奧多明尼昂貨運 (ODFL) 2024 Q3 法說會逐字稿

Good day, and welcome to the Old Dominion Freight Line Third Quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Old Dominion Freight Line 2024 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Jack Atkins, Director of Finance Investor Relations. Please go ahead.

我現在想將會議交給財務投資者關係總監傑克·阿特金斯 (Jack Atkins)。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the third-quarter 2024 conference call for Old Dominion Freight. Today's call is being recorded and will be available for replay beginning today through October 30th, 2024, by dialing in 187-734-475-220, access code 4016991.

謝謝接線員，大家早安。歡迎參加 Old Dominion Freight 2024 年第三季電話會議。今天的通話正在錄音中，從今天開始到 2024 年 10 月 30 日，可透過撥打 187-734-475-220（接入碼 4016991）重播。

Replay may also be accessed for 30 days of the company website. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Old Dominion's expected financial and operating performance.

也可以在公司網站上存取 30 天的重播。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。

For this purpose, any statements made this call that are not statements of historical fact are 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 are hereby cautioned that these statements may be affected by the important factors among others than 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 results discussed in the forward-looking statements.

為此目的，本次電話會議中任何非歷史事實陳述的陳述均被視為前瞻性陳述，但不限制前述內容，“相信”、“預計”、“計劃”、“預期”等詞語和類似表達旨在識別前瞻性陳述。討論的結果存在重大差異。

The Company undertakes no obligation to publicly update any forward limits, whether as a result of new information, future events or otherwise. As a final note, before we begin, we welcome your questions today, but ask that you limit yourself to just one question at a time before returning to the queue.

本公司不承擔公開更新任何遠期限額的義務，無論是由於新資訊、未來事件或其他原因。最後一點，在我們開始之前，我們歡迎您今天提出問題，但請您在返回隊列之前一次只回答一個問題。

At this time for opening remarks, I would like to turn the conference over to Marty Freeman, the Company's President and Chief Executive Officer. Marty?

現在，我想將會議交給公司總裁兼執行長馬蒂·弗里曼 (Marty Freeman) 致開幕詞。馬蒂？

Good morning, and welcome to our third quarter conference call. With me on the today is Adam Sandler field, our CFO. After some brief remarks, we will be glad to take your questions. I am joining the call today from a separate location. Therefore, please bear with us when we are taking questions if there any connection issues. All demand in financial results in the third quarter reflect continued softness in the domestic economy. Our revenue and per diluted share most declined on a year-over-year basis. There in the quarter. Although our market share and volume trends remained relatively consistent with the first half of the year, the operating environment continued to be challenging job of managing our variable cost, and we also continue to control our discretionary spending. The de-leveraging effect from the decrease in revenues, however, calls many of our cost categories to increase as a percent of revenue. This was the primary driver for the increase in our operating ratio to a 72.7 in the third quarter. We have been pleased with the consistency in our market share this year, which is consistent with our historical experience going slower parts of the economic cycle. We continue to have strong customer retention trends, and we are also winning new business. Our customer simply had fewer shipments that a contender to us and our average away from has also remained at historical lows. The stability of our market share continues to be supported by the quality of our service and overall value that we offered. Our customers. These are a few of the foundational elements of our strategic plan. The OD family of employees continued to execute on these core principles during the third quarter as our on-time service was 99% and our cargo claims ratio was 0.1%. Incredibly proud of these service statistics . We would also like to remind you first made much more than simply taking up and delivering our customers for a long time and claims three, there are plenty of other attributes to shippers consider when selecting a carrier to carrier trustworthiness, ease of doing business and the quality and responsiveness to customers entities . In fact, as DO & CO measured 28 different service and attributes as part of its recent annual survey of shipper and logistic professionals, Mafia published the results of its 2024 study last week, and we were honored to be named one national LTL provider for the 15th consecutive year. We finished number one and 23 of the 20 mg weighted keg categories measured not mass DO. and maintained a sizable lead against our competition. When it comes to the overall quality of service, I would like to congratulate the entire OD family of employees on this remarkable achievement. And I would also like to thank this out outstanding team for their commitment to our company, and our customers continue to believe that consistency and quality of our service over the long term has differentiated Old Dominion in the marketplace and driven our long term profitable growth while becoming the best carrier in the business was hard remaining, the best carrier for 15 straight years is an incredible accounts accomplishment, and that is hard to put in perspective. Every member of the OD. team has success, and I can assure you that each of us is incredibly motivated to keep delivering on. This is to provide our culture Summers with the highest standards of service by continuing to provide best-in-class service to our customers day after day year after year, we are also able to maintain our long term and disciplined approach to pricing. We continue to focus on consistently improving our yields to sufficiently offset our cost inflation, support additional investments in capacity and technology. These ongoing investments have created incremental value for our customers in many ways, which has further enhanced our industry-leading do proposition our customers that recognize our value proposition over time, which has allowed it to be able to earn more and more of their business. As a result, we have one more market over the past 10 years than any carrier in our industry. While the economic environment has remained sluggish for much longer than we ever anticipated, we're better positioned than ever to respond to the eventual inflection in demand for will occur as the economy improves, the capacity, the fleet, and most importantly, the committed team of people to take advantage of an improving economic environment. Our unique company culture and each employee commitment to excellent gives me tremendous confidence that we can also be the biggest market share winner over the next 10 years. Confidence is bolstered by the results of the most recent Matias study as well as the ongoing conversations we have with our customers by staying focused on long-term opportunities for additional prop, we remain confident in our ability to create additional value for our shareholders for joining us on the call this morning, and now Adam will discuss our third quarter in greater detail.

早上好，歡迎參加我們的第三季電話會議。今天和我一起出席的是我們的財務長 Adam Sandler Field。簡短發言後，我們將很樂意回答您的問題。我今天從另一個地點加入通話。因此，如果出現任何連接問題，請耐心等待我們的提問。第三季財務表現的所有需求都反映出國內經濟持續疲軟。我們的收入和稀釋後每股收益較去年同期大幅下降。就在季度裡。儘管我們的市佔率和銷售趨勢與上半年保持相對一致，但經營環境仍對管理我們的變動成本構成挑戰，我們也持續控制可自由支配支出。然而，收入減少帶來的去槓桿效應要求我們的許多成本類別佔收入的百分比增加。這是第三季我們的營運比率提高至 72.7 的主要驅動力。我們對今年市佔率的穩定性感到滿意，這與我們在經濟週期放緩階段的歷史經驗是一致的。我們繼續保持強勁的客戶保留趨勢，並且我們也在贏得新業務。我們的客戶的出貨量比我們的競爭者少，而且我們的平均出貨量也保持在歷史低點。我們的服務品質和我們提供的整體價值繼續支持我們市場份額的穩定。我們的客戶。這些是我們戰略計劃的一些基本要素。 OD 員工家族在第三季繼續執行這些核心原則，我們的準時服務率為 99%，貨物索賠率為 0.1%。對這些服務統計數據感到無比自豪。我們也想提醒您，首先，我們所做的不僅僅是長期為客戶提供服務和索賠三，托運人在選擇承運人時還需要考慮許多其他屬性，包括承運人的可信度、開展業務的便利性以及品質和對客戶實體的反應能力。事實上，作為DO & CO 最近對托運人和物流專業人士進行年度調查的一部分，Mafia 測量了28 種不同的服務和屬性，Mafia 上週發布了2024 年研究結果，我們很榮幸被評為全國零擔運輸提供者之一。我們完成了 20 毫克加權桶類別中的第一名和第 23 名，測量的不是質量溶解氧。並在我們的競爭對手中保持了相當大的領先優勢。說到整體服務質量，我要祝賀 OD 全體員工取得這項非凡成就。我還要感謝這個傑出的團隊對我們公司的承諾，我們的客戶仍然相信，我們服務的長期一致性和品質使 Old Dominion 在市場上脫穎而出，並推動了我們的長期盈利增長，同時成為業內最佳承運商已經很難了，連續15 年成為最佳承運商是一項令人難以置信的客戶成就，而且很難正確看待這一點。 OD的每一位成員。團隊取得了成功，我可以向您保證，我們每個人都充滿動力繼續努力。這是為了透過日復一日、年復一年地繼續為我們的客戶提供一流的服務，為我們的薩默斯文化提供最高標準的服務，我們也能夠保持長期和嚴格的定價方法。我們繼續專注於持續提高產量，以充分抵消成本通膨，並支持產能和技術的額外投資。這些持續的投資以多種方式為我們的客戶創造了增量價值，這進一步增強了我們行業領先的做主張，隨著時間的推移，我們的客戶認可了我們的價值主張，這使其能夠贏得越來越多的業務。因此，我們在過去 10 年裡比業內任何一家營運商都擁有更多的市場。雖然經濟環境持續低迷的時間比我們預期的要長得多，但隨著經濟、運力、機隊以及最重要的是承諾的承諾的改善，我們比以往任何時候都更有能力應對需求的最終變化。我們獨特的公司文化和每位員工對卓越的承諾給了我巨大的信心，我們也可以成為未來10年最大的市佔率贏家。最近的 Matias 研究結果以及我們與客戶持續進行的對話增強了我們的信心，透過專注於額外支柱的長期機會，我們仍然相信我們有能力為加入的股東創造額外價值今天早上我們在電話會議上，現在亞當將更詳細地討論我們的第三季。

Thank you, Marty time and good morning. Old Dominion's revenue totaled $1.47 billion for the third quarter 2024, which was a 3.0% decrease from the prior year. We had one extra work day in the third quarter of this year on a per-day basis was 4.5%. These revenue results reflect the 4.8% decrease in LTL tons per day. That was partially offset by 0.5% increase in LTL revenue per hundredweight. On a sequential basis, our revenue per day for the third quarter decreased 1.9% when compared to the second quarter 2024, with LTL tons per day decreasing 3.2% and LTL shipments per day decreasing 1.0%. For comparison, the 10-year average sequential change for these metrics includes an increase of 3.6% in revenue per day and a 0.9% and LTL tons per day and an increase of 2.3% and LTL shipments per day. The modest sequential changes in LTL tons per day during the third quarter were as follows you lost 4.4% as compared to June. August decreased 0.8% as compared to July, September increased 1.7% as compared to August. The 10 year average change for these respective months of 2.9% in July, an increase of 0.6% in August and an increase of 3.5 per temper for October. We expect our revenue per day will decrease approximately 11.2% to 7.8% when compared to October 2023, with a decrease of approximately 9.2% to 9.8% in our LTL tons per day. We will provide the actual revenue related details for October and our third quarter Form 10 Q. Our operating raised 210 basis points to 72.7% for the third quarter 2024. As Marty mentioned, the decrease in our revenue kind of de-leveraging effect on many of audiences during the quarter. This has contributed to the 110 basis point increase in our overhead costs as a percent of revenue. In addition, for the first time this year, direct operating cost also increased as a percent of revenue when compared to the same quarter of the year. The increase in our direct operating cost as a percent of revenue was primarily Greece in costs associated with our group health and dental plans, as it's our employee benefit costs increased to 38.6% of salaries and wages during the third quarter of 2024 from three 87.3% in the same period of the prior year. Old Dominion's cash flow from operations totaled $446.5 million in the third quarter and $1.3 billion for the first nine months of 2024, respectively, while capital expenditures were $242.8 million and $600.4 million for the same periods. We utilized $187.7 million and $824.8 million of cash for our share repurchase program during the third quarter and first nine months 2024, respectively. While our cash dividends totaled $55.6 million and $168.2 million for the same periods. Our effective tax rate for the third quarter 2024 was 23.4% as compared to 24.0% in the third quarter of 2023. We currently expect our effective tax rate to be 24.5% for the fourth quarter. This concludes our prepared remarks this morning. Operator will be happy to open the floor for questions.

謝謝你，馬蒂時間，早安。 Old Dominion 2024 年第三季的營收總計 14.7 億美元，較前一年下降 3.0%。今年第三季我們多了一個工作天，以日計算為 4.5%。這些收入結果反映出每日零擔噸數減少了 4.8%。這被每英擔零擔收入成長 0.5% 部分抵消。與 2024 年第二季相比，我們第三季的每日營收季減 1.9%，每日零擔噸數下降 3.2%，每日零擔貨運量下降 1.0%。相較之下，這些指標的 10 年平均連續變化包括每日收入成長 3.6%、每日零擔噸數成長 0.9%、每日零擔貨運量成長 2.3%。第三季每天零擔噸數的小幅環比變化如下，與 6 月相比減少了 4.4%。 8月較7月下降0.8%，9月較8月成長1.7%。 7 月各月份的 10 年平均變化為 2.9%，8 月增加 0.6%，10 月增加 3.5%。與 2023 年 10 月相比，我們預計每天的收入將減少約 11.2% 至 7.8%，每天的零擔噸數將減少約 9.2% 至 9.8%。我們將提供10 月份和第三季10 Q 表格的實際收入相關詳細資料。許多人產生了去槓桿效應。這導致我們的管理費用佔收入的百分比增加了 110 個基點。此外，與去年同期相比，直接營運成本佔收入的百分比今年首次上升。我們的直接營運成本佔收入百分比的增加主要是希臘與我們的團體健康和牙科計劃相關的成本，因為我們的員工福利成本在 2024 年第三季度佔工資和工資的比例從 87.3% 增加到 38.6%與上一年同期相比。 Old Dominion 第三季的營運現金流總額為 4.465 億美元，2024 年前 9 個月的營運現金流總額為 13 億美元，而同期資本支出為 2.428 億美元和 6.004 億美元。在 2024 年第三季和前 9 個月，我們分別使用了 1.877 億美元和 8.248 億美元的現金用於股票回購計畫。同期我們的現金股利總額為 5,560 萬美元及 1.682 億美元。我們 2024 年第三季的有效稅率為 23.4%，而 2023 年第三季為 24.0%。我們今天早上準備好的演講到此結束。接線員將很樂意開放提問。

(Operator Instructions) Eric Morgan, Barclays.

（操作員指示）Eric Morgan，巴克萊銀行。

Hey, good morning. Thanks for your question. Tom, I guess I just wanted to start on the near term. Sounds like October declines getting a little bit worse relative to September oh seven driven by Japan and waves coming lower US Canada and has been the trend here recently and then how you're thinking about operating ratio and two and tier and for. Thank you.

嘿，早安。謝謝你的提問。湯姆，我想我只是想從近期開始。聽起來十月份的跌幅相對於七月份的九月份來說變得更糟了，這是由日本和美國加拿大的浪潮推動的，最近一直是這裡的趨勢，然後你如何考慮營運比率和二級和一級。謝謝。

Yes, the from a volume standpoint, year over year, our tonnages in October than take the midpoint of that range that we gave would be about 9.5%. And obviously, we've got many days left to finish out. And so we'll see how the rest of the month finishes is why we gave a little bit more about a range than we normally do. But if you take the midpoint of that in October, or that's that's got our sequential change down just call it about 3.5%. The 10-year average sequential decrease of 3.1%, that's October versus September. So it's actually urging to see what our volume trends far this month had been. This is the the first time that we've been, I would say, relatively close to what our normal sequential changes that have been in the 1st month of the quarter. So we feel pretty good about how volumes are trending in a continued strength in our yield performance that we've seen as well. So we'll continue to watch that. But the UK is skewed a bit by if you recall, last year we had a competitor that had some cyber security issue and we have some temporary freight coming into the system, if you will. So we picked up some incremental freight there that unusual on calls outperformance from a seasonality standpoint. That obviously is not there right now, but Tom, but feeling good about the October trend.

是的，從成交量的角度來看，與去年同期相比，我們 10 月的噸位比我們給出的範圍的中點約為 9.5%。顯然，我們還有很多天才能完成。因此，我們將看看本月剩餘的時間如何結束，這就是為什麼我們比平常給出更多的範圍。但如果你取 10 月的中點，或者說我們的環比變化下降了，就稱為 3.5% 左右。 10 月與 9 月相比，10 年平均季減 3.1%。因此，這實際上是在敦促我們了解本月迄今為止的成交量趨勢。我想說，這是我們第一次相對接近本季第一個月的正常連續變化。因此，我們對產量表現的持續強勁趨勢感到非常滿意，我們也看到了這一點。所以我們將繼續關注。但如果你還記得的話，英國有點傾斜，去年我們的一個競爭對手存在一些網路安全問題，如果你願意的話，我們有一些臨時貨物進入系統。因此，我們在那裡獲得了一些增量貨運，從季節性的角度來看，這在呼叫表現上是不尋常的。顯然現在還沒有，但是湯姆，但對十月的趨勢感覺良好。

Thanks. And just the operating ratio side as you might appreciate it.

謝謝。正如您可能會欣賞的那樣，只是運營比率方面。

Yes, I was trying to lead that maybe for someone else have questions packed into one. So just trying to keep questions to one bucket. Go ahead and address that because we know it's going to be a question anyways on the norm, 3Q to 4Q progression is about a 200 to 250 basis point deterioration, and that's excluding any insurance adjustments. We do an actuarial assessment in the fourth quarter every year. Sometimes those are our guys sometimes like last year, I think we had about a 70 basis point headwind when it came. So the the actuarial adjustment is an unfavorable adjustment last year. So I think on this fourth quarter of conservatively, I think we probably all the slide that scale up about 100 basis points. And the reason for that, I would just be the continued risk from a revenue standpoint, the impact that would have on overhead expenses. We just saw that headwind play out in the third quarter. Kind of going back to the guidance that we gave at the end of the second quarter call going into two to revenue with came in softer. And as a result, our overhead expenses were about 40 basis points higher than kind of what we had anticipated at the end of the second quarter call. And I think we also have a continued risk with respect to our fringe benefit. Cost of those were higher than what the trend has been this year and higher than what they had been for the same period last year in the third quarter. And so I think there's a continued risk, those nice day, a little bit higher in the fourth quarter, but both of those things are something that could trend better. I think if if we have like I mentioned earlier, the October trend is start pretty good from a volume standpoint. So if we can get our revenues back in queue closer to the seasonality, if you will, and we'll give a mid-quarter updates, then there can be some favorability there. But Tom, but just in some places. And I think from a conservative standpoint, probably better to this slide that scale up in terms of where things stand right now.

是的，我試圖引導其他人可能將問題集中在一起。所以只是想把問題集中在一個桶子裡。繼續解決這個問題，因為我們知道這無論如何都會成為一個常態問題，第三季到第四季的進展大約是 200 到 250 個基點的惡化，而且這不包括任何保險調整。我們每年第四季都會進行精算評估。有時這些是我們的人，有時像去年一樣，我認為當它來臨時我們遇到了大約 70 個基點的逆風。所以去年的精算調整是一個不利的調整。因此，我保守地認為，在第四季度，我們可能會出現大約 100 個基點的下滑。原因是，從收入的角度來看，我認為持續存在的風險，以及對管理費用的影響。我們剛剛看到逆風在第三季上演。有點回到我們在第二季度末給出的指導，即收入進入兩季度，收入變得更加疲軟。因此，我們的管理費用比我們在第二季電話會議結束時的預期高出約 40 個基點。我認為我們的附加福利也面臨持續的風險。這些成本高於今年的趨勢，也高於第三季去年同期的水準。因此，我認為有持續的風險，那些美好的一天，第四季的風險會更高一些，但這兩件事的趨勢都可能會更好。我認為，如果我們像我之前提到的那樣，從成交量的角度來看，十月份的趨勢開局相當不錯。因此，如果我們能讓我們的收入在更接近季節性的時候重新排列起來，如果你願意的話，並且我們將提供季度中期的更新，那麼那裡可能會有一些優惠。但湯姆，但只是在某些地方。我認為，從保守的角度來看，這張投影片可能會更好，因為就目前的情況而言，擴大了規模。

Thanks a lot.

多謝。

Jason Seidel, TD Cowen.

賈森·賽德爾，TD·考恩。

Yes, thank you, Robert or a Hey, gentlemen. Good morning. Appreciate the time you brought up as these issues that they had last year, that sort of grow sort of beyond normal tonnage numbers for you in October of 23. Should we expect then that by November and December the tonnage comps?

是的，謝謝你，羅伯特，或者嘿，先生們。早安.感謝您提到去年他們遇到的這些問題，這些問題在 23 日 10 月超出了您的正常噸位數字。

So we're in not probably really looking at sort of down as much as we're seeing in October. Yes, I think that's fair. I think the October is definitely in the toughest comp. When I go back and look at last year's sequential performance in November versus October, our tonnage was down six tenths of a percent and our 10-year average there is 1% increase. And in December outperform. And we own 4.8% in December of 23 versus November of 23. The 10-year average there is 7%. So I think that this is probably the toughest comp, if you will, of the quarter in October. But depending on how November trends, if we get some acceleration back in the bill business. And then obviously, December is always a tough month for everyone given the holidays, and we're going to hang going had a little bit about our performance there. So that'll December will be a little bit tougher versus the November. But I think on the whole now as we go through this the fourth quarter of the miss, this feel like we're finally getting to my hope is a floor. We're encouraged about how things are trending. That's good. The sequential performance thus far in October. And obviously, you've got many days to get through this quarter and once you off, but the think about from a big picture standpoint, we've been underperforming normal sequential trends for about 2.5 years now. So it's certainly feel like we're finally come into the end of the cycle. I've got to go through these tough quarters, but we finally saw no, I think traction with respect to interest rates are declining. We'll have the uncertainty of the election behind us pretty soon. And so hopefully, we get back to the sands and some growth for our industry for which typically when the industry starts to fight for those of positive comments on our model signs, the brightest and we win the most share. So now we're looking forward to getting through this this final quarter, the year and starting out next year with hopefully some good strength now, I hope so too out of it.

因此，我們可能不會真正看到像十月那樣的下降幅度。是的，我認為這是公平的。我認為十月絕對是最艱難的比賽。當我回顧去年 11 月與 10 月的連續表現時，我們的噸位下降了十分之六，而我們的 10 年平均噸位增加了 1%。 12 月表現優於大盤。 23 日 12 月我們持有 4.8%，而 23 日 11 月我們持有 4.8%。因此，如果你願意的話，我認為這可能是 10 月季度中最艱難的競爭。但取決於 11 月的趨勢，我們的帳單業務是否會有所加速。顯然，考慮到假期，12 月對每個人來說都是艱難的一個月，我們將繼續關注我們在那裡的表現。因此，12 月將比 11 月更艱難一些。但我認為，總的來說，當我們經歷第四季的失誤時，感覺我們終於達到了我的希望。我們對事情的發展趨勢感到鼓舞。那挺好的。十月份迄今的連續表現。顯然，你有很多天的時間來度過這個季度，一旦你休息了，但從大局的角度來看，我們已經有大約 2.5 年的表現低於正常的連續趨勢了。因此，我們確實感覺我們終於進入了周期的終點。我必須經歷這些艱難的季度，但我們最終沒有看到，我認為利率方面的吸引力正在下降。我們很快就會擺脫選舉的不確定性。因此，希望我們能夠回到沙灘上，並為我們的行業帶來一些成長，通常當產業開始爭取對我們的模型標誌的正面評價時，最聰明的人就會贏得最多的份額。因此，現在我們期待在今年的最後一個季度度過這一切，並在明年開始，希望現在有一些良好的實力，我也希望如此。

And with the with the, um, the year-over-year comp in October, ST's did that impact the weight per shipment? Paul, could you remind us the weight per shipment last year?

嗯，十月的年比比較，ST 是否影響了每批貨物的重量？保羅，你能提醒我們去年每批貨物的重量嗎？

It was pretty much right in line with what our normal 10-year average currency. So we were in October last year we were down three, 10% and then pretty much performed about in alignment with what normal weight per shipment would trend. It's typically you'll get a little bit of an increase in a minute from the third quarter to the fourth quarter. And that's something that actually was a little bit of a surprise for us in the third quarter. Our weight per shipment ticked down a bit in July was somewhat consistent. And I'm speaking of this year now July was pretty consistent with our 10-year average, but then it dropped further just came back a little bit in September, but overall, kind of underperformed what the weight would be. But at this point, we've actually in overseeing a bit of an increase. So typically, the 10-year average in October, like I said, is down three tenants. So if we're seeing a little bit of an increase, that's obviously a good thing for business as well or getting more weight per shipment, they're going to have a little bit higher revenues well, and that generally drives improved productivity also. So hopefully that's that generally has been a sign of hope with respect to the economy as well. So that will be another metric that continue to watch to see if we see things pick up for us right now.

這與我們正常的 10 年平均貨幣非常一致。因此，去年 10 月我們下降了 3%、10%，然後幾乎與每批貨物的正常重量趨勢一致。通常，從第三節到第四節，你會在一分鐘內得到一點點的增長。這實際上讓我們在第三季感到有點驚訝。 7 月我們每批貨物的重量略有下降，但總體保持一致。我說的是今年 7 月與我們 10 年平均水平相當一致，但隨後進一步下降，在 9 月才略有回升，但總體而言，表現有點低於體重。但目前，我們實際上已經看到了一點成長。因此，正如我所說，通常情況下，10 月的 10 年平均值會減少 3 個租戶。因此，如果我們看到一點點增加，這顯然對企業來說也是一件好事，或者每批貨物的重量增加，他們的收入也會增加一點，這通常也會提高生產力。因此，希望這總體上也是對經濟充滿希望的跡象。因此，這將是另一個繼續觀察的指標，看看我們現在是否看到情況好轉。

I really appreciate the time and color, guys.

我真的很感激你們的時間和色彩。

Daniel Imbro, Stephens Inc.

丹尼爾·因布羅，史蒂芬斯公司

Yes. Hey, good morning, guys. Thanks for taking our questions. I want to follow-up maybe on the near-term trends. It seems like LTL yield growth has moderated a bit across the industry. I appreciate the tonnage update for October. I can share some color on how you see yields shaping up here to the fourth quarter. And then more broadly, if the macro remain this week, I guess, do you expect to see any irrationality in the market that would make it harder for you guys? To keep realized above inflation or how is your price realization going as you talked about first, thanks.

是的。嘿，早上好，夥計們。感謝您回答我們的問題。我想跟進近期的趨勢。整個產業的零擔產量成長似乎有所放緩。我很欣賞十月份的噸位更新。我可以分享一些關於您對第四季度收益率走勢的看法。更廣泛地說，如果宏觀經濟本週繼續下去，我想，您是否預期市場會出現任何非理性現象，這會讓您們的處境變得更加困難？為了保持實現高於通貨膨脹或您首先談到的價格實現情況如何，謝謝。

Yes, I was pleased with our yield performance through the third quarter, and it takes having superior service to support what we're able to achieve consistently year in year out from a yield performance. And so we're really, really proud of the service metrics we've been delivering. And just to repeat, meaning that time MSCO. award for the 15th straight year, hopefully as the bid some faults that, that that gap between us and our competitors has closed. And so really pleased to see that performance Saturday results. But yes, I think at the end of the last call, we talked about normal seasonality with respect to our revenue per hundredweight, excluding fuel surcharges. And that would have put us in the 4% to 4.5% range for the third quarter. And we came in at the top end of that range. And granted, we had a little bit lower weight per shipment is I just was referencing, Jason. But so that certainly help the revenue per hundred weight, both Tom. But to me, it just seemed like consistent performance through the quarter, and that's what we would continue to expect our yield management processes, and we remain consistent approach that tries to offset our cost inflation and support continued investments in our network and our technologies and so forth. So there's a normal seasonality plays out for the quarter that would put the revenue per hundred weight, excluding fuel, often the 3.8% to 4.2% type range. And we'll continue to watch that as we go through. But we expect to continue to get increases. We're seeing it. We've seen that throughout this year and really throughout the last 2.5 years now that we've been in this week economic period and continue to execute on that consistent philosophy. And we're getting increases as we go through bid renewals. And that would be the same expectation as we go through vision and would be the same as we go through next year as well.

是的，我對我們第三季的收益表現感到滿意，並且需要卓越的服務來支持我們能夠年復一年地從收益表現中持續實現目標。因此，我們對我們一直提供的服務指標感到非常非常自豪。重複一下，意思是那個時候 MSCO。連續第 15 年獲獎，希望由於投標中存在一些缺陷，我們與競爭對手之間的差距已經縮小。非常高興看到週六的表演結果。但是，是的，我認為在上次電話會議結束時，我們討論了每英擔收入的正常季節性，不包括燃油附加費。這將使我們第三季的成長率處於 4% 至 4.5% 的範圍內。我們進入了該範圍的頂端。當然，我們每批貨物的重量要輕一些，我只是提到，傑森。但這肯定有助於每百重量的收入，湯姆。但對我來說，整個季度的業績似乎保持一致，這就是我們對收益管理流程的持續期望，我們仍然採取一致的方法，試圖抵消我們的成本通膨並支持對我們的網絡和技術的持續投資等等。因此，該季度存在正常的季節性因素，這將使每百重量的收入（不包括燃料）通常在 3.8% 至 4.2% 的範圍內。我們將繼續關注這一點。但我們預計會繼續增加。我們正在看到它。我們今年以及過去 2.5 年都看到了這一點，因為我們正處於本週的經濟時期，並繼續執行這一一貫的理念。當我們進行出價續約時，我們的價格也會上漲。這與我們實現願景時的期望相同，也與我們明年的期望相同。

Appreciate the color and best of luck guys. Thanks.

欣賞顏色，祝大家好運。謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. I wanted to follow-up on that last question. So I think, Adam, your your October update is that total yields were negative and I guess you're talking about yield ex fuel up, call it 4%. So that is that this is intact. This drop-off in yield is entirely fuel is I know fuels downs. I just want make sure that. That's right. And then just like Ascot sort of directly, like are you seeing more pricing competition, irrational pricing are certainly more concerned about that. Just are you guys seeing it or not? Yes. Just to address with October, and we didn't give the exact number, but in kind of back into the revenue per hundredweight with fuel right now is trending down. But a lot of that is fuel related fuel at this point, down about 20% compared to October of last year. So a bigger drop, if you will, compare to what we just saw in the third quarter.

嘿，謝謝。我想跟進最後一個問題。所以我認為，Adam，你 10 月的更新是總收益率為負，我猜你正在談論的是除燃油之外的收益率，稱之為 4%。也就是說，這是完好無損的。產量的下降完全是燃料，我知道這是燃料下降的原因。我只是想確定一下。這是正確的。然後就像阿斯科特一樣直接，就像你看到更多的定價競爭一樣，非理性定價肯定更令人擔憂。只是你們看到還是沒看到？是的。只是為了解決 10 月的問題，我們沒有給出確切的數字，但目前每英擔燃料的收入正在下降。但目前其中很大一部分是與燃料相關的燃料，與去年 10 月相比下降了約 20%。因此，如果你願意的話，與我們剛剛看到的第三季相比，下降幅度更大。

And that should moderate as we progress through the fourth quarter was about four 50 again, and you're in October, but ended up averaging about four 25 for the full fourth quarter of last year. So that's something middle, a moderate a bit and maybe a time looking at one month trend as well, given some of that disruption that we had last year, you had some mix issues going on and so forth. So we would still expect to see the sequential trend play out, like I just mentioned. And overall yields ex fuel being up in that 3.8% to 4.2%, assuming mix constant, if we see a continued increase in weight per shipment, that could put some pressure on the reported yields, that revenue per hundredweight. Good thing. So that's what we'll continue to watch. But yes, I think that with respect to the in the overall environment will have to wait and see what the other cohort than what their commentary is like. I can only speak for us, but the environment has, as has been pretty stable, all things considered this whole year, and we've been able to continue to get our increases. And I think that proves the value proposition that we have and what we can offer shippers and being consistent with our approach. So it hasn't impacted us. It hasn't impacted our market share and market share has been flattish, which, as Marty mentioned earlier, it's typically what we see through a slower economic periods. And so I feel like worsened what we've done, how we've executed managed our costs, managed our operating ratio through this last couple of years. And you have our positioning whenever we can turn the page back to having a little bit of economic tailwinds for change and feel like we've been running against the win for for a long time now. And we're ready to see things start to turn around and give us a little bit of help from an economic standpoint.

隨著第四季度的進展，這種情況應該會有所緩和，再次約為 4 個 50，雖然現在是 10 月份，但去年整個第四季度的平均得分約為 4 個 25。因此，這是一個中間的情況，有點溫和，也許也是一個觀察一個月趨勢的時間，考慮到我們去年遇到的一些幹擾，你遇到了一些混合問題等等。因此，正如我剛才所提到的，我們仍然期望看到連續趨勢的發揮。假設混合不變，不含燃料的總產量將上升 3.8% 至 4.2%，如果我們看到每批貨物的重量持續增加，這可能會給報告的產量（即每英擔收入）帶來一些壓力。好東西。這就是我們將繼續關注的。但是，是的，我認為就整體環境而言，我們必須等待，看看其他群體的評論是什麼樣的。我只能代表我們說話，但從今年以來的所有情況來看，環境一直相當穩定，我們能夠繼續成長。我認為這證明了我們所擁有的價值主張以及我們可以為托運人提供的服務，並且與我們的方法保持一致。所以對我們沒有影響。它沒有影響我們的市場份額，而且市場份額一直持平，正如馬蒂之前提到的，這通常是我們在經濟放緩時期看到的情況。因此，我覺得過去幾年我們所做的事情、我們管理成本、管理營運比率的方式變得更糟。每當我們能夠將這一頁翻回去，為變革帶來一點經濟順風，並且感覺我們已經在很長一段時間裡與勝利抗爭時，你就擁有了我們的定位。我們已經準備好看到事情開始好轉，並從經濟角度為我們提供一些幫助。

Makes sense. Thank you, guys.

有道理。謝謝你們，夥計們。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes, hi, good morning. And yes, you know, from a from a high-level standpoint, hopefully we are now bottoming out from a trend perspective. I'm just curious, are there any pockets of ACE, whether it be retail, manufacturing, wholesaler distributor, where maybe you could point to even being some some favorable volume? Or is it pretty much not the case?

是的，嗨，早安。是的，你知道，從高層的角度來看，希望我們現在從趨勢的角度來看已經觸底。我只是好奇，ACE 是否有任何領域，無論是零售、製造、批發分銷商，也許你可以指出甚至是一些有利的數量？或者事實並非如此？

Secondly, on yes, we have normal seasonality from October. I think we're kind of running normal September to October. If we run normal seasonality through the balance of this quarter as a way where tonnage could shake out in aggregate year over year? For the quarter effects?

其次，是的，我們從十月開始就有正常的季節性。我認為九月至十月我們的運作情況正常。如果我們在本季的剩餘時間內運作正常的季節性，以此作為總噸位同比變化的一種方式？對於季度效應？

Yes. The yes, from of breakdown of the revenue base, I mean, as you can imagine, we're seeing better performance with our retail related customers and continued weakness with our industrial related customers, which industrial for us is 55% to 60% of our revenues. So that's certainly shown our numbers and the decrease that we've seen, but I assume has been down for 22, 23 months now. And that's the challenge that we faced over the last couple year period, but the retail and has performed a little bit better. The one thing that if you look for a bright spot would be our third party logistics customers, 3PLs represents probably a third of our revenue can actually saw some revenue growth with our 3PL for customers in the third quarter. So that's a good trend because we've talked in recent quarters that we feel like there's been some modal shift that has been happening, I would say, especially last year when net large competitor closed their doors. And I think people were just trying to find a home for freight. In many cases, meaning LTL shipments might have ended up in the truckload world . And sometimes we'll see that movement back and forth between modes, especially with the three 3PLs. And so now tthat we're seeing an influx of business coming back in, I think whatever outflow was going, the tide is finally coming in. So if we can see a continuation there, that should mean a good thing is we project out and start thinking about 2025. So that's probably the Brian spot to pick through the different customer base. Thanks. And then on and again, just any thoughts on normal volume seasonality, the balance of the quarter, where that could kind of maybe some shakeout for the whole core? Yes. I mean, it's and we're a long ways from there. So but if we were to hit normal seasonality, that would put tonnage per day down like 6.5% to 7% for the full quarter. If you just look at a bigger picture, revenue per day at seasonality would be at about $1.4 billion. And we've been underperforming seasonality, like I mentioned, for the last couple of years at the kind of take that normal rate of at least what we were in the third quarter to be down like $1.35 billion. So that's something that just keep in mind as we progress through the quarter, give our full updates. Obviously, the revenue per day in October is should look the worse and then hopefully things from a comp standpoint to start looking better overall as we get into November. And we'll give our mid-quarter update that that will help you all clean up your models from there.

是的。是的，從收入基礎的細分來看，我的意思是，正如您可以想像的那樣，我們看到零售相關客戶的表現更好，而工業相關客戶的表現持續疲軟，其中工業占我們的55 % 至60%我們的收入。所以這確實顯示了我們的數字和我們所看到的下降，但我認為現在已經下降了 22、23 個月。這就是我們在過去幾年面臨的挑戰，但零售業的表現稍好。如果你尋找一個亮點，那就是我們的第三方物流客戶，3PL 可能占我們收入的三分之一，實際上我們在第三季度可以看到我們的 3PL 客戶收入有所增長。所以這是一個很好的趨勢，因為我們在最近幾季談到，我們覺得已經發生了一些模式轉變，我想說，特別是去年，當淨大型競爭對手關門時。我認為人們只是想為貨運找到一個家。在許多情況下，這意味著零擔運輸可能最終會進入卡車裝載世界。有時我們會看到模式之間的來回移動，特別是對於三個 3PL。因此，現在我們看到業務大量湧入，我認為無論流出情況如何，潮流最終都會湧入。 2025 年。謝謝。一遍又一遍，關於正常成交量季節性、季度平衡的任何想法，這可能會對整個核心產生一些影響？是的。我的意思是，我們距離那裡還有很長的路要走。因此，如果我們達到正常的季節性，整個季度的每日噸位將下降 6.5% 至 7%。如果你從更大的角度來看，季節性的每日收入約為 14 億美元。正如我所提到的，過去幾年我們的季節性表現不佳，至少第三季的正常水準下降了 13.5 億美元。因此，當我們在本季度取得進展時，請記住這一點，並提供完整的更新。顯然，十月的每日收入應該看起來更糟，然後希望從比較的角度來看，隨著進入十一月份，整體情況會開始變得更好。我們將提供季度中期更新，這將幫助大家清理模型。

Thank you.

謝謝。

(Operator Instructions) Jon Chappell, Evercore ISI.

（操作員說明）Jon Chappell，Evercore ISI。

Thank you. Good morning. I'm Adam, you kind of mentioned at the end of one of your answers, the uncertainty around the election. And this is imperative that we've heard a little bit recently about shippers. Maybe kind of pausing until there's a little bit more certainty. I know you have a very diverse end market of customers, but is there a kind of frame out what may be a temporary pause versus just the ongoing kind of industrial macro headwinds that you've been facing for the last several quarters?

謝謝。早安.我是亞當，你在一個答案的最後提到了選舉的不確定性。這是至關重要的，因為我們最近聽說了一些有關托運人的信息。也許會暫停一下，直到有更多的確定性。我知道你們的終端市場的客戶非常多樣化，但是是否有一種框架可以解決可能暫時暫停的情況，以應對過去幾個季度你們所面臨的持續的工業宏觀逆風？

Yes, I think that obviously, but internally have uncertainty. And typically, when you look in election years, been the best for eight years, at least in recent history. And so I think there have been plenty of headlines and we've had customer conversations as well, where people are being a bit conservative right now and until they know what things may look like and what impacts new policy directions it may take. So I think that's just temporary, especially right now. But at some point, people have got to get back to looking at their business and how ultimately they will have to figure out how to grow and expand and do the things that creates freight that that will create opportunities for us. So I think that's something that once we can get just this level of uncertainty, that's one more thing that is kind of been told in the economy back at least for the last quarter or so. So we get past that and start taking interest rate cut what's taken effect. I think we'll get back as long as we have a healthy consumer and where a consumer driven economy and people are buying things, inventory balances get drawn down and there's got to be replenishment at some point. And so we feel like that that inventories are down once we sort of renormalize, if you will, we'd expect that we'll be able to pick up quite a bit afraid growth that I think.

是的，我認為這很明顯，但內部存在不確定性。一般來說，當你回顧選舉年時，你會發現這是八年來最好的，至少在近代歷史上是如此。因此，我認為有很多頭條新聞，我們也進行了客戶對話，人們現在有點保守，直到他們知道事情可能會是什麼樣子以及它可能採取的新政策方向會產生什麼影響。所以我認為這只是暫時的，尤其是現在。但在某些時候，人們必須重新審視他們的業務，以及最終他們將如何發展和擴張，並做那些創造貨運的事情，從而為我們創造機會。因此，我認為，一旦我們能夠獲得這種程度的不確定性，至少在上個季度左右的時間裡，經濟就會再次告訴我們這一點。因此，我們克服了這一點，並開始採取已生效的降息措施。我認為，只要我們有健康的消費者，在消費者驅動的經濟和人們購買東西的情況下，庫存餘額就會減少，並且在某個時候必須進行補貨，我們就會恢復過來。因此，我們認為，一旦我們重新正常化，庫存就會下降，如果你願意的話，我們預計我們將能夠實現我認為相當令人擔憂的成長。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, good morning. So Adam and Marty, it sounds like a consistent top line, but fixed costs are starting to run. Is there anything you want to do at this point to cut those costs maybe be shed some excess capacity? Seems like that's bearing down on the industry. And just to clarify your our comment was at 300 to 350 basis point sequential deterioration. So you're talking about I see 75, 76 type of number for the fourth quarter.

嘿，早安。亞當和馬蒂，聽起來收入是一致的，但固定成本開始增加。目前您想採取什麼措施來削減這些成本，或是削減一些過剩產能嗎？這似乎對這個行業造成了壓力。只是為了澄清您的看法，我們的評論是連續惡化 300 至 350 個基點。所以你說的是我看到第四季的數字是 75、76。

Yes, that's correct in that was the sequential from this before that range. But yes, look, we're taking action every day and we keep our belts type year in year out in good times and bad. And I think that if you don't malls, if you don't manage cost and good times, probably I don't know where to start when times are tough. And I think that's a lesson I learned years ago. So that's that's an ongoing focus for us and our team. And we stay on top and have metrics from a productivity standpoint that we're always staying on top of and our team has been very effective this year in that regard. Hard, especially when you've got a lack of density in the system, banded the system a little bit opening five or six terminals. This year's now are in the third quarter, especially we had an improvement in our platform shipments per hour or had an improvement or pickup delivery shipments per hour. So some improvements there in the third quarter despite the volume weakness in our load factor in all standpoint is continue to face some pressure. But again, that's that's volume weakness. And it's pretty much was down in alignment with the decrease in weight per shipment was. So it's not atypical to see that type of performance. But you have to us the most important thing is to keep giving service and run in our schedules. And that's why in slower periods that can create a little bit of a cost headwind for us. But we think it's more important to keep given service now than ever. And so that's certainly has supported the value proposition over time . With respect to our overhead cost, those advanced about $300 million to $305 million each quarter. This year and we look at ways and controlled discretionary spending. I think that in regard to cutting back on capacity, we want to keep our eye out for the long term. And we still believe in the fact that we've got a long runway for growth and that was why we expanded and executed on the CapEx plan like we did this year, probably we'll cut back. We'd expect cut back our capital expenditures into next year and growing into some this capacity that we have both done. We will look to continue to add to the network over time just due to the confidence that we have and what our market share potential can be, but probably tighten up our fleet and do some other things like that that will help with cost as we go forward. But the biggest thing will just be getting back to the revenue growth. And when we think about and you look at historical performance whenever you get into and obviously, we've had some significant revenue growth years and it's usually two years coming out of a down cycle. And whether you look at 2010, 2011, 2017, 2018 to that's going to be where this investment through the cycle, the biggest dividends for us. So we can get back to having a stronger economy and get back to the market share outperformance like we've seen in the past. I feel really good about where our operating ratio is today and where it can get to with respect to those overhead charges, scaling back down to where they've been as a percent of revenue were about five operating points, overhead costs as a percentage higher than where we were say back in 2022. So there's lot of opportunity to get us right back on path to achieve that sub-70 annual operating ratio goal that we still have.

是的，這是正確的，因為這是該範圍之前的順序。但是，是的，你看，我們每天都在採取行動，無論順境或逆境，我們都年復一年地保持我們的安全帶類型。我認為，如果你不經營購物中心，如果你不管理成本和美好時光，那麼在困難時期我可能不知道從哪裡開始。我認為這是我多年前學到的教訓。這就是我們和團隊持續關注的焦點。我們保持領先地位，從生產力的角度來看，我們始終保持領先地位，我們的團隊今年在這方面非常有效。很難，特別是當系統密度不足時，將系統稍微打開五個或六個終端。今年現在是第三季度，特別是我們的平台每小時出貨量或每小時提貨出貨量有所改善。因此，儘管我們的載客率在所有方面都表現疲軟，但第三季的一些改進仍然面臨一些壓力。但同樣，這就是成交量的弱點。而且它的下降幾乎與每批貨物重量的下降一致。因此，看到這種類型的表演並不罕見。但對我們來說最重要的是繼續提供服務並按照我們的時間表運行。這就是為什麼在經濟放緩的時期，這可能會給我們帶來一些成本阻力。但我們認為現在保持提供的服務比以往任何時候都更重要。因此，隨著時間的推移，這肯定支持了價值主張。就我們的間接費用而言，每季預支約 3 億至 3.05 億美元。今年，我們研究控制可自由支配支出的方法。我認為，在削減產能方面，我們要著眼於長期。我們仍然相信，我們的成長還有很長的路要走，這就是為什麼我們像今年一樣擴大和執行資本支出計劃，也許我們會削減。我們預計明年將削減資本支出，並發展到我們都已經做到的這種能力。我們將隨著時間的推移繼續增加網絡，只是因為我們有信心以及我們的市場份額潛力，但可能會收緊我們的機隊並做一些其他類似的事情，這將有助於我們前進的成本向前。但最重要的事情只是恢復收入成長。當我們思考並查看歷史業績時，無論你何時進入，顯然，我們已經經歷了一些顯著的收入增長年份，並且通常需要兩年的時間才能擺脫下滑週期。無論你看2010年、2011年、2017年或2018年，這都將是這個投資週期中對我們來說最大的紅利。因此，我們可以恢復更強勁的經濟，並恢復市場份額的優異表現，就像我們過去看到的那樣。我對我們今天的營運比率以及這些管理費用可以達到的水平感到非常滿意，縮小到佔收入的百分比約為五個營運點，管理費用增加了一個百分比比我們在2022 年所說的要好。我們有很多機會讓我們回到正軌，實現我們仍然擁有的低於70 的年度營運比率目標。

Great. Thanks. I appreciate the fact.

偉大的。謝謝。我很欣賞這個事實。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

This morning. They want I can share a few more details on your thoughts on this last year survey. Our I mean, you have long said that you're not yours that the others are closing the gap as much to utilize as much as maybe the narrative is out there. I'm going to see some of that and the results as well. But is there a risk that if they're not building up on service, they can maybe get more competitive on price for our business. Just take time for that service, the appetite was that was what do you think happens from here?

今晨。他們希望我能分享一些有關您對去年調查的想法的更多細節。我的意思是，你早就說過，你不是你的，其他人正在盡可能地縮小差距，以利用盡可能多的敘述。我也會看到其中的一些內容和結果。但是否存在這樣的風險：如果他們不加強服務，他們可能會在我們的業務上獲得更具競爭力的價格。只需花點時間進行這項服務，您認為這就是您認為從這裡發生的事情的胃口嗎？

You know, I think that's a question for the other carriers. And now I don't know what their strategies are, note what and that's why we are pleased with the results this year and that that that sizable gap between our performance and the others was maintained. And now we're not going to sit around and rest on our laurels, though, we're going to continue to look for ways that we can get better. And like Mark said earlier, there's more than just to service them just picking up and delivering freight on time. And so 28 different attributes that mass-tier measures. And we I want to be the best in each of those. And so we'll keep working hard to deliver solutions for for our customers. And so now we've had us have had a proven strategy that has worked for many, many years. And we want to keep that model going and keep producing the same type of profitable growth and shareholder value that executing on this, the same long-term strategic plan produce for us over think it continues to work in the future and whatever temporary decisions with other case make. We've dealt with it for years, and I think it's something we'll continue to be able to work against as we go forward. Third.

你知道，我認為這是其他業者面臨的問題。現在我不知道他們的策略是什麼，請注意什麼，這就是為什麼我們對今年的結果感到滿意，並且我們的表現與其他人之間的巨大差距得以保持。不過，現在我們不會坐以待斃，我們將繼續尋找可以變得更好的方法。正如馬克之前所說，為他們提供服務不僅僅是按時提貨和交付貨物。大眾層衡量的 28 種不同屬性。我們希望在每一個方面都做到最好。因此，我們將繼續努力為客戶提供解決方案。所以現在我們已經有了一個行之有效的策略，多年來一直有效。我們希望保持這種模式繼續下去，並繼續產生與執行此模式相同類型的盈利增長和股東價值，為我們帶來相同的長期戰略計劃，認為它在未來繼續發揮作用，以及與其他公司的任何臨時決定案例製作。我們已經處理這個問題很多年了，我認為在我們前進的過程中我們將繼續努力解決這個問題。第三。

Chris Wetherbee, Wells Fargo. Please go ahead.

克里斯‧韋瑟比，富國銀行。請繼續。

Hey, thanks. Good morning, Cobham. Adam asked about the relationship between showed an LTL that your comments about 3PLs is pretty interesting. We've historically seen your share move back and forth. But I guess through this cycle, it seems like maybe more share than normal has moved back to truckload. And obviously, the pricing gains, I think, between LTL and TL as maybe as wide as it's been in terms of the relative price. I guess, does that change anything through the next up cycle? Or do you think it doesn't really take a significant upturn in truckload to be able to push volume back into LTR Audigy? You mentioned that you saw a little bit about what's happening in the third quarter. Just kind of curious how you think about that relationship these days?

嘿，謝謝。早上好，科巴姆。 Adam 詢問了 LTL 之間的關係，表示您對 3PL 的評論非常有趣。從歷史上看，我們看到您的份額來回波動。但我猜想，在這個週期中，似乎比正常情況下更多的份額已經回到了卡車裝載狀態。顯然，我認為 LTL 和 TL 之間的定價漲幅可能與相對價格一樣大。我想，這會在下一個上升週期中改變什麼嗎？或者您認為卡車裝載量並不需要大幅增加就能將 LTR Audigy 的銷售量推回原位？您提到您對第三季發生的情況有所了解。只是有點好奇你現在如何看待這段關係？

Yes. I think that obviously last year was very unusual with Washington and help support the truckload world gets pretty volatile with respect to the volumes and pricing and so forth. And I mean, I think it's because of how fragmented that is industry is. And so back to some freight opportunity and you have been on the one hand, customers has had to get their freight moved as well. And you follow this hall and 50,000 shipments per day picking up delayed shipments per day and that freight had to go somewhere it putting it went to a lot of the and in LTL carriers. But much of that I felt like went into the truckload world as well. And we've heard people talking about consolidating shipments that they could use and truckload for zone skipping and doing some different things to try to take advantage of that lower rate environment at the end of the day. Shipment is less than £10,000. It makes more sense to be in the LTL world. And I think that that freight will come back to us in due time that those truckload carriers don't like multi stops or they can charge a stockpile fee for it. But that really makes sense from the line to really go for me to be with a full trailer. So I think that freight does probably swing back into the the LTO world a little more aggressively than than what we've seen through prior cycles. When I looked at it overall, though, the data that we get on the universe LTL shipments are down, tonnage is down about 15, the peak in the second quarter 2021. So some of that was economic loss. But they I think some of it is not that we've seen and heard about as well. So I think that whenever that kind of wave starts coming back in, I think that will be something that will be the good opportunity for us. But simply but then indirectly as well, it usually is going to other competitors and those competitors end up having service issues with existing customers and many of those customers come to us as well. So I think that whenever we see this cycle and flow section, I think we've got multiple fronts that that should help us from a volume standpoint.

是的。我認為，顯然去年對華盛頓來說是非常不尋常的，並且幫助支持卡車運輸世界在數量和定價等方面變得相當不穩定。我的意思是，我認為這是因為行業的分散程度。回到一些貨運機會，一方面，客戶也必須轉移他們的貨物。你追蹤這個大廳，每天有 50,000 批貨物收到延遲的貨物，這些貨物必須運往某個地方，它把它送到了很多零擔承運人那裡。但我覺得大部分也進入了卡車世界。我們聽到人們談論整合他們可以使用的貨物和卡車裝載以進行區域跳過，並做一些不同的事情來嘗試在一天結束時利用較低的費率環境。運費低於 10,000 英鎊。進入零擔運輸世界更有意義。我認為這些貨物會在適當的時候回到我們身邊，因為那些卡車承運人不喜歡多站，或者他們可以為此收取庫存費。但從台詞來看，這對我來說真的很有意義，所以要製作完整的預告片。因此，我認為貨運可能會比我們在之前的周期中看到的更積極地回歸 LTO 世界。不過，當我整體觀察時，我們獲得的關於整個零擔貨運量的數據有所下降，噸位下降了約 15，即 2021 年第二季度的峰值。但我認為其中一些我們也沒有見過或聽說過。因此，我認為每當這種浪潮開始捲土重來時，我認為這對我們來說都是一個很好的機會。但簡單但也是間接的，它通常會流向其他競爭對手，而這些競爭對手最終會與現有客戶出現服務問題，而其中許多客戶也會來找我們。所以我認為，每當我們看到這個循環和流程部分時，我認為我們有多個前沿，從數量的角度來看，這應該對我們有所幫助。

Got it. Thank you.

知道了。謝謝。

Brian Ossenbeck, JPMorgan. Please go ahead.

布萊恩‧奧森貝克，摩根大通。請繼續。

Think of mining is taking the question clarification, did you see any impact from the hurricanes on the network if there are some of your customers and should that start to pick back up here? In the fourth quarter and then looking into next year, the way to look at pricing, I guess the interim FDA is looking at making some changes to the class system has come or dimensional based. It's to the effect of middle of next year. And have you gotten any early comments on that in terms of implications for yourselves for the industry and perhaps the shippers? Thank you.

想想採礦業正在澄清問題，如果有一些客戶，您是否看到颶風對網路產生了任何影響？在第四季度，然後展望明年，如何看待定價，我猜臨時 FDA 正在考慮對已經到來或基於維度的分類系統進行一些改變。預計明年中旬生效。您是否收到過任何關於這對您自己對行業乃至托運人的影響的早期評論？謝謝。

Yes, we definitely had some revenue loss related to the hurricane. And operationally, it presents some challenges as well. We were initially pleased that all of our employees got through day from everything we understand from a health standpoint as well as property standpoint, our network was fine as well. I think we were lucky in the sense of none of our properties really suffered any significant damage. We were down for a bit, which is typical when you have big major storms like that moves through, but have recovered since nicely there. There will be some ongoing disruption operationally, though, with some of the interstate systems in western North Carolina, now we'll continue to perhaps up to a year where some of those roadways or repaired. So that's something that our operating team. It does a phenomenal job, right whole management team of looking and figuring out how we need to rework the system to make sure that we've got freight that sometimes picked up in eastern North Carolina go into California. And any point in between we get that freight move seamlessly and within our service standards. So pleased with respect to how the team responded to the challenges from from those storms that came through. And remind me again, what was the second part of the question? Yes, at some looking at the NMA, how they were looking at some changes for the class system from mid 2025. Just thoughts on that, but I think a good opportunity for us. We are ready dimension. We've got dimensioners most of our major service centers, and we're already dimensioning probably 75% of our freight today. So that already set up to be able to effectively accommodate. So we'll continue to work with customers through those changes that got delayed a little bit into Connect. That's something that we'll be able to handle and may provide another strategic advantage for us. Some of our competitors.

是的，我們確實有一些與颶風相關的收入損失。在操作上，它也帶來了一些挑戰。最初，我們很高興我們所有的員工都度過了一天，從健康和財產的角度來看，我們所了解的一切都是如此，我們的網路也很好。我認為我們很幸運，因為我們的財產沒有受到任何重大損害。我們曾經歷過一段時間的低迷，這是典型的經歷過類似大風暴的情況，但之後已經恢復得很好。不過，北卡羅來納州西部的一些州際公路系統的運作將會出現一些持續中斷，現在我們可能會繼續修復其中一些道路長達一年。這就是我們營運團隊的工作。它做得非常出色，整個管理團隊都在尋找並弄清楚我們需要如何改造系統，以確保我們能夠將有時在北卡羅來納州東部收集的貨物運送到加利福尼亞州。介於兩者之間的任何一點，我們都可以在我們的服務標準範圍內無縫地運輸貨物。對於團隊如何應對這些風暴帶來的挑戰感到非常高興。再次提醒我，問題的第二部分是什麼？是的，有些人正在關注 NMA，他們如何看待從 2025 年中期開始的班級系統的一些變化。我們已經準備好維度了。我們的大部分主要服務中心都配備了尺寸測量儀，目前我們已經對大約 75% 的貨運量進行了尺寸測量。這樣已經設定好就能夠有效容納。因此，我們將繼續與客戶合作，完成 Connect 中稍微延遲的變更。這是我們能夠處理的事情，並且可能為我們提供另一個策略優勢。我們的一些競爭對手。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

Hi, Adam Martin. Jack, I'm just curious your thoughts on the buyback. I it's up quite a bit from last year. You still have a fairly modest dividend that understand yield, and it looks like you're obviously directing most of your capital towards share buyback as opposed to the dividend. I'm just curious what the logic is for favoring the buyback or dividend? And is there any indication that management for essentially you're saying that paper prices under about it?

你好，亞當馬丁。傑克，我只是好奇你對回購的想法。我覺得比去年漲了不少您仍然擁有相當適度的股息（了解收益率），而且看起來您顯然將大部分資本用於股票回購而不是股息。我只是好奇支持回購或分紅的邏輯是什麼？有沒有任何跡象表明管理層基本上是在說紙張價格低於這個水平？

Yes, with the buyback was the first type of capital turn program that we started back in 2014. And that was when our cash flow model was changing. And we were generation. And and we still look today for the first use of cash would be for reinvestment in the Company with uninvested capital that we have at 30%. But secondly, would be the buybacks. And that was, as I said, what we started with . And then we implemented the dividend program in 2017, nailed down now all their respective request, if you will, and preferences of different shareholders. But the buyback is obviously a tax efficient means and provides a lot of flexibility with respect to returning Capital one. We still feel like we've got quite a bit of investment ahead of us, and they have origin still spending 10% to 15% of our revenues on capital expenditures every year. But having that flexibility, that allows us to step that CapEx number up meaningfully if we needed to based on what volume demands were and market share trends continued to be. But Tom But yes, we in the second quarter was really when we speak the most on the buyback this year and in some of that was just due to the stock weakness. We generally are pretty consistent quarter-in and quarter-out, but sort of take a grid based approach with the consistent. And but we make and buy by more than the stocks lower and less when it's high higher, but consistently returning capital. But then we'll step as need be when we see some some big weakness like we did in the second quarter. And we ended up spending over $500 million in that period. And that was consistent with what we did back in 2022 as well. I was under pressure, and we spent 1.3 that year on the buyback program. So that would be what our strategy going forward. We'll always be looking at it. We forecast out what our cash flow from operations and what we think the capital needs for CapEx would look like and looked at what the fixed dividend is. And then that balance becomes somewhat of a target to spend on each year. But some years may be less and some years more like what percent this year.

是的，回購是我們在 2014 年開始的第一個資本週轉計畫。我們是一代人。今天，我們仍然希望現金的首次用途是用我們擁有的 30% 的未投資資本對公司進行再投資。但其次，是回購。正如我所說，這就是我們的出發點。然後我們在 2017 年實施了股息計劃，現在確定了他們各自的要求（如果你願意的話）以及不同股東的偏好。但回購顯然是一種節稅手段，並且在返還資本方面提供了極大的靈活性。我們仍然覺得我們還有相當多的投資等著我們，而且他們每年仍然將我們收入的 10% 到 15% 用於資本支出。但有了這種靈活性，如果我們需要根據數量需求和市場份額趨勢繼續進行，我們就可以有意義地增加資本支出。但是湯姆但是，是的，我們在第二季度確實是我們今年談論最多回購的時候，其中一些只是因為股票疲軟。我們通常在四分之一進和四分之一出方面都非常一致，但採取了一種基於網格的方法來保持一致。但我們在股價下跌時買入和買入的股票多於股票走高時買入的股票，但始終如一地回報資本。但當我們看到一些像第二季度那樣的重大弱點時，我們將根據需要採取行動。在那段時期我們最終花了超過 5 億美元。這也與我們在 2022 年所做的一致。我壓力很大，那一年我們在回購計畫上花了1.3。這就是我們未來的策略。我們將永遠關注它。我們預測了我們的營運現金流量以及我們認為資本支出的資本需求會是什麼樣子，並研究了固定股利是多少。然後，這個餘額就成為每年的支出目標。但有些年份可能會少一些，有些年份可能會多一些，就像今年的百分比一樣。

Thanks.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning. Thank you. All right. I was hoping you could maybe shed some light on a potential second haul freight upside. So just kind of thinking through the dynamics, obviously, with truckload, we talked about in the same pricing as a soft, but I think that's largely capacity driven not so much demand on the LTL front, I think when we bring it down, but it also seems to be down from pretty high COVID comps, the deferral and obviously, bankruptcy at the yellow. So as we kind of think about this eventual upcycle, what evidence are kind of are you seeing? Are you thinking suggests that we actually see kind of inflection or above average volume growth? Or are we simply just kind of returning to I'm kind of normal trend line in demand?

嗨，早安。謝謝。好的。我希望您能對二次運輸貨運的潛在優勢有所了解。因此，透過動態思考，顯然，對於卡車裝載量，我們討論了與軟裝相同的定價，但我認為這主要是由容量驅動的，而不是零擔方面的需求，我認為當我們降低它時，但是它似乎也低於相當高的新冠肺炎補償、延期以及顯然的黃色破產。因此，當我們思考這個最終的升級週期時，您看到了哪些證據？您是否認為我們實際上看到了某種拐點或高於平均的銷售成長？或者我們只是回到了需求的正常趨勢線？

Yes. I think weight per shipment is generally one of the first things that we would start seeing. That's something that we've been down at historical lows with our weight per shipment down below 1,500 lbs. Now we've been as high as 1,600 lbs. in our past. And so we start seeing increase in weight per shipment. Generally that's over our customers' product are picking up. And so there's more widgets on every shale and that eventually there will be sufficient quantities to where that turns into multiple shipments. And so you start seeing it here, but that's usually the first indicator is on the weight side.

是的。我認為每批貨物的重量通常是我們首先看到的事情之一。我們的每批貨物重量已降至 1,500 磅以下，已降至歷史最低水平。現在我們的體重已高達 1,600 磅。在我們的過去。因此，我們開始看到每批貨物的重量增加。一般來說，我們客戶的產品已經結束了。因此，每個頁岩上都有更多的小部件，最終將有足夠的數量來進行多次運輸。所以你開始在這裡看到它，但這通常是第一個指標是在重量方面。

Got it. So I guess you're saying is, yes, you do believe that they should see some reacceleration here.

知道了。所以我想你的意思是，是的，你確實相信他們應該在這裡看到一些重新加速。

And this isn't just about multiyear, not my patient patent. But I think that you have for sure, we've been in a a longer selling any of us ever anticipated only when we go through a down period is three to four quarters into now for so long is probably somewhat skewed, as you mentioned, by COVID, creating a lot of acceleration of and we grew $1 billion for 2021 and another $1 billion of revenue in 2022. So maybe now things we've gone through a longer slower cycle after seeing a bit later. But like I mentioned, I think that's it. We're down. The industry is down about 15% from second quarter two on the industry. If you go back to oh nine was on a pretty consistent growth path from oh nine to 21. And ATA continues to suggest that there's growth opportunities for LTL and fully that as well. And we've seen the trends developing over time with e-commerce, balanced supply chains. We continue to see nearshoring and reshoring activities that creates a lot of freight that opportunity for LTL. And so we've benefited from that over time. We would expect that both the industry and ourselves will benefit from those trends. So I think we've got to come out of the ditch and we will, based on all the feedback that we have from costs and we are continuing those comps. And so I think we get right back to some normalization, and then we'll see that the industry continues to grow from there, and we'd expect that our market share will continue to grow as well. And we've increased our market share. We were at about 6% share back in 2012, and we're at 12% to 13% today. So we've been able to significantly increase share and been the biggest market share winner really over the last 10 years years. And services, what wins here you've got to have capacity and there's been a lot of talk about the shift in capacity of from the yellow service centers that have been reallocated, but those facilities have been reallocated thus far. But once demand recovers, I think that you're going to see a more capacity constrained and our service winning share gain for us into the future. So that's why we're committed to executing on our CapEx programs and trying to invest ahead of that curve. And and where were they are right now, we've got about 30% excess capacity. That's more than we typically would have in our service center network. But the for that, what you confidence that once we start drilling again, really strong incremental margins that we've been over produce in the past and and produce a lot of profitable growth. But it's going to take that inflection in the US before we can get back to seeing those strong revenue growth trends and an operating ratio improvement.

這不僅僅是多年的專利，也不是我病患的專利。但我認為你可以肯定的是，我們一直處於一個較長的銷售期，只有當我們經歷三到四個季度的低迷期時，我們才會預期，這麼長時間可能會有些偏差，正如你提到的，新冠疫情給我們帶來了很大的加速，我們在2021 年實現了10 億美元的收入增長，並在2022 年又實現了10 億美元的收入增長。時間之後已經經歷了一個更長、更慢的周期。但就像我提到的，我認為就是這樣。我們倒下了。該行業較第二季下降約15%。如果你回到 9 點，從 9 點到 21 點，成長路徑相當一致。我們已經看到隨著電子商務、平衡供應鏈的發展趨勢。我們繼續看到近岸和回流活動為零擔運輸創造了大量貨運機會。因此，隨著時間的推移，我們已經從中受益。我們預計整個行業和我們自己都將從這些趨勢中受益。所以我認為我們必須走出困境，我們會的，根據我們從成本方面得到的所有回饋，我們正在繼續這些補償。因此，我認為我們會回到某種正常化狀態，然後我們將看到該行業從此繼續增長，我們預計我們的市場份額也將繼續增長。我們也增加了市場佔有率。 2012 年我們的市佔率約為 6%，而今天我們的市佔率為 12% 至 13%。因此，在過去 10 年裡，我們已經能夠大幅增加份額，並真正成為最大的市場份額贏家。至於服務，在這裡獲勝的必須是容量，並且有很多關於已重新分配的黃色服務中心的容量轉移的討論，但到目前為止，這些設施已被重新分配。但一旦需求恢復，我認為您將看到運力受到更多限制，而我們的服務將在未來為我們贏得份額成長。這就是為什麼我們致力於執行我們的資本支出計劃並嘗試提前投資。他們現在在哪裡，我們的產能過剩了大約 30%。這比我們服務中心網路中通常擁有的數量還要多。但為此，您有信心，一旦我們再次開始鑽探，我們過去已經超額產生的非常強勁的增量利潤，並產生大量的利潤成長。但在美國出現這種轉折點之後，我們才能重新看到強勁的營收成長趨勢和營運比率的改善。

And sorry, just animals with operating days in 4Q, you outlined?

抱歉，您概述的只是第四季營業日的動物？

Yes, we have 62 days this year versus 61 in the fourth quarter of 23.

是的，今年有 62 天，而 23 年第四季有 61 天。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

As we think about the profitability of the business as we get into next year in a world that's been a better seasonal and a lot of time sub-seasonal from a demand standpoint for quite some earlier. Can you level set what your view of a seasonal margin and performance would be in the first quarter and even the second quarter? Just so we can go check our models. Thank you.

當我們考慮業務的獲利能力時，我們進入了明年，從需求的角度來看，這個世界的季節性更好，而且很多時候都是次季節性的。您能否設定您對第一季甚至第二季季節性利潤和業績的看法？這樣我們就可以去檢查我們的模型。謝謝。

Yes, the first quarter is typically 100 basis points increase can. But again, that's if there's no real major adjustment from an insurance standpoint, the actuarial adjustments that we go through in 4Q. So kind of normalizing for that. And then the second quarter where we get the improvement occur, recalibrating generally in our operating ratio typically improves 400 to 450 basis points on the second quarter versus the first. And obviously, when we get into a period where you have, I'm not that I'm calling this now. But if we get into an environment to if you go back into three years like a 2017, for example, where you get above sequential revenue growth has been gives more opportunity to put it to. The bottom line is the way our cost structure is put out now of new in the most recent quarter. In the third quarter, our direct costs as a percent of revenue were about 52% and our overhead calls for between 20% and 21%. So it's all that leverage that we have on those fixed costs. When you get into that revenue growth environment that allows that operating ratio Sling generally and outperforming a normal seasonality through will when you're in the 1st year or two the upcycle.

是的，第一季通常會增加100個基點即可。但同樣，如果從保險的角度來看，我們在第四季度進行的精算調整沒有真正的重大調整的話。對此進行了正常化。然後，我們在第二季度取得了改善，我們的營運比率總體上進行了重新調整，通常與第一季相比，第二季提高了 400 到 450 個基點。顯然，當我們進入這樣的時期時，我現在並不是這麼稱呼它的。但是，如果我們進入這樣一個環境，​​例如，如果你回到像 2017 年這樣的三年，你的收入成長將超過環比，這將為你帶來更多的機會。底線是我們最近一個季度推出的新成本結構的方式。第三季度，我們的直接成本佔收入的百分比約為 52%，間接費用則在 20% 至 21% 之間。所以這就是我們對這些固定成本的所有影響力。當您進入收入成長環境時，當您處於上升週期的第一年或第二年時，Sling 的營運比率通常會超過正常的季節性。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Great. Thank you. So I wanted to see if you could offer some thoughts on kind of where you think pricing bottoms and then if fleet inflations maybe act acting differently this cycle, unlike that's been been a source of some pressure on margin. So you see shipments stabilized we go into next year. Do you see about we need 4%. We just need to keep getting at 4% in order to stay flat on margin. If again, if backdrop is a stability, do you get any help on inflation easing or is it like I know I didn't just how you think about, you know, maybe it's like a broad question or, you know what you put you think about price relative to maybe what you got in prior down cycles? Thank you.

偉大的。謝謝。因此，我想看看您是否可以就您認為的定價底部提出一些想法，然後船隊通膨是否可能在本週期表現有所不同，不像這一直是利潤率壓力的來源。所以你會看到明年的出貨量會趨於穩定。你知道我們需要 4% 嗎？我們只需保持 4% 的利率即可保持利潤率持平。再說一次，如果背景是穩定，你在通膨放鬆方面是否得到任何幫助，或者我知道我不只是你的想法，你知道，也許這就像一個廣泛的問題，或者，你知道你提出了什麼考慮一下相對於您在之前的下行週期中獲得的價格的價格？謝謝。

Feel that that's a good observation, Tom. I mean that that variance in revenue per shipment and cost per shipment over time, we've targeted 100 to 150 basis points of spread of price over cost support the investment in capacity and technology and so forth. And that's effectively reconciled with what our long-term annual improvement has been as well. And I kind of what I was just saying earlier was that that 1st year of recovery, you get the benefit of the volumes coming in. And so it helps you from a cost per shipment standpoint on the from a overhead side, you start getting all that leverage. But this year we had started out after seeing some inflation on cost per shipment. Our target for this year was to have to see cost per shipment core calls for shipping inflation in the 4% to 4.5% range. And then I think that's where we'll end that year. And so we're kind of back to normal, if you will. Our longer-term average has been 3.5% to 4%. So the volume weakness has kept us of a tad north of what that longer term trend has been, but we'll continue to execute on a bid by bid basis. I mean, our philosophy is to look at each customer's is a their bids come due and look at what the opportunities are and the profitability of the account in and trying to ascertain increases that will offset our cost inflation. And so that those conversations that we have and that's what we'd expect to continue to have whatever years of the up cycle starts to the benefit. And then how we usually have really strong performance in all new customers that are coming aboard, San Angelo, drive that revenue yield trend a little bit stronger as well. And so those will be things that will work for whenever we do eventually get into that next part of the close of the cycle where we're actually seeing some increases. But I don't get to your question about the floor. We we look at every quarter, just like we've done this year as we put your mix is constant, we're looking for increase and because our call start going down. And so we're looking to get increases in. I mean that's what we'd expect to see sequentially quarter after quarter.

湯姆，我覺得這是一個很好的觀察。我的意思是，隨著時間的推移，每次發貨的收入和每次發貨的成本都會出現差異，我們的目標是價格與成本之間的價差達到100 到150 個基點，以支持產能和技術等方面的投資。這也與我們的長期年度改進有效地保持一致。我之前所說的是，在復甦的第一年，你會從進來的數量中受益 因此，從管理費用方面的每次發貨成本的角度來看，它可以幫助你，你開始得到所有那個槓桿。但今年，我們在看到每批貨物的成本上漲後開始了這項計劃。我們今年的目標是必須看到每票運輸成本核心要求運輸通膨在 4% 至 4.5% 範圍內。然後我想這就是我們今年結束的地方。如果你願意的話，我們已經恢復正常了。我們的長期平均成長率為 3.5% 至 4%。因此，成交量疲軟使我們偏離了長期趨勢，但我們將繼續逐一出價執行。我的意思是，我們的理念是查看每個客戶的出價是否到期，並查看機會和帳戶的盈利能力，並試圖確定可以抵消我們成本通膨的增長。因此，我們所進行的這些對話以及我們期望在上升週期的任何幾年中繼續進行的對話都會開始帶來好處。然後，我們通常如何在聖安吉洛的所有新客戶中表現強勁，推動營收殖利率趨勢稍微強勁一些。因此，每當我們最終進入周期結束的下一部分時，這些事情都會發揮作用，我們實際上會看到一些成長。但我不明白你關於地板的問題。我們每個季度都會關注，就像我們今年所做的那樣，因為我們的組合是恆定的，我們正在尋求成長，因為我們的電話開始下降。因此，我們希望獲得成長。 我的意思是，這就是我們預計每個季度都會看到的情況。

Do you see a reason to think inflations different kind of next year versus what you saw this year?

您是否有理由認為明年的通膨與今年的通膨有所不同？

So I think that we've got the opportunity. I mean, again, just looking at on a per-share basis, if we can get into some volume recovery, that's going to be the best thing that that will happen. I mean, long term operating ratio improvement is produced by two main ingredients didn't yield. So we've lacked on the density side. We've been consistent with our yield performance the last couple of years, and that has what has supported our margins. But once we can get the contribution from density coming through the network, that should keep some of those costs low. And it comes through, as I was referencing earlier, our teams done a phenomenal job of managing through in a lower density environment, keeping our Saphion and keeping those direct cost. I mean, in the first and second quarter, we had improvement in our direct cost as a percent of revenue. So we've done a great job managing through this down part of the cycle, but that's going to create a lot of opportunity. If you've got higher weight per shipment, that's going to be more revenue per shipment performance when the cost the pickup is probably the same. The cost to move across the dock is consistent as well. So those are all those factors that will go in and what we generally see the cost per shipment, can you kind of outperforming the longer-term average, if you will, when we get into those other parts of the of the cycle and they offset we've had tremendous inflation over the last couple of years, 65% of our costs are salaries, wages and benefits. So that's the biggest driver. But as we run an efficient network and can eliminate miles from our system now that's time and that's fuel. But we've had tremendous inflation with the cost of new equipment, maintenance and repair costs on a per-mile basis. I know you've been a significantly we've managed that a little better this year that insurance cost in our industry and costs have been double digits. I mean, this is something that all here figures are facing and we're not immune to it. But we've been fortunate to have operating efficiencies to offset many of these higher inflationary items that we've seen when you go line by line on the income statement.

所以我認為我們有機會。我的意思是，僅以每股為基礎來看，如果我們能夠實現一定程度的銷售恢復，那將是最好的事情。我的意思是，長期營運比率的改善是由兩個主要因素產生的，但沒有產生效果。所以我們在密度方面有所欠缺。過去幾年我們的收益率表現一直保持一致，這支撐了我們的利潤率。但是，一旦我們能夠從網路的密度中獲得貢獻，這應該會降低其中一些成本。正如我之前提到的，我們的團隊在低密度環境中完成了出色的管理工作，保留了 Saphion 並保持了直接成本。我的意思是，在第一季和第二季度，我們的直接成本佔收入的百分比有所改善。因此，我們在管理週期的下半部分方面做得很好，但這將創造很多機會。如果您的每批貨物重量較高，那麼在取件成本可能相同的情況下，每批貨物的收入將會更高。穿過碼頭的費用也是一致的。因此，這些都是將要考慮的因素，以及我們通常看到的每次發貨成本，如果您願意的話，當我們進入周期的其他部分並且它們抵消時，您是否可以超越長期平均水平過去幾年我們經歷了巨大的通貨膨脹，我們65% 的成本是薪資、薪資和福利。所以這是最大的驅動力。但當我們運行一個高效的網路並且可以消除我們系統中的里程時，時間就是燃料。但我們的新設備成本、每英里的維護和修理成本都出現了巨大的通貨膨脹。我知道今年我們產業的保險成本和成本已經達到兩位數，我們已經做得更好了。我的意思是，這是這裡所有人物都面臨的問題，我們也不能倖免。但我們很幸運，營運效率能夠抵消許多通膨較高的項目，當你在損益表上逐行查看時，我們已經看到了這些項目。

Right. Okay. Thank you.

正確的。好的。謝謝。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Guys. I just want to wrap up the weight per shipment discussion here. Marty, you mentioned that you were getting fewer seats per customer. Is your sense that that's all related to market softness? You're seeing any pockets of others, maybe gunning for customer wallet share, especially as they've been improving service? And then maybe this is a little bit in the weeds, but any comments on sales force incentives that may be aimed at dumb business from existing customers versus new accounts that you can share with? Thanks.

夥計們。我只想在這裡結束每批貨物重量的討論。馬蒂，您提到每位顧客的座位數減少了。您是否認為這一切都與市場疲軟有關？您是否看到其他人的口袋，也許正在爭奪客戶的錢包份額，特別是當他們一直在改善服務時？也許這有點雜草叢生，但是對於可能針對現有客戶的愚蠢業務而不是您可以分享的新客戶的銷售人員激勵措施的任何評論？謝謝。

Here you have the of the reduction in weight per shipment is definitely I'd characterize this ship, unless, you know, boxes on whiskey. And so we see that, as Adam said, we were positive data, but let me ask maybe the fourth and first quarter as Christmas comes around. And Scott, I get quite a bit a holiday shipping coming up. So we are cautiously optimistic for that. And as far as sales incentives, weekly, yes, it's on a quarterly basis based on revenue growth, operating ratios and then service. So we paid out in the last may look to pay out in this quarter. So they're they're incented desk in a pretty well to increase their business, and that's their main goal. So that confidence in our sales team to go out and sell our brand and gain additional shipments.

在這裡，每批貨物重量的減少絕對是我對這艘船的描述，除非，你知道，威士忌的盒子。因此，正如亞當所說，我們看到了積極的數據，但讓我問一下，隨著聖誕節的臨近，第四季度和第一季可能會出現。斯科特，我收到了相當多的假期發貨。因此我們對此持謹慎樂觀態度。至於銷售激勵，是的，每週一次，是的，每季一次，基於收入成長、營運比率和服務。因此，我們在上一季支付的費用可能會在本季支付。因此，他們非常積極地增加業務，這是他們的主要目標。這樣我們的銷售團隊就有信心出去銷售我們的品牌並獲得額外的出貨量。

Great. Thank you.

偉大的。謝謝。

Jeff Kauffman, Vertical Research.

傑夫考夫曼，垂直研究。

Thank you very much and congratulations on the mass VO. accolades. I think all the good questions have been asked at this point, but I'd like to drill down a little bit on tonnage. We do follow railroads industries where they say, Okay. Well, this part of the economy was a little weaker this quarter. This part of the economy. I'm a little stronger. I'm assuming that the truckload multi-stop is more of our retail serial products. But if you look across your customer base, I know your comment was mixes consistent, but some customers ship heavier study, customers ship lighter, stuff like that. Where are you seeing pockets of weaker than expected activity and your customer base, where are you seeing pockets of stronger than expected activity?

非常感謝並祝賀大眾 VO。榮譽。我認為現在已經提出了所有好的問題，但我想深入探討噸位。我們確實遵循鐵路行業的說法，他們說，好吧。嗯，本季這部分經濟有點疲軟。這部分經濟。我稍微堅強一點。我假設整車多站更多的是我們的零售系列產品。但如果你看看你的客戶群，我知道你的評論是一致的，但有些客戶運送的研究量更大，客戶運送的重量更輕，諸如此類。您在哪裡看到了弱於預期的活動和客戶群，在哪裡看到了強於預期的活動？

Yes. No, I don't know that when we get very granular with how we look at our business and slice it, dice it by SIC codes that generally just tried to group them generally to together with industrial and retail. But I don't know that we've seen anything that has now has varied greatly from what our expectations would be. I think that like I mentioned earlier, the industrial performance has been weaker last year. It was probably holding up a little bit better and some of them than what I assume trend would have indicated. But I think just some of that we were continuing to win new customers and we were getting some of the new customer activity and we're continuing to get new customers each and every month, we look at our reporting and business that we've won or that we've lost and we're continuing to win new accounts. And so maybe some of those have been more on the retail side. And that's supported why retail is outperform. But we've got certain commodities that we haul, but that obviously are going to stay a few are hauling food products . Those are going to be consistent through the cycle pharmaceuticals, things of that nature. And so yes, we've seen pretty consistent performance related to what we'd expect. Probably the thing that has been most positive has been the consistency of our market share and have been really pleased that we've not lost really any customer our accounts. We've not lost lanes from customers. So we've been able to keep those relationships intact and we're primed and ready whenever those customers call in a Phase two shipments per week once the orders for their products pick up those to turn into three to four to [$5 million to $10 million] and now of a sudden instead of making the stock or drop in the trailer and getting the full trial vote of outbound product from a manufacturing account, that's kind of how this thing will take back off again when we start seeing an increase just order activity, but it's going to take some time. But I think to get there. But we're we're primed and position. We've had continued to stay engaged. C-store sales team does with with our customers and with their needs, are we're in the midst right now going through We this time a year where we build a very detailed bottoms up forecast to help develop what are our strategic planning process to prepare for next year and what that will look like in those newer. So we're very engaged with our customers right now is to understand what their needs from us will look like as we go into 2025. But of a business like COVID kind of in response to multiple questions, there's we're not out of the woods yet, so to speak, but but there are some reasons to be optimistic based on what our trends have looked like thus far into October being closer to the seasonality. With respect to the tonnage, October versus September. That's the first time that we've been able to say that for some time and to see an increase in witness, those are all positive indicators. And now now for what may come for the rest of this fourth quarter and then we'll see what next year holds.

是的。不，我不知道當我們非常細緻地看待我們的業務並對其進行切片時，透過 SIC 代碼將其切分，而這些代碼通常只是試圖將它們與工業和零售業一起分組。但我不知道我們現在看到的情況與我們的期望有很大不同。我認為就像我之前提到的，去年工業表現較弱。它的表現可能比我認為趨勢所顯示的要好一些。但我認為，我們正在繼續贏得新客戶，我們正在獲得一些新客戶活動，我們每個月都會繼續獲得新客戶，我們會查看我們贏得的報告和業務或我們已經輸了，但我們正在繼續贏得新客戶。所以也許其中一些更多是在零售方面。這也支持了零售業跑贏大盤的原因。但我們已經運輸了某些商品，但顯然將保留一些運輸食品的商品。這些將在整個製藥週期中保持一致，這種性質的東西。是的，我們看到了與我們預期相當一致的性能。也許最積極的事情是我們市場份額的一致性，我們非常高興我們沒有失去任何客戶。我們沒有失去顧客的管道。因此，我們能夠保持這些關係的完整性，並且每當這些客戶要求每週進行第二階段發貨時，一旦他們的產品訂單增加到三到四到[500 萬到10 美元]，我們就做好了準備。但需要一些時間。但我想到達那裡。但我們已做好準備並做好準備。我們一直保持聯繫。便利商店銷售團隊與我們的客戶和他們的需求打交道，我們現在正在經歷一年中的這個時候，我們建立了一個非常詳細的自下而上的預測，以幫助制定我們的戰略規劃流程為明年以及新的一年做好準備。因此，我們現在正在與客戶進行密切接觸，以了解進入2025 年時他們對我們的需求會是什麼樣子。 。就噸位而言，十月與九月。這是我們一段時間以來第一次能夠說，並且看到目擊者人數增加，這些都是正面的指標。現在我們來看看第四季度剩餘時間會發生什麼，然後我們再看看明年會發生什麼。

Okay. Thank you for that answer, and that's my one.

好的。謝謝你的回答，這就是我的回答。

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

我們的問答環節到此結束。我想將會議轉回給 Adam 發表閉幕詞。

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

好的，謝謝大家今天的參與。我們感謝您的提問，如果您有任何疑問，請隨時致電我們。謝謝，祝你有美好的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。