Knight-Swift Transportation Holdings Inc (KNX) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Colin. I'll be your conference operator today. At this time, I'd like to welcome everyone to the Knight-Swift Transportation Third Quarter 2022 Earnings Call. (Operator Instructions)

下午好，女士們，先生們。我叫科林。今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Knight-Swift Transportation 2022 年第三季度財報電話會議。 （操作員說明）

Mr. Miller, the meeting is now yours.

米勒先生，現在是你的會議。

Thank you, Colin, and good afternoon, everyone, and thank you for joining our third quarter 2022 earnings call. Today, we plan to discuss topics related to the results of the third quarter, provide an update on current market conditions and update our full year 2022 guidance. We have slides to accompany this call, which are posted on our investor website. Our call is scheduled to go until 5:30 p.m. Eastern Time. Following our commentary, we will answer questions related to these topics. (Operator Instructions) We'll answer as many questions as time allows. If we're not able to get to your question due to time restrictions, you may call (602) 606-6349.

謝謝科林，大家下午好，感謝您參加我們的 2022 年第三季度財報電話會議。今天，我們計劃討論與第三季度業績相關的話題，提供當前市場狀況的最新信息，並更新我們的 2022 年全年指引。我們有幻燈片來配合這次電話會議，這些幻燈片張貼在我們的投資者網站上。我們的電話計劃持續到下午 5:30。東部時間。在我們的評論之後，我們將回答與這些主題相關的問題。 （操作員說明）我們將在時間允許的情況下回答盡可能多的問題。如果由於時間限制我們無法回答您的問題，您可以致電 (602) 606-6349。

So to begin, I'll first refer you to the disclosures on Page 2 of the presentation and note the following: This conference call and presentation may contain forward-looking statements made by the company that involve risks, assumptions and uncertainties that are difficult to predict. Investors are directed to the information contained in Item 1A, Risk Factors, or Part 1 of the company's annual report on Form 10-K filed with the United States SEC for a discussion of the risks that may affect the company's future operating results. Actual results may differ.

因此，首先，我將首先向您介紹演示文稿第 2 頁上的披露，並註意以下幾點： 本次電話會議和演示文稿可能包含公司做出的涉及風險、假設和不確定性的前瞻性陳述，這些陳述難以預測。投資者可參閱公司向美國證券交易委員會提交的 10-K 表格年度報告第 1A 項、風險因素或第 1 部分中包含的信息，以討論可能影響公司未來經營業績的風險。實際結果可能有所不同。

Now on to Slide 3. The charts on Slide 3 compare our consolidated third quarter revenue and earnings results on a year-over-year basis. Revenue, excluding fuel surcharge, grew by 9.2%, while our adjusted operating income declined by 1.4%. GAAP earnings per diluted share for the third quarter of 2022 were $1.21, and our adjusted EPS came in at $1.27. On a year-over-year basis, higher interest expense, lower gain on sale and a higher tax rate impacted adjusted EPS by approximately $0.10 per share.

現在轉到幻燈片 3。幻燈片 3 上的圖表比較了我們第三季度的綜合收入和收益結果。不包括燃油附加費的收入增長了 9.2%，而我們的調整後營業收入下降了 1.4%。 2022 年第三季度的 GAAP 每股攤薄收益為 1.21 美元，我們調整後的每股收益為 1.27 美元。與去年同期相比，較高的利息費用、較低的銷售收益和較高的稅率對調整後的每股收益產生了約 0.10 美元的影響。

Now let's move to the next slide. So Slide 4 illustrates the revenue and adjusted operating income for the third quarter and year-to-date periods in each of our segments. Despite a change in freight market, our performance remained strong across each of our segments. Our Truckload segment operated in the low 80s, while Logistics continues to generate mid-teens margins, Intermodal continues to make year-over-year improvements, and our LTL segment is outperforming the targets we set at the time of acquisition. We remain focused on continuing to diversify our business and develop complementary services that bring strategic value to our customers and partner carriers.

現在讓我們轉到下一張幻燈片。因此，幻燈片 4 顯示了我們每個部門第三季度和年初至今的收入和調整後的營業收入。儘管貨運市場發生了變化，但我們在每個細分市場的表現仍然強勁。我們的卡車貨運部門在 80 年代低點運營，而物流繼續產生十幾歲左右的利潤率，多式聯運繼續進行逐年改進，我們的零擔業務部門的表現超過了我們在收購時設定的目標。我們仍然專注於繼續多元化我們的業務並開發互補服務，為我們的客戶和合作夥伴運營商帶來戰略價值。

The chart on the right highlights the percentage of revenue during the third quarter of 2022 from each of our 4 segments as well as the percentage of revenue from our other services, which include our rapidly growing insurance, equipment maintenance, equipment leasing and warehousing services. We believe this diversification positions our company to successfully navigate what could be a more challenging freight environment in the coming quarters.

右圖突出顯示了 2022 年第三季度我們 4 個部門中每個部門的收入百分比，以及我們其他服務的收入百分比，其中包括我們快速增長的保險、設備維護、設備租賃和倉儲服務。我們相信這種多元化使我們公司能夠成功應對未來幾個季度可能更具挑戰性的貨運環境。

We are encouraged with how well our different brands and services continue to collaborate to find new opportunities to grow with existing customers and forge relationships with new customers. Our company is made up of unique brands that have different strengths and provide different services throughout the supply chain. We bring creative solutions with scale to solve difficult challenges. We value vertical accountability for performance in each business, but also horizontal collaboration across our brands to optimize and fully leverage our capabilities. Because of this structure and the leaders we have on our team, we feel well positioned to successfully navigate the changing market.

我們對我們不同的品牌和服務如何繼續合作以尋找與現有客戶共同成長並與新客戶建立關係的新機會感到鼓舞。我們公司由具有不同優勢的獨特品牌組成，並在整個供應鏈中提供不同的服務。我們帶來具有規模的創造性解決方案來解決困難的挑戰。我們重視對每項業務的績效進行縱向問責，也重視我們品牌之間的橫向合作，以優化和充分利用我們的能力。由於這種結構和我們團隊中的領導者，我們感到有能力成功駕馭不斷變化的市場。

The next few slides will discuss each segment's operating performance, starting with Truckload on Slide 5. On a year-over-year basis, our Truckload revenue, excluding fuel surcharge, grew 3.7%, while our operating income declined 14.9% as we operated with an 81.8% adjusted operating ratio. During the quarter, revenue per tractor grew 1.8%, driven by an 8.1% increase in revenue per loaded mile and a 4.2% decrease in miles per tractor. The improvement in revenue per tractor was more than offset by inflationary pressures across our business. Most notably, we continue to see cost pressures in driver-related expenses, equipment cost and maintenance and insurance.

接下來的幾張幻燈片將討論每個細分市場的運營業績，從幻燈片 5 的 Truckload 開始。與去年同期相比，我們的 Truckload 收入（不包括燃油附加費）增長了 3.7%，而我們的營業收入下降了 14.9%，因為我們使用調整後營業率為81.8%。本季度，每輛拖拉機的收入增長了 1.8%，這主要得益於每裝載英里收入增長 8.1% 和每輛拖拉機英里減少 4.2%。每台拖拉機收入的增長被我們業務的通脹壓力所抵消。最值得注意的是，我們繼續看到司機相關費用、設備成本以及維護和保險方面的成本壓力。

Within our Truckload segment, we adjust to market conditions and have a diverse group of brands and services, including nearly 5,000 dedicated trucks, which provides us with some flexibility and strategy. For example, as over-the-road truckload volumes have become less robust year-over-year, our dedicated business has grown top line revenue and improved margins on a year-over-year basis. Freight demand trended below typical seasonal patterns in the back half of the third quarter, and these trends have continued into October. Given these trends, we are expecting a muted peak season this year. Spot opportunities have declined significantly, and we have been pivoting towards making more commitments through the bid season to reduce our exposure in the spot market. We've been doing this since the beginning of the year.

在我們的卡車運輸部門，我們根據市場情況進行調整，擁有多元化的品牌和服務，包括近 5,000 輛專用卡車，這為我們提供了一些靈活性和戰略。例如，隨著公路卡車貨運量同比下降，我們的專用業務同比增長了收入並提高了利潤率。貨運需求在第三季度後半段低於典型的季節性模式，並且這些趨勢一直持續到 10 月。鑑於這些趨勢，我們預計今年的旺季將保持平穩。現貨機會顯著下降，我們一直致力於在投標季節做出更多承諾，以減少我們在現貨市場的敞口。自今年年初以來，我們一直在這樣做。

Small carriers who typically have significant spot exposure, are now dealing with depressed rates, higher fuel prices, higher fixed equipment costs, rising insurance costs and now elevated interest rates that will most likely continue to rise. These factors have led to capacity attrition that we are currently seeing and will most likely accelerate the attrition in coming quarters. Despite the changing market, our customers still value trailer pool capacity at scale, and we see this demand in both our Truckload and Logistics segments. We continue to invest in our already industry-leading trailer fleet, which grew sequentially to just over 75,000 trailers. We believe our scale and trailers is a competitive advantage and provides our customers capabilities that are extremely difficult to replicate.

通常擁有大量現貨風險的小型承運人現在正在應對低利率、更高的燃料價格、更高的固定設備成本、不斷上升的保險成本以及現在很可能會繼續上升的高利率。這些因素導致了我們目前看到的產能流失，並且很可能在未來幾個季度加速流失。儘管市場不斷變化，我們的客戶仍然重視拖車池容量，我們在卡車裝載和物流領域都看到了這種需求。我們繼續投資於我們已經處於行業領先地位的拖車車隊，該車隊連續增長至剛剛超過 75,000 輛拖車。我們相信我們的規模和拖車是一種競爭優勢，並為我們的客戶提供極難復制的能力。

Now let's move to Slide 6. Our LTL segment continues to perform well and is exceeding the goals we set at the time of acquisition. For the quarter, revenue, excluding fuel surcharge, was $224 million, and we operated at an 84.5% adjusted operating ratio. This represents a 300 basis point improvement from the third quarter last year, which was the first quarter that we included AAA Cooper in our results.

現在讓我們轉到幻燈片 6。我們的 LTL 部門繼續表現良好，並且超過了我們在收購時設定的目標。本季度，不包括燃油附加費的收入為 2.24 億美元，調整後的運營率為 84.5%。這比去年第三季度提高了 300 個基點，這是我們將 AAA Cooper 納入業績的第一季度。

Volumes followed normal seasonal trends, while pricing remained strong. Our revenue, excluding fuel surcharge per hundred weight, increased 15.5% year-over-year. We have been extremely impressed with the leadership at both AAA Cooper and MME as we work towards merging our systems this quarter to create seamless connectivity for our customers while maintaining the culture and brands of each company. We believe this positions us to provide additional services to existing customers as well as create new customer relationships.

成交量遵循正常的季節性趨勢，而價格保持強勁。我們的收入（不包括每百重燃油附加費）同比增長 15.5%。 AAA Cooper 和 MME 的領導力給我們留下了深刻的印象，因為我們在本季度努力合併我們的系統，為我們的客戶創造無縫連接，同時保持每家公司的文化和品牌。我們相信這使我們能夠為現有客戶提供額外服務並建立新的客戶關係。

Our Knight and Swift brands have deep relationships with large shippers who, in many cases, deal with larger LTL network -- or larger LTL providers. Creating a super regional network in the short term and then a national network in the long term will enable us to find opportunities to further support our existing Truckload customers with LTL capacity. We also believe this approach is very welcoming to other LTL companies who may choose to join this network. Again, we are very encouraged by the LTL results, and our conviction for synergy achievement continues to grow.

我們的 Knight 和 Swift 品牌與大型托運人有著深厚的關係，在許多情況下，這些托運人與更大的 LTL 網絡或更大的 LTL 供應商打交道。在短期內創建一個超級區域網絡，然後在長期內創建一個全國性網絡，這將使我們能夠找到機會，進一步支持我們現有的具有 LTL 能力的 Truckload 客戶。我們也相信這種方法非常歡迎其他可能選擇加入該網絡的零擔運輸公司。再一次，我們對 LTL 的結果感到非常鼓舞，我們對協同成就的信念繼續增長。

Now let's move to Slide 7. Our Logistics segment continues to grow volume with load count up 20.1% year-over-year. As compared to the third quarter of 2021, revenue was down just 5.2% despite a 21% decrease in revenue per load. Gross margin also expanded to 20.9% in the quarter compared to 18.1% last year, leading to an 86.8% adjusted operating ratio. This resulted in a slight improvement in operating income compared to the same quarter last year.

現在讓我們轉到幻燈片 7。我們的物流業務量繼續增長，載貨量同比增長 20.1%。與 2021 年第三季度相比，儘管每次負載收入下降了 21%，但收入僅下降了 5.2%。本季度毛利率也從去年的 18.1% 擴大至 20.9%，調整後的營業率為 86.8%。與去年同期相比，這導致營業收入略有改善。

Our customers continue to value the power-only services we provide, which led to a 33.3% growth in power-only load volumes. Our vast and growing trailer network allows our customers the ability to optimize their warehouse base and labor costs. Third-party carriers prefer power-only business because it saves them hours at each load and unload location. It lowers their capital investment and risk, reduces their operating costs and gives them access to freight they historically wouldn't be able to participate in. We continue to be excited about this business and have several technology initiatives ongoing that will improve the experience for our third-party carriers as well as provide more seamless information internally and to our customers that will lead to more opportunities to utilize our equipment.

我們的客戶繼續重視我們提供的純電力服務，這導致純電力負載量增長了 33.3%。我們龐大且不斷增長的拖車網絡使我們的客戶能夠優化其倉庫基礎和勞動力成本。第三方運營商更喜歡僅使用電力的業務，因為這可以節省他們在每個裝卸地點的時間。它降低了他們的資本投資和風險，降低了他們的運營成本，並使他們能夠獲得他們過去無法參與的貨運。我們繼續對這項業務感到興奮，並且正在進行多項技術計劃，這將改善我們的體驗第三方運營商，並在內部和我們的客戶提供更多無縫信息，這將帶來更多使用我們設備的機會。

Network fluidity and chassis availability remains a challenge within our network. However, we have made progress through the bid season to better align our freight network and our rail partners in both the West and the East. Our goal is to continue to grow intermodal through improved (inaudible) as well as expanded capacity as we added approximately 650 containers during the third quarter of this year.

網絡流動性和機箱可用性仍然是我們網絡中的一個挑戰。然而，我們在投標季節取得了進展，以更好地調整我們的貨運網絡和我們在西方和東方的鐵路合作夥伴。我們的目標是通過改進（聽不清）和擴大運力來繼續發展多式聯運，因為我們在今年第三季度增加了大約 650 個集裝箱。

I'll now turn it over to Dave.

我現在把它交給戴夫。

Okay. Thanks, Adam. And good afternoon, everybody. Slide 9 illustrates the growth in our businesses that are included in the non-reportable segment. For the quarter, we had a 56% increase in revenue and a 97% increase in operating income. These increases in revenue and earnings from our overall -- are from our overall strategy to develop essential services for third-party carriers.

好的。謝謝，亞當。大家下午好。幻燈片 9 說明了我們的非報告部分業務的增長。本季度，我們的收入增長了 56%，營業收入增長了 97%。我們整體收入和收益的這些增長來自我們為第三方運營商開發基本服務的整體戰略。

As outlined last quarter, the 3 primary objectives in these carrier services are: number one, to introduce new profitable revenue streams with growth potential that further diversify our company; second, to leverage existing expertise in areas where we've proven industry-leading results such as risk management, maintaining equipment and purchasing; and three, provide these services in a way that benefits the relationships we have with small carriers as we build a much, much larger network using their power with our trailers and freight network.

如上個季度所述，這些運營商服務的 3 個主要目標是：第一，引入具有增長潛力的新的盈利收入來源，進一步使我們的公司多樣化；其次，利用我們已經證明行業領先成果的領域的現有專業知識，例如風險管理、維護設備和採購；第三，以有利於我們與小型承運人的關係的方式提供這些服務，因為我們利用他們的力量與我們的拖車和貨運網絡建立了一個更大的網絡。

Many of these services are branded under our Iron Truck Services brand. We found tremendous interest in our offerings from small third-party carriers interested in purchasing insurance, maintaining their equipment in our nationwide shop network, leasing equipment and leveraging our buying power to purchase fuel. These new and expanded services, along with warehousing and equipment leasing, have nearly quadrupled revenue and are on pace to generate over $500 million of revenue this year with projected operating income in excess of $60 million compared to a loss of $68 million in 2019.

其中許多服務都以我們的 Iron Truck Services 品牌命名。我們發現小型第三方運營商對我們的產品非常感興趣，他們有興趣購買保險、在我們的全國商店網絡中維護他們的設備、租賃設備並利用我們的購買力購買燃料。這些新的和擴展的服務，連同倉儲和設備租賃，收入幾乎翻了兩番，今年有望產生超過 5 億美元的收入，預計營業收入將超過 6000 萬美元，而 2019 年的虧損為 6800 萬美元。

Now to Slide 10. This slide illustrates the progress of the intentional changing of the composition of our business into an industrial growth company. The chart on the left shows the percentage of adjusted operating income from each of our segments and our other non-reportable services since the Knight and Swift merger in 2017 through the third quarter of 2022. We're pleased to report meaningful contributions in earnings from each area over the last 5 years. These diversification efforts make us less volatile -- a less volatile company, and we expect will help us mitigate the downside through truckload freight cycles.

現在轉到幻燈片 10。這張幻燈片說明了我們有意將業務構成轉變為工業增長型公司的進展。左邊的圖表顯示了自 2017 年 Knight 和 Swift 合併到 2022 年第三季度以來，我們每個部門和我們其他不可報告服務的調整後營業收入的百分比。我們很高興地報告來自過去 5 年中的每個區域。這些多元化努力使我們的波動性降低 - 一家波動性較小的公司，我們預計將幫助我們通過整車貨運週期減輕不利影響。

Our truckload earnings now represent only 63% of earnings, which represents a meaningful shift from where we were in 2017, immediately following the Knight-Swift merger. This reduction in our truckload earnings percentage has changed while at the same time significantly improving our truckload earnings from a 2017 full year combined pro forma Knight and Swift earnings of $319 million to $840 million for the third quarter trailing 12 months of this year. The chart on the right shows our rolling 4-quarter adjusted earnings per share since the Knight and Swift merger during this time. The EPS has moved from $2.16 per share to $5.64 per share for the trailing 12 months.

我們的整車收入現在僅佔收入的 63%，與 Knight-Swift 合併後的 2017 年相比，這是一個有意義的轉變。我們卡車貨運收入百分比的下降發生了變化，同時我們的卡車貨運收入顯著提高，從 2017 年全年模擬騎士和斯威夫特合併後的 3.19 億美元到今年 12 個月的第三季度的 8.4 億美元。右邊的圖表顯示了自 Knight 和 Swift 合併以來，我們在此期間滾動的 4 個季度調整後的每股收益。在過去的 12 個月裡，每股收益從每股 2.16 美元上升到每股 5.64 美元。

Moving to Slide 11. Strong earnings have driven increases in our free cash flow, which was $1 billion through the third quarter over the trailing 12 months. Year-to-date, we've used cash to increase our dividend to shareholders by 20%, repurchased $300 million worth of shares and paid down $396 million in long-term debt and leases. Since the 2017 Knight-Swift merger, we've invested $1.6 billion in acquisitions. Making acquisitions remains a high priority, and our strong cash flow generation provides us with ample capacity for M&A opportunities. Our balance sheet is strong, and we are well positioned to invest in organic growth, pursue acquisitions, purchase more shares, increase dividends and/or pay down debt. We are constantly evaluating market conditions to maximize our use of cash to create value for our shareholders.

轉到幻燈片 11。強勁的收益推動了我們的自由現金流的增長，在過去的 12 個月中，到第三季度的自由現金流為 10 億美元。年初至今，我們已經使用現金將我們對股東的股息增加了 20%，回購了價值 3 億美元的股票，並償還了 3.96 億美元的長期債務和租賃。自 2017 年 Knight-Swift 合併以來，我們已投資 16 億美元進行收購。收購仍然是重中之重，我們強大的現金流為我們提供了充足的併購機會。我們的資產負債表很強勁，我們有能力投資於有機增長、進行收購、購買更多股票、增加股息和/或償還債務。我們不斷評估市場狀況，以最大限度地利用現金為股東創造價值。

On to Slide 12. Return on net tangible assets remains a key metric for us over the past 12 months. We've achieved a 22.4% return on tangible -- on net tangible assets, which you can see from the graph is a substantial improvement from where we've been in the past few years. Our goal is to improve this metric by focusing on 3 key areas: one, growing our less asset-intensive businesses; two, acquiring and improving businesses; and three, expanding margins in existing operations.

轉到幻燈片 12。過去 12 個月，淨有形資產回報率仍然是我們的一個關鍵指標。我們已經實現了 22.4% 的有形回報——淨有形資產，您可以從圖表中看到，與過去幾年相比，這是一個巨大的進步。我們的目標是通過關注 3 個關鍵領域來改進這一指標：第一，發展我們的資產密集度較低的業務；二、收購和改善業務；第三，擴大現有業務的利潤率。

During the third quarter, we made significant progress in many of these areas. In our less asset-intensive businesses, we saw 20% increases in load volumes for our Logistics business, with a large part of those coming from our power-only service offering. We saw warehousing revenue increase over 60% year-over-year, and our Iron Services revenue increase over 140% year-over-year.

在第三季度，我們在其中許多領域取得了重大進展。在我們的資產密集度較低的業務中，我們的物流業務的負載量增加了 20%，其中很大一部分來自我們的純電力服務。我們看到倉儲收入同比增長超過 60%，我們的鋼鐵服務收入同比增長超過 140%。

We've experienced synergies and improvement in every business we've acquired, be they warehousing, asset truckload, of course, less than truckload or truckload brokerage. In less-than-truck-load, or LTL, we're expanding our network in the fourth quarter with the addition of 4 new terminals in over 125 doors. We believe our focus in these 3 key objectives leverage our core competencies in areas of opportunities that are unique to us, will allow us to continue to generate significant returns to our shareholders over time.

我們在收購的每項業務中都經歷了協同效應和改進，無論是倉儲、資產卡車運輸，當然，都少於卡車運輸或卡車運輸經紀業務。在零擔或零擔運輸方面，我們將在第四季度擴大我們的網絡，在超過 125 個門中增加 4 個新碼頭。我們相信，我們對這三個關鍵目標的關注利用了我們在獨特機會領域的核心競爭力，將使我們能夠隨著時間的推移繼續為股東創造可觀的回報。

Now on to the next slide, Slide 13, and I'm going to take just a moment and give a little bit of background and kind of view into the market as we see it. So bear with me as I kind of walk through this. I won't hit each one of those bullet points, but I'll try and kind of -- I'll cover them one way or another, but just give some commentary here on what we're seeing in the market.

現在轉到下一張幻燈片，幻燈片 13，我將花一點時間來介紹一下我們所看到的市場的背景和某種觀點。所以請耐心等待我走過這一步。我不會逐一提到這些要點，但我會嘗試——我會以一種或另一種方式覆蓋它們，但只是在這裡對我們在市場上看到的情況發表一些評論。

We've been preparing for the next freight downturn since before the last one. When we saw the unexpected disruption from COVID-19 in the April and May time frame of 2020, we quickly jumped into action, made immediate changes to adapt and to perform. The changing freight market, from the all-time high demand experienced, that started really in the summer of 2020 and continued into a more typical seasonal demand, which we started to see at the beginning of this year, and now, in some ways, we're seeing sub-seasonal demand as we come towards the end of 2022 and head into 2023, has been a little easier to anticipate, predict and even prepare for than what we originally saw back at the start of COVID-19.

自上一次貨運下滑之前，我們就一直在為下一次貨運下滑做準備。當我們在 2020 年 4 月和 5 月的時間框架內看到 COVID-19 的意外中斷時，我們迅速採取行動，立即做出改變以適應和執行。從 2020 年夏季真正開始的空前高需求開始，不斷變化的貨運市場持續到更典型的季節性需求，我們在今年年初開始看到這種情況，現在，在某些方面，隨著我們臨近 2022 年底並進入 2023 年，我們看到次季節性需求，比我們最初在 COVID-19 開始時看到的更容易預測、預測甚至準備。

Now although we've been hoping that the strength would continue, over the last year, we have followed our playbook in preparing for the economy and the truckload market to slow. We reduced our exposure to the spot market at the beginning of the year and have made certain cost adjustments throughout the year. Mitigating the volatility associated with the full truckload market has long been a major focus for our company and something we frequently talk about with investors.

現在，儘管我們一直希望這種力量能夠持續下去，但在過去的一年裡，我們一直按照我們的做法為經濟和卡車貨運市場放緩做準備。我們在年初減少了對現貨市場的敞口，並在全年進行了一定的成本調整。長期以來，減輕與整車市場相關的波動一直是我們公司的主要關注點，也是我們經常與投資者談論的話題。

A major part of the rationale for our entrance into the LTL market was the reduced volatility in the LTL market, which has considerably high barriers to entry and has performed with remarkable consistency over the last 2 decades. It used to be that the truckload carriers' only real option for mitigating cyclicality was to increase the percentage of their business that's dedicated as opposed to a regular route. Our industry-leading OR and size have afforded us the meaningful cash flow to invest in related but less cyclical industries such as LTL or insurance or maintenance and maybe more -- even more impactful to increase our already industry-leading largest trailer fleet, but to continue to increase that to create more value and reduce volatility with increased trailer pool business with our truckload customers by providing the truck and driver to power from one of our partner carriers in our massive portfolio of third-party carrier relationships.

我們進入 LTL 市場的一個主要理由是 LTL 市場的波動性降低，該市場的進入門檻相當高，並且在過去 2 年中表現出顯著的一致性。過去，卡車運輸公司減輕週期性的唯一真正選擇是增加其專用業務的百分比，而不是常規路線。我們行業領先的 OR 和規模為我們提供了有意義的現金流來投資於相關但周期性較小的行業，例如 LTL 或保險或維護，甚至可能更多 - 對增加我們已經行業領先的最大拖車車隊更具影響力，但通過在我們龐大的第三方承運人關係組合中為我們的合作承運人之一提供卡車和司機的動力，繼續增加這一點，以創造更多價值並通過增加與我們的卡車客戶的拖車池業務來減少波動。

The ability to provide access to concentrations of trailers in all 48 states is unique to us. It maximizes supply chain efficiencies, has a very high barrier to entry, and we operate trailers what may very well be the industry's lowest operating cost per mile. These trailer pools offer customers flexibility in loading and unloading trailers based on their labor availability as opposed to unloading or loading when the truck arrives and the driver is waiting. Since the electronic log mandate nearly 4 years ago, most loads accrue additional charges to the shipper if not unloaded in 2 hours when a driver is waiting. The flexibility from our pools to unload in a day or two creates value and helps our contract rates and awards for both our own trucks and for loads that we secure for partner carriers.

提供訪問所有 48 個州的拖車集中的能力對我們來說是獨一無二的。它最大限度地提高了供應鏈效率，進入門檻非常高，而且我們運營的拖車很可能是業內每英里運營成本最低的。這些拖車池為客戶提供了根據他們的勞動力可用性裝載和卸載拖車的靈活性，而不是在卡車到達並且司機正在等待時卸載或裝載。自從近 4 年前強制執行電子日誌以來，如果司機在等待時 2 小時內未卸貨，大多數貨物都會向托運人收取額外費用。從我們的池子在一兩天內卸貨的靈活性創造了價值，並有助於我們為我們自己的卡車和我們為合作夥伴承運人確保的貨物提供合同費率和獎勵。

These challenges -- there are massive challenges facing small carriers today, and they are unprecedented, and we expect they will further intensify and result in further rationalization of industry capacity or supply. Similar to 2019, we expect that this will be a tale of two cities with shorter-term challenges for the well-capitalized, highly profitable carriers versus those already challenged in what has been a very strong freight market. We expect meaningful, attractive acquisition opportunities over the next few quarters.

這些挑戰——當今小型運營商面臨著巨大的挑戰，而且是前所未有的，我們預計它們將進一步加劇，並導致行業產能或供應的進一步合理化。與 2019 年類似，我們預計這將是兩個城市的故事，這兩個城市對於資本充足、高利潤的承運人而言將面臨短期挑戰，而在非常強勁的貨運市場中已經面臨挑戰的承運人。我們預計未來幾個季度會有有意義的、有吸引力的收購機會。

I'll now turn it to Adam to finish up with our guidance slide.

我現在將把它交給亞當來完成我們的指導幻燈片。

Thank you, Dave. So we'll turn to Slide 14, which outlines our guidance for the full year 2022. We now expect full year 2022 adjusted EPS to be within the range of $5.17 to $5.22, which is down from our previous quarter's guidance of $5.20 and $5.40, which reflects the performance of the third quarter, our expectation for fourth quarter.

謝謝你，戴夫。因此，我們將轉向幻燈片 14，其中概述了我們對 2022 年全年的指導。我們現在預計 2022 年全年調整後每股收益將在 5.17 美元至 5.22 美元之間，低於我們上一季度 5.20 美元和 5.40 美元的指導，這反映了第三季度的表現，我們對第四季度的預期。

For the fourth quarter, we expect a muted seasonal freight environment combined with significantly fewer spot market opportunities. This is expected to cause rates to turn negative on a year-over-year basis. Keep in mind that this is a result of a more difficult comparison than rates meaningfully declining sequentially. We continue to see -- or we continue to increase the number of seated trucks. As a result, our year-over-year change in miles per tractor has improved each quarter in 2022. We expect the year-over-year deficit in miles per tractor will improve in the fourth quarter as our truck count remains stable.

對於第四季度，我們預計季節性貨運環境溫和，現貨市場機會顯著減少。預計這將導致利率同比下降。請記住，這是比較困難的結果，而不是利率連續下降。我們繼續看到 - 或者我們繼續增加坐式卡車的數量。因此，到 2022 年每個季度，我們每輛拖拉機的英里數同比變化都有所改善。我們預計，隨著我們的卡車數量保持穩定，第四季度每輛拖拉機的英里數同比赤字將有所改善。

Miles per tractor typically declined sequentially from third to fourth quarter due to holiday disruptions. Normally, we would have significant spot opportunities and projects that more than offset the decline in productivity. Absent these opportunities, we expect our adjusted EPS to be lower in the fourth quarter than in the third quarter. We expect our LTL business to improve both revenue margin year-over-year. The Q4 will follow typical seasonal patterns in LTL, with the fourth quarter not being as strong as Q3. Logistics load volumes and revenue per load are expected to be consistent with Q3 with an operating ratio in the mid- to high 80s. Intermodal margins to remain in the high single digits with volume improving on a year-over-year basis.

由於假期中斷，每輛拖拉機的行駛里程通常從第三季度到第四季度依次下降。通常情況下，我們會有大量的現貨機會和項目來抵消生產力的下降。如果沒有這些機會，我們預計第四季度調整後的每股收益將低於第三季度。我們預計我們的零擔業務將同比提高兩個收入利潤率。第四季度將遵循 LTL 的典型季節性模式，第四季度的表現不如第三季度強勁。物流裝載量和每裝載收入預計將與第三季度保持一致，運營比率在 80 年代中高點。多式聯運利潤率將保持在高個位數，銷量同比增長。

We expect other revenue and income to grow when compared to the prior year, as we'd outlined in Slide 9 of this presentation. And we continue to expect inflationary pressures from driver expenses, maintenance, equipment and non-driver labor will continue to be inflationary as well. We expect total gain on sale of equipment to range between $10 million and $15 million in Q4 and as the used equipment market continues to moderate. Due to rising interest rates, interest expense will continue to increase.

正如我們在本演示文稿的幻燈片 9 中所述，我們預計其他收入和收入將比上一年增長。我們繼續預計來自司機費用、維護、設備和非司機勞動力的通脹壓力也將繼續導致通脹。我們預計第四季度設備銷售總收益將在 1000 萬美元至 1500 萬美元之間，並且隨著二手設備市場繼續放緩。由於利率上升，利息支出將繼續增加。

Our net CapEx -- or net cash CapEx for the full year, we expect that to be $525 million to $575 million for this year, and our tax rate is expected to stay around 25% for the year. These estimates represent management's best estimates based on current information available. Actual results may differ materially from these estimates. We would refer you to the Risk Factors section of the company's annual report for a discussion of the risks that may affect results.

我們的淨資本支出——或全年的淨現金資本支出，我們預計今年將在 5.25 億美元至 5.75 億美元之間，我們的稅率預計將保持在 25% 左右。這些估計代表管理層基於當前可用信息作出的最佳估計。實際結果可能與這些估計存在重大差異。我們會向您推薦公司年度報告的風險因素部分，以討論可能影響結果的風險。

This now concludes our prepared remarks. We'd like to remind you that this call will end at 5:30 Eastern. We will answer as many questions as time allows. (Operator Instructions) If we're not able to get to your question due to time constraints, please call (602) 606-6349, and we'll do our best to follow up promptly. That concludes our prepared remarks. We will now entertain questions, Colin.

現在結束我們準備好的評論。我們想提醒您，本次通話將在東部時間 5:30 結束。我們將在時間允許的情況下回答盡可能多的問題。 （操作員說明）如果我們因時間限制無法解答您的問題，請致電 (602) 606-6349，我們將盡最大努力及時跟進。我們準備好的發言到此結束。我們現在將接受問題，科林。

(Operator Instructions) Your first question is going to come from Todd Fowler from KeyBanc Capital Markets.

（操作員說明）您的第一個問題將來自 KeyBanc Capital Markets 的 Todd Fowler。

So Dave, maybe just to start. I know that this is a very difficult comp in the fourth quarter. Fourth quarter last year, I mean, everything just really lined up, and it was a fantastic quarter. But when I think about the implied fourth quarter guidance, it's down almost 30%, about 27% at the midpoint or so. Is that what we should think about as a proxy? You still have difficult comps in the first part of '23. Or are there some other levers that you can pull on the cost side? Just trying to think about the order of magnitude of earnings here in the fourth quarter and kind of the run rate into next year.

所以戴夫，也許只是開始。我知道這是第四季度非常困難的比賽。去年第四季度，我的意思是，一切都剛剛好，這是一個很棒的季度。但當我考慮隱含的第四季度指引時，它下降了近 30%，在中點左右下降了約 27%。這是我們作為代理應該考慮的嗎？在 23 年的第一部分，你仍然有困難的比賽。還是有一些其他的槓桿可以在成本方面發揮作用？只是想考慮一下第四季度的收益數量級以及明年的運行率。

Yes. Thanks, Todd. I think, as you noted last year, we had about everything working for us. There was significant project freight. There was a significant peak. Capacity was tight, and pricing was strong. And I would say that as we move into this, as we're moving now into that, what would be normally a peak season, things are much more orderly. It appears that there isn't the same kind of urgency that we saw last year. Inventories appear to be -- or are high. And I think we're seeing that in the pull-through. We're seeing that in the muted imports coming in.

是的。謝謝，托德。我認為，正如你去年所指出的，我們擁有對我們有用的一切。有重大項目運費。出現了一個顯著的峰值。產能緊張，價格強勁。我想說的是，隨著我們進入這個階段，當我們現在進入那個階段時，通常是旺季，事情變得更加有序。似乎沒有我們去年看到的那種緊迫感。庫存似乎——或很高。我認為我們在拉通中看到了這一點。我們在傳入的靜音進口中看到了這一點。

And so there's -- it feels like there's some catch-up going on, and it appears that our customers aren't -- they definitely don't have the level of project business that we had last year. So when we're on that year-over-year comparison for the fourth quarter, I wouldn't say that, that is the same comparison. The reasons for that to be off the way that it is isn't -- does it hold true as we move into next year? Now all indications are the economy is going to continue to soften, but we don't normally see the kind of project business, and we don't have a peak in a first quarter. And so I would be careful, Todd, to try and extrapolate or read through what you see for fourth quarter into first and second.

所以 - 感覺好像有一些追趕，看起來我們的客戶沒有 - 他們肯定沒有我們去年的項目業務水平。因此，當我們進行第四季度的同比比較時，我不會這麼說，這是相同的比較。其原因並非如此——當我們進入明年時，它是否成立？現在所有跡像都表明經濟將繼續走軟，但我們通常看不到那種項目業務，而且我們也沒有在第一季度達到頂峰。因此，托德，我會小心地嘗試推斷或閱讀您在第一季度和第二季度看到的內容。

Todd, I'd also add to that. I think I wouldn't model the normal seasonal change from Q4 to Q1 in terms of what happens with EPS if you transition because you just don't have the uplift into Q4 that you typically would. So I think Q1 would be -- we haven't put out guidance yet for next year, but I think you would see less volatility in EPS from Q4 to Q1 than you typically would.

托德，我還要補充一點。我認為我不會模擬從第四季度到第一季度的正常季節性變化，如果你過渡的話，每股收益會發生什麼，因為你只是沒有像通常那樣在第四季度得到提升。所以我認為第一季度會是——我們還沒有發布明年的指導，但我認為你會看到從第四季度到第一季度每股收益的波動性比通常情況下要小。

Your next question comes from Jack Atkins from Stephens.

您的下一個問題來自 Stephens 的 Jack Atkins。

So I guess, Dave, maybe -- and Adam, feel free to chime in on this as well. But I'm imagining the top of mind for most investors after the cut to the guidance and the modest miss is really sort of things are slowing down faster than you would have anticipated 90 days ago, maybe even 45 days ago. Could you maybe update us on that trough earnings outlook that you provided 6 months ago? I think you said $4 plus. I think any sort of help you could give us around what that would assume in terms of a magnitude of just a freight recession or a macro recession. And has your level of confidence in that $4 number changed at all based on what you've seen here over the course of the last few months?

所以我想，戴夫，也許——還有亞當，也可以隨意加入。但我認為大多數投資者在下調指引後最重要的是，適度的失誤確實是事情的放緩速度比你在 90 天前，甚至可能是 45 天前的預期要快。您能否向我們介紹您 6 個月前提供的低谷收益前景？我想你說的是 4 美元以上。我認為你可以給我們任何形式的幫助，幫助我們解決貨運衰退或宏觀衰退的程度。根據您在過去幾個月中在這裡看到的情況，您對 4 美元數字的信心程度是否發生了變化？

Yes. Appreciate the question, Jack. We continue to have conviction for that floor that is north of $4 a share. You look at the kind of performance that we've been able to do the last 3 quarters in what has been a changing environment where the spot market has been almost nonexistent, and things have worked in a much more seasonal-type pattern and now maybe even sub seasonal now as we go into a fourth quarter. And so -- and you see the way that we continue to perform in our business. And it isn't just one business in particular, but you can look at the low 80s OR on the truckload side. You can look at low to mid-80s on the LTL side. You can look at still being in the upper 80s in our Logistics side and low 90s in Intermodal. I mean those are remarkable numbers in what has been a market that has not given a lot of spot. And so I don't know that that's totally appreciated maybe by the market. And I don't know that people appreciate how durable the earnings per share of this business really are. So we continue to have good conviction for that.

是的。欣賞這個問題，傑克。我們繼續堅信每股 4 美元以北的底價。你看看我們在過去 3 個季度中能夠做到的那種表現，在一個不斷變化的環境中，現貨市場幾乎不存在，而且事情以更具季節性的模式運作，現在也許隨著我們進入第四季度，現在甚至是次季節。所以 - 你會看到我們繼續在我們的業務中表現的方式。而且這不僅僅是一項特別的業務，但您可以查看 80 年代的低點或卡車裝載方面的情況。您可以查看 LTL 方面的低至 80 年代中期。您可以看到我們的物流方面仍處於 80 年代的高位，而多式聯運的則處於 90 年代的低位。我的意思是，在一個沒有太多機會的市場中，這些都是了不起的數字。所以我不知道這可能會受到市場的完全讚賞。而且我不知道人們是否欣賞這項業務的每股收益的持久性。因此，我們繼續對此抱有良好的信念。

And Jack, I would say that we continue to pile up free cash flow. And it has not been a buyer's market. And things are working in our favor a little bit here as things start to adjust that will give us, hopefully, better opportunities and more opportunities to acquire businesses that are transportation-related, not just -- we've obviously talked about LTL quite a bit, but transportation-related and transportation companies. And so that's going to afford us a wonderful opportunity to continue to grow our business even in kind of an uncertain time.

傑克，我想說我們繼續積累自由現金流。而且它還不是買方市場。隨著事情開始調整，這裡的情況對我們有點有利位，但運輸相關和運輸公司。因此，即使在不確定的時期，這也將為我們提供繼續發展業務的絕佳機會。

I would also add that, from prior cycles, we've learned this, that as supply rationalizes in the full truckload market, we can see -- we usually see and we expect to see that the truckload freight market will recover before the broader demand market recovers because supply eventually gets to a point where enough has come out that you find that at least equilibrium or maybe at that point where you're undersupplied in a market even though you might have muted demand.

我還要補充一點，從之前的周期中，我們了解到這一點，隨著整車市場的供應合理化，我們可以看到——我們通常會看到並且我們期望看到整車貨運市場將在更廣泛的需求之前復甦市場復甦是因為供應最終達到了足夠的程度，以至於您發現至少達到平衡，或者即使您可能需求疲軟，也可能在市場上供不應求。

And so there has not been -- in this last cycle, there has not been the kind of capacity additions that we've seen in previous cycles. And we've never seen, that we've noted, we've never seen capacity come out as early as we've seen it come out of this cycle. Really, before contract rates were even negative, we saw capacity slipping away. And we believe that that's accelerating right now. And so there are few industries that have a prospect of recovering before the broader economic demand has a chance of recovering. And so the full truckload, I think, is one of those.

所以沒有 - 在最後一個週期中，沒有我們在之前的周期中看到的那種產能增加。而且我們從未見過，我們已經註意到，我們從未見過產能在我們看到它從這個週期中出來的時候就出現了。真的，在合同費率甚至為負之前，我們就看到產能正在流失。我們相信現在這種情況正在加速。因此，在更廣泛的經濟需求有機會復甦之前，很少有行業有復甦的前景。所以整車，我認為，就是其中之一。

So Adam, anything?

所以亞當，什麼？

Yes. I mean, just to reiterate, Jack, I mean the plight for the small carrier may not have ever been as severe as it is right now. If you think about the higher fixed costs have been locked in with the very elevated used equipment that's been purchased over the last couple of years. And now with rising interest rates, the inability to finance new equipment is a real challenge, or if they do, it's at very elevated rates.

是的。我的意思是，重申一下，傑克，我的意思是小型航空公司的困境可能從未像現在這樣嚴重。如果您考慮到過去幾年購買的非常高的二手設備已經鎖定了較高的固定成本。現在隨著利率的上升，無法為新設備融資是一個真正的挑戰，或者如果他們這樣做，它的利率會非常高。

And we're seeing signs just even from third-party data. We're seeing from the FMCSA authority, net revocations are down. The BLS data shows truck employment off over 11,000 just last month. Drug and Alcohol Clearinghouse was at a very elevated range, just under 7,000 for the month of August and is trending 20% higher year-over-year. We've had a lot of anecdotal scenarios with just carriers that we deal with, even what we're seeing on the used equipment market where demand has fallen off pretty sharply here the last couple of weeks, and there's probably several factors impacting that. So yes, we've talked about demand has not been as robust. I think that's pretty clear. But the fact that we believe capacity will rationalize much quicker than it has over other cycles still gives us great confidence in the $4 trough.

我們甚至從第三方數據中也看到了跡象。我們從 FMCSA 當局看到，淨撤銷數量下降了。 BLS 數據顯示，僅上個月卡車就業人數就超過 11,000 人。毒品和酒精信息交換所處於非常高的範圍內，8 月份的數量略低於 7,000，並且呈同比增長 20% 的趨勢。我們有很多與我們打交道的運營商的軼事情景，即使是我們在過去幾週在這裡需求急劇下降的二手設備市場上看到的情況，並且可能有幾個因素影響這一點。所以是的，我們已經談到需求並沒有那麼強勁。我認為這很清楚。但我們相信產能將比其他週期更快地合理化這一事實仍然使我們對 4 美元的低谷充滿信心。

Can I continue to jump -- stay on this topic for one more second there, Jack?

我可以繼續跳下去嗎——傑克，在這個話題上再停留一秒鐘嗎？

Please do. Yes, sure.

請做。是的，當然。

And so as we sit here and we talk about supply eroding out of the space, what does that have to do with $4 a share? Well, it's -- for our business to give up that much earnings per share, what that would mean for a typical carrier, for even many of the midsized, even some larger carriers, but especially the small carriers, what it would take -- they would have to give up for us to get down to $4 a share is unsustainable. It wouldn't work. It doesn't -- we don't see it getting that far. And that would assume that we wouldn't be in a position also to continue to acquire and improve businesses over time as well. So that's -- so there's a myriad of reasons and rationale that help us to have conviction that our earnings per share doesn't drop below a $4 handle.

因此，當我們坐在這裡談論供應從空間中流失時，這與每股 4 美元有什麼關係？嗯，對於我們的業務來說，放棄這麼多的每股收益，這對於一家典型的航空公司意味著什麼，甚至對於許多中型航空公司，甚至一些大型航空公司，尤其是小型航空公司來說，這將需要什麼——他們將不得不放棄讓我們將股價降至每股 4 美元，這是不可持續的。它行不通。它沒有——我們沒有看到它走得那麼遠。這將假設我們也無法隨著時間的推移繼續收購和改善業務。所以這就是 - 所以有無數的理由和理由可以幫助我們確信我們的每股收益不會低於 4 美元。

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

您的下一個問題來自美國銀行的 Ken Hoexter。

So I want to stick on that theme a little bit, right, because I think that you set the bar with that $4 discussion, right? And so now you're looking at that dollar kind of run rate in the fourth quarter. And so as you think about into early '23 and the demand level, I get that you're saying you're seeing -- are you saying you're already seeing that pace of carrier leaving? And I just want to understand, maybe talk about your thoughts on your breakeven costs, where rates are relative to that, what the market -- just so we understand kind of how it differs for you versus the market in terms of those costs, just given it seems like where the fourth quarter is trending toward that $4 number you're talking about.

所以我想稍微堅持一下這個主題，對，因為我認為你用 4 美元的討論設定了標準，對吧？因此，現在您正在查看第四季度的美元運行率。因此，當您考慮到 23 年初和需求水平時，我知道您是說您正在看到-您是說您已經看到了運營商離開的步伐嗎？我只是想了解，也許談談您對盈虧平衡成本的看法，利率與此相關，市場是什麼——這樣我們就可以了解您與市場在這些成本方面有何不同，只是鑑於第四季度似乎朝著您所說的 4 美元數字發展。

Well, we see signs all around that small carriers are having difficulty. I think we saw that earliest materialize by midyear when we had significant interest in our owner-operator program or individuals that had previously owned a truck and were -- appeared to be upside down in their truck and were getting out of a truck and looking to find somebody else that would put them into a truck. And the used equipment market went from white hot, all time high to very difficult to find anybody interested. I can assure you that's not because everybody's average age of a truck is so young that they don't have to do that. I mean the need is real and acute for this industry. This industry should be buying or upgrading 8-year-old and 9-year-old equipment to 4- and 5-year-old equipment at a record pace right now.

好吧，我們到處都看到小型運營商遇到困難的跡象。我認為我們最早看到這一點在年中實現，當時我們對我們的所有者-運營商計劃或以前擁有卡車的個人非常感興趣，並且 - 似乎在他們的卡車中倒置並從卡車中下來並希望找其他人把他們裝進卡車。二手設備市場從白熱化、空前高漲到很難找到感興趣的人。我可以向你保證，這並不是因為每個人的卡車平均年齡都太小，他們不必這樣做。我的意思是這個行業的需求是真實而迫切的。這個行業現在應該以創紀錄的速度購買或升級 8 年和 9 年的設備到 4 年和 5 年的設備。

The truck orders, the new builds should be massive right now for what wasn't built over the last 2.5 years that should have been built to maintain an average age. And so completely contra trend based on the average age and the way it's always worked. You have small carriers that anybody who did get their hand on a used truck over the last 1.5 years has grossly overpaid based on where valuations are today, and I think that's just beginning.

卡車訂單，新建築現在應該是巨大的，因為過去 2.5 年沒有建造的應該是為了維持平均年齡而建造的。因此，基於平均年齡和它一直的工作方式，完全相反的趨勢。您有小型承運人，根據今天的估值，任何在過去 1.5 年確實接觸過二手卡車的人都嚴重多付了錢，我認為這才剛剛開始。

Anecdotally, we hear from those that have receivables with small carriers, and it has turned ugly very, very quickly for them. And it began early part of the year and has accelerated dramatically. And so the pressures just continue to mount. I wouldn't be surprised if there aren't many small carriers that were just holding out hope for the fourth quarter, a strong fourth quarter, to bail them out of a tougher summer with no spot. And because many of them have found themselves very dependent on the stock market or very dependent on a non-asset broker who used to be able to charge a much higher rate to the customer and pass a lot of that through. And so that has changed.

有趣的是，我們從那些有小型運營商應收賬款的公司那裡聽到，這對他們來說很快就變得醜陋了。它從年初開始，並急劇加速。所以壓力只會繼續增加。如果沒有多少小型航空公司對第四季度（強勁的第四季度）抱有希望，以幫助他們擺脫沒有位置的更艱難的夏天，我不會感到驚訝。而且因為他們中的許多人發現自己非常依賴股票市場，或者非常依賴非資產經紀人，他們過去能夠向客戶收取更高的費率並將其中的大部分轉嫁出去。所以這已經改變了。

And so how does that change -- what is that different to us? Well, Ken, we're not one truck and one driver that needs to be unloaded when we roll in. We have deep contractual commitments where we know our customers' supply chains and we provide them all kinds of trailing capacity and a high level of service and help to try and help them smooth out supply chains that have been distorted and disrupted over the last couple of years. And so we -- as a result of that, the contractual market has not experienced anything close to what the spot market has been experiencing for the last 8 or 9 months. And so naturally, as the economy cools and there's not urgency, you start to see pressure on contractual rates, but it's been a much different story than what happened to spot rates.

那麼這將如何改變——這對我們有什麼不同？好吧，肯，我們不是一輛卡車和一名司機，當我們滾進來時需要卸貨。我們有深入的合同承諾，我們了解客戶的供應鏈，我們為他們提供各種拖曳能力和高水平的服務和幫助試圖幫助他們理順在過去幾年中被扭曲和中斷的供應鏈。因此，我們 - 因此，合約市場在過去 8 或 9 個月中沒有經歷過任何接近現貨市場所經歷的事情。很自然，隨著經濟降溫並且沒有緊迫性，您開始看到合同利率面臨壓力，但這與即期利率發生的情況大不相同。

And so I think that's one of those factors. And so there is rightsizing that's happening as we speak. I think as Adam quoted the BLS data from the most recent month that they've reported, which was August. I don't think that was September. I think it was August. For the trucking employment to be down 11,400, when it was not oversupplied to begin with, that's meaningful. Net revocations of nearly 7,000. And you continue to have, which we're grateful for, the Drug and Alcohol Clearinghouse. And it's a record high rates of drivers that are not qualified. So we definitely have not been in a mode for now multiple quarters of any kind of growth, and it's all about attrition, and we expect that, that will continue.

所以我認為這是這些因素之一。因此，正如我們所說的那樣，正在發生適當的調整。我認為亞當引用了他們報告的最近一個月的 BLS 數據，也就是 8 月。我不認為那是九月。我想那是八月。對於卡車運輸就業人數減少 11,400 人來說，這很有意義。淨撤銷近 7,000 個。你們繼續擁有毒品和酒精信息交換所，我們對此表示感謝。不合格的司機比例創下歷史新高。因此，我們現在絕對沒有處於多個季度的任何增長模式，這都是關於減員的，我們預計這種情況將繼續下去。

Your next question comes from Ravi Shanker from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ravi Shanker。

Dave, Adam, so I think, just to touch on something that came up earlier in the Q&A. I think your tone and your message and the content of your message has fairly significantly changed since you've been at our Laguna conference a little over a month ago. Again, not just to you, a lot of your peers have done the same thing. Can you just help unpack that for us? Kind of you mentioned in your release kind of the last few weeks of September saw a decline. Kind of how has that kind of unwind kind of panned out? What is your current view of peak season? What are your customers telling you their inventory situation looks like? Basically, how long do you think this downturn last? Do you think it's more like a 2019 or a 2016, a light freight downturn, a broad consumer recession? Kind of what are your -- what's your thinking right now?

戴夫，亞當，所以我想，只是想談談問答中早些時候出現的一些事情。我認為自從你一個多月前參加我們的拉古納會議以來，你的語氣、你的信息和你的信息內容髮生了相當大的變化。同樣，不僅對您，您的許多同齡人都做過同樣的事情。你能幫我們打開包裝嗎？你在 9 月最後幾週的發布中提到的那種下降。這種放鬆是如何產生的？您目前對旺季的看法是什麼？您的客戶告訴您他們的庫存情況如何？基本上，您認為這種低迷會持續多久？您認為這更像是 2019 年還是 2016 年，貨運量輕微下滑，消費者普遍衰退？你的想法是什麼——你現在的想法是什麼？

There's quite a lot of unpack with that question, Ravi, so I'll take a stab and then let Dave clean up anything I miss there. But we are out there in Laguna. We still didn't have perfect visibility of what we were expecting for fourth quarter, right? It's rare that you go into a fourth quarter and not see some type of seasonal uplift in projects and spot opportunities. And especially with companies of our scale, we typically get some of these large kind of difficult projects to handle, and they typically pay a premium. And so as we got closer into the fourth quarter and realize none of that stuff materialized, I think we would certainly view the market a bit differently.

拉維，這個問題有很多解包，所以我會嘗試一下，然後讓戴夫清理我在那裡遺漏的任何東西。但我們在拉古納。我們仍然沒有完全了解我們對第四季度的預期，對吧？進入第四季度，您很少看到項目和發現機會出現某種類型的季節性提升。特別是對於我們這種規模的公司，我們通常會處理一些大型困難項目，而且他們通常會支付溢價。因此，當我們接近第四季度並意識到這些東西都沒有實現時，我認為我們肯定會以不同的方式看待市場。

And how that translates into next year, I still think it's -- we've got to see how that plays out. But it'd be rare to see a second fourth quarter in a row to have that type of lack of spot opportunities, right? We just have never seen, I think, a period of time that lasted that long without any type of spot opportunities. And as we talked about earlier with great detail about the attrition of capacity, we think that's probably coming out faster than we've seen really in any other cycle.

以及這將如何轉化為明年，我仍然認為它是 - 我們必須看看它會如何發揮作用。但是很少看到連續第二個第四節出現這種缺乏現場機會的情況，對吧？我認為，我們只是從未見過如此長時間沒有任何現貨機會的時期。正如我們之前談到的關於產能消耗的詳細信息，我們認為這可能比我們在任何其他週期中真正看到的更快。

And just say anecdotally, talking with customers, I think they all have in their own unique ways some inventory overhangs they've got to deal with. And in most of our conversations, they feel like those are resolved over the next 6 to 9 months. And it's probably going to be unique by each customer depending on the industry they're in and the strategy of their business, but they do feel like it's a shorter-term issue that they can solve. And I think that's why we're just not seeing the urgency to move goods in Q4 that we typically would. But eventually, I think inventories will be rationalized. And that during that process, capacity will come out. And I think we'll be in a position, and that could be just a few quarters from now, where the market is much more balanced and the large players that bring value with scale and trailer capacity are in a position to see opportunities at premiums to help support our customers. Dave, anything you want to add?

只是說軼事，與客戶交談，我認為他們都有自己獨特的方式，他們必須處理一些庫存過剩。在我們的大多數對話中，他們覺得這些問題在接下來的 6 到 9 個月內都會得到解決。根據他們所處的行業和他們的業務戰略，每個客戶可能都是獨一無二的，但他們確實覺得這是一個他們可以解決的短期問題。我認為這就是為什麼我們沒有看到我們通常會在第四季度運送貨物的緊迫性。但最終，我認為庫存將合理化。在這個過程中，容量會出來。而且我認為我們將處於一個位置，這可能只是從現在開始的幾個季度，市場更加平衡，通過規模和拖車容量帶來價值的大型參與者能夠看到溢價的機會幫助支持我們的客戶。戴夫，你有什麼要補充的嗎？

Nothing to add. Thanks, Ravi.

沒什麼可補充的。謝謝，拉維。

Your next question comes from Amit Mehrotra from Deutsche Bank.

您的下一個問題來自德意志銀行的 Amit Mehrotra。

I guess I have maybe one question. So if I look at the quarter, yield was up 8%. Utilization was actually better sequentially. But yet operating ratio deteriorated 400 basis points, which obviously reflects the project work, the freight selection opportunities, all the stuff that you mentioned. But we haven't really seen like the real crack in contract rates at all.

我想我可能有一個問題。因此，如果我查看本季度，收益率上升了 8%。使用順序實際上更好。但營業比率卻惡化了 400 個基點，這顯然反映了項目工作、貨運選擇機會，以及您提到的所有內容。但我們還沒有真正看到合同費率的真正裂縫。

And so I'm just trying to -- I'm trying to sensitize the model. You seem convicted in the $4-plus EPS trough number, but we actually haven't seen the real pain as it relates to contract rates coming down. And so Dave, I'd love to get your kind of latest and greatest crystal ball estimate about how you think contract rates kind of evolve over the next 12 months. And if you're actually starting to see obviously the largest asset-based provider, if you're seeing contract rates start to crack a little bit.

所以我只是想 - 我試圖讓模型敏感。你似乎在每股 4 美元以上的低谷數字中被定罪，但我們實際上並沒有看到與合同費率下降有關的真正痛苦。所以戴夫，我很想得到你最新和最偉大的水晶球估計，關於你認為未來 12 個月的合同費率如何演變。如果你真的開始看到最大的基於資產的提供商，如果你看到合同費率開始出現一點點破裂。

And Adam, you've talked about kind of this mid-80s OR as being kind of a very defensible line in the sand in a bad market. Is that kind of what's underwriting that $4-plus number? Or do you feel like the combination of weaker contract rates and then still a weaker freight selection or project environment can actually take you a little bit worse than that?

亞當，你談到了 80 年代中期，或者說在糟糕的市場中，這是一條非常可防禦的防線。這就是承保這個 4 美元以上的數字嗎？或者您是否覺得較弱的合同費率加上較弱的貨運選擇或項目環境實際上會讓您的情況更糟？

Okay, Amit, we're going to try and answer all 3 of your questions here, okay? So I'll start and maybe, Adam, you can pick up that last one. And so first, this idea of the progress, the progress in utilization and the deterioration in the operating ratio, I think that this somewhat is -- the explanation there, I think, is instructive as you look forward to contract rates. What that tells you is there is meaningful inflation for our business. And there has been, and it continues. We've done a fair job of mitigating and managing it throughout the downturn. I mean we're not -- we're fortunately not in a situation where you're trying to buy a microchip that used to cost you $3.50 and now cost you $200 or something.

好的，阿米特，我們將在這裡嘗試回答您的所有 3 個問題，好嗎？所以我會開始，也許，亞當，你可以拿起最後一個。因此，首先，關於進展、利用率的進展和運營率惡化的想法，我認為這在某種程度上是——我認為那裡的解釋是有啟發性的，因為你期待合同費率。這告訴你的是，我們的業務存在有意義的通貨膨脹。曾經有過，而且還在繼續。在整個經濟低迷時期，我們在緩解和管理它方面做得很好。我的意思是我們不是 - 幸運的是，我們沒有遇到這樣的情況：你試圖購買一個過去需要 3.50 美元，而現在需要 200 美元或其他東西的微芯片。

But our driver wages have gone up materially over the time frame, and that was -- it was needed, it was appropriate. And you don't just backtrack on that. That's not how that works. Cost per equipment, cost per maintenance items and the maintenance service, as we look around, we're affected by inflation. And so I do believe that does create a bit of a floor in terms of pricing. I wouldn't be surprised if the non-asset-based brokers don't feel a little bit of pinch in this fourth quarter as they're finding a floor can pricing that carriers can haul a load for while maybe with a lack of project freight and whatnot, not able to get as much from a customer.

但隨著時間的推移，我們的司機工資大幅上漲，那是——這是必要的，它是適當的。而且你不只是回溯。不是這樣的。每個設備的成本，每個維護項目的成本和維護服務，當我們環顧四周時，我們受到通貨膨脹的影響。所以我相信這確實在定價方面創造了一點底線。如果非資產經紀人在第四季度沒有感到一點壓力，我不會感到驚訝，因為他們正在尋找一個底價，讓運營商可以在可能缺乏項目的情況下運輸負載運費之類的，不能從客戶那裡得到那麼多。

And so if we look at what our rate per loaded mile did in our Truckload business, this was the first quarter in quite a while where the rate was only up single digits. And clearly, our costs are up more than single digits on a year-over-year basis. So that is the reality, that is the reality that we are facing as truckload carriers going into the bid season. And I would say that based on our operating ratio, I'm not sure that there's anybody in this industry that's managed the cost better than the way that we have and how we've performed. And so we go in and compete with other carriers and just only have so much room to work with for contract rates.

因此，如果我們看看我們在卡車裝載業務中的每裝載英里費率，這是相當長一段時間以來的第一季度，費率僅上漲個位數。顯然，我們的成本同比增長超過個位數。這就是現實，這就是我們作為卡車運輸商進入投標季節所面臨的現實。而且我會說，根據我們的運營比率，我不確定這個行業中是否有人比我們現有的方式和我們的表現更好地管理成本。因此，我們進入並與其他運營商競爭，並且只有這麼多的空間可用於合同費率。

Second thing I would note about in trying to predict and anticipate contract rates, the best example we have to go with, Amit, would be to go back to 2019, where over that 15-month period when we went from peak to trough, took 15 months, give or take a few weeks, to go from the lowest and to see the highest rate. We went from an unbelievable period of '18, grossly oversupplied the industry, saw the downturn take place. And then by late spring of 2020, things had bounced back.

在嘗試預測和預測合同費率時，我要注意的第二件事，我們必須採用的最好的例子，阿米特，將回到 2019 年，在我們從高峰到低谷的 15 個月期間， 15 個月，給或花幾個星期，從最低價到最高價。我們經歷了令人難以置信的 18 年時期，該行業嚴重供過於求，看到了經濟衰退的發生。然後到 2020 年春末，情況又出現了反彈。

Sorry, we had an unintentional mute there. Over that time frame, we saw a massive drop off, 50% to 55%, in spot rates. Now arguably, what we've seen this year may even be more than that for small carrier spot rates, and we saw contract rates only off approximately 5% in that full 15-month period. So as we go into a bid season with legitimate imputed cost, operating cost per mile increases that are, in many cases, irreversible, I'm not expecting that there's the kind of room to retrench a whole lot on contractual rates.

抱歉，我們在那裡無意中靜音了。在此期間，我們看到即期匯率大幅下降 50% 至 55%。現在可以說，我們今年看到的情況甚至可能超過小型承運人的即期費率，而且我們看到合同費率在整個 15 個月期間僅下降了約 5%。因此，當我們進入一個具有合法估算成本的投標季節時，每英里運營成本的增加在許多情況下是不可逆轉的，我不認為合同費率會有大幅削減的空間。

Now as we go through this process, we have some customers where perhaps we can do things a little bit more efficiently. Or based on the timing of the renewals, maybe there's an opportunity for us to do something and secure some volume. We've been doing that since the first of the year, since January. And those results are in our numbers thus far. And so we'll -- sorry, we have a mute button that likes to go on its own there.

現在，當我們完成這個過程時，我們有一些客戶，也許我們可以更有效地做事。或者根據續訂的時間，也許我們有機會做一些事情並確保一些數量。自今年一月份以來，我們一直在這樣做。到目前為止，這些結果都在我們的數字中。因此，我們將- 抱歉，我們有一個靜音按鈕，牠喜歡在那裡自行運行。

And so we will continue to provide a deal if we can find a more efficient way to do this. And one of the things that we have going for us is we have economies of scale that are unique to our business, where there are sometimes some things and efficiencies that we have and we can offer that maybe others can't. And those are some of the things we've already exploited thus far this year. There is more we're going to do. This is partly why we talk so much about power-only. We were able to find small carriers to come and haul loads at rates that gave us meaningful margins in our Logistics business when they have all kinds of other opportunities. And you can imagine right now the interest in small carriers to want to come and partner up where we have loads and we have trailers. I mean it's definitely more than we can keep up with. And so we're finding ways to create efficiencies and to create wins as we move through the bid season. Adam?

因此，如果我們能找到更有效的方式來做到這一點，我們將繼續提供交易。我們要做的一件事是我們擁有業務獨有的規模經濟，有時我們擁有一些東西和效率，我們可以提供其他人無法提供的東西。這些是我們今年迄今為止已經利用的一些東西。我們要做的還有更多。這就是為什麼我們如此談論僅電源的部分原因。當他們有各種其他機會時，我們能夠找到小型承運人來以使我們在物流業務中獲得可觀利潤的速度來運輸貨物。你可以想像現在小型承運人的興趣想要來我們有負載和拖車的地方合作。我的意思是，這絕對是我們無法跟上的。因此，我們正在尋找方法來提高效率並在投標季節中取得勝利。亞當？

Yes, just to add. I mean I think you got to recall how the bid season really played out this year. Early -- about this time last year is when it started, spot rates were still elevated. There was probably opportunity to move contract rates up that needed to be. But as you got it halfway through the bid season, spot rates had come off. And so there wasn't a lot of contract rate improvement on a year-over-year basis in the back half of the bid season. And so as you go through this year's bid season, there's not going to be near the movement needed with those customers in those lanes based on what they renewed at. So I just want to make sure we realize that -- the bid season kind of played up. There's a tale of two cities there.

是的，只是為了補充。我的意思是，我認為您必須回想一下今年競標季的實際表現。早期——大約在去年這個時候開始，即期匯率仍然處於高位。可能有機會將合同費率提高到需要的程度。但是當你在投標季節中途得到它時，即期匯率已經下降。因此，在投標季節的後半段，合同費率同比並沒有太大的提高。因此，當您度過今年的競標季節時，根據他們續訂的價格，這些車道上的客戶將不會有所需的移動。所以我只是想確保我們意識到 - 競標季節有點過了。那裡有兩個城市的故事。

Also, as you go into a more difficult environment, the large, well-capitalized fleet typically see -- sorry, we had rogue mute button.

此外，當您進入更困難的環境時，資本充足的大型機隊通常會看到——抱歉，我們有無賴靜音按鈕。

More labor.

更多的勞動力。

Yes, more labor come to the large, well-capitalized fleets with stable networks. And so we'll have an opportunity to seat more trucks, most likely be more productive. Our goal is to reduce our empty mile percentage to allow us to be -- to really run more miles with our seated trucks to help offset any of the rate pressure we may feel.

是的，更多的勞動力來自擁有穩定網絡的資本充足的大型機隊。因此，我們將有機會容納更多卡車，很可能會提高生產力。我們的目標是減少我們的空車里程百分比，讓我們能夠——真正地用坐著的卡車跑更多英里，以幫助抵消我們可能感受到的任何速度壓力。

And then certainly, I think you know our culture. We'll become very cost disciplined. We already are, but we'll dig deeper into our organization and most likely make progress where we can from a cost standpoint. Sorry, I know we had a mute button, but hopefully you got your answer.

當然，我想你知道我們的文化。我們將變得非常注重成本。我們已經做到了，但我們會更深入地研究我們的組織，從成本的角度來看，我們很可能會在可能的情況下取得進展。抱歉，我知道我們有一個靜音按鈕，但希望你能得到答案。

Your next question comes from Tom Wadewitz from UBS.

您的下一個問題來自瑞銀的 Tom Wadewitz。

Dave, I think you had some comments about M&A that seemed to indicate that you have some optimism, I think you said maybe the next several quarters. You also referred to transportation-related and kind of said, well, it doesn't have to be LTL. I think most people are focused on LTL. I wanted to see if you could offer some further perspective. Do you think -- are you optimistic you might be able to do an LTL deal in the next several quarters? Or would you point us more to other things? And then when you say transportation-related, what -- I don't know if you can give us a little more perspective what you mean by that.

戴夫，我認為你對併購的一些評論似乎表明你有一些樂觀，我認為你說的可能是未來幾個季度。您還提到了與運輸相關的內容，並且有點說，它不一定是 LTL。我認為大多數人都專注於零擔。我想看看你是否可以提供一些更進一步的觀點。你認為——你是否樂觀地認為你可以在接下來的幾個季度裡進行零擔交易？或者你會更多地向我們指出其他事情嗎？然後當你說與交通有關的，什麼--我不知道你能否給我們更多的觀點，你的意思是什麼。

Okay. Yes. Thanks, Tom. I think if you'd noticed some optimism, I think that's fair. Boy, we've worked really, really hard on -- and looked at many, many deals. I would say that certainly seen an influx of deals, particularly it appears like a lot of private equity are looking for a new home here before we enter into a different economic environment. And so a lot of things we've looked at.

好的。是的。謝謝，湯姆。我想如果你注意到一些樂觀情緒，我認為這是公平的。男孩，我們真的非常非常努力地工作 - 並且看了很多很多交易。我會說，肯定會看到大量交易湧入，尤其是在我們進入不同的經濟環境之前，很多私募股權似乎正在這裡尋找新家。我們看過很多東西。

Timing is everything in these kind of situations. We have a lot that we think we've built. We feel like there's a lot of individuals that have watched us closely, are probably watching us closely and -- to understand how serious we are about preserving local brands and then trying to collaboratively help their business be better and the other multiple businesses that we have. So we feel like we're somewhat auditioning, if you will, for others that we've had conversations with. So that's all underway, and I feel like we're making some headway.

在這種情況下，時機就是一切。我們認為我們已經建立了很多。我們覺得有很多人密切關注我們，可能正在密切關注我們，並且 - 了解我們對保護本地品牌的重視程度，然後努力合作幫助他們的業務和我們擁有的其他多個業務變得更好.所以我們覺得我們有點試鏡，如果你願意的話，我們已經與之交談過的其他人。所以這一切都在進行中，我覺得我們正在取得一些進展。

I think when you see a change in the environment when it's a little harder for individuals to get access to capital and it -- sorry. Going to have to get a new mute button, one that doesn't mute on its own. And so when -- so what I was saying is we feel like we've got some good headway there and some good relationships. Our interest in acquiring only continues to grow, and we can be a source of capital and solve some issues for individuals that are looking for what's next for their business.

我認為，當您看到環境發生變化時，個人獲得資本變得更加困難，並且-對不起。將不得不獲得一個新的靜音按鈕，一個不會自行靜音的按鈕。所以當 - 所以我說的是我們覺得我們在那裡取得了一些良好的進展和一些良好的關係。我們對收購的興趣只會繼續增長，我們可以成為資金來源，並為正在尋找業務下一步發展的個人解決一些問題。

Now that being said, continue to be very interested in LTL. It feels like LTL has been through perhaps a peak there in valuation, and we've been through an unbelievable time there. And we still think that, that business will navigate well whatever is coming our way economically relative to other businesses. And so that's one that we continue, Tom, to be very optimistic that we're going to have some matches to expand our super regional network.

話雖如此，繼續對零擔非常感興趣。感覺 LTL 的估值可能已經達到頂峰，而我們在那裡度過了一段難以置信的時光。而且我們仍然認為，與其他業務相比，無論我們在經濟上如何發展，該業務都會很好地駕馭。因此，湯姆，我們將繼續非常樂觀地認為我們將進行一些比賽來擴大我們的超級區域網絡。

We talked about this in the release that here in the fourth quarter, we're going to have MME and AAA Cooper, 2 totally independent brands, working under 1 network together in a seamless way. And there have already been efficiencies with the way we've already worked together, and this will take it to a new level. So we're just over a year into LTL already, and we love everything we've seen. And so that is very interesting to us.

我們在第四季度的發布中談到了這一點，我們將擁有 MME 和 AAA Cooper，這兩個完全獨立的品牌，在一個網絡下以無縫的方式一起工作。我們已經合作的方式已經提高了效率，這將把它帶到一個新的水平。所以我們已經進入 LTL 一年多了，我們喜歡我們所看到的一切。所以這對我們來說非常有趣。

I would say that, typically, as we roll over on cycles, we start to see valuations change over time in the full truckload world. And so I don't know that full truckload companies have been given the kind of reward that historically they deserve in a time like this.

我想說的是，通常情況下，當我們按週期滾動時，我們開始看到在滿載卡車世界中估值會隨著時間的推移而變化。所以我不知道整車公司是否得到了他們在這樣的時期歷史上應得的獎勵。

If you look at our PE multiple, in particular, especially given the return on tangible net assets of 22.4% the last 12 months, just to name [a staff] and what kind of a multiple you would normally see a business like that trade up. And so it's times like this that we often have interest in full truckload again because where we anticipate the market to be going and moving as well as -- in times like these, sometimes businesses reassess what their game plan is.

如果您特別看一下我們的市盈率倍數，特別是考慮到過去 12 個月的有形淨資產回報率為 22.4%，只需說出 [員工] 的名字，以及您通常會看到什麼樣的倍數這樣的業務會上漲.因此，在這種情況下，我們經常再次對滿載卡車感興趣，因為我們預計市場將在哪裡發展，以及在這種情況下，有時企業會重新評估他們的遊戲計劃是什麼。

So when I say transportation-related, it would be, in part, because we bought a variety of different types of companies just over the last 1.5 years between tech and an expedited broker non-asset and 2 LTL firms. But we may be overdue for some truckload business, and there is no shortage of truckload businesses out there, and we feel like we know how to -- we know how to do truckload, for sure, and that would be interesting to us. So that's where I'm -- what I intended with what I shared earlier, Tom.

因此，當我說與運輸相關時，部分原因是我們在過去 1.5 年裡收購了各種不同類型的公司，包括科技公司、非資產加急經紀公司和 2 家 LTL 公司。但是我們可能遲到了一些卡車裝載業務，並且那裡不乏卡車裝載業務，我們覺得我們知道如何 - 我們當然知道如何做卡車裝載，這對我們來說會很有趣。所以這就是我所在的地方——我之前分享的內容是我想要的，湯姆。

Thanks, Tom. Well, that concludes the time for our call. I will tell you it appears that we still have 9 analysts that are in our call queue that we were not able to get to your questions. And so again, we would refer to you to the phone number we gave earlier to give us a phone call and reach out if you'd like to still have a discussion. Thanks for everyone's interest. Be safe.

謝謝，湯姆。好了，我們的通話時間到此結束。我會告訴您，我們的呼叫隊列中似乎仍有 9 位分析師無法回答您的問題。同樣，我們會向您推薦我們之前提供的電話號碼，以便給我們打電話，如果您還想進行討論，請與我們聯繫。感謝大家的關注。注意安全。

Ladies and gentlemen, this concludes your call for today. We thank you for participating and ask that you please disconnect your lines.

女士們，先生們，今天的電話到此結束。我們感謝您的參與，並要求您斷開線路。