Norfolk Southern Corp (NSC) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Norfolk Southern Corporation Fourth Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Luke Nichols, Senior Director of Investor Relations. Thank you. Mr. Nichols, you may begin.

您好，歡迎來到 Norfolk Southern Corporation 2022 財年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興介紹投資者關係高級總監 Luke Nichols。謝謝你。尼科爾斯先生，您可以開始了。

Thank you, and good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern, which are subject to risks and uncertainties and may differ materially from actual results.

謝謝大家，早上好。請注意，在今天的電話會議中，我們將根據 1995 年私人證券訴訟改革法案的安全港條款作出某些前瞻性陳述。這些陳述與諾福克南方公司的未來事件或未來業績有關，受風險和不確定性，可能與實際結果存在重大差異。

Please refer to our annual and quarterly reports filed with the SEC for a full disclosure of those risks and uncertainties we view as most important. Our presentation slides are available at nscorp.com in the Investors section along with our reconciliation of any non-GAAP measures used today to the comparable GAAP measures.

請參閱我們向美國證券交易委員會提交的年度和季度報告，以全面披露我們認為最重要的風險和不確定性。我們的演示幻燈片可在 nscorp.com 的“投資者”部分獲得，以及我們將當今使用的任何非 GAAP 指標與可比的 GAAP 指標進行核對。

Turning to Slide 3. It's now my pleasure to introduce Norfolk Southern's President and Chief Executive Officer, Alan Shaw.

轉到幻燈片 3。現在我很高興介紹 Norfolk Southern 的總裁兼首席執行官 Alan Shaw。

Good morning, everyone. Welcome to Norfolk Southern's Fourth Quarter 2022 Earnings Call. Here with me today are Ed Elkins, our Chief Marketing Officer; and Mark George, our Chief Financial Officer. I'm also pleased to welcome Paul Duncan, who moved into the role of Chief Operating Officer on January 1. At our Investor Day last month, we shared our strategy to create long-term shareholder value through a balanced approach of reliable and resilient service, continuous productivity improvement and smart and sustainable growth. At the heart of that strategy is a service product that allows us to compete in that $860 billion truck and logistics market and gives our customers the confidence to build Norfolk Southern into their supply chain.

大家，早安。歡迎來到 Norfolk Southern 的 2022 年第四季度財報電話會議。今天和我一起來的是我們的首席營銷官 Ed Elkins；以及我們的首席財務官 Mark George。我也很高興地歡迎 Paul Duncan，他於 1 月 1 日接任首席運營官一職。在上個月的投資者日，我們分享了我們的戰略，即通過可靠和有彈性的服務的平衡方法來創造長期股東價值，持續提高生產力和智能和可持續增長。該戰略的核心是一種服務產品，它使我們能夠在 8600 億美元的卡車和物流市場中競爭，並讓我們的客戶有信心將 Norfolk Southern 納入他們的供應鏈。

I was at the Midwest Association of Rail shippers winter meeting last week, talking with customers about our new strategy. And the reactions were extremely positive. Now our job is to prove it consistently. With performance, we made great strides to close the year and are encouraged by our progress. We will continue to refine and evolve to provide a service product to market values. Service is at the best it's been in more than 2 years, and customers are noticing.

上週我參加了中西部鐵路托運人協會冬季會議，與客戶討論我們的新戰略。反應非常積極。現在我們的工作是始終如一地證明這一點。憑藉業績，我們在結束這一年時取得了長足進步，並為我們的進步感到鼓舞。我們將不斷完善和發展，以提供具有市場價值的服務產品。服務是 2 年多以來最好的，客戶也注意到了。

Volumes in December were at 52-week highs, outperforming typical seasonality as Ed and Paul's teams work collaboratively with our customers to attract business to Norfolk Southern, overcoming headwinds associated with a slower network in the first 3 quarters that constricted our capacity.

12 月的交易量處於 52 周高位，表現優於典型的季節性，因為 Ed 和 Paul 的團隊與我們的客戶合作，將業務吸引到 Norfolk Southern，克服了與前 3 個季度網絡放緩相關的不利因素，這些因素限制了我們的產能。

Our team persevered, adapted and achieved strong results in a challenging year. For both the fourth quarter and full year 2022, we were able to achieve double-digit growth in both revenue and EPS. We established new records for full year revenue, operating income, and other metrics that the team will detail later this morning.

我們的團隊在充滿挑戰的一年裡堅持不懈、適應並取得了優異的成績。在第四季度和 2022 年全年，我們的收入和每股收益都實現了兩位數的增長。我們創造了全年收入、營業收入和其他指標的新記錄，團隊將在今天上午晚些時候詳細說明這些指標。

Also this quarter, we finalized national contracts with the unions representing our craft colleagues. These agreements recognize the hard work and dedication of our frontline railroaders with historic wage increases in an unparalleled health and welfare benefits package.

同樣在本季度，我們與代表我們工藝同事的工會敲定了全國合同。這些協議承認我們的一線鐵路工人的辛勤工作和奉獻精神，他們在無與倫比的健康和福利待遇中獲得了歷史性的工資增長。

With national bargaining now complete, we started discussions at the local level to address important quality of life issues. I would like to thank the entire Norfolk Southern team for their incredible effort during the fourth quarter and throughout all of 2022.

隨著全國談判的完成，我們開始在地方層面討論解決重要的生活質量問題。我要感謝整個 Norfolk Southern 團隊在第四季度和整個 2022 年所做的不可思議的努力。

I'm proud of the improvement our team has delivered and the momentum we have created. Our relentless focus on service continues in 2023. You'll hear more from Paul momentarily about how our across-the-board improvement is now allowing us to target specific opportunities for service and productivity enhancements.

我為我們的團隊取得的進步和我們創造的勢頭感到自豪。到 2023 年，我們將繼續不懈地關注服務。您很快就會從 Paul 那裡聽到更多關於我們的全面改進現在如何使我們能夠瞄準特定機會來提高服務和生產力的信息。

We recognize that the macroeconomic environment in which we operate is uncertain, and you'll hear more about the impact of that from Ed and Mark.

我們認識到我們經營所在的宏觀經濟環境是不確定的，您將從 Ed 和 Mark 那裡聽到更多關於這種影響的信息。

Longer term, we are building on the momentum we carry into 2023. And of course, we've charted in our new strategy.

從長遠來看，我們正在延續到 2023 年的勢頭。當然，我們已經制定了新戰略。

As you heard at our Investor Day, we believe Norfolk Southern is uniquely positioned to deliver long-term shareholder value through top-tier revenue and earnings growth, industry competitive margins and balanced capital deployment. We will get there by being a customer-centric operations-driven service organization, and we look forward to sharing our progress with you.

正如您在我們的投資者日聽到的那樣，我們相信 Norfolk Southern 具有獨特的優勢，可以通過頂級收入和盈利增長、行業競爭性利潤率和平衡的資本配置來提供長期股東價值。我們將通過成為以客戶為中心、運營驅動的服務組織來實現這一目標，我們期待與您分享我們的進步。

Now, I'll turn it over to Paul for more detail on the improved service we are providing to our customers. Paul?

現在，我將把它轉交給 Paul，詳細了解我們為客戶提供的改進服務。保羅？

Thank you, Alan, and good morning. I am excited to be leading the operating team as we implement the vision set forth this last quarter. My focus since assuming the role of Chief Operating Officer has been in 2 areas: collaborating with marketing and our customers to convert improved service into increased volume on the network; and getting out to talk with our field leaders about our new strategy to be a customer-centric operations-driven organization.

謝謝你，艾倫，早上好。在我們實施上個季度提出的願景時，我很高興能夠領導運營團隊。自擔任首席運營官以來，我的工作重心集中在兩個方面：與營銷部門和我們的客戶合作，將改進的服務轉化為網絡流量的增加；走出去與我們的現場領導討論我們成為以客戶為中心的運營驅動型組織的新戰略。

The team has tremendous pride in Norfolk Southern and the feedback we are hearing is overwhelmingly positive. When we talk about growth, our people hear stability and opportunity. One 40-year Norfolk Southern veteran in Birmingham told me last week, he has never been more optimistic about the direction and culture of the company.

該團隊對 Norfolk Southern 感到無比自豪，我們聽到的反饋非常積極。當我們談論增長時，我們的員工聽到的是穩定和機會。一位在伯明翰工作了 40 年的諾福克南方老兵上週告訴我，他對公司的發展方向和文化從未如此樂觀。

I'll begin with a safety discussion on Slide 5. Our injury frequency rate improved 22%. Every conversation will begin with safety in 2023 and beyond. Operating safely is the right thing for our employees, customers, shareholders and the communities that we serve. This is an area where we have made great strides, but even one serious incident is too many.

我將從幻燈片 5 的安全性討論開始。我們的受傷頻率提高了 22%。 2023 年及以後的每一次對話都將從安全開始。安全運營對我們的員工、客戶、股東和我們所服務的社區來說是正確的。這是我們取得長足進步的領域，但即使是一件嚴重的事件也太多了。

Thank you to those closest to the [ballast] line for the gains we achieved in safety in 2022 and for the efforts we will all make safely delivering in 2023.

感謝那些最接近 [壓艙物] 線的人，感謝你們在 2022 年取得的安全成果，以及我們將在 2023 年安全交付的所有努力。

Moving to Slide 6. Since we spoke last at our Investor Day, our service is the best it has been in more than 2 years. Our leadership, the implementation of our simpler, more executable operating plan TOP|SPG and our continued resource adds have contributed to significant improvements in service for all of our customers.

轉到幻燈片 6。自從我們上次在投資者日發言以來，我們的服務是 2 年多來最好的。我們的領導力、更簡單、更可執行的運營計劃 TOP|SPG 的實施以及我們持續增加的資源都為我們所有客戶的服務顯著改善做出了貢獻。

For premium Intermodal, we safely delivered a perfect peak season for our largest parcel customer. Domestic intermodal performance has improved. Average container transit times have been reduced by 12 hours between Chicago and the Northeast, our largest corridor, with consistency also now meeting expectations. Merchandise performance is consistent, and this is another segment where our improved velocity is creating capacity.

對於優質多式聯運，我們為最大的包裹客戶安全地交付了一個完美的旺季。國內多式聯運業績有所改善。芝加哥和我們最大的走廊東北部之間的平均集裝箱運輸時間減少了 12 小時，一致性現在也達到了預期。商品性能是一致的，這是我們提高速度創造容量的另一個部分。

Both trains are cycling at historic best transit turn times, maximizing our asset utilization across commodities. You'll note that train speed has continued to climb from our low point last year with terminal dwell also creating capacity for growth. Our service product has turned the corner, and we are focused on building further reliability and resiliency into our network that our customers expect moving forward.

兩列火車都在歷史上最好的運輸周轉時間循環，最大限度地提高了我們對商品的資產利用率。您會注意到，火車速度從我們去年的低點繼續攀升，終端停留也創造了增長能力。我們的服務產品已經轉危為安，我們專注於為我們的網絡構建更高的可靠性和彈性，以滿足客戶的期望。

Moving to our productivity update on Slide 7. We are committed to our balanced approach to service, productivity and growth. Let's start with locomotives. We have made solid progress on getting more productive use out of our fleet. You can see that here in terms of increasing our locomotive miles per day.

轉到幻燈片 7 上的生產力更新。我們致力於採用平衡的服務、生產力和增長方法。讓我們從機車開始。我們在更高效地利用我們的機隊方面取得了堅實的進展。你可以在這裡看到我們每天增加的機車里程。

At Investor Day, I referenced the flywheel effect that speeding up the network will produce. This is the start of that flywheel, which produced a 6% improvement last quarter and has improved 12% so far in January. Getting our locomotives moving more efficiently ensures we are creating capacity for growth. Next, we have grown our workforce, and that has been a critical element to our service improvement. Our GTMs were flat versus last year while our training pipeline has remained above steady state levels, pressuring workforce productivity. This is a good news story looking forward as we are building the capacity we need to be reliable and resilient with the gains in service that we have made. We will build upon this foundation to drive greater workforce productivity as we bring volume back on the railroad.

在投資者日，我提到了加速網絡會產生的飛輪效應。這是飛輪的開始，上個季度提高了 6%，1 月份到目前為止提高了 12%。讓我們的機車更高效地運行確保我們正在創造增長的能力。接下來，我們擴大了員工隊伍，這是我們改進服務的關鍵因素。我們的 GTM 與去年持平，而我們的培訓管道仍高於穩態水平，這給員工生產力帶來了壓力。這是一個值得期待的好消息，因為我們正在建設我們需要的能力，以便我們在服務方面取得的成果變得可靠和有彈性。我們將在此基礎上再接再厲，以提高員工的工作效率，同時讓鐵路運量恢復正常。

Lastly, we have set another quarterly record for fuel efficiency. Our increasing fluidity certainly has played a role alongside our portfolio of fuel efficiency initiatives including our fleet modernizations and idling compliance initiatives. Improving productivity is key to our balanced plan, and we are going to continue driving sustainable efficiency gains to provide value for our shareholders and our customers.

最後，我們又創下了燃油效率的季度記錄。我們不斷增加的流動性肯定與我們的燃油效率計劃組合一起發揮了作用，包括我們的車隊現代化和怠速合規計劃。提高生產力是我們平衡計劃的關鍵，我們將繼續推動可持續的效率提升，為我們的股東和客戶提供價值。

On Slide 8, I will recap the industry-leading progress that we have made on hiring in 2022 and talk about what we see ahead. We entered the year in the very early stages of priming the conductor training pipeline and ramped up in record time, which was no easy task given the tightness in the labor market. We increased training wages, drove efficiencies into our onboarding process, jump started a grassroots campaign leveraging referral incentives and more. These efforts have paid off with much of our network reaching the minimum staffing levels determined by our data-driven approach. We are now focused on shoring up the remaining crew bases that are short, and we are determined to do so in 2023.

在幻燈片 8 中，我將回顧我們在 2022 年招聘方面取得的行業領先進展，並談談我們對未來的展望。我們在啟動指揮培訓管道的早期階段進入了這一年，並以創紀錄的時間增加，鑑於勞動力市場緊張，這並非易事。我們增加了培訓工資，提高了入職流程的效率，利用推薦激勵等迅速啟動了基層運動。這些努力得到了回報，我們的大部分網絡都達到了由我們的數據驅動方法確定的最低人員配備水平。我們現在專注於支撐剩餘的短缺船員基地，我們決心在 2023 年這樣做。

As we make progress, we are deploying go teams more effectively and are executing the resiliency vision laid out at Investor Day by cross-qualifying crews and expanding training efforts.

隨著我們取得進展，我們正在更有效地部署 go 團隊，並通過交叉資格人員和擴大培訓工作來執行投資者日提出的彈性願景。

Moving to Slide 9. I will cover a few items that we are working on as we enter the New Year. First, let's talk about the culture of continuous improvement we are building. We have greatly improved service and to bring our vision of long-term service resilience to reality. We know we have to keep getting better.

轉到幻燈片 9。我將介紹我們在進入新的一年時正在處理的一些項目。首先，讓我們談談我們正在建立的持續改進文化。我們大大改善了服務，並將長期服務彈性的願景變為現實。我們知道我們必須不斷變得更好。

Let me provide a few examples. With Intermodal, we are using the initial rollout and learnings from our high-frequency operating plan discussed at Investor Day, along with our perfect peak season to improve capacity and reliability across our Intermodal franchise.

讓我舉幾個例子。對於多式聯運，我們正在利用投資者日討論的高頻運營計劃的初步部署和經驗教訓，以及我們完美的旺季來提高我們多式聯運特許經營權的能力和可靠性。

On the Merchandise side, we are applying continuous improvement principles, identifying and implementing those next levers that will drive even greater resiliency and resource productivity to move cars faster and more consistently. We are building tools as part of our digital transformation to provide more actionable and timely information to a more empowered workforce.

在商品方面，我們正在應用持續改進原則，確定並實施下一個槓桿，這些槓桿將推動更大的彈性和資源生產力，以更快、更一致地移動汽車。作為我們數字化轉型的一部分，我們正在構建工具，以便為更有能力的員工隊伍提供更具可操作性和及時性的信息。

These are just a few examples of how we are driving continuous improvement into our DNA.

這些只是我們如何不斷改進我們的 DNA 的幾個例子。

Next, we are slated to modernize another 115 locomotives this year, converting them from DC to AC traction technology and giving them a full rejuvenation. These 115 rebuilds will reduce locomotive hauling capability equivalent to 150 DC locomotives, providing additional capacity for growth with fewer assets. Our DC to AC conversions will continue to provide even greater fuel efficiency and added pulling power to increase train productivity further.

接下來，我們計劃在今年對另外 115 台機車進行現代化改造，將它們從直流牽引技術轉換為交流牽引技術，讓它們煥然一新。這 115 台改造將減少相當於 150 台直流機車的機車牽引能力，以更少的資產提供額外的增長能力。我們的 DC 到 AC 轉換將繼續提供更高的燃油效率和增加的牽引力，以進一步提高列車生產率。

Our DC to AC conversion strategy will provide further opportunities to grow train size and increase train productivity, which we discussed at Investor Day. We have made marked progress on this long-term initiative. And just this month, we increased train size 53% in 1 of our 2 highest volume export [coal lanes] which will provide greater capacity and resiliency in our customer supply chain.

我們的 DC 到 AC 轉換策略將為擴大列車規模和提高列車生產率提供更多機會，我們在投資者日討論過這一點。我們在這項長期倡議上取得了顯著進展。就在本月，我們在 2 個出口量最大的 [煤車道] 中的 1 個中增加了 53% 的列車尺寸，這將為我們的客戶供應鏈提供更大的容量和彈性。

Next up, let's talk about our capital investments. Our best-in-class engineering team safely delivered a productive year with more than 520 track miles of rail replaced, the most NS has done in 3 decades. We installed 10% more ties in 2022 than in 2021 with the same level of production teams and our servicing teams worked 27% more track than in 2021.

接下來，讓我們談談我們的資本投資。我們一流的工程團隊安全地交付了富有成效的一年，更換了超過 520 英里的鐵路，這是 NS 在 3 年內所做的最多的一次。我們在 2022 年安裝了比 2021 年多 10% 的領帶，生產團隊水平相同，我們的服務團隊比 2021 年多工作了 27%。

We are committed to safely building and maintaining a reliable and resilient infrastructure for our customers productively. We're primed to execute on our capital plan in support of safety, resiliency, growth and productivity. This will include a longer siding between Cincinnati and Fort Wayne, which will incorporate additional resilience into our train network. This is just one of the efforts we will highlight as the year progresses. Lastly, we were intensely focused on converting the capacity gains that we have made with TOP|SPG and our disciplined execution of the plan into additional volume moving over the railroad in 2023. Our Intermodal, Merchandise and bulk service are all now consistently performing at high levels of service across our network.

我們致力於為我們的客戶安全地構建和維護可靠且有彈性的基礎架構。我們準備好執行我們的資本計劃，以支持安全、彈性、增長和生產力。這將包括辛辛那提和韋恩堡之間更長的鐵路線，這將為我們的火車網絡增加額外的彈性。隨著這一年的進展，這只是我們將強調的努力之一。最後，我們非常專注於將我們通過 TOP|SPG 和我們嚴格執行計劃所獲得的運力收益轉化為 2023 年通過鐵路運輸的額外運量。我們的多式聯運、商品和散裝服務現在都一直保持高水平運行我們整個網絡的服務水平。

I will now hand it to Ed to expand on the market outlook and talk about how we can put this capacity to work. Thank you.

我現在將它交給埃德來擴展市場前景，並討論我們如何利用這種能力發揮作用。謝謝你。

Thank you, Paul. It's great to have you with us, and good morning to everyone. Let's review our results for the fourth quarter, starting on Slide 11. Overall, revenue grew 13% year-over-year to $3.2 billion, with higher revenue from fuel surcharge and price improvements more than offsetting a 1% decline in volume. The pricing environment remains strong and we capitalize by delivering our 24th consecutive quarter of year-over-year RPU less fuel growth in intermodal and our 30th out of 31 quarters in merchandise.

謝謝你，保羅。很高興你和我們在一起，祝大家早上好。讓我們回顧一下第四季度的業績，從幻燈片 11 開始。總體而言，收入同比增長 13% 至 32 億美元，燃油附加費和價格改善帶來的收入增加足以抵消銷量下降 1% 的影響。定價環境依然強勁，我們通過連續第 24 個季度實現 RPU 同比減少多式聯運的燃料增長和商品 31 個季度中的第 30 個來利用。

Speaking of Merchandise, volumes recovered to prior year levels as service improved in the fourth quarter, enhancing our ability to drive value for our customers. Our largest gains were in the sand and proppants market to support the recent surge in demand for natural gas production followed by corn and soybeans also driven by exceptionally high demand. We saw declines in our steel and automotive markets where equipment availability was particularly challenged.

談到商品，隨著第四季度服務的改善，銷量恢復到去年同期水平，增強了我們為客戶創造價值的能力。我們最大的收益來自沙子和支撐劑市場，以支持近期對天然氣生產的需求激增，其次是玉米和大豆，也受到異常高需求的推動。我們看到我們的鋼鐵和汽車市場出現下滑，設備可用性尤其受到挑戰。

As Paul highlighted earlier, we are making meaningful progress on improving car velocity in our merchandise fleets, and we started to see the results of that increased velocity towards the end of the quarter. Merchandise revenue increased 12% year-over-year to $1.9 billion and revenue per unit, excluding fuel, reached a record level from price gains and positive mix.

正如保羅之前強調的那樣，我們在提高商品車隊的汽車速度方面取得了有意義的進展，並且我們開始在本季度末看到速度提高的結果。商品收入同比增長 12% 至 19 億美元，不包括燃料在內的每單位收入因價格上漲和積極組合而達到創紀錄水平。

Shifting to Intermodal. Total revenue improved 10% year-over-year as higher revenue from fuel surcharge and price gains more than offset a 4% decline in volume. The volume decline was concentrated within our domestic lines of business where headwinds from a loosening truck market and higher inventories heading into the holiday season negatively impacted demand. Conversely, our international lines of business grew in the fourth quarter. Our international intermodal volume rose 5% year-over-year as several of our customers shifted back to Inland Point Intermodal services amid lower ocean rates and easing supply chain congestion.

轉向多式聯運。總收入同比增長 10%，因為燃油附加費和價格上漲帶來的收入增加抵消了 4% 的銷量下降。銷量下降集中在我們的國內業務範圍內，卡車市場疲軟和假日季庫存增加對需求產生了負面影響。相反，我們的國際業務線在第四季度有所增長。我們的國際多式聯運量同比增長 5%，因為我們的一些客戶在海運費率降低和供應鏈擁堵緩解的情況下轉回內陸點多式聯運服務。

Total intermodal revenue per unit and revenue per unit, excluding fuel, were up year-over-year on higher fuel revenue and price gains.

由於燃料收入增加和價格上漲，每單位聯運總收入和每單位收入（不包括燃料）同比增長。

If we turn to coal, our results for the quarter reflect both our success in capturing upside revenue potential from the market dynamics as well as our ability to create capacity for growth through improved service.

如果我們轉向煤炭，我們本季度的業績既反映了我們成功地從市場動態中獲得了上行收入潛力，也反映了我們通過改善服務創造增長能力的能力。

Coal revenue for the quarter increased 28%, driven by price gains, volume growth, higher revenue from fuel surcharge and liquidated damages from prior volume shortfalls. Both revenue per unit and revenue per unit, excluding fuel, reached record levels, reflecting the value of our market-based pricing approach in these volatile energy markets. We were able to leverage increased equipment availability from improved cycle times to capture more utility coal business, which led to a 9% volume gain in utility coal in the fourth quarter.

本季度煤炭收入增長 28%，受價格上漲、銷量增長、燃油附加費收入增加以及前期銷量不足造成的違約金的推動。每單位收入和每單位收入（不包括燃料）均達到創紀錄水平，反映了我們基於市場的定價方法在這些動蕩的能源市場中的價值。我們能夠利用循環時間縮短帶來的設備可用性增加來獲得更多的公用事業煤炭業務，這導致第四季度公用事業煤炭的銷量增長 9%。

Our export coal markets also grew due to higher demand driven by geopolitical conflict. Overall, coal volumes increased 8% in the quarter, and this volume growth was partially offset by year-over-year declines in coke shipments resulting from facility closures.

由於地緣政治衝突導致需求增加，我們的煤炭出口市場也有所增長。總體而言，本季度煤炭銷量增長了 8%，這一銷量增長部分被設施關閉導致的焦炭出貨量同比下降所抵消。

Let's move to Slide 12 for the full year of 2022. Total revenue for the year reached $12.7 billion, a 14% increase from 2021 driven by higher revenue from fuel surcharge and price gains, partially offset by volume declines. We delivered record level total revenue and revenue less fuel, revenue per unit and revenue per unit excluding fuel, despite a 3% decline in total volume. Volume headwinds were strongest in our intermodal franchise, where a weakening truck market and supply chain congestion led to declines in annual volume.

讓我們轉到 2022 年全年的幻燈片 12。全年總收入達到 127 億美元，比 2021 年增長 14%，這是由於燃油附加費和價格上漲帶來的收入增加，部分被銷量下降所抵消。儘管總銷量下降了 3%，但我們實現了創紀錄的總收入和減去燃料的收入、單位收入和不包括燃料的單位收入。在我們的多式聯運特許經營中，銷量逆風最為強勁，卡車市場疲軟和供應鏈擁堵導致年銷量下降。

We saw growth in our coal business as a strong export market and a strong global market for energy increased volumes for coal on NS. Our performance as the year progressed into 2022 provides evidence that our recovering service product is providing momentum to the commercial side of our business. We're working together internally to enhance our offerings in the marketplace and to ensure that we are delivering the value our customers need to be successful.

我們將煤炭業務的增長視為一個強大的出口市場和一個強大的全球能源市場，增加了 NS 上的煤炭量。我們進入 2022 年的表現證明，我們正在恢復的服務產品正在為我們業務的商業方面提供動力。我們正在內部共同努力，以增強我們在市場上的產品，並確保我們提供客戶成功所需的價值。

Lastly, if you will join me on Slide 13, our outlook for 2023 is cautiously optimistic amid uncertainty in the macroeconomic environment and some signals of a slowdown in activity. Our improving service levels will drive opportunities for modal conversion from truck and increase our capacity to address unmet demand. At the same time, economic conditions could be a headwind to volume at least in the near term, while lower fuel prices and accessorial revenues will temper our revenue per unit.

最後，如果你願意和我一起看幻燈片 13，我們對 2023 年的前景持謹慎樂觀的態度，因為宏觀經濟環境存在不確定性，而且有一些活動放緩的跡象。我們不斷提高的服務水平將推動卡車模式轉換的機會，並提高我們解決未滿足需求的能力。與此同時，至少在短期內，經濟狀況可能會對銷量產生不利影響，而較低的燃料價格和輔助收入將降低我們的單位收入。

Within Merchandise, we anticipate that macroeconomic conditions will pressure a variety of the markets that we participate in. We're mindful of recent weakness in industrial production, particularly with respect to manufacturing, and that drives many of our markets. Current forecast for manufacturing in the U.S. shows contraction in 2023 as businesses rightsize inventories to demand.

在商品方面，我們預計宏觀經濟狀況將給我們參與的各種市場帶來壓力。我們注意到最近工業生產的疲軟，特別是在製造業方面，這推動了我們的許多市場。目前對美國製造業的預測顯示，隨著企業根據需求調整庫存規模，2023 年將出現收縮。

Additionally, the weak housing market will be a headwind to many of our industrial businesses and we expect this weakness to persist in 2023 as the housing market adjusts to higher interest rates. Volumes will also be supported by increased equipment availability and overall network fluidity.

此外，疲軟的房地產市場將對我們的許多工業企業造成不利影響，我們預計隨著房地產市場適應更高的利率，這種疲軟將持續到 2023 年。增加的設備可用性和整體網絡流動性也將支持數量。

Looking at Intermodal, volume growth will be dependent on the macroeconomic environment, although our improving service levels will create capacity for growth. Total revenue will be pressured by lower fuel surcharges and reduced storage revenue as supply chains continue to normalize throughout the year. Household balance sheets are supported by excess savings accumulated during the pandemic and credit remains available for many despite becoming more expensive.

就多式聯運而言，儘管我們提高服務水平將創造增長能力，但貨運量增長將取決於宏觀經濟環境。隨著全年供應鏈繼續正常化，燃油附加費降低和倉儲收入減少將給總收入帶來壓力。家庭資產負債表得到了大流行期間積累的過剩儲蓄的支持，儘管變得更加昂貴，但許多人仍然可以獲得信貸。

And so long as the U.S. consumer remains resilient, we would expect supportive demand for Intermodal. Weakness in the truck market at the start of the year, along with housing will be a headwind but we anticipate the truck market to rebalance supply and demand later this year.

只要美國消費者保持彈性，我們就預計對多式聯運的需求會得到支持。今年年初卡車市場的疲軟以及住房市場將是不利因素，但我們預計卡車市場將在今年晚些時候重新平衡供需。

Our international business will continue to benefit from lower ocean rates and improving supply chain fluidity at Inland Points, prompting a return of our customers to Inland Point Intermodal.

我們的國際業務將繼續受益於較低的海運費率和內陸點供應鏈流動性的改善，促使我們的客戶返回內陸點多式聯運。

Turning to coal. The current outlook for the utility and export coal markets supports a flat to modest year-over-year volume improvement. While overall utility demand is likely to remain flat, our capacity to handle more of that demand will increase with efficiency and productivity improvements on our network. For export, Norfolk Southern will benefit from additional coal supply coming online despite softening seaborne prices. We expect the global supply of met coal to continue to be restricted by geopolitical factors which should support demand for U.S.-sourced coal. We will experience tough coal pricing comps in the first half of the year, which will pressure export met RPUs on a year-over-year basis.

轉向煤炭。公用事業和出口煤炭市場目前的前景支持持平或溫和的同比增長。雖然總體公用事業需求可能保持平穩，但我們處理更多需求的能力將隨著網絡效率和生產力的提高而增加。對於出口，儘管海運價格走軟，諾福克南方公司仍將受益於即將上線的額外煤炭供應。我們預計全球冶煉煤供應將繼續受到地緣政治因素的限制，這應該會支持對美國採購煤炭的需求。我們將在今年上半年經歷艱難的煤炭定價競爭，這將對出口煤炭 RPU 造成同比壓力。

Overall, we are energized by our recent momentum heading into '23, and we are focused on leveraging that momentum to drive value for our customers and grow our business. Uncertainty and downside risks are certainly still present, but we're going to continue to focus on the things that we can control to successfully execute our strategic plan and deliver results for our customers and for our shareholders.

總體而言，我們最近進入 23 年的勢頭讓我們充滿活力，我們專注於利用這種勢頭為我們的客戶創造價值並發展我們的業務。不確定性和下行風險肯定仍然存在，但我們將繼續關注我們可以控制的事情，以成功執行我們的戰略計劃並為我們的客戶和股東帶來成果。

And lastly, I'd like once again to recognize our customers for their partnership throughout 2022 and thank them for their business. We appreciate all of their support as we move forward in 2023 with sustained momentum towards delivering the service product that they need to succeed.

最後，我想再次感謝我們的客戶在整個 2022 年的合作夥伴關係，並感謝他們的業務。我們感謝他們的所有支持，因為我們在 2023 年以持續的勢頭向前邁進，以提供他們成功所需的服務產品。

I will now turn it over to Mark for an update on our financial results.

我現在將其轉交給馬克，了解我們財務業績的最新情況。

Thank you, and good morning, everyone. I'm on Slide 15. As you heard from Ed, we had another quarter of strong revenue performance, up 13%. Operating expenses in the quarter were up $333 million or 19% year-on-year, driven primarily by elevated fuel prices and some significant adverse accrual adjustments that I will describe shortly which had an outsized impact on the operating ratio.

謝謝大家，早上好。我在第 15 張幻燈片上。正如你從 Ed 那裡聽到的那樣，我們又一個季度的收入表現強勁，增長了 13%。本季度的運營支出增加了 3.33 億美元，同比增長 19%，這主要是由於燃油價格上漲以及我將在稍後描述的一些重大不利應計調整對運營比率產生了巨大影響。

Operating income at $1.18 billion set a fourth quarter record. EPS was $3.42, up double digits year-over-year.

營業收入為 11.8 億美元，創下第四季度的記錄。每股收益為 3.42 美元，同比增長兩位數。

Moving to Slide 16. Let's reconcile the drivers of the changes in operating income, operating ratio and earnings per share. Talking specifically to operating income, the $52 million improvement was aided by the first row in the bottom section, a favorable wage accrual true-up related to our commitment to getting retroactive wages distributed to our employees before the end of the year. It was not only the right thing to do, but the acceleration created the added benefit of saving payroll taxes for employees as well as for the company.

轉到幻燈片 16。讓我們協調營業收入、營業比率和每股收益變化的驅動因素。具體談到營業收入，5200 萬美元的改善得益於底部第一行，這是與我們承諾在年底前將追溯工資分配給員工有關的有利的應計工資。這不僅是正確的做法，而且加速還為員工和公司創造了節省工資稅的額外好處。

That adjustment provided a $16 million expense savings, which equates to 50 basis point tailwind to the OR and a [nickel boost to EPS.] But in the second row of the reconciliation at the bottom, you will see that there was a $57 million expense headwind from numerous unexpected adverse items in the claims category that I'll put in 3 buckets.

該調整提供了 1600 萬美元的費用節省，相當於 OR 的 50 個基點順風和[對 EPS 的鎳提振。]但在底部的第二行和解中，您會看到有 5700 萬美元的費用來自索賠類別中許多意外不利項目的逆風，我將其放入 3 個桶中。

Accrual adjustments related to personal injury reserves based on actuarial studies, adjustments to environmental reserves based on activity and costs associated with derailments that occurred during the quarter. Combined, these adverse items versus a smaller positive adjustment last Q4 result in $57 million of year-over-year headwind in the fourth quarter, which equates to 180 basis points OR drag and $0.19 of EPS.

根據精算研究對人身傷害準備金進行應計調整，根據與本季度發生的脫軌相關的活動和成本對環境準備金進行調整。這些不利項目與上個第四季度較小的積極調整相結合，導致第四季度同比逆風 5700 萬美元，相當於 180 個基點或拖累和每股收益 0.19 美元。

Absent those 2 reconciling items I just detailed, core operating income growth was actually $93 million and that translates to EPS growth of $0.44. The OR contraction at 180 basis points reflects lower incrementals driven by the net inflation impact as well as service-related costs.

沒有我剛才詳述的這兩個協調項目，核心營業收入增長實際上是 9300 萬美元，這意味著 EPS 增長 0.44 美元。 180 個基點的 OR 收縮反映了受淨通脹影響以及服務相關成本驅動的較低增量。

So let's drill into the operating expenses for the quarter now on Slide 17. Fuel was again a primary expense driver this quarter, up $141 million or 62% due to elevated fuel prices. Materials & Other was up $78 million, which included the $71 million increase in claims that was heavily impacted by the items we just discussed. Compensation and benefits were up $55 million or 9%, driven by elevated wages from the new labor contracts as well as higher employment levels.

因此，讓我們現在在幻燈片 17 上深入了解本季度的運營費用。由於燃料價格上漲，燃料再次成為本季度的主要費用驅動因素，增加了 1.41 億美元或 62%。材料及其他增加了 7800 萬美元，其中包括受我們剛剛討論的項目嚴重影響的索賠增加 7100 萬美元。薪酬和福利增加了 5500 萬美元或 9%，這主要得益於新勞動合同帶來的工資上漲以及更高的就業水平。

Purchased services were up $48 million or 10% in the quarter, driven primarily from continued inflationary pressures, costs related to our service environment as well as technology-related costs as we progress our digital transformation. Some of the inflation impacts are associated with intermodal operations that more than offset savings from lower intermodal volumes.

本季度購買的服務增加了 4800 萬美元或 10%，這主要是由於持續的通貨膨脹壓力、與我們的服務環境相關的成本以及我們推進數字化轉型時與技術相關的成本。一些通貨膨脹影響與多式聯運業務有關，這些聯運業務足以抵消較低聯運量帶來的節省。

Depreciation was up $11 million year-over-year, consistent with prior quarters. But let me point out that we are nearing completion of our periodic roadway depreciation study and the findings will result in a quarterly step-up in our 2023 depreciation expense. You can expect in 2023 that the quarterly year-over-year growth will be around double what you see here, meaning that the full year impact will be a step-up in the $40 million to $50 million range.

折舊同比增加 1100 萬美元，與前幾個季度一致。但我要指出，我們即將完成定期道路折舊研究，研究結果將導致我們 2023 年的折舊費用每季度增加一次。您可以預計到 2023 年，季度同比增長將是您在這裡看到的兩倍左右，這意味著全年影響將在 4000 萬至 5000 萬美元的範圍內增加。

Shifting to Slide 18. Let's look at the results below the line. After spending much of the year as a net expense, other income flipped back to a more normal profile and amounted to $34 million, an increase of $13 million over last year. Net income in the quarter was up $30 million or 4%. EPS growth at 10% exceeded the net income growth due to strong share repurchase activity.

轉到幻燈片 18。讓我們看看線下的結果。在今年的大部分時間作為淨支出支出後，其他收入恢復到更正常的水平，達到 3400 萬美元，比去年增加了 1300 萬美元。該季度的淨收入增加了 3000 萬美元或 4%。由於強勁的股票回購活動，每股收益增長 10% 超過了淨收入增長。

Turning now to Slide 19 and looking at the full year results. EPS was $13.88, an increase of $1.77 or 15% relative to 2021, driven by record revenues of $12.7 billion, which was up 14% compared to 2021. As you look at the full year OpEx and operating ratio headwinds versus prior year, recall the adverse impact of the wage settlement.

現在轉到幻燈片 19 並查看全年結果。每股收益為 13.88 美元，比 2021 年增長 1.77 美元或 15%，這得益於創紀錄的 127 億美元收入，與 2021 年相比增長 14%。當您查看全年運營支出和運營比率與上一年相比的逆風時，回想一下工資結算的不利影響。

Moving to Slide 20. Property additions at $1.9 billion ended the year exactly as we had been guiding. We had another strong year for shareholder distributions with over $4 billion returned again in 2022, with over 12.6 million shares repurchased. Dividend distributions were up 14%, and you will have read about our Board just approving a 9% or $0.11 increase to our quarterly dividend here in the first quarter. All this demonstrates our commitment to return capital to shareholders.

轉到幻燈片 20。年底的財產增加額為 19 億美元，完全符合我們的指導。 2022 年，我們的股東分配又是強勁的一年，再次返還超過 40 億美元，回購了超過 1260 萬股股票。股息分配增加了 14%，您會讀到我們的董事會剛剛批准將第一季度的季度股息增加 9% 或 0.11 美元。所有這些都表明我們致力於向股東返還資本。

And with that, I'll now turn it back over to Alan.

有了這個，我現在把它轉回給艾倫。

Thanks, Mark. Let's turn to Slide 21. Our outlook for 2023 reflects the uncertainty of a challenging macro landscape in which the path of the demand environment and inflation are unclear. At this time, we see full year revenue level with 2022 performance. We expect to be able to absorb volume pressure with share recapture. Thanks to our improving service product. RPU will be down to flat as we deal with pressure from softening coal pricing, lower fuel surcharge revenue and the eventual unwinding of accessorial revenues as supply chains unlock.

謝謝，馬克。讓我們轉到幻燈片 21。我們對 2023 年的展望反映了充滿挑戰的宏觀環境的不確定性，其中需求環境和通脹的路徑尚不明朗。此時，我們看到 2022 年業績的全年收入水平。我們預計能夠通過重新奪回股份來吸收銷量壓力。感謝我們改進的服務產品。 RPU 將下降至持平，因為我們要應對煤炭價格走軟、燃油附加費收入下降以及隨著供應鏈解鎖而最終減少附加收入的壓力。

RPU will benefit from another strong year in core pricing gains. There are a lot of variables that are hard to predict in this uncertain environment. But in a flat revenue environment, it will be difficult to grow operating income in 2023. With the cost benefits from an improving service product being more than neutralized by inflation as well as the RPU headwinds I just described. As you heard from Mark at Investor Day, we're expecting CapEx to be roughly $2.1 billion for 2023. This is consistent with and supportive of the balanced and disciplined spending plan that Mark detailed in December. Despite the uncertainty, we entered 2023 with great confidence and momentum. When we look ahead, we see more than cyclical economic challenges in front of us.

RPU 將受益於又一個強勁的核心定價收益年度。在這種不確定的環境中，有很多變數很難預測。但在收入持平的環境下，2023 年營業收入將很難增長。隨著服務產品改進帶來的成本收益被通貨膨脹以及我剛才描述的 RPU 逆風所抵消。正如您在投資者日從馬克那裡聽到的那樣，我們預計 2023 年的資本支出約為 21 億美元。這與馬克在 12 月詳述的平衡和有紀律的支出計劃一致並得到支持。儘管存在不確定性，但我們以極大的信心和動力進入了 2023 年。展望未來，我們看到的不僅僅是周期性的經濟挑戰。

We see long-term macro trends that create opportunities for a franchise built for growth like Norfolk Southern. We have the right strategy, balancing service, productivity and growth. We have a strong and still improving service product. We have the right team of talented, dedicated railroads, and we are just getting started. We will now open the call to questions, operator?

我們看到長期的宏觀趨勢為像諾福克南方這樣的增長型特許經營創造了機會。我們有正確的戰略，平衡服務、生產力和增長。我們擁有強大且仍在改進的服務產品。我們擁有合適的才華橫溢、敬業的鐵路團隊，而我們才剛剛起步。我們現在開始提問，接線員？

(Operator Instructions) Our first question comes from the line of Tom Wadewitz with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Tom Wadewitz。

Yes. Great. Wanted to see if you could offer some more, I don't know, some more detail, some additional perspective on the yields, revenue per car in intermodal and also in coal. I guess on intermodal, you sound pretty constructive, but just wondering if on domestic intermodal, you see some flow-through of potentially lower market pricing into what you get paid or whether you think your contracts protect you on that?

是的。偉大的。想看看你是否可以提供更多，我不知道，更多的細節，一些關於聯運和煤炭的收益率、每輛車收入的額外觀點。我想在多式聯運方面，你聽起來很有建設性，但只是想知道在國內多式聯運中，你是否看到一些可能較低的市場定價流入你得到的報酬，或者你認為你的合同是否在這方面保護你？

And then I guess on coal, just a little more detail on the kind of how we ought to model things given some of the puts and takes.

然後我猜想在煤炭方面，只是更詳細地說明我們應該如何在給定一些投入和投入的情況下對事物進行建模。

Tom, I'm going to turn it over to Ed and let him address your questions on our yield and RPU.

湯姆，我要把它交給埃德，讓他回答你關於我們的產量和 RPU 的問題。

You listen to some of our customers on their earnings calls, and you've heard their outlook. It's no doubt it's a loose truck market right now. I'm not going to get into any individual contracts. But we see some, what I would call, green shoots out there in terms of bottoming perhaps in the spot market, it's reached what we think is a sustained bottom for the last few weeks. We've also seen a decrease in the total number of motor carriers that are licensed in the U.S. We think that's a very positive development sustained for the last 3 months. And export of used trucks is continuing to increase. So as we go forward, I think that we reached a point of stability and the market is going to rebalance, we feel okay about RPU going into -- and our opportunities for RPU going into '23 in the market space for truck.

您在財報電話會議上聽取了我們一些客戶的意見，您已經聽到了他們的展望。毫無疑問，現在是一個鬆散的卡車市場。我不會簽訂任何個人合同。但我們看到一些，我稱之為，可能在現貨市場觸底方面的綠色萌芽，它已經達到了我們認為過去幾週持續的底部。我們還看到在美國獲得許可的汽車承運人總數有所減少。我們認為這是過去 3 個月持續的非常積極的發展。二手卡車的出口也在持續增加。因此，在我們前進的過程中，我認為我們達到了穩定點，市場將重新平衡，我們對 RPU 進入市場感到滿意 - 我們有機會讓 RPU 進入卡車市場空間的 23 年。

On the coal side, fourth quarter, we had a liquidated damage claim, which beefed up that RPU in the fourth quarter. Looking forward, as you can see the forward curves just as well we do, we're going to have a tough comp and a tough road to hoe, particularly in the second quarter, in terms of comparisons. But there's still support out there for export met coal in the market, and we're going to handle more utility coal than we did last year.

在煤炭方面，第四季度，我們提出了違約金索賠，這在第四季度提高了 RPU。展望未來，正如你可以看到我們所做的那樣，我們將有一個艱難的競爭和艱難的道路，特別是在第二季度，就比較而言。但市場上仍有出口冶金煤的支持，我們將處理比去年更多的公用煤。

Can you ballpark the LD impact in 4Q? Just frame it a little bit for us.

你能估計第四季度的 LD 影響嗎？只是為我們構圖一下。

I think without the LD, you would have seen a slight downward RPU sequentially.

我認為如果沒有 LD，您會看到 RPU 依次略有下降。

Downward -- sequentially, okay. Great.

向下 - 按順序，好的。偉大的。

Our next question comes from the line of Jordan Alliger with Goldman Sachs.

我們的下一個問題來自 Jordan Alliger 與高盛的合作。

I think you mentioned on the call at the end that with the macro backdrop, it might be tough from a full year perspective to grow EBIT dollars. I'm just sort of curious, as you think about your big picture outlook. Is there a differential first half, second half? Do you expect EBIT growth to be possible at some point as we move through the year?

我想你最後在電話會議上提到，在宏觀背景下，從全年的角度來看，增加 EBIT 美元可能很困難。當你考慮你的大局觀時，我只是有點好奇。上半場和下半場有區別嗎？您是否預計 EBIT 在今年的某個時候可能會增長？

There are, as you noted, a lot of uncertainties out there and some cross-currents. There's some tailwinds for us, but also we've got a number of headwinds and Ed just articulated a couple of those rate pressures. I'm going to let Mark talk a little bit about the cadence of what we're seeing through the year on revenue and expense.

正如您所指出的，那裡存在很多不確定性和一些交叉趨勢。對我們來說有一些順風，但我們也有一些逆風，埃德剛剛闡明了其中一些利率壓力。我要讓馬克談談我們在這一年中看到的收入和支出的節奏。

Yes, really, it's going to depend a lot on the way the top line evolves. And if, in fact, there is a recession that we have to deal with, with some demand destruction. But as we think about -- we've got a lot of tailwinds in the year, including really strong core pricing that we anticipate as well as fuel efficiency. We had 3% fuel efficiency this year. We expect another good year next year. And I do expect that we'll have a wind down of some of the service-related costs now that our service product has improved.

是的，真的，這在很大程度上取決於頂線的演變方式。如果，事實上，我們必須應對經濟衰退，以及一些需求破壞。但正如我們所想的那樣——今年我們有很多順風，包括我們預期的非常強勁的核心定價以及燃油效率。今年我們的燃油效率提高了 3%。我們期待明年又是一個好年頭。而且我確實希望，既然我們的服務產品已經改進，我們將減少一些與服務相關的成本。

However, that would probably start to manifest more in the back half. And then, of course, we'll have the absence of some of the -- the wage adjustment that we booked in the third quarter related to prior years. And this quarter, I would expect that big claims impact that we had in the fourth quarter was truly anomalous, and I wouldn't expect it to be of repeating nature at all. So those are some of the tailwinds as we look into the year.

然而，這可能會在後半段開始表現得更多。然後，當然，我們將缺少一些 - 我們在第三季度預訂的與往年相關的工資調整。而本季度，我預計我們在第四季度產生的大額索賠影響確實是反常的，而且我認為它根本不會具有重複性。因此，當我們展望這一年時，這些是一些有利因素。

But we are swimming against some pretty heavy headwinds. As we talked about on the call, we do have meaningful inflation to absorb, including the wage increases. And we've got some level of diminishing coal RPU and accessorial revenues as we go through the year, again, mainly in the back half. And then the depreciation step-up that I mentioned, which will be more evenly spaced throughout the year. So -- but again, a lot of good tailwinds. We've got good core pricing and -- but the headwinds are kind of what I laid out. The biggest variable is really going to be volumes. So how much we get when.

但我們正逆風而行。正如我們在電話會議上談到的那樣，我們確實需要消化有意義的通貨膨脹，包括工資增長。而且，隨著我們度過這一年，我們的煤炭 RPU 和輔助收入在一定程度上有所減少，主要是在下半年。然後是我提到的折舊增加，這將在全年更均勻地間隔。所以 - 但同樣，有很多好的順風。我們有很好的核心定價，而且——但逆風是我提出的。最大的變量實際上是數量。那麼我們什麼時候得到多少。

Our next question comes from the line of Chris Wetherbee with Citigroup.

我們的下一個問題來自花旗集團的 Chris Wetherbee。

Maybe I can pick up on that last comment. So in terms of the volume, I know you expect to be able to get some share recapture here. Do you think that ultimately yield a positive volume outcome for the year? And I guess, Mark have been helpful in terms of laying out the OR expectations, particularly a little bit more close in. So certainly, I would love to understand sort of your view on the potential for OR improvement or maybe holding the line in 2023. But if not, maybe sort of first quarter, first half sort of how do we think about how things are trending out, just given some of the puts and takes you just outlined.

也許我可以接受最後一條評論。因此，就數量而言，我知道您希望能夠在這裡重新獲得一些份額。您認為這最終會在今年產生積極的銷量結果嗎？而且我想，馬克在製定 OR 期望方面很有幫助，尤其是更接近一點。所以當然，我很想了解你對 OR 改進潛力或可能在 2023 年保持不變的看法. 但如果沒有，也許是第一季度，上半年，我們如何看待事情的趨勢，只是給出了一些你剛剛概述的看跌期權。

I'll take a swing at it. This is Ed. We finally have our service back to a place where we were able to take on additional volume. And we're seeing the benefits of that improved service right now. So yes, I think we're going to be able to claw back some volume and in fact as I'm certain of it. The question I think that we're all trying to answer is, can we claw back enough to overcome the demand destruction that's present or might be present in the market in '23. I know I don't have to, but just to give you a flavor for what we look at -- you start with inflation, you go to interest rates and what that is doing to many markets, including housing, which is very important for our business. We've seen manufacturing inflect in the past 3 months to a negative, there's a lot of uncertainty. The way I would describe our position is we are guarded, but we are poised for opportunity. We have the right service right now. We're building the capacity as soon as the opportunity manifests itself, we're going to be able to deliver.

我會嘗試一下。這是埃德。我們終於讓我們的服務回到了我們能夠承擔額外數量的地方。我們現在看到了改進服務的好處。所以是的，我認為我們將能夠收回一些數量，事實上我確信這一點。我認為我們都在努力回答的問題是，我們能否收回足夠的資金以克服 23 世紀市場上存在或可能存在的需求破壞。我知道我不必這樣做，但只是讓您對我們所看到的有所了解——從通貨膨脹開始，然後是利率，以及它對許多市場的影響，包括住房，這對我們來說非常重要我們的業務。我們已經看到製造業在過去 3 個月中出現了負面影響，存在很多不確定性。我要描述我們的立場的方式是我們保持警惕，但我們已準備好抓住機會。我們現在有合適的服務。一旦機會出現，我們就會建立能力，我們將能夠交付。

And when I think about what are the positives, the tailwinds for us, service recovery starts right there, which leads to network fluidity and capacity improvement, there's some chance that there might be a soft landing. There's a lot of people that think there could be. The customer that we talk to, our customers, they're poised for growth. They want to grow. They're investing for growth. And we're going to look at all those factors, and we'll be ready.

當我考慮什麼是積極因素時，我們的順風，服務恢復就從那裡開始，這會導致網絡流動性和容量提高，有可能出現軟著陸。有很多人認為可能存在。我們與之交談的客戶，我們的客戶，他們已經做好了成長的準備。他們想要成長。他們正在為增長而投資。我們將研究所有這些因素，並做好準備。

Yes. And Chris, we don't really want to get into quarterly OR guidance because there are a lot of variables. But I can just point you back to the tailwinds we talk of. Right now here in the first quarter, we're going to have probably a pretty good compare given where volumes were last year. So I think that's -- that will be -- that will probably represent one of our better year-over-year quarters, but we're really looking at a very uncertain outlook here in the second and third quarter. And we don't want to get into projecting right now at that level of granularity.

是的。克里斯，我們真的不想進入季度 OR 指導，因為有很多變量。但我可以讓你回到我們談論的順風。現在在第一季度，考慮到去年的銷量，我們可能會有一個很好的比較。所以我認為那是——那將是——這可能代表我們同比增長較好的季度之一，但我們真的在第二和第三季度看到一個非常不確定的前景。而且我們現在不想在那個粒度級別進行投影。

Our next question comes from the line of Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Mark, just a couple -- just quick follow-ups for me. So one, the flat operating income translates to EPS growth this year. I suppose you can still eke out some earnings growth under that scenario given maybe some share repurchase and then the other income kind of coming back. If you could just talk about that?

馬克，只是一對——只是對我的快速跟進。因此，第一，持平的營業收入轉化為今年每股收益的增長。我想在這種情況下，你仍然可以勉強實現一些收益增長，因為可能會進行一些股票回購，然後其他收入就會回歸。如果你能談談那個？

And then totally get the uncertainty and it's one of the most uncertain that I've ever seen. But I wanted to ask you about what you can control, which is the OpEx base ex the fuel. So you mentioned the depreciation step up, you have some visibility on labor per the PEB or the agreement. I also think you said in the past, there's like $40 million a quarter of inefficiencies that you endured last year. So I assume that some of that can unwind.

然後完全了解不確定性，這是我見過的最不確定的情況之一。但我想問問您可以控制什麼，即燃料之外的運營支出基礎。所以你提到了折舊的增加，根據 PEB 或協議，你對勞動力有一定的了解。我還認為你過去曾說過，去年你所忍受的每季度大約有 4000 萬美元的低效率。所以我認為其中一些可以放鬆。

So I'm just trying to understand how do you think the OpEx base ex fuel moves relative to that $6.4 billion that you did in 2022. So EPS growth relative to EBIT growth and then OpEx base ex-fuel expectations for '23?

因此，我只是想了解您如何看待 OpEx 基礎 ex 燃料相對於您在 2022 年所做的 64 億美元的變化。那麼 EPS 增長相對於 EBIT 增長以及 OpEx 基礎 ex-fuel 對 23 年的預期？

Thanks, Amit. I think if you go back to our financial framework, we would expect that if we have kind of flattish earnings that EPS growth should exceed that and be positive, for sure. So that just fits right into the framework we talked about back in December at Investor Day. The $40 million ex -- sorry, the $40 million of service-related costs will start to unwind here. I mean right now, we've got much improved service, although we are spending money to compensate for the fact that many of our locations are still below minimum staffing levels. So there is still a fair amount of overtime, recrews and incentives out there. But as the head count starts to increase in many of those core locations, I do expect towards the back half, especially that these costs will start to unwind from the $40 million per quarter significantly lower, like I said, more into the back half. And then we've got inflation in a lot of the other P&L line items, but we're working to mitigate a lot of those costs through more stringent control.

謝謝，阿米特。我認為，如果你回到我們的財務框架，我們會預計，如果我們的收益持平，每股收益增長應該超過那個，並且是積極的，這是肯定的。因此，這恰好符合我們在 12 月投資者日討論的框架。 4000 萬美元的前 - 抱歉，4000 萬美元的服務相關成本將在這裡開始減少。我的意思是，現在我們的服務得到了很大改善，儘管我們正在花錢來彌補我們許多地點仍低於最低人員配備水平的事實。因此，仍然有相當多的加班費、人員和激勵措施。但隨著許多核心地點的員工人數開始增加，我確實預計到後半部分，尤其是這些成本將從每季度 4000 萬美元開始減少，就像我說的那樣，更多地進入後半部分。然後我們在許多其他 P&L 項目中出現通貨膨脹，但我們正在努力通過更嚴格的控制來減輕其中的很多成本。

I think equipment rents, as an example, that's one area where higher network speed, that should help us try to keep a lid on the growth on equipment rents. And even purchase services is an area where we've had a significant escalation due to the cost of service as well as inflation impacts. As inflation moderates, I do believe that, that will come under control as well.

我認為設備租金，例如，這是一個網絡速度更高的領域，這應該有助於我們努力控制設備租金的增長。由於服務成本和通貨膨脹的影響，甚至購買服務也是一個我們已經顯著升級的領域。隨著通貨膨脹放緩，我相信，這也會得到控制。

Our next question comes from the line of Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

Just want to go back to the comment on labor and the crew bases. I know you said you were targeting stopping those at a minimum level. Any way to quantify is it sort of less than 10% of those at this point that you need to go? And then I guess with respect to that, staffing levels at the bases that are fully staffed, are you starting to look at maybe building incremental staff there to potentially capture any inflection as we go forward given the growth opportunities?

只想回到對勞工和船員基地的評論。我知道你說過你的目標是將這些停止在最低水平。有什麼方法可以量化，此時您需要離開的人數是否少於 10%？然後我想關於這一點，基地的人員配備水平已經配備齊全，你是否開始考慮在那裡建立增量員工，以便在我們前進的過程中抓住增長機會的任何變化？

Yes. Allison, we had talked about in the fourth quarter a number that was about 1/4 of our crew base is below minimum staffing levels. It's roughly in that neighborhood right now. And frankly, as we move forward, it's going to be highly dependent upon where we see markets headed in overall demand. So we are continuing to hire into our environment or into that environment, pardon me. Our conductor training pipeline remains very robust. And certainly, you've seen the improvements in our service product as we've addressed both resources leadership and plan, and our service is now the best it's been in over 2 years. Paul, why don't you talk a little bit more specificity on what we're doing with respect to our craft colleagues.

是的。艾莉森，我們在第四季度談到了大約 1/4 的船員人數低於最低人員配備水平。它現在大致在那個街區。坦率地說，隨著我們的前進，這將在很大程度上取決於我們看到市場在整體需求中的走向。所以我們繼續在我們的環境或那個環境中招聘，對不起。我們的指揮培訓管道仍然非常強大。當然，您已經看到了我們服務產品的改進，因為我們已經解決了資源領導和計劃問題，而且我們的服務現在是 2 年來最好的。保羅，你為什麼不更具體地談談我們對我們的工藝同事所做的事情。

Yes, absolutely, Alan. As you stated, we remain on pace to continue and hit our hiring targets. And as Ed alluded to, we're going to continue to match that towards the forecast as we go. As we've come out of the contract negotiations, now it's a matter of focusing on what the future looks like as far as conductive redeployment, predictive work schedules as well as quality of life and those discussions are taking place as we speak.

是的，絕對是，艾倫。正如您所說，我們將繼續前進並實現我們的招聘目標。正如 Ed 所暗示的那樣，我們將繼續將其與我們的預測相匹配。隨著我們結束合同談判，現在的重點是就傳導性重新部署、預測性工作時間表以及生活質量而言，未來會是什麼樣子，這些討論正在我們說話的時候進行。

Our next question comes from the line of Justin Long with Stephens Inc.

我們的下一個問題來自 Justin Long 與 Stephens Inc. 的合作。

I wanted to see if you could give any additional color on the potential impact from accessorial fees winding down this year. And Mark, maybe compare the timing of that wind down to the timing of the moderation in the service-related costs that you talked about? I'm just trying to figure out what the net impact from that could be over the balance of this year.

我想看看你是否可以對今年逐漸減少的附加費的潛在影響給出任何額外的顏色。馬克，也許可以將結束的時間與您談到的與服務相關的成本緩和的時間進行比較？我只是想弄清楚這對今年餘下時間的淨影響。

This is Ed. Thanks for the question. We look at this very carefully along with our customers and stakeholders. When we look globally, we see that the congestion at the ports at both coasts has really alleviated itself. And that's also true at most of our intermodal ramps on the inland side. But you look at good spending in the U.S., which has plateaued for the consumer, but it's plateaued at a level that essentially is where we should be in like 2025 or 2026. So there's still a tremendous number of goods being brought into the country, trying to fit through a pipeline that was designed for arguably 2023. And so that congestion still exists in some places, really around the warehousing on the Hinterland and Inland locations. We think it's going to unwind. In terms of the timing of that unwinding we're watching very carefully. We think it will happen in '23 at some point.

這是埃德。謝謝你的問題。我們與我們的客戶和利益相關者一起非常仔細地審視這一點。放眼全球，兩岸港口擁堵情況確實有所緩解。在我們在內陸一側的大多數聯運坡道上也是如此。但是你看看美國的良好支出，它對消費者來說已經趨於穩定，但它基本上穩定在我們應該達到的水平，比如 2025 年或 2026 年。所以仍有大量商品被帶入該國，試圖通過一條可以說是為 2023 年設計的管道。因此，在某些地方仍然存在擁堵，實際上是在腹地和內陸地區的倉儲周圍。我們認為它會放鬆。就平倉的時間而言，我們正在非常仔細地觀察。我們認為它會在 23 年的某個時候發生。

Yes, Justin, probably more like the back half, and it won't be necessarily precipitous the way we're assuming. But I would say it's roughly on par with kind of the timing we're thinking about the relief on service-related costs as well.

是的，賈斯汀，可能更像是後半部分，它不一定像我們假設的那樣陡峭。但我想說的是，這與我們考慮減輕與服務相關的成本的時間大致相當。

That's helpful. And any color on the net impact from a dollar perspective.

這很有幫助。從美元的角度來看，任何顏色對淨影響。

No, no. Once you start getting out that far, the margin for error is too big.

不，不。一旦你開始走出那麼遠，錯誤的餘地就太大了。

I mean we'll lose accessorial revenue, will gain in freight revenue because our customer supply chains will be more fluid, and we'll be able to move more business.

我的意思是我們將失去輔助收入，增加貨運收入，因為我們的客戶供應鏈將更加流暢，我們將能夠轉移更多業務。

That's right.

這是正確的。

Our next question comes from the line of Scott Group with Wolfe Research.

我們的下一個問題來自 Scott Group 與 Wolfe Research 的合作。

I just want to make sure I'm understanding the guidance right. So it sounds like flattish revenue, not growing operating income, but not really declining a lot. So sort of flattish revenue, flattish operating income, flattish OR, plus or minus a little bit, but no big growth or declines. Is that ultimately what you guys are trying to say at this point? I just want to make sure I understand that. And then just -- one just -- thing I just want to clarify, where do you think head count goes from the January levels you gave us in the slides?

我只是想確保我理解正確的指南。所以這聽起來像是收入持平，營業收入沒有增長，但也沒有真正下降很多。所以收入持平，營業收入持平，OR持平，加減一點，但沒有大的增長或下降。這最終是你們現在想說的嗎？我只是想確保我理解這一點。然後只是 - 一個只是 - 我只想澄清一件事，你認為從你在幻燈片中給我們的 1 月份的水平來看，人數是多少？

Scott, this is Alan. Thanks for the question. Yes. Flattish is in the ballpark for revenue. I think Mark talked a little bit about some of the cross-currents that we have, both on the top line and on the expense category.

斯科特，這是艾倫。謝謝你的問題。是的。 Flattish 在收入方面處於領先地位。我認為馬克談到了我們在頂線和費用類別上的一些交叉流。

Can you repeat your second question? We had a break up quite -- a little bit in the middle. Yes, associated with head count.

你能重複你的第二個問題嗎？我們分手了 - 中間有一點點。是的，與人數有關。

Yes. Just where do we go from the January levels you have in the slides.

是的。從幻燈片中的 1 月份水平來看，我們從哪裡開始？

Paul, why don't you talk about that?

保羅，你為什麼不談談這個？

Yes. Scott, as of this morning, we're north of 7,500 T&E. And our target right now for May is to be in the 76-plus -- 7,600-plus range. And as stated earlier, we'll continue to adjust that target as we see the markets play out.

是的。斯科特，截至今天早上，我們位於 7,500 T&E 以北。我們目前 5 月的目標是在 76-7,600 多範圍內。如前所述，我們將在看到市場發揮作用時繼續調整該目標。

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

我們的下一個問題來自 Brandon Oglenski 與巴克萊銀行的合作。

So I guess, Alan or Mark, I mean, we just had your Investor Day a month ago where you guys talked about resiliency, and I don't think anyone's faulting you here for a weak macro. But is this the environment where you want to build in the resiliency into the network, maybe kind of piggybacking off that view on head count. Is this where you add in capacity and really look to set up for growth potential in '24 and beyond?

所以我想，艾倫或馬克，我的意思是，一個月前我們剛剛舉辦了你們的投資者日，你們在會上討論了彈性，我認為沒有人會因為宏觀疲軟而指責你們。但這是您想要在網絡中建立彈性的環境嗎，也許有點依賴於這種對人數的看法。這是您增加產能並真正希望在 24 世紀及以後建立增長潛力的地方嗎？

Yes. This is exactly what the environment we were contemplating. Here we are, we're continuing to hire. We're hiring aggressively. We need to because in some locations, as we talked about, were short of crews.

是的。這正是我們正在考慮的環境。我們在這裡，我們將繼續招聘。我們正在積極招聘。我們需要這樣做，因為正如我們所說，在某些地方缺少工作人員。

Resiliency is also about investing consistently in our assets, which includes our technology, it includes locomotives, track, intermodal terminals. It includes freight cars designed to help us compete with truck. And it includes -- yes, it includes our people as well. It also includes processes and a continuous improvement plan as we lift our service, is the best it's been in over 2 years. But we're not stopping there. We're going to continue to evolve our product and we're going to continue to improve. And we're looking a couple of years out, how do we position ourselves so that our customers can compete and grow and we can compete and grow with them.

彈性還涉及持續投資於我們的資產，包括我們的技術，它包括機車、軌道、多式聯運終端。它包括旨在幫助我們與卡車競爭的貨車。它包括——是的，它也包括我們的員工。它還包括我們提升服務時的流程和持續改進計劃，這是 2 年來最好的。但我們並沒有就此止步。我們將繼續發展我們的產品，我們將繼續改進。我們期待幾年後，我們如何定位自己，以便我們的客戶可以競爭和成長，我們也可以與他們競爭和成長。

Our next question comes from the line of Ravi Shanker with Morgan Stanley.

我們的下一個問題來自 Ravi Shanker 與摩根士丹利的對話。

Two-parter, if I may, please. You said that you expect share gains to offset some of the natural macro volume deterioration. Can you help us understand how much of that is "in the bag" with kind of new contract wins or kind of contracts you've have signed versus prospective as your service improves?

兩人一組，如果可以的話，請。你說你預計股票收益會抵消一些自然的宏觀交易量惡化。您能否幫助我們了解隨著您的服務改進，有多少是“包中”的新合同或您已經簽署的合同與預期的合同？

And second question is, there has been some chatter on regulatory scrutiny on train length obviously, is a big part of TOP|SPG and also for some of your peers. Can you talk about kind of how real that risk might be over time?

第二個問題是，顯然有一些關於火車長度監管審查的討論，這顯然是 TOP|SPG 的重要組成部分，對你們的一些同行來說也是如此。你能談談這種風險隨著時間的推移有多真實嗎？

Thank you, Ravi. For volume, we are going to -- we are producing a service that's allowing us to take back share that should be on Norfolk Southern. And that includes from the highway. And that's where we're really focused. It's how can we add value for our customers so that their top selection is Norfolk Southern. And over the past couple of years, our customers have to make difficult decisions. And we are helping them come back to the place where we can add the most value for them. And we're confident, sure there's going to be lots of macro headwinds, but we're seeing it now, we can earn back some of that freight even in a down environment.

謝謝你，拉維。對於數量，我們將 - 我們正在提供一項服務，使我們能夠收回本應在諾福克南部的份額。這包括從高速公路。這就是我們真正關注的地方。這是我們如何為客戶增加價值，以便他們的首選是 Norfolk Southern。在過去的幾年裡，我們的客戶不得不做出艱難的決定。我們正在幫助他們回到我們可以為他們增加最大價值的地方。我們有信心，肯定會有很多宏觀逆風，但我們現在看到了，即使在經濟低迷的環境下，我們也可以賺回部分運費。

Yes. Ravi, let me talk about the regulatory environment, if you will, for just a second. What we -- we're fully engaged with the STB. We've met with 4 of the 5 members just since our Investor Day on December 6. And they're really encouraged. What we told them as we spoke with them last year is we were fully committed to restoring service. They've seen that. They see it in the metrics, and they hear it from our customers as well. And now, they're seeing us start to grow a little bit. And so we're aligned with them, and we're delivering on our promises for service and our promises to help our customers compete and grow.

是的。拉維，如果你願意的話，讓我談談監管環境。我們 - 我們完全參與了 STB。自 12 月 6 日的投資者日以來，我們已經與 5 位成員中的 4 位會面。他們真的很受鼓舞。我們在去年與他們交談時告訴他們的是，我們完全致力於恢復服務。他們已經看到了。他們在指標中看到了這一點，他們也從我們的客戶那裡聽到了這一點。現在，他們看到我們開始有所成長。因此，我們與他們保持一致，我們正在兌現我們的服務承諾以及幫助我們的客戶競爭和發展的承諾。

Our next question comes from the line of Walter Spracklin with RBC Capital Markets.

我們的下一個問題來自 Walter Spracklin 與 RBC Capital Markets 的對話。

Just coming back on the trucking market, your long-term approach to gaining share against truck through higher service and just curious whether with the capacity, the slippery capacity and pricing environment that you're seeing right now and should that persist? Does that provide you with a significant challenge with regards to gaining market share given that price dynamic? And I know at least 2 of your competitors have started acquiring trucking companies, CN bought H&R and TransX, and then (inaudible) CSX buy Quality. Is that something that you would envision doing as a way to offset some of that challenge by buying a trucking company and then converting it to rail? Is that something you'd consider? Just curious as to all that -- how that pertains to your long-term strategy?

剛剛回到卡車運輸市場，你的長期方法是通過更高的服務獲得卡車份額，只是好奇你現在看到的容量、不穩定的容量和定價環境是否會持續下去？考慮到價格動態，這是否會給您帶來獲得市場份額的重大挑戰？我知道至少有 2 個競爭對手已經開始收購貨運公司，CN 收購了 H&R 和 TransX，然後（聽不清）CSX 收購了 Quality。您是否會設想通過購買卡車運輸公司然後將其轉變為鐵路運輸公司來抵消部分挑戰？這是你會考慮的事情嗎？只是對所有這些感到好奇 - 這與您的長期戰略有何關係？

Walter, let me address the second question first, then I'll turn it over to Ed on how we compete with truck. Look, we got a franchise built for growth. And there are a lot of unique strengths about Norfolk Southern's franchise, the markets we serve and the customers with whom we are aligned. And so we are extremely confident and our ability to deliver organic growth. And we laid out that investment thesis in our Investor Day. Ed, why don't you talk about how we're going to grow and compete with truck.

沃爾特，讓我先回答第二個問題，然後我會把它交給埃德，討論我們如何與卡車競爭。看，我們有一個為增長而建立的特許經營權。 Norfolk Southern 的特許經營權、我們服務的市場以及與我們保持一致的客戶有很多獨特的優勢。因此，我們非常有信心並有能力實現有機增長。我們在投資者日提出了投資論點。艾德，你為什麼不談談我們將如何發展並與卡車競爭。

Sure. Well, first of all, we have a fantastic partnership with our key customers. And that includes our key customers in that trucking space. I say all the time, we are not competing against trucks. We're competing against the highway. Truckers are our customers and that's a great place to be.

當然。好吧，首先，我們與主要客戶建立了良好的合作夥伴關係。這包括我們在貨運領域的主要客戶。我一直在說，我們不是在與卡車競爭。我們正在與高速公路競爭。卡車司機是我們的客戶，這是一個很好的地方。

Sure, the current environment is challenging, but we've been there before. We've seen these cycles play out time and time again. The market is rebalancing right now. And I think when you look out past '23, it's clear that rail intermodal, specifically on Norfolk Southern is going to be a very compelling place to be for customers. We talk all the time internally about all the innovation that's going into reducing the carbon footprint for transportation. But if you want to reduce your carbon footprint by about 70% to 90%, just put it on a train on Norfolk Southern. It's the easiest way to do it. So we think the value prop long term is compelling. And even in the short term, we think we are very well positioned to compete with our customers.

當然，當前的環境充滿挑戰，但我們以前經歷過。我們已經看到這些週期一次又一次地出現。市場現在正在重新平衡。而且我認為，當你展望 23 年後，很明顯，鐵路聯運，特別是在諾福克南部，將成為吸引客戶的一個非常有吸引力的地方。我們一直在內部討論所有旨在減少交通碳足蹟的創新。但是，如果您想將碳足跡減少約 70% 至 90%，只需將它放在 Norfolk Southern 的火車上即可。這是最簡單的方法。因此，我們認為長期的價值支撐是引人注目的。即使在短期內，我們認為我們也有能力與客戶競爭。

Our next question comes from the line of Jon Chappell with Evercore ISI.

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

Ed, circling back to yield a little bit. I mean identifiable headwinds of fuel and accessorial unwinds are very clear. It sounds like you think the core can still offset a lot of that, which has been really Norfolk's bread and butter for the last several years. But in this loosening truckload market, weaker economic backdrop, are you finding that there's any areas where your pricing power is coming under pressure a little bit due to customers' unwillingness especially in the loosening truckload market as we think to intermodal?

埃德，繞回來一點讓步。我的意思是，可識別的燃料逆風和輔助平倉非常明顯。聽起來你認為核心仍然可以抵消很多，這在過去幾年裡一直是諾福克的生計。但是在這個寬鬆的卡車市場，疲軟的經濟背景下，你是否發現由於客戶的不願意，特別是在我們認為多式聯運的寬鬆卡車市場中，你的定價能力在任何領域都面臨壓力？

I think what makes me optimistic about our ability to continue to price in the same way that we have for years and years is the increasing value of the service that we're providing. Right now, we're producing a service that is very valuable to our customers we're supplying capacity that allows them to move that freight from the highway back to the railroad.

我認為讓我對我們繼續以與多年來相同的方式定價的能力感到樂觀的是我們提供的服務的價值不斷增加。現在，我們正在提供一項對我們的客戶非常有價值的服務，我們正在提供能力，使他們能夠將貨物從高速公路運回鐵路。

And you know what, we're going to continue to develop and enhance that value just like Alan talked about. We're not stopping in terms of understanding what our customers need and what sort of service will provide value to them. We're really looking at the 3-, 5-, 7-year horizon on how we can deliver value for our customers, that's how we're going to continue to produce the results that we have so far, and we're confident in that.

你知道嗎，就像艾倫所說的那樣，我們將繼續發展和提高這種價值。我們並沒有停止了解我們的客戶需要什麼以及什麼樣的服務將為他們提供價值。我們真正著眼於 3 年、5 年、7 年的時間範圍，以了解我們如何為客戶創造價值，這就是我們將如何繼續取得迄今為止取得的成果，我們有信心在那裡面。

So does that mean core is a little bit stickier than in intermodal since there's more intermodal conversion potential there as opposed to maybe economically sensitive merchandise?

那麼，這是否意味著核心比多式聯運更具粘性，因為那裡有更多的多式聯運轉換潛力，而不是經濟敏感的商品？

You're breaking up just a [hair.] Can you repeat that?

你只是分手了一根[頭髮]。你能重複一遍嗎？

Yes, does that mean that core is maybe a bit stickier in intermodal, given the potential for share gain as opposed to more economically sensitive merchandise?

是的，這是否意味著核心在多式聯運中可能更具粘性，因為與對經濟更敏感的商品相比，可能會增加份額？

I don't know. I think when I look across the markets that we serve, I think we've got potential to continue to produce -- leaving coal out of this for the time being because of the year-over-year headwind. We've got a great track record. We're going to continue to do that.

我不知道。我認為，當我審視我們所服務的市場時，我認為我們有潛力繼續生產——由於同比逆風，暫時將煤炭排除在外。我們有很好的記錄。我們將繼續這樣做。

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

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

One for Mark. Can you just give us a little bit of color on the average comp per employee going forward? Obviously, this quarter, you got the accrual, the incentive comp tailwind. You probably got some mix of new hires still in there. So any color you can provide on the OpEx side when we look at that throughout the rest of 2023 would be helpful. And then for Paul, I know we're talking a lot about grounded conductors in the headlines, and this is a big thing that's starting in the industry. But maybe you can just level set the time line that you think this could progress to the extent you can offer one because it does seem like it's a new event, but obviously, I think, at least take quite a bit of time for this to really get past pilot program and implementation to be more meaningful that we might see something live and in the field?

一個給馬克。你能給我們一些關於未來每位員工的平均薪酬的顏色嗎？顯然，本季度，您獲得了應計利潤，即激勵補償順風。你可能還有一些新員工組合在那裡。因此，當我們在 2023 年剩餘時間內查看運營支出方面時，您可以提供的任何顏色都會有所幫助。然後對於保羅，我知道我們在頭條新聞中談論了很多關於接地導體的問題，這是行業中開始的一件大事。但也許你可以設置你認為這可能會進展到你可以提供的程度的時間線，因為它看起來確實是一個新事件，但顯然，我認為，至少需要相當多的時間才能做到真的讓過去的試點計劃和實施變得更有意義，我們可能會在現場看到一些東西嗎？

I'll start with the comp and ben per employee. Brian, we ended pretty much where we had signaled we'd be on a per employee basis, excluding the adjustment there that deflated it a little bit. I would expect in '23, you'll see that number step up in Q1, like we talked about due to the payroll tax resets, and it will probably be in that 35 and change range. And while it would normally step up again in Q3 due to the wage accrual or the wage increases that take effect there in the third quarter. That will probably get offset to a large degree by the unwinding of some of these service-related costs. So I would expect kind of flat in that 35,000 and change territory throughout the year. Paul?

我將從每位員工的薪酬和本開始。布賴恩，我們幾乎結束了我們已經發出信號的地方，我們將以每位員工為基礎，不包括那裡的調整，它會稍微縮小一點。我希望在 23 年，你會看到第一季度這個數字上升，就像我們談到的由於工資稅重置一樣，它可能會在 35 和變化範圍內。雖然由於工資應計或第三季度生效的工資增長，它通常會在第三季度再次上升。這可能會在很大程度上被這些與服務相關的成本的減少所抵消。所以我預計這 35,000 人會持平，並且全年都會改變領土。保羅？

Yes. And just adding to the second question on that. As we stated, national bargaining was complete here in December. We've already begun negotiations with our labor unions on conductor redeployment. From the fact of the time line we're in negotiations, but there's certainly a regulatory piece of this. But as we have the discussions and we think about the long-term future of where we want to be, there are benefits from a predictive work standpoint. There are certainly benefits from a work-life balance and quality of life standpoint that have been challenges in the industry for a number of years that we feel get addressed through some level of conductor redeployment. So we think there's a compelling reason certainly for the industry and the regulations to move forward in support of conductor redeployment.

是的。並且只是添加到第二個問題。正如我們所說，全國談判已於 12 月在這裡完成。我們已經開始與我們的工會就指揮重新部署進行談判。從時間線的事實來看，我們正在談判中，但肯定有一個監管部分。但是當我們進行討論並思考我們想要達到的長期未來時，從預測性工作的角度來看是有好處的。從工作與生活的平衡和生活質量的角度來看，這肯定有好處，多年來一直是該行業面臨的挑戰，我們認為通過一定程度的指揮重新部署可以解決這些問題。因此，我們認為行業和法規肯定有一個令人信服的理由來支持指揮重新部署。

And certainly back to what Ed was talking about. We have to continue to find through our balanced approach of service productivity and growth, those next opportunities to drive greater value for our customers and bring that volume on our railroad. So we think that's all a part of our value proposition in the long term.

當然回到埃德所說的。我們必須通過我們平衡的服務生產力和增長方法，繼續尋找下一個機會，為我們的客戶創造更大的價值，並將這一數量帶到我們的鐵路上。因此，我們認為從長遠來看，這都是我們價值主張的一部分。

And do you think you could see a pilot program for one of those initiatives starting this year? Or is that a little too soon to expect?

你認為你能看到從今年開始的其中一項舉措的試點計劃嗎？或者這有點太早了？

It's too soon to say at this point. We're ongoing in negotiations. We want to have those discussions first and cross that bridge when it comes.

現在說還為時過早。我們正在進行談判。我們希望首先進行這些討論，並在它到來時跨過那座橋。

Our next question comes from the line of Cherilyn Radbourne with TD Securities.

我們的下一個問題來自道明證券的 Cherilyn Radbourne。

I was hoping you could speak to the kind of visibility that you have in automotive for 2023? And how far out you think that goes? And perhaps looking at a little further, you could also comment on any changes that you anticipate in that franchise as far as routing, et cetera, as the industry converts to electric vehicles?

我希望您能談談 2023 年您在汽車領域的知名度？你認為這能走多遠？也許再進一步看，您還可以評論一下，隨著行業轉向電動汽車，您預計該特許經營權會在路線等方面發生任何變化？

Sure. There's clearly a bow wave of unmet demand out there for automobiles in North America. And the industry is really focused on delivering and trying to work that off. We are too. We've invested in new cars for that fleet, and our fluidity has improved significantly. We are continuing to refine that. That's going to offer us the opportunity to help our automotive customers meet some of that unmet demand.

當然。北美市場顯然存在未滿足的汽車需求。該行業真正專注於交付並努力解決這個問題。我們也是。我們為該車隊投資了新車，我們的流動性得到了顯著改善。我們正在繼續完善它。這將為我們提供機會，幫助我們的汽車客戶滿足一些未滿足的需求。

Going forward, I think it takes a while to work that off. I don't know that it ends this year.

展望未來，我認為需要一段時間才能解決這個問題。不知道今年就結束了。

Turning to the question. I think your question was about EVs and future supply chains. We've seen a tremendous amount of investment in new capability for whether it's EVs, construction, whether it's battery construction, whether it's battery recycling, there's a tremendous amount of interest out there and some investment going forward that we are working to make sure that we can support.

轉向問題。我認為你的問題是關於電動汽車和未來供應鏈的。我們已經看到對新功能的大量投資，無論是電動汽車、建築、電池建設、電池回收，人們對此表現出極大的興趣，並且我們正在努力確保進行一些投資我們可以支持。

Our next question comes from the line of Ariel Rosa with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Ariel Rosa。

So I wanted to ask about the state of labor relations as you see it. To what extent has it moved -- or has it improved since moving past the PEB? Obviously, negotiations had gone a little bit contentious, but wanted to hear your perspective on if that's improved since then? And then to what extent do you think you might have to make further concessions on benefits or sick leaves or anything around that sort of thing? And then given the benefits you're describing around kind of the flywheel effect and the service improvements that you're seeing, I'm wondering if volumes do come in a little bit weaker than expected for this year, given the aggressive hiring, what do you do with those excess employees? Or do you see yourself in an environment where maybe you have a little bit more head count than what's needed and what do you do with those employees?

所以我想問一下您所看到的勞資關係狀況。它在多大程度上移動了——或者自從通過 PEB 以來它有沒有改進？顯然，談判有點爭議，但想听聽您對自那以後情況是否有所改善的看法？然後，您認為您可能需要在多大程度上在福利或病假或任何類似事情上做出進一步讓步？然後考慮到你所描述的飛輪效應和你所看到的服務改進的好處，我想知道今年的銷量是否確實比預期的要弱一些，考慮到積極的招聘，什麼你如何處理那些過剩的員工？或者您是否認為自己所處的環境中您的員工人數可能比需要的多一點，您如何處理這些員工？

I'll address part of that and then turn it over to Paul. Now that we're done with national negotiations, we can turn to local negotiations in which we are collaborating with our craft colleagues to modernize our labor agreements to improve their quality of life, enhance operational flexibility and provide more predictable work schedules. That benefits us, that benefits our craft colleagues and benefits employee engagement. And we're seeing that as we get out into the field and talk to our employees about the future of Norfolk Southern, a balanced approach on service, productivity and growth. In respect to what would happen were we to enter into a downturn, that is factored into our thinking. And it certainly provides an opportunity for enhanced training and enhanced flexibility for our employees.

我將解決其中的一部分，然後將其交給 Paul。現在我們已經完成了全國談判，我們可以轉向地方談判，我們正在與我們的工藝同事合作，使我們的勞動協議現代化，以改善他們的生活質量，提高運營靈活性並提供更可預測的工作時間表。這有利於我們，有利於我們的工藝同事並有利於員工敬業度。當我們進入實地並與我們的員工談論諾福克南方的未來時，我們看到了這一點，這是一種在服務、生產力和增長方面取得平衡的方法。關於如果我們陷入低迷會發生什麼，這是我們考慮的因素。它無疑為我們的員工提供了加強培訓和提高靈活性的機會。

Paul, do you want to talk a little bit about what you're seeing out in the field?

保羅，你想談談你在現場看到的東西嗎？

Yes, Alan, I mean, you touched very well on the very first level -- the lever would certainly be investing in our workforce, cross qualification, extended training [ex board] consolidations, et cetera, where we have opportunities there. But we also have the lever of attrition. And we've seen what has taken place in the industry with furloughs. We just have not seen furloughs come back. It's very expensive in the long term, and we do not see that as certainly one, if any lever that we want to pull. We want to ensure, again, if there is a volume downturn, we are in a position as that volume comes back to handle it and handle it well. So that is how we are going to approach a downturn in potential volume.

是的，艾倫，我的意思是，你在第一個層面上觸及得很好——槓桿肯定會投資於我們的勞動力、交叉資格、擴展培訓 [ex board] 整合等等，我們在那裡有機會。但我們也有消耗槓桿。我們已經看到行業中發生的休假情況。我們只是還沒有看到休假回來。從長遠來看，這是非常昂貴的，而且我們認為這肯定不是一個我們想要拉動的槓桿。我們希望再次確保，如果交易量下降，我們能夠在交易量恢復並處理好時處於有利位置。這就是我們將如何應對潛在交易量的下滑。

Our next question comes from the line of Bascome Majors with Susquehanna.

我們的下一個問題來自 Bascome Majors 與 Susquehanna 的合作。

If you look at the senior management incentives, they've recently been very much in the short term tied to OR and operating income with the long term tied to returns on capital with the TSR multiplier. At the Investor Day a few weeks ago, Annie Adam said that she was working with the Board to really redo the incentives both for senior management and for some other employees subject to the incentive program to really align with this new strategy that you guys laid out for us a few weeks back. Can you talk a little more about the changes that are being made and what you're doing at the compensation structure level to really encourage the behavior you're looking for in the long-term strategy?

如果你看一下高級管理人員的激勵措施，他們最近在短期內與 OR 和營業收入密切相關，而長期與資本回報率和 TSR 乘數相關聯。在幾週前的投資者日，安妮亞當說她正在與董事會合作，真正重新制定對高級管理人員和其他一些受激勵計劃約束的員工的激勵措施，以真正與你們制定的新戰略保持一致幾週前對我們來說。你能多談談正在進行的改變以及你在薪酬結構層面所做的事情，以真正鼓勵你在長期戰略中尋找的行為嗎？

Bascome, thanks for the question. We are -- as Annie noted, we're in discussions with our Board to make sure that our compensation plan is aligned with our strategic goals. We've always done that, right? And as we noted at Investor Day, our strategic goal is to deliver top-tier revenue and earnings growth through industry competitive margins and a balanced capital deployment.

巴斯科姆，謝謝你的提問。正如安妮所說，我們正在與董事會進行討論，以確保我們的薪酬計劃符合我們的戰略目標。我們一直都是這樣做的，對吧？正如我們在投資者日指出的那樣，我們的戰略目標是通過具有行業競爭力的利潤率和平衡的資本配置來實現頂級收入和盈利增長。

And I think you'll end up seeing in '23 that the structure has been amended a bit to reflect the alignment with our strategy.

而且我認為您最終會在 23 年看到該結構已進行了一些修改以反映與我們戰略的一致性。

Can you talk a little more specifically about those changes?

你能更具體地談談這些變化嗎？

Not right now, we can't. No.

現在不行，我們不能。不。

Still in discussion with the (inaudible).

仍在與（聽不清）討論。

Our next question comes from the line of Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自 Jeff Kauffman 與 Vertical Research Partners 的對話。

There were a lot of odd issues that occurred this year, and I think you hit some of them in terms of accessorials and in terms of liquidated damages. I'm kind of curious, with the big shift that we saw with West Coast to East Coast shipments from customers and now we're dealing with this inventory overhang. How do you think that affected your business in the Eastern U.S. Is it better for you if these containers dock in the West and get handed over in Chicago? And do your customers see a return to the West Coast at some point this year, maybe when that labor situation settles is? My understanding is it still tends to be a little cheaper to dock West than East. Just kind of curious how you thought that, that shift that's probably a little more transient impacted your business?

今年發生了很多奇怪的問題，我認為您在附件和違約金方面遇到了其中一些問題。我有點好奇，我們看到客戶從西海岸向東海岸發貨發生了巨大轉變，現在我們正在處理這種庫存過剩問題。您認為這對您在美國東部的業務有何影響？如果這些集裝箱在西部停靠並在芝加哥移交，對您來說是否更好？您的客戶是否會在今年的某個時候看到返回西海岸，也許是在勞動力情況穩定下來的時候？我的理解是停靠西部仍然比東部便宜一些。只是有點好奇你是怎麼想的，這種可能更短暫的轉變影響了你的業務？

This is Ed. Thank you for the question. I love talking about the business. The shift from West Coast to East Coast has been ongoing for the better part of 20 years. And that evolution has occurred because of economics over time as manufacturing has shifted South and West from Japan to Korea to China and now towards Vietnam and Myanmar, et cetera, it makes those all water sailings more attractive. When you look at the population center of the U.S., which is East of Mississippi.

這是埃德。感謝你的提問。我喜歡談論生意。從西海岸到東海岸的轉變已經持續了 20 年的大部分時間。隨著時間的推移，隨著經濟的發展，製造業已經從日本轉移到韓國，再到中國，現在又轉移到越南和緬甸等地，這使得所有水上航行更具吸引力。當您查看密西西比州以東的美國人口中心時。

The expansion of the Panama Canal and now the use of Suez is also a compelling reason why those economics tend to work more. Our position is pretty simple. We want to be able to handle those shipments effectively, whether they come in through the West Coast, [which I think quite a few still will] or whether it comes through the East Coast. There's no doubt that there is a lot of inland infrastructure associated with transloading on the West Coast that makes that compelling. And we're perfectly positioned to help our customers deliver that volume to the population centers in the east.

巴拿馬運河的擴建和現在蘇伊士運河的使用也是這些經濟學往往更有效的一個令人信服的理由。我們的立場很簡單。我們希望能夠有效地處理這些貨物，無論它們是通過西海岸進入（我認為仍有很多人會這樣做）還是通過東海岸進入。毫無疑問，西海岸有很多與轉運相關的內陸基礎設施，這使得它很有吸引力。我們完全有能力幫助我們的客戶將這一數量運送到東部的人口中心。

At the same time, we've invested a lot of money to make sure that we're a compelling partner for our ports and for our steamship lines as they come through the East Coast. We've invested a lot of money in some of our largest lanes, are those shorter lengths haul that emanate from whether it's Savannah, Charleston, or Norfolk or from New York, et cetera, that allow us to add value to those shipments.

與此同時，我們投入了大量資金，以確保我們成為我們的港口和穿過東海岸的輪船航線的引人注目的合作夥伴。我們在一些最大的航線上投入了大量資金，這些航線來自薩凡納、查爾斯頓、諾福克或紐約等地，它們使我們能夠為這些貨運增加價值。

And just to follow up to that, what are your customers telling you in terms of their plans on inventory reduction where you may see more normalized shipment levels?

只是為了跟進這一點，您的客戶就他們的庫存減少計劃告訴您什麼，您可能會看到更正常的發貨水平？

I think the outlook from our customers is that there's been a work down in inventory recently after that run-up. I think many of their customers are now getting their inventories in much better shape. And it really comes down to having the right product, not necessarily the right number of any given product, but the right type. And so we're encouraged by those recent work downs. And as we move into '23, again, we're guarded in terms of economic outlook, but poised for opportunity as soon as they manifest themselves.

我認為我們客戶的前景是，在這次上漲之後，最近庫存有所減少。我認為他們的許多客戶現在的庫存狀況要好得多。這真的歸結為擁有正確的產品，不一定是任何給定產品的正確數量，而是正確的類型。因此，我們對最近的工作停滯感到鼓舞。當我們再次進入 23 世紀時，我們對經濟前景持謹慎態度，但一旦他們表現出來就準備好抓住機會。

Our next question comes from the line of David Vernon with Bernstein.

我們的下一個問題來自大衛弗農與伯恩斯坦的對話。

So one sort of detailed question and then I had a question for you, Ed, on sort of rail share. So just to start off, if you think about the starting off point for flattish EBIT guidance, can you just give -- let us help us understand is that from a GAAP basis or adjusting for some of the accruals? And then as you think about the last couple of quarters, have noticed the carload traffic, particularly chemicals and ag, you guys have been outperforming CSX. And I'd love to get your perspective on how important sort of rail share is to you and the growth strategy going forward. CSX has historically had a little bit bigger carload footprint I think than you guys have had as you've been investing a lot in intermodal over the last decade.

所以一個詳細的問題，然後我有一個問題要問你，埃德，關於鐵路份額。所以只是開始，如果你考慮平坦的 EBIT 指導的起點，你能給 - 讓我們幫助我們理解是從 GAAP 基礎還是調整一些應計費用？然後，當您考慮過去幾個季度時，注意到貨運量，尤其是化學品和農業，你們的表現一直優於 CSX。我很想听聽您對鐵路份額對您的重要性以及未來增長戰略的看法。我認為 CSX 歷來擁有比你們更大的載重足跡，因為你們在過去十年中一直在多式聯運方面進行了大量投資。

How do you think about that share situation playing out, right? Are you guys outgrowing them because of some specific network advantages? Are you winning them in the marketplace? Any thoughts on that would be really helpful.

您如何看待這種情況，對嗎？你們是不是因為某些特定的網絡優勢而超越了他們？你在市場上贏得了他們嗎？對此的任何想法都會非常有幫助。

Yes, real quick, David. I mean we're talking on a GAAP basis and -- go ahead, Ed.

是的，很快，大衛。我的意思是我們是在 GAAP 的基礎上討論的，並且 - 繼續，Ed。

Sure. Yes. The market that we really study is that $860 billion truck and logistics market. There's 5 trillion-ton miles moving in North America. And majority of those move adverse to railroads. We -- that's where I'm focused is, how do we convert that business -- more of that business to Norfolk Southern. Railroads are, in some ways, defined by geography, but we are defined by our customer base, and that's what we're focused on.

當然。是的。我們真正研究的市場是價值 8600 億美元的卡車和物流市場。北美移動了 5 萬億噸英里。其中大多數對鐵路不利。我們——這就是我關注的地方，我們如何將這項業務——更多的業務轉移到諾福克南方。在某些方面，鐵路是由地理定義的，但我們是由我們的客戶群定義的，而這正是我們關注的重點。

Ladies and gentlemen, our last question today comes from the line of Ken Hoexter with Bank of America.

女士們，先生們，我們今天的最後一個問題來自美國銀行的 Ken Hoexter。

Great. So just a follow -- a couple of clarifications. On staffing, are you saying you're only 100 off your T&E target, and that's your goal there? And then I guess the total employees, you ended with about 19,250, up about 1,200 from a year ago. Maybe give your thoughts on where that is a year from now? And then maybe -- I don't know, Mark, can you talk about what service level costs are still embedded in there, given the service gains versus inflation? I'm just trying to figure out where the opportunity is?

偉大的。所以只是跟進 - 一些澄清。在人員配置方面，您是說您只比 T&E 目標低 100，而這就是您的目標嗎？然後我猜員工總數，你結束時大約有 19,250 人，比一年前增加了大約 1,200 人。也許對一年後的情況發表您的看法？然後也許——我不知道，馬克，考慮到服務收益與通貨膨脹的關係，你能談談其中仍然包含哪些服務水平成本嗎？我只是想弄清楚機會在哪裡？

Ken, for now, based on the economic outlook of 7,600 target that we had -- still exists, we're going to continue to hire in locations where we're tight. And going forward, as you look here into 2024, obviously, there's a lot of uncertainty out there. We've talked about that. And so I don't want to get too far ahead of ourselves. I will tell you that right now, the conductor training pipeline is elevated, but it will remain so until we get to target and feel like we're recruiting, hiring and training at a steady state.

肯，目前，基於我們擁有的 7,600 目標的經濟前景 - 仍然存在，我們將繼續在我們緊張的地方招聘。展望未來，當您展望 2024 年時，顯然存在很多不確定性。我們已經談過了。所以我不想太超前。我會告訴你，現在，指揮培訓渠道有所提升，但它會一直保持下去，直到我們達到目標並感覺我們正在穩定地招聘、僱用和培訓。

And certainly, volume growth profile will mean that, that number is constantly moving. The target head count number is constantly moving. And specific to your question on where the service costs reside, Ken, I'd say roughly half of those sit in comp and ben between overtime, recrews, incentive expenses, as well as recruiting and training. That's really where, I'd say, half of it said. There's also a fair amount in purchased services. A lot of the disruption cost sits there. And there's also a little bit sitting in materials as well with regard to locomotives. So it's battered throughout the rest of the P&L, but half of it sits in comp and ben.

當然，銷量增長情況意味著，這個數字在不斷變化。目標人數在不斷變化。肯，具體到你關於服務成本在哪裡的問題，我想說大約一半的服務成本在加班費、再工作人員、激勵費用以及招聘和培訓之間。我會說，這確實是其中的一半。購買的服務也有相當數量。很多中斷成本就在那裡。在機車方面也有一些材料。所以它在整個損益表的其餘部分都受到了打擊，但其中一半位於 comp 和 ben 中。

And is there a total dollar amount that you're pointing to that you're looking to offset with the inflation?

您是否指出要用通貨膨脹抵消的總金額？

Well, what we indicated was it's roughly $40 million a quarter that we're dealing with. And I would expect that, that number to come back down closer to, but not all the way to 0, by the time you get to the end of the year. So that's it.

好吧，我們指出的是我們正在處理的每季度大約 4000 萬美元。我希望到年底時，這個數字會回落到接近 0，但不會一直回落到 0。就是這樣了。

Great. And then just a follow-up for me, if I can. Paul, you noted 202 locomotive miles per day. Can you talk about targets there, given the service improvements where you think we end the year with?

偉大的。如果可以的話，然後對我進行跟進。保羅，你注意到每天 202 機車英里。考慮到您認為我們年底的服務改進，您能談談那裡的目標嗎？

We are just now beginning to get the service back to where we wanted it to be here for the past -- within the past several weeks and if not the past couple of months. So we described at Investor Day the flywheel effect that is going to take place, fully expect as we continue to resource up to the group piece that we spoke to and the service gains we have made that we're going to continue to see that improve throughout the year.

我們剛剛開始將服務恢復到我們希望它過去的狀態——在過去幾週內，如果不是過去幾個月的話。因此，我們在投資者日描述了將要發生的飛輪效應，完全期望隨著我們繼續為與我們交談過的小組提供資源以及我們所取得的服務收益，我們將繼續看到這種改善全年。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Alan Shaw for any final comments.

女士們，先生們，我們的問答環節到此結束。最後請 Alan Shaw 先生髮言。

I'd like to thank everyone for their interest in Norfolk Southern and for joining us today. Thanks.

我要感謝大家對 Norfolk Southern 的興趣和今天加入我們。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。