奧多明尼昂貨運 (ODFL) 2024 Q4 法說會逐字稿

(audio in progress) DominionFreight Line fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

（音訊正在播放）DominionFreight Line 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給財務和投資者關係總監傑克·阿特金斯 (Jack Atkins)。請繼續。

Thank you, Betsy. Good morning, everyone, and welcome to the fourth-quarter 2024 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today through February 12, 2025, by dialing 18773447529, access code 3755692. The replay of the webcast may also be accessed for 30 days at the company's website.

謝謝你，貝琪。大家早安，歡迎參加 Old Dominion Freight Line 2024 年第四季電話會議。今天的通話正在錄音，從今天開始到 2025 年 2 月 12 日均可重播，電話號碼為 18773447529，接入碼為 3755692。您也可以在該公司的網站上觀看為期 30 天的網路直播重播。

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 forward-looking statements of historical fact may be deemed to be forward-looking statements.

本次電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，其中包括有關 Old Dominion 預期財務和營運績效的陳述。為此目的，本次電話會議中所做的任何非前瞻性的歷史事實陳述均可視為前瞻性陳述。

Without limiting the foregoing, the words believes, anticipates, plans, expects, and similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements.

在不限制前述條款的情況下，相信、預期、計劃、期望等詞語和類似的表達旨在識別前瞻性陳述。在此提醒您，這些聲明可能會受到 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等重要因素的影響。因此，實際營運和結果可能與前瞻性陳述中討論的結果有重大差異。

The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Please note that all prior-period share and per-share data discussed on today's conference call have also been adjusted to reflect our March 2024 two-for-one stock split. As a final note before we begin, we welcome your questions today, but ask that you limit yourselves to just one question before returning to the queue.

無論是由於新資訊、未來事件或其他原因，本公司都不承擔公開更新任何前瞻性聲明的義務。請注意，今天的電話會議上討論的所有前期股票和每股數據也已進行調整，以反映我們 2024 年 3 月的一拆二股票分割。在我們開始之前最後要說的是，我們歡迎您今天提問，但請您在返回隊列之前將問題限制在一個問題上。

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

現在，為了致開幕詞，我想將電話會議交給公司總裁兼執行長馬蒂弗里曼先生。馬蒂，先生，請說。

Good morning, and welcome to our fourth-quarter conference call. With me on the call today is Adam Satterfield, our CFO. And after some brief remarks, we'll be more than happy to take your questions.

早上好，歡迎參加我們的第四季電話會議。今天與我一起參加電話會議的是我們的財務長亞當‧薩特菲爾德 (Adam Satterfield)。在簡短發言之後，我們將非常樂意回答您的問題。

Old Dominion's fourth-quarter financial results reflect continued softness in the domestic economy. While our revenue declined 7.3% in the quarter due to a decrease in our volumes, our market share remained relatively consistent while we continued to strengthen our customer relationships.

老道明銀行第四季的財務表現反映出國內經濟持續疲軟。雖然由於銷售下降導致本季度我們的收入下降了 7.3%，但我們的市場份額保持相對穩定，同時我們繼續加強與客戶的關係。

Although our fourth-quarter earnings per diluted share of $1.23 represents a 16.3% decrease compared to the same period a year ago, I'm proud of how our team continued to deliver superior service while also operating very efficiently despite headwinds from lower density.

儘管我們第四季度的每股攤薄收益為 1.23 美元，比去年同期下降了 16.3%，但我對我們的團隊如何在密度較低帶來的不利因素下繼續提供優質服務並且高效運營感到自豪。

The past few years have been full of challenges with our industry, especially given the sluggish macroeconomic environment that has continued far longer than most of us would have anticipated. Through all of this, we have remained committed to the key elements of our proven long-term strategic plan, and I would like to thank our OD family of employees for unwavering dedication to our core strategic priorities.

過去幾年，我們的行業充滿了挑戰，尤其是考慮到持續很長時間比我們大多數人預期的低迷的宏觀經濟環境。在這一切中，我們始終致力於我們經過驗證的長期策略計畫的關鍵要素，我要感謝我們的 OD 員工團隊對我們核心策略重點的堅定奉獻。

While we have focused on what we can control, providing superior customer service, remaining disciplined in our approach to pricing, and controlling our cost by maximizing our operating efficiencies and minimizing our discretionary spending, we have also continued to invest in our network, our technology, and our people. As we strengthen our balance sheet, it allows us to remain focused on long-term market share opportunities.

我們專注於我們能夠控制的事情，提供優質的客戶服務，在定價方面保持嚴謹，並透過最大限度地提高營運效率和最大限度地減少可自由支配的開支來控製成本，同時我們也繼續對我們的網路、技術和人才進行投資。隨著我們資產負債表的加強，我們能夠繼續專注於長期的市佔機會。

The consistency of our execution through the ups and downs of the economic cycle has been a key element in our ability to win market share through the years. Our customers know they can rely on us to be there for them and help them keep their promises to their customers. I'm proud to report that's once again the case in the fourth quarter as we provided our customers with 99% on-time service and a cargo claims ratio below 0.1%.

在經濟週期的起伏中，我們始終如一的執行力是我們多年來贏得市場份額的關鍵因素。我們的客戶知道他們可以信賴我們，我們會為他們服務並幫助他們兌現對客戶的承諾。我很自豪地報告，第四季度的情況再次如此，我們為客戶提供了 99% 的準時服務，貨物索賠率低於 0.1%。

By consistently providing our customers with best-in-class service, we are adding value to their business, which in turn supports our yield management initiatives. Our long-term consistent approach to pricing, which focuses on individual customer profitability, is designed to help offset our cost inflation and support future investments in our capacity and technology.

透過始終如一地為客戶提供一流的服務，我們為他們的業務增加了價值，從而支持了我們的收益管理計劃。我們長期一致的定價方法著重於單一客戶的獲利能力，旨在幫助抵消成本上漲並支持未來對產能和技術的投資。

In the face of this challenging demand environment, our team has worked hard to control our cost and preserve our profitability by looking for ways to operate as efficiently as possible. As a result, over the past two years, our direct operating expenses have declined as a percentage of revenue despite headwinds from lower network density and continued cost inflation. This shows the flexibility of our network as well as the commitment of our entire team to match our direct operating costs to our business levels.

面對這種充滿挑戰的需求環境，我們的團隊努力尋找盡可能高效的營運方法來控製成本並保持獲利能力。因此，在過去兩年中，儘管面臨網路密度降低和成本持續上漲的不利因素，我們的直接營運費用佔收入的百分比仍然下降。這體現了我們網路的靈活性以及我們整個團隊致力於將直接營運成本與業務水平相匹配的承諾。

Importantly, our efforts to control cost have not prevented us from continuing to invest in our business for long-term. We spent $771 million on capital expenditures in 2024, which follows the $757 million in capital spending we executed in 2023. These figures include $664 million we have invested over the two-year period in the ongoing expansion of our service center network. We opened four new service centers in 2024, and we also have several other facilities under construction or nearly complete that we can open quickly once the demand environment supports it.

重要的是，我們控製成本的努力並沒有阻止我們繼續對我們的業務進行長期投資。我們在 2024 年的資本支出為 7.71 億美元，而 2023 年我們的資本支出為 7.57 億美元。這些數字包括我們在兩年內為持續擴展服務中心網路而投資的 6.64 億美元。我們將於 2024 年開設四個新的服務中心，另外我們還有其他幾個設施正在建設中或即將完工，一旦需求環境支持，我們就可以迅速開放。

We have over 30% excess capacity in our service center network, but we know how quickly the market can change. These ongoing investments have created some short-term headwinds to our overhead expenses due to higher depreciation costs. That said, we are willing to incur these costs in the short term so that we are in a position to grow with our customers and support them while the capacity and technology they will acquire in the years ahead.

我們的服務中心網路有超過30％的過剩容量，但我們知道市場變化的速度有多快。由於折舊成本較高，這些持續的投資在短期內為我們的管理費用帶來了一些阻力。儘管如此，我們願意在短期內承擔這些成本，以便我們能夠與客戶共同成長，並在未來幾年為他們提供所需的能力和技術。

Thanks to the hard work and dedication of our OD family of employees, I'm cautiously optimistic as we start the fiscal new year. While we cannot predict what we will see in the inflection in demand, we are well-positioned to respond to an improved operating environment when it materializes.

感謝我們 OD 員工的辛勤工作和奉獻精神，我對我們開始新的財政年度感到謹慎樂觀。雖然我們無法預測需求將會出現怎樣的變化，但當營運環境改善時，我們已做好準備以做出反應。

Over the past decade, our consistent execution and commitment to superior service has allowed Old Dominion to win more market share than any other LTL carrier. We are confident that by continuing to implement our proven strategic plan, we are positioned to continue to win market share and drive increased value for our shareholders over the long term.

在過去十年中，我們始終如一的執行力和對優質服務的承諾使 Old Dominion 贏得了比任何其他 LTL 承運商更多的市場份額。我們相信，透過繼續實施我們行之有效的策略計劃，我們將繼續贏得市場份額並在長期內為股東創造更高的價值。

I appreciate you joining us this morning. And now Adam will discuss our fourth quarter in greater detail. Adam?

感謝您今天早上加入我們。現在亞當將更詳細地討論我們的第四季。亞當？

Thank you, Marty, and good morning. Old Dominion's revenue totaled $1.39 billion for the fourth quarter of 2024, which was a 7.3% decrease from the prior year. Our revenue results reflect an 8.2% decrease in LTL tons per day and a 0.4% decrease in LTL revenue per hundredweight. We also had one extra workday as compared to the fourth quarter of 2023.

謝謝你，馬蒂，早安。2024 年第四季度，Old Dominion 的營收總計 13.9 億美元，較前一年下降 7.3%。我們的收入結果反映出每日零擔噸數下降了 8.2%，每百磅零擔收入下降了 0.4%。與 2023 年第四季相比，我們還增加了一個工作天。

On a sequential basis, our revenue per day for the fourth quarter decreased 2.7% when compared to the third quarter of 2024, with LTL tons per day decreasing 3.0% and LTL shipments per day decreasing 4.6%. For comparison, the 10-year average sequential change for these metrics includes a decrease of 0.3% in revenue per day, a decrease of 1.2% in LTL tons per day, and a decrease of 2.9% in LTL shipments per day.

按季度計算，與 2024 年第三季相比，我們第四季的每日收入下降了 2.7%，其中每日零擔噸數下降了 3.0%，每日零擔出貨量下降了 4.6%。相較之下，這些指標的 10 年平均連續變化包括每日收入減少 0.3%、每日零擔貨運量減少 1.2% 以及每日零擔貨運量減少 2.9%。

The monthly sequential changes in LTL tons per day during the fourth quarter were as follows. October decreased 3.0% as compared to September. November increased 0.7% as compared to October. And December decreased 4.0% as compared to November. The 10-year average change for these respective months is a decrease of 3.1% in October, an increase of 3.1% in November, and a decrease of 7.2% in December.

第四季每日立方噸數的月度連續變化如下。10月份較上季下降3.0%。11月份較10月份成長0.7%。12月份較上季下降4.0%。這幾個月的 10 年平均變化率為 10 月下降 3.1%，11 月增加 3.1%，12 月下降 7.2%。

For January, our revenue per day decreased by 4.2% when compared to January of 2024 due to a 7.1% decrease in our LTL tons per day that was partially offset by an increase in our LTL revenue per hundredweight. LTL revenue per hundredweight excluding fuel surcharges increased 4.5% in January.

1 月份，與 2024 年 1 月相比，我們的每日收入減少了 4.2%，因為我們的每日零擔噸數減少了 7.1%，但每百磅零擔收入的增加部分抵消了這一影響。1 月每百重零擔收入（不含燃油附加費）成長了 4.5%。

Our operating ratio increased 410 basis points to 75.9% for the fourth quarter of 2024. The decrease in our revenue had a deleveraging effect on many of our operating expenses during the quarter, which contributed to approximately a 300-basis-point increase in our overhead cost as a percent of revenue.

2024 年第四季度，我們的營業比率增加了 410 個基點，達到 75.9%。我們收入的下降對我們本季的許多營運費用產生了去槓桿效應，導致我們的管理費用佔收入的百分比增加了約 300 個基點。

Within our overhead cost, our miscellaneous expenses as a percent of revenue increased 110 basis points due primarily to lower gains recorded on the disposal of property and equipment during the fourth quarter of 2024. We generally expect our miscellaneous expenses to average approximately 0.5% of revenue, so these costs were more normalized in the fourth quarter of 2024.

在我們的間接費用中，雜項費用佔收入的百分比增加了 110 個基點，這主要是由於 2024 年第四季度處置財產和設備所得收益較低。我們通常預期雜項費用平均佔收入的約 0.5%，因此這些成本在 2024 年第四季更正常。

Our direct operating costs, which are generally variable in nature, also increased as a percent of revenue when compared to the fourth quarter of 2023. Contributing to the increase in cost was a 100-basis-point increase in our insurance and claims expense as a percent of revenue, which was primarily due to changes in the adjustment recorded for our annual third-party actuarial review of accident claims.

與 2023 年第四季相比，我們的直接營運成本（通常本質上是可變的）也佔收入的百分比增加了。成本增加的原因是我們的保險和索賠費用佔收入的百分比增加了 100 個基點，這主要是由於我們對事故索賠的年度第三方精算審查記錄的調整髮生了變化。

We were otherwise pleased with our team's effort to control our direct operating expenses in relation to current business levels, while also maintaining tight control over discretionary spending. Old Dominion's cash flow from operations totaled $401.1 million for the fourth quarter and $1.7 billion for the year, respectively, while capital expenditures were $170.9 million and $771.3 million for the same periods.

我們很高興看到我們的團隊努力控制與當前業務水平相關的直接營運費用，同時也嚴格控制可自由支配的開支。Old Dominion 第四季的營運現金流總計 4.011 億美元，全年總計 17 億美元，而同期的資本支出分別為 1.709 億美元和 7.713 億美元。

We utilized $142.5 million and $967.3 million of cash for our share repurchase program during the fourth quarter and the year, respectively, while our cash dividends totaled $55.4 million and $223.6 million for the same periods. We were pleased that our Board of Directors approved a quarterly dividend of $0.28 per share for the first quarter of 2025, which represents a 7.7% increase compared to the quarterly cash dividend paid in the first quarter of 2024.

我們在第四季和全年分別使用了 1.425 億美元和 9.673 億美元現金用於股票回購計劃，而同期我們的現金股利總額分別為 5,540 萬美元和 2.236 億美元。我們很高興董事會批准了 2025 年第一季每股 0.28 美元的季度股息，與 2024 年第一季支付的季度現金股息相比增長了 7.7%。

Our effective tax rate for the fourth quarter of 2024 was 21.5% as compared to 24.1% in the fourth quarter of 2023. We currently expect our effective tax rate to be 24.8% for the first quarter of 2025.

我們 2024 年第四季的有效稅率為 21.5%，而 2023 年第四季為 24.1%。我們目前預計 2025 年第一季的有效稅率為 24.8%。

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

今天上午我們的準備演講到此結束。接線員，我們很高興現在可以回答大家的提問。

We will now begin the question-and-answer session. (Operator Instructions) Jason Seidl, TD Cowen.

我們現在開始問答環節。（操作員指示）Jason Seidl，TD Cowen。

Thank you, operator. Marty and team, good morning. Appreciate the time today. Marty, you guys talked about tonnage being down 7.1% here in January, but it's obviously been all over the news about the really bad winter weather conditions in parts of the country that, quite frankly, aren't prepared for bad winter weather.

謝謝您，接線生。馬蒂和團隊，早安。珍惜今天的時光。馬蒂，你們談到 1 月份這裡的噸位下降了 7.1%，但顯然新聞裡到處都在報道部分地區冬季天氣狀況非常惡劣，坦率地說，這些地區並沒有為惡劣的冬季天氣做好準備。

How should we think about that tonnage number going forward as we move throughout the quarter? Should we expect that to get a little bit better? How much was weather impacted?

在整個季度中，我們應該如何看待未來的噸位數字？我們是否應該期待情況會有所改善？天氣影響有多大？

Well, we go through bad weather every January and February, it seems like, in my career. And we get most of that revenue back when customers are closed down due to bad weather or the carriers can't pick it up. It usually comes back in a couple days. Some of it could be moved over to full truck load if they're able to build a full load from the shipper's dock, but most of that comes back.

嗯，在我的職業生涯中，似乎每年一月和二月我們都會經歷惡劣的天氣。當客戶因為惡劣天氣而關閉或承運商無法接收貨物時，我們就會收回大部分收入。通常幾天後就會恢復。如果他們能夠從托運人的碼頭裝載滿載貨物，那麼其中一部分貨物可以轉為滿載卡車，但大部分貨物都會返回。

But to answer your question, it would depend upon what the weather is going forward. We had some unusual weather here in the South where we live, and we've never seen cold temperatures like that. We had a couple snows, but I don't look for that to be a big issue with us going forward from a weather standpoint.

但要回答你的問題，這取決於未來的天氣狀況。我們居住的南方出現了一些異常天氣，我們從未見過如此寒冷的氣溫。我們經歷了幾場雪，但從天氣角度來看，我認為這不會給我們帶來什麼大問題。

And so I'm optimistic. We're almost out of the woods. It was 70 degrees here yesterday, so we love that.

因此我很樂觀。我們快要脫離險境了。昨天這裡的氣溫是 70 度，我們很喜歡。

Well, we're getting the bad weather up here. Could you guys give us any numbers in terms of the amount of terminals that you guys had that closed down in January maybe versus the prior January to give us a better feel?

嗯，我們這邊的天氣很糟。你們能否提供我們 1 月關閉的終端數量與去年 1 月相比的具體數字，以便讓我們更了解？

We don't normally get into that level of detail, Jason, but we obviously -- we had service centers that were disrupted, as Marty said. And I think we always think about trucking as an outdoor sport. And so when we look at things like our 10-year averages, there's going to be bad weather that's built into those 10-year averages and so forth.

傑森，我們通常不會深入到這種細節層面，但顯然——正如馬蒂所說的，我們的服務中心受到了乾擾。我認為我們一直將卡車運輸視為一項戶外運動。因此，當我們查看 10 年平均值之類的情況時，會發現其中已經包含了惡劣天氣。

And we had bad weather in there in January last year, but we were pretty pleased with how we performed and what our volumes looked like in January overall relative to December. Our tonnage was a little bit under.

去年 1 月，那裡的天氣很糟糕，但我們對業績以及 1 月份相對於 12 月份的整體銷售感到非常滿意。我們的噸位稍微不足了。

We used the five-year average in December and January. We outperformed the five-year average in December by about 100 basis points. And we underperformed by about 100 basis points at five-year average in January.

我們使用了 12 月和 1 月的五年平均值。12 月我們的業績比五年平均高出約 100 個基點。而我們一月份的表現比五年平均值低了約 100 個基點。

And we usually look at the 10-year average going forward. So tonnage, 10-year average, would be up about 1.5% in February over January. And then the 10-year average in March would be a 4.9%. So I think the key would be just we continue to perform and look and see how business levels build throughout the month of February.

我們通常會關注未來 10 年的平均值。因此，2 月的噸位（十年平均值）將比 1 月增加約 1.5%。那麼三月的十年平均值將是4.9%。因此，我認為關鍵在於我們繼續表現並觀察整個二月份的業務水平如何發展。

And obviously, we'll give our mid-quarter update as normal. And then do we see this optimism we're hearing from customers and things like ISM finally going above [50]? Do those things really translate into increased business levels and see the acceleration that you would otherwise typically see or what we have seen over the last 10 years?

顯然，我們將照常發布季中更新消息。然後我們是否看到我們從客戶那裡聽到的這種樂觀情緒，以及 ISM 最終超過[50]？這些事情是否真的會轉化為業務水平的提高，並實現您通常會看到的或過去 10 年所看到的加速成長？

Yeah. Well, I got my fingers crossed for you guys. Appreciate the time.

是的。好吧，我為你們祈禱。珍惜時間。

Jordan Alliger, Goldman Sachs.

高盛的喬丹·阿利格（Jordan Alliger）。

Yeah, hi. I guess maybe it makes sense to ask, since we talked about tonnage a little bit on the operating ratio and putting all the puts and takes together with tonnage and trends in January, how you're thinking about 4Q to 1Q seasonality on OR. Thank you.

是的，你好。我想也許問一下是有意義的，因為我們在營運比率中討論了噸位問題，並將所有的投入和產出與 1 月份的噸位和趨勢放在一起，您如何看待 OR 的第四季度至第一季度的季節性。謝謝。

Yeah. From an operating ratio standpoint, normally, we'd expect about 100 to 150 basis point sequential increase in the first quarter relative to the fourth. For this year, I'm expecting that we'll probably be up flat to up 50 basis points in the first quarter relative to the fourth.

是的。從營業比率的角度來看，通常我們預計第一季的營業比率將比第四季環比增加約 100 至 150 個基點。就今年而言，我預計第一季的成長率可能與第四季持平至上漲 50 個基點。

And we've got that insurance that was called out in the press release. We should see some improvement in those calls to the percent of revenue. I'd expect those calls to be closer to about 1.5% of revenue in the first quarter. So that otherwise would offset that normal sequential increase that we'd see.

我們已經獲得了新聞稿中提到的保險。我們應該會看到這些呼叫的收入百分比有所改善。我預計這些電話通話量將接近第一季營收的 1.5% 左右。因此，這將會抵消我們所看到的正常連續成長。

And so that flat up 50, I still think we've got a little bit of risk to revenue in terms of we're not quite yet there. We haven't had a period where we've been at seasonality for a full quarter. So we'll see what transpires as we continue to go through the rest of this quarter.

因此，儘管成長率為 50%，但我仍然認為，就我們尚未達到這一目標而言，我們的收入仍面臨一些風險。我們還沒有經歷過整個季度都處於季節性的時期。因此，隨著本季度剩餘時間的繼續，我們將拭​​目以待會發生什麼。

But if we have a little underperformance there, then that puts a little bit more pressure on our overhead cost. I'm also expecting that our op supplies and expenses as a percent of revenue will be a little bit higher in the first quarter relative to the fourth as well.

但如果我們的表現稍差一些，那麼我們的管理費用就會承受更大的壓力。我還預計，第一季我們的營業供應和支出佔收入的百分比將比第四季略高一些。

So -- but just like we did in the fourth quarter, I was really pleased with our performance there. We outperformed on a core basis what otherwise that normal seasonality would have been despite what the top line dictated for us there.

所以——但就像我們在第四季所做的那樣，我對我們的表現感到非常滿意。無論營收情況如何，我們在核心基礎上的表現都優於正常的季節性因素。

And I think that just is a testament to our team and the focus that we have every day on managing our operating efficiencies and continuing to keep our belts as tight as we can and controlling discretionary spending. So had very good cost performance and control through 4Q and would expect that we'll see some of that continue into the first quarter here until we really get back to more of a robust revenue environment.

我認為這只是對我們團隊的證明，我們每天的重點是管理我們的營運效率，繼續盡可能地勒緊褲腰帶，控制可自由支配的開支。因此，第四季度的成本績效和控制非常好，我們預計這種狀況將持續到第一季度，直到我們真正回到更強勁的收入環境。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Yeah. Hey, thanks. Good morning, guys. Maybe if I could ask on pricing, get a sense of maybe how you're seeing the environment. Fourth quarter revenue per hundredweight came in reasonably good, and it sounds like maybe a little bit of an acceleration in 1Q. But can you help us understand a little bit what's going on from a pricing perspective, what you're seeing in the market?

是的。嘿，謝謝。大家早安。也許我可以詢問價格，了解您對環境的看法。第四季每英擔的收入相當不錯，而且聽起來第一季可能會略有加速。但是您能否幫助我們從定價的角度了解市場上的情況？

Yeah. We're still getting good price increases. The revenue per hundredweight came right in line with pretty much that range that we gave for the fourth quarter. It was up 3.8%, excluding surcharge. And so we are right -- in line with where we thought we'd be from a normal seasonality standpoint, starting out in good shape at the beginning of the quarter with what we've seen thus far in January being up 4.5%.

是的。我們的價格仍在大幅上漲。每英擔的收入與我們給出的第四季範圍基本一致。扣除附加費則上漲 3.8%。所以我們是對的——這與我們從正常季節性角度所認為的情況一致，本季初開局良好，1 月份迄今為止的增長率為 4.5%。

But normal seasonality would be -- we'd be up about 3.6% to 4% in the first quarter, so we'll see. We saw a little bit of a drop in weight per shipment from December into January that helped that metric. I'm hopeful that we'll see that weight per shipment reaccelerate.

但正常的季節性是——第一季我們的銷售額將成長約 3.6% 至 4%，所以我們拭目以待。我們發現從 12 月到 1 月每批貨物的重量略有下降，這對該指標有幫助。我希望我們能看到每批貨物的重量再次加速成長。

And that's pretty standard to see our January weight per shipment be a little bit lower. But hopefully, we'll see that accelerate as we go through the quarter that'd be more indicative of an improving economic environment. But yeah, that's what we've seen thus far and at this point through January, outperforming that range that we somewhat expect from a normal seasonality standpoint.

一月份每批貨物的重量稍微低一些是很正常的事。但希望的是，隨著本季的到來，我們會看到這一進程加速，這將更加表明經濟環境正在改善。但是的，這就是我們迄今為止所看到的情況，截至 1 月份，其表現已經超出了我們從正常季節性角度所預期的範圍。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Thank you. Marty mentioned in his prepared remarks several other service centers that are under construction or near completion. As we think about the outlook for this year, maybe not identifying the inflection yet, do we expect four service centers or less for 2025?

謝謝。馬蒂在他的準備好的演講中提到了其他幾個正在建設中或即將完工的服務中心。當我們思考今年的前景時，也許還沒有確定拐點，我們是否預期 2025 年的服務中心數量會是 4 個或更少？

And if we do get that inflection in the second half of the year, customer optimism seems to be on point. How many service centers are pretty close that you can bring on pretty quickly to keep the spare capacity where you'd like for it to be?

如果我們在下半年確實看到這種轉捩點，那麼客戶的樂觀情緒似乎就到了位。有多少個服務中心離您很近，您可以很快地啟動它們，以將備用產能保持在您想要的水平？

Yeah. A lot of that is going to be demand driven, Jon. We're at 261 service centers today. And we continue to execute on our long-term CapEx plan really over the balance of the last couple of years, like Marty mentioned. And so we had four openings overall last year.

是的。其中許多都是由需求驅動的，喬恩。我們今天在 261 個服務中心。正如 Marty 所提到的，在過去幾年中，我們將繼續執行我們的長期資本支出計畫。所以去年我們總共有四個空缺。

And as we look out this year, we're a little north of 30% from an excess capacity standpoint. So unless demand really dictates, we don't have to open any in that regard, and we would be diligent in looking at the properties that we may finish construction on and making that decision operationally whether or not we want to turn that new location on, if you will.

而從今年來看，從產能過剩的角度來看，我們的產能過剩程度略高於30％。因此，除非需求確實決定，否則我們不必在這方面開設任何門市，我們會認真研究我們可能完成建造的房產，並在營運上做出是否要開設新店的決定。

And there's a lot of cost that goes hand in hand with a service center opening. It's not just the facility cost themselves, but it's working them into an operational plan and the impact of line haul operations and all the other incremental costs. So all of those will be factored into the decision as to whether or not we would want to open.

開設服務中心會產生很多成本。這不僅僅是設施成本本身，而且還要將其納入營運計劃以及乾線運輸營運的影響和所有其他增量成本。所以，在決定我們是否要開業時，所有這些都將被考慮在內。

But we've got I think several that are near completion, and I think we would have several more that we could finish here in 2025. So that number that you mentioned, we could open that many if demand dictated. But we're just going to be prudent with making those decisions.

但我認為我們已經有好幾個項目即將完工，而且我認為還有幾個項目可以在 2025 年完工。所以，如果有需求的話，我們可以開放那麼多，就像您提到的數量。但我們在做出這些決定時會保持謹慎。

But what we can say is I think we've done -- continued to execute according to what our long-term plan has been, and that's making the investments ahead of the anticipated growth curve. We're contemplating in our continued opportunities ahead for market share. And we want to make sure that we've prepared our network and our people to be ready when those volumes do, in fact, return to us and should return at a very strong incremental margins.

但我們可以說的是，我認為我們已經做到了——繼續按照我們的長期計劃執行，並在預期的成長曲線之前進行投資。我們正在考慮未來繼續擴大市場份額的機會。我們希望確保我們的網路和人員已經做好準備，當這些業務量真正返回給我們時，並且以非常強勁的增量利潤率返回。

So that's something that we're in great shape for, and we'll continue to evaluate those projects. But we can handle a lot of business right now and -- but we want to be prepared. You think back to how things change quickly in 2021, 2022, we put on cumulative $2 billion of revenue over that two-year period. So I think we're in a great spot from a network standpoint that we could go through a robust economic expansion and put on a lot of good, strong revenue.

所以這是我們目前處於良好狀態的事情，我們將繼續評估這些項目。但我們現在可以處理很多業務，我們希望做好準備。回想 2021 年、2022 年的情況如何快速變化，我們在那兩年期間累積實現了 20 億美元的收入。因此我認為，從網路的角度來看，我們處於一個很好的位置，我們可以經歷強勁的經濟擴張，並獲得大量良好、強勁的收入。

And John, to add to Adam's comments, two of those facilities that we're working on now and trying to complete are hub facilities, which will actually lower our cost in the future from a line haul standpoint. So we're very excited that those things are near completion, and that will give us some further savings on the road.

約翰，補充亞當的評論，我們現在正在建造並試圖完成的兩個設施是樞紐設施，從幹線運輸的角度來看，這實際上將降低我們未來的成本。因此，我們很高興這些事情即將完成，這將使我們在路上節省一些錢。

Daniel Imbro, Stephens.

丹尼爾伊姆布羅、史蒂芬斯。

Good morning, guys. Thanks for taking my questions. Adam, maybe to follow up on an earlier comment you made. So demand has remained muted, but we did see PMI return to expansion this month.

大家早安。感謝您回答我的問題。亞當，也許是為了跟進你之前所做的評論。因此需求仍然低迷，但我們確實看到 PMI 本月回升至擴張狀態。

Can you just talk about how long it typically takes for that to show up in terms of more shipments moving through the network? And what are the earliest parts of your business that do typically inflect higher in the cycle? Are you seeing any encouraging demand from those customers when you look across your portfolio?

您能否談談，從更多的貨物透過網路運輸來看，通常需要多長時間才能實現這一目標？您的業務中哪些最早的部分通常會在周期中產生更高的影響？當您回顧您的作品集時，您是否看到這些客戶有任何令人鼓舞的需求？

Yeah. We actually, in the fourth quarter, saw our industrial business for the first time in a while outperformed our retail-related business. And the revenue performance with those industrial-related customers is actually a little bit better than the overall company performance.

是的。事實上，在第四季度，我們的工業業務首次超過了零售相關業務。這些工業相關客戶的收入表現其實比公司整體表現好一些。

And I think that goes hand in hand with the enthusiasm that we're hearing from customers today. And albeit it's -- everyone, I think, is being a little bit cautious with it. But we saw the acceleration in ISM in December and didn't quite break the 50 threshold. But we felt like, based on customer conversations, that we would see it bust through 50 in January, and that's where it ended up being.

我認為這與我們今天從客戶那裡聽到的熱情相輔相成。儘管如此——我認為每個人對此都持謹慎態度。但我們看到12月ISM有所加速，但並未突破50的門檻。但根據與客戶的對話，我們覺得這個數字將在 1 月突破 50，而最終也確實達到了這個數字。

So I think that we'll just continue to stay engaged with those customers and obviously be there for them when they need us. And we'd love to see increased business levels with our industrial-related customers. Typically, it's a couple of months' lag when we see that performance with ISM in terms of the acceleration coming through, I'd say, for the industry overall. But certainly, we're in a great spot to take those increased shipments if they materialize.

因此我認為，我們將繼續與這些客戶保持聯繫，並在他們需要我們時為他們提供幫助。我們很高興看到與工業相關客戶的業務水平不斷提高。通常情況下，當我們透過 ISM 看到整個產業的加速表現時，通常會滯後幾個月。但可以肯定的是，如果這些增加的出貨量能夠實現，我們將處於一個非常有利的位置來接收它們。

Appreciate all the color. Thanks a lot.

欣賞所有的色彩。多謝。

Eric Morgan, Barclays.

巴克萊銀行的艾瑞克摩根 (Eric Morgan)。

Hey. Good morning. Thanks for taking my question. I wanted to ask another on the operating ratio.

嘿。早安.感謝您回答我的問題。我還想問另外一個有關營業比率的問題。

Just given the cost performance this year and where you see pricing trending and, I don't know, maybe you see a little bit of DNA or less of a DNA drag with CapEx coming down, do you think you can get to the margin improvement this year if we are in a steady-state macro? Or do you think you need to see some positive inflection there?

僅考慮到今年的成本表現以及您看到的定價趨勢，我不知道，也許您會看到隨著資本支出下降，DNA 會受到一點或更少的拖累，如果我們處於穩定的宏觀狀態，您認為今年可以實現利潤率的提高嗎？或者您認為您需要看到一些正面的轉變？

Well, I definitely think that's going to be dependent on the top-line revenue. And we've talked about a lot of the OR degradation that we saw this past year that really was in the overhead expenses line. We actually generated a slight, but just a little bit of, improvement in our direct cost as a percent of revenue for the full year.

嗯，我確實認為這將取決於營業收入。我們已經討論過去年看到的許多 OR 退化問題，這些問題實際上都涉及了管理費用方面。我們的直接成本佔全年收入的百分比實際上有了輕微的改善，但只是一點點。

So I was really pleased again with our ability to control what was controllable in a low-density environment while actually improving our service standards. So that's a testament to our operations team for how they handle and manage through this year.

因此，我對我們能夠在低密度環境中控制可控因素並實際提高服務標準的能力感到非常高興。這證明了我們的營運團隊如何應對和管理今年的情況。

So really pleased with that, but we did see the inflation there in those overhead costs. And they've been averaging about $300 million per quarter overall, plus or minus $5 million when you go through that allocation. So we've got to get back to a point where we've got some top-line growth.

所以對此真的很高興，但我們確實看到了管理費用的膨脹。他們每季的平均支出總額約為 3 億美元，如果按照這個分配額來算，上下浮動 500 萬美元。因此，我們必須回到實現營收成長的水平。

I think that if we can see some return to seasonality, then that's certainly possible. I think if you match seasonality or trace it through the four quarters of this year, I can see back to -- or you get to the back half of the year, in particular, fourth quarter, you can see some nice improvement overall in revenue.

我認為，如果我們能夠看到季節性的回歸，那麼這肯定是可能的。我認為，如果你匹配季節性或追溯今年的四個季度，我可以看到——或者你到今年下半年，特別是第四季度，你可以看到整體收入有一些不錯的改善。

And I think that if we do our job and continue to control our cost, it's certainly possible to get back to an environment where we can have some improvement. But I look at this is as it's going to be a multiyear type of story in the sense of when I think we see the economy really rebound and you go back to some prior periods like 2017, 2018, it's going to happen at some point.

我認為，如果我們做好自己的工作並繼續控製成本，就一定能夠回到可以有所改善的環境。但我認為這將是一個多年期的故事，當我們看到經濟真正反彈，回顧 2017 年、2018 年等一些先前的時期，它將在某個時候發生。

And it's called a cycle for a reason, right? So whenever it does come through, what's the leverage can we get on the revenue growth? And I think we can look at the breakdown of our operating ratio for the year and think that if our total direct cost for the year were between 52% and 53% of revenue; overheads, 20% to 21% of revenue, you run the math, that's a pretty strong incremental margin if we can just manage those two components.

它之所以被稱為循環，是有原因的，對吧？那麼，無論何時，我們能從營收成長中獲得什麼槓桿呢？我認為我們可以看看今年的營業比率明細，如果我們今年的直接成本總額佔收入的 52% 到 53% 之間；管理費用佔收入的 20% 到 21%，你算一下，如果我們能管理好這兩個部分，那將是一個相當強勁的增量利潤。

And that's where we'd expect to get the most leverage, if our overhead costs are about 21% of revenue. They've been 16%, 17% before, so we can swing that pendulum back to the lower end of that 500-basis-point range that we tend to trade in and see some really strong performance that should get us right back eventually towards our goal of producing an annual operating ratio below 70.

如果我們的管理費用約佔收入的 21%，那麼我們就有望獲得最大的槓桿作用。之前這個數字曾經是 16%、17%，因此我們可以將鐘擺擺回到我們傾向於交易的 500 個基點範圍的低端，並看到一些真正強勁的表現，這應該最終會讓我們回到實現年營業比率低於 70 的目標。

Brian Ossenbeck, JPMorgan.

摩根大通的布萊恩‧奧森貝克。

Hey, good morning. Thanks for taking the question. So I just want to come back to the NMFTA. They're working through some changes to the class system. The proposal was out late last week.

嘿，早安。感謝您回答這個問題。所以我只想回到 NMFTA。他們正在對階級制度進行一些改變。該提案於上週晚些時候發布。

So I got your thoughts on this last time, but I want to come to -- I know you mentioned a vast majority of your freight already. But now that we've seen a little bit more on the table in terms of the proposal, what do you think the implications are for yourselves, the shippers, and for the broader industry, assuming this goes forward as proposed?

所以我上次了解了你對此的想法，但我想說的是——我知道你已經提到了絕大多數貨物。但是現在我們已經看到了提案的更多內容，假設該提案按提議進行，您認為這對您自己、托運人以及整個行業有何影響？

Yeah. I personally think it's a big to do about nothing, really. Because basically, what they're wanting to do is go from a class rating system to a density and cube rating system. So that doesn't necessarily mean that the shippers have to do that overnight. They have a choice to go to that if they want.

是的。我個人認為，無所作為確實是一件很了不起的事。因為從根本上說，他們想要做的是從類別評級系統轉變為密度和立方體評級系統。所以這並不一定意味著托運人必須在一夜之間完成這項工作。如果他們願意的話，他們可以選擇去那邊。

So I don't see that being a big deal and how that will affect the carriers. Certainly, we would like to work towards that because it gives the carriers a better system to rate the shipments and cost of shipments, but I think it's probably a lot of hype over nothing for the time being.

所以我認為這不是什麼大問題，也不會對營運商產生太大影響。當然，我們希望朝著這個方向努力，因為這將為承運商提供一個更好的系統來評估貨運量和貨運成本，但我認為，就目前而言，這可能只是無稽之談。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey. Good morning, Marty and Adam. Just maybe -- it just sounds like a deceleration in the market if you're saying you're maintaining share volumes down 7%, 8% versus -- I think you were talking maybe more mid-single digits last quarter. Can you talk about that and your market share? You usually maintain at this point in the downturn. You only get the pickup in the upturns.

嘿。早安，馬蒂和亞當。只是可能——如果你說你將維持股票交易量下降 7%、8%，而上個季度的股票交易量下降幅度可能在個位數的中段，那麼這聽起來就像是市場減速了。您能談談這一點以及您的市場佔有率嗎？在經濟低迷時期，你通常會維持這個水準。只有在經濟好轉時，你才會得到提振。

And then, Adam, just a real quick clarification. I think you mentioned OR up 50 to 100 basis points. I thought last time, you had mentioned the normal 1Q seasonality was $100 to $150. So does that mean you're looking to beat historical trends? Or has the historical trend changed? Or just trying to get an update there.

然後，亞當，我來快速澄清一下。我覺得您提到 OR 上漲 50 到 100 個基點。我認為上次您提到正常的 1Q 季節性價格是 100 至 150 美元。那麼這是否意味著您正在尋求超越歷史趨勢？還是歷史潮流已經改變？或者只是想在那裡獲取更新。

Yeah. Let me make sure I clarify that. So the normal increase is 100 to 150 basis points. And I was saying that we should be flat to up 50 basis points from the reported operating ratio in the fourth quarter. And part of that is the benefit of that insurance and claims expense that was 2.9% of revenue in the fourth quarter. We expect that to revert back to around 1.5% in the first quarter.

是的。讓我確認一下是否澄清了這一點。因此正常的增幅是100到150個基點。我之前說過，我們的營業比率應該與第四季報告的營業比率持平或上升 50 個基點。其中部分收益來自保險和索賠費用，該費用佔第四季度收入的 2.9%。我們預計第一季該數字將回升至 1.5% 左右。

So you got some benefit there and then some increases that I had mentioned earlier. But you're right, the normal average is 100 to 150 basis points of an increase there.

因此你得到了一些好處，然後還有我之前提到的一些增加。但您說得對，正常平均增幅是 100 到 150 個基點。

In regards to your market share commentary, I think that the thing that we've been looking at overall, obviously, there was a lot of disruption over the last couple of years. We're trying to look at share of just comparing the publicly traded carrier.

關於您的市場份額評論，我認為我們總體上一直在關注的事情是，過去幾年顯然出現了很多混亂。我們試著比較上市公司的份額。

So we've had to try to look more at the entire universe in some of the data that we get that includes private carriers overall. And so we would say that in '23 and '24 as well, from all the information we get, it looks like we have maintained market share, and that's effectively what we target doing in a weaker economic period.

因此，我們必須嘗試從我們所獲得的一些數據中更多地了解整個宇宙，其中包括私人航空公司的整體情況。因此，我們可以說，在23年和24年，從我們獲得的所有資訊來看，我們似乎保持了市場份額，而這實際上正是我們在經濟疲軟時期的目標。

We want to maintain our market share, continue to maintain discipline with regards to our yield management philosophy as well, and then be in a good spot to start growing when the market does again. And I think that's what you see in the expansionary markets.

我們希望維持我們的市場份額，繼續嚴格執行我們的收益管理理念，然後當市場再次復甦時，我們就能處於一個良好的位置開始成長。我認為這就是你在擴張市場中所看到的。

We've outperformed the -- at least the public carriers by anywhere from 600 to 800 basis points, if you will. So I think that we'll see that play out again. And only time will tell in terms of how the others are able to reshuffle capacity, if you will, and when the market continues to improve and the freight comes back.

如果你願意的話，我們的表現至少比公共航空高出 600 到 800 個基點。所以我認為我們會再次看到這一幕。只有時間才能告訴我們其他公司如何重新調整運力，以及市場何時會持續改善、貨運量何時會回升。

Overall, we see the industry volumes are down probably about 15% versus where we were in 2021, 2022. So I think that's created some of this capacity that's out there, but it will be all about who can control without any type of drilling pain.

總體而言，我們發現行業銷量與 2021 年和 2022 年相比可能下降約 15%。所以我認為這已經創造了一些現有的能力，但這一切都取決於誰能夠在沒有任何鑽探痛苦的情況下進行控制。

And I referenced it earlier, but we put on $2 billion of revenue cumulatively over that '21 and '22 period. So I think we've got a proven team that can go out and execute and put on a significant amount of revenue growth. That would be a top 10 carrier just putting it on organically if at least what we did in '21 and '22.

我之前提到過，但我們在 21 和 22 年期間累積收入為 20 億美元。因此，我認為我們擁有一支經驗豐富的團隊，能夠出去執行並帶來可觀的收入成長。如果至少我們在'21年和'22年做到了這一點，那麼它將是十大運營商之一。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning. Hey, Adam. Last quarter, you gave us a range of revenue outcomes. I don't know for Q4. I don't know if you have a similar thought around Q1. I'm just trying to understand if -- is revenue starting to outperform seasonality? Or if this is the OR comment is more about sort of the Q4 starting point?

嘿，謝謝。早安.嘿，亞當。上個季度，您向我們提供了一系列收入結果。我不知道第四季的情況。我不知道您對 Q1 是否有類似的想法。我只是想知道收入是否開始超越季節性？或者如果這是 OR 評論是否更多地涉及 Q4 的起點？

And then the yields ex-fuel are -- sounds like accelerating a little bit in January versus Q4. Is that a mix dynamic? Or is that pricing starting to reaccelerate again?

然後，燃料以外的收益率——聽起來一月份與第四季度相比有所加速。這是一種混合動態嗎？或者說價格是否又開始加速上漲？

Yeah. So in the first quarter this year -- to start, we've got one less operating day. We'll have 63 days in the first quarter this year versus 64 last year.

是的。因此，今年第一季度，首先，我們的營業日減少了一天。今年第一季的休假天數為 63 天，去年為 64 天。

But I guess the way I framed up revenue last quarter was creating -- okay, if we perform that seasonality, what would that look like? And if we did that in the first quarter, I think we'd be at $1.38 billion of all-in revenue in the first quarter.

但我想我上個季度的收入結構是這樣的——好吧，如果我們表現出季節性，那會是什麼樣子？如果我們在第一季就做到這一點，我認為我們第一季的總收入將達到 13.8 億美元。

But then on the other side, I gave -- in the fourth quarter, I gave if we underperformed seasonality like we had in the third and the fourth quarter, what would that lower end of revenue range look like? And we did perform a little bit better in the fourth quarter than we did 2Q and 3Q relative to what our 10-year averages were. But if we underperform seasonality at that same pace of the fourth quarter, then first quarter revenue would be $1.34 billion.

但另一方面，我在第四季給了這樣的預測，如果我們的表現像第三季和第四季一樣低於季節性，那麼營收範圍的低端會是什麼樣子？與十年平均值相比，我們第四季的表現確實比第二季和第三季略好一些。但如果我們以與第四季相同的速度表現不佳，那麼第一季的營收將是 13.4 億美元。

So maybe said more succinctly, somewhere $1.34 billion, $1.38 billion would put us somewhere in normal seasonality range to consistent underperformance like we had in 4Q. And I think that that's kind of like I was saying earlier.

因此，也許更簡潔地說，13.4 億美元到 13.8 億美元左右會讓我們處於正常季節性範圍內，就像我們在第四季度那樣持續表現不佳。我認為這有點像我之前說的。

It's just we've -- typically, you see a big acceleration in revenue that starts here in February, and then a big acceleration in March. And so that's still yet to be determined if we'll see that type of seasonal increase.

只是我們 - 通常，你會看到從二月開始收入會大幅增加，然後在三月也會大幅增加。因此，我們是否會看到這種季節性增長仍未確定。

We're cautiously optimistic, I would say, in the sense that we felt like a year ago when we were sitting here, we felt like we were going to see things turn to the positive. So we're being diligent and preparing for it, but we definitely want to see it transpiring before we get too far ahead of ourselves in terms of talking about what the top line and the operating ratio might otherwise be.

我想說，我們持謹慎樂觀的態度，就像一年前我們坐在這裡時一樣，我們覺得我們會看到事情變得積極起來。因此，我們正在勤勉地為此做準備，但我們肯定希望看到它的發生，在我們談論營業額和營業比率可能是多少之前，不要操之過急。

Yeah, I think that yield question that you asked, just to kind of follow on to what I said earlier, it's up 4.5%. The normal seasonality would imply that revenue per hundredweight ex-fuel would be up 3.6% to 4%. So it was a little bit of a dropoff in our weight per shipment from December to January. So a little bit of mix that helped that number.

是的，我認為您問的收益率問題與我之前所說的問題類似，收益率上漲了 4.5%。正常的季節性意味著每百重量燃料的收入將上漲 3.6% 至 4%。因此，從 12 月到 1 月，我們每批貨物的重量略有下降。因此一點點混合就有助於提高這個數字。

But like I mentioned earlier, I'd rather see our weight per shipment increasing and put pressure on that number naturally than -- and get us back into that range, if you will, because that would be more of a sign on the economy is getting better. And we should see that follow through both with weight and shipment velocity as well.

但就像我之前提到的那樣，我寧願看到我們每批貨物的重量增加，並自然地​​對這個數字施加壓力 - 如果你願意的話，讓我們回到這個範圍，因為這更像是經濟正在好轉的標誌。我們也應該看到重量和運輸速度也隨之變化。

But we continue to do our thing in terms of executing on our long-term yield management philosophies and looking at individual account profitability and just trying to achieve increases that offset our costs but also continue to support the investments in new service centers and new technologies that ultimately are designed to improve our customer service or enhance operating efficiencies that ultimately will allow us to better serve our customers.

但我們將繼續執行我們的長期收益管理理念，專注於個人帳戶獲利能力，努力實現抵銷成本的成長，同時也繼續支持對新服務中心和新技術的投資，這些投資的最終目的是改善我們的客戶服務或提高營運效率，最終使我們能夠更好地服務我們的客戶。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Yeah. Thanks, operator, and good morning, everyone. Maybe just to get your thoughts around the big competitor spin-off that was announced at the end of the year last year, I know there's a pretty long runway on that. But maybe you could give us some color on how you see that affecting the competitive dynamic, if it's maybe increasing on the margins or if you're confident that there's enough opportunity for everybody with a potential cycle recovery?

是的。謝謝接線員，大家早安。也許只是為了讓你了解去年年底宣布的大型競爭對手衍生產品的想法，我知道這條路還很長。但也許您可以向我們解釋一下您認為這會如何影響競爭動態，它是否會在利潤率上有所提高，或者您是否相信潛在的周期復甦會為每個人提供足夠的機會？

Yeah. I think that -- not to speak for another company, but I mean that company, we've been competing with for years. And so something that we'll have to continue to keep watch of and see what their new go-to-market strategy might be if there is any change to it. But I think otherwise, as a standalone and brighter light, maybe shining on the business, I would expect to see continued discipline there.

是的。我認為——不代表其他公司，而是我們多年來一直在競爭的那家公司。因此，我們必須繼續關注並觀察他們的新市場策略是否會有任何變化。但我認為，作為一盞獨立的、更明亮的燈，也許照亮著企業，我希望看到那裡繼續保持紀律。

But I think that we've got a -- when you look at us compared to each of our larger national non-union companies and you look on the Mastio surveys -- and we've won the Mastio Quality Award for 16 years in a row and that's something that we continue to focus on. We want to stay as the industry leader there in terms of total service, but better yet the ultimate value that we can deliver to our customers.

但我認為，當您將我們與全國各大非工會公司進行比較，並查看 Mastio 調查時，您會發現我們已經連續 16 年榮獲 Mastio 品質獎，而這也是我們持續關注的事情。我們希望在整體服務方面繼續保持行業領先地位，但更好的是，我們能夠為客戶提供最終的價值。

And so I think it's that value proposition that really gives us the opportunity to keep winning share as we look out into the future. We've won more market share than anyone else over the last 10 years, and we think we're better positioned than anyone to win more market share than anyone else going forward.

因此，我認為正是這種價值主張真正使我們有機會在未來繼續贏得市場份額。在過去的十年裡，我們贏得的市場份額比其他任何人都多，而且我們認為，在未來，我們比任何人都更有能力贏得更多的市場份額。

But I think the opportunity is there for the industry. Like we've said time and time again, there's opportunity for more than just us to grow. And we've been competing with other carriers for years that have been trying to grow their business, and we've been able to compete very effectively.

但我認為這個行業還是有機會的。就像我們一次又一次說過的，不只我們有機會成長。多年來，我們一直在與其他試圖發展業務的營運商競爭，並且我們能夠非常有效地競爭。

And I still believe that we're a capacity-constrained industry. I think it was commonly understood that our industry was capacity constrained in 2022, and I think that's something that's almost like daylight savings time. You can't -- the old saying about taking 2 inches off a blanket and selling it on the other end of the blanket doesn't give you a longer blanket.

我仍然相信我們是一個產能受限的行業。我認為大家普遍認為我們的產業在 2022 年將受到產能限制，我認為這幾乎就像夏令時一樣。您不能——那句老話說，從毯子上取下 2 英寸並在毯子的另一端出售並不能給您帶來更長的毯子。

And when you had a carrier that exited the business and only half of their service centers have been reallocated to other carriers, just because the logo changed on the door, doesn't mean there's more capacity in the industry. It's actually less.

當有一家承運商退出該業務，而只有一半的服務中心被重新分配給其他承運商時，僅僅因為門上的標識發生了變化，並不意味著該行業的容量增加了。事實上更少。

So I think when we see volumes actually normalize and start growing again and taking advantage of the e-commerce opportunities, near-shoring opportunities, freight that lends itself to TL movement, I think that's when you'll see the entire industry start to grow again and us winning more than our share of the market.

因此，我認為，當我們看到貨運量實際上恢復正常並開始再次增長，並利用電子商務機會、近岸外包機會以及有利於 TL 運動的貨運時，我認為那時你會看到整個行業開始再次增長，而我們贏得的市場份額也將超過我們的份額。

Bascome Majors, Susquehanna.

巴斯康姆梅傑斯，薩斯奎哈納。

Thanks for taking my questions. You talked earlier about looking at your market share from a broader data set, including some of the private carriers. Can you talk about what segments of the market you think are gaining and losing share now that we've settled out from all the noise of the yellow redeployment and the Esty cyberattack that were in comps for a while?

感謝您回答我的問題。您之前談到從更廣泛的資料集來看待您的市場份額，其中包括一些私人承運商。現在我們已經擺脫了黃色重新部署和 Esty 網路攻擊帶來的所有噪音，您能否談談您認為市場上哪些部分的份額正在增加和減少？

Yeah. I mean it's hard to parse through, and we don't get that granular detail for us in the industry. But we get a lot of detail and continue to see consistent performance throughout each of our operating regions.

是的。我的意思是，這很難解析，而且我們在行業中無法獲得那麼詳細的資訊。但我們獲得了大量細節，並繼續看到我們各個營運區域的一致表現。

And I think we've seen, in some cases, the retail had been outperforming. And that was somewhat related to the weakness of the industrial market. And ISM had been below 50 for 25 out of 26 months, I think. So we saw that reflected in our business levels over the last couple of years.

我認為我們已經看到，在某些情況下，零售業表現優異。這和工業市場的疲軟有一定關係。我認為，在 26 個月中，ISM 有 25 個月都低於 50。我們看到這在過去幾年的業務水平上有所體現。

But all in all, as we've talked on each call, we've been able to maintain customer relationships, and we've not really lost any major customer accounts. It's just our customers have had fewer shipments to tender to us. But I think that that's probably allowed us to maybe see that better performance on the retail side.

但總而言之，正如我們在每次通話中所說的那樣，我們能夠維持客戶關係，並且我們實際上並沒有失去任何主要客戶帳戶。只是我們的客戶需要向我們投標的貨物數量減少了。但我認為這可能會讓我們在零售方面看到更好的表現。

As you go forward, though, I think that we should see our industrial business start picking back up again. We have already started seeing business with -- that's managed by third-party logistics companies. That business is performing better over the last couple of quarters.

不過，隨著我們不斷前進，我認為我們將看到我們的工業業務再次開始回升。我們已經開始看到由第三方物流公司管理的業務。過去幾個季度，該業務表現較好。

And it's also -- we've seen an increase in weight per shipment with those 3PL customers as well. So we've talked before about we feel like, and Marty mentioned it, about some consolidation of loads that have probably moved into the truckload world and shippers taking advantage of that environment where the capacity was there and the rates were really low.

而且我們也看到這些 3PL 客戶的每批貨物的重量增加。因此，我們之前已經討論過我們的感受，Marty 也提到過，一些貨物的整合可能已經轉移到了卡車運輸領域，而托運人則利用了這種運力充足、費率非常低的環境。

It seems like maybe the rate environment is improving a little bit in truckload. And so we'd expect some of that freight should swing right back into LTL.

看起來卡車運輸的利率環境可能正在略有改善。因此，我們預計部分貨運將重新轉向零擔運輸。

So I think we've got multiple fronts that should create some volume opportunities, be it continued growth or 3PLs, the industrial strengthening, the overall industry strengthening. And that truckload market, as it gets better, that's going to create LTL opportunities.

因此，我認為我們有多個方面可以創造一些數量機會，無論是持續成長還是第三方物流、工業加強、整體產業加強。隨著整車運輸市場逐漸好轉，將會創造出零擔運輸機會。

But also, we've got a structural advantage against our other competitors. Many of our competitors use an awful lot of truckload substitution for their line haul network. And so when that rate environment starts increasing, their costs will be increasing.

但同時，我們相對於其他競爭對手還具有結構性優勢。我們的許多競爭對手在其乾線運輸網路中大量使用卡車替代運輸。因此，當利率環境開始上升時，他們的成本也會上升。

So they typically have to raise rates much higher than us in that type of environment. So I think that's going to create some volume opportunities for us as well.

因此，在那種環境下，他們通常必須將利率提高到比我們高得多的水平。所以我認為這也會為我們創造一些產量機會。

And if I could ask a brief follow-up. There's a lot of focus on the largest player in the space as they become a standalone business over the next 12-plus months. How do you make sure you retain your talent as they're looking for new leadership?

我可以問一個簡短的後續問題嗎？人們對該領域最大的參與者給予了極大關注，因為他們將在未來 12 個多月內成為獨立企業。當他們尋找新的領導者時，您如何確保留住人才？

I think I'll answer that question. I think that you have to maintain that doing the same thing we've done for years, and that's OD family culture. We treat our employees, our sales reps, very well. We pay them well. They have quarterly incentives, and I'm not overly concerned that that's going to affect us in any way.

我想我會回答這個問題。我認為你必須堅持做我們多年來一直在做的事情，這就是 OD 家庭文化。我們對我們的員工、我們的銷售代表都很好。我們給他們豐厚的報酬。他們有季度獎勵，我並不太擔心這會對我們產生任​​何影響。

Tom Wadewitz, UBS.

瑞銀的湯姆‧韋德維茲 (Tom Wadewitz)

Hey. Good morning, guys. This is Mike Triano on for Tom. So as we think about potential improvement in the macro, how do you view the impact of weight per shipment increasing on revenue per shipment? I imagine it's not a one-for-one impact, but is there a rule of thumb where you say 50% or 60% of the increase in weight flows through to higher revenue per shipment, all else equal? Just wondering how we should be thinking about that.

嘿。大家早安。我是麥克·特里亞諾，取代湯姆。因此，當我們考慮宏觀方面的潛在改進時，您如何看待每批貨物重量的增加對每批貨物收入的影響？我想這不是一對一的影響，但是是否存在一個經驗法則，即在其他條件相同的情況下，重量增加的 50％ 或 60％ 會轉化為每批貨物更高的收入？只是想知道我們應該如何思考這個問題。

Yeah. That's a hard one to answer when you're spreading it over 50,000 shipments per day. But I think generally speaking, obviously, the improvement that we see in weight per shipment leads to increased revenue per shipment. And so generally, that's going to be better for the bottom line, if you will.

是的。當你每天要運送 50,000 批貨物時，這個問題很難回答。但我認為總體而言，顯然我們看到的每批貨物重量的改善會帶來每批貨物收入的增加。所以總體來說，這對底線來說會更有利，如果你願意的話。

The cost -- all things considered, if it's just a few more widgets on every pallet, the cost to handle might stay the same. But it's -- I don't know that there's necessarily a one-for-one relationship that we can share.

成本－考慮到所有因素，如果每個托盤上只多幾個小部件，處理成本可能保持不變。但我不知道我們之間是否必然存在著一對一的關係。

Overall, it obviously will be a good thing, and we've been suffering. Our weight per shipment has been pretty low in January. We were at 1,489 pounds back in the 2021, 2022. Prior expansionary type periods, we've been around 1,600 pounds.

總的來說，這顯然是件好事，而我們卻一直在受苦。一月我們每批貨物的重量都相當低。到 2021 年和 2022 年，我們的體重為 1,489 磅。在先前的擴張時期，我們的價格一直在 1,600 磅左右。

And so there's a lot of good things that come with that higher weight per shipment. It translates into the better line haul efficiency. There's just a lot of efficiencies that come with that increased weight. So it's something that we certainly will continue to watch.

因此，每批貨物的重量增加會帶來許多好處。這意味著更好的幹線運輸效率。重量增加會提高很多效率。因此我們肯定會繼續關注此事。

And like I mentioned earlier, that's usually a good sign on an improving economy overall and typically will lead into increased shipments with customers as well. And so it just all works to our advantage from a leverage standpoint.

正如我之前提到的，這通常是整體經濟好轉的好兆頭，通常也會導致客戶出貨量增加。因此，從槓桿的角度來看，這一切都對我們有利。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hi, good morning. So I wanted to ask about inflationary cost pressures. Maybe you could just discuss what you're seeing across the board, particularly insurance. We've heard from a number of carriers that they're seeing a lot of pressure on that insurance line item.

嗨，早安。所以我想問通膨成本壓力的問題。也許您可以討論一下您所看到的全面情況，特別是保險方面。我們從許多保險公司聽說，他們在這項保險項目上面臨很大的壓力。

And obviously, here in the fourth quarter, you saw a little bit of a step-up there, which sounds like it goes back in first quarter. But maybe from a structural standpoint, you could talk about just where you're seeing inflationary cost pressures, level of confidence to get that back in pricing.

顯然，在第四季度，你看到了一點進步，聽起來就像是在第一季回落了一樣。但也許從結構性角度來看，您可以談談您看到通膨成本壓力在哪裡，以及將其重新納入定價的信心水平。

And then just a clarifying question, if I could, on Bascome's question. I wanted to make sure -- I understand there are not non-compete clauses or anything like that with regard to any employees, whether senior management or salespeople. Or is it just a function of the culture and the comp being sufficient that you're confident you can retain the talent that you have?

如果可以的話，我只想就巴斯科姆的問題提出一個澄清問題。我想確認一下——據我所知，對於任何員工，無論是高階主管還是銷售人員，都沒有競業禁止條款或類似的條款。或者只是因為企業文化和薪資足夠，您就有信心可以留住現有的人才？

Yeah. Let me see if I can keep up with everything there. But from an inflationary standpoint, we end up last year about where we thought we'd be from a core cost inflation. We had anticipated that after a couple of years of increases that we would see things revert back closer to our long-term average, which would be cost per shipment in the 3.5% to 4% range.

是的。讓我看看我是否能跟上那裡的一切。但從通膨的角度來看，去年我們的核心成本通膨水準與我們預想的差不多。我們預計，經過幾年的增長後，我們將看到情況回到更接近長期平均水平，即每批貨物的成本在 3.5% 到 4% 的範圍內。

So we were a little north of that overall in '24 and expect to see a little bit higher cost inflation in '25 as well, thinking it may be more in that 4% to 4.5% type of range, so just a little north of that longer-term average. But that's something that we'll continue to work on, obviously. But we've been seeing inflation in many items, healthcare cost, fringe benefit cost overall. I would expect to see a little bit increase there.

因此，我們在 24 年總體上略高於這一水平，並且預計 25 年成本通膨也會略高一些，認為它可能會在 4% 到 4.5% 的範圍內，因此略高於長期平均水平。但顯然我們會繼續努力。但我們看到很多項目都出現了通貨膨脹，醫療費用、福利成本等整體狀況都出現了通貨膨脹。我希望那裡能看到一點點的成長。

The insurance specifically that you had asked about, that's been a challenge for years in the transportation industry for large companies in particular, and I think it hits the entire LTL industry but probably the large truckload carriers as well. It's been incredibly difficult to maintain the insurance levels that we like to have.

您具體問到的保險，多年來一直是運輸業面臨的挑戰，特別是對大型公司而言，我認為它不僅影響整個零擔運輸業，還可能影響大型貨車運輸公司。要維持我們所希望的保險水準極為困難。

We've taken increased premium cost in the double-digit range for probably the past six years, and that's taken on a little bit more self-insured risk as well. But that's something that we always try to manage through and our team, legal and risk, has done a great job to be able to continue to maintain the insurance coverage that we do have in place. But it's something where our accident frequency ratios are at an all-time best.

在過去的六年中，我們的保費成本一直保持在兩位數的成長範圍內，也增加了一些自我保險風險。但我們始終試圖解決這個問題，我們的法律和風險團隊已經做得很好，能夠繼續維持我們現有的保險覆蓋範圍。但我們的事故發生頻率卻處於歷史最高水準。

And we obviously invest in a lot of equipment on our trucks to try to mitigate accidents, and we invest an awful lot of money in training our people as well for safe driving practices. So that's definitely a key to our foundation for success.

顯然，我們在卡車上投資了大量設備，試圖減少事故發生，我們也投入了大量的資金來培訓我們的員工進行安全駕駛。所以這絕對是我們成功的基礎的關鍵。

But that's something that I think continues to be a challenge until we can see tort reform in this country. And it's something that at some point has got to happen. It's just -- it's crazy, some of the cases that you can read about that have happened to some of the carriers out there.

但我認為，在我們能夠看到這個國家的侵權法改革之前，這仍然是一個挑戰。這是某個時候必須發生的事情。這只是——這太瘋狂了，你所讀到的一些案例就發生在一些運營商身上。

And our staff turnover, to answer that question for you, is less than 1% a year. And most of that comes from retirements or promotions into operations or management. And it's not unusual for us to have other competitors to seek our salespeople.

為了回答您的這個問題，我們的員工流動率是每年不到 1％。其中大部分來自退休或晉升至營運或管理職位。其他競爭對手來尋找我們的銷售人員的情況也很常見。

And they're smart to do that because our salespeople are trained to sell value, service, and not price; and we're proud of that fact. So again, we hang on to our salespeople. They love working at Old Dominion because we treat them fair and pay them well. So that's the least of my concerns is leaving our salespeople to a competitor.

他們這樣做很聰明，因為我們的銷售人員受過培訓，銷售的是價值、服務，而不是價格；我們對此感到自豪。因此，我們再次保留了我們的銷售人員。他們喜歡在 Old Dominion 工作，因為我們公平對待他們並支付優厚的薪水。所以我最不擔心的就是將我們的銷售人員留給競爭對手。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great, thanks. Maybe just a quick follow-up on the insurance question. Is there anything more you guys can do from a balance sheet deployment standpoint to maybe do more of that in-house? Or have you maxed out how much you can do there internally to maybe offset some of that inflation with third-party insurers?

太好了，謝謝。也許只是對保險問題進行快速跟進。從資產負債表部署的角度來看，你們還可以做些什麼，或許可以在內部做更多？或者您已經盡了內部所能，或許可以透過第三方保險公司來抵銷部分通貨膨脹？

And also quickly to follow up, I think, Adam, you said earlier that -- you pointed out that only half of the yellow volume would come back online, and so that's a net reduction capacity. But you have also seen a lot of organic capacity growth in the industry over the last year and into 2025. Are you concerned that that might come in and backfill for the capacity that's not yet come back online?

另外，我想，亞當，我還要快速跟進一下，你之前說過 - 你指出只有一半的黃色容量會重新上線，所以這是淨減少容量。但在過去一年以及到 2025 年，您還會看到該產業的有機產能大幅成長。您是否擔心這可能會填補尚未恢復的產能？

Well, I think it's something that -- obviously, we'll continue to watch what's going on in the industry. And like we've said, I think it's going to take only an upcycle to really prove. This is not the first time that in my career that I've heard that other carriers are wanting to grow or they're adding capacity and the growth story is going to be over.

嗯，我認為這是——顯然，我們會繼續關注該行業的發展。正如我們所說的那樣，我認為只需要一個上升週期就能真正證明這一點。在我的職業生涯中，這並不是我第一次聽到其他航空公司想要擴張，或正在增加運力，而成長故事即將結束。

I can recall hearing that back in 2016, and we've done a pretty nice job of being able to grow revenue from that point forward. But it's something that we obviously pay close attention to. But a lot of our confidence about market share comes from customer conversations more than anything, staying in front of our customers, knowing how their business levels are changing, what their strategies going forward are going to be, and how we can add value to their supply chains.

我記得在 2016 年就聽說過這個，從那時起我們在增加收入方面做得相當不錯。但我們顯然對此密切關注。但是，我們對市場份額的信心很大程度上來自於與客戶的對話，站在客戶面前，了解他們的業務水平如何變化，他們未來的策略是什麼，以及我們如何為他們的供應鏈增加價值。

And so we don't add capacity until we're confident that we're going to be growing in the markets where we're expanding, and that's always been a key part of our expansion strategy. So I think that let's get into the up cycle. And then that's probably going to be the easiest answer to talk about where is industry capacity versus what our industry volume is looking like.

因此，我們不會增加產能，除非我們有信心在擴張的市場中成長，而這一直是我們擴張策略的關鍵部分。所以我認為讓我們進入上升週期。那麼這可能是討論行業產能如何以及我們的行業規模如何的最簡單的答案。

But I don't see any change when we look forward in terms of what our market share potential might be now versus the thinking that we had in place back in 2021, 2022. So we feel like we've got a long runway for growth and tremendous amount of opportunity out there ahead of us.

但當我們展望現在的市場佔有率潛力時，與我們在 2021 年、2022 年時的想法相比，我認為沒有任何變化。因此，我們覺得我們擁有漫長的成長道路和巨大的機會。

And in regards to the insurance question, I think we've done a really nice job in terms of managing those insurance costs. When you look at insurance and claims on the income statement, it's pretty much been anywhere from 1.1% to 1.3% of revenue if you look back over the last kind of 5, 10 years, if you will.

關於保險問題，我認為我們在管理保險成本方面做得非常好。當您查看損益表上的保險和索賠時，如果回顧過去 5 年或 10 年，您會發現其占收入的比例基本上在 1.1% 到 1.3% 之間。

And it's something, like I mentioned, that we have had to take on some increased exposure in terms of what our self-insured retention limits are. And that's something that we spend a lot of time going through and planning with our legal and risk teams to looking at and evaluating what type of risk do we want to take as we build out our insurance tower.

正如我剛才提到的那樣，我們必須在自保留存限額方面承擔更大的風險。我們花了很多時間與法律和風險團隊一起研究和規劃這一點，以研究和評估在建造保險大廈時我們願意承擔哪種類型的風險。

And so there's a lot of strategy that goes in behind that. And obviously, there's no perfect answer. You look at things in hindsight and say, okay, we did this, and here was the result. This year, we just had a bigger step up in terms of the annual actuarial assessment that we completed in the fourth quarter and took a little bit larger entry, if you will, to adjust those existing reserves on existing claims.

這背後有很多策略。顯然，沒有完美的答案。你回頭看看事情並說，好吧，我們做到了，這就是結果。今年，我們在第四季度完成的年度精算評估方面邁出了更大的一步，如果你願意的話，可以採取更大的分錄來調整現有索賠的現有準備金。

But we do expect -- I think last year, we averaged about 1.2% of revenue for the insurance and claims. And I think that's probably going to go up to closer to the 1.5% like I mentioned. So we'll see a little more inflation there. But all in all, I think we've done a very effective job of managing our cost for our insurance program.

但我們確實預計——我認為去年我們的平均收入約有 1.2% 來自保險和索賠。我認為這個數字可能會上升到接近我提到的 1.5%。因此我們將看到那裡通貨膨脹略有加劇。但總而言之，我認為我們在管理保險計劃成本方面做得非常有效。

The other interesting thing that -- what goes in that line and where you've seen it improve over the long term is that insurance and claims line. That's our auto accident claims as well as our cargo claims ratio. And our cargo claims ratio, we've talked about for years how we've generated improvement there and had got that balance down to 0.1. It actually rounds to 0.0 for this quarter.

另一件有趣的事情是——這條線路發生了什麼變化以及您看到它在長期內得到改善的是保險和索賠線路。這是我們的汽車事故索賠以及貨物索賠比率。多年來，我們一直在談論貨物索賠率如何改善，並將這一比率降至 0.1。本季實際上四捨五入為 0.0。

We did stay below 0.1%, but we talked about want to be on-time and claims-free. And in the fourth quarter, we were essentially claims-free. We're proud of that achievement for the team as well. And it takes off a lot of investment in claims prevention and training and execution, but it's something we're really proud of.

我們確實保持在 0.1% 以下，但我們談到希望準時且無索賠。在第四季度，我們基本上沒有索賠。我們也為球隊所取得的這項成就感到自豪。這需要在索賠預防、培訓和執行方面投入大量資金，但這確實是我們引以為傲的事情。

I want to ask you if you can get better than 0.0, but thanks for the time.

我想問您是否可以比 0.0 做得更好，但還是感謝您抽出時間。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

Great. Good morning. This is Joe Hafling on for Stephanie Moore. Thanks for taking our questions at the end here. Maybe more of a thematic question. You mentioned maybe the tailwind of nearshoring. How do you guys view the Old Dominion network in relation to potentially near-shore or onshore production and manufacturing facilities?

偉大的。早安.這是喬·哈夫林 (Joe Hafling) 代替斯蒂芬妮·摩爾 (Stephanie Moore) 表演的。感謝您最後回答我們的問題。也許這更像是主題問題。您提到也許存在近岸外包的順風。你們如何看待 Old Dominion 網路與潛在的近岸或陸上生產和製造設施的關係？

And maybe a curveball question, but we've been so focused on the organic growth front. Is there anything from an M&A standpoint as you guys look at the future of LTL that would maybe excite you in terms of beefing up your service offerings?

這也許是一個難以回答的問題，但我們一直非常關注有機成長方面。從併購的角度來看，當你們展望 LTL 的未來時，有什麼事情可能會讓你們在加強服務產品方面感到興奮嗎？

Yeah. M&A hasn't been a priority for us. Our last acquisition was 2008. So we just feel like we've been able to grow organically with really strong return on invested capital. And so that will most likely be the focus as we go forward, being focused on what we do best, which is LTL transportation.

是的。併購並不是我們的首要任務。我們上一次收購是在 2008 年。因此，我們覺得我們能夠實現有機成長，並實現非常強勁的投資報酬率。因此，這很可能是我們今後的重點，專注於我們最擅長的領域，即零擔運輸。

And again, like I've said earlier, I think there's a lot of opportunity for the industry. And certainly, we feel like we can benefit the most given the quality of our network, the quality of our service, and the value proposition that's unmatched in our industry.

正如我之前所說，我認為這個行業有很多機會。當然，我們覺得，憑藉我們優質的網絡、優質的服務以及業內無與倫比的價值主張，我們可以獲得最大的利益。

And to that end, we've got 261 service centers throughout the US. So we cover all locations, all ZIP codes. And so as plants are being built or expanded in the US, it creates an awful lot of opportunity. It creates opportunity on the inbound side where we're hauling parts and pieces and chemicals and so forth, raw material inputs for the manufacturing process.

為此，我們在美國各地設有 261 個服務中心。因此我們涵蓋了所有地點、所有郵遞區號。因此，隨著美國工廠的建設或擴建，它創造了大量的機會。這為我們運送零件、零件、化學品等製造流程所需的原料創造了機會。

And then we've got the opportunity on the outbound side to take those finished goods and allow the shipper to leverage our LTL network. We can drop a trailer at a customer location. They fill it. And it's seamless through our LTL network to get it to all points around the US, wherever their distribution centers or customer base might be.

然後，我們就有機會在出站端接收這些成品，並允許托運人利用我們的 LTL 網路。我們可以將拖車停放在客戶所在地。他們把它填滿了。而且，透過我們的 LTL 網絡，它可以無縫運送到美國各地，無論其配送中心或客戶群位於何處。

So a lot of opportunity on both inbound and outbound as we see the potential for more manufacturing in the US or even from a nearshoring standpoint, if there is more in Canada or Mexico or whatnot. We can get those goods as they come across border instead of goods coming into a port.

因此，我們看到了在美國進行更多製造業的潛力，或者從近岸外包的角度來看，如果加拿大或墨西哥等地有更多的製造業，那麼在入境和出境方面都存在著許多機會。我們可以在貨物跨境時獲得它們，而不是等貨物進入港口後再獲得它們。

It's more likely that we would get them cross-border and the freight could stay within an LTL network to get the final destination versus being in a railcar and being pulled maybe to the middle part of the country before we get our hands on it. So it just creates a little bit more opportunity across all fronts.

我們更有可能將它們運送到跨境，並且貨物可以留在零擔網絡內到達最終目的地，而不是放在火車車廂裡，可能被拉到該國中部地區然後我們才能拿到。因此，它在各個方面都創造了更多的機會。

Got it. Thanks so much. And just on this topic, how much is cross-border as a percent of revenue for you guys? Could you remind me?

知道了。非常感謝。就這個主題而言，跨境收入佔你們收入的百分比是多少？你能提醒我嗎？

Yeah. It's a pretty small percentage overall, less than 5%.

是的。整體而言，這一比例相當小，不到 5%。

Tyler Brown, Raymond James.

泰勒布朗、雷蒙詹姆斯。

Hey. Good morning, guys. Hey, you guys obviously covered a lot. But Marty, do you think -- it's a little bit of an off-the-wall question, but do you think that the change in the administration could be an opportunity for the ATA or really the broader LTL industry to revisit the broader use of triples? I know that you used them out west, but that seems like a sizable opportunity, surmised line haul's probably your largest functional cost bucket.

嘿。大家早安。嘿，你們顯然涵蓋了很多內容。但是馬蒂，您是否認為——這是一個有點離譜的問題，但是您是否認為政府的變化可能是 ATA 或更廣泛的 LTL 行業重新審視三元組廣泛使用的一個機會？我知道您在西部使用過它們，但那似乎是一個相當大的機會，推測幹線運輸可能是您最大的功能成本。

Yeah. I think that -- Tyler, I think that's yet to be seen by the new administration. I do see some positive things down the road for the new administration. Taxes is one of them.

是的。我認為——泰勒，我認為新政府尚未意識到這一點。我確實看到新政府未來將會出現一些正面的進展。稅收就是其中之一。

But as it relates to triples, other than Pacific Northwest, that's yet to be unseen. I think that's something that they talk about all the time ATA. I'm not sure how easy that will be to do.

但就三倍數而言，除太平洋西北地區外，其他地區尚未出現這種情況。我認為這是他們一直在談論的事情 ATA。我不確定這是否容易做到。

One of the hub centers I mentioned earlier that we're building now will be able to haul Rocky Mountain doubles on the Turnpike, which will help our line haul from that aspect. But I think the jury is still out for triples in other areas. But hopefully, I would like to see that in some of the less congested areas in the future.

我之前提到的我們正在建造的樞紐中心將能夠在收費公路上運輸落基山雙軌鐵路，這將從這個方面幫助我們的幹線運輸。但我認為，對於其他領域的三重奏，人們還未達成一致意見。但我希望將來能在一些不那麼擁擠的地區看到這種現象。

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

我們的問答環節到此結束。我想將會議交還給 Marty Freeman 並請他作最後發言。

Thank you guys very much today for your questions. We appreciate it. And please feel free to give us a call after the call, and we'll be glad to answer anything we didn't cover today. So thank you, and have a good week.

非常感謝大家今天的提問。我們對此表示感謝。通話結束後，請隨時給我們打電話，我們很樂意解答今天未涉及的任何問題。謝謝你，祝你有個愉快的一週。

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。