奧多明尼昂貨運 (ODFL) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Old Dominion Freight Line First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Drew Andersen. Please go ahead.

早上好，歡迎來到 Old Dominion Freight Line 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給 Drew Andersen。請繼續。

Thank you. Good morning, and welcome to the First Quarter 2023 Conference Call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through May 3, 2023, by dialing 1 (877) 344-7529, access code 6525435. The replay of the webcast may also be accessed for 30 days at the company's website.

謝謝。早上好，歡迎來到 Old Dominion Freight Line 的 2023 年第一季度電話會議。今天的電話正在錄製中，從今天開始到 2023 年 5 月 3 日可通過撥打 1 (877) 344-7529，訪問代碼 6525435 進行重播。也可以在公司網站上訪問網絡廣播的重播，為期 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 are not statements of historical fact may be deemed forward-looking statements.

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，包括有關 Old Dominion 預期財務和經營業績的陳述等。為此，在本次電話會議期間作出的任何陳述都不是歷史事實的陳述，可被視為前瞻性陳述。

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.

在不限制前述規定的情況下，相信、預期、計劃、期望和類似表達的詞語旨在識別前瞻性陳述。特此提醒您，這些陳述可能會受到 Old Dominion 提交給美國證券交易委員會的文件和今天上午的新聞稿中規定的重要因素的影響，因此，實際運營和結果可能與討論的結果存在重大差異在前瞻性陳述中。

The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. (Operator Instructions)

公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。 （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，為了開場白，我想將會議轉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 first quarter conference call. With me on the call today is Marty Freeman, our COO; and Adam Satterfield, our CFO. After some brief remarks, we'll be glad to take your questions.

早上好，歡迎來到我們的第一季度電話會議。今天與我通話的是我們的首席運營官 Marty Freeman；和我們的首席財務官 Adam Satterfield。在簡短的發言之後，我們很樂意回答您的問題。

The OD team started this year with first quarter financial results that included revenue of $1.4 billion, an operating ratio of 73.4% and earnings per diluted share of $2.58. These numbers were slightly below our first quarter results from 2022 and reflect the ongoing softness in the domestic economy and the challenging operating environment.

OD 團隊今年第一季度的財務業績包括 14 億美元的收入、73.4% 的運營比率和 2.58 美元的攤薄後每股收益。這些數字略低於我們 2022 年第一季度的業績，反映了國內經濟持續疲軟和充滿挑戰的經營環境。

We are also coming off a record year in 2022 where revenue and profits were at an all-time high. As we started this year, we were cautiously optimistic that our business levels would start to improve late in the first quarter and accelerate further in the second quarter.

我們也將在 2022 年創下收入和利潤創歷史新高的一年。今年年初，我們謹慎樂觀地認為，我們的業務水平將在第一季度末開始改善，並在第二季度進一步加速。

While our volumes stabilized during January and February as expected, we have not seen the acceleration in volumes that was originally anticipated. Our shipments per day have remained consistent on a daily basis so far this year, but on a year-over-year basis, shipments in April are trending down double digits. Fortunately, our market share has remained relatively consistent and our yield continues to improve.

雖然我們的銷量在 1 月和 2 月如預期的那樣穩定，但我們沒有看到最初預期的銷量加速。今年到目前為止，我們每天的出貨量每天都保持穩定，但與去年同期相比，4 月份的出貨量呈兩位數下降趨勢。幸運的是，我們的市場份額保持相對穩定，我們的收益率繼續提高。

We believe the stability with our market share during the first quarter reflects the value of our service offering and the success of our long-term strategic plan. The guiding principles of this plan have been in place for many years and have helped us produce a strong track record for long-term profitable growth throughout the economic cycle.

我們相信第一季度市場份額的穩定反映了我們提供的服務的價值和我們長期戰略計劃的成功。該計劃的指導原則已經實施多年，並幫助我們在整個經濟周期中實現長期盈利增長方面創造了良好的記錄。

This plan is centered on our ability to deliver superior service at a fair price to our customers, and we remain committed to providing on-time service and claims-free service as well. We will continue to focus on delivering a value proposition to our customers while also maintaining a disciplined approach to managing the fundamental aspects of our business. This will include making the best decisions to help us navigate through a challenging environment in the short term while also positioning us for future opportunities to produce long-term profitable growth.

該計劃的核心是我們以合理的價格向客戶提供優質服務的能力，並且我們仍然致力於提供準時服務和無索賠服務。我們將繼續專注於為客戶提供價值主張，同時保持紀律嚴明的方法來管理我們業務的基本方面。這將包括做出最佳決策，以幫助我們在短期內度過充滿挑戰的環境，同時也讓我們為未來的機會做好準備，以實現長期盈利增長。

While we like to measure our success over years, we believe it takes winning on a daily, weekly and monthly basis to add up to long-term success. Our consistent focus and successful balance of long-term opportunities against short-term trends has helped us achieve a 10-year compound average growth rate in revenue and earnings per diluted share of 11.4% and 25%, respectively.

雖然我們喜歡衡量多年來的成功，但我們認為需要每天、每周和每月獲勝才能累積長期成功。我們始終如一地專注於長期機遇與短期趨勢的成功平衡，幫助我們實現了 11.4% 和 25% 的收入和攤薄後每股收益的 10 年復合平均增長率。

I want to close my last earnings call as CEO by saying how incredibly proud I am of the entire OD family of employees, all 23,000 of us, and the track record of success that we have produced together. I am encouraged by the prospects that our team has for future growth.

在結束我作為 CEO 的最後一次財報電話會議時，我想說我對整個 OD 員工家庭、我們所有 23,000 名員工以及我們共同創造的成功記錄感到無比自豪。我對我們團隊未來發展的前景感到鼓舞。

Without any doubt, I stand firm in my belief that OD has the strongest team in the industry, the best service in the industry and is better positioned than any LTL carrier to continue to win market share, while also increasing shareholder value.

毫無疑問，我堅信 OD 擁有業內最強大的團隊、業內最好的服務，並且比任何零擔運輸公司都更有能力繼續贏得市場份額，同時增加股東價值。

Thank you for joining us this morning. And now I will turn things over to Marty for further discussion of the first quarter.

感謝您今天早上加入我們。現在我將把事情交給馬蒂進一步討論第一季度。

Thank you, Greg, and good morning. I want to, first of all, start by thanking Greg for his leadership and significant contributions to OD over his career, while also recognizing each OD employee for their critical role in our success. Together, we have produced remarkable improvements in our financial and operating results over the long term. And I can assure you that OD's team remains focused on continuing our record of strong profitable growth.

謝謝你，格雷格，早上好。首先，我想感謝 Greg 在其職業生涯中對 OD 的領導和重大貢獻，同時也承認每位 OD 員工在我們的成功中發揮的關鍵作用。從長遠來看，我們一起在財務和經營業績方面取得了顯著改善。我可以向你保證，OD 的團隊仍然專注於保持我們強勁的盈利增長記錄。

With respect to our first quarter, we delivered solid financial results, especially when considering the ongoing softness in the domestic economy and decrease in volumes. Although these factors contributed to the first decrease in quarterly revenue and earnings per diluted share since the second quarter of 2020, our market share has remained relatively consistent.

關於我們的第一季度，我們取得了穩健的財務業績，尤其是在考慮到國內經濟持續疲軟和銷量下降的情況下。儘管這些因素導致季度收入和攤薄後每股收益自 2020 年第二季度以來首次下降，但我們的市場份額保持相對穩定。

As a result, we believe our decrease in volumes was largely due to some shippers simply having fewer shipments than normal due to the economy. Although there have been others that are beginning to emphasize price versus service and choosing lower-priced carriers. The operating environment has become more challenging than we anticipated and the expected acceleration in volumes has obviously not occurred.

因此，我們認為我們的銷量下降主要是由於一些托運人的出貨量因經濟而比正常情況下少。儘管還有其他人開始強調價格與服務的關係，並選擇價格較低的承運人。運營環境變得比我們預期的更具挑戰性，並且顯然沒有出現預期的銷量加速。

Despite these factors, we have maintained a commitment to our long-term strategic plan. We will continue to focus on providing shippers with superior service to support our ability to maintain our price discipline. Our consistent cost-based approach to manage yield and account profitability has been critical to our ability to improve our financial position over time, which has helped us support and continued investments in technology and service center capacity.

儘管有這些因素，我們仍然致力於我們的長期戰略計劃。我們將繼續專注於為托運人提供優質服務，以支持我們維持價格紀律的能力。我們一貫的基於成本的方法來管理收益和賬戶盈利能力對於我們隨著時間的推移改善財務狀況的能力至關重要，這有助於我們支持並繼續投資技術和服務中心能力。

While capacity is not currently an industry issue due to the weakness in industry volumes, we believe this will once again become a critical differentiator for us when the economy improves. We believe our long-term consistent investment in service center capacity has been and remains a strategic advantage that supports our long-term market share goals.

由於行業銷量疲軟，產能目前不是行業問題，但我們相信，當經濟好轉時，這將再次成為我們的關鍵差異化因素。我們相信，我們對服務中心能力的長期持續投資一直是並且仍然是支持我們長期市場份額目標的戰略優勢。

During this period of revenue decline, we will also maintain a disciplined approach to managing our variable cost and discretionary spending to protect our profitability. This starts with a commitment to maximizing the operating efficiency of our fleet and network. Some of our productivity measurements in the first quarter were negatively impacted by the general loss of operating density associated with the decrease in our shipments and weight per shipment.

在此收入下降期間，我們還將保持嚴格的方法來管理我們的可變成本和可自由支配的支出，以保護我們的盈利能力。首先是致力於最大限度地提高我們機隊和網絡的運營效率。我們在第一季度的一些生產率測量受到與我們的出貨量和每批貨重量的減少相關的操作密度的普遍損失的負面影響。

This was evidenced by a 4.9% decrease in our line haul latent load average and a 1.0% decrease in our P&D shipments per hour. We improved our platform productivity; however, and generated a 5.8% increase in our platform shipments per hour. We also reduced our reliance on purchase transportation as compared to the first quarter of 2022 which allowed us to improve the overall efficiency of our operations. This contributed to the improvement in our variable cost as a percent of revenue during the first quarter.

我們的長途運輸平均潛在負載下降了 4.9%，每小時的 P&D 出貨量下降了 1.0%，證明了這一點。我們提高了平台生產力；然而，我們的平台每小時出貨量增加了 5.8%。與 2022 年第一季度相比，我們還減少了對採購運輸的依賴，這使我們能夠提高運營的整體效率。這有助於改善我們第一季度可變成本佔收入的百分比。

We will also continue to work on improving the efficiency of our operations as we make our way through the balance of this year, which provides an opportunity to generate additional cost savings. While productivity is always a focus, we cannot and we will not allow it to impact our best-in-class service performance.

我們還將繼續努力提高我們的運營效率，因為我們正在努力度過今年餘下的時間，這提供了一個產生額外成本節約的機會。雖然生產力始終是一個重點，但我們不能也不會讓它影響我們一流的服務績效。

Our team continued to deliver superior service during the first quarter with an on-time service of 99% and a cargo claims ratio of 0.1%. This service performance remains critical to support our yield management strategies.

我們的團隊在第一季度繼續提供優質服務，準時服務率為 99%，貨物索賠率為 0.1%。這種服務性能對於支持我們的收益管理策略仍然至關重要。

We have said many times before that to produce long-term improvement in our operating ratio will continue to require a balance between operating density and yield management, both of which generally require a favorable macroeconomic environment.

我們之前多次說過，要使我們的運營比率產生長期改善，將繼續需要在運營密度和收益管理之間取得平衡，這兩者通常都需要有利的宏觀經濟環境。

As just mentioned, we lost operating density in the quarter in the current environment due to the decline in volumes and the expansion of our network. Our yield has continued to consistently improve; however, and revenue per hundredweight, excluding fuel surcharges, increased 8.6% during the first quarter.

正如剛才提到的，由於銷量下降和網絡擴張，我們在當前環境下本季度失去了運營密度。我們的收益一直在持續提高；但是，第一季度每英擔的收入（不包括燃油附加費）增長了 8.6%。

We will continue to demonstrate value to our customers by balancing our superior service offering with a consistent cost-based approach to our pricing. The resulting value proposition is unmatched in the LTL industry and will continue to support our ability to increase market share over the long term.

我們將繼續通過平衡我們的優質服務與一致的基於成本的定價方法來向我們的客戶展示價值。由此產生的價值主張在 LTL 行業是無與倫比的，並將繼續支持我們長期增加市場份額的能力。

As we look forward to remaining quarters of this year, we currently anticipate the softer demand environment will continue. The second quarter is generally the period when volumes begin to accelerate, but we have yet to see an inflection toward growth.

在我們展望今年剩餘的幾個季度時，我們目前預計需求環境將持續疲軟。第二季度通常是交易量開始加速增長的時期，但我們尚未看到增長出現拐點。

Nevertheless, I want to emphasize that we are well positioned to respond to any acceleration in volumes that might occur if and when the economy improves. Until that time comes, we will continue to focus on managing our costs and delivering value to our customers through our value proposition of on-time claims-free service at a fair price.

儘管如此，我想強調的是，如果經濟好轉，我們有能力應對可能出現的任何銷量加速增長。在那之前，我們將繼續專注於管理我們的成本，並通過我們以公平價格提供準時無索賠服務的價值主張，為我們的客戶創造價值。

Delivering value is a central element of our long-term strategic plan, and we remain committed to execute on this plan regardless of the economic cycle. As a critical part of this plan, we will also continue to execute our capital expenditure program and most importantly, invest in the training, education and development of our OD family of employees.

提供價值是我們長期戰略計劃的核心要素，無論經濟周期如何，我們都將繼續致力於執行該計劃。作為該計劃的重要組成部分，我們還將繼續執行我們的資本支出計劃，最重要的是，投資於我們 OD 家族員工的培訓、教育和發展。

The economy will eventually recover, and we will -- and we are confident that when it does, our team's execution will allow us to achieve further growth and profitability while also increasing our shareholder value.

經濟最終會復蘇，我們會——而且我們相信，當它復甦時，我們團隊的執行將使我們能夠實現進一步的增長和盈利，同時也增加我們的股東價值。

Thanks for joining us today. Adam will now discuss our first quarter financial results in greater detail.

感謝您今天加入我們。亞當現在將更詳細地討論我們第一季度的財務業績。

Thank you, Marty, and good morning. Old Dominion's revenue decreased 3.7% in the first quarter of 2023 due to an 11.9% decrease in LTL tonnage that was partially offset by 9.2% increase in LTL revenue per hundredweight. The combination of this decrease in revenue and slight deterioration in our operating ratio contributed to the 0.8% decrease in earnings per diluted share to $2.58 for the quarter.

謝謝你，馬蒂，早上好。 Old Dominion 的收入在 2023 年第一季度下降了 3.7%，原因是零擔噸位下降了 11.9%，但被每英擔零擔收入增長 9.2% 部分抵消了。收入下降和我們的運營比率略有下降，導致本季度每股攤薄收益下降 0.8% 至 2.58 美元。

On a sequential basis, revenue per day for the first quarter decreased 7.9% when compared to the fourth quarter of 2022 with LTL tons per day decreasing 4.3% and LTL shipments per day decreasing 3.4%. For comparison, the 10-year average sequential change for these metrics includes a decrease of 0.6% in revenue per day, a 0.5% decrease in tons per day and a 0.2% increase in shipments per day.

按順序計算，與 2022 年第四季度相比，第一季度的每日收入下降 7.9%，每日零擔噸數下降 4.3%，每日零擔運輸量下降 3.4%。相比之下，這些指標的 10 年平均連續變化包括每天收入減少 0.6%、每天噸數減少 0.5% 和每天出貨量增加 0.2%。

The monthly sequential changes in LTL tons per day during the first quarter were as follows: January decreased 1.0% as compared with December, February decreased 0.2% versus January and March increased 0.7% as compared to February. The 10-year average change for the respective months was an increase of 1.2% in January, an increase of 1.7% in February and an increase of 5.2% in March.

一季度日零擔噸數環比變化如下：1月環比12月下降1.0%，2月環比下降0.2%，3月環比上升0.7%。各個月份的 10 年平均變化為 1 月份增長 1.2%，2 月份增長 1.7%，3 月份增長 5.2%。

Our shipments per day over these same periods were relatively consistent on a sequential basis and increased slightly each month as we progressed through the first quarter.

我們在同一時期每天的出貨量在連續的基礎上相對一致，並且隨著我們在第一季度的進展，每個月都略有增加。

While there are still a few work days remaining in April, our month-to-date revenue per day has decreased by approximately 15% when compared to April of 2022. Our LTL tonnage per day has also decreased by approximately 15%, while revenue per hundredweight has increased approximately 1% when including fuel surcharges and increased approximately 7.5% excluding fuel surcharges.

雖然 4 月還有幾個工作日，但與 2022 年 4 月相比，我們的月迄今每天收入減少了約 15%。我們每天的 LTL 噸位也減少了約 15%，而每英擔在包含燃油附加費時增加了約 1%，在不包含燃油附加費時增加了約 7.5%。

Our revenue and shipment counts on a daily basis have been relatively consistent in April when compared to March of this year, except for the Good Friday and Easter holidays. As previously mentioned; however, we had expected to see acceleration in business levels by this point in the year based on customer feedback and our historical planning process.

與今年 3 月相比，我們 4 月的每日收入和出貨量相對穩定，耶穌受難日和復活節假期除外。就像之前提到的;但是，根據客戶反饋和我們的歷史規劃流程，我們預計到今年這個時候業務水平會有所提高。

While we would like to see our market share continue to increase again, we believe that it's more important to maintain our price discipline during this period of economic weakness, while positioning ourselves to emerge from a slow period with capacity and a better opportunity to produce strong profitable growth over the long term.

雖然我們希望看到我們的市場份額再次繼續增加，但我們認為更重要的是在經濟疲軟時期保持我們的價格紀律，同時讓我們自己以能力和更好的機會擺脫低迷時期，以生產強勁的產品長期盈利增長。

We have operated in scenarios like this before, and we will continue to execute our plan and adjust to this lower-than-expected volume environment until an inflection point happens, and we can shift back into growth mode again. Our first quarter operating ratio increased to 73.4% for the first quarter as the improvements in our direct operating costs did not sufficiently offset the increase in overhead cost as a percent of revenue.

我們以前也有過這樣的情況，我們會繼續執行我們的計劃，並適應這種低於預期的成交量環境，直到拐點出現，我們才能重新回到增長模式。由於我們直接運營成本的改善不足以抵消間接費用佔收入百分比的增加，因此我們第一季度的第一季度運營比率增至 73.4%。

Many of our fixed cost categories increased as a percent of revenue during the quarter due to the deleveraging effect associated with the decrease in revenue as well as the timing and significance of certain expenditures. In particular, our depreciation and amortization costs increased 80 basis points and general supplies and expenses increased 30 basis points.

由於與收入減少相關的去槓桿化效應以及某些支出的時間和重要性，我們的許多固定成本類別在本季度佔收入的百分比有所增加。特別是，我們的折舊和攤銷成本增加了 80 個基點，一般用品和費用增加了 30 個基點。

Within our direct operating costs, our purchase transportation cost as a percent of revenue improved 140 basis points, while our productive labor cost improved 50 basis points. These changes more than offset the 50 basis point increase in operating supplies and expenses that was primarily due to an increase in our maintenance and repair costs.

在我們的直接運營成本中，我們的採購運輸成本佔收入的百分比提高了 140 個基點，而我們的生產性勞動力成本提高了 50 個基點。這些變化抵消了主要由於我們的維護和維修成本增加而導致的運營用品和費用增加 50 個基點。

Old Dominion's cash flow from operations totaled $415.4 million for the first quarter, and capital expenditures were $234.7 million. We currently anticipate our capital expenditures will be approximately $700 million this year, which is a $100 million decrease from our initial capital expenditure plan.

Old Dominion 第一季度的運營現金流總計 4.154 億美元，資本支出為 2.347 億美元。我們目前預計今年的資本支出約為 7 億美元，比我們最初的資本支出計劃減少 1 億美元。

We plan to continue with real estate expansion projects that are already in process and others that we believe will be critical to our long-term operating plan. We also plan to continue to purchase new equipment, which we believe will help lower the average age of our fleet and help reduce our maintenance cost per mile.

我們計劃繼續進行已經在進行中的房地產擴張項目，以及我們認為對我們的長期運營計劃至關重要的其他項目。我們還計劃繼續購買新設備，我們相信這將有助於降低我們車隊的平均年齡，並有助於降低我們每英里的維護成本。

We utilized $141.7 million of cash for our share repurchase program and paid $44.1 million in dividends during the first quarter. Our effective tax rate was 25.8% and 26.0% for the first quarter of 2023 and 2022, respectively. We currently expect our annual effective tax rate to be 25.6% for the second quarter of 2023.

我們為股票回購計劃使用了 1.417 億美元的現金，並在第一季度支付了 4410 萬美元的股息。我們在 2023 年和 2022 年第一季度的有效稅率分別為 25.8% 和 26.0%。我們目前預計 2023 年第二季度的年度有效稅率為 25.6%。

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，我們很樂意此時開放提問。

(Operator Instructions) The first question comes from Ravi Shanker with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Ravi Shanker。

Maybe just a 2-parter here. One is the uptick in April that didn't materialize. In your conversations with your customers, do you get a sense that this is just a pause while they figure out what's going on with the banking crisis and other things before they resume and their inventory is in a better situation or do you think the rebound is kind of completely pushed out maybe to '24? And also maybe as a follow-up, can you help us think about kind of fuel surcharge and how we think about that math through the rest of the year?

也許這裡只是一個 2 人。一個是 4 月份的上漲並未實現。在您與客戶的對話中，您是否感覺到這只是一個暫停，而他們會在恢復之前弄清楚銀行業危機和其他事情的情況以及他們的庫存狀況是否更好，或者您認為反彈是有點完全被推遲到 24 年？也許作為後續行動，您能否幫助我們考慮燃油附加費的種類以及我們如何在今年餘下的時間裡考慮該數學？

Yes. Certainly, it's been difficult to read the tea leaves this year and we felt like we've had a lot of good conversations with customers and continue to have them. But certainly, it seemed like the whole banking issue was a bit of cold water on the economy overall.

是的。當然，今年很難閱讀茶葉，我們覺得我們與客戶進行了很多良好的對話，並繼續與他們進行交流。但可以肯定的是，整個銀行業問題似乎對整體經濟來說有點冷水。

I think that it just continues to be a challenging overall and people question in some cases the direction of the economy and continue to be somewhat conservative as a result. But I think our business, we obviously have been talking about probably since the third quarter of last year, an expectation that we would start seeing an uptick.

我認為這仍然是一個具有挑戰性的整體，人們在某些情況下質疑經濟的方向，並因此繼續保持保守。但我認為我們的業務，我們顯然從去年第三季度開始就一直在談論，期望我們會開始看到增長。

And it didn't happen. Things have stabilized. We continue to be consistent. We continue to have good conversations though. And I would say within our direct business, having conversations with customers, we're seeing an increase in some of these accounts. When I look through our top 50 accounts, business that's not with the 3PL, we're seeing a good increase. We actually saw an increase in revenue with those accounts during the first quarter.

它沒有發生。事情已經穩定了。我們繼續保持一致。不過，我們繼續進行良好的對話。我會說在我們的直接業務中，與客戶進行對話，我們看到其中一些客戶有所增加。當我查看我們排名前 50 位的客戶時，與 3PL 無關的業務，我們看到了良好的增長。實際上，我們在第一季度看到這些賬戶的收入有所增加。

Some of our business with 3PLs is suffering a little more. Like we said in our prepared comments, we're seeing some shippers that are prioritizing price over service right now. But you've got a lot of others, and I think that's why we're seeing the increase in our direct business that continue to think strategically about their supply chain, understand the value that we're delivering and know that this environment will turn again, and we helped many of these customers through challenging times and the pandemic and then the supply chain crisis that followed.

我們與 3PL 的一些業務受到的影響更大一些。就像我們在準備好的評論中所說的那樣，我們看到一些托運人現在將價格置於服務之上。但是你還有很多其他人，我認為這就是為什麼我們看到我們的直接業務有所增加，他們繼續從戰略上考慮他們的供應鏈，了解我們正在提供的價值，並且知道這種環境將會轉變再次，我們幫助其中許多客戶度過了充滿挑戰的時期和大流行病，然後是隨之而來的供應鏈危機。

So I think it's a mixed bag across the board, but we continue to stay engaged, we're continuing to have favorable conversations and it's just a matter of when the economy eventually recovers, and we're certainly prepared for when that happens. It's just day in and day out. Our shipments per day have just been pretty consistent, pretty much all through the first quarter, and that's continuing into April.

所以我認為這是一個全面的混合包，但我們繼續保持參與，我們繼續進行有利的對話，這只是經濟最終何時復甦的問題，我們當然已經做好了準備。只是日復一日。我們每天的出貨量一直非常穩定，幾乎整個第一季度都如此，而且這種情況一直持續到 4 月份。

Great. And the fuel surcharge, is there any color that would be great.

偉大的。還有燃油附加費，要是有什麼顏色就好了。

Yes. Certainly, the fuel surcharge. This is the quarter we talked about, it actually happened in March. In March, the average price per gallon was down about 18%. And right now with fuel being $4.10 somewhere in that range, it's -- fuel prices are down about 25%. So certainly, we'll see a bigger decrease on a year-over-year basis of fuel surcharges.

是的。當然是燃油附加費。這是我們說的那個季度，它實際上發生在三月份。 3 月份，每加侖的平均價格下降了約 18%。現在燃油價格為 4.10 美元，處於該範圍內，燃油價格下降了約 25%。因此，我們肯定會看到燃油附加費同比下降幅度更大。

That's the April number that we put out. Already, fuel in April is down about 20%. And so that's driving some of that 15% decrease that we're seeing in our April revenues on a year-over-year basis. But I think the impact is evident in our yield metrics.

那是我們發布的 4 月份數字。 4 月份的燃料價格已經下降了約 20%。因此，這推動了我們 4 月份收入同比下降 15% 的部分原因。但我認為這種影響在我們的收益率指標中是顯而易見的。

We're continuing to see good yield increases. We're -- as we're going through bids and whatnot, we're continuing to talk about our cost plus increases that are necessary. But when we look at April and kind of where things are, the revenue per hundredweight continues to be solid. And we would expect to see sequential increase in the second quarter over the first quarter. That number should naturally start to trend back closer to what our longer-term averages have been from just a core yield increase standpoint, but the revenue per hundredweight with the fuel is reflecting that change now in fuel prices and the fuel surcharge. So that is starting to flatten out, if you will, just like the numbers that we talked about for what we've seen month-to-date for April.

我們繼續看到良好的收益率增長。我們 - 在我們進行投標和諸如此類的事情時，我們將繼續討論我們的成本加上必要的增加。但是當我們看看 4 月份的情況時，每英擔的收入繼續保持穩定。我們預計第二季度將比第一季度連續增長。從核心產量增加的角度來看，這個數字自然應該開始趨向於更接近我們的長期平均水平，但每英擔燃料的收入反映了現在燃料價格和燃料附加費的變化。所以這開始趨於平緩，如果你願意的話，就像我們談論的 4 月迄今所見的數字一樣。

The next question comes from Jack Atkins with Stephens.

下一個問題來自 Jack Atkins 和 Stephens。

Okay. Great. So I guess, I'd love to, Adam, get your thoughts on operating ratio progression sequentially. Obviously, this is not a normal second quarter, at least it's not starting off as a normal second quarter in terms of how April is trending. Any way to kind of help us think about the puts and takes in terms of the OR progression first quarter to the second quarter relative to normal seasonality?

好的。偉大的。所以我想，亞當，我很樂意按順序了解您對運營比率進展的看法。顯然，這不是一個正常的第二季度，至少就 4 月份的趨勢而言，它不是一個正常的第二季度。有什麼方法可以幫助我們考慮相對於正常季節性的第一季度到第二季度的 OR 進展？

Yes. This is certainly -- it's definitely not a usual type of quarter, as you said, I mean, with tonnage being down about 15%. It's been since '09 since we've seen that type of change or maybe back to the second quarter of '20 when the pandemic happened and the world shutdown.

是的。這當然是——這絕對不是一個常見的季度類型，正如你所說，我的意思是，噸位下降了大約 15%。自從 09 年以來，我們就已經看到了這種變化，或者可能回到了 20 年第二季度大流行發生和世界停擺的時候。

But it's something that we've been consistently adjusting to. And frankly, we knew the second quarter comparisons were going to be more challenging this year when we looked through the balance of how the quarters would fall. But the buildup in March that we anticipated obviously didn't happen. That's where you start really getting a lot of that growth. And really, it happens throughout the first quarter. But March is typically a pretty good increase when you look at things on a shipments per day standpoint that should be up 5%-or-so.

但這是我們一直在適應的事情。坦率地說，當我們查看季度下降的平衡時，我們知道今年第二季度的比較將更具挑戰性。但我們預期的 3 月份的增長顯然沒有發生。這就是你開始真正獲得大量增長的地方。實際上，它發生在整個第一季度。但是，當你從每天出貨量的角度來看應該增長 5% 左右的東西時，3 月通常是一個相當不錯的增長。

Right now, like I mentioned before, we're seeing shipments per day that's just pretty steady on a day in and day out basis coming in at somewhere around 47,000 shipments per day. And granted the April will have the impact. We don't do half day conventions, but we pretty much have about a half a day loss with the Good Friday and the Easter holidays.

現在，就像我之前提到的，我們看到每天的出貨量在每天大約 47,000 件左右的基礎上非常穩定。並授予四月將產生影響。我們不舉行半天會議，但在耶穌受難日和復活節假期，我們幾乎會損失半天時間。

But if we don't come off of that number -- and I'll tell you, it's not like we're picking up the same 47,000 shipments day in and day out, we're getting increases with some accounts while others were seeing decreases with. It's not as easy as maybe as what that sounds as it's consistent day in and day out.

但如果我們不超過這個數字——我會告訴你，我們並不是日復一日地收到同樣的 47,000 批貨物，我們的一些客戶正在增加，而其他客戶則看到減少與。它並不像聽起來那麼容易，因為它日復一日地保持一致。

But if we don't see any further growth from there, we should see it in May, just the natural effect of just like the impact of the holidays, recovering from that, a little bit of growth and if we can move forward from there. But overall, for the quarter, if we're still in this environment where there's no sequential increase, then we're looking at revenues that might be flattish in the second quarter with the first as compared to we're normally up about 10% on a per day basis.

但如果我們看不到任何進一步的增長，我們應該在 5 月份看到它，就像假期的影響一樣，從中恢復的自然效果，一點點增長，如果我們能從那裡向前邁進.但總的來說，對於本季度，如果我們仍然處於沒有連續增長的環境中，那麼我們將看到第二季度的收入可能與第一季度持平，而我們通常增長約 10%在每天的基礎上。

So if that's the scenario that we're in, then I think that we're looking at an operating ratio that may be more consistent with the first quarter and could see some slight deterioration from there. I think our challenge will continue to be managing our direct variable cost, that's a productive labor, our operating supplies and expenses and so forth. If we're in the same type of shipments per day environment, managing those costs flat, maybe with some slight improvement as a percent of revenue, those were about 54% of revenue in the first quarter.

因此，如果這就是我們所處的情況，那麼我認為我們正在尋找一個可能與第一季度更一致的運營比率，並且可能會從那裡看到一些輕微的惡化。我認為我們的挑戰將繼續是管理我們的直接可變成本，即生產性勞動力、我們的運營供應和費用等等。如果我們處於每天相同類型的出貨量環境中，管理這些成本持平，也許佔收入的百分比略有改善，那麼第一季度這些成本約為收入的 54%。

And then from an overhead standpoint, those costs were about 19.5% in the first quarter. We'll continue to have an increase in the aggregate amount of depreciation expenses and some other dollars of overhead that might increase. So those costs could increase further as a percent of revenue from that 19.5%.

然後從管理費用的角度來看，這些成本在第一季度約為 19.5%。我們將繼續增加折舊費用總額和其他一些可能增加的間接費用。因此，這些成本佔收入的百分比可能會從 19.5% 進一步增加。

But for us, it's certainly challenging, but I can tell you our teams were looking at costs, were looking at productivity, were looking at the size of the fleet and making adjustments on a day-by-day basis of trying to get in and save costs where we can. But like we mentioned before, doing all the right things that position us to come out of this downturn even stronger.

但對我們來說，這當然是具有挑戰性的，但我可以告訴你，我們的團隊正在考慮成本、生產力、車隊規模，並每天都在進行調整，試圖進入和盡可能節省成本。但就像我們之前提到的，做所有正確的事情，使我們能夠更強大地走出這場低迷。

And that's when the inflection when it happens when we really outperform for the longest time when we get into the slower macro periods, our market share is generally flatter as we maintain our price discipline. But then when we come out, that's when we really see the outperformance in our volumes versus the industry. So we're going to continue to -- with the same strategic plan that's got us to where we are today, and I think that we'll emerge from this thing even stronger.

當我們進入較慢的宏觀時期時，當我們真正跑贏大盤時間最長時，就會出現拐點，由於我們維持價格紀律，我們的市場份額通常會比較平坦。但是當我們出來的時候，那才是我們真正看到我們的銷量優於行業的時候。因此，我們將繼續 - 使用相同的戰略計劃讓我們走到今天，我認為我們會從這件事中脫穎而出，變得更加強大。

Okay. Greg, congrats again on your retirement.

好的。格雷格，再次祝賀你退休。

Thanks, Jack.

謝謝，傑克。

The next question comes from Scott Group with Wolfe Research.

下一個問題來自 Scott Group 和 Wolfe Research。

I just -- one thing I just want to clarify, and then I have my actual question. So your comment about OR may be flattish 1Q to 2Q. Is that -- that's assuming that there's none of the seasonal May and June uptick. Is that -- am I understanding that right?

我只是 - 我只想澄清一件事，然後我有我的實際問題。因此，您對 OR 的評論可能在第一季度到第二季度持平。那是——假設沒有季節性的 5 月和 6 月上漲。那是——我的理解對嗎？

Well, assuming a little bit just the natural uptick that would happen in the sense of our May volumes should be somewhere -- I mean, where we are today, if they stay at this 47,000 range, it'd be a slight uptick over April just because of April being impacted by that half day that I mentioned for the Good Friday and Easter holidays.

好吧，假設在我們 5 月份的交易量意義上會發生一點點自然上升應該在某個地方——我的意思是，我們今天所處的位置，如果它們保持在 47,000 的範圍內，那麼 4 月份會略有上升只是因為四月受到我提到的耶穌受難日和復活節假期的那半天的影響。

But you're correct. Just assuming that we stay in this sort of malaise where we don't see any incremental uptick and frankly, no decline either, but just staying in this flattish on a sequential basis. We certainly hope that there will be an uptick in volumes. We've seen some good trends, good couple of days this week, but I think that we certainly need to be mindful of kind of where we are and the fact that we don't see that positive inflection from an economic standpoint happening.

但你是對的。假設我們一直處於這種萎靡不振的狀態，我們看不到任何增量上升，坦率地說，也沒有下降，只是連續保持這種平穩狀態。我們當然希望數量會增加。我們已經看到了一些好的趨勢，本週的好幾天，但我認為我們當然需要注意我們所處的位置，以及我們沒有看到從經濟角度來看發生積極變化的事實。

And so I think we do need to talk about kind of where we are today. Obviously, we give our mid-quarter update. So if the inflection happens and we start seeing some growth, we're certainly ready and can handle it. And that's when we can start maybe talking about, seeing some incremental improvement if you will, relative to the first quarter. But right now, it's just things on a day in, day out basis are -- have just been very steady as she goes from a revenue per day and a shipments per day standpoint.

所以我認為我們確實需要談談我們今天所處的位置。顯然，我們提供了季度中期更新。因此，如果拐點發生並且我們開始看到一些增長，我們當然已經準備好並且可以應對。那就是我們可以開始談論的時候，如果你願意的話，相對於第一季度會看到一些漸進的改進。但現在，這只是日復一日的事情——從每天的收入和每天的出貨量來看，她一直非常穩定。

And then when you talk about volume down the most since '09, I guess I just want to understand like the pricing is holding up for you really, really well. At what point does that get tougher? Are you seeing any signs of competitive pressure, just given the market continuing to get worse right now from a volume standpoint?

然後當你談到自 09 年以來銷量下降最多時，我想我只是想了解定價對你來說真的非常非常好。什麼時候會變得更難？你是否看到任何競爭壓力的跡象，只是從數量的角度來看市場現在繼續惡化？

Yes. I mean it's certainly -- one, I think the comparison is a little bit tougher and that should get better as we progress through this year, even if our numbers were to stay flatter, the numbers should start to show a little bit of improvement. But it's still a really soft environment out there. And I think that we've demonstrated a lot of value, and that's what we continue to talk about with our customers.

是的。我的意思是肯定是 - 第一，我認為比較有點困難，隨著我們今年的進步，這種情況應該會變得更好，即使我們的數字保持平穩，數字也應該開始顯示出一點點改善。但它仍然是一個非常柔軟的環境。而且我認為我們已經展示了很多價值，這就是我們繼續與客戶談論的內容。

And our costs continue to go up, and we need increases. We've invested a lot in our network over the years, over the last 10 years, about $4.5 billion of capital expenditures to grow our service center network, to be and have capacity where our customers need us and to have the right fleet and the right team to be able to continue to deliver value to our customers.

我們的成本繼續上升，我們需要增加。多年來，我們在我們的網絡上投入了大量資金，在過去 10 年中，大約 45 億美元的資本支出用於發展我們的服務中心網絡，在客戶需要我們的地方成為並擁有能力，並擁有合適的機隊和正確的團隊能夠繼續為我們的客戶提供價值。

So we've invested a lot, and we intend to continue to invest. So I think that, that doesn't change the conversations that we're having with shippers. But in some cases, due to the economy and due to internal pressures, there are some shippers that got to look for cheaper price carriers.

所以我們投資了很多，我們打算繼續投資。所以我認為，這不會改變我們與托運人的對話。但在某些情況下，由於經濟和內部壓力，有些托運人不得不尋找價格更便宜的承運人。

And we're a premium carrier, premium service and our price is generally a little bit higher than others. And so oftentimes, we'll hear feedback though from shippers that are making that short-term decision that they're doing it to meet internal thresholds and intend to give the volume back to us. Like I mentioned, we're seeing a little bit more transactional volume loss within our 3PL book of business right now, that's about 1/3 of our overall revenue in the first quarter.

我們是一家優質運營商，提供優質服務，我們的價格通常比其他公司高一點。因此，我們經常會聽到托運人的反饋，他們正在做出短期決定，他們這樣做是為了滿足內部閾值，並打算將數量返還給我們。就像我提到的那樣，我們現在在 3PL 業務簿中看到了更多的交易量損失，這大約是我們第一季度總收入的 1/3。

3PLs were down a little worse than the company average revenue change. So that's something that would continue to be mindful of. And that too often flips and kind of ebbs and flows with the economy. But I think for us, it's just got have a plan, and we have one and stay disciplined to it and just keep our focus on delivering service.

3PL 的下降幅度略低於公司的平均收入變化。所以這是需要繼續注意的事情。而且這種情況經常會隨著經濟的發展而起伏不定。但我認為對我們來說，它只是有一個計劃，我們有一個計劃並遵守它並保持專注於提供服務。

That comes at a cost. There becomes a fixed element of running our line haul network and our P&D system to be able to continue to deliver service. And usually, this is when service breakdown occurs in the industry. When you become very focused on mitigating cost, and I think we're in a much stronger position than every other carrier.

這是有代價的。運行我們的長途運輸網絡和我們的 P&D 系統以能夠繼續提供服務成為一個固定要素。通常，這是行業中發生服務故障的時候。當你變得非常專注於降低成本時，我認為我們比其他所有運營商都處於更有利的地位。

But when you start focusing on trying to mitigate cost in this type of environment, when the other carriers have seen worse volume loss than us on average, that's when trailers start getting hailed longer to try to fill them up and on-time service starts declining, claims start increasing, other bad things happen, that really, I think, or at least what we've seen in the past, we see a widening of the gap from a service performance on us versus the industry.

但是，當你開始專注於嘗試在這種環境中降低成本時，當其他承運人的運量損失平均比我們嚴重時，拖車開始被叫停更長時間以試圖裝滿它們，準時服務開始下降，索賠開始增加，其他壞事發生，我認為，或者至少我們過去看到的，我們看到我們與行業的服務績效差距正在擴大。

So we expect that will play out again and when the economy starts recovering, it's obviously tough to manage through it on a day-by-day basis. But I think we get right back to our market share gains. I don't think anything has changed in the sense of what we think are long-term market share potential can be, what our long-term operating ratio goals are. None of that really changes. It just kind of news when the start point begins when we get back into market share growth mode again.

因此，我們預計這將再次發揮作用，當經濟開始復蘇時，顯然很難在日常基礎上進行管理。但我認為我們很快就會恢復我們的市場份額增長。我認為就我們認為的長期市場份額潛力而言，我們的長期運營比率目標是什麼，我認為沒有任何改變。這些都沒有真正改變。當我們再次回到市場份額增長模式時，起點開始時，這只是一種新聞。

(Operator Instructions) The next question comes from Jon Chappell with Evercore ISI.

（操作員說明）下一個問題來自 Evercore ISI 的 Jon Chappell。

Marty, you mentioned in your prepared remarks, and Adam, you've kind of addressed it in a couple of your answers as well. But customers choosing price over service, have you seen any kind of significant cracks in the pricing dynamic, given just the complete weakness in the volume side? And how would you compare kind of the pricing environment today versus other periods of recessionary volume backdrop?

Marty，你在準備好的發言中提到了 Adam，你也在一些回答中提到了它。但是客戶選擇價格而不是服務，鑑於數量方面的完全疲軟，您是否看到定價動態有任何重大裂縫？您如何比較今天的定價環境與其他衰退時期的交易量背景？

Yes. I've been through this a few times in my 40 years in transportation. And I think the worst I've ever seen was 2009, and we're nowhere near that. But there is some challenging pricing out there as there always is during low freight levels. Most of it we see is transactional mom-and-pop type shippers and inbound customers. So yes, it can be challenging out there, but it's not anything we haven't seen before, and it's not anything we can't work through and manage through.

是的。在我 40 年的交通運輸生涯中，我經歷過幾次這樣的事情。我認為我見過的最糟糕的情況是 2009 年，而我們離那個還差得很遠。但是，在低運費水平期間，總是存在一些具有挑戰性的定價。我們看到的大部分是交易型夫妻店托運人和入境客戶。所以是的，它可能具有挑戰性，但它不是我們以前從未見過的，也不是我們無法克服和管理的。

The next question comes from Tom Wadewitz with UBS.

下一個問題來自瑞銀的 Tom Wadewitz。

Yes. And I think I said this on the last call maybe, but if I didn't, congratulations, Greg, on the retirement and the great run you had. I actually want to ask along those lines, I guess you've seen -- you're retiring, someone on the teams moved to a competitor, there's some degree of change going on that will take place with the OD team. How do you think that may affect what you're doing at OD? What might be some of the risks around that?

是的。我想我可能在最後一次電話會議上說過這個，但如果我沒有，祝賀你，格雷格，你退休了，並且取得了不錯的成績。我實際上想沿著這些思路問，我想你已經看到了——你要退休了，團隊中的某個人搬到了競爭對手那裡，OD 團隊將發生某種程度的變化。您認為這會如何影響您在 OD 的工作？這可能會帶來哪些風險？

Are there risks around that? Are there potential things that you say, "Well, this was my approach obviously tremendously successful, but the next person might tweak things a bit." So I know that's kind of anticipatory, but any just thoughts on so the management things that are -- have taken place or will take place as you retire?

周圍有風險嗎？有沒有可能你會說，“好吧，這是我的方法顯然非常成功，但下一個人可能會稍微調整一下。”所以我知道這是一種預期，但有沒有關於管理方面的事情的想法 - 已經發生或將在你退休時發生？

Sure, Tom. Don't mind addressing that at all. I appreciate the question. But fortunately, Tom, we've got a tremendously strong team here at OD. The folks replacing me have merely as many years in some cases in the industry as I do. They are all 20-plus year veterans. They've been through everything since we started executing this plan many years ago. They've been through the thick and thin, the good times, the bad times, and they know who we are, they know what's made us successful.

當然，湯姆。根本不介意解決這個問題。我很欣賞這個問題。但幸運的是，湯姆，我們在 OD 擁有一支非常強大的團隊。在某些情況下，接替我的人在這個行業的工作年限和我一樣多。他們都是20多年的老兵。自從我們多年前開始執行該計劃以來，他們經歷了一切。他們經歷過風風雨雨、順境和逆境，他們知道我們是誰，他們知道是什麼讓我們成功了。

They understand our plan going forward. And I think we're in a great position to continue to execute on that plan. So Tom, there's always risk. Anytime you lose good people, certainly, there's risk. But I feel extremely good about where we are. We'll make the replacement and continue to move forward.

他們了解我們未來的計劃。而且我認為我們處於繼續執行該計劃的有利位置。所以湯姆，風險總是存在的。任何時候你失去好人，當然，有風險。但我對我們所處的位置感覺非常好。我們將進行替換並繼續前進。

Again, thankfully, we had a plan to execute on my exit, if you will, and promoted the folks that certainly are capable of continuing to drive our results forward. So again, I feel good about it. I'm not concerned about that far at all. These guys know what to do and, hey, I feel extremely good about it. We got a great team.

再次，值得慶幸的是，如果你願意的話，我們有一個在我退出時執行的計劃，並提拔了那些肯定有能力繼續推動我們取得成果的人。再次，我對此感覺良好。我根本不關心那麼遠。這些人知道該怎麼做，嘿，我對此感覺非常好。我們有一支很棒的球隊。

You can see that in the results. It's not me, it's not just the folks here, but I think everybody truly understands what we're trying to do and how we're supposed to execute and handle customers' business on a daily basis and that's not going to change just because I'm out the door or any other one person left.

您可以在結果中看到這一點。不是我，不僅僅是這裡的人，但我認為每個人都真正了解我們正在嘗試做什麼以及我們應該如何每天執行和處理客戶的業務，這不會因為我而改變'出門或任何其他人離開。

Those fundamental things that we know how to do much better than our competitors. That's not going to change anytime soon. So I think the basics block (inaudible) and those kinds of things without any doubt, we're far superior to all of our competitors. That again, that's not going to change. So I think we're in a good spot. And hey, I look forward to a whole lot of success down the road for OD.

我們知道如何比競爭對手做得更好的那些基本事情。這不會很快改變。因此，我認為毫無疑問，基本塊（聽不清）和這類東西，我們遠遠優於我們所有的競爭對手。再說一遍，這不會改變。所以我認為我們處於一個很好的位置。嘿，我期待在 OD 的道路上取得巨大成功。

The next question comes from Allison Poliniak with Wells Fargo.

下一個問題來自富國銀行的 Allison Poliniak。

Just let me go back to the comment on the top of the accounts. You did say there were actually some that were improving here. I guess any color that we can maybe read through in vertical or such that that's driving some of that improvement? And I guess, along with that, that stabilization when you kind of think of those larger customers, do you at least -- I know we don't have a view on the inflection, but at least the stabilization may hold? Just any color there.

讓我回到帳戶頂部的評論。你確實說過這裡實際上有一些正在改進。我想我們可以垂直閱讀任何顏色，或者推動一些改進的顏色？我想，除此之外，當你想到那些更大的客戶時，你是否至少 - 我知道我們對拐點沒有看法，但至少穩定可能會持續下去？那裡有任何顏色。

Yes. It was pretty consistent performance between our retail and industrial customer base during the quarter. The revenue levels were generally about the same for both. But like I mentioned earlier, it's really a lot of the business that we're seeing. There's probably a little bit worse decline with business that's managed by 3PLs.

是的。本季度我們的零售和工業客戶群之間的表現非常一致。兩者的收入水平大致相同。但就像我之前提到的，我們看到的確實有很多業務。由 3PL 管理的業務可能會出現更嚴重的下滑。

And so that's fairly typical in a softer environment, if you will, and so not wholly unexpected completely. But -- but yes, we've seen just a consistency day in and day out with business levels in terms of the number of shipments per day that we've seen, it's been trending around 47,000 bills a day and we don't necessarily see that inflection point, if you will, happening.

因此，如果您願意的話，這在較軟的環境中是相當典型的，因此並非完全出乎意料。但是 - 但是是的，我們看到每天的發貨數量與業務水平的一致性日復一日，它一直在每天 47,000 張賬單左右，我們不一定看到那個拐點，如果你願意的話。

Typically, you would start seeing an increase -- you'd see an increase in May of about 2.5% to 3% and then a further increase from May to June of 2%. And certainly, we'd like to think that, that might happen. But if you go back to when things really started decreasing, it was last year in April, March of last year was the last month where we had a nice sequential increase. Our business in February of last year was up about 5%. It was up another 3% in March. But then we started dropping off and basically have been flat to down for every month thereafter. And our shipments have been pretty consistent. They've increased very, very slightly, less than 1% each month.

通常情況下，你會開始看到增長——你會看到 5 月份增長約 2.5% 到 3%，然後從 5 月到 6 月進一步增長 2%。當然，我們願意認為，這可能會發生。但是如果你回到事情真正開始下降的時候，那是去年的四月，去年的三月是我們連續增長的最後一個月。去年 2 月，我們的業務增長了約 5%。 3 月份又上漲了 3%。但後來我們開始下降，此後每個月基本上都持平到下降。我們的出貨量非常穩定。他們每個月的增長非常非常小，不到 1%。

So pretty much consistent as we made our way through the each month of the first quarter pretty much had been the same in April, again, other than those 2 days that we consider full days impacted by the holiday, but that's in our normal number.

如此一致，因為我們在第一季度的每個月都幾乎與 4 月份相同，除了我們認為受假期影響的全天的那 2 天，但這是我們的正常數字。

Typically, April would be up about 0.5% over March. And right now, we're down about 2.5% shipments per day. So that's -- some of that where we've just seen that consistent trend day in and day out. So do we start seeing some increase? Like I mentioned before, May just naturally should show a little bit of growth if we stay at this 47,000 bill level.

通常情況下，4 月份會比 3 月份上漲約 0.5%。而現在，我們每天的出貨量下降了大約 2.5%。這就是 - 其中一些我們剛剛看到日復一日的一致趨勢。那麼我們開始看到一些增長嗎？就像我之前提到的，如果我們保持在這個 47,000 的賬單水平，5 月自然應該會出現一點增長。

And do we start growing from there? Do we see 1% or 2% growth in June? I'd like to think that we would. And again, we've had a lot of good conversations. We've had some good hits here lately with customers. And -- but some of those same conversations we were having 3 months ago, where we were positive as well. So I think that right now, we just want to be conservative, if you will, and we're continuing to try to manage our costs down to this lower level of shipments. And I think that will continue to happen as we progress through the years.

我們從那裡開始成長嗎？我們會在 6 月份看到 1% 還是 2% 的增長？我想我們會的。再一次，我們進行了很多愉快的對話。我們最近在這裡與客戶取得了一些成功。而且 - 但是我們在 3 個月前進行的一些相同的對話，我們也很積極。所以我認為現在，我們只想保守一點，如果你願意的話，我們將繼續努力將成本控制在較低的出貨量水平。而且我認為隨著我們多年來的進步，這種情況將繼續發生。

We focus on productivity. We're a little heavy with our fleet now as well, and we're working through some of those challenges. And -- but just trying to get everything balanced as best as we can while we stay in this sort of stable period, if you will.

我們專注於生產力。我們的車隊現在也有點沉重，我們正在努力應對其中的一些挑戰。而且——但如果你願意的話，在我們保持這種穩定時期的同時，盡可能地讓一切保持平衡。

But it's just not really seeing any kind of growth. But I'd say typically, April volumes from a shipments per day standpoint typically are fairly consistent with what our year-to-date average is. And we've seen that over time other than in 2020. And so that's something that we just sort of keep in mind from a planning standpoint. And we always have a plan for -- we have a baseline plan.

但它並沒有真正看到任何形式的增長。但我通常會說，從每天出貨量的角度來看，4 月份的銷量通常與我們年初至今的平均水平相當一致。隨著時間的推移，除了 2020 年之外，我們已經看到了這一點。因此，從規劃的角度來看，這是我們要牢記的事情。我們總是有一個計劃——我們有一個基線計劃。

We've talked about this before that we enter every year with and then we have a bull scenario and a bear scenario. And '21 was more at that bull case scenario, and this year is more in the bear. So we start with a plan, if things materialize like this, and that's about at the level where we are, and we're executing on that plan.

我們之前已經討論過這個問題，我們每年都會進入，然後我們會有牛市和熊市。而 21 年更多的是在牛市的情況下，而今年更多的是熊市。所以我們從一個計劃開始，如果事情像這樣實現，那就是我們所處的水平，我們正在執行該計劃。

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。

Quick question. When was the last time shipments in 2Q were worse than 1Q? I don't know or I don't think there's ever been a time that that's been the case. But if you can just help me with that? And then when does the drawdown on weights abate, we're at 1,550 now. Are we at the point where we stabilize at these levels? So those 2 points?

快速提問。上一次二季度出貨量比一季度差是什麼時候？我不知道，或者我不認為曾經有過這種情況。但如果你能幫我解決這個問題？然後權重的減少何時會減少，我們現在是 1,550。我們是否處於穩定在這些水平的地步？那麼這兩點呢？

And then -- and Adam, historically, you've lost lanes in past downturns to high-quality regional players or maybe lower cost. I don't think that's happened maybe up until now. I don't know if that's happening now that maybe explain some of the weakness in April. But if you can talk about kind of what the customers are doing from a trade down effect to some of the regional, maybe equally or as high-quality players?

然後——亞當，從歷史上看，在過去的經濟低迷時期，你已經失去了對高質量區域參與者或低成本的通道。我不認為這可能直到現在才發生。我不知道現在是否正在發生這種情況，也許可以解釋 4 月份的一些疲軟。但是，如果你能談談客戶從貿易降價效應到一些區域性的，可能同樣或作為高質量的參與者所做的事情？

Yes. It's from second quarter to first quarter standpoint, other than the second quarter of '20, when the world shutdown, we've not really seen a decrease in shipments. And that too kind of played into our general thinking, even years like 2009, 2016, 2019, weaker years, we still had some marginal improvement in shipments in the second quarter versus the first.

是的。從第二季度到第一季度的觀點，除了 20 世紀第二季度，當世界停工時，我們並沒有真正看到出貨量下降。這也影響了我們的總體思路，即使是像 2009 年、2016 年、2019 年這樣較弱的年份，我們在第二季度的出貨量仍然比第一季度略有改善。

And so right now, that's kind of trending flattish. We'll see how things shake out for the remainder of the period. And like I said, maybe we'll get some growth. And certainly, it will be out there as we put our mid-quarter update, we'll put the final April update in our 10-Q. And if we see some continued acceleration this week, that will be in the number, but we just don't see a big inflection point happening like we did in, say, 2017 that spurred that growth of '17 through '18 and what we saw in the back part of 2020 that continue to accelerate through '21 like it happened.

所以現在，這有點趨於平淡。我們將看看在此期間的剩餘時間裡情況如何。就像我說的，也許我們會得到一些增長。當然，它會在我們發布中期更新時發布，我們將在 10-Q 中發布 4 月的最終更新。如果我們本週看到一些持續加速，那將是數字，但我們只是沒有看到像我們在 2017 年那樣刺激 17 到 18 年增長的大拐點，我們在 2020 年的後期看到了像發生的那樣在 21 年繼續加速。

And so we're still waiting for that point, but we don't see it kind of on the near term. And so we just managed to kind of where we are. But yes, that's kind of the challenge in what we're seeing. It's partly why I mentioned earlier that our revenues in the second quarter are typically up 9%, 10% and that's why we always get so much margin improvement in the second quarter as well.

所以我們仍在等待那個時間點，但我們不會在短期內看到它。因此，我們只是設法找到了我們所處的位置。但是，是的，這就是我們所看到的挑戰。這就是為什麼我之前提到我們第二季度的收入通常增長 9%、10% 的部分原因，這也是為什麼我們在第二季度的利潤率也總是有如此大的提高。

And so that becomes the challenge as we manage through this particular period. But with respect to your other question on the customer base, I don't know that we're seeing a significant loss other than that's some of what's going on underneath, I think, with some of the 3PL business, that they can leverage their carrier relationships and move some freight. And some of this is transactional as well. But they can take advantage of relationships and see who has capacity and who's got a cheaper price and move some business away.

因此，這成為我們度過這個特定時期的挑戰。但是關於您關於客戶群的其他問題，我不知道我們是否看到了重大損失，除了這是一些正在發生的事情，我認為，對於一些 3PL 業務，他們可以利用他們的承運人關係並移動一些貨物。其中一些也是交易性的。但他們可以利用關係，看看誰有能力，誰的價格更便宜，然後將一些業務轉移出去。

But that's some of the feedback where we've heard customers coming to us and saying, look, I need to do this to meet my own call center objectives, if there's an internal mandate to save X dollars that they've got to try to meet in some way. But generally speaking, that freight comes back to us.

但這是我們聽到客戶來找我們說的一些反饋，看，我需要這樣做來實現我自己的呼叫中心目標，如果有內部強制要求他們必須嘗試節省 X 美元以某種方式相遇。但一般來說，運費會返回給我們。

If we ever lose freight, it's on price, but we generally always gain it back for service quality and capacity down the road. So we're confident that -- but that trend will continue to play out again and that we'll see any of this freight loss eventually come back to us.

如果我們曾經損失運費，那是在價格上，但我們通常總是會在以後的服務質量和容量方面重新獲得運費。所以我們有信心 - 但這種趨勢將繼續發揮作用，我們會看到任何運費損失最終都會回到我們身邊。

It's just a matter of -- it seems like that's being pushed further down the road than the inflection point that we thought would happen beginning with this spring.

這只是一個問題——這似乎比我們認為從今年春天開始會發生的拐點更進一步。

What about weight?

重量呢？

Weight per shipment. I guess you've embedded 3 questions in one, but my memory was short. Yes, the weight per shipment, it's down a little bit further. I think we're getting to the stabilization point. Right now in April, it's about 1,525 pounds. Historically, we would get down in lower periods to about 1,550 pounds or so. But if you recall, we made some strategic decisions in '21 and exited from some of the spot heavier-type shipments, these 8,000-, 10,000-pound-type loads and that had an effect of really lowering our overall weight per shipment. So despite the weakness, we're not going back and trying to bring in freight that we didn't think fit our network for the long term. So just going along with the economy, we've seen a little further deceleration and that weight per shipment being down to 1,525 pounds.

每批貨物的重量。我猜你已經把 3 個問題合二為一了，但我的記憶力很差。是的，每批貨物的重量進一步下降了一點。我認為我們正在達到穩定點。現在是四月，大約是 1,525 磅。從歷史上看，我們會在較低時期下降到大約 1,550 磅左右。但是，如果你還記得的話，我們在 21 年做出了一些戰略決策，並退出了一些現貨較重的貨物，這些 8,000 磅、10,000 磅的貨物，這確實降低了我們每批貨物的總重量。因此，儘管存在疲軟，但我們不會回頭嘗試引入我們認為長期不適合我們網絡的貨運。因此，隨著經濟的發展，我們看到進一步減速，每批貨物的重量降至 1,525 磅。

So that's a little bit worse. April is always usually down 0.5% or 1% off of March. Some of that is March builds up at the end of the quarter, but we're down a little bit more. But I feel like that's stabilizing that probably our low watermark in a softer economy will be 1,525, 1,530 pounds maybe. But yes, we think that's getting to a stabilization point or so it seems.

所以這有點糟糕。 4 月份通常比 3 月份低 0.5% 或 1%。其中一些是三月份在本季度末積累的，但我們下降了一點。但我覺得這正在穩定我們在疲軟經濟中的低水位線可能是 1,525、1,530 磅。但是，是的，我們認為這似乎達到了一個穩定點。

The next question comes from Chris Wetherbee with Citi.

下一個問題來自花旗銀行的 Chris Wetherbee。

Adam, just kind of curious how you think about headcount going forward here? Obviously, a lack of seasonality might influence this, but you've been bringing it down sequentially the last few quarters. Just want to get a sense maybe how much more room you have in terms of rightsizing that labor force? And maybe is there a line where you feel like you don't necessarily want to go beyond?

亞當，只是有點好奇你如何看待這裡的員工人數？顯然，缺乏季節性可能會影響這一點，但你在過去幾個季度一直在連續降低它。只是想了解一下您在調整勞動力方面還有多少空間？也許有一條線讓您覺得自己不一定想超越？

Yes. It's continued to drift lower on a sequential basis. The average was down about 3.5% in the first quarter versus the fourth quarter. But our peak, if you will, for full-time head count was in May of last year and through normal attrition and just some places making other decisions, if you will, just balancing our number of employees with the freight volumes that exist, we've had to work through those on a case-by-case basis throughout our 255 locations.

是的。它繼續連續下跌。與第四季度相比，第一季度的平均值下降了約 3.5%。但是，如果你願意的話，我們全職員工人數的高峰是在去年 5 月，通過正常的人員流失和一些地方做出其他決定，如果你願意的話，只是平衡我們的員工人數和現有的貨運量，我們在我們的 255 個地點，我們必須逐案處理這些問題。

But I expect that, that will continue to drift a little bit lower as attrition continues to happen from where we are today through the end of June. And we're getting to a point, I think, that if you kind of compare where we are, if we continue to drift maybe 1% or 2% lower as we progress through the second quarter to where the year-over-year change by the end of June may be in that 9% to 10% type of range.

但我預計，隨著從我們今天到 6 月底的情況繼續發生減員，這將繼續走低一點。我認為，我們已經到了一個地步，如果你比較一下我們的位置，如果我們在第二季度進展到同比變化的過程中繼續下降 1% 或 2%到 6 月底可能會在 9% 到 10% 的類型範圍內。

And then that's coming back into balance. We've always talked about the change in headcount typically reconciles with the overall change in shipment count as well. And -- so if we're looking at that, I think by the end of June, that change in shipments on a month-over-month basis, those 2 numbers may start coming back into payer team with one another. That is the change in full-time employees and the change in our shipments on a year-over-year basis.

然後這就會恢復平衡。我們一直在談論員工人數的變化通常也與出貨量的整體變化相協調。而且 - 所以如果我們正在研究這一點，我認為到 6 月底，出貨量逐月變化，這兩個數字可能會開始重新回到付款人團隊。這是全職員工的變化和我們出貨量的同比變化。

The next question comes from Bascome Majors with Susquehanna.

下一個問題來自 Bascome Majors 和 Susquehanna。

You've been pretty open about some of the share and pricing challenges with 3PL business. Can you walk us through a little bit on how that emerges. Are you seeing larger carriers reduce their rates across the board with 3PLs and losing business that way? Or is this more targeted dynamic pricing? And just if that cyclical dynamic, which I'm sure has been around before, if that is evolving any differently, this cycle than last cycle, we'd love to hear more about it.

您對 3PL 業務的一些份額和定價挑戰持開放態度。你能給我們介紹一下它是如何出現的嗎？您是否看到大型運營商通過 3PL 全面降低費率並以這種方式失去業務？或者這是更有針對性的動態定價？如果這種週期性動態（我確信之前已經存在）如果它的演變有任何不同，那麼這個週期與上一個週期相比，我們很樂意聽到更多關於它的信息。

Yes, I think it's hard for us to say. We don't always know the reasons behind. I mean the feedback we get is that someone's cheaper. We don't know necessarily that variance or that reason why. I think that we're obviously one of the first carriers to report and just continue to watch what the others are doing, what their numbers are looking like and hear what the others have to say, I think.

是的，我認為我們很難說。我們並不總是知道背後的原因。我的意思是我們得到的反饋是有人更便宜。我們不一定知道這種差異或原因。我認為我們顯然是第一批報告的運營商之一，我們只是繼續觀察其他人在做什麼，他們的數字是什麼樣子，並聽聽其他人怎麼說，我想。

Others have said that they've got price discipline, but we've seen one carrier's yield flatten out. So I think all we can do is just continue to sort of watch and see what others are doing, but that doesn't impact what we do. We've got a plan.

其他人說他們有價格紀律，但我們看到一家航空公司的收益率趨於平穩。所以我認為我們所能做的就是繼續觀察，看看其他人在做什麼，但這不會影響我們所做的事情。我們有一個計劃。

We stay committed to it, and we know what value we deliver and we just got to stay disciplined, and that's what we'll do. So it's never good to kind of live through it in a moment, and we've done this time and time again. But like I said, it's not totally unexpected to see some of that business just given the softness in the economic environment and cost challenges that people are facing in general to be looking at ways they might be able to save on price in the current term.

我們始終致力於此，我們知道我們提供的價值是什麼，我們只需要保持紀律，這就是我們要做的。所以一時之間經歷它從來都不是一件好事，我們已經一次又一次地做到了。但正如我所說，考慮到經濟環境疲軟和人們普遍面臨的成本挑戰，看到一些這樣的企業正在尋找他們可能能夠在當前期限內節省價格的方法，這並不完全出乎意料。

But what we always say is price doesn't equal cost. We deliver value to our customers. And when you consider total cost of transportation, when you deliver 99% on time and have a claims ratio of 0.1% and you save money by shipping with Old Dominion and that's what our position continues to be. It's just our sales team. They've got to stay engaged with our customers and demonstrate value.

但我們常說的是價格不等於成本。我們為客戶提供價值。當您考慮運輸的總成本時，當您按時交付 99% 並且索賠率為 0.1% 並且您通過使用 Old Dominion 運輸節省資金時，這就是我們的立場。這只是我們的銷售團隊。他們必須與我們的客戶保持互動並展示價值。

We've got to continue to maintain our service metrics, and we will, that is certainly a focus for us, and we'll manage through this. But like we said before, and I think it's played out when you look at our numbers and the long-term improvement that we've made with respect to our margins and the cash from operations that we generate and are able to reinvest back in our business on behalf of our customers, we've got to maintain our disciplined approach. And I think that it's proven itself out in the long run and is a key difference why our numbers look a lot different from some of the others.

我們必須繼續保持我們的服務指標，我們會的，這當然是我們關注的焦點，我們將通過它來管理。但正如我們之前所說，我認為當你查看我們的數據以及我們在利潤率和我們產生的運營現金方面取得的長期改善並且能夠重新投資於我們的業務時，它已經發揮作用代表我們的客戶開展業務，我們必須保持我們的紀律方法。而且我認為從長遠來看，它已經證明了自己是正確的，並且是我們的數字看起來與其他一些數字有很大不同的一個關鍵區別。

But when you look back to 2019 or 2016, does the rising competitiveness on price and share of the 3PL channel feel different this time? Just curious if this all rhymes or something feels like it's changed here?

但回顧2019年或2016年，這次3PL渠道在價格和份額上的競爭力上升，感覺有什麼不一樣嗎？只是好奇這一切是否押韻或什麼感覺好像在這裡改變了？

No, I wouldn't say it...

不，我不會說...

It's maybe a little bit different Bascome, but not wholly and completely. And just to add a little color to what Adam said, generally speaking with our 3PLs, we're not losing contractual business. Some of those contractual accounts may be down just because the general economy is slower, they may possibly be down, but that's not where we're losing.

Bascome 可能有點不同，但不是完全不同。只是為了給 Adam 所說的話增添一點色彩，一般來說，對於我們的 3PL，我們並沒有失去合同業務。其中一些合同賬戶可能會因為整體經濟放緩而下降，它們可能會下降，但這不是我們損失的地方。

And the transactional stuff, as Adam talked about before, that's where we're seeing a deterioration in our revenue with those specific 3PLs. They all have a large piece of business that's transactional, that's the customers may ship once, twice whatever a week, smaller type accounts.

正如亞當之前談到的那樣，交易性的東西就是我們看到那些特定 3PL 的收入惡化的地方。他們都有大量交易業務，即客戶可以每週運送一次，兩次，小型賬戶。

And that's where we're seeing the losses from our standpoint. So it's just business that they can price on the fly. And we're never going to be the low-cost guy on the fly, if you will. So anyway, that's more of what we've seen. It's not losing business by any stretch.

從我們的角度來看，這就是我們看到損失的地方。因此，他們可以即時定價只是業務。如果您願意，我們永遠不會成為匆匆忙忙的低成本供應商。所以無論如何，這就是我們所看到的更多。它並沒有失去任何業務。

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, good luck in retirement and maybe [Wes] might be giving you a call soon...

Greg，祝你退休後好運，也許 [Wes] 很快就會給你打電話......

I'm not sure that -- yes, maybe (inaudible) this Board and that one.

我不確定——是的，也許（聽不清）這個委員會和那個委員會。

Marty, I just want to clarify, I just want to make sure I heard you right. Did you say this is not abnormal in terms of the part of the cycle on pricing? And then my question for Adam or Greg, I guess, is just the ability to be fluid on cost, right? So you've always talked about more so than peers given the fixed cost structure of the less than truckload market and OD is focus on keeping people, how do you shift -- how do you think about shifting costs or what moves you make now with volumes down 15%? I know you always want to be prepared and have the 25% capacity available, but what do you think about on the cost and impact OR?

馬蒂，我只是想澄清一下，我只是想確保我沒聽錯。你說這在定價的周期部分來說不是異常的嗎？然後我想問 Adam 或 Greg 的問題只是在成本上保持流動性的能力，對吧？因此，考慮到卡車運輸市場的固定成本結構和 OD 專注於留住人員，你總是比同行談論更多，你如何轉移 - 你如何看待轉移成本或你現在採取的行動成交量下降 15%？我知道您總是想做好準備並擁有 25% 的可用容量，但您如何看待成本和影響 OR？

Yes. This is not abnormal in this type of environment -- economic environment. You have -- some of our competitors, they think offering a more competitive or lower price will keep the customer there. Many times, it does not because the customer will always come back to having their cargo delivered on time and claim free. We've learned that over the years.

是的。這在這種環境——經濟環境中並不反常。你有 - 我們的一些競爭對手，他們認為提供更具競爭力或更低的價格將使客戶留在那裡。很多時候，這並不是因為客戶總是回來按時交付他們的貨物並免費索賠。多年來我們已經了解到這一點。

So it's not abnormal. We choose to tighten our belt and manage our labor. And when the slow times pass, we're in a great position to keep our OR going downwards so. But it's not abnormal to see low prices in any environment with any company. So we've seen it before, and it will pass like it always does. And Adam, I'll let you handle the...

所以這並不反常。我們選擇勒緊腰帶和管理我們的勞動力。當緩慢的時間過去時，我們處於一個很好的位置來保持我們的 OR 下降。但是在任何公司的任何環境下看到低價都不是不正常的。所以我們以前見過它，它會像往常一樣過去。亞當，我會讓你處理...

Yes. I would only say on the call standpoint, I mean, obviously, we've switched to where our variable costs or the majority of our cost base now, probably 70% or more of our costs now are variable in nature.

是的。我只想說，從電話的角度來看，我的意思是，很明顯，我們已經轉向我們的可變成本或我們現在的大部分成本基礎，現在可能有 70% 或更多的成本在本質上是可變的。

And obviously, we've got a big fixed cost base, and we're seeing the loss leverage with the revenue decline there driving some of that. But some of the increase in those overhead costs in the first quarter also comes from the fact that we're on a little bit of a different schedule with respect to our equipment plan.

很明顯，我們有一個很大的固定成本基礎，我們看到收入下降導致的損失槓桿在其中起到了推動作用。但第一季度這些間接費用的部分增加也來自於我們在設備計劃方面的時間表略有不同。

We were taking delivery in the fourth quarter of equipment, taken delivery in the first quarter, which is unusual, and that was part of why we had anticipated a sequential increase in those depreciation costs as a percent of revenue.

我們在第四季度交付設備，在第一季度交付，這是不尋常的，這也是我們預計折舊成本佔收入的百分比會連續增加的部分原因。

But given all the challenges from a fleet standpoint, that's driving some of our costs. It's also driving some of the maintenance and repair costs, like I mentioned. We're seeing an increase in cost per mile. Some of that is just due to general inflation related to parts and repairs. But some of it, too, just relates to the fact that we're bringing in equipment.

但從機隊的角度來看，考慮到所有挑戰，這增加了我們的一些成本。就像我提到的那樣，它也推動了一些維護和維修成本。我們看到每英里的成本在增加。其中一些只是由於與零件和維修相關的普遍通貨膨脹。但其中一些也僅與我們引進設備這一事實有關。

We've -- on a different schedule. We've held equipment through '21 and '22 and our average fleet age has increased as a result. We're -- probably our average fleet age is about 5.5 years now. We like it to be around 4 years. And so we'll work on balancing that as we take out some of the older equipment from the fleet and adjusting our fleet, if you will, to the lower shipment levels, and that will help from a cost and an efficiency standpoint.

我們已經 - 在不同的時間表。我們在 21 年和 22 年都持有設備，因此我們的平均機隊年齡增加了。我們 - 現在我們的平均機隊年齡可能約為 5.5 年。我們希望它在 4 年左右。因此，我們將努力平衡這一點，因為我們從機隊中取出一些舊設備並調整我們的機隊，如果你願意的話，到較低的出貨水平，從成本和效率的角度來看，這將有所幫助。

But 80% of our costs are salaries, wages and benefits and ops supplies and expenses. And line haul is a big element underneath that. And so that's why we've got to stay disciplined. We mentioned in our prepared comments about our line haul load factor being down like it is. I can tell you that's a focus. That's a lot of dollars, not only from a labor standpoint, but that's what creates the miles that we run.

但我們 80% 的成本是薪水、工資和福利以及運營用品和費用。而線路運輸是其中的一個重要因素。所以這就是為什麼我們必須保持紀律。我們在準備好的評論中提到我們的線路運輸負載係數正在下降。我可以告訴你這是一個焦點。這是一大筆錢，不僅從勞動力的角度來看，而且這就是創造我們跑步里程的原因。

And so that's -- we can drive some improvement there. That will help us from both labor and fuel, in particular, while we're also making some adjustments on the fleet that will help with both depreciation and maintenance costs. But like I think I said earlier, there's an element that becomes fixed -- about every variable cost is fixed in the short run.

這就是 - 我們可以在那裡推動一些改進。這將特別有助於我們減少勞動力和燃料，同時我們也在對車隊進行一些調整，這將有助於降低折舊和維護成本。但正如我之前所說，有一個因素會變得固定——幾乎所有可變成本在短期內都是固定的。

And if we want to continue to deliver service and we are, there becomes a fixed element within that line haul component. And so we've got to be able to do both, frankly. We're not going to lose our focus on giving service, but we've got some room for improvement. And that's what our team talks about every week and frankly, every day.

而且，如果我們想繼續提供服務，而我們確實做到了，那麼在該線路運輸組件中就會有一個固定的元素。因此，坦率地說，我們必須能夠做到這兩點。我們不會失去對提供服務的關注，但我們還有一些改進的餘地。這就是我們的團隊每週，坦率地說，每天都在談論的話題。

Out in the field is where we can drive some efficiency. That's going to be the biggest self-help area. It always has been. And that's the work that we've got cut out for us as we go through the last 3 quarters of this year. I think I've said before that when we look at our direct operating costs, these variable cost, productive labor and ops supplies and expenses and so forth, even in slower periods in the past, even in 2009, we were able to generate some improvement in those costs as a percent of revenue on a year-over-year basis.

在外地，我們可以提高一些效率。那將是最大的自助區。一直都是。這就是我們在今年最後 3 個季度中為我們完成的工作。我想我之前說過，當我們查看我們的直接運營成本時，這些可變成本、生產性勞動力和運營供應和費用等等，即使在過去的較慢時期，甚至在 2009 年，我們也能夠產生一些這些成本佔收入的百分比同比有所改善。

And so the operating loss in '09 being with our fixed overhead cost and so that's the challenge that continues to be in front of us. And in the second quarter, I mentioned, if we can keep those costs at 54%, they were about 53% in the second quarter of last year. So we're going to have a little bit of headwind there, but we've got to continue to work those costs down as we progress through the year, and that will be the operating challenge that we face.

因此，09 年的運營虧損與我們的固定間接費用有關，因此這是我們繼續面臨的挑戰。在第二季度，我提到，如果我們能將這些成本保持在 54%，那麼去年第二季度的成本約為 53%。因此，我們在那裡會遇到一些不利因素，但隨著我們今年的進展，我們必須繼續降低這些成本，這將是我們面臨的運營挑戰。

The last question today will come from Bruce Chan with Stifel.

今天的最後一個問題將來自 Stifel 的 Bruce Chan。

I just want to come at the volume question from a little bit of a different angle. You've had some competitors that were going through some labor negotiations this year. One is going through a pretty significant change of ops. Do you see any volume coming into the network because of or maybe in anticipation of those events?

我只是想從一個不同的角度來解決音量問題。你有一些競爭對手今年正在經歷一些勞資談判。一個正在經歷一個相當重大的操作變化。您是否看到由於或可能預期這些事件而進入網絡的任何數量？

And then, Adam, maybe just a quick housekeeping question. You gave us some good color on the fleet age. How long do you think it's going to be before you're back at that sort of target 4 years?

然後，亞當，也許只是一個簡單的內務問題。你給了我們一些關於艦隊時代的好顏色。您認為需要多長時間才能回到那種目標 4 年？

I would say that we should make a lot of progress this year. We've got a fair amount of equipment right now that we've got identified that we want to be able to move out of the system, but that takes a fair amount of time to happen. It's not just an overnight thing where you're selling a used car and you posted on a website.

我想說我們今年應該取得很大進展。我們現在有相當數量的設備，我們已經確定我們希望能夠移出系統，但這需要相當長的時間才能實現。出售二手車並在網站上發布並不是一蹴而就的事情。

So it's going to take us a little bit of time to kind of work through that, but we've got a plan. We've met several times recently talking about kind of the needs there, and we'll continue to work through it. So I think that we'll make considerable progress this year as we're still bringing on -- we reduced our CapEx for equipment, but we're still going to be bringing on a fair number of new units and more of the progress will be hanging -- or getting rid of some of these older units that we've been hanging on to.

所以我們需要一點時間來解決這個問題，但我們已經有了一個計劃。我們最近見過幾次面，討論那裡的某種需求，我們將繼續努力解決它。因此，我認為我們今年將取得相當大的進展，因為我們仍在繼續——我們減少了設備的資本支出，但我們仍將引進相當數量的新設備，而且更多的進展將掛起——或者擺脫我們一直堅持的一些舊單位。

And I'll say we're not out of the woods yet when it comes to parts availability and so forth. We're still finding that there are continuing to be supply chain issues out there. And when we've got equipment that has been down for maintenance, equipment has stayed down for longer periods of time. So we're continuing to kind of manage through those challenges while we're also trying to manage cost.

我要說的是，在零件可用性等方面，我們還沒有走出困境。我們仍然發現那裡仍然存在供應鏈問題。當我們的設備停機維護時，設備停機的時間會更長。因此，我們將繼續應對這些挑戰，同時我們也在努力管理成本。

But I think we'll end up by the end of this year making pretty steady progress on working that number much lower than where it was at the end of last year, kind of working both ends of the spectrum, if you will.

但我認為，到今年年底，我們將在處理這個數字方面取得相當穩步的進展，該數字遠低於去年年底的水平，如果你願意的話，可以在頻譜的兩端進行處理。

Great. And then just on the volume side, any discernible share wins from many of those union competitors?

偉大的。然後就數量方面而言，許多工會競爭對手有任何可辨別的份額嗎？

It's kind of hard to say, Bruce. We get reports from our national account folks on a regular basis. And we have wins on business from those folks as well as others. So I don't know that you can really point to contract negotiations or whatever the case as any reason that we're getting business. We haven't really seen that.

這很難說，布魯斯。我們定期從我們的國民賬戶人員那裡得到報告。我們從這些人和其他人那裡贏得了業務。所以我不知道你真的可以指出合同談判或任何情況作為我們開展業務的任何原因。我們還沒有真正看到這一點。

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

我們的問答環節到此結束。我想將會議轉回給 Greg C. Gantt，聽取任何閉幕詞。

Well, thanks, everybody, for your participation today. We appreciate your questions. Feel free to give us a call if you have anything further. I hope you have a great day. Thank you.

嗯，謝謝大家今天的參與。感謝您提出問題。如果您有任何進一步的問題，請隨時給我們打電話。希望你有美好的一天;希望你今天過得很開心。謝謝。

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。