a lot more to go on that platform?

所以我想我是否可以跟進，或者可能是布拉德。看起來 ICS 的員工人數實際上有所下降，核心載貨量增長可能為 3%。你能談談那裡的市場動態嗎？這是否達到了我們可能在 1.5 年前考慮的成熟程度？還是在那個平台上還有很多事情要做？

Really, what it comes down to is that the headcount that you see there is direct to the business. And because of how we've managed and restructured over time, there are some headcounts that support the business that are not inside of the BU. And so I would say that obviously, we're leveraging technology in an effort to grow headcount at a disproportionate level to the growth of the business. And that's really what our focus is, and we're satisfied with the progression we've seen there. Perhaps the numbers that are published aren't entirely revealing of the total headcount inside the organization that supports the business.

實際上，歸根結底是您看到的員工人數直接與業務相關。由於我們隨著時間的推移進行管理和重組的方式，有一些支持業務的員工人數不在 BU 內部。所以我想說的是，很明顯，我們正在利用技術來增加員工人數，使其與業務增長不成比例。這就是我們真正關注的重點，我們對在那裡看到的進展感到滿意。也許公佈的數字並不能完全揭示支持該業務的組織內的總人數。

And this will conclude our Q&A session. I would now like to turn the call over to CEO John Roberts for closing remarks at this time.

這將結束我們的問答環節。我現在想把這個電話轉給首席執行官約翰羅伯茨，在這個時候做閉幕詞。

Thank you. And I'd like to first say I appreciate a much more balanced discussion here today, though we still have work to do. I kept a little score here on the questions that were asked of our different leaders, and I am encouraged, and we'll continue in that vein.

謝謝你。我首先要說的是，我很欣賞今天在這裡進行的更加平衡的討論，儘管我們還有工作要做。對於向我們不同領導人提出的問題，我在這裡保留了一點分數，我受到鼓舞，我們將繼續這樣做。

I would say the 2 big takeaways are that the businesses are all lined up, well positioned, look to grow, look to continue the momentum that we have. And then collectively, because of that individual strength, we have a compounded strength that -- I like the question, what if it doesn't get better? And when Shelley was answering that question, I was thinking to myself, okay, so that means we keep doing what we're doing here. We've learned how to do that.

我想說的兩大要點是，企業都排成一列，定位良好，希望增長，希望繼續保持我們擁有的勢頭。然後集體，由於個人的力量，我們有一種複合力量——我喜歡這個問題，如果它沒有變得更好怎麼辦？當雪萊回答這個問題時，我在想，好吧，這意味著我們繼續做我們正在做的事情。我們已經學會瞭如何做到這一點。

But if you look at the strength that we're demonstrating through this pandemic, through the supply chain disruption with really a fairly simple focus on invest for customers, serve customers, generate the right amount of return and then invest for our customers again, we don't really have a predisposition to one element or another as we continue to move down this road of being agnostic. We just want to answer that question.

但是，如果您看看我們在這場大流行中展示的實力，通過供應鏈中斷，實際上非常簡單地專注於為客戶投資、為客戶服務、產生適當的回報，然後再次為我們的客戶投資，我們當我們繼續沿著這條不可知論的道路前進時，並沒有真正傾向於一種或另一種元素。我們只想回答這個問題。

And I think our momentum with the customer base is continuing to gain strength that they appreciate that we will invest for them in equipment. They appreciate that we will pivot away from an equipment investment if a better answer presents itself.

而且我認為我們與客戶群的勢頭正在繼續增強，他們讚賞我們將為他們投資設備。他們讚賞如果出現更好的答案，我們將擺脫設備投資。

So closing out the year, we were thrilled with the year. We were thrilled to get to pay our people a special bonus. And I'd just close by saying that people focus is really where it's at for us. I've never seen the kind of exhaustive work that we've done this year to understand our position and balance that against risks of not taking action versus taking action and then thinking about how we need to make those investments return for us the same way that we think about our assets.

所以結束這一年，我們對這一年感到興奮。我們很高興能夠向我們的員工支付特別獎金。最後我要說的是，人們的關注點對我們來說真的很重要。我從來沒有見過我們今年所做的那種詳盡的工作來了解我們的立場並平衡不採取行動與採取行動的風險，然後思考我們需要如何讓這些投資以同樣的方式為我們帶來回報我們考慮我們的資產。

But we have great tech. We have great assets and equipment. But our people are the difference. They -- and I know that's a little bit cliche to some of us, but I'm telling you that when it gets down to push and shove, our folks are going to be there. They're going to get the job done. What will this year bring? We'll see.

但是我們有很棒的技術。我們擁有豐富的資產和設備。但我們的人民與眾不同。他們——我知道這對我們中的一些人來說有點陳詞濫調，但我要告訴你，當事態發展時，我們的人會在那裡。他們會完成工作的。今年會帶來什麼？走著瞧。

We thank you for your call and your attention today.

我們感謝您今天的來電和關注。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。