Knight-Swift Transportation Holdings Inc (KNX) 2024 Q3 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • We appreciate your patience and please continue to stand by before.

    感謝您的耐心等待,請繼續耐心等待。

  • Good morning. My name is Kelly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Knight-Swift Transportation Third Quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise is if at any time during this call you require immediate assistance, please press star zero for the operator.

    早安.我叫凱利,今天我將擔任你們的會議操作員。此時此刻,我謹歡迎大家參加 Knight-Swift Transportation 2024 年第三季財報電話會議。所有線路均已置於靜音狀態,以防止任何背景噪音。

  • Speakers from today's call will be Adam Miller, Chief Executive Officer, Andrew heads, Chief Financial Officer, and Brad Stewart, Treasurer and Senior VP of Investor Relations. Mr. Stewart, the meeting is now yours.

    今天電話會議的演講者包括執行長 Adam Miller、財務長 Andrew Heads 以及財務主管兼投資者關係高級副總裁 Brad Stewart。史都華先生,現在會議由您主持。

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • Thank you. Good afternoon, everyone, and thank you for joining our third quarter 2004 earnings call. Today, we plan to discuss topics related to the results of the quarter, current market conditions and our earnings guidance.

    謝謝。大家下午好,感謝您參加我們的 2004 年第三季財報電話會議。今天,我們計劃討論與本季業績、當前市場狀況和我們的獲利指引相關的議題。

  • We have slides to accompany this call, which are posted on our investor website. Our call is scheduled to last one hour. Following our commentary, we will answer questions related to these topics. In order to get to as many participants as possible, we limit the questions to one per participant.

    我們在本次電話會議上附有幻燈片,這些幻燈片發佈在我們的投資者網站上。我們的通話預計持續一小時。在我們的評論之後,我們將回答與這些主題相關的問題。為了吸引盡可能多的參與者,我們將每個參與者的問題限制為一個。

  • If you have a second question, please feel free to get back into queue. We will answer as many questions as time allows. If we were not able to get to your question due to time restrictions, you may call six zero two six zero six six three four nine.

    如果您還有第二個問題,請隨時返回佇列。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,您可以撥打六零二六零六六三四九。

  • So again, I will first refer you to the disclosures on slide 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.

    因此,我將首先向您推薦簡報第2 投影片中的揭露內容,並指出以下電話會議和簡報可能包含公司所做的前瞻性聲明,這些聲明涉及難以預測的風險、假設和不確定性。

  • Investors are directed to the information contained in item one A, Risk Factors of our one 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.

    投資者應參閱我們公司向美國 SEC 提交的 10-K 表格年度報告第一項 A「風險因素」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 I will turn to our overview on slide 3. The charts on slide 3, you compare our consolidated third quarter revenue and earnings results. On a year-over-year basis, revenue, excluding fuel surcharge decreased 5.3%, and our adjusted operating income declined by 7.1% year over year as we lapped the acquisition of US Express at the beginning of the quarter.

    現在我將轉向投影片 3 上的概述。與去年同期相比,不包括燃油附加費的收入下降了 5.3%,由於我們在本季度初放棄了對美國運通的收購,調整後的營業收入同比下降了 7.1%。

  • Gaap earnings per diluted share for the third quarter of 2024 was $0.19. Our consolidated adjusted operating ratio was nine prior while representing a modest sequential improvement over the second quarter. This was the first sequential improvement in third quarter consolidated adjusted operating ratio since 2021.

    2024 年第三季公認的會計準則攤薄每股收益為 0.19 美元。我們的綜合調整後營業比率之前為 9,與第二季相比略有改善。這是自 2021 年以來第三季綜合調整後營業比率首次連續改善。

  • Our results were negatively impacted on a year-over-year basis by a $6.6 million increase in net interest expense and the 34 on our GAAP results and the 6.1 percentage points year over year impairment charges and an investment write off totaling $13.1 million are also excluded from our non-GAAP results.

    我們的業績年增率受到淨利息支出增加 660 萬美元的負面影響,並且我們的 GAAP 業績中的第 34 個百分點以及同比 6.1 個百分點的減值費用和總計 1,310 萬美元的投資沖銷也被排除在外來自我們的非GAAP 業績。

  • Now onto the next slide, slide 4 illustrates the revenue and adjusted operating income for each of our segments. In general, our Truckload Logistics and Intermodal segments continue to navigate a challenging full truckload market.

    現在到下一張投影片,投影片 4 說明了我們每個部門的收入和調整後的營業收入。總體而言,我們的整車物流和多式聯運部門繼續應對充滿挑戰的整車市場。

  • But as we noted last quarter, we believe the worst of this truckloads cycle may be behind us. This view has been further supported by several sequential trends in the third quarter revenue. Excluding fuel surcharge, adjusted operating income and adjusted operating ratio were at least stable and in most cases, improving over the second quarter results.

    但正如我們上季度指出的那樣,我們相信卡車裝載週期中最糟糕的時期可能已經過去。第三季收入的幾個連續趨勢進一步支持了這一觀點。不計燃油附加費,調整後營業收入和調整後營業比率至少保持穩定,並且在大多數情況下比第二季度業績有所改善。

  • For each of these three segments, the ongoing attrition of excess truckload capacity added during the up cycle still has further to go. Freight rates have largely stabilized and are showing modest improvement but remain at unsustainable levels.

    對於這三個細分市場中的每一個細分市場,在上升週期中增加的過剩卡車運力的持續消耗仍有進一步的發展。運費已基本穩定,並顯示出小幅改善,但仍處於不可持續的水平。

  • The LTL segment continues to experience a much more supportive market than truckload, where our business continues to achieve steady rate improvement as we extend the reach of our network and capture new volumes.

    零擔運輸市場持續經歷比卡車運輸更具支援性的市場,隨著我們擴大網路覆蓋範圍並獲得新的銷售量,我們的業務繼續實現穩定的費率改善。

  • At the same time, start-up costs and early-stage operations at so many new facilities that have yet to go through a mid-cycle. There are a drag on margins in the near term. The market in the third quarter largely played out as expected prior to Hurricane and lean and the impending port strike curtailing volumes across our asset base businesses.

    同時,許多尚未經歷中期週期的新設施的啟動成本和早期營運。短期內利潤率拖累。第三季的市場基本上符合颶風先前的預期,精實以及即將到來的港口罷工削減了我們資產基礎業務的交易量。

  • In the last week of the quarter, the arrival of hurricane medicine in the early days of October extended the market disruption into October, particularly for our US Express and durably Cooper brands based in the Southeast.

    在本季度的最後一周,十月初到達的颶風藥物將市場混亂延續到了十月,特別是對於我們位於東南部的 US Express 和耐用的 Cooper 品牌而言。

  • Aside from these events, the truckload market is giving signs of being balanced and scaled service and freight security are becoming more of a differentiator, either signs that align with the unique value that we are positioned to carry eight for our customers when the market strengthens for now, we remain focused on disciplined pricing, cost control and operational excellence.

    除了這些事件之外,卡車裝載市場也出現了平衡和規模化的跡象,服務和貨運安全正變得越來越成為一個差異化因素,這兩個跡像都與我們定位於在市場走強時為客戶運輸八輛的獨特價值一致。

  • As we see opportunities across our enterprise, we leverage our unique suite of brands intentionally driving collaboration to create distinctive solutions for customers. This allows us to offer solutions across different services and to retain more volumes than any single brand could execute. As the market improves and shippers have acute needs.

    當我們看到整個企業的機會時,我們利用我們獨特的品牌套件有意推動協作,為客戶創造獨特的解決方案。這使我們能夠提供跨不同服務的解決方案,並保留比任何單一品牌可以執行的更多的數量。隨著市場的改善和托運人的迫切需求。

  • We expect this to become a more valuable advantage. Now I will turn it over to Adam to discuss our truck with slide 5.

    我們預計這將成為更有價值的優勢。現在我將把它交給 Adam 來討論我們的卡車與幻燈片 5。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Thanks, Brad, and good afternoon, everyone. Although we remain cautious in an environment that remains challenging, were further attrition of excess capacity is still needed. We continue to observe positive signs, including a continuation of seasonal patterns with some project activity underway in the fourth quarter, achieving rate increases in more recent truckload bid awards sequentially, improving our average Truckload revenue per mile over the second quarter and seeing customers reducing their usage of brokers in efforts to improve cargo security as well as the ongoing stability of their supply chain.

    謝謝布拉德,大家下午好。儘管我們在仍然充滿挑戰的環境中保持謹慎態度,但仍需要進一步削減過剩產能。我們繼續觀察到積極的跡象,包括季節性模式的延續,一些項目活動在第四季度正在進行,最近的卡車裝載投標授予率連續提高,第二季度每英里的平均卡車裝載收入提高,並看到客戶減少了他們的收入。

  • Our average spot rate remains higher than our average cost track rate as we believe we are seeing opportunities to address acute needs for our customers that may not be reflective of the broader market. This is where our scale and unique suite of diversified brands offer distinct value to our customers.

    我們的平均現貨費率仍然高於平均成本追蹤費率,因為我們相信我們正在看到滿足客戶迫切需求的機會,而這些需求可能無法反映更廣泛的市場。這就是我們的規模和獨特的多元化品牌組合為我們的客戶提供獨特價值的地方。

  • On a year-over-year basis, our truckload revenue, excluding fuel surcharge for the third quarter decreased 6.1%, reflecting a similar decrease in loaded miles as we lap the acquisition of use Express at the beginning of the quarter.

    與去年同期相比,第三季我們的卡車裝載收入(不包括燃油附加費)下降了 6.1%,這反映出我們在本季初收購 use Express 後裝載里程也出現了類似的下降。

  • Revenue per loaded mile, excluding fuel surcharge, was essentially flat year over year. Miles per tractor were also flat year over year as improvements in the legacy truck, the trucking business for offset by a decline at US Express, reflecting a churn in the freight portfolio as was as we redefine the freight network over the past year for US Express, similarly, revenue excluding fuel surcharge per tractor declined slightly by 6% year over year at a declining US Express.

    每裝載英里的收入(不含燃油附加費)與去年同期基本持平。每輛拖拉機的行駛里程也與去年同期持平,因為傳統卡車和卡車運輸業務的改善被美國運通的下降所抵消,反映出貨運組合的流失,就像我們在過去一年中重新定義美國運通的貨運網路一樣同樣,在美國運通不斷下滑的情況下,每台拖拉機不計燃油附加費的收入同比小幅下降 6%。

  • On a sequential basis, revenue per loaded mile excluding fuel surcharge, increased slightly over the second quarter. Miles and truck count were stable, producing a modest improvement in revenue. Excluding fuel surcharge fuel surcharge, our spot exposure remained relatively consistent with the second quarter.

    環比來看,不包括燃油附加費的每裝載英里收入較第二季度略有增長。里程和卡車數量保持穩定,收入略有改善。剔除燃油附加費後,我們的現貨曝險與第二季保持相對一致。

  • The adjusted OP operating ratio for the legacy trucking business see sequentially improved by 200 state 250 basis points, driven by improvements in cost per mile and revenue per tractor use Express adjusted operating ratio was fairly flat sequentially as modest declines in its total miles and utilization were offset by improvement in revenue per mile.

    由於每英里成本和每輛拖拉機使用收入的改善,調整後的傳統卡車運輸業務的營運比率連續提高了200 個州250 個基點。有下降被每英里收入的提高所抵消。

  • Now on to slide 6, where we cover the LTLs market conditions in the LTL industry rate remained much more supportive than in truckload, though the pace of year over year rate increases appears to be slowing a bit as comparisons get increasingly more difficult.

    現在轉到幻燈片6,我們在其中介紹了零擔行業的市場狀況,零擔行業費率仍然比整車運輸更有支撐性,儘管隨著比較變得越來越困難,同比費率增長的速度似乎有所放緩。

  • While industrial production has stuck in neutral, we are still experiencing solid demand and steady rate increases in our business, partly aided by our expanding network that allows us to offer our services are more lanes to new and existing customers.

    雖然工業生產處於中性狀態,但我們的業務仍然面臨著強勁的需求和穩定的成長率,這在一定程度上得益於我們不斷擴大的網絡,使我們能夠為新老客戶提供更多的服務。

  • Our LTL business grew revenue excluding fuel surcharge, was 16.7% year over year as shipments per day increased 11.1%. Our acquisition of DHGB. LTL division into the dependable highly expressed on July 30th contributed approximately 7.5% to eight each of those improvements. Revenue per hundredweight, excluding fuel surcharge, increased 9.2% year over year. The year-over-year trend of declining weight per shipments slowed to 3.9% in the third quarter.

    我們的零擔業務(不含燃油附加費)營收年增 16.7%,每日出貨量成長 11.1%。我們收購了DHGB。 7 月 30 日高度評價的零擔運輸業務對其中八項改善貢獻了約 7.5%。每英擔收入(不含燃油附加費)較去年同期成長 9.2%。第三季每批貨物重量較去年同期下降趨勢放緩至 3.9%。

  • The adjusted operating ratio was 89.6 and adjusted operating income declined 19.5% year over year due to the startup costs and early-stage operations at our recently opened facilities. Now on to Slide 7. So we summarize the recent progress on our LTL expansion strategy.

    由於我們最近開業的設施的啟動成本和早期運營,調整後的營業比率為89.6,調整後的營業收入同比下降19.5%。現在轉到投影片 7。

  • During the quarter, we opened 16 additional service centers following 18 openings in the first half of the year. We expect to open four more service centers by the end of 2024. And also, our acquisition of PHY. represents approximately 10% growth in both service centers and door count out and add the key Southwest markets of California, Arizona and Nevada to our network.

    繼上半年開設 18 個服務中心後,本季我們又開設了 16 個服務中心。我們預計在 2024 年底再開設四個服務中心。代表服務中心和門數成長約 10%,並將加州、亞利桑那州和內華達州等關鍵西南市場添加到我們的網路中。

  • Overall, our organic and inorganic expansion activities in 2024 should add nearly 1,500 doors this year, representing a 32.2% increase in our door count from the beginning of the year. We have been hard at work integrating the systems and business of DHG into our network and expect to complete the integration during November. Customer responses to this acquisition and adding the Southwest to our service offerings have been very strong.

    整體而言,我們 2024 年的有機和無機擴張活動今年應增加近 1,500 扇門,較年初增加 32.2%。我們一直在努力將 DHG 的系統和業務整合到我們的網路中,預計在 11 月完成整合。客戶對此次收購以及將西南航空納入我們的服務範圍的反應非常強烈。

  • We expect meaningful opportunities for growth following the integration and are excited about the value this adds to our existing business as well. Over the past year, we have chosen to invest capitalizing on opportunities to significantly expand our LTL capabilities and service territory.

    我們預計整合後會出現有意義的成長機會,並對這為我們現有業務增加的價值感到興奮。在過去的一年裡,我們選擇利用機會進行投資,以顯著擴大我們的零擔能力和服務範圍。

  • The associated start-up costs and operational inefficiencies are initially headwinds to improving operating margins. Moving beyond 2024 our focus is on continuing to capture volume with new and existing customers, particularly as we go through our first bid cycle with the expanded network are relative pricing position allows us to pursue incremental volume with less risk of diluting our yield.

    相關的啟動成本和營運效率低下最初是提高營運利潤的阻力。 2024 年之後,我們的重點是繼續獲得新客戶和現有客戶的銷售量,特別是當我們透過擴大的網路進行第一個投標週期時,相對定價地位使我們能夠在降低收益稀釋風險的情況下追求增量銷量。

  • Our approach here will not be unlike our approach in truckload, where a cohesive network strategy, disciplined pricing and intentional capacity deployment support better market density, operational efficiency and serve this quality. Progress in this strategy should allow us to unlock new levels of operating performance and margin in the long run.

    我們在這裡的方法與我們在卡車運輸中的方法沒有什麼不同,在卡車運輸中,有凝聚力的網絡策略、嚴格的定價和有意的容量部署支持更好的市場密度、運營效率並服務於這種品質.從長遠來看,這項策略的進展將使我們能夠將經營業績和利潤率提升到新的水平。

  • We remain encouraged by the growth and opportunities for our LTL segment, and we continue to look for both organic and inorganic plans to geographically expand our footprint within the LTL market, filling out our super regional network in the short term and ultimately creating a national network will allow us to participate in rate and enabled and to find opportunities to further support our existing truckload customers with LTL capacity.

    我們仍然對零擔業務的成長和機會感到鼓舞,我們繼續尋找有機和無機計劃,以擴大我們在零擔市場的地理範圍,在短期內充實我們的超級區域網絡,並最終創建一個全國網絡將使我們能夠參與費率並啟用並尋找機會進一步支持我們現有的零擔運輸能力的卡車客戶。

  • Now let's move to Logistics on slide 8. The logistics market continue to deal with the soft truckload environment has most public spot rate indicators stated throughout the quarter. Our disciplined approach to pricing has allowed our business to maintain profitability with our adjusted operating ratio of 94 94.5%, improving 100 basis points over the second quarter.

    現在讓我們轉到幻燈片 8 上的物流。我們嚴格的定價方法使我們的業務能夠保持獲利能力,調整後的營運率為 94 94.5%,比第二季提高了 100 個基點。

  • We also increased revenue per load 3.7% over the second quarter. Gross margin percent was stable sequentially and year over year. As discussed last quarter, the logistics park is further challenged by a number of shippers allocating more of their business to our asset base providers.

    我們的每次負載收入也比第二季度成長了 3.7%。毛利率環比和年比保持穩定。正如上季所討論的,物流園區進一步受到許多托運人將更多業務分配給我們的資產基礎提供者的挑戰。

  • Also, we continue to divert a portion of our logistics volumes to support our asset business in certain markets. However, this headwind should flip to a tailwind when the market turns as the US division will overflow freight to the logistics business, particularly for our power only service.

    此外,我們持續轉移部分物流量來支持我們在某些​​市場的資產業務。然而,當市場轉向時,這種逆風應該會轉變為順風,因為美國分部的貨運量將過度流向物流業務,特別是我們的純電力服務。

  • This relationship with our asset division can create more volatility through a cycle fairly for our logistics business. But it means there is a significant it on a runway ahead of it at this point. In the cycle, revenue decreased 9.5% year over year as we lap the acquisition of US Express at the beginning of the quarter. Load count was down 21.1% year over year, but was partially offset by a 13.6% increase in revenue per load.

    與我們的資產部門的這種關係可能會為我們的物流業務帶來更大的週期波動。但這意味著此時在它前面的跑道上有一個重要的東西。在此週期中,由於我們在本季初結束了對美國運通的收購,因此營收年減了 9.5%。負載數量較去年同期下降 21.1%,但被每次負載收入增加 13.6% 部分抵消。

  • We continue to leverage our power only capabilities to complement our asset business, build a broader and more diversified fee portfolio and to enhance the returns on our capital. Now I'll turn it over to Andrew on slide 9.

    我們繼續利用我們的純電力能力來補充我們的資產業務,建立更廣泛和更多元化的費用組合,並提高我們的資本回報率。現在我將把投影片 9 上的內容交給 Andrew。

  • Andrew Hess - Chief Financial Officer

    Andrew Hess - Chief Financial Officer

  • Thanks, Adam. In our intermodal business, revenue increased 1.4% year over year. The first year-over-year revenue increases six quarters. It was driven by a 7.2% increase in load count. Improvement in volume and progress in operating costs overcame a 5.3% decrease in revenue per load to improve the operating ratio by 310 basis points year over year, with recent hurricanes negatively impacting volumes early in the fourth quarter, we no longer expect intermodal load count to be sequentially stable, but the third quarter.

    謝謝,亞當。在我們的多式聯運業務中,營收年增 1.4%。首次年收入成長了六個季度。這是由負載數增加 7.2% 所推動的。運量和營運成本的改善克服了每載貨收入下降5.3% 的影響,使營運比率同比提高了310 個基點,由於最近的颶風對第四季度初的運量產生了負面影響,我們不再預計多式聯運載運量將下降但第三季將持續穩定。

  • This will also likely cause the business to be essentially breakeven in the fourth quarter, whereas we had previously projected to be slightly profitable. We are we remain focused on exiting our strategy of diversifying our business mix, building density, producing empty moves and reducing cost.

    這也可能導致該業務在第四季度基本實現盈虧平衡,而我們之前預計將略有盈利。我們仍專注於退出業務組合多元化、建立密度、產生空轉和降低成本的策略。

  • We expect ongoing progress in these areas should make this business profitable in 2025. Now onto slide 10. Slide 10 illustrates our all other segments. This category includes support services provided to our customers, independent contractors and third party carriers such as equipment, sales and rental equipment, leasing, warehousing activities, insurance and maybe tools for the quarter.

    我們預計這些領域的持續進展將使該業務在 2025 年實現盈利。此類別包括向我們的客戶、獨立承包商和第三方承運商提供的支援服務,例如本季的設備、銷售和租賃設備、租賃、倉儲活動、保險和工具。

  • Other revenue to clear largely as a result of winding down our third party insurance business in the first quarter to $6.2 million. Operating income within the all other segment represents modest sequential improvement over the second quarter and was primarily driven by the warehouse unit equipment leasing businesses.

    其他收入的清理主要是由於我們在第一季將第三方保險業務縮減至 620 萬美元。所有其他部門的營業收入較第二季略有改善,主要是由倉庫設備租賃業務推動的。

  • On slide 11, we've outlined our guidance and key assumptions, which are also stated in our earnings release. As noted in previous quarters, we are not incorporating an inflection in market conditions for the purpose of forecasts that are rather basing these ranges on expected seasonality, IT and the continuation of existing market conditions.

    在投影片 11 中,我們概述了我們的指導和關鍵假設,這些在我們的收益報告中也得到了闡述。正如前幾季所指出的,我們不會出於預測目的而考慮市場狀況的變化,而是根據預期的季節性、IT 和現有市場狀況的持續情況來確定這些範圍。

  • Similar to what we have felt in the third quarter and into October thus far, actual results may differ from our expectations. Based on these assumptions, we expect our adjusted EPS for the fourth quarter of 2024 will be in the range of $0.32 to $0.36, and our adjusted EPS for the first quarter of 2025 will be in the range of $0.29 to $0.33 per key assumptions under items are listed on this slide.

    與我們在第三季和十月迄今的感受類似,實際結果可能與我們的預期不同。基於這些假設,我們預計 2024 年第四季調整後每股盈餘將在 0.32 至 0.36 美元之間,2025 年第一季調整後每股盈餘將在 0.29 至 0.33 美元之間。片上。

  • I won't cover them. In summary, we protract truckload operating income to improve sequentially into the fourth quarter. We also expect a normal seasonal step down in LTL earnings and activities within our all other segments in the fourth quarter, which will largely offset the projected ramp up in truckload profits. Our first quarter range reflects the normal seasonal slowdown in our Truckload and Logistics segments petition.

    我不會掩蓋他們。綜上所述,我們預計第四季整車營業收入將較上季改善。我們也預計第四季度所有其他部門的零擔收入和活動將出現正常的季節性下降,這將在很大程度上抵消卡車裝載利潤的預期成長。我們第一季的範圍反映了卡車裝載和物流領域申請的正常季節性放緩。

  • Partially, we are partially offset by seasonal improvement in our LTL segment and the all other segments. While we cannot drive a timing revenue improvement in market conditions, we are focused on leveraging the scale and service of our unique suite of brands to solve complex problems and create distinctive value for our customers.

    我們的零擔業務和所有其他業務的季節性改善部分抵消了我們的影響。雖然我們無法在市場條件下推動收入的定時改善,但我們專注於利用我們獨特的品牌套件的規模和服務來解決複雜的問題並為客戶創造獨特的價值。

  • Growing in our expanding LTL network and improving efficiencies, service and margins and fully capturing the synergies that US Express recognizing the outsized margin improvement opportunity as market conditions recover.

    我們不斷擴大 LTL 網絡,提高效率、服務和利潤,並充分利用美國運通公司認識到隨著市場狀況復甦,利潤率大幅提高的機會而產生的協同效應。

  • This concludes our prepared remarks. And before I turn it over for questions, I want to remind everyone to keep to one question per participant.

    我們準備好的演講到此結束。在我交給問題之前,我想提醒大家每個參與者只問一個問題。

  • Operator

    Operator

  • Thank you, Andrew. We will now open the line for questions. Certainly at this time, if you would like to ask a question, please press the star and one on your telephone keypad. You may withdraw yourself from the queue at anytime by pressing star two.

    謝謝你,安德魯。我們現在將開通提問熱線。當然,此時,如果您想提問,請按電話鍵盤上的星號和一。您可以隨時按二號星退出佇列。

  • And we'll take our first question from Jonathan Chappell with Evercore ISI. Your line is open. Thank you.

    我們將回答 Evercore ISI 的 Jonathan Chappell 提出的第一個問題。您的線路已開通。謝謝。

  • Jonathan Chappell - Analyst

    Jonathan Chappell - Analyst

  • Good afternoon. Adam or Brad. Adam, you mentioned in your comments and I know release as well that there are spots doing better than contract as it relates to your portfolio of business within TL. Can you give us kind of give us a sense for where you stand now on spot or kind of more short term business relative to maybe a year ago and Mark from averages? Just so can help us frame kind of your flexibility and leverage for within the entire market starts to inflect.

    午安.亞當或布拉德。 Adam,您在評論中提到,我也知道有些地方比合約做得更好,因為它與您在 TL 內的業務組合相關。您能否讓我們了解一下您現在的處境,或者相對於一年前和平均水平而言,更短期的業務?這樣可以幫助我們在整個市場開始變化時建立您的靈活性和槓桿作用。

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • Yes, sure, John. I appreciate that. We're still in that range of just low double digits for spot versus our contract business. And in stronger markets, we've been able to flex that as high as 2025%. So we still have a good ways to go in terms of being able to be nimble in this market.

    是的,當然,約翰。我很欣賞這一點。與我們的合約業務相比,我們的現貨業務仍處於兩位數的低點。在更強勁的市場中,我們能夠將這一比例提高到高達 2025%。因此,要在這個市場上保持彈性,我們還有很長的路要走。

  • And as we mentioned in the release, we've seen some seasonality that has carried over from Q3 and maybe some of that were delayed in Q3 because of the disruption from the hurricanes. But we are seeing a handful of shippers that have acute needs that they need to secure additional capacity to be above and beyond what they can secure in their routing guide.

    正如我們在新聞稿中提到的,我們已經看到一些從第三季度延續下來的季節性因素,也許其中一些由於颶風的干擾而在第三季度被推遲。但我們看到少數托運人有迫切的需求,他們需要確保額外的運力超出他們在路線指南中所能獲得的能力。

  • And we're seeing a lot of those opportunities in our in our larger bread brands, particularly Swift, and then we're seeing some of that flow into it. And so that is clearly a broad-based inflection, but that you'll have some of these shippers as they have real needs are going to go to the larger asset base players that are going to have the flexibility and nimbleness and the equipment to accommodate those needs and to provide value for them.

    我們在較大的麵包品牌中看到了很多這樣的機會,特別是 Swift,然後我們看到其中一些流入其中。因此,這顯然是一個基礎廣泛的變化,但是您將擁有一些托運人,因為他們有真正的需求,因此將轉向更大的資產基礎參與者,這些參與者將具有靈活性、敏捷性和設備來適應這些需求並為他們提供價值。

  • And it also means that the small carriers out there still probably in a difficult environment where we'll still expect to see some attrition, which I think we still need to go get back to where we feel like the market is in balance. So we still have plenty of opportunity to flex is the market is there.

    這也意味著小型業者可能仍然處於困難的環境中,我們仍然預計會看到一些損耗,我認為我們仍然需要回到我們認為市場平衡的狀態。因此,只要市場存在,我們仍然有很多機會可以發揮作用。

  • And I think we have opportunity to provide even more capacity from our from our other brands that maybe aren't seeing the same. You'll see opportunities as we are on the Swiss business paying on our.

    我認為我們有機會從我們的其他品牌提供更多的容量,而這些品牌可能沒有看到相同的情況。您會看到機會,因為我們正在瑞士開展業務並支付我們的費用。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Great. I would just add to that a term in terms of our existing capacity for a for spot exposure for flexibility. If you look at our miles per seated truck, there's still a lot of room for improvement unseated truck basis. And so they're slack in the system.

    偉大的。我只想在我們現有的現貨曝光能力方面添加一個術語,以實現靈活性。如果您查看每輛有座卡車的行駛里程,您會發現無座卡車的基礎仍有很大的改進空間。所以他們在系統中處於鬆弛狀態。

  • Should there be opportunities, we could create more capacity if you go to capture those and create more spot exposure without having to lose any contractual business.

    如果有機會,如果您去抓住這些機會並創造更多的現貨曝光,而不必失去任何合約業務,我們就可以創造更多的產能。

  • Got it. Thanks, Brett, and thanks.

    知道了。謝謝,布雷特,謝謝。

  • Operator

    Operator

  • Tom Wadewitz, UBS.

    湯姆‧瓦德維茨,瑞銀集團。

  • Tom Wadewitz - Analyst

    Tom Wadewitz - Analyst

  • Hi. Yes, good afternoon. Wanted to just ask Adam and Bud cured. Your best view on how this cycle might play next year. It seems like Keynote conservative disruption in the market with a couple of hurricanes and for live sports rights. Interesting, a lot of lot of noise strength of the into the West Coast with container imports as well.

    你好。是的,下午好。只想問亞當和巴德痊癒了。您對明年這個週期如何運作的最佳看法。幾場颶風和體育直播轉播權似乎對市場造成了基調保守的破壞。有趣的是,隨著貨櫃進口,進入西海岸的噪音強度也很大。

  • But at the same time, it's it's not clear whether you get enough spring to really get the tightness and maybe of a better rate increase next year. So I don't know, Tycho, iron ore, if you're more optimistic than that at this point. But I know it's a crystal ball is probably not a hard to have a clear when these days. But any thoughts on how we might go into next year on the cycle is kind of the base case?

    但同時,尚不清楚是否有足夠的春天來真正緩解緊張局勢,或許明年會有更好的升息。所以我不知道,第谷,鐵礦石,你現在是否比這更樂觀。但我知道這是一個水晶球,現在可能不難弄清楚。但對於我們如何進入明年的周期有什麼想法是基本情況嗎?

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • Yes. So Tom, I think everyone has been undertaking three months for about 12 months now. So it's really it's really hard to tell where that's going to land. And but I do think that the worst is behind us. And I feel like in as the bid start to pick up here, that we'd expect to see low to mid single digit improvements and then see that build throughout the year.

    是的。湯姆,我認為每個人都已經進行了三個月的承諾,現在已經持續了大約 12 個月。所以真的很難說它會落在哪裡。但我確實認為最糟糕的時期已經過去了。我覺得隨著這裡的出價開始回升,我們預計會看到低到中個位數的改進,然後看到全年的成長。

  • I don't expect there to be a real sharp inflection. I think it's somewhat of a grind upwards, but that's probably okay because some of those sharp inflections create almost a gold brush from the for the small carriers because you see the spot rates really jumped dramatically.

    我不認為會有真正的急劇變化。我認為這有點向上,但這可能沒關係,因為其中一些急劇的變化幾乎為小型承運人創造了金刷,因為你會看到即期費率確實大幅上漲。

  • And I think that may keep more capacity in the market. So I think as you have a progressively better market that's been building over time. I think the with the larger well-capitalized asset players that are strongly prefer farmers typically see an outsized amount of opportunities there versus brokers are small carriers. And so that's how I see it playing out now.

    我認為這可能會保留更多的市場容量。所以我認為,隨著時間的推移,你會擁有一個逐漸更好的市場。我認為,與經紀人相比,規模較大、資本充足的資產參與者非常喜歡農民,他們通常會看到大量的機會,而經紀人則是小型業者。這就是我現在看到的情況。

  • It's just kind of a slow progression come to the positive, and I think rates could end up in the late part of the bid season. A bill E&O, high single digits. Perhaps there's still a long ways to go on on margin recapture to make the public companies closer to where they've been historically in ourselves included in that.

    這只是一個緩慢的積極進展,我認為利率可能會在投標季節的後期結束。帳單 E&O,高個位數。也許在收回利潤方面還有很長的路要走,才能讓上市公司更接近我們歷史上的水平。

  • So we've got we've got a ways to go and what we plan to get there with Ray publicly productivity and continue to focus on our on our cost structure to put it and put us in a better position to, again improve margins, but also bring value to our customers.

    因此,我們還有很長的路要走,我們計劃透過雷公開生產力來實現這一目標,並繼續關注我們的成本結構,以使我們處於更好的位置,再次提高利潤率,同時也為我們的客戶帶來價值。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • I'll just I'll just add, we've got the bid season largely in front of us here. So we don't have a lot of signals, but but we are seeing is we're capturing positive rate and often that escalates from early bid season as it as that progresses. So a year ago, we were expanding trying to hold rate. That's no longer the case.

    我只想補充一點,我們的申辦季節基本上就在眼前。因此,我們沒有太多訊號,但我們看到我們正在捕捉積極的利率,隨著投標季節的進展,這種利率通常會從早期投標季節開始升級。因此,一年前,我們正在擴張並試圖保持利率不變。現在情況已不再是這樣了。

  • Generally, we're capturing rate, but there's a lot of signals we got to still understand as we go through this. But certainly, we think the rate environment is going to be left to us because we want to guess work for 2025.

    一般來說,我們正在捕捉速率,但是在我們經歷這個過程時,我們仍然需要理解很多訊號。但當然,我們認為利率環境將由我們決定,因為我們想猜測 2025 年的情況。

  • And I think, Tom, I think what's maybe the most 10 is how does that market feel once you get past Thanksgiving and it goes because I think we're going to be busy up to that point. And then once you get past their deals, key strengths in December or does it weaken? And I think that that can really set the tone for where rates will inflect.

    我想,湯姆,我認為最重要的 10 個可能是感恩節過後市場的感受如何,因為我認為到那時我們會很忙。然後,一旦你通過了他們的交易,12 月的關鍵優勢是否會減弱?我認為這確實可以為利率的變化定下基調。

  • Tom Wadewitz - Analyst

    Tom Wadewitz - Analyst

  • Okay, great. That's helpful. Thank you.

    好的,太好了。這很有幫助。謝謝。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Thanks, Tom.

    謝謝,湯姆。

  • Daniel Imbro - Analyst

    Daniel Imbro - Analyst

  • Daniel Imbro, Stephens, Inc.

    丹尼爾·因布羅,史蒂芬斯公司

  • Operator

    Operator

  • Thanks, Dan, and thanks for taking our questions. Maybe one follow-up related to the last question. So I think you're down like you're still expecting sequential pricing improvement kind of accelerate 3Q to 4Q and into next year. Curious on the expense side, you know, we have insurance cost of equipment cost up.

    謝謝丹,也謝謝您提出我們的問題。也許有一個與最後一個問題相關的後續行動。因此,我認為您的情緒低落,就像您仍然期望連續的定價改善會加速第三季到第四季並進入明年一樣。對費用方面感到好奇,你知道,我們有設備成本的保險費用。

  • Maybe driver wages would love your thoughts there, but or the rate increases today or that are the cadence you just laid out on enough to cover cost inflation next year to where we actually get margin improvement in OR improvement through 2025? Or just any thoughts on the underlying expense growth would be great.

    也許司機薪資會喜歡你的想法,但是或者今天的升息,或者你剛剛制定的節奏足以覆蓋明年的成本通膨,直到 2025 年我們實際獲得利潤率改善或改善?或者只是對潛在費用增長的任何想法都會很棒。

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • Yes. So I think we feel like we still have some opportunity on the cost side in our business. The insurance expense has been? Yes, I think a challenge for everyone in our space, given how the environment on litigation has developed, but we believe we have some opportunity to keep that expense stable or may some progress in that area.

    是的。所以我認為我們覺得我們的業務在成本方面仍然有一些機會。保險費用是多少?是的,考慮到訴訟環境的發展,我認為這對我們領域的每個人來說都是一個挑戰,但我們相信我們有機會保持費用穩定,或者可能在該領域取得一些進展。

  • Just given some of the initiatives we have around safety and managing claims, I think there's still some opportunity to right-size our fleet. I think today we have a higher trailer to tractor ratio than than we would like. And so we're still in the process of becoming more efficient from an equipment standpoint and to improve utilization of our equipment.

    鑑於我們在安全和索賠管理方面採取的一些舉措,我認為仍有一些機會來調整我們的機隊規模。我認為今天我們的拖車與牽引車比率比我們想要的要高。因此,從設備的角度來看,我們仍在提高效率並提高設備的利用率。

  • We think a driver pay typically we would share 25% to 30% of our rate increase with our drivers. And so when we start to feel like there's a consistent trend of rates improving and we see a pathway for that to continue, then that maybe that's something we would look at. But it's really going to depend on where we see the market from a from a recruiting and retention standpoint.

    我們認為司機支付的費用通常是我們會與司機分享 25% 到 30% 的加價。因此,當我們開始感覺到利率持續上升的趨勢,我們看到了這種趨勢持續下去的途徑時,那麼也許這就是我們會考慮的事情。但這實際上取決於我們從招聘和保留的角度看待市場。

  • Daniel, I see 2025, we're going to have you or the industry convert any rate improvement in margin improvement, I think so. So our focus will be keep inflation to a minimum, if anything, continuing to improve on a cost per mile basis, while you're gaining margin to vary why you're getting a deal to slow down the margin. I also believe that improving our utilization will also help with our cost per mile.

    丹尼爾,我預計到 2025 年,我們將讓您或整個行業將任何利率改善轉化為利潤率改善,我認為是這樣。因此,我們的重點是將通貨膨脹保持在最低限度(如果有的話),繼續改善每英里成本,同時您獲得利潤來改變為什麼您會達成協議來減緩利潤。我還相信,提高利用率也將有助於降低每英里的成本。

  • I think of the market, it typically starts with additional load count and then you start to get spot rate and then you start to get contract rates. So we're seeing that already in Q4. Again, it's early and it may be short-lived, we don't know yet, but as you get a low, can you give more miles, you cover your fixed costs more effectively and then you start to get rate to help dropped to the bottom line.

    我認為市場通常從額外的負載數量開始,然後開始獲得即期費率,然後開始獲得合約費率。所以我們已經在第四季度看到了這一點。再說一次,現在還為時過早,而且可能是短暫的,我們還不知道,但是當你的價格較低時,你能提供更多里程嗎?獲得費率來幫助下降到底線。

  • So so really on an inflation standpoint, we have to hold steady or if that improved for next year. I would just add that through the last few years, one of the big baby bonds, wicked elements of the cycle was rate decrease in costs through the kind of a hyperinflationary environment. We see something different today. We're seeing more normalized cost inflation as we're seeing across the general economy. But we've been hard at work on reducing our fixed costs and it started.

    因此,從通膨的角度來看,我們必須保持穩定,或者明年情況是否有所改善。我想補充一點,在過去的幾年裡,大嬰兒債券週期的邪惡因素之一是透過惡性通貨膨脹環境降低了成本。今天我們看到了一些不同的東西。正如我們在整個經濟中看到的那樣,我們看到成本通膨更加正常化。但我們一直在努力降低固定成本,而且已經開始了。

  • I think that's going to give us a lift as we go into next year. If you look at our legacy businesses, we've improved sequentially, as we said, 250 basis points from Q2 on ROR., our cost per mile essentially drove that entirely, right?

    我認為這將為我們進入明年帶來動力。如果你看看我們的傳統業務,我們已經連續改善了,正如我們所說,ROR 比第二季度提高了 250 個基點。

  • So you're basically flat on rate flat on miles. So we are we've been hard at work on cost elegantly ways that don't impair our ability to capture market opportunities, but ways which we think are going to benefit us as we see market improvement. I appreciate all the government accounts.

    所以你基本上對里程費率持平。因此,我們一直在努力以優雅的方式降低成本,這不會損害我們捕捉市場機會的能力,但我們認為,當我們看到市場改善時,這些方式將使我們受益。我感謝所有的政府帳目。

  • Operator

    Operator

  • Ravi Shanker, Morgan Stanley.

    拉維‧尚克,摩根士丹利。

  • Ravi Shanker - Analyst

    Ravi Shanker - Analyst

  • Hi, where things stood up. And guys, I wanted to follow up on the comments on the shift of customers to our asset base away from brokers. So you know, to the same like a positive sign for the cycle. How does this compare to some similar trend at this point? And I'll previous cycles also, if you are seeing a shift more towards asset-based carriers, what does it mean for potentially rates and the upcycle like in the past dealer part of the single brokered and said, hey, the rates are too low and downturn than too high an upturn that because of brokers, does that mean that we'll see you can have less volatility on rates going forward because of the shift?

    嗨,事情站起來了。夥計們,我想跟進有關客戶從經紀人轉向我們的資產基礎的評論。所以你知道,這就像週期的正面訊號。這與目前一些類似的趨勢相比如何?我也會在之前的周期中看到,如果您看到更多地轉向基於資產的運營商,這對潛在的費率和升級週期意味著什麼,就像過去單一經紀的經銷商部分一樣,並說,嘿,費率太高了。

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • Yes. I think, Ravi, we've seen any shifts in the past. You've seen a shift to towards brokers when the market rates are really cheap and brokers can get small carriers to do things that at lower rates than the larger asset players. And then when you know, some of our customers feel and what that means their to their supply chain or their available capacity when the market when they think it's going to turn and start to shift towards the asset base cares, I think all that's playing out like normal cycles typically would I think one difference is we're starting to hear a lot more comments around cargo security.

    是的。我想,拉維,我們過去已經看到了任何轉變。當市場費率非常便宜時,您就會看到向經紀人的轉變,經紀人可以讓小型業者以比大型資產參與者更低的費率做事。然後,當你知道,當市場認為市場將會轉向並開始轉向資產基礎關心時,我們的一些客戶會感覺到這對他們的供應鏈或可用產能意味著什麼,我認為這一切都在上演就像正常週期一樣,我認為一個差異是我們開始聽到更多關於貨物安全的評論。

  • I think there's been a a rash of of cargo SaaS, um, across the industry. I think the proliferation of power only, hey, we have power only. We do at a certain way that we feel like makes it very secure, but it's not unusual to see a smaller carrier hauling a larger carriers trailer because it happens all the time. You try to be concerned about that. Lucius, WellCare, Helena, a swift are now carried by call it into safety. Now it's common practice and you could do it really well and effectively. But there are some bad actors out there who have leveraged that I found a way to steal load, especially when we tried to make it very easy to to interact and engage with the small carriers and shippers.

    我認為整個行業出現了大量的貨運 SaaS。我認為只有權力的擴散,嘿,我們只有權力。我們以某種我們認為非常安全的方式來做,但看到較小的承運商拖運較大的承運商拖車並不罕見,因為這種情況一直在發生。你試著去關心這一點。盧修斯、WellCare、海倫娜和一隻雨燕現在被召喚到安全地帶。現在這是一種常見的做法,你可以做得很好、很有效。但有一些不良行為者利用我找到的方法來竊取負載,特別是當我們試圖讓與小型承運商和托運人的互動和接觸變得非常容易時。

  • And so I think there's been a several of our customers who come to us and have asked for opportunities to leverage our equipment became save a couple of hundred dollars a shipment over a period of time. It gets washed out really quick.

    因此,我認為我們的一些客戶來找我們,要求有機會利用我們的設備,在一段時間內每批貨物可以節省數百美元。它很快就會被沖掉。

  • Clearly, when you start having full load stolen and when I think of our business and what we do from a security standpoint, between all of our brands, we may Hall 4 million loads a year. And I can count on one hand how many times we have full trailer stolen. I mean, we have a very robust security departments and the more impressive things we have customers visit our operations that they get to see the team that's watching all the high-value loads in locations where you should drop trailers, and we're tracking those very closely, but very few have that type of security.

    顯然,當你開始滿載被盜時,當我考慮我們的業務以及我們從安全角度所做的事情時,在我們所有的品牌之間,我們每年可能會發生 400 萬次負載。我一隻手就能數出我們有多少次整車被偷。我的意思是,我們擁有非常強大的安全部門,更令人印象深刻的是,我們讓客戶參觀我們的營運部門,他們看到團隊正在監視您應該放下拖車的位置的所有高價值負載,並且我們正在追蹤這些負載非常密切,但很少有人擁有這種類型的安全性。

  • So that has become a bigger point of contention with some of our customers have gone different conferences here over the last few months. And cargo SAP is now a prevailing topic when really weren't really wasn't discussed that much in the past. So that's one thing that I believe is new. But I think our shippers a shift back and forth between broker and asset base customers on a regular basis. I don't see that changing out side of the concern around cargo effect.

    因此,這已成為一個更大的爭論點,因為我們的一些客戶在過去幾個月裡在這裡參加了不同的會議。貨運 SAP 現在已經成為一個熱門話題,而在過去,這個話題實際上並沒有被討論得那麼多。所以這是我認為是新的一件事。但我認為我們的托運人會定期在經紀人和資產基礎客戶之間來回切換。我認為這種情況不會因為對貨物影響的擔憂而改變。

  • Ravi Shanker - Analyst

    Ravi Shanker - Analyst

  • Very helpful. Thank you.

    非常有幫助。謝謝。

  • Operator

    Operator

  • Scott Group, Wolfe Research.

    斯科特集團,沃爾夫研究。

  • Scott Group - Analyst

    Scott Group - Analyst

  • Hey, thanks. Good afternoon. So any color, any thoughts on why Swift is seeing the pickup in spot and not the other businesses? Is that just because they're bigger unknown or the rates lower? I don't have any idea on why that. And then, Adam, I just wanted to make sure I'm understanding your point point about the margin improvement, right?

    嘿,謝謝。午安.那麼,對於為什麼 Swift 看到的是現場提貨而不是其他企業,有什麼顏色、有什麼想法嗎?這只是因為未知數較大還是利率較低?我不知道為什麼會這樣。然後,亞當,我只是想確保我理解你關於利潤改善的觀點,對吧?

  • So if you think back historically, like whatever whatever price you get typically margin improved a little less, right, because you're giving some back on drivers, usually utilization. Can you give some more back because the market gets tight? It sounds like your view is that whatever you've gotten price, you'll get at least that margin and maybe more my understanding that right?

    因此,如果你回顧歷史,無論你得到什麼價格,通常利潤率的提高都會少一點,對吧,因為你給了司機一些回報,通常是利用率。由於市場緊張,您能多回饋一點嗎?聽起來你的觀點是,無論你得到什麼價格,你至少都會得到那個利潤,也許更多的是我的理解,對嗎?

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Yes. I mean that's the goal got is because of just how much inflation that we felt over over the last several years. We just have a lot to get back there and it'll come from, again, managing safety, more effectively improving our turnover.

    是的。我的意思是,實現這一目標是因為我們在過去幾年中感受到了通貨膨脹的程度。我們還有很多事情要做,這將再次來自於安全管理,更有效地提高我們的營業額。

  • I'd like to be doing at the top basic things and trucking to grind through that. But also so when you get more utilization on your equipment, that really does help. And if you have an improving market, you'll get utilization and then you'll get rate. And so that will help offset the, you know, any kind of typical inflation you have on it on a year-to-year basis.

    我想做一些最基礎的事情,並努力克服這些困難。但當您的設備得到更多利用時,這確實會有所幫助。如果你的市場正在改善,你就會得到利用率,然後你就會得到費率。因此,這將有助於抵消每年的任何典型通貨膨脹。

  • So Will, you know, it may not be perfect way, Scott, but that that's going to that's our job we have here for 2025. Is the key cost per mile flat or even better than any rate improve and be able to flow that to margins? It had an unusual question, Scott. You know, Swift is just it's the largest brand we have and it has the most equipment, the most trailers.

    所以威爾,你知道,這可能不是完美的方式,斯科特,但這就是我們 2025 年的工作。 ?它有一個不尋常的問題,斯科特。你知道,斯威夫特是我們最大的品牌,擁有最多的設備、最多的拖車。

  • And so when especially certain customers a ship heavier in the fourth quarter, they're used to be being able to call swift and for Swift to be able to say, solve big challenges. And so instead of calling three or four or five carriers to pull together capacity, they need, they may be able to call just swift and have been figure that out.

    因此,當特別是某些客戶在第四季度出貨量增加時,他們習慣能夠致電 Swift,並讓 Swift 能夠說,解決重大挑戰。因此,他們不需要打電話給三家、四家或五家承運商來整合運力,他們需要的是,他們可能能夠迅速打電話,並且已經解決了這個問題。

  • And so that's why what, in all, we really identified this through having multiple brands down how that those calls and how that those bids start to flow. And so what we're doing is finding where we can win with Swift with these customers, but then take the opportunities that we can't do it with and leverage nice leverage.

    因此,總而言之,我們透過讓多個品牌了解這些電話的方式以及這些出價如何開始流動來真正確定了這一點。因此,我們正在做的就是尋找可以透過 Swift 贏得這些客戶的地方,然後抓住我們無法做到的機會並利用良好的槓桿作用。

  • US Express leverage, bar none, Abilene have to find additional capacity to solve the problems for the customer. So it feels like that into one entity, but we're giving them access to multiple brands you do with the right way, sometimes is going direct with each brand.

    美國運通的槓桿作用無可比擬,阿比林必須尋找額外的能力來為客戶解決問題。所以感覺就像是一個實體,但我們讓他們以正確的方式接觸多個品牌,有時是直接與每個品牌接觸。

  • Sometimes it could just flow through one if it's a project. And so it really depends on the customer. But a lot of those opportunities are starting with because of the sheer size and the capabilities that that's what has a salt.

    有時,如果它是一個項目,它可能只會流經一個項目。所以這實際上取決於客戶。但很多機會都是從鹽的規模和能力開始的。

  • Scott Group - Analyst

    Scott Group - Analyst

  • Thank you guys.

    謝謝你們。

  • Operator

    Operator

  • Ken Hoexter, Bank of America.

    肯‧霍克斯特,美國銀行。

  • Ken Hoexter - Analyst

    Ken Hoexter - Analyst

  • Hey, good afternoon, Adam and his team on site, you brought a lot of less than truckload facilities online in the quarter. Um, I think it was almost double what you had done year to date. So how do you see the margin progression as we move forward? And then it looks like you're targeting, Bob, I'll leave it at that. You just maybe the state of the market. Are your thoughts on pricing kind of within that within the market as a whole?

    嘿,下午好,Adam 和他的現場團隊,你們在本季在線上帶來了很多低於卡車裝載量的設施。嗯,我認為這幾乎是你今年迄今為止所做的工作的兩倍。那麼,您如何看待我們前進過程中的利潤率進展?然後看起來你的目標是,鮑勃,我就這樣。你可能只是市場狀況。您對定價的想法是否屬於整個市場的範圍?

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Maybe I'll get I thought I'd just the market and enable that Andy touch on the margin profile and how we see that progressing. No. I think we're still seeing good opportunities as we expand the network with these terminals. And it's been aggressive. We acknowledge that. And there's there's been some headwinds on margins because of it.

    也許我會認為我只是市場,並讓安迪接觸利潤概況以及我們如何看待進展。不。而且它非常具有侵略性。我們承認這一點。因此,利潤率出現了一些阻力。

  • But we look at 2024 as the year where we invest in the network at in 2025 as the year that, hey, we grow into it and we grow into it with with top line growth and improvement in margins. And where we're really excited about the addition of DHE on California market was really important.

    但我們認為 2024 年是我們投資網絡的一年,2025 年是我們成長的一年,我們會隨著營收的成長和利潤率的提高而成長。我們對加州市場上添加 DHE 感到非常興奮,這非常重要。

  • And as well as the that in Arizona, we had a lot of truckload customers that we have very close relationships with it that are very large shippers that like dealing with national players. And so some of them were a little reluctant to leverage the Tripoli triple-A. And then the network until we had California, that was a big piece for them. And so as soon as we announced the DHG., we had several customers reach out and say, hey, when can we start? And we said we'll lift, let's let it get our networks connected.

    除了亞利桑那州的客戶外,我們還有很多卡車客戶,我們與他們有非常密切的關係,這些客戶都是非常大的托運人,喜歡與國內參與者打交道。因此,他們中的一些人有點不願意利用的黎波里 AAA 級設施。然後是網絡,直到我們擁有加利福尼亞州,這對他們來說是一個重要的組成部分。因此,我們一宣布 DHG,就有幾位客戶主動聯絡我們說,嘿,我們什麼時候可以開始?我們說我們會解除,讓我們的網路連結起來。

  • And so you have one system one pro number. So it feels like one network to them. And we expect to have that done probably in the next seven to 10 days. And so there's a host of customers that have shipment volume that they want to flow to us.

    這樣您就擁有了一個系統一專業號碼。所以對他們來說這就像一個網路。我們預計這可能會在未來 7 到 10 天內完成。因此,有很多客戶希望向我們發貨。

  • That would be significant increase to what do you see the customer to holiday. But now that did tied in to a broader network, we think there's some real opportunity there. And then as we mentioned on the call or on the prepared remarks, we still like where our pricing is.

    這將大大增加您看到客戶度假的次數。但現在它確實與更廣泛的網絡聯繫在一起,我們認為那裡存在一些真正的機會。正如我們在電話會議或準備好的評論中提到的,我們仍然喜歡我們的定價。

  • We still have some room to improve to kind of close the gap from the the larger players that are out there that operate at a better margins in US currently. And so we don't feel like you need a pressure pricing to grow into the terminal network that we're excited about getting to 2025 and really growing into what we've built out.

    我們仍有一些改進的空間,以縮小與目前在美國營運利潤率較高的大型企業的差距。因此,我們認為您不需要壓力定價來發展終端網絡,我們很高興能到 2025 年並真正發展到我們已經建立的網絡。

  • And then obviously, we look towards the Northeast and find an opportunity to grow organically or inorganically in that market to start to round out the nationwide network. And Andrew, maybe you want to touch on how we see that progressing from a margin standpoint as we grow into those facilities.

    顯然,我們將目光投向東北地區,並尋找在該市場進行有機或無機增長的機會,以開始完善全國網路。安德魯,也許你想談談當我們發展這些設施時,我們如何從利潤的角度看待這項進展。

  • Andrew Hess - Chief Financial Officer

    Andrew Hess - Chief Financial Officer

  • I'd say 10, just thinking about it this way, Q2 through Q4, sort of the kind of a low point in terms of the upside down math on costs versus revenues. We've our heaviest investment investments have occurred this quarter. And so from this point, we're going to add some additional facilities. But largely that a big investment in our organic growth is behind us, and we're going to start filling out that we usually started with three 3PL revenue.

    我會說 10,只是這樣想,從第二季度到第四季度,就成本與收入的倒數計算而言,有點像低點。我們最大的投資發生在本季。因此從現在開始,我們將添加一些額外的設施。但在很大程度上,我們對有機成長的大量投資已經過去,我們將開始填寫通常從三個 3PL 收入開始的資訊。

  • Once we get into the bid cycles, we're going be converting that to a higher value freight that's going to help overall. But we have sort of idiosyncratic path here that fit we had maybe even a little different than some of our peers.

    一旦我們進入投標週期,我們將把它轉換為更高價值的貨運,這將有助於整體。但我們在這裡有一種特殊的道路,與我們的一些同行相比,我們甚至可能有點不同。

  • You saw that our revenue per ASK ex-fuel per hundredweight was up 9.2%, where we believe that we'll be able to see strong rate capture as we go into Q4 and Q1 because of the way that our our network is sort of being restructured, our length of haul is growing and we're capturing longer length of haul is we are able to deliver to new regions.

    您看到,我們每英擔除燃料之外的ASK 收入增長了9.2%,我們相信,隨著我們進入第四季度和第一季度,我們將能夠看到強勁的費率捕獲,因為我們的網絡正在採取某種方式經過重組,我們的運輸距離不斷增長,我們正在捕獲更長的運輸距離,因為我們能夠向新地區交付。

  • So I expect kind of just to your question on margin, I expect that that cost pressure is going to continue for a few quarters for by early 2025. We're going to probably turned the corner as we get more into bid cycles rates for favorable and we start getting better and our efficiencies in our pickup and delivery in our dock labor and making sure our line haul utilizations where it used to be.

    因此,我預計,對於您關於利潤的問題,我預計到 2025 年初,成本壓力將持續幾個季度。更好,我們的碼頭勞動力取貨和送貨的效率,並確保我們的線路運輸利用率與以前相同。

  • So so I think was somewhere around the low point in terms of the upside down mass. That was an investment that we expect 2025 is going to pay off that. And it can really our goal there is we kind of built, you know, we've grown pretty dramatically here is to just keep marching down a path where we're improving couple of hundred basis points and no are just every year as we as we grow into our network. And just we just need to start marching down a path to where we're competing with us with the best public companies out there.

    所以我認為就顛倒品質而言,在最低點附近的某個地方。我們預計這項投資將在 2025 年獲得回報。我們的目標確實是我們建立的,你知道,我們在這裡已經取得了相當大的增長,就是繼續沿著一條道路前進,我們正在提高幾百個基點,而且每年都像我們一樣我們成長為我們的網路。我們只需要開始沿著一條道路前進,與我們與最好的上市公司競爭。

  • Wonderful. So just to clarify them, when you're in your guidance assumptions, the high 80s, you're talking about kind of exactly your target here your fourth quarter first quarter and then start to see improvement from there or. Yes, funds on. Yes, we yes, we'd expect to see some improvement into in the second quarter of 25.

    精彩的。因此,為了澄清它們,當您處於指導假設時,即 80 年代,您正在談論的正是您的第四季度、第一季度的目標,然後開始看到從那裡開始的改進或。是的,資金到位。是的,我們是的,我們預計 25 年第二季會出現一些改善。

  • Ken Hoexter - Analyst

    Ken Hoexter - Analyst

  • All right. Thanks so much.

    好的。非常感謝。

  • Operator

    Operator

  • Chris Wetherbee, Wells Fargo.

    克里斯‧韋瑟比,富國銀行。

  • Chris Wetherbee - Analyst

    Chris Wetherbee - Analyst

  • Hey, thanks. Good afternoon, guys. On I was curious how the progress at US Express is going against? You know, I mean margins were flattish in the quarter sequentially, but can you talk a little bit about how that integration has gone?

    嘿,謝謝。下午好,夥計們。我很好奇美國運通的進展如何?你知道,我的意思是本季的利潤率連續持平,但你能談談整合的進展嗎?

  • Sort of there's a bit of a rehabilitation of the book of business and the customer portfolio, the rate's going to get a sense of maybe how that's going. And maybe any thoughts if it's different at all in terms of a longer-term outlook for it and you needed different or better freight environment to really start to pull the value out of that scale?

    業務記錄和客戶組合有所恢復,利率將了解情況的進展。也許有什麼想法,如果它的長期前景完全不同,並且您需要不同或更好的貨運環境才能真正開始從該規模中提取價值?

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Yes. That's a great question, Chris. And you know, it's it's certainly been more challenging than we originally anticipated. And that's really more of a function of having a prolonged difficult trading market freight market that we've had to deal with a full.

    是的。這是一個很好的問題,克里斯。你知道,這肯定比我們最初預期的更具挑戰性。這其實更多是因為貨運市場交易市場長期困難,我們不得不應對這個問題。

  • There's really two sides of synergies that we have to capture, right? You have the cost side and then you had a revenue side. We've done, I think, a really good job on capturing cost synergies. We have closed the gap substantially on the cost per mile of US Express versus the cost per mile on our legacy Swift and Knight business to us now that there's still more improvement that needed and these are in areas that, you know, take time to show that improvement to kind of cultural shifts and that be in the safety side of the business.

    我們確實必須抓住協同效應的兩個方面,對吧?你有成本方面,然後你有收入方面。我認為,我們在獲取成本綜效方面做得非常好。我們已經大幅縮小了美國運通的每英里成本與我們傳統的 Swift 和 Knight 業務的每英里成本之間的差距,現在仍然需要更多的改進,而這些領域,你知道,需要時間來展示這種文化轉變的改進以及業務安全方面的改進。

  • So that's of ensuring that we're coaching. We're bringing in the right drivers that we have the right culture around safety versus productivity in and really just having good relationships with our drivers. And so we've had to build out a terminal network, which didn't exist before we did that very rapidly over over less than a year period, David.

    這就是確保我們能夠進行輔導。我們引進了合適的司機,我們在安全與生產力方面擁有正確的文化,並且與我們的司機建立了良好的關係。因此,我們必須建立一個終端網絡,而在我們在不到一年的時間內非常迅速地做到這一點之前,該網絡並不存在,大衛。

  • And then we've got improved driver retention. And that also is a function of having those relationships, the terminal network and having the right people with the right mindset. So I feel like that's been established, but it takes some time to see that flow through the business. But we're very comfortable the progress you've made on the cost side of the business now.

    然後我們提高了駕駛員保留率。這也取決於擁有這些關係、終端網路以及擁有正確心態的正確人員。所以我覺得這一點已經確立,但還需要一些時間才能看到它在業務中的流動。但我們對你們現在在業務成本方面取得的進展感到非常滿意。

  • And there's also some idle equipment long-term leases that you purchased with the business that we have to work through. And those can take time as we replaced them with better financial terms on the equipment that we have. So still levers to pull on the cost side, but I feel good about the progress there. The real challenge is the over the Road business and the gap between the US Express rate per mile and how we perform at Knight and Swift.

    還有一些我們必須解決的閒置設備長期租賃,這些設備是您與企業一起購買的。這些可能需要時間,因為我們用我們擁有的設備上更好的財務條款來替換它們。因此,仍然可以利用槓桿來拉動成本方面,但我對那裡的進展感到滿意。真正的挑戰是公路業務以及美國運通每英里費率與我們在 Knight 和 Swift 的表現之間的差距。

  • And there's still a lot of room there that has to be worked through. And it's deal in a market that we've been, you know, managing through. It's been a challenge to do so. So we've been working on developing a network that runs between the terminal networks that we work on and sometimes that can create a shorter length of haul, but a better rate per mile.

    還有很多空間要解決。你知道,這是我們一直在管理的市場中的交易。這樣做是一個挑戰。因此,我們一直致力於開發一個在我們工作的終端網絡之間運行的網絡,有時可以縮短運輸距離,但每英里的費率更高。

  • And really, obviously, you're trying to achieve a certain revenue per tractor, but that's that's fully in Prague press. But I think when you have some wind at our back from a market stand much rapidly on the revenue side, I think that's when you'll start to see the margin expansion that we probably originally forecasted wind when we purchased that US Express, they've also felt some pressure on dedicated actually had a good dedicated business.

    事實上,顯然,你正試圖為每台拖拉機實現一定的收入,但這完全是布拉格媒體的報導。但我認為,當市場在收入方面迅速站穩腳跟時,你就會開始看到利潤率的擴張,這正是我們在購買美國運通時最初預測的風能,他們’我們也感受到了一些敬業的壓力,其實敬業的生意還不錯。

  • They felt pressure there just like every other large carrier has went when over the road is really cheap dedicated sales pressure. And so we've done that at a swift. They know that others in the public space have had mentioned that. But yield that you stressed has a really good logistics business. T

    他們在那裡感受到了壓力,就像其他所有大型航空公司一樣,當路上確實存在廉價的專門銷售壓力時。所以我們很快就做到了。他們知道公共場所的其他人也提到過這一點。但你強調的yield有非常好的物流業務。時間

  • They performed really well. They have performed similar to where we have Ed Knight and Swift, and that's a good complement to what they do on the asset side. So the big the big challenge is rate in the over-the-road business and certainly better market conditions will help us close that gap faster.

    他們表現得非常好。他們的表現與我們的艾德奈特和史威夫特相似,這是對他們在資產方面所做的很好的補充。因此,最大的挑戰是公路業務的費率,當然更好的市場條件將幫助我們更快地縮小這一差距。

  • Chris Wetherbee - Analyst

    Chris Wetherbee - Analyst

  • That's helpful color. Appreciate it. Thank you.

    這是有用的顏色。欣賞它。謝謝。

  • Operator

    Operator

  • Brian Ossenbeck, JPMorgan.

    布萊恩‧奧森貝克,摩根大通。

  • Brian Ossenbeck - Analyst

    Brian Ossenbeck - Analyst

  • Hey, good afternoon, guys. Taking the question for me. Just a quick follow-up on the guest, the broader topic of fleet utilization. It sounds like there's puts and takes between legacy and new effects and maybe some normal seasonal decline into the first quarter in terms of the tractor count. But kind of how you're thinking about tractor count utilization in general across the different brands.

    嘿,下午好,夥計們。替我回答這個問題。只是對嘉賓的快速跟進,即車隊利用率這一更廣泛的話題。聽起來遺留效應和新效應之間存在差異,就拖拉機數量而言,第一季可能會出現一些正常的季節性下降。但這是您如何看待不同品牌的拖拉機數量利用率的一般情況。

  • There's still some areas need to maybe down a little bit. So I think you do have proactively earlier in the year. And then maybe, Andrew, can you just talk more about the impact of financial impact of the hurricanes? Because it sounded like it was pretty broad-based impacting intermodal and truckload on probably LPOs well. So that's something you expect to recoup this quarter or is that sort of impact that we should be thinking about here in 3Q? Thank you.

    仍有一些領域需要下降一點。所以我認為你們在今年早些時候確實採取了積極主動的行動。安德魯,您能否多談談颶風對財務造成的影響?因為聽起來它對多式聯運和卡車裝載量的影響相當廣泛,可能對 LPO 產生很好的影響。那麼,這是您預計本季就能收回的東西,還是我們應該在第三季考慮這種影響?謝謝。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • I will start with you three pronged question here on price. So on either tractor count, Bahia. So on on the tractor count, there's you know, I had mentioned earlier that there's been some pressure on the dedicated front, and we felt some of that use Express business.

    我將首先向您提出三個關於價格的問題。所以無論是拖拉機數量,巴伊亞。因此,在拖拉機數量方面,您知道,我之前提到過,專用方面存在一些壓力,我們感覺到其中一些使用快遞業務。

  • So there's there's probably some tractor count that we need to bleed out of the network to offset some of the carrying cost the days that they've had. And we've started that that on already in the fourth quarter. And so that's why you're so you'll see a slight decline from from Q3 to Q4.

    因此,我們可能需要從網路中抽出一些拖拉機,以抵消他們過去的一些運輸成本。我們已經在第四季度開始了這項工作。這就是為什麼你會看到第三季到第四季略有下降。

  • And then Q4 into Q1, unlike an average tractor count number, we'd expect it to be pretty stable after we get through through that adjustment. And that's just probably a few hundred tractors that we need. We need to work through up to help kind of reduce some of the cost burden that uses use expresses carrying on that.

    然後從第四季度進入第一季度,與平均拖拉機數量不同,我們預計在完成調整後它會相當穩定。我們需要的可能只是幾百台拖拉機。我們需要努力幫助減輕使用快遞的一些成本負擔。

  • When I think of the utilization, adding the open trucks certainly hurt on the US Express side. But also again, we talked about realigning their network. And I think what we've done is we've replaced maybe some longer length of haul freight that we're at rates that were incredibly low with some shorter length of haul regional freight that fits within the network where our driver there's lid and want to come in and out of and so less miles per tractor, but rates have improved as a result of that.

    當我想到利用率時,增加開放式卡車肯定會對美國快遞造成傷害。但我們再次討論了重新調整他們的網路。我認為我們所做的是我們已經用一些較短長度的區域貨運取代了一些較長長度的運輸貨運,我們的費率非常低,這些較短長度的運輸區域貨運適合我們的司機在那裡的蓋子和想要的網路進出,因此每台拖拉機的里程數減少,但費率因此提高。

  • So if we just strictly looking at miles per tractor, it would show that we've given up some as a result of this shift. But we did something similar to this. We will leverage was swift when we adjusted their network because we are focuses on having the best revenue per truck driver retention and drivers coming in and out of the networks that they're comfortable.

    因此,如果我們嚴格關注每台拖拉機的行駛里程,就會表明我們由於這一轉變而放棄了一些。但我們做了類似的事情。當我們調整他們的網路時,我們將迅速利用,因為我們專注於為每個卡車司機保留和進出網路的司機提供最好的收入,讓他們感到舒適。

  • And so sometimes the numbers to look a little funky with you when you're working through that. I know you asked questions about hurricanes and Andrew can touch on on some of that. Now if you want to Andrew.

    因此,當你處理這個問題時,有時這些數字看起來有點奇怪。我知道你問了有關颶風的問題,安德魯可以談談其中的一些問題。現在如果你想安德魯.

  • Andrew Hess - Chief Financial Officer

    Andrew Hess - Chief Financial Officer

  • Yes, Brian, I think the hurricane did have some impact on us in Q three in that final period. That carried over into early part of your press release or maybe disproportionately impacted? So there is some permanent probably impact on our LTL business.

    是的,布萊恩,我認為颶風確實對我們第三季的最後階段產生了一些影響。這會延續到您新聞稿的早期部分,還是可能受到不成比例的影響?因此,這可能對我們的零擔業務產生一些永久性的影響。

  • Intermodal seems to have had a slow start here in Q4, but we think that's largely behind us at this point. So from our perspective and truckload had some impact on your US Express, but it really probably around didn't impact our truckload business in a global way. But I would say, well, what's become permanent impact of it, it's probably some impact on our appeal.

    多式聯運在第四季似乎起步緩慢,但我們認為目前已經基本落後了。因此,從我們的角度來看,卡車裝載對您的美國快遞產生了一些影響,但它實際上可能不會以全球方式影響我們的卡車裝載業務。但我想說,它的永久影響可能是對我們的吸引力產生了一些影響。

  • And are you and our intermodal business is for Q4, EBITDA may be a net positive. And when you compare the impact on from Q3 to be some opportunity you pick up in Q4, the truckload business, maybe not so much on LTL, you'll have the same type of rebound. But on the truckload side, Brian, we may see that the a net positive.

    您和我們的聯運業務第四季的 EBITDA 可能為淨正值。當你將第三季的影響與第四季的一些機會進行比較時,整車業務(零擔業務)可能沒有那麼多,你會得到同樣類型的反彈。但布萊恩,在卡車裝載量方面,我們可能會看到淨正面的結果。

  • And Brian, what I would add is, while it's difficult for us to really quantify in financial terms, what that's done to our business through hurting volumes of, if I could see that of the impact of the hurricanes likely would have brought our Q4 guidance down.

    布萊恩,我要補充的是,雖然我們很難用財務術語真正量化,但如果我能看到颶風的影響,這對我們的業務造成的影響可能會帶來我們第四季度的指導。

  • We held it flat with where we started with it from a quarter ago. It would have come down, if not for the data. We're starting to see percolate on the on the truckload side here in the fourth quarter.

    我們保持與一個季度前開始的水平持平。如果沒有數據的話,它可能會下降。我們在第四季開始看到卡車裝載量的滲透。

  • Brian Ossenbeck - Analyst

    Brian Ossenbeck - Analyst

  • Great. Helpful. Thanks very much.

    偉大的。有幫助。非常感謝。

  • Operator

    Operator

  • Eric Morgan, Barclays.

    艾瑞克摩根,巴克萊銀行。

  • Eric Morgan - Analyst

    Eric Morgan - Analyst

  • Hey, good evening. Thanks for taking my question. I wanted to come back to LTL. The discussion on pricing and MicroPulse do both good handle on the runway for where length of haul can go on. Just the network sits today as more customers take advantage of the reach you have now and as you can keep up the pace of improvement you've seen should be, but naturally come with sustained yield yields more in like the mid to high single digits in over the next couple of years maybe or is that not everything from other banks?

    嘿,晚上好。感謝您提出我的問題。我想回到 LTL。關於定價和微脈衝的討論都很好地處理了可以繼續運輸的跑道。今天,隨著越來越多的客戶利用您現在擁有的覆蓋範圍,並且您可以跟上您所看到的改進步伐,但自然會帶來持續的收益率,例如中高個位數的收益率。在接下來的幾年裡,也許是其他銀行的一切?

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • I mean we would expect the length of haul to improve as we as we grow density and we expand our reach. We don't know exactly where that number may may settle out. Right. I mean, obviously, the early season will give us some indication of that. But we really won't see that until obviously, we connect in the DHL network and we start to see some of those shipments flow.

    我的意思是,隨著密度的增加和覆蓋範圍的擴大,我們預計運輸距離會有所改善。我們不知道這個數字到底會在哪裡確定。正確的。我的意思是,顯然,早期賽季會給我們一些跡象。但我們確實不會看到這一點,直到我們連接到 DHL 網路並開始看到其中一些貨件流。

  • We do believe that longer length of haul freight, some of the heavier freight does yield a better margin and is the reason is maybe one component as to why some of the larger fleets have a better margin than the regional fleets. We just don't know exactly where that will land until we kind of start working through the sales process and the RFPs. But certainly that's our expectation.

    我們確實相信,較長的運輸貨運距離、一些較重的貨運確實會產生更好的利潤,這可能是一些較大的船隊比區域船隊具有更好的利潤的原因之一。在我們開始完成銷售流程和 RFP 之前,我們只是不知道具體會發生在哪裡。但這當然是我們的期望。

  • I mean, we think we can California was a game changer for us. As we've talked to customers that participate in long length of haul freight. We were not even a viable option for them until we had California. And so as we've as we've now approach those customers and talked about the in our network and just So for clarity, we expect that to happen in November.

    我的意思是,我們認為我們可以加州對我們來說是一個遊戲規則改變者。正如我們與參與長途運輸的客戶交談的那樣。在我們擁有加州之前,我們對他們來說甚至不是一個可行的選擇。因此,正如我們現在接觸這些客戶並討論我們網路中的情況一樣,為了清楚起見,我們預計這將在 11 月發生。

  • We've been we've been and I guess, surprised on and a good way to response in terms of the desire for us to participate in bids. Are you seeing sort of all-time highs on shipment count in that business and we have a lot of demand, I think we can capture.

    我想,我們對參與投標的願望感到驚訝,並且是一種很好的回應方式。您是否看到該業務的發貨數量創下歷史新高,並且我們有很多需求,我認為我們可以抓住。

  • So I think California not every location, not every service centers. The same California for us had, in our view, outsized strategic importance that has an outsized impact, our ability to capture opportunities with our customers. So we're we feel like that is a has a very important part of what's going to give us some tailwind. Right, new.

    所以我認為加州不是每個地點,不是每個服務中心。我們認為,同樣的加州對我們來說具有巨大的戰略重要性,對我們與客戶抓住機會的能力產生巨大的影響。所以我們覺得這是一個非常重要的部分,將為我們帶來一些推動力。對了,新的。

  • Eric Morgan - Analyst

    Eric Morgan - Analyst

  • Great. Appreciate it.

    偉大的。欣賞它。

  • Operator

    Operator

  • Bascome Majors, Susquehanna.

    巴斯科姆專業,薩斯奎哈納。

  • Bascome Majors - Analyst

    Bascome Majors - Analyst

  • Thanks for giving us an early look at the start of next year from your own budgeting. If you don't have a meaningful recovery and just simple seasonality there, if I look historically in years where there's been meaningful sequential strengthening in the truckload market in the first quarter has been as low as mid 10s percent of the full year.

    感謝您讓我們儘早了解您自己的預算明年初的情況。如果你沒有出現有意義的復甦,而只是簡單的季節性,那麼如果我從歷史上看,第一季卡車裝載市場出現有意義的連續增強,那麼這一數字已低至全年的10% 左右。

  • And conversely years where you've had sequential deterioration has been as high as call it, mid 20s percent. No, there's no incentive to guide the full here at this point with all the uncertainty on rate. But is that seasonality booking and a good starting point for us to think about a range of outcomes? Or was there something different about this cycle on this year that could make that historic look back? Just just just unreasonable for today. Thank you.

    相反,連續惡化的年份高達百分之二十左右。不,由於利率存在所有不確定性,目前沒有動力在此提供全面指導。但季節性預訂是否是我們思考一系列結果的好起點?或者今年的這個週期有什麼不同,可以讓歷史性的回顧發生?今天只是不合理。謝謝。

  • Adam Miller - Chief Executive Officer, Treasurer, Director

    Adam Miller - Chief Executive Officer, Treasurer, Director

  • Yes, I think it's it's really difficult to apply in a store. Look Back to our business today. And maybe if you look at our consolidated business, we were just comprise so much differently than we were four or five years ago. Looking now have the obviously the LTL components were larger. Now as we as we are still digesting in the US Express business, as you know, some leasing and warehousing that that performance different to normal trucking seasonality.

    是的,我認為在商店裡申請確實很難。回顧一下我們今天的業務。也許如果你看看我們的合併業務,我們的組成與四、五年前有很大不同。現在看來,顯然零擔組件更大。現在,我們仍在消化美國快遞業務,如您所知,一些租賃和倉儲的表現與正常貨運季節性不同。

  • So so has changed the way our earnings progress from quarter to quarter. I think what we'd expect, Bascome is probably the same type of kind of seasonal adjustment of volume from Q4 to Q1. But we do feel like the bids will be playing out in our favor, like we mentioned earlier and sometimes in trucking, I mean, do you feel better than new look and sometimes you look better than you feel.

    因此,我們的獲利逐季度成長的方式也隨之改變。我認為正如我們所期望的那樣,Bascome 可能是從第四季度到第一季的相同類型的季節性調整數量。但我們確實覺得出價將對我們有利,就像我們之前提到的,有時在卡車運輸中,我的意思是,你是否感覺比新外觀更好,有時你看起來比你感覺更好。

  • And I and I believe 2025, the first half, we're probably going to feel a little bit better about where we're as a company than we look on the financials, but it will come in the back half of the year if these rates begin to play out and we can control costs and we can grow into our LTL facilities and continued to make progress with the with the US Express business.

    我相信,到 2025 年上半年,我們對公司的處境可能會比財務狀況好一些,但如果這些情況發生的話,下半年就會出現這種情況。可以發展我們的零擔設施,並繼續在美國快遞業務方面取得進展。

  • And so we didn't give guidance for the full year. So I don't want to insinuate anything. We've given our guidance for Q4, Q1, but trying to apply previous cycles to this company today is a bit challenging and I don't know that would be directionally correct. Go invest in. What I would add this is Brad.

    因此我們沒有給出全年的指導。所以我不想暗示什麼。我們已經給出了第四季度、第一季的指導,但今天嘗試將先前的周期應用於這家公司有點具有挑戰性,我不知道這在方向上是否正確。去投資吧。

  • What I would add is, you know, there's less on coal have gone on three years now the truckload market has been so subdued, right? And so that is also dampened volatility. You've seen in the seasonal cadence of earnings throughout the year.

    我想補充的是,你知道,三年來煤炭消耗量有所減少,現在卡車市場已經如此低迷,對吧?因此,這也抑制了波動性。您已經看到了全年收入的季節性節奏。

  • Whenever we get into the truckload market, that's going to argue for a broader amplitude and more seasonality being expressed as a truckload core kind of kind of carry stuff.

    每當我們進入卡車裝載市場時,都會爭論更廣泛的幅度和更多的季節性被表達為卡車裝載核心類型的運輸物品。

  • Bascome Majors - Analyst

    Bascome Majors - Analyst

  • Thank you, both.

    謝謝你們,兩位。

  • Brad Stewart - Senior Vice President of Investor Relations, Treasurer

    Brad Stewart - Senior Vice President of Investor Relations, Treasurer

  • So I think that that concludes our presentation. I know there's probably a few of you that we were able to get to your question and if you'd like, you can call 602-606-6349. But we appreciate the interest. Appreciate everyone, jump and on and he was talking next quarter.

    我認為我們的演講到此結束。我知道我們可能能夠解答你們中的一些人的問題,如果您願意,可以致電 602-606-6349。但我們很感激您的興趣。感謝大家,繼續前進,他將在下個季度發表演說。

  • This does conclude today's program. Thank you for your participation. You may disconnect at any time and have a wonderful evening.

    今天的節目到此結束。感謝您的參與。您可以隨時斷開連接,並度過一個美好的夜晚。