奧多明尼昂貨運 (ODFL) 2023 Q2 法說會逐字稿

Hello, and welcome to the Old Dominion Freight Line Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded. I'd now like to turn the conference over to your host today, Drew Andersen. Please go ahead.

您好，歡迎參加 Old Dominion Freight Line 2023 年第二季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。我現在想把今天的會議交給主持人德魯·安德森 (Drew Andersen)。請繼續。

Good morning, and welcome to the Second 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 August 2, 2023, by dialing 1 (877) 344-7529, access code 7609314. The replay of the webcast may also be accessed for 30 days at the company's website.

早上好，歡迎參加 Old Dominion Freight Line 2023 年第二季度電話會議。今天的通話正在錄音中，從今天開始直至 2023 年 8 月 2 日，可通過撥打 1 (877) 344-7529（訪問代碼 7609314）進行重播。網絡廣播的重播也可在公司網站上訪問 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.

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。為此目的，本次電話會議期間做出的任何非歷史事實陳述的陳述都可能被視為前瞻性陳述。在不限制前述規定的情況下，“相信”、“預期”、“計劃”、“期望”和類似表達等詞語旨在識別前瞻性陳述。

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.

特此提醒您，這些陳述可能會受到 Old Dominion 向美國證券交易委員會提交的文件以及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、未來事件還是其他原因。

As a final note, before we begin, we welcome your questions today, but we do ask in fairness to all that you limit yourself to just 1 question at a time before returning to the queue. Thank you for your cooperation.

最後一點，在我們開始之前，我們歡迎您今天提出問題，但我們會公平地詢問您，在返回隊列之前，您一次只能提出一個問題。謝謝您的合作。

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

現在，我想請公司總裁兼首席執行官馬蒂·弗里曼先生致開幕詞。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. And after some brief remarks, we will be glad to take your questions. The OD team delivered solid financial results for the second quarter, considering the operating challenges associated with the continued softness in the domestic economy and a decrease in our volumes.

早上好，歡迎參加我們的第二季度電話會議。今天與我一起參加電話會議的是我們的首席財務官 Adam Satterfield。經過簡短的發言後，我們將很樂意回答您的問題。考慮到國內經濟持續疲軟和銷量下降帶來的運營挑戰，OD 團隊在第二季度取得了穩健的財務業績。

With a 15.2% decrease in revenue during the quarter, our team was focused on improving our yield, managing our variable costs and controlling our discretionary spending. As a result, we were pleased to produce a 72.3% operating ratio and earnings per diluted share of $2.65.

本季度收入下降了 15.2%，我們的團隊專注於提高產量、管理可變成本和控制可自由支配支出。結果，我們很高興實現了 72.3% 的運營比率和 2.65 美元的稀釋每股收益。

We achieved these results by continuing to execute our long-term strategic plan which has guided us for many years throughout many economic cycles. The plan is centered on our ability to deliver superior service at a fair price, which included on-time service performance of 99% and a cargo claims ratio of 0.1% during that second quarter.

我們通過繼續執行長期戰略計劃取得了這些成果，該計劃多年來一直在許多經濟周期中指導我們。該計劃的重點是我們以合理的價格提供優質服務的能力，其中包括第二季度 99% 的準時服務率和 0.1% 的貨物索賠率。

Providing this level of superior service strengthens both our value proposition and our relationships with our customers. Delivering superior service also supports our ongoing yield management initiatives. We have improved the quality of our revenue over long term by offering a consistent approach to pricing, which is designed to offset our cost inflation and support our ongoing investments in service center capacity and technology.

提供這種水平的優質服務可以加強我們的價值主張以及我們與客戶的關係。提供卓越的服務也支持我們持續的產量管理計劃。通過提供一致的定價方法，我們長期提高了收入質量，旨在抵消我們的成本膨脹並支持我們對服務中心容量和技術的持續投資。

We believe that our ability to consistently offer network capacity differentiates us from the others in our industry, which is an additional element of our value proposition that we believe will support our long-term market share initiatives.

我們相信，我們持續提供網絡容量的能力使我們在行業中脫穎而出，這是我們價值主張的另一個要素，我們相信它將支持我們的長期市場份額計劃。

Our market share remained relatively consistent during the second quarter despite an environment where overall freight demand was subdued. The year-over-year decrease in our volumes, however, resulted in a loss of operating density. We believe that our long-term improvement in our operating ratio requires consistent increases in both density and yield, both of which generally require a favorable macroeconomic environment. With our commitment to providing superior service as our first priority for our customers, it becomes a challenge to maintain, much less improve our productivity during the periods with reduced density.

儘管整體貨運需求低迷，但我們的市場份額在第二季度保持相對穩定。然而，我們的銷量同比下降導致了運營密度的損失。我們認為，我們的開工率的長期改善需要密度和產量的持續增加，而這兩者通常需要有利的宏觀經濟環境。我們致力於為客戶提供優質服務作為我們的首要任務，但在密度降低的時期，維持生產力已成為一項挑戰，更不用說提高生產力了。

As evidence of this fact, our linehaul latent load factor decreased 3.1% during the second quarter. We were pleased, however, that our platform shipments per hour increased 6.6% and P&D shipments per hour increased 0.5%. These improvements as well as other efforts by our team to manage cost helped us maintain our direct operating cost as a percent of revenue.

作為這一事實的證據，我們的線路潛在負載率在第二季度下降了 3.1%。然而，令我們高興的是，我們的平台每小時發貨量增加了 6.6%，P&D 每小時發貨量增加了 0.5%。這些改進以及我們團隊在管理成本方面所做的其他努力幫助我們保持了直接運營成本佔收入的百分比。

Our overhead costs, on the other hand, increased as a percent of revenue during the quarter, as most of these cost categories are fixed. We also believe an increase in aggregate depreciation expense due to the ongoing execution of our capital expenditure plan.

另一方面，我們的管理費用佔本季度收入的百分比有所增加，因為大多數成本類別都是固定的。我們還認為，由於我們的資本支出計劃的持續執行，折舊費用總額將會增加。

We believe it is critically important to continue to execute on this plan regardless of the short-term economic outlook. We currently have approximately 30% excess capacity within our service center network, which is a little higher than our target range of 25%. We are comfortable with the amount of excess capacity as we remain confident in our ability to win market share over the long term. Finding land and building service centers in the right locations can take considerable time. Therefore, we make every effort to stay ahead of our growth curve with these investments.

我們認為，無論短期經濟前景如何，繼續執行該計劃至關重要。目前，我們的服務中心網絡內產能過剩約 30%，略高於我們 25% 的目標範圍。我們對產能過剩感到滿意，因為我們對長期贏得市場份額的能力充滿信心。在正確的位置尋找土地和建築服務中心可能需要相當長的時間。因此，我們盡一切努力通過這些投資保持領先於我們的增長曲線。

We could not have doubled our market share over the past 10 years without our consistent investment in service center capacity as well as our regular investments in our fleet, our technology and training, education and benefits for our OD family of employees.

如果沒有對服務中心容量的持續投資，以及對機隊、技術和培訓、教育以及 OD 員工福利的定期投資，我們的市場份額在過去 10 年裡不可能翻倍。

Our proactive approach to managing all elements of capacity has created a strategic advantage for us in the marketplace, which typically becomes most apparent to shippers in tight capacity environments. We do not always know when an inflection point in the demand environment is going to occur, but we believe we are well positioned to respond to any acceleration in volumes when it happens.

我們積極主動地管理所有運力要素的方法為我們在市場上創造了戰略優勢，這對於運力緊張環境中的托運人來說通常最為明顯。我們並不總是知道需求環境何時會出現拐點，但我們相信，當拐點發生時，我們有能力應對任何數量的加速。

Through the disciplined execution of our long-term strategic plan, our team has created one of the strongest records for long-term growth and profitability in the LTL industry. We remain committed to providing superior service at a fair price and maintaining the necessary capacity to support growth, and we believe we are better positioned than any other carrier to produce long-term profitable growth while increasing shareholder value.

通過嚴格執行我們的長期戰略計劃，我們的團隊創造了零擔行業長期增長和盈利能力最強的記錄之一。我們仍然致力於以公平的價格提供優質的服務，並保持支持增長的必要能力，我們相信我們比任何其他航空公司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 Adam 將更詳細地討論我們第二季度的財務業績。

Thank you, Marty, and good morning. Old Dominion's revenue results for the second quarter reflect a 14.1% decrease in LTL tons per day and 1.1% decrease in LTL revenue per hundredweight. Our yield metrics were affected by the significant decrease in the price of diesel fuel during the quarter as LTL revenue per hundredweight, excluding fuel surcharges, increased 7.6% reflecting our consistent approach to managing yield.

謝謝你，馬蒂，早上好。 Old Dominion 第二季度的收入結果表明每天零擔噸數下降了 14.1%，每英擔零擔收入下降了 1.1%。我們的產量指標受到本季度柴油價格大幅下跌的影響，每英擔零擔收入（不包括燃油附加費）增長了 7.6%，這反映了我們管理產量的一貫方法。

On a sequential basis, revenue per day for the second quarter decreased 2.0% when compared to the first quarter 2023, with LTL tons per day decreasing 1.8% and LTL shipments per day decreasing 0.3%.

與 2023 年第一季度相比，第二季度的每日收入環比下降 2.0%，每日零擔噸數下降 1.8%，每日零擔貨運量下降 0.3%。

For comparison, the 10-year average sequential change for these metrics includes an increase of 9.8% in revenue per day, an increase of 6.8% in tons per day and an increase of 7.2% in shipments per day.

相比之下，這些指標的 10 年平均連續變化包括每日收入增長 9.8%、每日噸數增長 6.8% 以及每日出貨量增長 7.2%。

Our shipments per day on average have been relatively consistent since December of last year. We had previously communicated our expectation for volumes to remain consistent through the second quarter despite the sequential growth that we have historically achieved in this period. Our baseline thinking was for volumes to remain consistent through the third quarter as well, although we have noticed an incremental increase in revenue over the past few workdays.

自去年 12 月以來，我們的平均每日發貨量一直相對穩定。儘管我們在此期間實現了歷史上的連續增長，但我們之前曾表達過我們對第二季度銷量保持穩定的預期。我們的基線想法是第三季度的銷量也保持一致，儘管我們注意到過去幾個工作日收入的增量增長。

The change in our revenue on a week-by-week basis so far in July has been relatively consistent with historical averages. As a result, it appears that sequential change in both revenue and shipments per day for July will be the first time this year where we're more closely aligned with our 10-year average sequential change.

7月份到目前為止，我們的收入每週變化與歷史平均水平相對一致。因此，7 月份收入和每日出貨量的環比變化似乎將是今年首次與 10 年平均環比變化更加一致。

While there are still a few work days remaining in July, our revenue per day has decreased by approximately 15% to 16% when compared to July 2022, although the timing of the July 4 holiday has skewed this number slightly. If the trend that we've seen over the past few workdays hold steady through the end of the month, we expect revenue per day to finish down approximately 14% to 14.5% and LTL tons per day to finish down approximately 11.5% to 12%. Our LTL revenue per hundredweight is currently down approximately 3% to 3.5% as this metric continues to be affected by the significant decrease in the price of diesel fuel. LTL revenue per hundredweight, excluding fuel surcharges, has increased approximately 6.5% to 7%. As usual, we will provide the actual revenue-related details for July in our second quarter Form 10-Q. Our second quarter operating ratio increased to 72.3% as our overhead cost increased as a percent of revenue due primarily to the deleveraging effect associated with the decrease in revenue. We were able to effectively manage our direct operating costs during the quarter as these costs remain consistent as a percent of revenue with the second quarter of 2022. Within our direct operating costs, our operating supplies and expenses improved 250 basis points due primarily to the significant decrease in the price of diesel fuel and our purchase transportation cost improved 60 basis points. These changes more than offset the increase in salaries, wages and benefits as a percent of revenue for our drivers, platform employees and fleet technicians that are included in our direct costs.

雖然 7 月還剩幾個工作日，但與 2022 年 7 月相比，我們的每日收入下降了約 15% 至 16%，儘管 7 月 4 日假期的時間安排略有偏差。如果過去幾個工作日的趨勢在本月底保持穩定，我們預計每日收入將下降約 14% 至 14.5%，每日零擔噸數將下降約 11.5% 至 12% 。我們的每英擔零擔收入目前下降了約 3% 至 3.5%，因為該指標繼續受到柴油價格大幅下降的影響。每英擔零擔收入（不包括燃油附加費）增加了約 6.5% 至 7%。與往常一樣，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。我們第二季度的運營比率上升至 72.3%，因為我們的管理費用佔收入的百分比有所增加，這主要是由於與收入下降相關的去槓桿化效應。我們能夠在本季度有效管理我們的直接運營成本，因為這些成本佔收入的百分比與 2022 年第二季度保持一致。在我們的直接運營成本中，我們的運營供應和費用改善了 250 個基點，這主要是由於顯著的柴油價格下降，採購運輸成本提高60個基點。這些變化遠遠抵消了我們的司機、平台員工和車隊技術人員的工資、工資和福利佔收入的百分比的增長，這些都包含在我們的直接成本中。

Old Dominion's cash flow from operations totaled $287.8 million and $703.2 million for the second quarter and first half of 2023, respectively, while capital expenditures were $244.7 million and $479.4 million for those same periods. We utilized $160.5 million and $302.2 million of cash for our share repurchase program during the second quarter and first half of 2023, respectively, while cash dividends totaled $43.8 million and $87.8 million for the same periods.

Old Dominion 2023 年第二季度和上半年的運營現金流總額分別為 2.878 億美元和 7.032 億美元，而同期資本支出分別為 2.447 億美元和 4.794 億美元。 2023 年第二季度和上半年，我們分別使用了 1.605 億美元和 3.022 億美元的現金用於股票回購計劃，而同期現金股息總計為 4380 萬美元和 8780 萬美元。

We announced this morning that our Board has approved a new share repurchase program that provides us with the authorization to repurchase up to $3 billion of our outstanding stock. This program will begin after the completion of our existing $2 billion repurchase program that was announced in July 2021. While we intend to continue our focus of returning excess capital to our shareholders, our first priority for capital spending will continue to be the strategic investments in capital expenditures that support the long-term profitable growth of our business.

今天早上我們宣布，董事會已批准一項新的股票回購計劃，該計劃授權我們回購最多 30 億美元的已發行股票。該計劃將在 2021 年 7 月宣布的現有 20 億美元回購計劃完成後開始。雖然我們打算繼續將多餘資本返還給股東，但我們資本支出的首要任務仍將是對支持我們業務長期盈利增長的資本支出。

Our effective tax rate was 25.4% and 26.0% for the second quarter of 2023 and 2022, respectively. We currently expect our annual effective tax rate to be 25.6% for the third quarter of 2023.

2023 年第二季度和 2022 年第二季度的有效稅率分別為 25.4% 和 26.0%。我們目前預計 2023 年第三季度的年度有效稅率為 25.6%。

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

我們今天早上準備好的發言到此結束。接線員，我們很高興現在可以提問。

(Operator Instructions) And the first question comes from Jordan Alliger with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Jordan Alliger。

Obviously, there's a lot of noise in the background now with one of the major competitors out there. Can you maybe touch a little bit on what, if anything, you're seeing or expecting either from a diversion -- I guess from a diversion perspective now?

顯然，現在有很多噪音，主要競爭對手之一在那裡。您能否談談您從遊戲中看到或期待的內容（如果有的話）——我想現在是從遊戲的角度來看？

Sure. Yes, we don't want to make any comments specifically on 1 carrier or another. But like I mentioned, we have seen an uptick in business over the past few days, in particular. But really, I think that over the past few weeks, we have started to start seeing a little bit better trend, if you will, and it goes back, maybe beyond that. I think we're at the end of a long, slow cycle.

當然。是的，我們不想專門針對某一家或另一家運營商發表任何評論。但正如我提到的，特別是在過去幾天裡，我們看到業務有所增長。但實際上，我認為在過去的幾周里，我們已經開始看到更好的趨勢，如果你願意的話，而且它會回溯，也許會超出這個趨勢。我認為我們正處於一個漫長而緩慢的周期的末尾。

And we've stayed in front of our customers over the last 1 year, 1.5 years as things have been slower, I guess really going back to April of last year. And typically, when we get to the end of this kind of cycle, we start hearing comments about service issues with other carriers and the need for shippers to start reusing Old Dominion within their supply chain.

在過去的 1 年、1.5 年裡，我們一直保持在客戶面前，因為事情進展緩慢，我想實際上可以追溯到去年 4 月。通常，當我們到達這種週期的末尾時，我們開始聽到有關其他承運商的服務問題以及托運人需要開始在其供應鏈中重複使用 Old Dominion 的評論。

And so we've started increasingly having those types of conversations and certainly, some of that has intensified here over the last few weeks. But when we look at things, we look at our success measured over the period of years over the long term is the way that we continue to try to manage our business and we doubled our market share over the last 10 years and I think when we think about the next 10 years of opportunity, we've got a long runway for growth ahead and we want to keep winning market share in the right way for us.

因此，我們開始越來越多地進行此類對話，當然，其中一些對話在過去幾周中已經加劇。但當我們看待事物時，我們會著眼於多年來衡量的長期成功，這是我們繼續努力管理業務的方式，我們在過去 10 年裡將市場份額翻了一番，我認為當我們想想未來 10 年的機遇，我們的增長還有很長的路要走，我們希望繼續以正確的方式贏得市場份額。

So we'll continue to stay in front of customers for sure and talk about the Old Dominion value proposition and how we can deliver value to their supply chain. So it has driven a little incremental increase. We had been running at about 47,000 shipments a day. We talked a lot about that on last earnings call last quarter. And we typically see a little bit of an increase [in waste] from beginning of the month to the end of the month. But we've been, the last few days, running closer to 50,000 shipments a day.

因此，我們肯定會繼續站在客戶面前，討論 Old Dominion 的價值主張以及我們如何為他們的供應鏈提供價值。所以它推動了一點增量增長。我們每天的發貨量約為 47,000 件。我們在上個季度的最後一次財報電話會議上對此進行了很多討論。我們通常會看到從月初到月底[浪費]略有增加。但過去幾天我們每天的發貨量接近 50,000 件。

It's hard to say one factor versus another, what's driving that higher, but it has been a little bit higher than what I had initially forecast probably a month ago. So maybe it's picked up at this point 1,000, 1,500, 2,000 shipments per day, more so than what we had initially been forecasting for. But I would expect that we feel like we're getting towards the end of the slow cycle and would expect to start seeing business levels start to return to us at the end of the year and certainly as we get into the early part of 2024, it feels like underlying demand takes supply in the industry out of the equation, but it feels like demand is starting to improve a little bit and we're having good conversations with customers just like we've been having all year long. But yes, certainly, it feels like things are starting to turn a little bit.

很難說一個因素與另一個因素是什麼推動了價格上漲，但它比我一個月前最初的預測要高一些。因此，目前每天的發貨量可能會達到 1,000、1,500、2,000 件，比我們最初的預測要多。但我預計我們感覺我們正在接近慢週期的結束，並預計業務水平將在今年年底開始恢復，當然當我們進入 2024 年初時，感覺潛在的需求使行業的供應脫離了等式，但感覺需求開始略有改善，我們正在與客戶進行良好的對話，就像我們一整年的情況一樣。但是，是的，當然，感覺事情開始發生了一些變化。

If I could just ask a follow-up? I think you had mentioned you have about 30% excess capacity in your network now, whether it be demand or competitor problems. I think you also said normally, you like about 25%, but would you push that excess capacity lower? I mean would you be at -- would you run with just 20% or 15% excess capacity or is it a relatively firm line?

我是否可以詢問後續情況？我想您曾經提到過您的網絡現在有大約 30% 的過剩容量，無論是需求還是競爭對手的問題。我想你通常也說過，你喜歡25%左右，但你會降低過剩產能嗎？我的意思是，你會以 20% 或 15% 的過剩產能運行，還是一條相對堅定的路線？

Yes. Certainly, that 25% is just a target. And we go through periods where, when you look at the system, on average, it's been below that. 2021 is a good example where we had significant sequential growth that year due to the strength of the economy. And we look and you look back at our trend, we were 1 of 2 carriers that had a double-digit sequential increase, at least public carriers from the first to the second quarter 2021 and then we were the only carrier that followed that up with another increase -- sequential increase from the second to the third quarter.

是的。當然，25%只是一個目標。我們經歷過一段時期，當你觀察系統時，平均而言，它一直低於這個水平。 2021 年就是一個很好的例子，由於經濟強勁，我們當年實現了顯著的環比增長。我們回顧一下我們的趨勢，我們是連續兩位數增長的兩家航空公司之一，至少是從 2021 年第一季度到第二季度的公共航空公司，然後我們是唯一一家跟進的航空公司另一種增長——從第二季度到第三季度的連續增長。

So we've proven in the past that if you've got the right strategies that we can take on business and pretty significant increases in business because of the way that we try to plan for the long term and build capacity into the system. And certainly, you've always got to be thinking -- in our case, we try to think several years ahead and stay ahead of our growth curve. But that -- the service center capacity is one element of the overall capacity equation. There's still the people component of it and the equipment piece as well, but we try to stay further ahead of the curve with service centers.

因此，我們過去已經證明，如果您制定了正確的策略，我們就可以在業務上採取正確的策略，並且由於我們嘗試進行長期規劃並在系統中構建容量的方式，業務量會顯著增加。當然，你總是必須思考——就我們而言，我們試圖提前幾年思考並保持領先於我們的增長曲線。但服務中心的容量是整體容量方程的一個要素。人員和設備仍然是其中的一部分，但我們努力通過服務中心保持領先地位。

In certain markets, we try to stay even further ahead, if you will. But that's always a number that flexes up and down and each service center is different. We've got some service centers that got more capacity than others and -- but that's generally about where we try to stay just from an overall system average.

在某些市場上，如果您願意的話，我們會努力保持領先地位。但這始終是一個上下波動的數字，而且每個服務中心都不同。我們有一些服務中心比其他中心擁有更多的容量，但這通常是我們試圖保持整體系統平均水平的地方。

And our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的艾莉森·波利尼亞克。

James Monigan on for Allison. Just wanted to ask about sort of how we should think about OR in the third quarter? Like you're getting some volume, better pricing trends, presumably as well, how should we think about sort of the potential improvement? And should we essentially see sort of something maybe even above seasonality given the latent operating leverage?

詹姆斯·莫尼根替補艾利森。只是想問一下我們在第三季度應該如何考慮 OR？就像您獲得了一定的銷量、更好的定價趨勢一樣，我們應該如何考慮潛在的改進？考慮到潛在的運營槓桿，我們是否應該看到某種甚至高於季節性的東西？

Well, I think the top line is going to be the determining factor here. And when it comes to the top line, obviously, we've shared a little bit about where we are with July, and we'll continue to give our mid-quarter update. So August will be out there as well.

嗯，我認為頂線將成為這裡的決定因素。顯然，說到營收，我們已經分享了一些有關 7 月份的情況，我們將繼續提供季度中期的最新情況。所以八月也將在那裡。

But from a baseline standpoint, what I usually was thinking and I may try to address this in a slightly different manner than what we have in the past. Typically, we see about a 50 basis point increase in the operating ratio from the second to the third quarter.

但從基線的角度來看，我通常在想什麼，我可能會嘗試以與過去略有不同的方式來解決這個問題。通常情況下，我們看到第二季度到第三季度的運營比率增加了約 50 個基點。

And I would expect this third quarter, we are going to have some increase in some of our -- from an aggregate dollar standpoint in some of the overhead categories. I feel like our total overhead expenses are going to -- the dollars wise are going to be higher than where we were. Some of that will be depreciation. We expect our miscellaneous expenses to be a bit higher in our general supplies and expenses as well.

我預計第三季度，從某些管理費用類別的總美元角度來看，我們的一些費用將會有所增加。我覺得我們的總管理費用將會——以美元計算，將會比我們原來的水平更高。其中一些將是折舊。我們預計我們的一般用品和開支中的雜項開支也會更高一些。

So it will depend on where that top line comes in. I think that we can manage -- continue to manage our direct operating costs, which are more variable in nature consistent as a percent of revenue. And so we would look to try to keep those costs consistent with where we were last year. And that would be a slight improvement, but fairly constant with where we were in the second quarter.

因此，這將取決於收入的來源。我認為我們可以管理——繼續管理我們的直接運營成本，這些成本本質上變化更大，與收入的百分比一致。因此，我們希望努力使這些成本與去年的水平保持一致。這將是一個小小的改進，但與我們第二季度的情況相當穩定。

And then it just becomes the leverage that we get on the overhead. So if we've got some dollars higher, if the top line, if the volume environment were to stay flatter like what our base case scenario previously was, then obviously, we would lose a little bit more leverage there. But if we get some incremental improvement and further growth from where we are now, I think that's going to be really the slide, if you will, in terms of where the OR might end up. That baseline thinking though because of the increase in overhead expenses, I was thinking that we would be slightly worse than the normal seasonality, somewhere between 50 to 100 basis points of an increase over what we just did in the second quarter.

然後它就成為我們在管理費用上獲得的槓桿。因此，如果我們的美元走高，如果營收增長，如果交易量環境像我們之前的基本情況一樣保持平穩，那麼顯然，我們會失去更多的槓桿作用。但如果我們從現在的情況得到一些漸進的改進和進一步的增長，我認為這將是真正的幻燈片，如果你願意的話，就 OR 可能最終的結果而言。不過，由於管理費用的增加，我的基線想法是，我們的情況會比正常的季節性稍差一些，比我們在第二季度所做的增加了 50 到 100 個基點。

So a lot is just going to depend on how those overhead costs as a percent of revenue move around really dependent on what the top line is doing.

因此，很大程度上取決於這些管理費用佔收入的百分比如何變化，這實際上取決於營收的表現。

And the next question comes from Jack Atkins with Stephens.

下一個問題來自傑克·阿特金斯和斯蒂芬斯。

Okay. Great. I guess I'd like to ask a question on the pricing environment. And I guess, more specifically, if you go back 3 months ago, there was -- it seemed like there was incremental competition around some of the transactional freight in the marketplace. Have you seen anything change there, whether it's over the course of the last few months or in recent weeks that would give you some more confidence about the trajectory of pricing in the marketplace? Just any sort of commentary on that, I think, would be helpful.

好的。偉大的。我想我想問一個有關定價環境的問題。我想，更具體地說，如果你回到 3 個月前，市場上的一些交易貨運似乎存在日益激烈的競爭。您是否看到那裡發生了任何變化，無論是過去幾個月還是最近幾週，這會讓您對市場定價軌跡更有信心？我認為對此進行任何形式的評論都會有所幫助。

Yes. There have been no major changes in the pricing environment. I mean we're still getting increases from our contract carriers and there's not anything really crazy going on out there, so -- which is a pleasant surprise in a slower environment. But again, we're not seeing any changes from the first quarter, and we're still getting increases when we need them.

是的。定價環境沒有發生重大變化。我的意思是，我們仍然從合同承運商那裡獲得了增長，而且沒有什麼真正瘋狂的事情發生，所以——這在較慢的環境中是一個驚喜。但同樣，與第一季度相比，我們沒有看到任何變化，並且在需要時我們仍然會增加。

But I guess just a quick follow-up on that, Marty, if I could. I mean are you seeing maybe just given all the shifting dynamics in the marketplace, maybe a little bit less of a competitive situation going on with the transactional part of the market? Are you seeing some firming in pricing there, I guess, was what I was trying to get at?

但我想如果可以的話，馬蒂，我想對此進行快速跟進。我的意思是，您是否看到，考慮到市場中所有不斷變化的動態，市場交易部分的競爭情況可能會有所減少？我想，你是否看到那裡的定價有些堅挺，這正是我想要達到的目的？

Yes, I haven't really seen any changes at all whatsoever from a transactional basis. But it's just -- I mean if we need it -- as you know, as I've said before on the last call, we're a cost-plus costing model, that's what we base our pricing on and when we go in to discuss pricing, we basically show our customer what our cost is and they understand why we need to increase. We're not having any issues getting it. But no, I'm not seeing any crazy pricing adjustments out there since the first quarter.

是的，從交易的角度來看，我確實沒有看到任何變化。但這只是 - 我的意思是如果我們需要它 - 正如你所知，正如我之前在上次電話會議中所說的那樣，我們採用成本加成成本計算模型，這就是我們定價的基礎以及我們進入時的基礎為了討論定價，我們基本上向客戶展示我們的成本是多少，他們明白為什麼我們需要增加。我們在獲取它時沒有任何問題。但不，自第一季度以來，我沒有看到任何瘋狂的定價調整。

And our next question comes from Jonathan Chappell of Evercore ISI.

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

Sticking with that transactional theme. Adam, last quarter, you kind of flagged the 3PL business losses as being a bit more outsized. Has that basically run its course where there's not much more 3PL business to lose? And as you talked about this kind of recent uptick in the last few work days, has that been more kind of transactional volume as well, maybe getting some of that 3PL back? Or are you actually seeing core LTL freight pick up substantially over the last week or so?

堅持交易主題。 Adam，上個季度，您認為 3PL 業務損失有點過大。這種情況是否已經基本結束，不會再有太多 3PL 業務損失了？正如您談到最近幾個工作日的這種近期增長，這是否也意味著交易量的增加，也許可以收回一些 3PL 的資金？或者您是否真的看到核心零擔貨運量在過去一周左右大幅上升？

Yes, it's more of the core. And I would say, looking through our top 50 customers, the 3PL piece of the business really just performed in line with the company average really in the second quarter. We still had better performance with our core contract business, those that have direct contracts with us. But with revenue down 15%, everyone was pretty much down.

是的，它更多的是核心。我想說的是，縱觀我們的前 50 位客戶，該業務的 3PL 業務在第二季度的表現確實與公司平均水平相符。我們的核心合同業務（即與我們直接簽訂合同的業務）的業績仍然較好。但隨著收入下降 15%，所有人的情緒都下降了。

A lot of that, obviously, there's a big decrease in fuel surcharge revenue that had an impact on the second quarter with the average price of fuel being down close to 30%. So that was certainly a headwind that we had to contend with. But that's -- we go back to -- we've had consistent conversations with customers really over the last year. And I think we've been pleased with the trends that we've seen. And certainly, we'd rather be talking about growth and see pure growth going on. So it's been tough to kind of go through the last year or so.

顯然，其中很大一部分是燃油附加費收入大幅下降，這對第二季度產生了影響，燃油平均價格下降了近 30%。因此，這無疑是我們必須應對的逆風。但這是——我們回顧一下——去年我們確實與客戶進行了持續的對話。我認為我們對所看到的趨勢感到滿意。當然，我們更願意談論增長並看到純粹的增長正在發生。所以過去一年左右的經歷有點艱難。

But I think that we've had good customer relationships. We've got long-term customer relationships, people that have gone through supply chain challenges realize the value of Old Dominion and are continuing to increase their business with us. And the demand environment overall with the state of the domestic economy and that has certainly had an impact on our customers' businesses as well.

但我認為我們擁有良好的客戶關係。我們擁有長期的客戶關係，經歷過供應鏈挑戰的人們認識到 Old Dominion 的價值，並繼續增加與我們的業務。總體需求環境和國內經濟狀況當然也對我們客戶的業務產生了影響。

And so in many accounts that we've kept the contracts have been awarded the same types of customers may just not have the same amount of business that they've had before. And that's kind of what I was alluding to earlier, where I feel like we're getting to the end of that kind of process where it feels like we're seeing stabilization and I go back to just underlying demand for LTL transportation, I felt like things were kind of getting to the point where we were seeing stabilization.

因此，在我們保留的許多賬戶中，授予相同類型客戶的合同可能只是沒有以前擁有的相同數量的業務。這就是我之前提到的，我覺得我們正在接近這種過程的終點，感覺我們正在看到穩定，我回到了對零擔運輸的潛在需求，我覺得就像事情已經到了我們看到穩定的地步。

We've had stable trends all year. But I felt like we were getting back to the point where we might start to see our market share -- it's been relatively consistent this year. It's been down slightly, but I felt like we were kind of getting to that end to where things are going to start turning back in our favor.

我們全年都有穩定的趨勢。但我覺得我們正在回到可能開始看到我們的市場份額的地步——今年的市場份額相對穩定。雖然略有下降，但我覺得我們已經接近尾聲，事情將開始向對我們有利的方向轉變。

And some of that just goes to some of the conversations we've had about others in the industry. We're hearing more service failures, and that's generally when the business starts coming back to us. So I feel good about kind of those underlying trends and getting through the back half of this year and being ready for 2024.

其中一些只是我們與業內其他人進行的一些對話。我們聽到越來越多的服務失敗，而這通常是業務開始回到我們身邊的時候。因此，我對這些潛在趨勢感覺良好，並度過今年下半年並為 2024 年做好準備。

And the next question comes from Chris Wetherbee of Citigroup.

下一個問題來自花旗集團的克里斯·韋瑟比。

Maybe I wanted to come back to pricing for a minute, maybe kind of big picture, if we think about the potential for capacity event in the industry where we see capacity materially tighten. I think we've looked at these in the past, we've seen the meaningful pricing opportunities for the carriers in the space.

如果我們考慮到行業中產能嚴重收緊的產能事件的可能性，也許我想回到定價上一分鐘，也許是一個大局。我認為我們過去已經研究過這些，我們已經看到了該領域運營商的有意義的定價機會。

I guess conceptually, how do you think about that? If we were to see some degree of capacity event, given the strength in pricing over this last cycle, is there still material upside as you think about that? I know volume ultimately will come back, but I wanted to get a sense of what you think about the potential future pricing opportunities are as capacity potentially gets tighter in the industry?

我想從概念上講，您對此有何看法？如果我們看到某種程度的產能事件，考慮到上一個週期的定價強勢，您認為還有實質性的上漲空間嗎？我知道銷量最終會恢復，但我想了解一下，隨著行業產能可能變得更加緊張，您對未來潛在的定價機會有何看法？

Well, I think for us, it's all about having a consistent process, and we talk about that a lot. We're trying to have, as Marty mentioned earlier, we have a cost-based process. And we talk about our cost inflation with customers and the need to have a price increase that it's 100 to 150 basis points above our cost inflation every year to support the significant investments that we're making in service center capacity and technologies.

嗯，我認為對我們來說，最重要的是要有一個一致的流程，我們對此進行了很多討論。正如馬蒂之前提到的，我們正在努力建立一個基於成本的流程。我們與客戶談論我們的成本通脹，以及每年需要將價格提高到比我們的成本通脹高出 100 到 150 個基點，以支持我們在服務中心容量和技術方面進行的重大投資。

And so I think that's generally understood and it kind of makes sense if you sit across the table and had that conversation. Obviously, a lot goes into that for us managing our cost and trying to keep cost inflation in check, and I was pleased that we're starting to see some of the cost per shipment numbers, they're moderating.

所以我認為這是普遍理解的，如果你坐在桌子對面進行這樣的談話，那就有點道理了。顯然，對於我們管理成本並試圖控製成本通脹來說，這需要做很多工作，我很高興我們開始看到每批貨物的一些成本正在下降。

If you take fuel out of the equation, just our core price inflation is starting to trend back to closer to what our expectations were for this year. So I feel like our team has done a phenomenal job with managing our cost and keeping that inflation in check as best we can in a low volume environment. I mean to produce a [72.3%] in the second quarter with a 14% decrease in tonnage is pretty remarkable in my opinion.

如果將燃料排除在外，我們的核心價格通脹將開始回落至接近我們今年的預期。因此，我覺得我們的團隊在管理成本和在低產量環境下盡最大努力控制通貨膨脹方面做得非常出色。我的意思是，第二季度產量[72.3%]，噸位下降 14%，在我看來是相當了不起的。

But I think that we just got to stay consistent with our approach. And I think other carriers, they start making similar to what was going on in 2021. If other carriers are closing the pricing gap and are trying to use the environment to take even bigger increases, then I think that bodes well for our market share opportunities. We're typically a little bit more expensive than the other carriers on average, and so we'd be pleased to see that gap close, and that would certainly help support our own pricing initiatives as well.

但我認為我們必須堅持我們的方法。我認為其他運營商的收入開始與 2021 年類似。如果其他運營商正在縮小價格差距並嘗試利用當前環境實現更大的增長，那麼我認為這對我們的市場份額機會來說是個好兆頭。平均而言，我們的價格通常比其他運營商貴一些，因此我們很高興看到這一差距縮小，這肯定也有助於支持我們自己的定價計劃。

But the key for us is to focus on us and what we're doing -- having that -- those conversations with customers demonstrating the value that we can add relative to the industry and just looking at what our needs would be to keep driving the cash from operations and the strength of our balance sheet even stronger to support further investments to keep growing the company.

但對我們來說，關鍵是專注於我們和我們正在做的事情——與客戶的對話，展示我們可以為行業增加的價值，並看看我們的需求是什麼，以繼續推動行業發展。來自運營的現金和我們的資產負債表的實力更加強大，可以支持進一步的投資，以保持公司的發展。

And the next question comes from Amit Mehrotra of Deutsche Bank.

下一個問題來自德意志銀行的 Amit Mehrotra。

Adam, on the 47,000 to 50,000 uplift in shipments, are there any mix changes there? Because if it is coming from some diversion obviously, Yellow has significantly lower weight per shipment. And I don't know if there's any mix observations that may bifurcate shipments from tonnage?

Adam，關於出貨量增加 47,000 至 50,000 部，有什麼組合變化嗎？因為如果它明顯來自某種轉移，那麼黃色的每批貨物的重量就會顯著降低。我不知道是否有任何混合觀察可能會從噸位上區分發貨量？

And then if we take this kind of new elevated tonnage number for the last couple of days here and we assume kind of it holds, what does August look like from a year-over-year perspective?

然後，如果我們在過去幾天裡採用這種新的增加的噸位數字，並且我們假設它成立，那麼從同比的角度來看，八月會是什麼樣子？

And then the last question, 3 parter, but 1 question. Yellow is very different than OD. And obviously, Yellow, there's -- I know you don't want to address Yellow specifically, but they're the third largest LTL company, and they seem to be on the brink of going out of business.

然後是最後一個問題，3個人，但1個問題。黃色與 OD 有很大不同。顯然，Yellow，我知道您不想具體提及 Yellow，但他們是第三大零擔運輸公司，而且他們似乎正處於倒閉的邊緣。

And so the question is, if Yellow customers are looking to divert, is -- do you think OD is the natural relief out there because you are kind of the most expensive best service company out there? I'm just trying to understand, are you the right barometer for that or maybe you see some of it, but a lot of it goes elsewhere.

所以問題是，如果黃色客戶想要轉移，你是否認為 OD 是自然的解脫，因為你是那裡最昂貴的最好的服務公司？我只是想了解，你是正確的晴雨表嗎？或者也許你看到了其中的一些，但很多都去了其他地方。

Yes. I see if I can try to address those in some sense of order, but to answer your first question from a mix standpoint, not a lot has changed with mix. Our weight per shipments dropped a little bit. We've gotten down to about -- we dropped about 10 pounds. We've gotten down to about 1,525 pound average or so, and it's dropped about 10 pounds or so here recently.

是的。我看看我是否可以嘗試以某種順序來解決這些問題，但從混合的角度回答你的第一個問題，混合併沒有太大改變。我們每批貨物的重量略有下降。我們已經減掉了大約 10 磅。我們的平均體重已降至約 1,525 磅左右，最近又下降了約 10 磅左右。

But not a lot is changing. I think some of that is, we are -- seems to be picking up some more of the smaller tariff-based customers that generally got a little bit lower weight per shipment. So that's been good to see, if you will, overall. And whether or not that continues remains to be seen.

但變化並不大。我認為其中一些是，我們似乎正在吸引更多基於關稅的小型客戶，這些客戶通常每批貨物的重量會稍輕一些。所以總的來說，如果你願意的話，這是很高興看到的。這種情況是否會持續還有待觀察。

And obviously, this is all just kind of developing. But I don't want to get into if we hold this trend steady, hold that trend steady, I mean, generally, August sequentially is up about 0.5% or our shipments per day are up about 0.5% over July. And we'd expect that some of this recent trend, it's possible that if things continue to hold steady like they have, I talked about the impact of July for that, but obviously, that could carry forward a little bit stronger, but we'll just take it 1 step at a time and keep giving the updates out there as they are.

顯然，這一切都只是一種發展。但我不想討論我們是否保持這種趨勢穩定，保持這種趨勢穩定，我的意思是，一般來說，8 月份環比增長約 0.5%，或者我們每天的發貨量比 7 月份增長約 0.5%。我們預計最近的一些趨勢，如果事情繼續像現在這樣保持穩定，我談到了 7 月的影響，但顯然，這可能會更強勁一些，但我們'我只需一步一步地進行，並繼續按原樣提供更新。

But we were -- last year, in August, we were at about an average of 51,000 shipments per day. So it starts closing the gap, if you will, if we can hold 50,000 steady. But keep in mind and that's what I was alluding to earlier that there's a natural progression that happens from the beginning of the month to the end of the month, and we were already starting to see some trends.

但去年 8 月份，我們平均每天發貨量約為 51,000 件。因此，如果你願意的話，如果我們能夠保持 50,000 人的穩定，它就會開始縮小差距。但請記住，這就是我之前提到的，從月初到月底有一個自然的進展，我們已經開始看到一些趨勢。

So I don't know that you can't just take that gap from where we've been averaging 47,000 shipments a day really since December of last year and just say, okay, there's this immediate incremental change.

所以我不知道你不能僅僅從去年 12 月以來我們平均每天發貨 47,000 件的差距來看，然後說，好吧，這是立即的增量變化。

There's been change that's been developing. And you can't just point the one specific player to say, this is the reason why. It's been a developing trend, and it's the way history has played out for us. When we get to the end of the cycle, we start winning business from different carriers.

變化正在發生。你不能只指出某個特定的球員說，這就是原因。這是一種發展趨勢，也是歷史為我們上演的方式。當我們到達週期結束時，我們開始從不同的運營商那裡贏得業務。

And so with that said, I think that there may be direct freight opportunities, but indirect freight opportunities as well that may come out of if there is an industry event. And I think that's still an if. And we don't know any more than anybody else. But we just are staying engaged with our customers, making sure that they understand the capacity that we have.

話雖如此，我認為可能存在直接貨運機會，但如果有行業活動，也可能會出現間接貨運機會。我認為這仍然是一個假設。我們並不比其他人知道得更多。但我們只是與客戶保持聯繫，確保他們了解我們擁有的能力。

And I think everyone knows the service that we can offer and no different than I think 2021 is an example where freight was obviously coming to us very quickly that year, and we stepped up in a very big way through the second and third quarters. And a lot of the conversations that we had with shippers being will be similar conversations that we have now. We protect our existing customers' capacity for them and that's how we would manage through if we get into another period where the freight opportunity is accelerating significantly.

我認為每個人都知道我們可以提供的服務，這與我認為 2021 年沒有什麼不同，那一年貨運顯然很快就來到了我們身邊，我們在第二季度和第三季度大幅加快了步伐。我們與托運人進行的許多對話將與我們現在進行的對話類似。我們保護現有客戶的運力，如果我們進入貨運機會顯著加速的另一個時期，這就是我們將如何應對的方式。

And the next question comes from Tom Wadewitz with UBS.

下一個問題來自瑞銀集團的湯姆·瓦德維茨。

I wanted to go back to your comment on the capacity in the network. You referred to the 30% being above what your target is. I guess if you kind of juxtapose that with there may be opportunity for terminals related to the discussion we've been having about the big industry participants that's under pressure.

我想回到您對網絡容量的評論。您提到 30% 高於您的目標。我想如果你把它與我們一直在討論的面臨壓力的大型行業參與者相關的終端機會結合起來的話。

So I'm wondering, would you consider being opportunistic and say, "Hey, we've got maybe more capacity than we need in the network, but there is an opportunity to kind of bring in a bunch of additional terminals that maybe fit well?" Or just how do you think about that and the pace of terminal additions if you look at, I don't know, next 2 years, something like that?

所以我想知道，您是否會考慮機會主義並說：“嘿，我們的網絡容量可能超出了我們的需要，但是有機會引入一堆可能很適合的額外終端？”或者，如果你看看未來兩年類似的事情，你如何看待這個問題以及終端添加的速度？

Yes. Tom, we're always looking for opportunities. And that's why we try to stay so far ahead of the growth curve. We generally are looking at each service center in each region and projecting out 5 years of potential growth to know where we're going to have facilities that start hitting capacity.

是的。湯姆，我們一直在尋找機會。這就是為什麼我們努力保持在增長曲線上的領先地位。我們通常會研究每個地區的每個服務中心，並預測 5 年的潛在增長，以了解我們將在哪裡擁有開始達到容量的設施。

And those are the ones that go on our target list for kind of what we roll out internally a 2-year capital expenditure plan to expand service center capacity and where we need it. So sometimes an opportunity presents itself that maybe we don't need this particular location, but in year 4, for example, but if it's a good facility, then we would go ahead and take advantage of it.

這些是我們內部推出的兩年資本支出計劃的目標清單，以擴大服務中心的容量和我們需要的地方。因此，有時機會會出現，也許我們不需要這個特定的位置，但例如在第四年，但如果它是一個很好的設施，那麼我們會繼續利用它。

And again, it gets back to, we've got our long-term market share initiatives and what we think we can achieve over a longer period of time and so we know we're going to keep growing this network. We've been one of a few carriers that have been expanding. Many talk about it, but when you look over the last 10 years and you look at the capacity additions that we've made, the public carriers in total are actually down in terms of the number of service centers in the industry.

再說一遍，我們有長期的市場份額計劃，以及我們認為在較長一段時間內可以實現的目標，所以我們知道我們將繼續發展這個網絡。我們是少數幾家一直在擴張的運營商之一。很多人都在談論這個問題，但當你回顧過去 10 年，看看我們增加的運力時，你就會發現，就行業內的服務中心數量而言，公共運營商的總數實際上是下降的。

So we're going to continue to say that's a big part of our value proposition is, we're consistently investing dollars to be able to support our customers' growth and make sure that we can be there when our customers need us the most and when they've got growth potential but they need an LTL carrier to be able to respond, and we not just be able to respond in the middle of the month when things aren't as busy, but at the end of the month when they're trying to get the freight moved off the dock and deliver to their customers, that's one they know they can rely on OD.

因此，我們將繼續說，我們價值主張的一個重要部分是，我們不斷投入資金，以便能夠支持客戶的增長，並確保我們能夠在客戶最需要我們的時候出現，並且當他們有增長潛力但他們需要零擔承運商能夠做出響應時，我們不僅能夠在月中事情不那麼繁忙時做出響應，而且能夠在月末他們需要響應時做出響應他們正在努力將貨物從碼頭運出並交付給客戶，他們知道這是他們可以信賴的 OD。

So we'll certainly continue to look for opportunities, and we would be opportunistic in adding facilities if it makes sense within the long-term vision for our network.

因此，我們肯定會繼續尋找機會，如果對我們網絡的長期願景有意義的話，我們會抓住機會增加設施。

And 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。

I guess if we look back on the scale of an industry shift like this, right, where I guess, consolidated freight ways back in '02 or New England Motor Freight right where you've had big and quick historical rapid change.

我想，如果我們回顧一下像這樣的行業轉變的規模，對吧，我想，在 02 年的合併貨運方式或新英格蘭汽車貨運中，您經歷了巨大而快速的歷史快速變化。

Maybe talk a little bit about -- you talked about customer discussions accelerating. Are these kind of existing customers, Adam, I think you threw out there the top 50 customers, their business was down also, but are you seeing that mainly from internal, are you having new discussions? I presume not that many, just given, I guess, any user of Yellow is maybe looking for lower cost versus higher quality.

也許可以談談——您談到了客戶討論的加速。這些是現有客戶嗎，Adam，我想你把前 50 名客戶都扔掉了，他們的業務也下降了，但你主要是從內部看到的，你們有新的討論嗎？我認為沒有那麼多，只是考慮到，我猜，黃色的任何用戶可能都在尋找更低的成本而不是更高的質量。

And then maybe secondary is your thought on headcount, right, as you make this shift, I know you've got the 30% excess capacity on the facilities, what's your thoughts on headcount and capacity there as well?

然後也許次要的是你對員工人數的想法，對吧，當你進行這一轉變時，我知道你的設施產能過剩了 30%，你對那裡的員工人數和產能有何看法？

Yes. Yes, we currently talk to new customers every week. We have over 500 salespeople and part of their job is to bring on new business. So they're out there having discussions about onboarding new customers every week, but -- and as well as existing customers and if the customers have questions about capacity, of course, we answer those.

是的。是的，我們目前每週都會與新客戶交談。我們有 500 多名銷售人員，他們的部分工作就是開拓新業務。因此，他們每週都會討論如何吸引新客戶，但是，以及現有客戶，如果客戶對容量有疑問，我們當然會回答這些問題。

We show them where we have capacity, our terminal network and so forth. So that -- those are just ongoing discussions. But as far as labor, we have the labor covered. We have a driver training school where we have -- we call them combo drivers.

我們向他們展示我們的產能、終端網絡等。因此，這些只是正在進行的討論。但就勞動力而言，我們已經涵蓋了勞動力。我們有一所駕駛員培訓學校，我們稱之為組合駕駛員。

If we're not utilizing them during slow periods, they go on the dock and then we can bring them back onto a truck as our tonnage and shipments increase. So we feel like we're pretty covered on labor. And for any increases, it might come our way. So I feel confident we can take on whatever comes our way.

如果我們在淡季不使用它們，它們就會被送到碼頭，然後隨著我們的噸位和發貨量的增加，我們可以將它們帶回卡車上。所以我們覺得我們的勞動力已經足夠了。對於任何增加，它可能會發生在我們身上。因此，我有信心我們能夠應對遇到的任何困難。

And then just I guess to clarify, Marty, do you mind just a follow-up here. I know you said or Adam said it was a slow kind of grind here. But I just want to understand, in the last 48 hours, has this not been a massive shift?

然後我想澄清一下，馬蒂，你介意在這裡跟進一下嗎？我知道你或亞當說這是一種緩慢的磨礪。但我只是想了解，在過去的 48 小時內，這不是一個巨大的轉變嗎？

I guess I understand they stopped picking up freight last night. I just want to understand the speed and scale with which we're talking about here.

我想我知道他們昨晚停止提貨了。我只是想了解我們在這裡討論的速度和規模。

Yes. We're reading the same thing as you are. So we really don't know what's going on, but we're talking about it within our senior management team every day and how we're going to put forth our plan to handle additional business. But we're not really seeing any major business coming out of that. And just like you, we don't know how that's going to end up. So we don't want to speculate at this time.

是的。我們正在閱讀與您相同的內容。所以我們真的不知道發生了什麼，但我們每天都在我們的高級管理團隊中討論它，以及我們將如何提出處理額外業務的計劃。但我們並沒有真正看到任何重大業務由此產生。就像你一樣，我們不知道結果會如何。所以我們現在不想猜測。

And the next question comes from Bruce Chan with Stifel.

下一個問題來自 Bruce Chan 和 Stifel。

Adam and Marty, I'm not sure if this got captured in some of the previous answers, but I wanted to ask it maybe a little bit more directly. If you think about the potential share wins from this, I guess, impending competitor exit, would you expect to see outsized share gains given your capacity expansion or maybe slower share gains given a more disciplined yield approach and what you mentioned was a higher average price than the market?

Adam 和 Marty，我不確定之前的一些答案是否已經涵蓋了這一點，但我想更直接地問一下。如果您考慮由此帶來的潛在份額收益，我猜，即將到來的競爭對手退出，您是否會期望看到由於產能擴張而帶來的巨大份額收益，或者由於更嚴格的收益率方法以及您提到的更高的平均價格而可能會看到較慢的份額收益比市場？

Well, as you know, we're very disciplined on price, and we're not going to do anything to trash our service by taking on too much freight. So we expect if something were to happen that we would remain disciplined in that manner. And like Adam said, we'd look after our existing customers and we cost out every piece of business that comes through this truck line.

嗯，如您所知，我們在價格方面非常嚴格，我們不會採取任何通過承擔過多運費來破壞我們服務的行為。因此，我們希望如果發生什麼事情，我們將繼續以這種方式遵守紀律。正如亞當所說，我們會照顧現有客戶，並且我們會計算通過這條卡車生產線的每一項業務的成本。

And if it doesn't have the yield that we expect, we just won't take it on. But -- and we also expect if there is a major event happens that we'll gain business probably from other carriers that weren't participating in that event because they may take on too much revenue and trash their service and we'll benefit from that as well. So we've experienced that before and ready for it again.

如果它沒有達到我們預期的收益，我們就不會接受它。但是 - 我們還預計，如果發生重大事件，我們可能會從未參加該事件的其他運營商那裡獲得業務，因為他們可能會承擔太多收入並浪費他們的服務，而我們將從中受益那也是如此。所以我們之前已經經歷過這種情況，並已做好再次應對的準備。

And the next question comes from Eric Morgan with Barclays.

下一個問題來自巴克萊銀行的埃里克·摩根。

So I just had a follow-up on the headcount comment. Marty, you mentioned you're confident from a labor perspective that you can handle some of this incremental freight. Are you saying that you think you can handle the surge with limited headcount increases from here or are you just more confident that you'll be able to ramp up your labor force accordingly if you do see volume tick up?

所以我只是對人數評論進行了跟進。馬蒂，您提到從勞動力角度來看，您有信心能夠處理部分增量貨運。您是說您認為您可以通過有限的人員增加來應對激增的情況，還是您更有信心，如果您確實看到數量增加，您將能夠相應地增加勞動力？

And then I was also just curious on cost per employee. Any thoughts there. I know it's been kind of trending roughly flattish, up a little, down a little over the last few quarters? Just curious how this could affect that metric.

然後我也只是對每個員工的成本感到好奇。有任何想法。我知道過去幾個季度的趨勢大致持平，有一點上升，有一點下降？只是好奇這會如何影響該指標。

Yes. This is Adam. But -- we've had a decrease in headcount or we do sequentially through the second quarter and we've seen attrition really going back into last year through our business. But I think that -- like I mentioned, there's 3 elements of capacity, and we certainly -- we've got plenty. We talk mostly about our service center piece. But we've got equipment capacity to respond to the acceleration in business levels and from a people standpoint, we can do the same.

是的。這是亞當。但是 - 我們已經減少了員工人數，或者我們在第二季度連續減少了員工數量，並且我們已經看到我們的業務確實在去年出現了人員流失。但我認為——就像我提到的，能力有 3 個要素，而且我們當然——我們有足夠的要素。我們主要談論我們的服務中心部分。但我們有設備能力來應對業務水平的加速，從人員的角度來看，我們也可以做同樣的事情。

We've shown that type of flex in our workforce in the past. I mean we've got people that I think we can call back as well. Marty mentioned, our internal truck driving school, that's created about 1/3 of our drivers and sometimes drivers come out of that school, but continue to work on the platform until demand is such that we put them into a full-time driving job.

我們過去已經在員工隊伍中展示了這種靈活性。我的意思是，我們也有一些我認為可以回電的人。馬蒂提到，我們內部的卡車駕駛學校大約培養了我們 1/3 的司機，有時司機是從該學校畢業的，但會繼續在平台上工作，直到需求出現，我們讓他們從事全職駕駛工作。

So there's multiple opportunities. The other lever that we could pull. And we did this going back to looking at those 2021 sequential trends. But as business accelerated really through the second half of 2020 continuing through 2021 as needed, we don't like to do this, but we can use purchase transportation to supplement the capacity of our workforce or our fleet.

所以有很多機會。我們可以拉動另一個槓桿。我們回顧了 2021 年的連續趨勢。但隨著業務在 2020 年下半年真正加速，並根據需要持續到 2021 年，我們不喜歡這樣做，但我們可以使用購買運輸來補充我們的勞動力或車隊的能力。

And so it just kind of depends on the pace at which volume comes on, but we had those big quarter-after-quarter sequential increases during those periods back in the end and that was kind of the final lever to pull. And -- so we certainly can have that. We would rather move our linehaul 100% of our fleet and with our people. But as necessary, we sometimes have to supplement, and that's kind of the source that we could go to on a very short-term basis. It would always be with the idea that we get it back 100% in-sourced as soon as possible if we had to go that route.

因此，這在某種程度上取決於成交量的增長速度，但在最後的那些時期我們經歷了逐季度的大幅連續增長，這是最後一個可以拉動的槓桿。而且——所以我們當然可以做到這一點。我們寧願將我們機隊 100% 的長途運輸和我們的員工一起轉移。但根據需要，我們有時必須進行補充，這是我們可以在非常短期的基礎上尋求的來源。如果我們必須走這條路，我們總是會盡快將其 100% 內部採購。

Next question comes from Scott Group with Wolfe Research.

下一個問題來自沃爾夫研究公司的斯科特集團。

Adam, you mentioned a couple of times just like the intra-month seasonality of shipments that obviously, we just don't know. I wouldn't normally ask it's like a short-term question, but it's obviously an unusual time.

亞當，你提到過幾次，就像月內發貨的季節性一樣，顯然我們只是不知道。我通常不會問這是一個短期問題，但這顯然是一個不尋常的時刻。

Maybe if it's possible. Can you just like just share like year-over-year tonnage the last couple of days, like what that's trending? I just -- we just want to get a sense of like run rate very recently. And then -- the -- I think yield is down 3%-or-so in July. Any sense what yield ex-fuel is doing in July?

也許如果可能的話。您能否分享一下過去幾天的同比噸位，比如趨勢？我只是——我們只是想了解一下最近的運行率。然後——我認為 7 月份的收益率下降了 3% 左右。你知道 7 月份不含燃料的產量是多少嗎？

Yes. And that we had already talked about in the prepared comments, but it's somewhere 6.5% to 7% the revenue per hundredweight, excluding the fuel surcharge. Obviously, right now, we're getting -- continuing to see fuel is down. I think July should be the worst.

是的。我們已經在準備好的評論中討論過這一點，但它大約是每英擔收入的 6.5% 到 7%，不包括燃油附加費。顯然，現在我們繼續看到燃料下降。我認為七月應該是最糟糕的。

At this point, we continue to average where we are fuel will be down about 30% again. But in the third quarter of last year was when fuel prices started declining, and then that continued on. So that will be less of a headwind, as we go through the second half of this year. But we're continuing to get core increases, as Marty mentioned earlier, and the key will be to continue to look at whether it's us or others, is there a sequential increase there.

此時，我們繼續平均燃料將再次下降約 30%。但去年第三季度燃油價格開始下降，然後這種情況持續下去。因此，隨著今年下半年的到來，這將不再是一個阻力。但正如馬蒂之前提到的，我們正在繼續獲得核心增長，關鍵是繼續看看是我們還是其他人，那裡是否有連續增長。

That's what we strive every day, we've got contracts that are turning over. And we're going through those contracts and able to negotiate increases. If mix is relatively constant, you should see sequential increases in those yield metrics. But like I mentioned, the last few days, we've been right at around 50,000 shipments per day. Some of that is just the natural growth that happens towards the end of the month. And whether it accelerates from there kind of remains to be seen. I held that 50,000 numbers that I gave this morning assumed that we kind of held that 50,000 constant for the remaining workdays, today through Friday and the Monday of next week.

這就是我們每天努力的目標，我們的合同正在到期。我們正在審查這些合同並能夠協商增加費用。如果混合相對恆定，您應該會看到這些產量指標連續增加。但正如我提到的，過去幾天，我們每天的發貨量一直在 50,000 件左右。其中一些只是月底發生的自然增長。它是否會從那裡加速還有待觀察。我認為今天早上提供的 50,000 個數字假設我們在剩餘工作日（今天到週五以及下週的周一）中保持該 50,000 個不變。

So if there's numbers that when we put them in our queue that are different from what we talked about today, then you can sort of judge from there where things came in. July of last year, was a little over 51,000 and 52,000 shipments per day and I mentioned, August was 50,000 to 51,000. So we're back to where our shipments per day if this kind of 50 were the whole constant, and I'm not saying that it does, to where we're closer from a volume standpoint to where we were last year.

因此，如果我們將它們放入隊列時的數字與我們今天討論的不同，那麼您可以從那裡判斷貨物的來源。去年 7 月，每天的發貨量略高於 51,000 和 52,000我提到過，8 月份是 50,000 到 51,000。因此，如果這個 50 件是整個常數的話，我們就回到了每天的發貨量，我並不是說確實如此，從數量的角度來看，我們更接近去年的水平。

And then just sort of getting back to the -- keep trying to bring us back to the big picture, I think that success ain't going to be defined by what we can do next week and next month or next quarter, it's -- what's the market share potential over the long term, and we still feel confident about what our long-term market share potential can be because we still win business by the quality of our service.

然後回到——繼續努力讓我們回到大局，我認為成功不會由我們下週、下個月或下個季度能做的事情來定義，而是——長期的市場份額潛力是多少，我們仍然對我們的長期市場份額潛力充滿信心，因為我們仍然通過服務質量贏得業務。

Our value proposition is delivering superior service at a fair price and always maintaining network capacity to support our customers' growth. And I think we continue to win share because of the service and capacity advantages that we have in the marketplace, and that will extend beyond what may be happening over the next few weeks.

我們的價值主張是以公平的價格提供優質的服務，並始終保持網絡容量以支持客戶的增長。我認為，由於我們在市場上擁有的服務和容量優勢，我們將繼續贏得份額，這將超出未來幾周可能發生的情況。

So Adam, your point there is that others may get maybe a little bit more of the volume day 1, but to the extent that they struggle with this big surge in volume, you'll then get it on a derivative basis, maybe it's not day 1, but it's weeks or months from now. Is that kind of what you're trying to say?

所以亞當，你的觀點是，其他人可能會在第一天獲得更多的交易量，但如果他們在交易量的大幅激增中掙扎，那麼你會在衍生品的基礎上獲得它，也許不是第一天，但​​已經是幾週或幾個月後的事了。這就是你想說的嗎？

Exactly. Slow and steady generally wins the race, and we want to be patient with the things. And certainly, we're looking and having conversations with customers and want to help where we can. But just like in 2021, you got to be careful about opportunity.

確切地。緩慢而穩定通常會贏得比賽，我們希望對事情保持耐心。當然，我們正在尋找客戶並與客戶進行對話，並希望盡可能提供幫助。但就像 2021 年一樣，你必須小心機會。

You don't want to take on so much so fast that you end up not being able to deliver on the service value that we offer with 99% on time and on a claims ratio of 0.1%. So we want to be methodical about the way we go through this and make sure that we're protecting servicing capacity for our existing shippers without taking on too much of what opportunity may be out there.

您不想承擔如此之多、如此之快，以至於最終無法以 99% 的準時率和 0.1% 的索賠率交付我們提供的服務價值。因此，我們希望有條不紊地處理這一問題，並確保我們保護現有托運人的服務能力，而不是承擔太多可能存在的機會。

And so I think when you go back and you look in prior trends, like I said, we stepped up in the second quarter more so than anyone else. When you look at 2021, when you look at that sequential acceleration, and then we continue to follow on from there where others didn't. So it's always just making sure that you don't over-extend yourself in the short term and just keep that eye on the ball for the long-term vision.

所以我認為，當你回顧過去的趨勢時，就像我說的那樣，我們在第二季度的進步比其他任何人都多。當你看看 2021 年，當你看到連續的加速，然後我們繼續從那裡繼續跟進，而其他人沒有這樣做。因此，始終要確保您不會在短期內過度擴張，並著眼於長期願景。

And 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。

Sorry to say this topic, but I just wanted to kind of basically clean up the commentary on this call, which is the uptick in volume that you see in the last few days, how much of that is because of a cyclical improvement versus flow-through from what's going on at your competitor? Like is it 1 of the 2 of them? Is it both? And kind of can you tell the 2 of those apart?

很抱歉說這個話題，但我只是想基本上清理一下對這次電話會議的評論，這是你在過去幾天看到的交易量的上升，其中有多少是由於週期性改善與流量的關係-通過你的競爭對手發生了什麼？就像是他們兩個中的一個嗎？兩者都是嗎？你能區分其中的兩個嗎？

It's really hard to try to bifurcate and put your finger on what's driving any type of acceleration there. As I've mentioned, we would expect to see an increase. We're going into the final full week of the month. We would expect to see a normal type of increase. And it's a little bit above where I'd originally forecast this week to be at least, but when I go back to Friday was a bit heavier and then Monday and Tuesday have been a little bit heavier than what I had originally looked at.

嘗試分叉並找出驅動任何類型加速的因素確實很困難。正如我所提到的，我們預計會看到增長。我們即將進入這個月的最後一周。我們預計會看到正常的增長。它至少比我最初預測的本週要重一點，但是當我回到週五時，情況會更重一些，然後周一和周二比我最初看到的要重一些。

And so is that just because we've got more business from an existing customer that's having their own end of month surge? Yes, that's part of it. Is it freight that's coming in, we're -- there's been some freight diversion? Yes, that's a part of it.

難道這只是因為我們從現有客戶那裡獲得了更多業務，而這些客戶的月末業務激增？是的，這是其中的一部分。是不是有貨物進來，我們——有一些貨物轉移了？是的，這是其中的一部分。

So you just can't put your finger on everything when we're doing 50,000 shipments a day, why did we get this 1 particular shipment? But that's why I wanted to point out that really, I think this goes back to, for several weeks, I feel like we've seen some pretty nice trends. We closed out the month of June strong.

因此，當我們每天發貨 50,000 件時，您無法掌握所有情況，為什麼我們會收到這 1 批特定的貨物？但這就是為什麼我想指出，實際上，我認為這可以追溯到幾週來，我覺得我們已經看到了一些非常好的趨勢。我們以強勁的勢頭結束了六月。

I feel like when we go back, even though our number of shipments per day have been around 47,000, we've had some good end-of-month performance. And the trends, the intra-month trends have been pretty good the last couple of months as well. We dropped off some early in the month, which that's typical too, but maybe dropping off a little bit more so than what a week-by-week average would be.

我覺得當我們回去時，儘管我們每天的發貨量在 47,000 左右，但我們的月末表現還是不錯的。過去幾個月的趨勢、月內趨勢也相當不錯。我們在月初下降了一些，這也是典型的，但下降的幅度可能比每週的平均水平要多一些。

But then we've made up for it as we've progressed through the month. So I've been pleased with our performance so far in July and it looks like at least right now when we project out and carry that trend forward shipments per day that we're still down in comparison to June. Some of that is July is a 20-workday month and the way the July 4 holiday fell that Monday that we were open was probably half of a normal workday. So if you kind of adjust for that, we had seen better trends.

但隨著這個月的進展，我們已經彌補了這一點。因此，我對 7 月份迄今為止的表現感到滿意，至少現在，當我們預測並延續這一趨勢時，每天的出貨量與 6 月份相比仍然下降。其中一部分原因是 7 月份有 20 個工作日，而 7 月 4 日假期到了我們開放的那個星期一可能是正常工作日的一半。因此，如果你對此進行調整，我們就會看到更好的趨勢。

We have been more in the 48,000-or-so shipments per day range kind of through the month before this recent pickup happened. So it's just not -- you can't put your finger on what completely is driving the change other than you go back and this is somewhat typical to what we would see at the end of a slow period like we've been in since April of last year and then it's just been accelerated over the last few work days from there.

在最近的回升發生之前的一個月裡，我們每天的發貨量一直在 48,000 件左右。所以這不是——你不能把手指放在完全推動變化的地方，除非你回去，這在某種程度上是我們在四月份以來的緩慢時期結束時所看到的典型情況去年的情況是這樣，然後在過去的幾個工作日里它就加速了。

Very helpful. Super quick follow-up. Did you take any short-term cost savings actions in this quarter that may potentially unwind if tonnage really comes back?

很有幫助。超級快速的跟進。您在本季度是否採取了任何短期成本節約行動，如果噸位真的恢復的話，這些行動可能會取消？

We keep our belts tight every day. So we're always looking at managing our variable cost and controlling discretionary spending where we can and where it makes sense. But that's a philosophy that you can't just sort of take it or leave it. It's a mindset that you have to stay in, in good times and in bad. If you don't have that mindset in the good times, you're not going to be able to switch gears when you really need to.

我們每天都勒緊褲腰帶。因此，我們一直在考慮管理我們的可變成本，並在力所能及且有意義的情況下控制可自由支配的支出。但這是一種哲學，你不能只是接受或離開它。無論順境還是逆境，你都必須保持這種心態。如果你在經濟好的時候沒有這種心態，那麼當你真正需要的時候你就無法改變方向。

So I think that we certainly have been able to trim out some cost and I was pleased we ended up with a better operating ratio in the second quarter than what we had initially talked about. So that was good to see. And I think that I mentioned earlier, we're going to have some of those overhead cost categories.

因此，我認為我們當然能夠削減一些成本，而且我很高興我們在第二季度的運營比率比我們最初討論的要好。所以很高興看到這一點。我想我之前提到過，我們將會有一些間接費用類別。

Overhead costs are about 19.5% to 20% of our revenue in total when we split those out and our direct costs are 52.5% to 53% of revenue. We're going to have some cost increases. We're continuing to have depreciation dollars that will increase from the second to the third quarter.

如果將這些成本分開，管理費用約占我們總收入的 19.5% 至 20%，直接成本佔收入的 52.5% 至 53%。我們的成本將會增加一些。從第二季度到第三季度，我們的折舊金額將繼續增加。

Our general supplies and expenses should be up in the third quarter over the second. And then I would expect that our miscellaneous expenses would be up as well. So those dollar costs will be there. Whether or not we've got some revenue growth to offset them kind of remains to be seen similar to what we were talking about before. So -- but some of those dollars will be increasing from the second to the third.

我們第三季度的一般供應和支出應該會比第二季度有所增加。然後我預計我們的雜項開支也會增加。所以這些美元成本將會存在。我們是否會有一些收入增長來抵消它們，這與我們之前討論的類似還有待觀察。所以，但其中一些美元將從第二個到第三個增加。

And the next question comes from Jason Seidl with TD Cowen.

下一個問題來自 Jason Seidl 和 TD Cowen。

I wanted to focus again on what's going on with Yellow and look out at pricing. I don't think I heard this, but generally, I wouldn't have expected anybody to try to push the GRI through, excluding what's been happening. But do you think there is a likelihood that this occurs now if there is a bankruptcy in the near future?

我想再次關注 Yellow 的情況並關注定價。我想我沒有聽到這個消息，但總的來說，我不會指望有人會試圖推動 GRI 的通過，除了正在發生的事情之外。但你認為如果不久的將來出現破產的話，現在這種情況有可能發生嗎？

As I said before, I don't want to speculate what's going to happen before YRC but I will say that we took our GRI in January, and we don't foresee having to take another one this year as it relates to transactional business. I mean we're going to manage the same way we would with them or without them.

正如我之前所說，我不想猜測 YRC 之前會發生什麼，但我想說的是，我們在一月份就進行了 GRI，並且預計今年不會再進行一次，因為它與交易業務有關。我的意思是，無論有沒有他們，我們都會以同樣的方式進行管理。

So I can't speak for the other carriers, but I would say -- maybe some of them do need to firm up their prices with it, and maybe they'll use that as an opportunity, who knows? But we've got a good handle on our cost, and we had that before [YRC] and we'll have it after. So I don't see us considering a GRI on transactional business.

所以我不能代表其他運營商說話，但我想說——也許他們中的一些人確實需要通過它來提高價格，也許他們會以此為機會，誰知道呢？但我們對成本控制得很好，我們在 [YRC] 之前就做到了這一點，之後也會做到這一點。因此，我認為我們不會考慮針對交易業務制定 GRI。

Okay. Marty, that makes sense. So you're not expecting it, but you wouldn't be surprised if maybe others tried because you're not exactly at your level.

好的。馬蒂，這是有道理的。所以你並不期待它，但如果其他人因為你不完全達到你的水平而嘗試，你也不會感到驚訝。

I wanted to, Adam, jump on something you mentioned with sort of slow and steady wins the race and freight coming back with people not being able to handle it. But even if people handle it, won't there be cases of freight not being what people think and it's just needing to find proper homes within a given network?

亞當，我想跳上你提到的東西，以一種緩慢而穩定的方式贏得比賽，並且貨運回來，但人們無法處理它。但即使人們處理了，會不會出現貨運不是人們想像的那樣，只需要在給定網絡內找到合適的家的情況？

Typically, that plays out exactly as you described, where it may find a temporary home, but then ultimately, and in some cases, people have just got to get their freight moved and they may go to the next closest carrier from a price standpoint. And just to keep their supply chain moving. But ultimately, if they want value in their supply chain, that freight will find a home at Old Dominion.

通常情況下，情況正如你所描述的那樣，它可能會找到一個臨時的家，但最終，在某些情況下，人們必須將貨物轉移，從價格的角度來看，他們可能會選擇下一個最近的承運人。只是為了保持供應鏈的運轉。但最終，如果他們希望在供應鏈中獲得價值，那麼這些貨物將在舊自治領找到落腳點。

And the next question comes from Stephanie Moore with Jefferies.

下一個問題來自杰弗里斯的斯蒂芬妮摩爾。

I was wondering if you could maybe touch on the performance you've seen if there's been any differentiating trends between maybe your more retail consumer customers and then those that are more maybe industrial-focused?

我想知道您是否可以談談您所看到的表現，也許您的更多零售消費者客戶和那些更多可能以工業為中心的客戶之間是否存在任何差異化趨勢？

And then same thing, if you're hearing from your customers, kind of their expectations as you go into the back half of this year, thoughts on inventory levels where they stand today? Just any kind of bigger picture color would be helpful.

同樣的事情，如果您從客戶那裡聽到了他們對今年下半年的期望，對他們目前庫存水平的想法？任何一種更大的圖片顏色都會有幫助。

Yes. We saw a generally consistent performance in the second quarter with the industrial and our retail-related customers. Industrial is 55% to 60% of our business overall. And historically, we look at ISM and industrial production, which ISM has been below 50% -- at or below 50%, I think, for 9 months now and that generally reconciles with the industry volumes.

是的。我們看到第二季度工業和零售相關客戶的表現總體一致。工業占我們整體業務的 55% 至 60%。從歷史上看，我們關注 ISM 和工業生產，ISM 一直低於 50%——我認為已經有 9 個月處於或低於 50%，而且這通常與行業產量相符。

And certainly aligns with the second quarter when we were down 14%. But overall, we think that some of the conversations that we've had that we get the sense that inventory levels are normalizing a bit. That's kind of supported my baseline thinking of getting back to some consistency with volumes going into the second half of this year. And that would be back in alignment with what our normal sequential trends are with volumes anyways.

當然，這與第二季度下降 14% 的情況一致。但總體而言，我們認為我們進行的一些對話表明庫存水平正在趨於正常化。這在某種程度上支持了我的基本想法，即在今年下半年恢復與銷量的一致性。無論如何，這將與我們正常的連續趨勢與交易量保持一致。

Typically, in the third quarter, our shipments are up about 1.5% to 2% over the second quarter. And then we generally have about a 3.5% decrease in the fourth quarter. So we've been -- there's been a pretty wide gap between our sequential -- actual sequential trends relative to the 10-year average for the past few quarters. So I felt like we were -- in a normalized environment, we're going to get back to closer to those 10-year average trends and then hopefully then get back to seeing real growth once we got into 2024.

通常情況下，第三季度我們的出貨量比第二季度增長約 1.5% 至 2%。然後我們第四季度通常會下降 3.5% 左右。因此，我們的連續趨勢與過去幾個季度的 10 年平均水平之間存在相當大的差距。所以我覺得我們在正常化的環境中，我們將回到更接近 10 年平均趨勢的水平，然後希望在進入 2024 年後能夠看到真正的增長。

But -- so it seems like some of the tea leaves and some of the conversations that we've had with customers would suggest this normalization and then freight actually picking up and moving again, which was the positive that we were looking at and thinking about and planning for in terms of the second half of this year in 2024.

但是 - 因此，我們與客戶進行的一些茶葉和一些對話似乎表明這種正常化，然後貨運實際上會再次增加和移動，這是我們正在考慮和考慮的積極因素併計劃於今年下半年，即2024年。

And then obviously, we've had some recent developments that have accelerated things a little further here over the last week or so.

顯然，我們最近的一些進展在過去一周左右的時間裡進一步加速了事情的進展。

And the next question comes from Bascome Majors of Susquehanna.

下一個問題來自薩斯奎哈納的巴斯科姆·梅傑斯。

Yes. As you look back over the last couple of months and -- but inclusive of the last few days, can you talk a little bit about the drivers of getting back to that normal sequential trend? And by that, I mean specifically, the like-for-like shipments from existing customers versus new customer acquisition versus anything else that you'd like to kind of size up directionally in magnitude as you think about filling that excess capacity over the next several quarters?

是的。當您回顧過去幾個月，但包括過去幾天時，您能談談恢復正常連續趨勢的驅動因素嗎？我的具體意思是，現有客戶的同類發貨量與新客戶獲取量的比較，以及您在考慮在未來幾年內填補過剩產能時想要定向調整的其他任何東西的數量宿舍？

Yes. Like I said earlier, and we've talked about this on recent calls. From a core contract customer standpoint, we've actually had good trends. And when we look at having a double-digit decrease in volumes that may seem counterintuitive. But certainly, the economy has weighed on many customers and has impacted their trends.

是的。就像我之前說的，我們在最近的電話中討論了這個問題。從核心合同客戶的角度來看，我們實際上已經有了良好的趨勢。當我們看到銷量出現兩位數下降時，這似乎違反直覺。但可以肯定的是，經濟給許多客戶帶來了壓力，並影響了他們的趨勢。

But when we look at our national account business and the wins that we've had versus losses, we continue to have the good wins and have not really lost any share to speak of with those larger national accounts, but they've just had reduced volumes.

但是，當我們看看我們的國民賬戶業務以及我們所取得的勝利與損失時，我們仍然取得了良好的勝利，並且並沒有真正失去任何與那些​​較大的國民賬戶相比的份額，但他們只是減少了卷。

We have lost and have talked about our business levels with third-party logistics companies have been down in recent quarters and that was still negative in the second quarter as well. But that's something where I think that certainly shippers have been looking to save cost and they've been using the 3PLs to find carriers that had a little cheaper price than us maybe and divert some freight away for that reason.

我們已經失去了並談到我們與第三方物流公司的業務水平在最近幾個季度一直在下降，並且在第二季度仍然是負值。但我認為托運人肯定一直在尋求節省成本，他們一直在使用 3PL 來尋找價格可能比我們便宜一點的承運人，並因此轉移一些貨物。

But I think now, just like we've seen in prior cycles, servicing capacity is coming squarely back into focus for many shippers. And so I think that lends itself to how we've won market share over the long term. So there's not necessarily any one piece of business that's changing any more than others. We've got a lot of consistency within our largest accounts, and these are long-term strong relationships that we have between us and our customers.

但我認為，就像我們在之前的周期中看到的那樣，服務能力正重新成為許多托運人關注的焦點。因此，我認為這有助於我們長期贏得市場份額。因此，不一定有哪一項業務​​比其他業務變化更大。我們最大的客戶之間保持著高度的一致性，這是我們與客戶之間建立的長期牢固的關係。

And so our sales team, our pricing team, they're staying in front of our customers and staying engaged and making sure that they know we're here when they need us. And we're increasingly getting those inbound phone calls and being able to take on some incremental business.

因此，我們的銷售團隊、我們的定價團隊，他們始終站在客戶面前並保持參與，並確保他們知道我們在他們需要時就在這裡。我們接到的電話越來越多，並能夠承擔一些增量業務。

So it's good to see, but we still would like to see the overall macro environment improving, would love to see the ISM going back above [50%] and really talking about more of a true improvement in the underlying demand environment versus what the supply situation in the industry might be.

所以很高興看到，但我們仍然希望看到整體宏觀環境有所改善，希望看到 ISM 回到 [50%] 以上，並真正談論更多潛在需求環境相對於供應的真正改善行業的情況可能是這樣。

And the next question comes from Christopher Kuhn with Benchmark.

下一個問題來自 Benchmark 的 Christopher Kuhn。

I'm just wondering, the West Coast ports had a bit of a pickup in June. Just wondering, I know some of it is indirect if that benefited some of the volumes that you saw and then maybe if it picks up as the year progresses, would that help the [lines?]

我只是想知道，西海岸港口在六月有一些回升。只是想知道，我知道其中一些是間接的，如果這對你看到的一些卷有益的話，那麼如果隨著時間的推移它會有所增加，這會有助於[線條嗎？]

Yes. This is Marty. I read the other day that in June, imports from China to the U.S. fell 24%. Taiwan, it fell 23%, Vietnam 11% and South Korea 6%. So we haven't seen a lot of energy coming from those ports. As you know, we have a division on the East Coast ports and those business levels are down there. So I think the whole global economy is still rather ill, but we're prepared to handle that, too, if it picks up, but we're not seeing any of that movement so far this year in an upward manner.

是的。這是馬蒂。我前幾天讀到，6月份，中國對美國的進口下降了24%。台灣下降了23%，越南下降了11%，韓國下降了6%。所以我們還沒有看到來自這些端口的大量能源。如您所知，我們在東海岸港口設有一個部門，業務水平就在那裡。因此，我認為整個全球經濟仍然相當糟糕，但如果經濟好轉，我們也準備好應對這一問題，但今年到目前為止，我們還沒有看到任何向上的走勢。

And this concludes the question-and-answer session. I would like to turn the floor to Marty Freeman for any closing comments.

問答環節到此結束。我想請馬蒂·弗里曼發表結束評論。

Yes. I want to thank you all today for your participation, and we appreciate all the questions. And if you have any further questions, please feel free to call us after the call. And I hope you guys have a great day and a good rest of your summer.

是的。我要感謝大家今天的參與，我們感謝大家提出的問題。如果您還有任何其他疑問，請隨時在通話後致電我們。我希望你們度過愉快的一天並度過愉快的暑假。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。