奧多明尼昂貨運 (ODFL) 2022 Q2 法說會逐字稿

Good day, and welcome to the Old Dominion Freight Line Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Old Dominion Freight Line 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Drew Andersen. Please go ahead.

我現在想把會議交給 Drew Andersen。請繼續。

Thank you. Good morning, and welcome to the Second Quarter 2022 Conference Call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through August 3, 2022, by dialing 1 (877) 344-7529, access code 7163281. The replay of the webcast may also be accessed for 30 days at the company's website.

謝謝你。早上好，歡迎來到 Old Dominion Freight Line 2022 年第二季度電話會議。正在錄製今天的通話，從今天開始到 2022 年 8 月 3 日，撥打 1 (877) 344-7529，訪問代碼 7163281 可以重播。網絡廣播的重播也可以在公司網站上訪問 30 天.

This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements, among others, regarding Old Dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，其中包括關於 Old Dominion 預期財務和經營業績的陳述。為此，在本次電話會議期間做出的任何非歷史事實陳述的陳述均可能被視為前瞻性陳述。在不限制前述內容的情況下，相信、預期、計劃、預期和類似表達旨在識別前瞻性陳述。特此提醒您，這些聲明可能會受到 Old Dominion 向證券交易委員會提交的文件和今天上午的新聞稿中所述的重要因素的影響。因此，實際運營和結果可能與前瞻性陳述中討論的結果存在重大差異。公司不承擔因新信息、未來事件或其他原因而公開更新任何前瞻性陳述的義務。

(Operator Instructions)

（操作員說明）

At this time, for opening remarks, I would like to turn the conference over to the company's President and Chief Executive Officer, Mr. Greg Gantt. Please go ahead, sir.

現在，作為開場白，我想把會議交給公司總裁兼首席執行官 Greg Gantt 先生。請繼續，先生。

Good morning and welcome to our second quarter conference call. With me on the call today is Adam Satterfield, our CFO. After some brief remarks, we will be glad to take your questions.

早上好，歡迎參加我們的第二季度電話會議。今天與我通話的是我們的首席財務官 Adam Satterfield。在簡短的評論之後，我們將很高興回答您的問題。

I am pleased to report that the OD team delivered strong profitable growth during the second quarter, which resulted in new company records for revenue and profitability. Our revenue increased 26.4% to $1.7 billion, while earnings per diluted share increased 42.9% to $3.30. We also improved our operating ratio by 280 basis points to 69.5%. This is the first time in our company's history that we have produced a sub-70% quarterly operating ratio.

我很高興地報告，OD 團隊在第二季度實現了強勁的盈利增長，從而創造了新的公司收入和盈利記錄。我們的收入增長 26.4% 至 17 億美元，每股攤薄收益增長 42.9% 至 3.30 美元。我們還將營業比率提高了 280 個基點至 69.5%。這是我們公司歷史上第一次季度運營率低於 70%。

We achieved these results by continuing to execute on our long-term strategic plan, which has guided us for many years and throughout many economic cycles. The disciplined execution of the business fundamentals that form this plan have supported our ability to double our market share over the past 10 years. We are confident that continued execution on this plan positions us to win additional market share over the next 10 years.

我們通過繼續執行長期戰略計劃取得了這些成果，該計劃指導了我們多年和許多經濟周期。嚴格執行構成該計劃的業務基礎支持了我們在過去 10 年中將市場份額翻倍的能力。我們相信，繼續執行該計劃將使我們在未來 10 年贏得更多的市場份額。

The foundation for our ability to win market share is our relentless focus on providing superior service at a fair price. Our on-time service performance was 99% in the second quarter, while our cargo claims ratio improved to 0.1%. These service metrics reflect the efforts of our OD family of employees, who maintain a steadfast commitment to delivering value to our customers each and every day.

我們贏得市場份額的基礎是我們堅持不懈地以合理的價格提供優質服務。第二季度我們的準時服務表現為 99%，而我們的貨物索賠率提高到 0.1%。這些服務指標反映了我們 OD 員工家族的努力，他們堅定地致力於每天為我們的客戶創造價值。

It appears that service quality is becoming even more important to customers when selecting a carrier, which is why demand for our service has remained strong. This is a trend that began to develop with the economic recovery during the second half of 2020. And it continues today as many shippers are still struggling with supply chain issues. As a result, we believe our customer relationships have strengthened as we do our part to help our manufacturing customers keep their facilities running smoothly, while helping our retail customers keep products on the shelf and available for sale.

在選擇運營商時，服務質量對客戶來說似乎變得越來越重要，這就是對我們服務的需求保持強勁的原因。這是隨著 2020 年下半年經濟復甦而開始發展的趨勢。如今，由於許多托運人仍在與供應鏈問題作鬥爭，這種趨勢仍在繼續。因此，我們相信我們的客戶關係得到了加強，因為我們儘自己的一份力量幫助我們的製造客戶保持他們的設施順利運行，同時幫助我們的零售客戶將產品保持在貨架上並可供銷售。

Our value proposition also includes having sufficient capacity to support our customers when they need it the most. We currently have approximately 15% to 20% excess capacity within our service center network and we expect to open multiple new facilities during the second half of this year. These new facilities as well as various other expansion projects that we expect to complete should increase the amount of our excess capacity towards our longer-term target of 25%. We remain committed to the ongoing expansion of our service center network, which we believe is important regardless of the short-term macroeconomic outlook.

我們的價值主張還包括有足夠的能力在客戶最需要時為他們提供支持。目前，我們的服務中心網絡有大約 15% 至 20% 的產能過剩，我們預計在今年下半年開設多個新設施。這些新設施以及我們預計完成的各種其他擴建項目應該會將我們的過剩產能增加至我們 25% 的長期目標。我們仍然致力於不斷擴展我們的服務中心網絡，無論短期宏觀經濟前景如何，我們認為這很重要。

Expanding service center capacity can take a significant amount of time, which is why we have historically been proactive with respect to our expansion efforts. This unique strategy has created a capacity advantage for us in the marketplace, which becomes more apparent to shippers in tight environments like we have seen in the past couple of years.

擴展服務中心容量可能需要大量時間，這就是我們歷來積極主動地擴展服務的原因。這種獨特的策略為我們在市場上創造了運力優勢，這對於在過去幾年所見的緊張環境中的托運人來說變得更加明顯。

With over $700 million of year-to-date revenue growth through June, we are on pace to exceed $1 billion of revenue growth for the second year in a row. We simply could not have achieved these types of numbers without the consistent investment in our service center capacity as well as the continued investment in our fleet, technology and the training and education of our OD family of employees.

截至 6 月，年初至今的收入增長超過 7 億美元，我們有望連續第二年超過 10 億美元的收入增長。如果沒有對我們的服務中心能力的持續投資以及對我們的車隊、技術以及對我們 OD 員工家庭的培訓和教育的持續投資，我們根本不可能實現這些類型的數字。

Our team has shown tremendous flexibility over the past couple of years in response to significant changes in our business levels. And I am confident that this team will continue to build on its success. We have created one of the strongest records for long-term growth and profitability in the LTL industry by executing on our long-term strategic plan, by providing superior service at a fair price and having the capacity to stay ahead of our growth curve, we believe we are better positioned than any other carrier to produce long-term profitable growth while increasing shareholder value.

在過去幾年中，我們的團隊在應對業務水平的重大變化時表現出極大的靈活性。我相信這支球隊將繼續在其成功的基礎上再接再厲。通過執行我們的長期戰略計劃，通過以公平的價格提供優質的服務並有能力保持領先於我們的增長曲線，我們創造了 LTL 行業長期增長和盈利能力最強勁的記錄之一，我們相信我們比任何其他運營商都更有能力實現長期盈利增長，同時增加股東價值。

Thank you for joining us this morning, and now Adam will discuss our second quarter financial results in greater detail.

感謝您今天早上加入我們，現在亞當將更詳細地討論我們的第二季度財務業績。

Thank you, Greg, and good morning. Old Dominion's revenue growth of 26.4% in the second quarter was driven by the 22.6% increase in LTL revenue per hundredweight and 2.8% increase in LTL tons per day. Demand for our superior service remained strong during the quarter, which helped support the steady trend with our volumes and consistent yield improvements.

謝謝你，格雷格，早上好。 Old Dominion 第二季度收入增長 26.4%，主要得益於每英擔 LTL 收入增長 22.6% 和每天 LTL 噸增長 2.8%。本季度對我們優質服務的需求仍然強勁，這有助於支持我們的銷量和持續提高產量的穩定趨勢。

On a sequential basis, revenue per day for the second quarter increased 11.4% when compared to the first quarter of 2022 with LTL tons per day increasing 0.7% and LTL shipments per day increasing 1.7%. For comparison, the 10-year average sequential change for these metrics includes an increase of 9.6% in revenue per day, an increase of 7.4% in tons per day and an increase of 7.8% in shipments per day. At this point in July, our revenue per day has increased by approximately 18% when compared to July 2021, which continues to exceed our long-term average growth rate. As usual, we will provide the actual revenue-related details for July in our second quarter Form 10-Q.

與 2022 年第一季度相比，第二季度的每日收入環比增長 11.4%，每天零擔噸數增長 0.7%，每天零擔運輸量增長 1.7%。相比之下，這些指標的 10 年平均環比變化包括每天收入增長 9.6%、每天噸數增長 7.4% 和每天出貨量增長 7.8%。與 2021 年 7 月相比，我們在 7 月份的每日收入增長了約 18%，繼續超過我們的長期平均增長率。像往常一樣，我們將在第二季度的 10-Q 表格中提供 7 月份的實際收入相關詳細信息。

Our second quarter operating ratio improved to 69.5%, with improvements in both our direct operating cost and overhead cost as a percent of revenue. Within our direct operating costs, improvement in salaries, wages and benefits as well as purchase transportation cost as a percent of revenue effectively offset the increase in our operating supplies and expenses. The increase in operating supplies and expenses as a percent of revenue was primarily due to the increase in the cost of diesel fuel and other petroleum-based products. We improved our overhead cost as a percent of revenue during the second quarter, primarily by leveraging our quality revenue growth and controlling discretionary spending.

我們第二季度的運營率提高到 69.5%，直接運營成本和間接成本佔收入的百分比都有所提高。在我們的直接運營成本中，工資、工資和福利的改善以及採購運輸成本佔收入的百分比有效地抵消了我們的運營供應和費用的增加。運營供應和費用佔收入百分比的增加主要是由於柴油和其他石油產品成本的增加。我們在第二季度提高了間接成本佔收入的百分比，主要是通過利用我們的高質量收入增長和控制可自由支配的支出。

As we move into the second half of 2022, we have areas of opportunity to drive further improvement in our financial results. We will continue to focus on obtaining the yield increases necessary to improve the profitability of each customer account. We will also maintain disciplined control over costs to keep our cost inflation on a per shipment basis to a minimum.

隨著我們進入 2022 年下半年，我們有機會進一步改善我們的財務業績。我們將繼續專注於獲得必要的收益增長，以提高每個客戶賬戶的盈利能力。我們還將保持對成本的嚴格控制，以將每批貨物的成本膨脹降至最低。

Our team is now appropriately sized and most of our service centers to support our anticipated shipment trends. And as a result, we believe we should start seeing improved productivity throughout our operations. The stability of our workforce has also allowed us to reduce our utilization of third-party purchase transportation and moved closer to the fully in-sourced linehaul operation that we prefer. We believe this is one of many key factors creating the service advantage we have in our industry, all of which comes back to helping us win long-term market share.

我們的團隊現在規模適當，我們的大部分服務中心都可以支持我們預期的出貨趨勢。因此，我們相信我們應該開始在整個運營過程中看到生產力的提高。我們員工隊伍的穩定性也使我們能夠減少對第三方採購運輸的使用，並更接近我們更喜歡的完全內購的航線運營。我們相信這是創造我們在行業中擁有的服務優勢的眾多關鍵因素之一，所有這些都有助於我們贏得長期的市場份額。

Old Dominion's cash flow from operations totaled $427.3 million and $816.1 million for the second quarter and first half of 2022, respectively, while capital expenditures were $229.4 million and $323.1 million for those same periods. We utilized $293.5 million and $731.9 million of cash for our share repurchase program during the second quarter and first half of 2022, respectively, while cash dividends totaled $33.8 million and $68 million for the same periods. Our effective tax rate was 26.0% for the second quarter of 2022 and 2021. We currently expect our annual effective tax rate to be 26.0% for the third quarter of 2022.

Old Dominion 的運營現金流在 2022 年第二季度和上半年分別為 4.273 億美元和 8.161 億美元，而同期資本支出為 2.294 億美元和 3.231 億美元。我們在 2022 年第二季度和上半年分別使用了 2.935 億美元和 7.319 億美元的現金用於我們的股票回購計劃，而同期的現金股息總額為 3380 萬美元和 6800 萬美元。我們 2022 年第二季度和 2021 年第二季度的有效稅率為 26.0%。我們目前預計 2022 年第三季度的年度有效稅率為 26.0%。

This concludes our prepared remarks this morning. Operator, we'll be happy to open the floor for questions at this time.

今天上午我們準備好的發言到此結束。接線員，我們很樂意在這個時候開始提問。

(Operator Instructions) The first question today comes from Jordan Alliger with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的 Jordan Alliger。

I was wondering if you could talk a little bit about the price environment. Obviously, there are some concerns out there about -- more than some concerns about moderation in demand and volumes and you've -- some of your rates of growth have probably slowed as well on that front. Can you maybe talk about ex fuel sort of the core price thoughts as you move through the balance of this year? And have you had discussions with shippers or if they come to you and started to talk about things as they approach their next contracts?

我想知道你能否談談價格環境。顯然，除了對需求和數量放緩的擔憂之外，還有一些擔憂，而且你已經在這方面有所放緩。在您度過今年餘下的時間時，您能否談談前燃料類的核心價格想法？您是否與托運人進行過討論，或者他們是否來找您並在他們接近下一份合同時開始談論事情？

Yes. Jordan, so far, we haven't seen much of any at all of any customers asking for cheaper rates or any kind of exception pricing or anything such as that. I think from what we can tell, the industry is extremely disciplined. I think you know, over our history, we've been more than extremely disciplined. And I think that will continue to be our focus. And right now, that's what we're seeing throughout the industry. So I think that's good for all of us. So we'll see. But so far, very, very positive from that standpoint.

是的。喬丹，到目前為止，我們還沒有看到任何客戶要求更便宜的價格或任何類型的例外定價或類似的東西。我認為據我們所知，這個行業非常自律。我想你知道，在我們的歷史上，我們一直非常自律。我認為這將繼續成為我們的重點。而現在，這就是我們在整個行業中看到的情況。所以我認為這對我們所有人都有好處。所以我們拭目以待。但到目前為止，從這個角度來看，非常非常積極。

And then just a follow-up on fuel and fuel surcharges. I know the mechanisms are supposed to work as a pass through. Obviously, fuel surcharges have generally ramped up for the industry pretty quickly, maybe even faster than the cost of diesel. Can you talk about the impact on P&L from the rising fuel environment?

然後只是對燃油和燃油附加費的跟進。我知道這些機制應該作為通道工作。顯然，該行業的燃油附加費普遍上漲得相當快，甚至可能比柴油成本還要快。您能談談不斷上升的燃料環境對損益表的影響嗎？

Jordan, the way our program is designed, we really want it to be neutral to the bottom line as fuel goes up and down. And certainly, as contracts come up in each period and they come up in every quarter for us. But as they come up, we look at what the current fuel price environment looks like and then we try to stress test both up and down to see what that individual customer's overall revenue contributions might look like and being the same for what their costing looks like.

喬丹，我們計劃的設計方式，我們真的希望它在燃料上升和下降時對底線保持中立。當然，隨著合同在每個時期出現，並且它們在每個季度為我們出現。但是當它們出現時，我們會查看當前的燃料價格環境，然後我們嘗試上下壓力測試，以查看單個客戶的整體收入貢獻可能是什麼樣的，以及他們的成本核算是什麼樣的.

And so we try to do the best we can to make sure that, that customer's individual account profitability, understanding all the costs that go into the model for each individual customer account will come out positive, whichever way the fuel might trend. So I think that our surcharge has certainly been effective with offsetting the increased cost of diesel fuel, and certainly, that's having a direct effect on other petroleum-based products, but there's also a lot of indirect effect as well. That's why we continue to see our cost going up, and it's why we've got to continue to be disciplined with our yield management program.

因此，我們盡最大努力確保客戶的個人賬戶盈利能力，了解每個客戶賬戶的模型中的所有成本，無論燃料的趨勢如何，都會產生積極的影響。所以我認為我們的附加費確實有效地抵消了柴油燃料成本的增加，當然，這對其他石油產品有直接影響，但也有很多間接影響。這就是為什麼我們繼續看到我們的成本上升，這就是為什麼我們必須繼續遵守我們的收益管理計劃。

The next question comes from Jon Chappell with Evercore ISI.

下一個問題來自 Evercore ISI 的 Jon Chappell。

Greg, there's been this thought that as trucking capacity -- truckload capacity starts to loosen and especially as we've seen some major retail pre-announcements that LTL has been this massive beneficiary with the only capacity in town, can you kind of detail your book of business a little bit? And how much you would consider that's on your network today being nontraditional LTL freight? And have you seen any shift in your market share, either up or down, let's call it, since mid-May when this whole retail fear started to really emerge?

格雷格，有一種想法是，隨著卡車運輸能力——卡車裝載能力開始放鬆，尤其是當我們看到一些主要的零售預先宣布 LTL 已經成為城裡唯一的運輸能力的巨大受益者時，你能詳細說明一下你的商務書一點點？您認為今天您的網絡中有多少是非傳統零擔貨運？自 5 月中旬整個零售業的恐懼開始真正出現以來，您是否看到您的市場份額有任何變化，無論是上升還是下降？

Yes. Jon, I'm going to let Adam address that. But obviously, there's business that moves back and forth. And it's extremely hard to measure. But I think Adam's got a better handle on those specifics, details than I do.

是的。喬恩，我要讓亞當解決這個問題。但顯然，有業務來回移動。而且非常難以衡量。但我認為亞當比我更能處理這些細節。

Yes, Jon, just to give a little bit of detail, certainly, as those announcements came out last quarter from certain retailers, we've been addressing that question, but we've got many customers that ship and receive that are beyond those 2 big box retailers. But nevertheless, our book of business is still 55% to 60% industrial. And I think the industrial-related customers and when you look at certain macroeconomic factors in that industrial economy is they're continuing to expand, and we probably got a little bit more growth out of our industrial-related customers in this most recent quarter than on the retail side.

是的，喬恩，只是為了提供一點細節，當然，隨著某些零售商在上個季度發布了這些公告，我們一直在解決這個問題，但是我們有很多客戶發貨和收貨超出了這 2 個大盒子零售商。但是，儘管如此，我們的商業賬簿仍然是 55% 到 60% 的工業。而且我認為與工業相關的客戶以及當您查看該工業經濟中的某些宏觀經濟因素時，它們正在繼續擴張，在最近一個季度，我們與工業相關的客戶的增長可能比在零售方面。

But our retail, which is 25% to 30%, continues to perform strongly as well. It's just a little bit below the company average, but we're still seeing nice growth there. So it's something that we'll continue to work through, though, and we believe we've got opportunities with each of those pieces of our business overall. We don't have a lot of truckload spillover-type business in our network. We worked incredibly hard last year to make sure when capacity was at a premium that we were allocating capacity more so to traditional LTL shipments and customers that were tendering those to us for the sense that whenever the truckload environment freed up a little bit, that we wouldn't have this swing of freight going back into that market.

但我們的零售額佔 25% 到 30%，也繼續表現強勁。它僅略低於公司平均水平，但我們仍然看到那裡的良好增長。因此，這是我們將繼續努力的事情，我們相信我們在整體業務的每一個方面都有機會。我們的網絡中沒有很多卡車裝載溢出型業務。去年，我們非常努力地工作，以確保當產能處於溢價狀態時，我們將更多地分配給傳統的 LTL 貨物以及向我們招標的客戶，因為每當卡車裝載環境稍微釋放一點時，我們不會讓這種貨運波動回到那個市場。

And traditionally, you see more of those shipments would be in our spot quote network. That used to be about 5% of our overall revenue. It's probably about 1.5% at this point. And those are shipments generally that existing customers have and that they're asking for something different from us, so to speak. But we feel good about demand. We've talked about that. We've had a lot of customer engagement in recent months, and we're hearing good things from our customers. They continue to demand service quality. We've worked really hard for multiple years on improving and strengthening our value proposition. And I think we're seeing that come through with the strength in customer relationships that we have right now.

傳統上，您會看到更多此類貨物在我們的現貨報價網絡中。這曾經是我們總收入的 5% 左右。在這一點上，它可能約為 1.5%。可以說，這些貨物通常是現有客戶擁有的貨物，並且他們要求與我們不同的東西。但我們對需求感覺良好。我們已經談過了。最近幾個月，我們有很多客戶參與，我們從客戶那裡聽到了好消息。他們繼續要求服務質量。多年來，我們一直在努力改進和加強我們的價值主張。而且我認為我們正在通過我們現在擁有的客戶關係優勢看到這一點。

And so as a result, we're not losing business. The volumes are a little bit flatter, but I think you can just look and some of that may be demand for existing customers' products. So we feel good about everything our customers are telling us and just continuing to work and manage through to where the volumes are currently trending as we try to manage all elements of capacity within our business.

因此，我們不會失去業務。數量有點平，但我認為你可以看看，其中一些可能是對現有客戶產品的需求。因此，我們對客戶告訴我們的一切都感覺良好，並且在我們嘗試管理業務中的所有容量要素時，繼續努力並管理到目前的銷量趨勢。

That's helpful, Adam. Just for my follow-up to Greg. Obviously, the economy has changed a little bit since the start of the year. You mentioned you already have -- you still have 15% to 20% spare capacity today and still have the ambitions to grow the network as you set out back in January. Have you thought at all about tempering some of that door growth in the back half of this year as the economy becomes a bit more murky? Or is this really your time to shine and invest when others have to scale back and that kind of just helps with the longer-term market share?

這很有幫助，亞當。只是為了我對格雷格的跟進。顯然，自今年年初以來，經濟發生了一些變化。你提到你已經擁有了——你今天仍然有 15% 到 20% 的備用容量，並且仍然有雄心壯志來發展網絡，就像你在一月份開始的那樣。隨著經濟變得更加暗淡，你有沒有想過在今年下半年緩和一些門類增長？或者當其他人不得不縮減規模並且這有助於長期市場份額時，這真的是你發光和投資的時間嗎？

Yes, absolutely. It's the latter, Jon, for sure. Sometimes, our opportunities are a little better when it slows down. And sometimes, you just have better opportunities when it's like it is today. So we can't stop. I've talked about it before, how difficult it is to expand your network, how long it takes, how lengthy the process is in certain locations. Some certainly way worse than others. So we can't quit. We want to continue to grow that share, and we know we've got to continue our efforts on a consistent basis, to have that tight capacity when things get tight like they have been in the last 1.5 years, 2 years.

是的，一點沒錯。肯定是後者，喬恩。有時，當它放慢速度時，我們的機會會好一些。有時，就像今天一樣，你只是有更好的機會。所以我們不能停下來。我之前談過，擴展你的網絡有多難，需要多長時間，在某些地方這個過程有多長。有些人肯定比其他人更糟糕。所以我們不能放棄。我們希望繼續增加這一份額，我們知道我們必須在一致的基礎上繼續努力，當事情變得像過去 1.5 年、2 年那樣緊張時，我們必須保持這種緊張的能力。

The next question comes from Jack Atkins with Stephens.

下一個問題來自 Jack Atkins 和 Stephens。

So I guess maybe to kind of go back to the June and July commentary, could you talk about what June tons per day were on a year-over-year basis? Could you maybe give us that number? And then Adam, I know we're going to wait until the Q comes out to get full details on July, but any sort of sense for -- or any sort of commentary you can share about how July tonnage is maybe trending versus normal seasonal patterns? I think that would be helpful for folks.

所以我想也許可以回到 6 月和 7 月的評論，你能談談 6 月每天的噸數同比嗎？你能給我們那個號碼嗎？然後亞當，我知道我們要等到 Q 出來才能在 7 月獲得完整的細節，但是對於 - 或任何你可以分享的關於 7 月噸位可能趨勢與正常季節性的評論的任何形式的評論模式？我認為這對人們會有幫助。

Sure. On June, our tons per day were flat basically with where we were last year. And so on a sequential basis, it was pretty flat as well. And with respect to shipments, Steve, we -- actually, the shipments per day for June were -- on a year-over-year basis were down 0.7%. On a sequential basis, we were up 0.6% versus May. And as it relates to July, we are trending up. Our revenue overall was up about 18%. And looking at the yield component of that, we don't like to give the full details. We used to. And if things move 10 basis points off what we had said, that the story could take a different turn one way or the other.

當然。 6 月份，我們每天的噸數與去年基本持平。因此，在連續的基礎上，它也相當平坦。在出貨量方面，史蒂夫，我們——實際上，6 月份每天的出貨量——同比下降 0.7%。在連續的基礎上，我們比 5 月份上漲了 0.6%。由於它與七月有關，我們呈上升趨勢。我們的整體收入增長了約 18%。看看其中的收益部分，我們不想提供全部細節。我們曾經。如果事情偏離我們所說的 10 個基點，那麼故事可能會以這樣或那樣的方式發生不同的轉變。

But our yield trends right now, if you look at revenue per hundredweight in July, it's up about 7.5%, so you can kind of get into what the volume trends will look like. And to point out, before anything is written about yield, that's a little bit below where we were for the second quarter. But we're going to see some changes in the mix of our freight as we compare to the third quarter of last year, that was the lowest point for our weight per shipment. We were seeing sequential decreases there and in the third quarter, the overall average was 1,538 pounds there. So we're still trending at about 1,560 or so pounds in July. It was right at 1,570 in the second quarter. So as we start to see more of an increase in that weight per shipment. Certainly, that's usually a lower revenue per hundredweight. So they'll have a little bit of an effect there.

但是我們現在的收益率趨勢，如果你看一下 7 月份的每英擔收入，它增長了大約 7.5%，所以你可以了解數量趨勢會是什麼樣子。需要指出的是，在寫任何關於收益率的文章之前，這略低於我們第二季度的水平。但與去年第三季度相比，我們將看到我們的貨運組合發生了一些變化，這是我們每批貨物重量的最低點。我們看到那裡連續下降，在第三季度，那裡的總體平均水平為 1,538 磅。因此，我們在 7 月仍保持在 1,560 磅左右的趨勢。第二季度正好是 1,570。因此，隨著我們開始看到每批貨物的重量增加更多。當然，這通常是每英擔的收入較低。所以他們會在那裡產生一點影響。

Okay. And that 7.5% is ex fuel, correct?

好的。那 7.5% 是不含燃料的，對嗎？

Correct. Yes.

正確的。是的。

Okay. I just wanted to clarify that. And then I guess for my follow-up, I guess this one's for you as well, Adam. But just -- is there a way to maybe think about operating ratio trends sequentially into the third quarter? I think typically, there's a little bit of degradation just seasonally, 2Q to 3Q. As we've been talking about for the last 2 years, it doesn't feel like anything is following normal seasonal patterns anymore though. But would just be curious to kind of get your sense for how we should be thinking about operating ratio trends sequentially, if there's sort of any puts and takes to maybe think about there?

好的。我只是想澄清一下。然後我想我的後續行動，我想這也是給你的，亞當。但只是 - 有沒有辦法考慮到第三季度連續的營業比率趨勢？我認為通常情況下，從 2 季度到 3 季度，都會有一點點下降。正如我們在過去 2 年中一直在談論的那樣，儘管感覺沒有任何東西遵循正常的季節性模式。但是，如果有任何看跌期權可能需要考慮的話，您是否會好奇地了解我們應該如何按順序考慮運營比率趨勢？

Sure. yes. So it's normally about a 50 basis point increase from the second to the third quarter. We've got some different things going on this year and one thing in particular is in our general supplies and expenses. We've got some -- we don't want to necessarily say what they are at this point, but we've got some exciting new things that we're doing from a marketing standpoint, where we'll see more cost in the third quarter -- the third and the fourth quarters than what we saw in the second quarter. So there's -- expecting about a 40 to 50 basis point increase in those costs as a percent of revenue from the second to the third quarter, just mainly due to the timing of some of these programs.

當然。是的。因此，從第二季度到第三季度通常會增加約 50 個基點。今年我們發生了一些不同的事情，特別是在我們的一般用品和費用方面。我們有一些——我們現在不想說它們是什麼，但從營銷的角度來看，我們正在做一些令人興奮的新事情，我們會看到更多的成本在第三季度——第三和第四季度比我們在第二季度看到的要好。因此，從第二季度到第三季度，這些成本佔收入的百分比預計將增加 40 到 50 個基點，這主要是由於其中一些計劃的時間安排。

But -- so that would kind of take normalized up to about 100 basis points, much like we talked about at the end of the first quarter call, our miscellaneous expenses have been trending below what that normal average rate. That's usually about 0.5 point. So might see that revert back to average. That's kind of what I've been anticipating. So somewhere in that probably 100 to 150 basis point range, I feel like it's kind of just a normalized target for us, and that is off a base of 69.5% just to make sure everyone saw that.

但是——所以這需要標準化到大約 100 個基點，就像我們在第一季度電話會議結束時所說的那樣，我們的雜項費用一直低於正常平均水平。這通常是大約 0.5 點。所以可能會看到恢復到平均水平。這正是我一直期待的。因此，在可能 100 到 150 個基點範圍內的某個地方，我覺得這對我們來說只是一個標準化的目標，為了確保每個人都看到這一點，這偏離了 69.5% 的基數。

The next question comes from Ravi Shanker with Morgan Stanley.

下一個問題來自摩根士丹利的 Ravi Shanker。

I'll just kick off with that comment. Congratulations on the margins, guys. That was a pretty incredible achievement. Maybe to just start off with a big picture question related to that. How do you run the business? Do you run it for top line growth, EBIT growth? Do you have a margin target? Do you have an incremental margin target? Kind of what's your north star, if you will, in how you run the business?

我會從這個評論開始。祝賀邊緣，伙計們。這是一個相當不可思議的成就。也許只是從一個與之相關的大問題開始。你如何經營業務？你運行它是為了實現收入增長、息稅前利潤增長嗎？你有保證金目標嗎？您有增量保證金目標嗎？如果您願意，您的企業經營方式是什麼？

All of the above.

上述所有的。

That's easy.

這很容易。

No, I mean certainly, we've got just some broad measures that we look at. For one, any dollar that we invest needs to have an appropriate return with it. But as we talk with our customers, we look and we think about what our long-term market share opportunities are and then that dictates the investments that we need to make. Certainly, when you look at our strategic plan, it starts with giving good service and to give good service that supports our yield management, which then produces the cash flow that we can reinvest in capacity and to reinvest back in our employee base that's really what drives the service products.

不，我的意思是肯定的，我們只考慮了一些廣泛的措施。一方面，我們投資的任何美元都需要有適當的回報。但當我們與客戶交談時，我們會觀察並思考我們的長期市場份額機會是什麼，然後這決定了我們需要進行的投資。當然，當您查看我們的戰略計劃時，首先要提供良好的服務並提供支持我們收益管理的良好服務，然後產生現金流，我們可以再投資於產能並再投資於我們的員工群，這真的是什麼驅動服務產品。

So -- but we don't want to just grow for growth's sake. We feel like we want to produce profitable growth. And that's the reason why we talk about the long-term margin improvement that we feel like we can continue to generate. We laid out an annual operating ratio goal of below 70% when we finished the fourth quarter last year and certainly doing it for 1 quarter shows that it can be done, but we've just got to continue to work at it. And there's nothing magic that will make that happen. It will just be continued disciplined execution of our plan and a focus on a continuous improvement cycle that we have. And it takes every employee coming in every day, thinking about what they can do to make this company better, whether it's improving our service and revenue opportunities or trying to take cost out of the equation as well.

所以——但我們不想僅僅為了增長而增長。我們覺得我們想要實現可盈利的增長。這就是為什麼我們談論我們認為可以繼續產生的長期利潤率改善的原因。去年第四季度結束時，我們制定了低於 70% 的年度運營率目標，並且肯定會在 1 個季度內做到這一點，這表明這是可以做到的，但我們必須繼續努力。沒有什麼魔法可以實現這一點。它將繼續有紀律地執行我們的計劃，並專注於我們擁有的持續改進週期。這需要每一位員工每天進來，思考他們可以做些什麼來讓這家公司變得更好，無論是改善我們的服務和收入機會，還是試圖將成本排除在等式之外。

So we want to continue to produce profitable growth. We've got a good track record of doing it. We think when we look out over the next 10 years, we've got tremendous opportunity there. And that, too, should create increased shareholder value for us.

因此，我們希望繼續產生可盈利的增長。我們在這方面有很好的記錄。我們認為，當我們展望未來 10 年時，我們將擁有巨大的機會。這也應該為我們創造更多的股東價值。

Understood. And if it were easy, everyone would be doing it. Maybe a second question on the macro. Obviously, a lot of red flags out there on inventory levels. What are your customers telling you about what their inventory levels look like? And what do you think is a potential risk to the cycle in the back half? And maybe if you can distinguish that between industrial and consumer end markets, that would be helpful.

明白了。如果這很容易，每個人都會這樣做。也許是關於宏的第二個問題。顯然，庫存水平上有很多危險信號。你的客戶告訴你他們的庫存水平是什麼樣的？您認為後半段週期的潛在風險是什麼？也許如果你能區分工業和消費終端市場，那會很有幫助。

Like what I was saying before, we feel good about what we're hearing from our customers, if you will. And it's really things are playing out exactly like we thought they would. For the last couple of quarters, we've talked about the fact that customers were telling us good things that supported the demand trends that we were seeing and what we were hearing from customers and that we felt like that if consumption did slow and it had the effect for slowing overall GDP, that freight demand could remain strong. And certainly, we feel like that's what we're seeing and what we continue to hear from our customers.

就像我之前所說的，如果您願意的話，我們對從客戶那裡聽到的內容感覺很好。事情真的像我們想像的那樣發展。在過去的幾個季度中，我們談到了這樣一個事實，即客戶告訴我們的好東西支持了我們所看到的需求趨勢以及我們從客戶那裡聽到的信息，如果消費確實放緩並且已經由於整體 GDP 放緩的影響，貨運需求可能保持強勁。當然，我們覺得這就是我們所看到的以及我們繼續從客戶那裡聽到的。

And so we've had a lot of engagement, like I mentioned, with them over the last few months. And we're still hearing overall that generally, inventories are lower than what they need to be. Many of our customers are still dealing with record numbers of back orders that they've got to figure out how to get labor and other -- fixing other supply chain issues to make sure they've got all the parts and pieces to produce finished product to fulfill those orders.

因此，正如我所提到的，在過去的幾個月裡，我們與他們進行了很多接觸。而且我們總體上仍然聽說，庫存通常低於他們需要的水平。我們的許多客戶仍在處理創紀錄數量的延期交貨訂單，他們必須弄清楚如何獲得勞動力和其他問題——解決其他供應鏈問題，以確保他們擁有生產成品所需的所有零部件來完成這些訂單。

And so for that reason, it's something that we think freight demand can continue to remain steady and support steadying us with volumes as we continue to move through this year. But a lot of people have just got issues. They've got to continue to work through, and we want to be there to continue to help them and make sure that if it is one of our manufacturing customers, we're continuing to help them and taking supply chain issues off their platform. And if it's a product that needs to be available for sale, certainly, if you're selecting a carrier with 99% on time and claims ratio of 0.1%, we certainly are going to provide the service that our customers are demanding.

因此，出於這個原因，我們認為貨運需求可以繼續保持穩定，並在我們今年繼續前進的過程中支持穩定我們的運量。但是很多人剛剛遇到了問題。他們必須繼續努力，我們希望在那裡繼續幫助他們，並確保如果它是我們的製造客戶之一，我們將繼續幫助他們，並從他們的平台上解決供應鏈問題。如果它是一種需要銷售的產品，當然，如果您選擇的是準時率為 99%、索賠率為 0.1% 的承運人，我們當然會提供客戶要求的服務。

Got it. And then just one very last follow-up on fuel. I know you said earlier that you're looking for fuel to be net neutral to EBIT. But I think you're doing a nearly 50% incremental margin on fuel surcharge revenues. I'm just trying to better understand this. Is it just a timing thing? Is it something that's going to -- just from a modeling perspective, how do we think about fuel with the volatility here and kind of maybe moderating in the back half? And what that does to your overall incremental margins?

知道了。然後只是關於燃料的最後一次跟進。我知道您之前說過您正在尋找對 EBIT 保持淨中性的燃料。但我認為你的燃油附加費收入增加了近 50%。我只是想更好地理解這一點。只是時間問題嗎？是否會發生這種情況-僅從建模的角度來看，我們如何看待這裡的波動性以及後半部分可能會緩和的燃料？這對您的整體增量利潤率有何影響？

Well, I think that it's -- who knows what's going to happen with the price of fuel, but we're certainly in the camp that we hope it tracks down for the overall health of the economy. And I think you've got to look back if we get into a declining fuel rate environment, the impact that, that might have when you look back in 2015, 2016 was kind of the last period where we saw some pretty big decreases there in the fuel rates. And just like I mentioned before, if we get in that declining rate environment, we'll be looking at contracts as they come due and looking at lower fuel surcharge contributions but lower fuel cost as well.

好吧，我認為它是 - 誰知道燃料價格會發生什麼，但我們肯定在我們希望它追踪經濟整體健康狀況的陣營中。而且我認為如果我們進入燃油率下降的環境，你必須回顧一下，當你回顧 2015 年時可能產生的影響，2016 年是我們看到那裡有一些相當大的下降的最後一個時期燃料費率。就像我之前提到的那樣，如果我們進入利率下降的環境，我們將在合同到期時查看合同，並考慮降低燃油附加費的貢獻，同時降低燃油成本。

And I know everyone likes to try to take the fuel out of both the revenue and on the cost side, but the reality is it's in the revenue that we're trying to collect, and it's in our expenses as we pay our payables. And so it's something that we've got to account for. And it's why when we talk about our long-term yield management philosophy, we include fuel in both the revenue per shipment and the cost per shipment.

而且我知道每個人都喜歡嘗試從收入和成本方面減少燃料，但現實是我們試圖收取的收入是收入，而且是我們支付應付賬款時的費用。所以這是我們必須考慮的事情。這就是為什麼當我們談論我們的長期收益管理理念時，我們將燃料包括在每批貨物的收入和每批貨物的成本中。

And if you look over the last 10 or 15 years with fuel being moderately higher or moderately lower when you look on an average basis over that period, we've been able to exceed our cost per shipment inflation between 100 and 150 basis points. And so in some individual quarters, that may look a little different than others, but we've got a lot of long-term customers and that's how you've got to look at things from a customer relationship standpoint is overall, what are those inputs on the revenue and cost side and how can we continue to create some positive delta there to help us continue to reinvest in the capacity back in our business because no one else is investing in service center capacity like we are. And that's part of the value proposition so we can help our customers grow.

而且，如果您查看過去 10 年或 15 年，當您在此期間的平均基礎上查看燃料時，燃料會適度升高或適度降低，我們已經能夠超過 100 到 150 個基點之間的每次運輸成本膨脹。因此，在某些單獨的季度中，這可能看起來與其他季度有所不同，但我們有很多長期客戶，這就是你必須從客戶關係的角度看待事情的整體方式，那些是什麼在收入和成本方面的投入，以及我們如何繼續在那裡創造一些積極的增量，以幫助我們繼續對我們業務的能力進行再投資，因為沒有其他人像我們一樣投資於服務中心的能力。這是價值主張的一部分，因此我們可以幫助客戶成長。

The next question comes from Tom Wadewitz with UBS.

下一個問題來自瑞銀的 Tom Wadewitz。

Yes. It's Tom Wadewitz. I think, Adam, you talked about head count and you said you kind of have the resource you need and can probably be steady for a while. I think when you've added a lot of people in a short period of time, there's opportunity for them to kind of learn the system and get better at what they do. So how do you -- how should we think about the potential impact to your margin or to different cost buckets if we have kind of a stable tonnage backdrop and a stable head count framework for you the next couple of quarters? How might that productivity affect margin and which cost lines might improve?

是的。是湯姆·韋德維茨。我想，亞當，你談到了人數，你說你有你需要的資源，可能會穩定一段時間。我認為當你在短時間內增加了很多人時，他們就有機會學習系統並在他們的工作上做得更好。那麼，如果我們在接下來的幾個季度為您提供穩定的噸位背景和穩定的員工人數框架，我們應該如何考慮對您的利潤率或不同成本桶的潛在影響？這種生產力如何影響利潤率以及哪些成本線可能會改善？

Yes, Tom, I'm going to try to answer that for you. But I'll say this, we've been through a tough time, not just OD but the entire LTL industry with the growth that we've experienced in the last 1.5 years, 2 years. Since the fall of 2020, it's been a handful for all of us to respond to our customer needs and people requirements, equipment and all those kind of things. We've hired an awful lot of people, somewhere in the 6,000-plus range when you look at all -- across all employees dock drivers and everything else, but it's an awful lot of additional head count. And in that comes an awful lot of inexperienced folks that we've had to deal with over the last couple of years.

是的，湯姆，我會盡力為你回答這個問題。但我要說的是，我們經歷了一段艱難的時期，不僅是 OD，而且整個 LTL 行業都經歷了過去 1.5 年、2 年的增長。自 2020 年秋季以來，我們所有人都很少能響應我們的客戶需求和人員要求、設備和所有這些東西。我們僱傭了非常多的人，總而言之，在 6,000 多人的範圍內——包括所有員工碼頭司機和其他一切，但這是一個非常多的額外人數。在過去的幾年裡，我們不得不處理大量沒有經驗的人。

So while I don't think anybody would say they really want things to slow down, certainly, I don't. I mean it's fun when you're busy, and you've got challenges trying to accomplish all the things you want to accomplish. But at the same time, when we get into these leaner times and we start to flatten out like we are now, it's not all bad. You can step back and start to refine some of your processes, you end up with certainly better trained employees and whatnot, they understand what to do, how to do it. You're not adding to the list of folks like you were back in the last couple of years. So it's not bad by any stretch. And certainly, our platform productivity, our P&D productivity, maybe some of the aspects of line-haul load factor and whatnot, those are included as well, but we can improve in all of those areas.

因此，雖然我認為沒有人會說他們真的希望事情放慢速度，但我當然不會。我的意思是當你很忙的時候很有趣，而且你在嘗試完成所有你想要完成的事情時遇到了挑戰。但與此同時，當我們進入這些更精簡的時期並開始像現在一樣變得平淡時，這並不全是壞事。你可以退後一步，開始改進你的一些流程，你最終肯定會得到訓練有素的員工等等，他們知道做什麼，怎麼做。您不會像過去幾年那樣添加到人們的名單中。所以無論如何它都不錯。當然，我們的平台生產力，我們的 P&D 生產力，也許是線路運輸負載率等一些方面，這些也包括在內，但我們可以在所有這些領域進行改進。

It also gives you some time to look at your clerical processes and whatnot. What's good, what's bad, is there some technology out there that can help you with those kind of things. So there's just an awful lot of advantages to not being so crazy busy like we've been. So definitely positive from that standpoint. Again, nobody wants to see it slow down, but certainly, we look at the positive aspect of it and what we can accomplish, while it's this way and be better when we come out of it on the other side, certainly.

它還給您一些時間來查看您的文書流程等等。什麼是好的，什麼是壞的，是否有一些技術可以幫助你解決這些問題。因此，不要像我們一樣忙得不可開交有很多好處。所以從這個角度來看絕對是積極的。再一次，沒有人希望看到它放慢速度，但可以肯定的是，我們會看到它的積極方面以及我們可以完成的事情，而當我們從另一邊擺脫它時會變得更好，當然。

Okay. And I guess the second question is really just kind of a clarification. I know you talked a bit about July, you had a couple of questions on that. Is the tonnage implied in that something around flat? Or does it imply down a little bit? I know you don't want to give us the precise numbers because it can change a bit as you have the full month. But is the backing into kind of a flattish tonnage number about right, what you've seen so far in July?

好的。我想第二個問題實際上只是一種澄清。我知道你談了一些關於七月的事情，你對此有幾個問題。噸位是否隱含在平坦的周圍？或者它暗示了一點點？我知道您不想給我們確切的數字，因為當您有整整一個月時，它可能會有所變化。但是，您在 7 月到目前為止所看到的情況，是否支持某種持平的噸位數字？

It's down slightly, Tom. And when we look at -- so down slightly on a year-over-year basis. Similar to what we've seen in the prior couple of quarters, the first month of the quarter -- in the first quarter this year, the second quarter as well was well below normal seasonal trends. I would say that we're a little bit below our normal seasonality. Typically, July is always a month of decrease, typically decreases about 3% as compared to June. We are a little bit below that. But as some of you are looking to from a year-over-year standpoint comparing this year back to 2019, at least what we're seeing is kind of similar -- somewhat similar trend in July versus June, looking at it from that perspective as well.

略有下降，湯姆。當我們看時 - 同比略有下降。與我們在前幾個季度看到的情況類似，即該季度的第一個月——在今年第一季度，第二季度也遠低於正常的季節性趨勢。我會說我們比正常的季節性要低一點。通常，7 月總是下降的一個月，與 6 月相比通常下降約 3%。我們比那低一點。但是，正如你們中的一些人從今年與 2019 年相比的年復一年的角度來看，至少我們看到的情況有點相似——7 月與 6 月的趨勢有點相似，從這個角度來看也是。

So we'll see how the rest of the third quarter continues to play out. Typically, September is our busiest month of the year. And so we'll look to see volumes -- if we get some sequential acceleration to get through the remainder of this quarter, but it's just something we'll continue to stay engaged with our customers on and try to continue to manage from a cost standpoint and make sure we've got everyone and everything in place to deal with the volumes that we're seeing.

因此，我們將看看第三季度剩餘時間將如何繼續發揮作用。通常，九月是我們一年中最忙碌的月份。因此，我們希望看到銷量——如果我們在本季度剩餘時間內獲得一些連續加速，但這只是我們將繼續與客戶保持聯繫並嘗試繼續從成本管理的事情站在立場上並確保我們已經讓每個人和一切都準備就緒，以應對我們所看到的數量。

The next question comes from Chris Wetherbee with Citigroup.

下一個問題來自花旗集團的 Chris Wetherbee。

I guess I just wanted to touch on sort of the commentary around the pace of demand and not to be too nitpicky, but I guess I just want to sort of maybe understand it seems like tonnage is maybe performing a little bit less than typical seasonality. So I guess I'm curious, do you think there is a sort of demand deceleration that's kind of becoming more clear within the numbers? It sounds like customers are still relatively optimistic about what the pace of volume might look like as the year progresses. But is there a bit of a disconnect between what you're hearing from them and what's actually coming through from a tonnage perspective?

我想我只是想談談關於需求步伐的評論，而不是太挑剔，但我想我只是想了解一下，噸位的表現似乎比典型的季節性要低一些。所以我想我很好奇，你認為有一種需求減速在數字中變得更加明顯嗎？聽起來，隨著時間的推移，客戶對銷量的增長速度仍然相對樂觀。但是，您從他們那裡聽到的內容與從噸位的角度實際聽到的內容之間是否存在一些脫節？

I don't know that it's -- I mean, this is really something we've had to address all year and really trying to bifurcate the demand that we're seeing and hearing from our customers versus the actual tonnage trends. And we have, like I just mentioned, we have underperformed normal seasonality. But we have to somewhat keep in mind, too, that our 10-year average trends, that includes our market share doubling over that time period. So we have continued to win market share.

我不知道這是 - 我的意思是，這確實是我們全年都必須解決的問題，並且真的試圖將我們從客戶那裡看到和聽到的需求與實際噸位趨勢分開。正如我剛才提到的，我們的表現低於正常的季節性。但我們也必須牢記，我們的 10 年平均趨勢，包括我們的市場份額在此期間翻了一番。因此，我們繼續贏得市場份額。

When you look at our numbers versus the industry, the last 2 or 3 quarters, I think, if you take the public carriers, the tons have been negative overall for that group, while you've seen obviously tremendous growth from us. And I still think that based on the feedback and conversations with customers that you'll continue to see our volume numbers outperforming at least that public group that we compare against.

當您查看我們與行業的數據時，過去 2 或 3 個季度，我認為，如果您以公共承運人為例，該組的噸數總體上是負數，而您顯然已經看到我們的巨大增長。而且我仍然認為，根據反饋和與客戶的對話，您將繼續看到我們的交易量至少優於我們與之比較的公共群體。

And so the conversation around demand is the demand for our service. And certainly, our customers, they may not have the same type of volumes. So we're still picking up. We haven't lost any customer accounts. We're still making pickups every day, but it may just be they don't have the same number of shipments to give us because some of the demand for their product has decreased.

所以圍繞需求的對話就是對我們服務的需求。當然，我們的客戶，他們可能沒有相同類型的捲。所以我們還在接盤。我們沒有丟失任何客戶帳戶。我們仍然每天都在進行取貨，但可能只是他們沒有相同數量的發貨給我們，因為對他們產品的一些需求已經減少。

But I think the positive takeaway from this is how strong we continue to see, one, the strength of our pricing programs, but just those customer conversations and no customer defections and the conversation about the need for service and how important that is becoming to our customers. We've certainly proven our value proposition over years. And how -- we may be a little bit more expensive upfront, but when you look at the total cost of transportation, whether it's delivering and meeting the on-time and full requirements that some of the retailers have in place, we can ultimately help our customers save money.

但我認為從中得到的積極收穫是我們繼續看到有多強大，一是我們的定價計劃的實力，但只是那些客戶對話，沒有客戶背叛，以及關於服務需求以及服務對我們的重要性的對話顧客。多年來，我們當然已經證明了我們的價值主張。以及如何 - 我們的前期費用可能會貴一點，但是當您查看運輸的總成本時，無論是交付並滿足一些零售商的準時和全面要求，我們最終都可以提供幫助我們的客戶省錢。

And so those are the things that continue to drive these positive customer conversations that we're having.

因此，這些就是繼續推動我們正在進行的這些積極的客戶對話的事情。

That makes sense. And you guys have been through, obviously, many cycles, and so -- and have been pretty successful in navigating through those cycles. You just mentioned the sort of resiliency and the pricing you're able to get in this market even as maybe demand at your customers is beginning to fall a little bit. So if we think about sort of a normal recession, whatever that may be in your definition, how do you think sort of operating ratio and maybe earnings power progresses, assuming that maybe the back half or some point in 2023, we're seeing more sustained negative volumes for the industry? Is positive profit something that we can kind of continue to look for from the model? Just kind of curious how you think about that resiliency in a downturn.

那講得通。顯然，你們已經經歷了許多周期，等等——並且在這些週期中非常成功。您剛剛提到了您在這個市場上能夠獲得的彈性和定價，即使您的客戶的需求可能開始有所下降。因此，如果我們考慮某種正常的衰退，無論您的定義是什麼，您如何看待運營比率和盈利能力的發展，假設可能是 2023 年的後半段或某個時間點，我們會看到更多行業持續負銷量？我們可以繼續從模型中尋找正利潤嗎？只是有點好奇你如何看待經濟低迷時期的彈性。

Chris, I think all of us are going to have to see where this thing goes. I mean, I don't think we're in a recession yet, at least I haven't heard that. We'll have to see where it goes. But at the same time, you got to remember, we're up against some tremendous numbers from last year, and we're still at a very, very decent level of business where we can turn a pretty good profit, I think. I mean we -- I think we've proven that, right? And certainly, the second quarter bears that out.

克里斯，我認為我們所有人都將不得不看看這件事的去向。我的意思是，我認為我們還沒有陷入衰退，至少我還沒有聽說過。我們得看看它的去向。但與此同時，你必須記住，我們面臨著去年的一些巨大數字，而且我認為我們仍然處於非常非常不錯的業務水平，我們可以帶來相當可觀的利潤。我的意思是我們——我認為我們已經證明了這一點，對吧？當然，第二季度證明了這一點。

But I think we're still in a pretty good spot. Again, we can't control the economy and some of the things that the government does that drive some of it and whatnot. But I think we're still in a good spot today, and let's hope we don't see further deterioration in the things going on from an economic standpoint.

但我認為我們仍然處於一個相當不錯的位置。同樣，我們無法控制經濟以及政府所做的一些推動經濟發展的事情等等。但我認為我們今天仍然處於一個好位置，我們希望從經濟角度來看，我們不會看到正在發生的事情進一步惡化。

The next question comes from Scott Group with Wolfe Research.

下一個問題來自 Scott Group 和 Wolfe Research。

I just wanted to follow up on the headcount question. So if I look back at some of the past periods where tonnage has gone negative, headcount usually follows and comes down too. If I just take flat headcount from here in Q3, it's still up about 10%. Do you see opportunities if tonnage stays negative to reduce headcount? Or are you going to be potentially more reluctant to do that this time around, just given the problems that everybody had hiring people?

我只是想跟進人數問題。因此，如果我回顧過去一些噸位下降的時期，員工人數通常也會隨之下降。如果我只是在第三季度從這裡開始固定員工人數，它仍然增長了約 10%。如果噸位保持負數，您會看到減少員工人數的機會嗎？還是考慮到每個人都在招聘人員時遇到的問題，這一次你可能會更不願意這樣做？

I think maybe you're pretty perceptive of how our industry has been the last couple of years with that question, Scott. No question. I mean we certainly don't want to get in a situation where we have to start making cuts and that kind of thing. That's extremely hard to do. We always hate to do that. I mean, obviously, we've got to try to match revenue or the shipment levels to labor. I mean that's what we've done for many, many years, and we have to continue to do that. In some cases, attrition helps to take care of our situation. So we always have a little bit of that, probably much less here than most places.

斯科特，我想也許你對過去幾年我們的行業在這個問題上的表現非常敏感。沒有問題。我的意思是，我們當然不想陷入必須開始削減開支之類的情況。這是極難做到的。我們總是討厭這樣做。我的意思是，很明顯，我們必須努力使收入或出貨量與勞動力相匹配。我的意思是這就是我們多年來所做的事情，我們必須繼續這樣做。在某些情況下，減員有助於照顧我們的處境。所以我們總是有一點點，可能比大多數地方少得多。

But we -- obviously, we're stalling hiring. We're not actively hiring hardly anywhere now, maybe specific needs and replacements and that kind of thing, but we're certainly not adding anybody on top of what we've got. So yes, I can promise you, any reductions we would make, we would look at those very, very carefully before we execute it, if that makes sense.

但是我們 - 顯然，我們正在拖延招聘。我們現在幾乎沒有在任何地方積極招聘，也許是特定的需求和替代品之類的東西，但我們當然不會在我們現有的基礎上增加任何人。所以是的，我可以向你保證，我們會做出的任何削減，如果有意義的話，我們會在執行之前非常非常仔細地查看這些削減。

Okay. But it does sound like if we're not sort of hiring more, will there be some sort of natural attrition that could take the headcount down a little bit from here?

好的。但聽起來，如果我們不招聘更多人，是否會出現某種自然減員，從而使員工人數從這裡稍微減少一點？

Certainly. Absolutely.

當然。絕對地。

Okay. And so maybe just to tie that with that last question. So in an environment where tonnage stays negative for a little bit, do you think you could still improve the operating ratio or maintain the operating ratio as you've done in like 15 out of 16 years or something like that?

好的。所以也許只是為了將它與最後一個問題聯繫起來。因此，在噸位保持負數的環境中，您認為您是否仍然可以提高運營率或保持運營率，就像您在 16 年中的 15 年或類似的情況下所做的那樣？

Well, that would obviously would be our objective, to continue to maintain and certainly improve. I think we've proven it over the course of time and we'll just have to wait and see. I don't want to get into all of that at this point in time. My crystal ball is not completely crystal clear. So we'll just have to see where it goes, but we'll certainly continue to do the right things day-to-day. We'll continue to execute from a service standpoint and what not, keep our people focused on doing the right things and those are the things that drive the bottom line, sometimes the top and the bottom line. But we'll continue to do those things well, and we'll see where it goes.

嗯，這顯然是我們的目標，繼續保持並肯定改進。我認為隨著時間的推移我們已經證明了這一點，我們只需要拭目以待。我不想在這個時候進入所有這些。我的水晶球不是完全透明的。所以我們只需要看看它的去向，但我們肯定會繼續每天做正確的事情。我們將繼續從服務的角度執行，讓我們的員工專注於做正確的事情，而這些事情是推動底線的事情，有時是頂線和底線。但我們會繼續做好這些事情，我們會看到它的發展方向。

The next question comes from Todd Fowler with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Todd Fowler。

Great. So Adam, in your prepared comments, you had some commentary about cost inflation to the back half of the year. And I'm guessing or I think that traditionally, you put through an employee wage increase at some point in the third quarter. And it sounds like you're also getting some benefit from improving productivity from the workforce standpoint. So I guess my question is, are your comments that waging that cost inflation on a per shipment basis, is that going to increase or accelerate in the back half of the year? Or does that start to level off? I guess I'm just kind of curious what your expectations are on the cost inflation side moving forward.

偉大的。所以亞當，在你準備好的評論中，你對今年下半年的成本膨脹有一些評論。而且我猜測或者我認為傳統上，您會在第三季度的某個時候增加員工工資。從勞動力的角度來看，您還可以從提高生產力中獲得一些好處。所以我想我的問題是，你的評論是否以每批貨物的成本通脹為基礎，在今年下半年會增加還是加速？還是開始趨於平穩？我想我只是有點好奇你對未來成本通脹方面的期望是什麼。

Yes. We do always give a wage increase at the beginning of September each year. And so that's pretty standard in terms of it's in our numbers, and it's part of the reason why the third quarter operating ratio is generally higher than the second. But from an overall inflation standpoint, when we started the year, we expected higher inflation in the first half. And really, we started seeing cost increasing about this point in time last year.

是的。我們總是在每年 9 月初加薪。因此，就我們的數據而言，這是相當標準的，這也是第三季度運營率普遍高於第二季度的部分原因。但從整體通脹的角度來看，當我們年初時，我們預計上半年通脹會更高。真的，我們在去年的這個時間點開始看到成本增加。

And so our costs are going up, and that's when you can really start seeing -- when we looked at contracts that were turning over in those periods, we had to get larger increases then. So we felt like we were going to see some moderation with our cost in the back half of this year. But certainly did perceive the sustained increase in fuel prices and NIM continue to accelerate like they have this year, and that's having a follow-on effect both directly and indirectly with other pieces of our cost structure.

所以我們的成本在上升，那時你才真正開始看到——當我們查看那些時期正在交割的合同時，那時我們必須獲得更大的增長。所以我們覺得我們會在今年下半年看到我們的成本有所緩和。但確實確實看到了燃料價格的持續上漲，並且 NIM 像今年一樣繼續加速，這對我們成本結構的其他部分產生直接和間接的後續影響。

So at this point, I don't expect to see that moderation like we had initially talked about. But don't necessarily see it accelerating either from this point. I just think that we're going to continue to see maybe that core inflation number kind of in that 7% to 9% range like we have. And when you back -- if you take our -- look at our costs and back the operating supplies and expenses out, which includes fuel, they were up about 10% on a -- in the second quarter on a per shipment basis. And so it's certainly -- that's higher than where we thought it would be.

所以在這一點上，我不希望看到我們最初談到的那種適度。但也不一定看到它從這一點開始加速。我只是認為，我們可能會繼續看到核心通脹率在 7% 到 9% 的範圍內，就像我們現在看到的那樣。當你回來時 - 如果你把我們的 - 查看我們的成本並支持包括燃料在內的運營供應和費用，它們在第二季度以每批貨物為基礎增長了約 10%。所以它肯定 - 這比我們想像的要高。

And -- but we do have some opportunities, like Greg mentioned, we certainly want to continue to focus on improving the productivity of all areas of our operation. I think that can help some of that, that cost per shipment inflation. We were able to reduce our purchase transportation in the second quarter. There's still a little bit of miles that we were outsourcing in the second quarter. So we're back in that 2% to 2.5% range number with that line item, but there may be a little bit more out of that number where we can see some decreases. But otherwise, it's just trying to manage each and every line item on the income statement that we can and look for areas with discretionary spending that we can pull back on and just look for any area that we can ultimately save some dollars.

而且 - 但我們確實有一些機會，就像格雷格提到的那樣，我們當然希望繼續專注於提高我們運營所有領域的生產力。我認為這可以有所幫助，即每批貨物的成本膨脹。我們能夠在第二季度減少採購運輸。我們在第二季度外包了一些里程。因此，我們又回到了該訂單項的 2% 到 2.5% 的範圍內，但在這個數字中可能還有一點點，我們可以看到一些下降。但除此之外，它只是試圖管理我們可以管理的損益表上的每一個項目，並尋找我們可以收回的可自由支配支出的領域，並尋找我們最終可以節省一些美元的任何領域。

Perfect. Okay, good. That's helpful, and that makes a lot of sense. I guess just to follow up, and it's a little bit of a tricky question to ask, but from a bigger picture standpoint, it sounds like a lot of your competitors, their approach to the LTL market now is a lot more like your approach, adding some more terminals, focusing more on service. I guess as you think about the competitive landscape, does that change your ability to win share in the marketplace going forward? Or have you seen any differences in customer responses due to some of the things that your competitors have been doing over the last, let's call it, 4 to 6 quarters?

完美的。好的。這很有幫助，而且很有意義。我想只是為了跟進，這是一個有點棘手的問題，但從更大的角度來看，聽起來你的很多競爭對手，他們現在進入 LTL 市場的方法更像你的方法，增加一些終端，更加註重服務。我想當您考慮競爭格局時，這是否會改變您在未來贏得市場份額的能力？或者您是否發現由於您的競爭對手在過去 4 到 6 個季度所做的一些事情而導致客戶反應有任何差異？

I don't think so, Todd. I mean we'll continue to execute and do the things that we know best how to do. I think we've had a pretty steady run up on our share, and I would expect that to continue.

我不這麼認為，托德。我的意思是我們將繼續執行並做我們最了解如何做的事情。我認為我們的份額已經相當穩定地增長，我希望這種情況會繼續下去。

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

下一個問題來自美國銀行的 Ken Hoexter。

Greg and Adam, congrats on breaking 70%, a tremendous group leadership there. Just a few -- I guess you had a few questions on the downturn or potential impacts on the operating ratio. But maybe just if July is starting to see larger negative tonnage trends versus June and maybe a little bit more than seasonality. Can you talk about a normal cycle? How does that bleed into pricing pressure?

格雷格和亞當，恭喜你突破了 70%，這是一個巨大的團隊領導力。只有幾個——我猜你對經濟低迷或對運營比率的潛在影響有幾個問題。但也許只是在 7 月開始出現比 6 月更大的負噸位趨勢，而且可能比季節性要多一點。你能談談正常的周期嗎？這如何導致定價壓力？

I know you don't typically change your pricing given the quality of service, but for the group, how long does it take to see those negative trends kick in and start showing up on the pricing side, especially given what's happened with the truckload side?

我知道鑑於服務質量，您通常不會更改定價，但對於該團隊而言，需要多長時間才能看到這些負面趨勢開始出現並開始出現在定價方面，尤其是考慮到卡車裝載方面發生的情況?

Yes. Again, I think that when you look at the rest of the group, excluding us, I think overall, there's been at least the past 3 quarters or so, where volumes have been negative and -- or at least flat and going back to last year. And so it's -- the environment has continued to -- the pricing environment that is has continued to remain positive, and we haven't heard anything any different really in that regard. So I think that we know what our strategies are and what we're going to continue to do a big piece of our yield management strategy is making sure that we're trying to cover the cost inflation we see in our business, but an even bigger element is making sure that we're generating the returns that will help us continue to invest dollars in the real estate network.

是的。再一次，我認為當您查看除我們以外的其他人時，我認為總體而言，至少在過去 3 個季度左右，交易量一直為負，或者至少持平並回到最後年。所以 - 環境繼續 - 定價環境繼續保持積極，我們在這方面沒有聽到任何不同的聲音。因此，我認為我們知道我們的策略是什麼，以及我們將繼續做些什麼 我們的收益管理策略是確保我們正在努力彌補我們在業務中看到的成本膨脹，但更大的因素是確保我們產生的回報將幫助我們繼續在房地產網絡上投資。

And I think when you look over the last 10 years, we've invested about $2 billion in expanding the capacity of our network and when you look at the expansion of our door capacity is about a little over 50% over that 10-year time frame and at least the number of service centers in the industry is actually down a few percent. So regardless if you see some additions here and there, we have been adding really at our customers' requests and our customers are leveraging our network, especially in the retail side, some of this e-commerce freight comes and transitions from the truckload world into LTL. That's the power of our network. It helps our customers with managing their supply chains. And ultimately, we think helping them save money overall.

而且我認為，在過去 10 年中，我們已經投資了大約 20 億美元來擴展我們的網絡容量，而當你看到我們的門容量擴展時，在這 10 年的時間內大約增加了 50% 以上框架和至少行業服務中心的數量實際上下降了幾個百分點。因此，無論您是否在這里和那裡看到一些添加，我們一直在根據客戶的要求添加，我們的客戶正在利用我們的網絡，特別是在零售方面，一些電子商務貨運來自卡車世界並轉變為零擔。這就是我們網絡的力量。它幫助我們的客戶管理他們的供應鏈。最終，我們認為幫助他們整體上省錢。

So that's why we've got to continue to work at it, but it's still an environment where we've got positive revenue growth. And our revenue growth of 18% includes that slight decrease in July for tons that we're seeing, but we're still producing revenue growth that's above our long-term average revenue growth rate when you look over the last 10 years. And so we're just going to continue to look at leveraging that to the bottom line. And certainly, kind of what we talked about with the operating ratio moving into the third quarter, that would still produce some pretty good improvement there on the next quarter's OR.

所以這就是我們必須繼續努力的原因，但這仍然是我們收入正增長的環境。我們 18% 的收入增長包括我們看到的 7 月份噸數的小幅下降，但是當你回顧過去 10 年時，我們的收入增長仍然高於我們的長期平均收入增長率。因此，我們將繼續考慮將其利用到底線。當然，我們談到的營業比率進入第三季度時，仍然會在下一季度的 OR 上產生一些相當不錯的改善。

Adam, just to clarify that. You talked about the last couple of quarters seeing the industry in the past has -- have you seen a more immediate impact to industry pricing or even your pricing in a down tonnage environment? Or does it take about 3 quarters or whatever to start seeing some pressure on? I'm just trying to see if this time really is different because of the industry moves or if this is more historically normal on a delayed pricing impact?

亞當，只是為了澄清這一點。您談到了過去幾個季度看到該行業的情況——您是否看到了對行業定價的更直接影響，甚至是您在噸位減少的環境中的定價？還是需要大約 3 個季度或其他時間才能開始看到一些壓力？我只是想看看這個時間是否真的因行業變動而有所不同，或者這在延遲定價影響方面是否在歷史上更為正常？

Well, I think if you look back, 2019 is a good example where the environment was softer. And I think the industry was pretty disciplined with pricing during that period. So we certainly expect that our own pricing will continue to be positive. And again, we haven't really heard anything from any other carriers. We'll continue to see maybe what they're saying publicly as well. But I think it takes a lot to run an LTL company. Certainly, there's a network effect that has to be managed there. And that's the big difference between us and the truckload environment.

好吧，我想如果你回顧一下，2019 年是一個很好的例子，環境比較溫和。而且我認為該行業在此期間對定價非常自律。因此，我們當然希望我們自己的定價將繼續為正。再說一次，我們還沒有真正從任何其他運營商那裡聽到任何消息。我們可能還會繼續看到他們公開所說的話。但我認為經營一家 LTL 公司需要很多時間。當然，必須在那裡管理網絡效應。這就是我們和卡車裝載環境之間的最大區別。

I think that it seems to us from what we've heard that there's not many LTL carriers, at least the public ones that have taken on a lot of truckload spillover freight. So I don't think you're going to see this vacuum effect as truckload has loosened a little bit of freight spilling back into that mode like we may have seen in prior cycles as well either. So to me, that would lend itself to seeing a little bit more stability maybe with volumes, even though, like I mentioned, they're down for the other carriers or have been for the last few quarters. We'll continue to watch that. But I think we would expect to see the continuation of a disciplined approach, much like we did in 2019.

我認為，從我們聽說的情況來看，在我們看來，LTL 承運人並不多，至少是那些承擔大量卡車外溢貨運的公共承運人。因此，我認為您不會看到這種真空效應，因為卡車裝載量已經放鬆了一點貨運，回到那種模式，就像我們在之前的周期中可能看到的那樣。因此，對我來說，這可能會增加銷量的穩定性，儘管就像我提到的那樣，其他運營商的銷量下降或過去幾個季度一直在下降。我們將繼續關注。但我認為我們希望看到紀律嚴明的方法繼續下去，就像我們在 2019 年所做的那樣。

And can I just get a clarification on one of the prior questions on -- you talked about stalling hiring now. If we see, I guess, those volumes staying at these levels, is that something you then expect the attrition to overtake your hiring? And so you expect that to come in? I just wanted to clarify kind of your comments on the employee levels.

我能否澄清一下先前的問題之一 - 你談到現在停止招聘。如果我們看到，我猜，這些數量保持在這些水平，那麼您是否期望減員超過您的招聘？所以你希望它進來？我只是想澄清一下您對員工級別的評論。

Well, hiring practices, that's something that each one of our 255 service center managers are responsible for. They have to stay engaged with their customers at the local level to know what freight demand within their facility is going to look like to then make sure that they've got the right people, capacity in place to be able to respond and give the service that our customers demand from us. So that's something that we let them manage. It's not just the number of people they have in place. There's always managing the hours worked up and down based on changes with the volumes as well.

嗯，招聘實踐，這是我們 255 名服務中心經理中的每一位負責的事情。他們必須在當地與客戶保持聯繫，以了解其設施內的貨運需求，然後確保他們有合適的人員，具備能夠響應和提供服務的能力我們的客戶對我們的要求。所以這是我們讓他們管理的事情。這不僅僅是他們擁有的人數。總是根據數量的變化來管理工作時間的上下波動。

So we just got to continue to watch overall how the volumes trend, and we feel good about our numbers right now, and we feel good about our overall level of headcount as well. But ultimately, we'll continue to let our service centers manage that and individually, maybe see seeing some that are making additions because they're growing, and we're seeing in some facilities really strong double-digit outbound type of revenue and volume growth. And then the others. If they've got some weakness in their facility for whatever reason, specific customer type of issues, they they've got to manage on the other side. But it's a coordinated effort that's really -- we give that responsibility with oversight, obviously. But our service center managers are handling that on a day-to-day basis.

因此，我們只需要繼續觀察總體趨勢如何，我們現在對我們的數字感覺良好，我們對我們的整體員工人數水平也感覺良好。但最終，我們將繼續讓我們的服務中心單獨管理這一點，也許會看到一些正在增加，因為它們正在增長，我們在一些設施中看到非常強勁的兩位數的出境收入和數量生長。然後是其他人。如果出於某種原因，他們的設施存在一些弱點，特定客戶類型的問題，他們必須在另一邊進行管理。但這是一項真正的協調努力——顯然，我們在監督的情況下賦予了這一責任。但是我們的服務中心經理每天都在處理這個問題。

The next question comes from Amit Mehrotra with Deutsche Bank.

下一個問題來自德意志銀行的 Amit Mehrotra。

I'll try to just ask one question to balance out the three questions that some other people asked. I think 3 or 4 years ago, Greg and Adam, you kind of started the call mentioning some deteriorating pricing power in the industry. And on follow-up, you kind of talked about just bringing attention to some indiscipline that you're seeing in certain lanes. I think part of the motivation was to kind of nip it in the bud early. It seems like we're kind of at that part of the cycle where we could start to see that a little bit. I'd love for you guys to comment on that. Are you seeing any players, any large national players because of weaker service levels or whatever that may be, seeing a little bit more deterioration and demand start to be a little bit more indisciplined on pricing? If you can comment on that.

我將嘗試只問一個問題來平衡其他人提出的三個問題。我想 3 或 4 年前，格雷格和亞當，你們開始打電話時提到了行業中一些不斷惡化的定價能力。在後續行動中，你談到了只是讓人們注意到你在某些車道上看到的一些不守紀律的行為。我認為部分動機是儘早將其扼殺在萌芽狀態。似乎我們正處於週期的那一部分，我們可以開始看到一點。我希望你們對此發表評論。您是否看到任何參與者，任何大型國家參與者，因為服務水平較弱或其他原因，看到更多惡化和需求開始對定價更加無紀律？如果你能對此發表評論。

No. We have not seen that at all. Certainly, not to my knowledge, I haven't heard that. Like Adam had mentioned earlier, we've had an awful lot of customer interaction so far this year with customers coming here, some of the things we're doing out in the field from a customer standpoint, we have not seen that, have not gotten that type of feedback from our sales department. So I think that's all positive.

不，我們根本沒有看到。當然，據我所知，我沒有聽說過。就像亞當之前提到的那樣，今年到目前為止，我們與來到這裡的客戶進行了非常多的客戶互動，從客戶的角度來看，我們在現場做的一些事情，我們還沒有看到，還沒有從我們的銷售部門得到了這種反饋。所以我認為這都是積極的。

And I think if you look at our LTL industry, we're all healthier than we've been for the most part. I think the bottom lines have improved across the board. I think I can say that without putting a whole lot of thought into it, but I think everybody has to see the benefit of being price disciplined surely. So I think it's benefited the industry in general. So yes, let's hope that continues.

而且我認為，如果您看看我們的零擔運輸行業，我們大部分時間都比以前更健康。我認為底線已經全面改善。我想我可以不用多想就可以這麼說，但我認為每個人都必須看到肯定價格自律的好處。所以我認為這對整個行業都有好處。所以是的，讓我們希望這種情況繼續下去。

The next question comes from Bruce Chan with Stifel.

下一個問題來自於 Stifel 的 Bruce Chan。

Great. Greg, I just want to follow up on those pricing comments really quick. We've heard from a few others out there that there's been a little bit of a pickup in inbound RFPs and RFQs, maybe especially from the larger national account side. Are you all seeing any signs of that?

偉大的。格雷格，我只想快速跟進這些定價評論。我們從其他一些人那裡聽說，入站 RFP 和 RFQ 有所增加，尤其是來自較大的國民賬戶方面。大家有沒有看到這種跡象？

I don't think so. I haven't heard that. I mean most of our bigger national accounts, they're all -- we have annual renewals and whatnot. Some may be on 2- or 3-year type renewals. But -- most everybody that's on annual renewal, I haven't heard that there's any huge pickup with that at all. So no, at this point, not. But we'll see certainly have to wait and see. But so far, so good from our standpoint.

我不這麼認為。我沒聽說過。我的意思是我們大多數較大的國民賬戶，它們都是 - 我們有年度更新等等。有些可能需要 2 年或 3 年的類型更新。但是 - 大多數每年更新的人，我都沒有聽說有任何巨大的回升。所以不，在這一點上，不是。但我們拭目以待肯定要拭目以待。但到目前為止，從我們的角度來看，一切都很好。

The next question comes from Ari Rosa with Credit Suisse.

下一個問題來自瑞士信貸的 Ari Rosa。

So you guys talked about investing in the network to take share through the cycle or preparing for the next cycle. And it's certainly a formula that's worked very well for OD in the past. I wanted to get your sense for kind of how you're thinking about that in terms of the longevity of what a down cycle might look like and kind of the risk that you might be sitting on idle capacity for an extended period of time if demand deteriorates.

所以你們談到了投資網絡以在整個週期中分享份額或為下一個週期做準備。這無疑是一個過去對 OD 非常有效的公式。我想了解一下你是如何考慮這個問題的惡化。

And it seems like there's kind of two different schools of thought. On one level, it seems like the LTL industry has been pretty tight on capacity and pretty disciplined about the way it's invested. And maybe that means there hasn't been as much froth that's developed on the supply side. At the same time, Obviously, what we've seen in terms of consumer spending and durable goods orders has been pretty anomalous over the last kind of 18 to 24 months given COVID and maybe there's some concern that, that those conditions that have existed over the past 18 months or so aren't really sustainable from a demand perspective.

似乎有兩種不同的思想流派。一方面，LTL 行業的產能似乎非常緊張，而且在投資方式上也非常自律。也許這意味著供應方面沒有產生那麼多泡沫。與此同時，顯然，鑑於 COVID 的情況，我們在過去 18 到 24 個月的消費者支出和耐用品訂單方面看到的情況非常反常，也許有人擔心，那些已經存在的情況已經結束從需求的角度來看，過去 18 個月左右並不是真正可持續的。

So I just wanted to kind of hear your thoughts on as you invest to expand the service center footprint, how do you perceive the risk that you might be sitting on idle capacity for maybe a longer period of time than you might hope for?

因此，我只是想听聽您的想法，當您投資以擴大服務中心的覆蓋範圍時，您如何看待您可能閒置容量可能比您希望的更長的時間的風險？

Yes. I think we're always sitting on idle capacity, and that's really what we want to have in place. And we generally target having 20% to 25% excess capacity at all times. And the reason for that is as quickly as demand can change, you can't put service center capacity in place quick enough. And it takes doors in an LTL network to really process freight and be able to grow. Certainly, you got to have equipment and people as well. But the doors are really what takes the most time to get in place. And it's why when we see these positive inflections in the domestic economy that you see the rate of market share growth for us increased significantly where we're outperforming the rest of the group by double digits, if you will.

是的。我認為我們總是處於閒置產能，而這正是我們想要的。我們通常的目標是始終保持 20% 到 25% 的產能過剩。原因是隨著需求的快速變化，您無法足夠快地將服務中心的能力落實到位。並且需要 LTL 網絡中的門才能真正處理貨運並能夠增長。當然，您還必須擁有設備和人員。但是門確實是最需要時間才能到位的。這就是為什麼當我們看到國內經濟出現這些積極的變化時，你會看到我們的市場份額增長率顯著提高，如果你願意的話，我們的表現超過了其他公司兩位數。

And so it's -- you've got to put in place, you got to have a consistent investment process and just continuing to work at it, knowing where things are tighter and where you might be tight in a couple of years' time if volume comes back to you in a big way. So we're used to carrying that extra cost, but that's part of our strategy, and it is different. We like to keep that excess capacity in place. Most of the industry, it seems, operates closer to full utilization within the network and -- but that creates a lot of volume opportunities like we saw in 2020 in the back half as the recovery began and certainly through '21 with the rate of growth that we had then and so far through the first half of this year.

所以它 - 你必須到位，你必須有一個一致的投資流程，並繼續努力，知道事情在哪裡更緊張，如果交易量在幾年內你可能會緊張以很大的方式回到你身邊。所以我們習慣於承擔額外的成本，但這是我們戰略的一部分，而且是不同的。我們希望保持過剩的產能。看來，大多數行業的運營都更接近於網絡內的充分利用，但這創造了很多數量機會，就像我們在 2020 年下半年看到的那樣，隨著復甦的開始，當然還有 21 年的增長率從那時到今年上半年，我們一直在這樣做。

And again, as we said earlier, we've produced over $700 million of revenue growth. So last year was a record at $1.2 billion for us, and we're on a good pace to have another $1 billion plus type of revenue growth year, but it certainly takes making those investments. And when you look and trying to go back into some of these prior years when there has been a down cycle, you can look at our operating ratio in 2016. In 2019, we're able to manage all of our variable costs well and try to take advantage of productivity opportunities. But generally, the only change in the operating ratio you might see is with respect to that depreciation line item, and that's where we are making those investments, those depreciation cost will increase as a percent of revenue.

同樣，正如我們之前所說，我們已經創造了超過 7 億美元的收入增長。因此，去年對我們來說是創紀錄的 12 億美元，我們正以良好的步伐再創 10 億美元以上的收入增長年，但肯定需要進行這些投資。當你回顧過去幾年的下行週期時，你可以看看我們在 2016 年的運營率。在 2019 年，我們能夠很好地管理所有可變成本並嘗試以利用生產力機會。但一般來說，您可能會看到運營比率的唯一變化是關於折舊項目，這就是我們進行這些投資的地方，這些折舊成本將作為收入的百分比增加。

But we try to manage all of the other costs flat or with some improvement if we can to minimize any type of negative impact on the operating ratio until we get that volume flow coming through again. And we've said it takes density and yields to produce long-term margin improvement and that will continue into the future as well. But certainly need to get that density factor, it takes a continuous investment in capacity.

但是，如果我們可以盡量減少對運營比率的任何類型的負面影響，我們會嘗試將所有其他成本保持不變或進行一些改進，直到我們再次獲得該流量。我們已經說過，需要密度和產量才能產生長期的利潤率提高，而且這種情況也將持續到未來。但肯定需要得到那個密度因子，它需要對容量進行持續投資。

The next question comes from Bascome Majors with Susquehanna.

下一個問題來自 Bascome Majors 和 Susquehanna。

Adam, in the last 6 months, you guys have bought considerably more stock than you bought in any prior full year. Can you talk a little bit about the pace you feel comfortable with in the second half? And will you consider adding a little leverage to take advantage of the share price? Or historically, you've been -- within your free cash flow as far as total shareholder returns, is that a good kind of bookend to think about as we think about where share repurchase can go?

亞當，在過去的 6 個月裡，你們購買的股票比以往任何一年都多得多。你能談談你在下半場感覺舒服的節奏嗎？你會考慮增加一點槓桿來利用股價嗎？或者從歷史上看，你一直在——就股東總回報而言，在你的自由現金流範圍內，當我們考慮股票回購的去向時，這是一個很好的書擋嗎？

Well, certainly, the repurchase program, we typically look at our cash from operations. And at the beginning of every year, we know what our CapEx is going to be. And then we've got the fixed return element through the dividend program and then we typically take the balance and try to put that into the share repurchase program. But we have said in prior periods when we think the opportunity is right, we'll put more dollars into that program. And certainly, that's how we have felt this year.

好吧，當然，回購計劃，我們通常會查看我們的運營現金。每年年初，我們都知道我們的資本支出將是多少。然後我們通過股息計劃獲得了固定回報要素，然後我們通常會取得餘額並嘗試將其放入股票回購計劃中。但我們之前說過，當我們認為機會合適時，我們會在該計劃中投入更多資金。當然，這就是我們今年的感受。

In the first quarter, we did have a $400 million accelerated share repurchase program. In the second quarter, it was more strategic and just day-to-day buying on a more of a 10b-5 type of basis. And we'll continue to look at all options as we move forward. But certainly, when the share price is at the level where it's been, it's certainly down from where we finished last year, and we're going to continue to buy more shares and use the cash that's on the balance sheet for starters and you just got to continue to look at it on a day-to-day basis.

在第一季度，我們確實有一個 4 億美元的加速股票回購計劃。在第二季度，它更具戰略性，只是在更多 10b-5 類型的基礎上進行日常購買。在我們前進的過程中，我們將繼續考慮所有選項。但可以肯定的是，當股價處於過去的水平時，它肯定會比我們去年完成的水平有所下降，我們將繼續購買更多股票並將資產負債表上的現金用於起步，而你只是必須繼續每天查看它。

We've -- in the past, we've said we don't necessarily want to directly borrow to go out to buy stock. But we've always just got to look at kind of where the price is trending and what we think the best use of cash is and then just trying to take a longer-term view of it as well.

我們 - 過去，我們說過我們不一定要直接借錢出去購買股票。但我們總是只需要看看價格的趨勢以及我們認為現金的最佳用途是什麼，然後也只是試圖從長遠來看。

Great. So it sounds like leverage to buy stock is not plan A, but opportunism can make that possible depending on your view of the market versus your stock price?

偉大的。所以聽起來槓桿購買股票不是 A 計劃，但機會主義可以根據你對市場的看法與你的股價來實現這一點嗎？

Correct.

正確的。

The next question comes from James Monigan with Wells Fargo.

下一個問題來自富國銀行的 James Monigan。

Just wanted to actually touch on -- or follow-up on something you had mentioned around the spread between pricing cost and just the pricing environment overall. I just wanted to sort of get your sense on sort of the amount of cost pressure maybe some of your competitors are under and if you think that might keep discipline fairly high around pricing? And also just maybe sort of thinking about like the outlook for that spread moving forward, just given the fact that you guys own more of your assets, and therefore, might have a cost advantage?

只是想真正觸及 - 或跟進您提到的定價成本與整體定價環境之間的差價。我只是想了解一下您的一些競爭對手可能承受的成本壓力，如果您認為這可能會在定價方面保持相當高的紀律？考慮到你們擁有更多資產，因此可能具有成本優勢，也可能只是考慮一下這種利差向前發展的前景？

Yes. I don't know that we can comment on our competitors' cost structures but certainly for us, we obviously feel like we've got opportunity to continue to, one, to try to reduce some of our costs through productivity. But that's again kind of going back to our continuous improvement cycle and then trying to price above cost. And it's not always on a quarter-by-quarter basis. Again, it's not always going to be that we've got that 100 to 150 basis point delta in our revenue per shipment and cost per shipment performance, and you've got to look at that on a more of a core basis. But we just look at it over a longer-term time horizon. But that's the yield improvements, one big element for the long-term margin improvement opportunities that we think we have.

是的。我不知道我們可以評論競爭對手的成本結構，但對於我們來說，我們顯然覺得我們有機會繼續，一，嘗試通過生產力降低我們的一些成本。但這又回到了我們的持續改進週期，然後試圖定價高於成本。而且並不總是按季度計算。同樣，我們的每次出貨收入和每次出貨成本的表現並不總是有 100 到 150 個基點的增量，你必須在更核心的基礎上看待這一點。但我們只是從更長期的時間範圍內看待它。但這就是產量的提高，這是我們認為我們擁有的長期利潤率提高機會的一個重要因素。

And I mean obviously, a lot goes into that. It's easy to sit here and say that we need yield above cost, but a lot go into both of those metrics. And certainly, you got to have a service to support the yield. And then we've got to continue to look at ways that we can save on the cost side as well to make sure that our price deal in alignment with the market. And we do believe we can get a price premium in the market based on the quality of our service and we study our Mastio Quality results closely each year to look at how we compare against ourselves and how we compare against the rest of the industry to make sure that we're staying on top of changes. We're staying ahead of the market.

我的意思是，很明顯，有很多內容。坐在這裡說我們需要高於成本的收益很容易，但是這兩個指標都有很多內容。當然，你必須有一項服務來支持產量。然後我們必須繼續尋找可以在成本方面節省的方法，以確保我們的價格符合市場。我們相信我們可以根據我們的服務質量在市場上獲得溢價，並且我們每年都會仔細研究我們的 Mastio 質量結果，以了解我們如何與自己進行比較以及我們如何與行業其他公司進行比較確保我們掌握變化。我們一直領先於市場。

We're continuing to give our customers what they are asking for as well, be it through capacity in markets be it capacity of our trailer pool, technologies, pricing programs and new changes there. You name it, we're always trying to stay ahead of the curve. And we feel confident that we've got a lot of market share opportunities in front of us, and we just want to keep our focus on execution to make sure we take advantage of those opportunities, and again, make sure that it's not just growth, it's good profitable growth.

我們還將繼續為客戶提供他們所要求的東西，無論是通過市場容量還是我們的拖車池容量、技術、定價計劃和那裡的新變化。你的名字，我們總是試圖保持領先地位。我們相信我們面前有很多市場份額機會，我們只想繼續專注於執行，以確保我們利用這些機會，再次確保這不僅僅是增長，這是良好的盈利增長。

Got it. Just given how much cost run up do you think that there's a repricing opportunity or a need to reprice moving forward on a larger portion of your business than normal?

知道了。考慮到成本上升了多少，您認為是否存在重新定價的機會或需要對您的大部分業務進行重新定價而不是正常情況？

No. And again, that's part of our continuous improvement cycle. Our contracts in our business come up every day. It's why you generally see on a sequential basis, improvements in our yield metrics as we go from quarter-to-quarter. So as a contract comes up for renewal, we're going to ask for an increase. And to improve the yield on an account, it's not always through a price increase either. It's looking at other areas of opportunity in ways that we can help a customer save money and that may be an operational change. It could be a number of things.

不，這也是我們持續改進週期的一部分。我們的業務合同每天都會出現。這就是為什麼您通常會按順序看到我們的收益率指標隨著季度的變化而有所改善。因此，隨著續約合同的到來，我們將要求增加。為了提高賬戶收益，也不總是通過提價。它正在以我們可以幫助客戶省錢的方式尋找其他機會領域，這可能是一種運營變化。這可能是很多事情。

And that's why it's so important for our sales team to stay engaged with the customers to understand what their needs are. Our pricing team as well, so that we can work together and create win-win situations because we're not here to just have a customer for this quarter and the next quarter. We've got customers that have been in place for many, many years. And any new customer that's coming on board, we want them to be in place for the long term as well.

這就是為什麼我們的銷售團隊與客戶保持互動以了解他們的需求如此重要的原因。我們的定價團隊也是如此，這樣我們就可以共同努力並創造雙贏的局面，因為我們在這裡不僅僅是為了本季度和下一季度的客戶。我們的客戶已經存在很多很多年了。任何新加入的客戶，我們都希望他們能夠長期存在。

So it's all about creating those win-win situations. And whether it's, again, through an operational change, we've recently announced a new pricing program as well that we've got some engagement on and some excitement that can eliminate the need to have payment all the services for customers. And so those are the ways that we're going to continue to stay engaged with our customer base and try to do right things right by them and keep improving our sales, both the top and the bottom lines.

所以一切都是為了創造雙贏的局面。無論是再次通過運營變更，我們最近還宣布了一項新的定價計劃，我們已經進行了一些參與和一些興奮，可以消除為客戶支付所有服務的需要。因此，這些是我們將繼續與我們的客戶群保持聯繫的方式，並嘗試為他們做正確的事情，並不斷提高我們的銷售，包括最高和最低線。

This concludes our question-and-answer session. I would like to turn the conference back over to Greg Gantt for any closing remarks.

我們的問答環節到此結束。我想把會議轉回格雷格甘特的任何閉幕詞。

Well, thank you all for your participation today. We appreciate your questions, and please feel free to give us a call if you have anything further. Thanks, and I hope you have a great day.

嗯，謝謝大家今天的參與。我們感謝您的問題，如果您有任何進一步的問題，請隨時給我們打電話。謝謝，我希望你有一個美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。