奧多明尼昂貨運 (ODFL) 2025 Q1 法說會逐字稿

Good day and welcome to the Old Dominion Freight Line first quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Jack Atkins, Director of Finance and Investor Relations. Please go ahead.

大家好，歡迎參加 Old Dominion Freight Line 2025 年第一季財報電話會議。（操作員指示）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。請繼續。

Thank you, Nick, and good morning, everyone. Welcome to the first quarter of 2025 conference calls for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through April 30, 2025, by dialling 1-877-344-7529, access code 3942957. The replay of the webcast may also be accessed for 30 days at the Company's website.

謝謝你，尼克，大家早安。歡迎參加 Old Dominion Freight Line 2025 年第一季電話會議。今天的通話正在錄音，從今天開始到 2025 年 4 月 30 日期間均可重播，請撥打 1-877-344-7529，接入碼 3942957。您也可以在公司網站上觀看網路直播的重播，為期 30 天。

This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding old dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements without limiting the foregoing the words beliefs.

本次電話會議可能包含《1995 年私人證券訴訟改革法案》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歷史事實陳述均可視為前瞻性陳述，但不限制前述信念。

Anticipates plans, expects, and similar expressions are intended to identify forward-looking statements. You are hereby caution 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. Consequently, actual operations and results may differ materially from the results discussed before the statements.

預期、計劃、期望和類似的表達旨在識別前瞻性陳述。特此提醒您，這些聲明可能會受到 Old Dominion 向美國證券交易委員會提交的文件和今天上午的新聞稿中列出的重要因素的影響。因此，實際營運和結果可能與聲明之前討論的結果存在重大差異。

The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. 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前瞻性聲明的義務，無論由於新資訊、未來事件或其他原因。在我們開始之前最後要說的是，我們歡迎您今天提問，但要求您在返回隊列之前每次只限於一個問題。

At this time for opening remarks, I'd like to turn the conference over to our President and Chief Executive Officer, Marty Freeman. Marty, please go ahead, sir.

現在，在開幕致詞時，我想將會議交給我們的總裁兼執行長馬蒂·弗里曼 (Marty Freeman)。馬蒂，先生，請繼續。

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

大家早上好，歡迎參加我們的第一季電話會議。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)。簡短發言後，我們將非常樂意回答您的問題。

Old Dominion's first quarter financial results reflect continued softness in the domestic economy, and our revenue and earnings per diluted share both declined as a result. We are pleased, however, that our yields continue to improve and our market share remain relatively consistent. In addition, our OD family of employees continue to provide our customers with best-in-class service, while also operating efficiently.

Old Dominion 第一季的財務表現反映出國內經濟持續疲軟，因此我們的營收和每股攤薄收益均有所下降。然而，我們很高興看到我們的收益率持續提高，市佔率保持相對穩定。此外，我們的 OD 員工團隊在高效運作的同時，也持續為客戶提供一流的服務。

While we have discussed softness in the domestic economy, along with a challenging operating environment on these calls for the past couple of years, we have continued to affirm our team's commitment to executing on the fundamental elements of our long-term strategic plan. While that absolutely continues to be the case.

雖然我們在過去幾年中討論了國內經濟的疲軟以及充滿挑戰的經營環境，但我們仍然堅定地確認我們的團隊致力於執行長期戰略計劃的基本要素。但事實絕對仍是如此。

We want you to understand that our team also continues to focus on maximizing our operating efficiencies and reducing our discretionary spending in an effort to protect our operating ratio. Improving the operating efficiency in our network is very difficult to achieve when a reduction in density is experienced. That is why I'm proud that we improved our platform shipment per hour and P&D shipment per hour in the first quarter, despite the 5% decline in our LTL shipment per day.

我們希望您了解，我們的團隊也將繼續致力於最大限度地提高我們的營運效率並減少我們的可自由支配的支出，以努力保護我們的營運比率。當密度降低時，提高網路的運作效率是非常困難的。這就是為什麼我感到自豪，儘管我們的每日 LTL 出貨量下降了 5%，但我們在第一季提高了每小時平台出貨量和每小時 P&D 出貨量。

Our team did this while also maintaining the highest level of customer service. We are pleased to once again provide 99% on time service performance and a cargo claims ratio below 0.1%. We have strengthened our customer relationship over time by consistently providing superior service at a fair price, which is added value to our business. Importantly, our service performance also continues to support our discipline, cost-based approach to yield management.

我們的團隊在做到這一點的同時，也保持了最高水準的客戶服務。我們很高興再次提供99％的準時服務績效和低於0.1％的貨物索賠率。我們始終如一地以合理的價格提供優質的服務，從而加強了與客戶的關係，這為我們的業務增加了價值。重要的是，我們的服務表現也持續支持我們基於成本的收益管理方法。

One doesn't happen without the other, and we believe our unmatched value proposition will support our ability to win market share over the long term. As we win share, our operating density will improve and create the leverage that should help drive improvement in our operating ratio.

兩者缺一不可，我們相信，我們無與倫比的價值主張將支持我們長期贏得市場份額的能力。隨著我們贏得市場份額，我們的營運密度將會提高，並創造槓桿作用，這將有助於推動我們的營運比率的提高。

We continue to believe that the path to long term profitable growth and operating ratio improvement is the balance between operating density and yield management. Both of these initiatives generally require the support of a favourable economic environment.

我們仍然相信，實現長期獲利成長和營業比率改善的途徑是營業密度和收益管理之間的平衡。這兩項措施通常都需要良好的經濟環境的支持。

We entered this year with a degree of cautious optimism based on customer feedback and improving macroeconomic data points. I said, was that increased clarity around taxes and regulation will lead to greater business confidence, investment, and ultimately increased freight volumes.

根據客戶回饋和不斷改善的宏觀經濟數據點，我們懷著一定程度的謹慎樂觀態度進入今年。我說的是，稅收和監管更加清晰將會增強商業信心和投資，並最終增加貨運量。

We were encouraged to see signs of improved demand for our service in the first quarter and our LTL tons per day in both February and March tracked in line with Norman normal seasonality. That said, there continues to be uncertainty with the economy, which can mean that a full recovery in our business trends might take additional time.

我們很高興地看到，第一季我們服務的需求有好轉的跡象，二月和三月我們每天的零擔噸數與諾曼正常的季節性情況一致。儘管如此，經濟仍然存在不確定性，這意味著我們的業務趨勢的全面復甦可能還需要更多時間。

While we can't control the macro environment, we will remain focused on controlling those things that we can by consistently executing on our long-term strategic plan. Our team's dedication to our customers and commitment to excellence has allowed us to win more market share than any other carrier over the past decade. We continue to believe that providing superior service, maintaining our disciplined approach to yield management.

雖然我們無法控制宏觀環境，但我們將繼續專注於透過持續執行我們的長期策略計劃來控制那些我們能夠控制的事情。我們團隊對客戶的奉獻和對卓越的追求使我們在過去十年中贏得了比任何其他營運商更多的市場份額。我們始終堅信，提供優質服務，保持嚴謹的收益管理方法。

(technical difficulty) Pardon me, ladies and gentlemen, it appears we have lost connection to our speaker line. Please stand by while we reconnect. Thank you for your patience.

（技術故障）女士們、先生們，請原諒，看來我們的揚聲器線路已經斷開。請稍候，我們將重新連線。感謝您的耐心。

No sale.

沒有銷售。

Pardon me, this is the operator. We have reconnected the speakers and we'll continue. Please proceed.

不好意思，我是接線生。我們已經重新連接了揚聲器並將繼續。請繼續。

Good morning. I'm sorry for the technical difficulties. We had some phone issues here, but I'll continue, where I left off, but, what I meant for you to hear is what, while we can't con control the macroeconomic environment, we will remain focused on controlling those things that we actually can, and that's by consistently executing on our long term strategic plan.

早安.對於技術問題，我深感抱歉。我們在這裡遇到了一些電話問題，但我將繼續剛才的發言，我的意思是，雖然我們無法控制宏觀經濟環境，但我們將繼續專注於控制那些我們實際上可以控制的事情，那就是始終如一地執行我們的長期戰略計劃。

Our team's dedication to our customers and commitment to ex excellence has allowed us to win more market share than any other carrier over the past decade. We continue to believe that providing superior service, maintaining our discipline as it is the yield management, controlling our expenses and cons, consistently investing in our team and our network, we also are uniquely positioned to respond to an improving economy.

我們團隊對客戶的奉獻精神和對卓越的承諾使我們在過去十年中贏得了比任何其他營運商更多的市場份額。我們始終相信，透過提供優質的服務、堅持收益管理的紀律、控制我們的費用和成本、持續投資於我們的團隊和網絡，我們也能以獨特的方式應對經濟的改善。

There have been plenty of changes, in our industry over the past couple of years, but nothing has changed our long-term outlook for additional market share opportunities or our belief that we can win more market share over the long term than any of our competitors. As a result, we remain confident in our ability to produce long-term profitable growth and increased value for our shareholders. I appreciate you joining us this morning and now I'll turn it over to Adam for the first quarter in greater detail.

過去幾年，我們的行業發生了許多變化，但沒有什麼能改變我們對額外市場份額機會的長期展望，也沒有什麼能改變我們能夠比任何競爭對手贏得更多市場份額的信念。因此，我們仍然對自己為股東實現長期獲利成長和增加價值的能力充滿信心。感謝您今天早上加入我們，現在我將把第一季的詳細情況交給亞當。

Thank you, Marty, and good morning. Old Dominion's revenue totalled $1.37 billion for the first quarter of 2025, which was a 5.8% decrease from the prior year. Our revenue results reflect the 6.3% decrease in LTL tons per day, which was partially offset by a 2.2% increase in LTL revenue per 100 weight. We also had one less workday in the first quarter of last year.

謝謝你，馬蒂，早安。2025 年第一季度，Old Dominion 的總收入為 13.7 億美元，比前一年下降了 5.8%。我們的收入結果反映出每日零擔貨運噸數減少了 6.3%，但每 100 重量零擔貨運收入增加了 2.2%，部分抵消了這一下降。去年第一季我們的工作日也少了一個。

On a sequential basis, our revenue per day for the first quarter decreased 2.4% when compared to the fourth quarter of 2024, with the LTL tons per day decreasing 3.5% and LTL shipments per day decreasing 2.6%. For comparison, the 10 year average sequential change for these metrics includes a decrease of 2.1% in revenue per day.

以環比計算，與 2024 年第四季相比，我們第一季的每日收入下降了 2.4%，其中每日零擔貨運噸數下降了 3.5%，每日零擔貨運量下降了 2.6%。相較之下，這些指標的 10 年平均連續變化包括每日收入下降 2.1%。

A decrease of 1.6% in LTL tons per day and a decrease of 0.9% in LTL shipments per day. The monthly sequential changes in the LTL tons per day during the first quarter were as follows. January decreased 3.8% as compared to December. February increased 1.9% as compared to January, and March increased 4.8% as compared to February.

每日零擔噸數減少1.6%，每日零擔貨運量減少0.9%。第一季每日零擔噸數的月度連續變化如下。1月季減3.8%。2月份較上季1月成長1.9%，3月份較上季2月成長4.8%。

The 10 year average change for these respective months is a decrease of 0.4% in January. An increase of 1.4% in February and an increase of 4.9% in March.

這些月份的 10 年平均變化量為 1 月下降 0.4%。2月份成長1.4%，3月成長4.9%。

While there are still several workdays that remain in April, our month to date revenue per day has decreased 7% on a year to year basis, although we know that this is impacted by the timing of the Good Friday holiday. The holiday was in April of this year, but it was included in March of last year.

雖然四月還剩下幾個工作日，但我們本月迄今的每日收入比去年同期下降了 7%，儘管我們知道這是受到耶穌受難日假期時間的影響。今年的假期是在四月，但去年是三月才放的。

We anticipate that our revenue per day for the full month of April will decrease approximately 6% plus or minus 50 basis points. This obviously depends upon our revenue performance for the remaining days of this month. As usual, though, we will provide the actual revenue-related details for April in our first quarter Form 10-K.

我們預計，四月的每日收入將下降約 6%，上下浮動 50 個基點。這顯然取決於我們本月剩餘幾天的收入表現。不過，與往常一樣，我們將在第一季的 10-K 表中提供 4 月份的實際收入相關詳細資訊。

Our operating ratio increased 190 basis points to 75.4% for the first quarter of 2025, as the decrease in our revenue had a deleveraging effect on many of our operating expenses. This contributed to the 130 basis points increase in our overhead cost as a percent of revenue.

2025 年第一季度，我們的營業比率增加了 190 個基點，達到 75.4%，因為收入的減少對我們的許多營業費用產生了去槓桿效應。這導致我們的管理費用佔收入的百分比增加了 130 個基點。

Within our overhead cost, our depreciation as a percent of revenue increased by 70 basis points, and we, as we have also continued to execute our long-term capital expenditure plan. While this strategy has created short-term headwinds for our margins, we believe that investing through the economic cycle is a critical differentiator between us and our competition.

在我們的間接費用中，折舊佔收入的百分比增加了 70 個基點，我們也繼續執行我們的長期資本支出計畫。雖然這項策略在短期內為我們的利潤率帶來了阻力，但我們相信，在經濟週期中進行投資是我們與競爭對手的關鍵區別所在。

History has proved that this strategy has supported our ability to win significant market share when the economy is at its strongest. As a result and based on the confidence that we have in future market share opportunities, we have spent $1.5 billion on capital expenditures over the past two fiscal years.

歷史證明，這項策略幫助我們在經濟最強勁的時候贏得了相當大的市場份額。因此，基於對未來市場份額機會的信心，我們在過去兩個財年中已花費 15 億美元用於資本支出。

We have plenty of capacity within our service centre network to accommodate future growth due to these ongoing investments. As a result, we recently re-evaluated each project on our 2025 capital expenditure plan and elected to defer certain projects to future periods. In addition, we reduced the amount of new equipment that we plan to purchase this year.

由於這些持續的投資，我們的服務中心網路擁有足夠的容量來適應未來的成長。因此，我們最近重新評估了 2025 年資本支出計畫中的每個項目，並選擇將某些項目推遲到未來時期。此外，我們減少了今年計劃購買的新設備數量。

We now expect our capital expenditures will total approximately $450 million in 2025, which is a $125 million reduction from our initial plan. Our direct operating cost also increased as a percent of revenue in the first quarter due primarily to an increase in cost associated with our group health and dental plans.

我們現在預計，2025 年我們的資本支出總額將達到約 4.5 億美元，比我們最初的計畫減少 1.25 億美元。我們第一季的直接營運成本佔收入的百分比也有所增加，這主要歸因於與我們的團體健康和牙科計劃相關的成本增加。

This resulted in our total employee benefit cost increasing to 38.2% of salaries and wages from 35.6% in the first quarter of 2024.

這導致我們的員工福利總成本從 2024 年第一季的薪資和薪水的 35.6% 增加到 38.2%。

Overall, we continue to be pleased with our team's efforts to control the cost that we can control while also maintaining a focus on doing what is best for our business over the long term. Old Dominion's cash flow from operations totalled $336.5 million for the first quarter of 2025, while capital expenditures were $88.1 million.

總體而言，我們仍然對我們的團隊在控制可控成本的同時，專注於長期為我們的業務做最好的事情的努力感到滿意。2025 年第一季度，Old Dominion 的營運現金流總計 3.365 億美元，而資本支出為 8,810 萬美元。

We utilize $201.1 million in cash for our share repurchase program during the first quarter, while our cash dividends totalled $59.5 million. Our effective tax rate for the first quarter of 2025 was 24.8% as compared to 25.6% in the first quarter of 2024.

我們在第一季利用 2.011 億美元現金用於股票回購計劃，而我們的現金股利總額為 5,950 萬美元。我們 2025 年第一季的有效稅率為 24.8%，而 2024 年第一季的有效稅率為 25.6%。

We currently expect our effective tax rate will be 24.8% for the second quarter of 2025. This concludes our prepared remarks this morning. The operator will be happy to open the floor for questions at this time.

我們目前預計 2025 年第二季的有效稅率為 24.8%。今天上午我們的準備演講到此結束。接線生將很樂意在此時回答大家的提問。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

（操作員指示）Jordan Alliger，高盛。

Yeah, hi, good morning, everyone. I was wondering if you could give a little bit of color, given all the uncertainty that's going on and with tariffs and manufacturing, there's a way to think about, seasonality as we go from first quarter to second quarter and then just sort of maybe involved with that, given we've been in a two year freight recession already if we did have ongoing slowdown or recession. Would the impact be more muted since we've already been in a downturn, or is that difficult to say? Thanks.

是的，大家早安。我想知道您是否可以提供一些信息，考慮到正在發生的所有不確定性以及關稅和製造業，有一種方式可以考慮季節性，從第一季度到第二季度，然後可能與此有關，因為我們已經經歷了兩年的貨運衰退，如果我們確實持續放緩或衰退。由於我們已經處於低迷狀態，其影響是否會變得更小，或者這很難說？謝謝。

Yeah Jordan, are you talking about, seasonality with respect to.

是的，喬丹，你談論的是季節性嗎？

Revenue margins, yeah, I guess margins and revenue. I mean both will be asked, I'm sure.

收入利潤率，是的，我想是利潤率和收入。我的意思是，我確信兩者都會被問到。

Yeah, I guess I'll start with the margin then and save the revenue discussion for later, although a lot of the margin, discussion depends upon the revenue.

是的，我想我會先從利潤開始，然後將收入討論留到以後，儘管很多利潤討論都取決於收入。

But you know our 10 year average is 300 basis points to 350 basis points sequential increase from the first to the second quarter, but that's typically based on our revenue growing about 8% from the first to the second quarter, which I don't know that we're anticipating that based on what we've seen so far in April and just the general, uncertainty with the macro, I think kind of the way to look at it is if revenue per day kind of stays flattish, with where we've been thus far in April, I think that we would expect to see an improvement in the first to the second quarter somewhere around 100 basis points.

但您知道，我們的 10 年平均值是從第一季度到第二季度連續增加 300 個基點到 350 個基點，但這通常是基於我們的收入從第一季度到第二季度增長約 8% 而我不知道我們是否根據 4 月份迄今為止的情況以及宏觀的不確定性做出了這樣的預期，我認為每日問題的方式是，如果這個問題的方式是，如果這個問題的預期月迄今的情況，我認為我們預計第一季到第二季的營收將提高 100 個基點左右。

Plus or minus, obviously whatever happens on the top line and I would expect that our salaries, wages and benefits will probably be flattish with the first quarter, and that's what we've seen the last couple of years, where we've had, we've lacked that revenue growth from the first to the second quarter and typically that's where we get a lot of that 300 basis points to 350 basis points on average about 200 of that.

顯然，無論營業額發生什麼變化，我都預期我們的薪資、薪資和福利可能會與第一季度持平，這就是我們在過去幾年看到的情況，從第一季到第二季度，我們的收入缺乏成長，通常情況下，我們的營收成長幅度在 300 個基點到 350 個基點之間，平均約為 200 個基點。

Sequential benefit is on the salary wages and benefits line. So, obviously that's revenue dependent. We're expecting a little pressure on our operating supplies and expenses. Some of that's probably going to be a tariff impact on parts and repairs, our overhead costs, which are more fixed in nature, those have been running about $300 million, $305 million in total.

連續福利是在薪資和福利線上。所以，這顯然取決於收入。我們預計我們的營運供應和支出將面臨一些壓力。其中一些可能是關稅對零件和維修的影響，我們的間接成本本質上是比較固定的，總計約 3 億美元，3.05 億美元。

Each quarter and, so I think that's where a lot of the plus minus that we might see, might come in just depending on what the revenue does cause that that total is going to be there just depends on what the top line will look like. So, I think just the biggest variable that we're contending with once again is what the revenue is going to look like.

每個季度，所以我認為這就是我們可能會看到的許多正負值，可能只是取決於收入是多少，導致總數是多少，只是取決於頂線是什麼樣子。所以，我認為我們再次面臨的最大變數就是收入會是什麼樣子。

Jonathan Chappell, Evercore ISI.

喬納森·查佩爾（Jonathan Chappell），Evercore ISI。

Thank you. Good morning. Adam, thanks for the April to date, revenue per day. If you could just provide the breakdown of that on tonnage and yield [X] fuel, understanding there's a few days left and as it relates to that latter part on the revenue X fuel, have you seen any change in the pricing environment, as the tonnage headwinds are maintained a lot longer than I think many expected.

謝謝。早安.亞當，感謝您提供四月份迄今為止的每日收入。如果您能提供噸位和收益 [X] 燃料的明細，了解還剩下幾天時間，並且與後一部分收入 X 燃料相關，您是否看到定價環境有任何變化，因為噸位逆風持續的時間比我認為的許多人預期的要長得多。

Yeah, the right now because we just had Good Friday last week, I intentionally didn't give the, that breakdown, for that reason, really the numbers are a little bit skewed, but I think just trying to look through and, forecasting out what we might end up seeing, our wait for shipment has dropped as we have come from March to April, so sequentially there.

是的，現在因為上週剛過完耶穌受難日，我故意沒有給出具體數據，因為這個原因，數據確實有點偏差，但我認為，只要看一下，預測一下我們最終可能會看到什麼，從三月到四月，我們等待發貨的時間已經減少了，所以是連續的。

A little bit more than what we would typically see, but we saw an acceleration in March, that was above what we would normally see. So, if you just kind of take February and roll it forward with normal seasonality, we're about where we are, which is around GBP1470, so far in the month of April. So that's given a little boost, to our revenue per 100 weights.

比我們通常看到的要多一點，但我們在三月看到了加速，這高於我們通常看到的。因此，如果僅以二月為例，並且按照正常的季節性規律向前推移，那麼四月份的銷售額就大約是 1470 英鎊。因此，這對我們每 100 重量的收入有一定的促進作用。

I think just looking at where we are right now, the revenue per 100 weight and hoping that we'll see a little bit of acceleration for the remainder of the period. I would think for the full quarter we're probably looking at that rev per 100 way excluding fuel being somewhere in that 5% to 5.5% range, so a little acceleration versus what we just had, in the first quarter.

我認為只要看看我們現在的情況，每 100 重量的收入，並希望我們能夠在剩餘時間內看到一點加速。我認為，就整個季度而言，我們可能會看到每 100 轉的轉速（不包括燃料）在 5% 到 5.5% 的範圍內，因此與第一季相比會略有加速。

And normal seasonality would put us at the top of that range I just gave. But, again, we'll just look at the balance of what continues to happen, from an underlying mix standpoint. But, overall, with respect to the yield environment, I can't report obviously on what the other carriers are doing, but I've been really pleased that we've been able to successfully get increases as we've gone through bids and it's not only what we've done in the first quarter and so far in the month of April, but it's really what we've done over the last couple of years.

正常的季節性會讓我們處於我剛才給出的範圍的頂端。但是，我們再一次從底層混合的角度來看一下持續發生的事情的平衡。但總體而言，就收益環境而言，我顯然無法報告其他運營商的表現，但我很高興我們能夠通過投標成功實現收益增長，這不僅是我們在第一季和四月份迄今為止所做的，也是我們在過去幾年所做的。

And we're fully committed to our long-term yield management strategy and being consistent and fair in that regard and I think it's proven to be it's worth when you look over the long term and the financial results that that we've been able to produce and you know our costs aren't, are decreasing.

我們完全致力於我們的長期收益管理策略，並在這方面保持一致和公平，我認為，從長遠來看，它已被證明是值得的，我們已經能夠產生財務結果，而且你知道我們的成本並沒有減少。

Our costs continue to go up and so that's why we've got to continue to ask for increases and the encouraging thing though we talked about this from a demand standpoint is, we won, we've maintained our market share through this period, somewhere in that 12% to 13% range, but, we were starting to see a re-acceleration in our business.

我們的成本持續上升，所以我們必須繼續要求增加成本，令人鼓舞的是，我們從需求的角度談論了這一點，我們贏了，我們在這段時期保持了我們的市場份額，在 12% 到 13% 的範圍內，但是，我們開始看到我們的業務重新加速。

We had two months of tonnage that was at, seasonality and so we're winning share, we're starting to win share and doing it at our prices and that's encouraging to see, obviously we've had a little disruption here like everyone else has so far in April, but hopefully once that gets resolved, we'll see the re-acceleration in the macro environment that that we were really hoping for and starting to see early signs of the February and March trend.

我們有兩個月的噸位處於季節性，因此我們正在贏得份額，我們開始贏得份額並以我們的價格進行銷售，這令人鼓舞，顯然我們在這裡遇到了一些混亂，就像 4 月份到目前為止的其他人一樣，但希望一旦這個問題得到解決，我們將看到宏觀環境重新加速，正如我們真正希望的那樣，並開始看到 2 月和 3 月趨勢的早期跡象。

Got it thanks a lot, Adam.

明白了，非常感謝，亞當。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Thanks morning, everyone. So just on the CapEx, can you help us understand kind of how much of the CapEx got is just purely related to macro versus maybe idiosyncratic to ODFL, given your own investment base, as you mentioned, or maybe even a function of what you're seeing out there kind of broadly in the LTL space.

謝謝大家早安。那麼，就資本支出而言，您能否幫助我們了解，有多少資本支出純粹與宏觀相關，還是可能與 ODFL 有特殊關係，考慮到您自己的投資基礎，正如您所提到的，或者甚至可能是您在 LTL 領域廣泛看到的情況的一個函數。

Yeah, I think that, like we mentioned on the, earlier, and we may have to increase our CapEx budget for a new phone system, so we'll contemplate that afterwards, but I think that we've talked the last couple of quarters about how we've continued to invest in our system and look, we sit down from a real estate standpoint and look at where we think we're going to be long term from a market share standpoint, and we always want to stay ahead of the growth curve and we've continued to invest pretty significantly, the last couple of years when we haven't had growth in shipments per day, but we are comfortable in those long term opportunities and confident that we'll achieve, those initiatives and so that's why we've continued to invest.

是的，我認為，就像我們之前提到的那樣，我們可能不得不增加新電話系統的資本支出預算，所以我們稍後會考慮這個問題，但我認為我們已經在過去幾個季度討論過如何繼續投資我們的系統，我們從房地產的角度坐下來，從市場份額的角度來看待我們的長期發展，我們始終希望保持領先於成長曲線，並且我們繼續進行相當大的投資，過去幾年，我們的每日出貨量沒有成長，但我們對這些長期機會感到滿意，並有信心我們將實現這些舉措，這就是我們繼續投資的原因。

But within the real estate network, which is usually what we comment on, we've got north of 30% capacity and so we went through each and every project and, just talked about is the right thing to do now versus just waiting to until a later period. Those projects that we've got and, we reduced the CapEx for that they aren't going to go away, they're just going to be done at a later time so, we felt like that would help us.

但在我們通常評論的房地產網絡內，我們的容量已超過 30%，因此我們仔細研究了每一個項目，剛才談到現在做正確的事，而不是等到以後再做。對於我們已經擁有的那些項目，我們減少了資本支出，因為它們不會消失，只是會在稍後完成，所以我們覺得這對我們有幫助。

Given the continued uncertainty with the economy to prevent a little bit of depreciation continuing to come on the books, because that's how depreciation has been a big driver in the inflation that we've seen in our overhead cost as a percent of revenue, over the last couple of years and then. The fleet was something similar, just looking at kind of where our fleet stands right now.

鑑於經濟的持續不確定性，為了防止帳面繼續出現少量貶值，因為這就是貶值成為通貨膨脹的一個重要驅動因素的原因，我們在過去幾年中已經看到間接成本佔收入的百分比。艦隊的情況類似，看看我們艦隊現在的位置。

We've invested the last couple of years. We had some deferred CapEx, really, when you think about going all the way back to the pandemic, all the growth that we had in '21 and '22 and trying to keep pace, holding on to older equipment, OEMs having challenges.

過去幾年我們進行了投資。實際上，我們有一些遞延的資本支出，當你想到一直追溯到疫情期間，我們在 21 年和 22 年實現的所有增長，並試圖跟上步伐，保留舊設備，原始設備製造商面臨挑戰。

So we had some deferred CapEx in the system, but just going through and kind of looking at where our power fleet in particular stands and what we felt like we've got capacity to be able to handle, if our business continued to grow and if we saw some re-acceleration in the trends like we did in February and March.

因此，我們的系統中有一些遞延的資本支出，但只是回顧一下我們的電力隊伍的具體情況，以及我們認為我們有能力處理什麼，我們的業務是否繼續增長，以及我們是否看到趨勢像 2 月和 3 月那樣重新加速。

If those continue through September where we might be and what we might be able to handle, so we feel like we've got, all three phases of the capacity gain covered with the, what we have today, and that's, service centre capacity, our fleet capacity, and most importantly on the people side, and you know our team's in a great position to handle the business that we have, but to handle additional growth that that we hope we'll start seeing this year.

如果這些情況持續到 9 月份，我們可能會處於什麼狀態以及我們可能能夠處理什麼，所以我們覺得我們已經涵蓋了容量增長的所有三個階段，包括我們今天所擁有的，也就是服務中心容量、我們的車隊容量，最重要的是在人員方面，你知道我們的團隊處於一個很好的位置來處理我們現有的業務，但也要處理我們希望今年開始看到的額外增長。

Understood, thank you.

明白了，謝謝。

Tom Watowitz, UBS.

瑞銀的湯姆‧沃托維茲。

Yeah, good morning. Wanted to see if you could comment on how you think about the importance of retail customers to LTL overall. I think maybe you have a little more exposure than others, but you know LTL is primarily in you know lever to industrial the reason I ask is it seems like, you at least on the margin there might be more competition for those type of customers.

是的，早安。想看看您是否可以評論一下您如何看待零售客戶對 LTL 整體的重要性。我認為您的曝光度可能比其他人高一點，但您知道 LTL 主要用於工業槓桿，我問這個問題的原因是，至少在利潤率上，對於這類客戶來說，競爭可能會更激烈。

I suppose, the Amazon question if can they do anything in LTL? Well, they, if they do, it seems like that would be in retail and kind of inbound their fulfilment centres. So maybe you, it's not your business, you don't care, but also, I guess [UPS], doing a little more of their 100-way product. I don't know, they, maybe that's a little on the margin.

我想，亞馬遜的問題是他們是否可以在 LTL 領域做任何事情？嗯，如果他們這麼做了，似乎是在零售和入庫履行中心。所以也許這不是你的事，你不在乎，但我猜 [UPS] 也會多做一些他們的 100 路產品。我不知道，也許這有點邊緣。

I don't know there might be other players, but just wondering how you think about that and also I suppose if there's some impact from imports, maybe that would come to more on the retail side so just. You know how important is retail demand and competition overall LTL market, thank you.

我不知道是否有其他參與者，但只是想知道您對此有何看法，而且我想如果進口產生一些影響，那麼也許這會更多地影響零售方面。您知道零售需求和競爭對整個零擔市場有多重要，謝謝。

Yeah, we really don't see Amazon's LTL offering as a threat to the LTL industry, especially Old Dominion. As I understand it, it's, mainly geared towards their own suppliers, and I actually see, it is an opportunity for us, to help them with their logistic needs, if their suppliers need to pick up the same day. We certainly cover all 48 states and we're able to help them out with that. So I don't really see that as a material threat to us, more of an opportunity in my opinion.

是的，我們確實不認為亞馬遜的 LTL 服務會對 LTL 產業（尤其是 Old Dominion）構成威脅。據我了解，這主要面向他們自己的供應商，而且我實際上看到，如果他們的供應商需要當天提貨，這對我們來說是一個幫助他們滿足物流需求的機會。我們的覆蓋範圍當然是全美 48 個州，因此我們有能力為他們提供幫助。因此，我並不認為這對我們構成實質威脅，在我看來，這更像是個機會。

Yeah, you had a lot of questions and baked into that, but just to add a little bit more, retail is about 25% to 30% of our business overall. So, obviously we still see and have a lot of exposure to the industrial environment and but I think that the retail opportunity will continue to be a tailwind for the LTL industry.

是的，您有很多問題，並且已經考慮到了這一點，但我再補充一點，零售約占我們整體業務的 25% 到 30%。因此，顯然我們仍然看到並大量接觸工業環境，但我認為零售機會將繼續成為 LTL 行業的順風。

And as more and more, the retail world moves to e-commerce, we've seen it developing over time that, that's an opportunity for shipment sizes to become smaller and to be moved through an LTL network and those retailers can leverage, our network is part of their supply chain. And so, I think that that will continue to play out.

隨著零售業越來越多地轉向電子商務，我們看到它隨著時間的推移而發展，這是一個機會，使貨物尺寸變得更小，並透過 LTL 網路運輸，而那些零售商可以利用我們的網路作為其供應鏈的一部分。所以，我認為這種情況將會持續下去。

The good thing about many of those large retailers, that many of them have on time and in full programs in place, and it puts the burden on the vendor that's controlling the freight charges and choosing the carrier to select a carrier that can help them meet those on time in full metrics and avoid fines and chargebacks, and there's no one with better service than Old Dominion.

許多大型零售商的好處是，他們中的許多都已製定準時且完整的計劃，並且它將負擔放在控制運費和選擇承運人的供應商身上，以選擇可以幫助他們按時全額滿足這些指標並避免罰款和退款的承運人，而沒有一家公司的服務比 Old Dominion 更好。

Despite what maybe some other carries might tell you, and I think it was proven by last year's master results where we won for the 15 straight year, but, 99% on time service, the claims ratio that would round down to zero, if we reported it out and so we, we've got the best on time claims free service and can help those that are delivering into that retail world and add value to their supply chain. So, I think that's something that we'll continue to see. As an opportunity of growth for the industry, but an even bigger opportunity for all dominion.

儘管其他承運商可能會告訴您這一點，但我認為去年的總業績已經證明了這一點，我們連續 15 年獲勝，但是，99％ 的準時服務，如果我們報告的話，索賠率將四捨五入為零，因此，我們擁有最好的準時無索賠服務，可以幫助那些進入零售領域的客戶，並為他們的供應增加價值。所以，我認為我們會繼續看到這種情況。這對產業來說是一個成長的機會，但對於所有領域來說，這更是一個巨大的機會。

Do you think it's right to say the retail is more important libra and a little more risk to tariffs?

您認為，零售業對 Libra 更為重要，且關稅風險更大，這種說法正確嗎？

Well, I think obviously, that's there, there's a lot of imported product, but, I think that, again, it's looking for the opportunities that exist and that's what our sales team, they'll do. They stay in front of our customers and. And talk about how we can help them add value and ultimately save money within their supply chain by choosing old dominions.

嗯，我認為顯然存在這樣的情況，有很多進口產品，但是，我認為，我們正在尋找存在的機會，這就是我們的銷售團隊會做的事情。他們一直站在我們的客戶面前。並討論我們如何透過選擇舊領土來幫助他們增加價值並最終在他們的供應鏈中節省資金。

So you know that's the sale that we'll continue to make and I don't think there's anyone with a better value proposition in our industry than what we can offer. So, we'll continue to drive that home and with some of these other changes, we've talked about the other long-term opportunity for the LTL industry will be near shoring and reshoring. So if we see increased manufacturing, activity in North America, I would say.

所以你知道這是我們將繼續進行的銷售，我認為在我們的行業中沒有人能提供比我們更好的價值主張。因此，我們將繼續推動這一點，隨著其他一些變化，我們已經談到 LTL 行業的另一個長期機會將是近岸外包和回岸外包。因此，如果我們看到北美製造業活動增加，我會說。

I think that creates a tremendous opportunity for us as well, both inbound product, raw materials, and so forth going into those plants, but as well as us being able to get the finished good. Out the back door and, like I mentioned earlier, just leveraging our network is part of our customers supply chains to get product moved throughout the US and more and more of that product has got to be staged closer to the consumer to be delivering in the shortest window possible and in those fulfilment centres, they want to maximize the number of [SKUs] they can.

我認為這也為我們創造了巨大的機會，不僅包括進入這些工廠的入站產品、原料等，我們也能夠獲得成品。從後門出去，就像我之前提到的，利用我們的網路是我們客戶供應鏈的一部分，將產品運往美國各地，越來越多的產品必須更接近消費者，以便在盡可能短的時間內送達，在這些履行中心，他們希望最大限度地增加 [SKU] 的數量。

Have and those are very minimal, inventory quantities typically to do so, which is why they want to make sure when they make an order that is delivered on time and without damage. So, again, I think that's the ongoing opportunity, for us and those, two components there will continue to be tailwinds for the industry where I think we can be the biggest beneficiary.

庫存數量通常非常少，這就是為什麼他們希望確保訂單能夠準時交付且沒有損壞。因此，我再次認為，對於我們和這兩個組成部分來說，這是一個持續的機會，將繼續為該行業帶來順風，我認為我們可以成為最大的受益者。

Great, thank you.

太好了，謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Morning, guys. Adam, or commentary you gave for Q2, I missed what the revenue assumption was. Were you saying that stats of revenue are basically flat from Q1 to Q2? I just want to understand that and then maybe just more broadly if you could just talk about pricing and the competitive dynamic and if you're still able to get like the 1points to 2 points of price above inflation, or if it's getting any harder, more competitive, some high-level thoughts there, thank you.

嘿，謝謝。早安，大家。亞當，或者你對第二季的評論，我錯過了收入假設是什麼。您是說第一季和第二季的營收數據基本上持平嗎？我只是想了解這一點，然後也許更廣泛地說，如果你可以談談定價和競爭動態，如果你仍然能夠獲得高於通貨膨脹率 1 到 2 個點的價格，或者如果變得更加困難，競爭更加激烈，那麼請提出一些高層次的想法，謝謝。

Yeah, the, so that guidance was based on if the revenue per day that we're seeing, if it just kind of stays flattish with what we've seen so far in April, and ignoring Good Friday is typically about 60% of a normal workday, so kind of take that day out of the mix. But if we followed along kind of flattish per day, didn't see any acceleration in the business, that would put us with revenue, in total for the quarter of about $1.4 billion.

是的，這個指導是基於我們所看到的每日收入，如果它與我們在 4 月迄今為止看到的持平，並且忽略耶穌受難日通常佔正常工作日的 60% 左右，所以可以把那一天排除在外。但如果我們每天的銷售額保持平穩，沒有看到業務有任何加速，那麼我們本季的總收入將達到約 14 億美元。

That'd be 5% down, compared to the second quarter of last year. If we got on the optimistic side, if, some of these things get settled, and we can see some re-acceleration in the business, you're probably the most optimistic would be if we can get back to normal seasonality, and I'm not expecting this right now, but normal seasonality.

與去年第二季相比，這一數字下降了 5%。如果我們保持樂觀，如果其中一些事情得到解決，我們可以看到業務重新加速，那麼最樂觀的可能是我們能夠恢復到正常的季節性，我現在並不期待這一點，但期待正常的季節性。

In May and June would put us at about $1.5 billion. So, we're getting back to the closer, to the flattish with last year on an overall revenue standpoint and don't want to give the pessimistic side, but, because I think, we're seeing pretty consistent trends overall as we've gone really through, the month of April. So, but we'll obviously continue to give our statistics as we go through the period. We'll give the full April and our, 10-K.

5月和6月我們的收入將達到約15億美元。因此，從整體收入角度來看，我們回到了與去年持平的水平，我們不想給出悲觀的一面，但是，因為我認為，隨著我們真正度過四月份，我們看到了總體上相當一致的趨勢。所以，但我們顯然會在這段時期繼續提供統計數據。我們將提供整個四月份的數據和我們的 10-K。

And then we'll give our mid-quarter update to talk about what, the May trend is looking like, but kind of that midpoint of just assuming, flatness, would give us, that, 100 basis points of improvement, and I think you just kind of got to go up or down from there based on, what the revenue performance might look like.

然後，我們將提供季度中期更新，討論 5 月份的趨勢如何，但假設中點持平，將給我們帶來 100 個基點的改善，我認為你只需要根據收入表現的情況從那裡上升或下降。

And then any pricing thoughts?

還有什麼定價點子嗎？

Well, we talked a little bit about that earlier and, regardless of what the other carriers are doing, we're, continuing to get our increases and that's what was so encouraging is we've been consistent, through this last couple of years and because our costs have only increased as well and so we've been consistent in our ask and I think that's the sort of getting back to this is a relationship business we always want to be consistent with our customers and we would continue to do so when the environment is accelerating.

好吧，我們之前談過這一點，無論其他承運商做什麼，我們的費用都在繼續增加，令人鼓舞的是，在過去的幾年裡，我們一直保持一致，因為我們的成本也只增加了，所以我們的要求一直保持一致，我認為這就是回到關係業務，我們始終希望與客戶保持一致，當環境加速變化時，我們將繼續這樣做。

We look at things from a cost-based mindset and we look at each account on its own operating merits and what their operating ratio is going to be. And we want to be cost plus because that plus helps us, continue to invest in, new capacity from a service centre and real estate standpoint as well as continuing to invest in new technologies.

我們從基於成本的心態看待事物，並根據每個帳戶自身的營運優點及其營運比率來審視它們。我們希望實現成本加成，因為成本加成可以幫助我們從服務中心和房地產的角度繼續投資新產能，並繼續投資新技術。

So, obviously we continue to have success with our yield management initiatives in the first quarter and that's continuing. Into the second as well, and it was looking like, we were having that acceleration in the business, given, those sequential increases that we saw in February and March.

因此，顯然我們在第一季的收益管理計畫中繼續取得成功，而這種成功還會持續下去。進入第二季度，鑑於二月和三月的連續成長，我們的業務似乎正在加速發展。

So, I think obviously at some point there's got to be an inflection in the macro and I think we're better positioned than we've ever been in the sense of the discipline that we've shown over the last couple of years and. When things really start to accelerate, that's when the OD model shines the brightest, and I think we, we've got the ability to put a significant amount of volumes into our system.

因此，我認為顯然在某個時候宏觀經濟會出現一個轉折點，而且我認為從我們過去幾年表現出的紀律性來看，我們現在所處的位置比以往任何時候都要好。當事情真正開始加速時，那就是 OD 模型發揮最大作用的時候，我認為我們有能力將大量的數據放入我們的系統中。

That's going to create a significant amount of leverage and I think it puts us right back on track with being able to achieve the long-term operating ratio improvement. That we're looking for, we've still, maintained that we want to achieve a sub 70 or goal.

這將創造大量的槓桿作用，我認為這將使我們重回正軌，能夠實現長期營運比率的改善。我們所追求的，我們仍然堅持，我們希望實現 70 以下的目標。

I think we've controlled what we can control, during these last couple of years, if I go back to, 2022, that was our, best operating ratio from an annual standpoint of 70.6%. our direct, and variable cost as a percent of revenue. Are about the same in the first quarter as they were then at about 53% of revenue, but our overhead costs are at 22% of revenue versus 17% for the full year in 2022.

我認為，在過去的幾年裡，我們已經控制了我們能夠控制的一切，如果回顧 2022 年，從年度角度來看，這是我們最好的營運比率，即 70.6%。我們的直接成本和變動成本佔收入的百分比。第一季的支出與當時大致相同，約佔收入的 53%，但我們的管理費用佔收入的 22%，而 2022 年全年為 17%。

So once we start growing again, our network is built for more shipments per day than what we're handling right now, but it's going to create tremendous leverage there on those overhead costs and we'll get leverage on our variable cost as well, but that's what's going to allow us to continue to drive this operating ratio lower over time.

因此，一旦我們再次開始成長，我們的網路將能夠處理比現在更多的每日出貨量，但這將在這些間接成本上創造巨大的槓桿作用，我們也將在可變成本上獲得槓桿作用，但這將使我們能夠隨著時間的推移繼續降低這一營運比率。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hi, thanks for taking the question. So maybe following that line there, Adam, or even Marty, I guess, I mean, I know we like to call it a freight recession in the last 2.5 years, but volumes have been down versus an up economy, even if the industrial side has been soft, and we understand that. But at some point, we just got to call a spade a spade, right? Like LTL is definitely pricing modal substitution here. So at what point do you need to think strategically if the market's going to continue to remain down, is that just what you want to track, or do you need to start thinking differently about this longer term?

你好，謝謝你回答這個問題。所以也許按照這個思路，亞當，或者甚至是馬蒂，我想，我的意思是，我知道我們喜歡稱之為過去 2.5 年的貨運衰退，但與經濟上漲相比，貨運量一直在下降，即使工業方面一直疲軟，我們也理解這一點。但到了一定時候，我們就得實話實說，對吧？就像 LTL 在這裡肯定是定價模式替代一樣。那麼，如果市場繼續保持低迷，你需要在什麼時候進行策略思考，這只是你想要追蹤的，還是你需要開始以不同的方式思考這個長期問題？

Well, I think, obviously, LTL is a market into itself, and there's at the fringe, some modal consolidation opportunities that we've seen, where the truckload market has been so weak, the customers have been able to consolidate some heavier loads into one, but at the end of the day, when shippers are, moving 1,500 pounds, 1,600 pounds loads, and loads that have got specific appointment times when you've got delivery, they need to leverage the real estate network that that, us and other LTO providers have built, truckload carriers can't really solve that need and obviously we've got to keep cost.

嗯，我認為，顯然 LTL 本身就是一個市場，在邊緣，我們看到了一些模式整合的機會，在整車市場如此疲軟的情況下，客戶能夠將一些較重的貨物合併成一個，但最終，當托運人運輸 1,500 磅、1,600 磅的貨物，以及在交貨時有特定預約時間的貨物時，他們需要利用我們和其他 LTO提供者已經建立的房地產網絡，整車承運商無法真正解決這一需求，顯然我們必須保持成本。

In mind as we go and that's what we do every day. We're thinking every day about how we manage and keep our cost inflation in check, and you know I'm pleased when we look over the last 10 years to 15 years, we've been able to keep our cost per shipment inflation. In the 3.5% to 4% range and obviously we target trying to achieve 100 basis points to 150 basis points of positive spread above that.

我們時時刻刻牢記這一點，這就是我們每天所做的事情。我們每天都在思考如何管理和控製成本通膨，我很高興看到，回顧過去 10 到 15 年，我們能夠控制每批貨物的成本通膨。在 3.5% 到 4% 的範圍內，顯然我們的目標是實現高於該水平 100 個基點到 150 個基點的正利差。

But when you look at our industry, we're down about 15% tonnage relative to 2021 and while GDP has been positive, I think that, us and others. Carriers have felt the brunt of, the overall volume, environment being down. And so, we've not seen anything that would change from a big picture standpoint. Obviously, this downturn has lasted a lot longer, but, the continuous conversations that, our teams have with our customers, we're thinking and planning now.

但當你看看我們的產業時，我們會發現與 2021 年相比，我們的噸位下降了約 15%，雖然 GDP 一直為正，但我認為，我們和其他人都是如此。承運商受到了整體運輸量下降的衝擊。因此，從總體來看，我們還沒有看到任何變化。顯然，這次經濟衰退持續了很長時間，但是，我們的團隊與客戶進行了持續的對話，我們現在正在思考和計劃。

What we think this environment is going to look like on the other side, and those conversations with customers are really why we were confident investing in capital expenditures like we have over the last couple of years. We don't make those decisions, lightly and on a whim. They're grounded, in multiple conversations with our, customers and so.

我們認為這種環境的另一面會是什麼樣子，以及與客戶的對話，才是我們在過去幾年有信心投資資本支出的真正原因。我們不會輕易或一時興起地做出這些決定。他們與我們的客戶等進行了多次對話，並以此為基礎。

I think that's what we just got to continue is stay in front of our customers and continue to work towards what the environment is going to look like on the other side. I don't think you see anyone else from when you look across the industry that that's really doing anything a lot different. So, if our market share was decreasing, for example, then that might be, a point to try to re-evaluate things, but right now, we've maintained our market share.

我認為我們要做的就是繼續站在客戶面前，並繼續努力改變客戶環境。我認為，當你放眼整個行業時，你不會看到其他人做出如此不同的事情。因此，例如，如果我們的市場份額正在下降，那麼這可能是一個嘗試重新評估事物的點，但目前，我們保持了我們的市場份額。

We've done everything that we say we'll do. It's just, in a slow environment. Maintaining market share, maintaining discipline with respect to the yield management and continuing to build out incremental, capacity to prepare for the other side of growth. And, we've done all those things, while maintaining the operating ratio, we don't like to see our operating ratio up, but, we're still, I think about 1,200 basis points better than our competition.

我們已經完成了我們所說的一切。只是，在一個緩慢的環境。保持市場份額，保持收益管理的紀律，並繼續建立增量能力，為成長的另一面做好準備。而且，我們已經完成了所有這些事情，同時保持了營運比率，我們不希望看到我們的營運比率上升，但是，我認為我們仍然比競爭對手高出 1,200 個基點。

So, we're going to continue to do all those things, but continue to stay in front of our customers and do right things right by them. And I think we'll come out of this, on the other side a lot stronger, a lot better, get back to growth, we, we've got a lot of ambitions in terms of what we think our market share can grow to, and, so you just got to do the day to day and, month to month and quarter to quarter and year to year, execution to make sure that that we're going to be prepared for those better days, but we're confident that they're ahead.

因此，我們將繼續做所有這些事情，但繼續站在客戶面前，為他們做正確的事情。我認為，我們會走出困境，變得更強大、更好，恢復成長。我們對我們的市場份額能夠成長到什麼程度有很多雄心壯志，所以我們必須日復一日、月復一月、季復一季、年復一年地執行，以確保我們為那些更好的日子做好準備，但我們相信，它們就在前方。

Thank you, Adam.

謝謝你，亞當。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey, good morning, Martin. Good morning, Adam. Maybe just to pick up on that pricing conversation a little bit. I don't know if I missed it, but did you talk about what you're seeing in terms of renewals, and then, any customers that may be pulling bids forward or I don't know, even pushing them back, or any pushback on increases. And then, just a quick follow up, we've got, potentially a change in the NFC coming up, any kind of thoughts on what the impact might be on yields there and any, potential disruption from that change in framework.

嘿，早上好，馬丁。早安，亞當。也許只是為了稍微討論一下定價問題。我不知道我是否錯過了，但您是否談到了您在續約方面看到的情況，然後，任何可能將投標提前或推遲的客戶，或者任何對增加的阻力。然後，只是快速跟進一下，我們有可能對 NFC 發生變化，對於可能對收益率產生的影響以及框架變化可能造成的任何影響有何想法。

Yeah, we, just the general yield, commentary, we obviously, have got renewals and bids that are happening every day and a lot of times that bid activity increases when the environment's weak and, we, we've had a weak operating environment now for a couple of years unfortunately, but we go through those and just sit in front of our customers and talk about ways that we can continue to win together and the need that we have from a yield standpoint, the reasons why, but you know there's sometimes ways that you can achieve yield improvement that's not always by price and those are the conversations that we have with our customers as well.

是的，我們只是一般的收益率評論，顯然，我們每天都會有續約和投標，很多時候，當環境疲軟時，投標活動就會增加，不幸的是，我們現在的運營環境已經疲軟了好幾年，但我們會經歷這些，坐在我們的客戶面前，談論我們可以繼續共同取勝的方法，以及從收益率的角度我們的需求，但你知道的價格，有時你可以用這些價格來實現的價格，這也是我們的需求，但你知道的價格，有時你可以通過這些價格來實現的價格，但總是通過這些方式來實現我們的價格。

And, it could be looking at all the cost-based data that we have and figuring out ways to. We can help, us save money, be more efficient with our customers that may help prevent as much of a price increase, and so, those are the, what we try to achieve as we go through those, but I think we've been, fairly consistent in terms of what we've been able to get from a yield increase standpoint overall for the last couple of years and that's certainly continuing.

而且，它可以查看我們擁有的所有基於成本的數據並找出方法。我們可以幫助客戶節省資金，提高效率，從而有助於防止價格大幅上漲，這些都是我們在努力實現的目標，但我認為，就過去幾年總體而言從收益率增長的角度來看，我們的業績一直相當穩定，而且這種勢頭肯定會持續下去。

As we progress through 2025, it's not to say it's not ever challenging. It always is. I mean, we're generally more expensive than our competition and so that's why we've got to go in and it's why it's so important that our sales team talks about the value proposition and what we can offer and ways that we can help our customers save money in their supply chain, not just looking at an invoice to invoice cost comparison. But, the second part of your question, the change that's coming. Obviously, it's going to be a lot of change for customers, but overall, I don't see that as being anything that should change, the yields overall.

當我們邁入 2025 年時，這並不意味著我們不再面臨挑戰。總是如此。我的意思是，我們的價格通常比競爭對手更高，這就是為什麼我們必須進入這個領域，這就是為什麼我們的銷售團隊談論價值主張、我們可以提供什麼以及我們可以幫助客戶在供應鏈中節省資金的方法如此重要，而不僅僅是查看發票與發票之間的成本比較。但是，你問題的第二部分是即將發生的改變。顯然，這對客戶來說將是一個很大的變化，但總的來說，我認為這不應該改變整體收益。

I think that for us, one of the advantages that I believe we have is we understand our cost, we share that cost and information with a customer and we try to price appropriately, based on those factors and so. While the classifications might change and so forth, if we've done everything right, it should be minimal impact, to the customer, but I don't think the customer if they changed their classification would think that their pricing will go up or down materially one way or the other just because of that change and so, for us, we just want to make sure that it's basically revenue and, income neutral for whatever change might happen.

我認為，對我們來說，我認為我們的優勢之一是我們了解我們的成本，我們與客戶分享成本和信息，並嘗試根據這些因素等進行適當的定價。雖然分類可能會發生變化，但如果我們做的一切都正確，對客戶的影響應該很小，但我不認為客戶在改變分類後會認為他們的定價會因為這種變化而大幅上漲或下跌，所以，對我們來說，我們只是想確保無論發生什麼變化，它基本上對收入和收益都是中性的。

Thank you.

謝謝。

Bascome Majors, [Susquehanna].

巴斯科姆·梅傑斯，[薩斯奎哈納]。

Thanks for taking my questions. Wanted to follow up on Tom's discussion from earlier, with the UPS leaning more into the lower weight kind of tweener freight parcel shipments, is that business that you or any of your peers are really that interested in that kind of 150 pounds to 300 pounds weight retail to start with, and do you think that will have a competitive landscape on the industry and just zooming out the sort of competitive landscape discussion broader, I mean you talked about retail a lot earlier. Any thoughts on any shifting in the 3PL environment or specific to direct industrial customers would be helpful, thank you.

感謝您回答我的問題。想跟進湯姆之前的討論，由於 UPS 更傾向於較輕的中間貨運包裹運輸，您或您的同行是否真的對這種 150 磅到 300 磅重量的零售業務感興趣，您是否認為這會對行業產生競爭格局，並將競爭格局討論範圍擴大到更廣泛的地方，我的意思是您之前談到了很多關於零售的問題。任何有關 3PL 環境或特定於直接工業客戶的變化的想法都會有所幫助，謝謝。

Yeah, the, let me see if I can try to remember all those, but on the industrial, maybe to just start there, it's still 55% to 60% of our business and industrial outperformed, our retail and our company average in the first quarter and, which is not a surprise given that we had seen the acceleration in ISM and we were above 50 there.

是的，讓我看看我是否能記住所有這些，但在工業方面，也許只是從那裡開始，我們的業務和工業表現仍然有 55% 到 60%，超過了我們第一季度的零售和公司平均水平，這並不奇怪，因為我們已經看到 ISM 的加速，我們在那裡超過了 50。

In January and February, unfortunately it went below 50 in March and my guess would be below 50 again for April, but we've seen pretty steady performance, there in the industrial world, from a 3PL standpoint, that's been pretty consistent as well. We've started seeing some improvement late last year, with our 3PL customers and the business that we managed that, got 3PL involvement.

不幸的是，1 月和 2 月的指數在 3 月跌破了 50，我猜 4 月的指數會再次跌破 50，但從 3PL 的角度來看，我們看到工業領域的表現相當穩定，也相當一致。去年年底，我們開始看到一些改善，我們的 3PL 客戶和我們管理的業務都得到了 3PL 的參與。

That performed a little bit better than the company average, in the first quarter as well, and, that's something that, we'll continue to watch and, felt like we had started seeing some trends of the wait for shipment in the 3PL world, starting to increase, a lot of 3PLs have got, mode consolidation types of tools and software and so forth, and we feel like.

第一季度的表現也比公司平均水平要好一點，我們會繼續關注這一點，感覺我們已經開始看到第三方物流領域等待發貨的一些趨勢開始增加，很多第三方物流公司都有模式整合類型的工具和軟體等等，我們感覺。

Some of that load consolidation that had happened and moved into the truckload world, that we feel like that's going to swing back into LCL eventually and that's probably going to be the first place that that we see that movement coming back because at the end of the day, like I was saying earlier, 5 to 10,000 pound shipments really aren't made to move by truckload, and the truckload carriers don't like doing it.

我們感覺，部分已經發生並轉移到整車運輸領域的貨物整合最終將轉向拼箱運輸，這可能是我們看到這種趨勢回歸的第一個地方，因為歸根結底，就像我之前說的，5 到 10,000 磅的貨物實際上並不適合用整車運輸，而且整車承運商也不喜歡這樣做。

They only do it when the environment is weak and they're trying to get some payload on the truck, and, that will go away, we believe, and normalize eventually as demand does overall. So that'll be something to continue to watch. But, while that's kind of at the fringe as well, I mean that truckload market is obviously much bigger. And can have a little bit more impact on the LTL carriers, but I think the mode consolidation, there LTL to truckload is probably a little bit greater than what happens on the lower end of the scale and moving.

他們只在環境較差、需要卡車裝載一些貨物時才會這樣做，我們相信，這種情況會隨著整體需求的增加而逐漸消失，並最終恢復正常。所以這是一件值得繼續關注的事情。但是，雖然這也處於邊緣狀態，但我的意思是，整車運輸市場顯然要大得多。並且可能會對 LTL 承運商產生更大的影響，但我認為模式整合，從 LTL 到整車運輸可能比規模低端和移動的情況要大一些。

Shipments that are 100, a couple 100 pounds, it's tough to make money on those. And when you compare that to, our 150, 1,600 pounds average weight per shipment, we just don't have a lot of that and I don't think that no, it's probably that big for the industry, either, and I think what's happening, with the change, with the UPS, I believe that kind of goes with hand in hand with the TFI.

100 磅、幾百磅的貨物很難賺錢。如果將其與我們每批貨物的平均重量 150 至 1,600 磅進行比較，就會發現我們的貨物重量並不多，而且我認為，對於整個行業來說，這可能也沒有那麼大，而且我認為，隨著 UPS 的變化，我相信這與 TFI 是相輔相成的。

And separating those businesses and them initially marketing that service is what I understand, so may just be that moving back into to UPS's house, but I just don't see that as, a needle mover, and not even to the same level that we see, shipments moving back and forth between us and truckload.

我理解，將這些業務和他們最初行銷的服務分開，所以可能只是回到 UPS 的家裡，但我只是不認為這會有什麼大的變化，甚至沒有達到我們所看到的貨物在我們和卡車之間來回移動的水平。

Thank you for all of that.

謝謝你們所做的一切。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great, good morning, Adam and Marty. You hit off a lot, so I just want to clarify maybe a few things. You talked about accelerating in the revenue at hundred weights up to 5% 5.5%. Maybe just talk about what's driving that, given it looks like you decelerated into the upper threes on growth rate in March, if I just look at the deceleration you had through the quarter.

嘿，太好了，早上好，亞當和馬蒂。你們聊了很多，所以我只想澄清一些事情。您談到了將收入以百重量的速度加速成長 5% 至 5.5%。也許只是談論一下推動這一現象的原因，因為看起來你們 3 月份的增長率已經減速到前三位，如果我只看你們整個季度的減速情況的話。

And then your April data, is that implying tonnage is down 10% from down 5% in March? So is that just the timing of Good Friday and thus you're trending straight through at kind of an upper single digit that you've been at earlier in the in the year, or is there something maybe leading to the deceleration?

那麼，您 4 月的數據是否意味著噸位比 3 月的下降 5% 下降了 10%？那麼，這是否只是因為耶穌受難日的時間，所以你的趨勢會直接達到今年早些時候的較高個位數，還是有什麼東西導致了減速？

No, I think so just to kind of start with those numbers, and this is where M can, have a big impact. So, in February our weight for shipment, in general, was 1,476 pounds on average for February this year, and then that accelerated to 1,495 pounds in March. So, that had a little bit of a driver of the growth in our revenue per hunter weight, from a month to month standpoint there.

不，我認為只是從這些數字開始，這就是 M 可以產生巨大影響的地方。因此，今年 2 月我們的出貨重量總體平均為 1,476 磅，而 3 月則加速至 1,495 磅。因此，從月度角度來看，這在一定程度上推動了我們每位獵人的收入成長。

Now thus far into April we're down to 1,470 pounds. So, the weight for shipment has come back down a little bit and obviously, that generally yields a higher revenue per 100 weights. So, I think that that's why we're seeing that metric right now, a little bit higher. It's my hope that we'll see, that weight for shipment continue to rise a bit and the revenue per 100 weight sort of normalized, but I think big picture, what we always talk about and want to see is that we're seeing consistent and sequential increases in just reported revenue per 100 weight.

到四月為止，我們的體重已經下降到 1,470 磅。因此，運輸重量略有下降，顯然，每 100 重量通常會帶來更高的收入。所以，我認為這就是我們現在看到的這個指標有點高的原因。我希望我們能看到，裝運重量繼續上升一點，每 100 重量的收入趨於正常化，但我認為從總體上看，我們一直在談論和希望看到的是，我們看到每 100 重量報告的收入持續、連續地增長。

Taking any type of a mix change out and that's what we would hope to see if we're going through bids and we do on a day by day basis that we're negotiating an increase and ultimately that metric is going to be reported higher. So you know right now looks like it's a little bit stronger than what we just achieved in the first quarter, but it's getting a little bit of boost optically by the lower wafer shipment.

採取任何類型的混合變化，這就是我們希望看到的，如果我們正在進行投標，並且我們每天都在進行談判以增加價格，最終該指標將會被報告得更高。所以你知道現在看起來它比我們在第一季取得的成績要好一點，但是由於晶圓出貨量較低，它在視覺上得到了一點提升。

And just with respect to the metric overall I mean that's why you know I'd mentioned earlier that didn't even really want to get into the details of that breakdown. There's just still some uncertainty out there with respect to how the month finishes and where we think we'll end up being but you know I think that when you just take that Good Friday that obviously is going to impact revenue.

就整體指標而言，這就是為什麼我之前提到過，我什至不想真正了解細分的細節。關於這個月如何結束以及我們認為最終會達到什麼程度仍然存在一些不確定性，但你知道，我認為當你度過耶穌受難日時，這顯然會影響收入。

And your weight and shipment per day, type of metrics, when you only have 60% of a normal day, but we think that that, overall revenue, if you just think about it broadly, right now we're down, we're projecting to. Be down about 6% plus or minus for April and then I gave a couple of bigger picture metrics where, if we stay kind of flattish revenue per day from, here out through the remainder of the quarter we'd be down about 5% comparing it for the full quarter, compared to the second quarter of last year and.

當您只完成了正常一天的 60% 的工作量時，您的每日重量和發貨量等指標類型，但我們認為，如果您廣泛考慮一下，那麼現在我們的總體收入正在下降，我們預計會下降。四月份的收入大約下降 6% 左右，然後我給出了幾個更大的指標，如果從現在到本季度剩餘時間，我們的每日收入保持平穩，那麼與去年第二季度相比，整個季度的收入將下降 5% 左右。

Could be up, could be down just depending on how each month comes in, but I would just think broader brush looking at what the overall revenue is going to do and then let you kind of fill in the gaps from an allocation of weight versus yield.

可能會上升，也可能會下降，這取決於每個月的收入情況，但我認為應該更廣泛地看一下總體收入將會如何變化，然後讓你透過權重與收益的分配來填補空白。

And sorry, just to follow up there, the weight coming down, you mentioned ISM being down again. Is that something you'd expect to continue on that trend just given where whatever tariff impact and pressure on economics or is that something that just fluctuates on the weight just based on whatever is moving?

抱歉，我只是想跟進一下，重量下降，您提到 ISM 再次下降。考慮到關稅對經濟的影響和壓力，您是否預期這種趨勢會持續下去，或者這種趨勢是否會根據任何變動而波動？

I don't know that Nostradamus could answer that question, can, but, I think there's so much uncertainty out there right now that it's hard to really say, obviously we're seeing consistent trends overall from just a revenue per day standpoint and, that's kind of coming in. We, when we started out this month of April, we saw a surge through the month of March and really going back to February, though, we saw a good performance week by week, through February, a really strong finish to that month that was really encouraging.

我不知道諾查丹瑪斯能否回答這個問題，但是，我認為現在有太多的不確定性，很難真正說，顯然，從每日收入的角度來看，我們總體上看到了一致的趨勢，而且這種趨勢正在逐漸顯現。當我們從四月開始的時候，我們看到三月份出現了激增，但回到二月份，我們看到每週都有良好的表現，整個二月份，這個月有一個非常強勁的結束，這確實令人鼓舞。

And then we saw a consistent performance week by week, through the month of March as well. And similarly, had a really strong close to that month. Now we started some of that could have just been pulling forward of freight and that helped boost. The March numbers a bit. We did see a little bit of a drop off that first week of April, but it's come back pretty consistently with what we would expect, since that time. So

然後，我們看到每週都有穩定的表現，直到整個三月。同樣，那個月的收盤表現也十分強勁。現在我們開始做一些本來可以提前運輸的事情，這有助於推動貨運的發展。三月的數字有點多。四月的第一周我們確實看到了一點下降，但從那時起，它就一直按照我們預期的水平持續回升。所以

I've been pleased with our week-by-week trends and, hopefully we'll see that. That continue on, but I just think that when we've polled our sales team and obviously they're staying in front of our customers every day and most of the feedback that we're getting from the field is customers are reporting uncertainty as it relates to tariffs and so.

我對我們每週的趨勢感到滿意，希望我們能看到這一點。這種情況還在繼續，但我只是認為，當我們對銷售團隊進行調查時，顯然他們每天都待在客戶面前，我們從現場得到的大部分反饋是，客戶報告了與關稅等相關的不確定性。

That's just something that that us and each one of our customers are having to deal with right now and how they make investment decisions and ultimately that's going to impact freight volumes, but I am pleased to see the consistency on a day by day basis of our revenue per day. So, would like to think that we stay at least there at that consistent level and not see another leg down.

這只是我們和我們的每個客戶現在必須處理的事情，以及他們如何做出投資決策，最終這將影響貨運量，但我很高興看到我們每天的收入每天都保持一致。因此，我認為我們至少會保持在這個穩定的水平，而不會再下滑。

Thanks for the time, appreciate it.

感謝您的時間，非常感謝。

Christian Wetherbee, Wells Fargo.

富國銀行的克里斯蒂安‧韋瑟比 (Christian Wetherbee)。

Hey, thanks, good morning, just maybe a follow up. It's so it sounds like April, maybe if there's softness in April, it was more concentrated earlier in the month and then things have maybe kind of stabilized or potentially improved, I guess I just wanted to make sure I understood that comment, Adam, and then I guess when you think about the normal seasonality for the revenue per hundred weight fuel, which I think you said was 5% to 5.5%, maybe a little bit at the high end of that. Is there a, what is the weight per shipment underlying that? Do you see normal sequential improvement from this April 1,470 to something, it may be a little bit more meaningfully higher than that, just trying to get a sense of maybe all the moving parts here.

嘿，謝謝，早上好，也許只是跟進一下。聽起來就像是四月份的情況，如果四月份出現疲軟，那麼這種疲軟在月初會更加集中，然後情況可能會趨於穩定或可能有所改善，我想我只是想確保我理解了亞當的那條評論，然後我想當你考慮到每百重量燃料收入的正常季節性時，我認為你說的是 5% 到 5.5% 到 5.5% 到 5% 的高端。那麼，每批貨物的重量是多少呢？您是否認為從 4 月的 1,470 點到某個點會有正常的連續改善，可能比這個數字更有意義，只是想了解這裡所有的活動部分。

Yeah, the wait for shipment, typically it's a little bit softer, in April anyways, but you know we're looking like we're down 1.5% to 2% sequentially, the longer term average is down like 0.5% to 1% and then it kind of stays flattish from that point forward.

是的，等待發貨的時間通常會稍微少一些，至少在四月份是這樣，但您知道我們看起來比上一季度下降了 1.5% 到 2%，長期平均值下降了 0.5% 到 1%，然後從那時起就保持平穩。

So typically, you'd get, or we typically would see a little bit lower weight per shipment. That gives a little bit of boost to that number. But again, we're down a little bit more. I'm hoping that we'll see, some recovery there, and that wait for shipment number as we progress through the period and it's kind of reverted back to average.

因此通常情況下，您會看到，或者我們通常會看到每批貨物的重量稍微低一些。這稍微提高了這個數字。但再次，我們又下降了一點。我希望我們能看到那裡出現一些復甦，並且隨著我們度過這段時期，等待發貨的數量會恢復到平均水平。

It was a little bit lighter earlier in the period we've seen probably a little bit more activity when I look at the weighting of our national account versus local field accounts, a little bit higher percentage of national account which typically has a higher weight per shipment, but that's where we're seeing more of a decrease so. I think each account is different.

當我查看我們的國家帳戶與地方實地帳戶的權重時，我們看到在此時期早些時候它可能活動稍微多一些，國家帳戶的百分比稍微高一些，通常每批貨物的權重更高，但這就是我們看到的更多的下降。我認為每個帳戶都是不同的。

When I looked through our top 50 accounts, we've got some that have got double digit, increases, and wait for shipment. We've got some that have got double digit decreases in wait for shipment and the account, business may be flatter up slightly. So, I mean, each one is, has got their own thing going on and, it's been challenging to kind of, figure this out, but I think some of that like I mentioned. Really, if you go back to February and just kind of roll things forward, we'd be in around that 1,470 pounds , threshold if we just followed normal seasonality.

當我查看我們的前 50 個帳戶時，我們發現有些帳戶的金額達到了兩位數，有所增加，並且正在等待發貨。我們有一些等待裝運和帳戶的人數出現了兩位數的下降，業務可能會略有回升。所以，我的意思是，每個人都有自己的事情要做，弄清楚這一點很有挑戰性，但我認為其中一些就像我提到的那樣。確實，如果回到二月並將時間向前推移，如果我們遵循正常的季節性，我們的體重就會處於 1,470 磅左右的門檻。

It was my hope is we were seeing, business levels increase and the ISM above 50%, I felt like, okay, now we're going to start seeing that positive bounce and wait for shipment that usually is correlated with an improving economy. And so, that was pleasing to see the March wait for shipment was right under 1,500 pounds and but what we'd like to see is not just seasonality, we want to get back to where, we're seeing that that sustained increase in wait for shipment.

我希望看到的是，業務水平上升，ISM 指數超過 50%，我覺得，好吧，現在我們將開始看到積極的反彈，並等待通常與經濟好轉相關的出貨量。因此，很高興看到 3 月份的等待裝運時間剛好低於 1,500 磅，但我們希望看到的不僅僅是季節性，我們希望回到我們看到的等待裝運時間持續增加的狀態。

That is going to be correlated with an improved economy and then that turned into multiple shipments coming from the same shippers, that's when you see the wave of freight that starts coming at us when we hit that inflection point in the economy.

這將與經濟好轉有關，然後變成來自同一托運人的多批貨物，當我們達到經濟的轉折點時，你會看到貨運浪潮開始向我們湧來。

That's when everything starts turning and how we start building that density and getting really strong incremental margins on revenue growth, but we've got to get back to a period of having revenue growth, to achieve those incremental margins.

那時一切就開始轉變，我們如何開始建立這種密度並在收入成長上獲得真正強勁的增量利潤，但我們必須回到收入成長的時期，才能實現這些增量利潤。

Got it. I appreciate that. That's really helpful call and just real quick follow up the April dynamic was that it was a little softer earlier in the month, is that what you were saying?

知道了。我很感激。這確實是一個很有幫助的電話，而且很快跟進一下四月份的動態，發現月初的情況稍微疲軟一些，這是您所說的嗎？

Yeah, that first week or so, just really dropped off from the end of March, more so than what we would typically. Expect, but it's kind of comeback nicely, from there, but that's some of what we see, in these periods, you may see a little bit more like when I look over the last couple of years, you miss out a little bit on things drop off a little bit more at the first of the month or you don't see the acceleration.

是的，從三月底開始，第一周左右的銷量就下降了很多，比通常情況下下降得更多。預計，但從那時起，它就會很好地復甦，但這就是我們所看到的，在這些時期，你可能會看到更多類似我回顧過去幾年的情況，你會錯過一些事情，月初事情會下降一點，或者你沒有看到加速。

Into the last week of the month, typically your first week is always going to be a little bit softer, and then you accelerate throughout the month and you know when you get those really strong periods, if we go back to 2018 and 2021, environments like that, you're not seeing as much drop off at the beginning of the month and then just.

進入月底的最後一周，通常第一周總是會稍微疲軟一些，然後整個月都會加速，你知道，當你進入那些真正強勁的時期時，如果我們回到 2018 年和 2021 年那樣的環境，你不會在月初看到那麼大的下降，然後就這樣。

Real acceleration into the end of the period and frankly, some of that comes by way of issues with competitors and we were starting to hear some of that in February and March and that's part of the value proposition is always having equipment and personnel that can be available to help our customers when they need it the most and you get to the end of the month or end of a quarter, and I think that helps some of that surge in March where a customer is demanding more trailers to be dropped at their facility and, that competitor doesn't have it, guess who they can call?

真正的加速發生在期末，坦白說，其中一些是由於競爭對手的問題，我們在二月和三月就開始聽到一些這樣的問題，而價值主張的一部分就是始終擁有可以在客戶最需要的時候為他們提供幫助的設備和人員，到了月底或季度末，我認為這有助於緩解三月份的激增，當時客戶要求將更多的拖車送到他們的工廠，而沒有打電話給他們的工廠？

Old Dominion will be there and so, again that that's part of why we want to consistently invest through the cycle like we do and, so I think as long as we can, see some resolution.

老道明大學將會在那裡，所以這也是為什麼我們希望在整個週期中持續投資的原因之一，所以我認為只要我們能夠，就一定能看到一些解決方案。

Here soon on what's going on with trade. I think we can get right back to an environment where things can accelerate again, but I think that that's a big if, to hang out there, but I feel good about how we're positioned. I feel really good about, the improvement that we've seen in our service metrics and we feel like we're better position than we've ever been.

我們很快就會看到貿易的最新進展。我認為我們可以回到一個事情可以再次加速的環境，但我認為這是一個很大的如果，要堅持下去，但我對我們的定位感到滿意。我對我們的服務指標所取得的進步感到非常高興，我們感覺我們的地位比以往任何時候都要好。

We just need some help from the economy to achieve what we want and but again, I think when you look over time. The acceleration and our ability to outgrow the competition, it really comes when that economy is deflecting and getting really strong and our ability to add people, to add equipment, to take advantage of all that spare capacity that we have in the system, that puts us in a really strong position to be able to grow, produce strong profitable growth, and that leads to increased shareholder value.

我們只是需要一些經濟方面的幫助來實現我們的目標，但我認為，當你放眼長遠時。當經濟狀況好轉、變得真正強勁時，我們的加速發展和超越競爭對手的能力就會真正顯現出來，我們有能力增加人員、增加設備，充分利用系統中所有的閒置產能，這讓我們處於非常有利的地位，能夠實現增長，產生強勁的盈利增長，從而提高股東價值。

Thanks Adam, appreciate it.

謝謝亞當，非常感謝。

Stephanie Moore, Jeffrey.

史蒂芬妮·摩爾，傑弗裡。

Hi, good morning. Thank you, maybe, I think a lot of my questions have been answered at this point, but maybe if there's any commentary you can provide about some end market performance by sector or sub-sector, if you saw any particular strengths within the industrial vertical or you call that 3PL and retail a little bit, but whether it's, autos or building materials or the likes, any color there would be helpful. Thanks.

嗨，早安。謝謝，也許，我認為我的許多問題現在都得到了回答，但也許如果您可以提供關於按行業或子行業劃分的某些終端市場表現的評論，如果您看到工業垂直領域內的任何特殊優勢，或者您稱之為 3PL 和零售，但無論是汽車還是建築材料或類似的東西，任何顏色都會有所幫助。謝謝。

Yeah, we don't normally get that granular, Stephanie, with, within like all of our SIC codes, I feel really good about the diversification that we have in our business and probably 5 of our top10 customers, or many of them are 3PLs that have got diversification, underneath and so. I think that's always the good thing about Old Dominion is, any time we get into a period where there may be weakness in one market, there's a strength or at least stability, within a different commodity code.

是的，史蒂芬妮，我們通常不會得到如此詳細的信息，就像我們所有的 SIC 代碼一樣，我對我們的業務的多樣化感到非常滿意，我們的前 10 個客戶中可能有 5 個，或者其中許多都是 3PL，他們已經實現了多樣化，等等。我認為 Old Dominion 的優點始終在於，每當我們進入市場可能疲軟的時期時，不同的商品代碼就會表現出強勢或至少穩定。

So, but overall, we generally just collapse them into those bigger, broad buckets of industrial versus retail and. And like I said earlier, I think we've seen some good performance better than average performance within the industrial world and, typically the ISM is highly correlated with industry volumes and so, we were seeing that and I think that was the driver of some of the acceleration that we were seeing in February and March for us so.

所以，總的來說，我們通常只是將它們歸類到更大、更廣泛的工業和零售類別。正如我之前所說，我認為我們已經看到了工業領域中一些優於平均水平的良好表現，而且 ISM 通常與行業產量高度相關，所以我們看到了這一點，我認為這是我們在 2 月和 3 月看到的一些加速的驅動因素。

Hopefully that, like I said earlier, that if we can get some clarity within the markets and really it's the clarity for our customers, so they have confidence to start, reinvesting in their business and, building inventories again, doing all those things that create freight opportunities, that's when we're going to be able to take advantage to come in and help those customers and. At our capacity and add our industry leading service and, I think that we'll get right back to winning market share like we have over the long term.

希望，就像我之前說的，如果我們能夠在市場中獲得一些清晰度，這實際上是為我們的客戶提供的清晰度，那麼他們就有信心開始，重新投資於他們的業務，再次建立庫存，做所有那些創造貨運機會的事情，那時我們將能夠利用優勢來幫助這些客戶。憑藉我們的能力並加上我們行業領先的服務，我認為我們將重新贏得市場份額，就像我們長期以來所做的那樣。

Appreciate it. Thank you, guys.

非常感謝。謝謝你們。

Richard Harna, Deutsche Bank.

德意志銀行的理查德·哈納。

Thank you, operator. Nice to meet you all. Thanks for welcoming me onto the call. So, first, I, I'd hate to beat a dead horse, but just to clarify on the April commentary, how much is that down 6% plus or minus compared to normal seasonality?

謝謝您，接線生。很高興見到大家。感謝您歡迎我參加電話會議。因此，首先，我不想重複老生常談，只是想澄清一下 4 月的評論，與正常季節性相比，這個數字下降了 6% 左右，具體幅度是多少？

I'm just trying to understand how much we fell maybe below. Seasonality in April or what you're forecasting and what we're assuming for the full quarter, i.e. that down 5% year over year in revenue, and basically what I'm trying to get at is how much contingency, if you will, is in that revenue guide and that only 100 bits of sequential or improvement.

我只是想知道我們可能跌倒了多少。四月份的季節性或您所預測的以及我們對整個季度的假設，即收入同比下降 5%，基本上我想了解的是，如果您願意的話，該收入指南中有多少意外情況，並且只有 100% 的連續性或改進。

And then, secondly, I think it's pretty impressive that you're continuing to get your price increases despite the competitive pricing environment across the freight market. I would think that a tight capacity dynamic supports that.

其次，我認為，儘管貨運市場的價格競爭環境激烈，但你們的價格仍在持續上漲，這令人印象深刻。我認為緊張的容量動態支持這一點。

So maybe you can comment there, how tight is capacity? Is it still down versus what it was pre-yellow, and I'm also asking, I know you answered that UPS question, but should we think about that, whatever UPS is doing is additive capacity in the market or no?

那麼也許您可以評論一下，容量有多緊張？與黃色預警之前相比，它是否仍然處於下降趨勢？我還想問，我知道您回答了 UPS 的問題，但是我們是否應該考慮一下，無論 UPS 正在做什麼，都是在增加市場容量，還是沒有增加？

Yeah, I think, we'll go back to trying to just let one question be asked and one that we haven't really discussed is just overall capacity and so you know I think that's something that we've talked about we believe capacity has been reduced in our industry. And given yellow's closure and even with the reallocation of some of those properties, we've looked at least at the publicly traded carriers and from the 10 year period of 2014 to 2024, the number of service centres in operation for the six carriers, and that includes yellow.

是的，我想，我們會回過頭來嘗試只問一個問題，而我們還沒有真正討論過這個問題，那就是總體產能，所以你知道，我認為這是我們已經討論過的問題，我們認為我們行業的產能已經減少。考慮到 Yellow 航空的關閉，甚至重新分配了部分資產，我們至少研究了上市航空公司，以及從 2014 年到 2024 年的 10 年期間，六家航空公司運營的服務中心數量，其中包括 Yellow 航空。

In the 2014 period is down overall 23% and we're obviously up and I'm not including us in that bucket. We're up, we've added almost 40 service centres over that period of time and have increased our network 15% to 20%, just the number of service centres even more if your account for the doors that we've added. As well to existing facilities and but when you look at the shipments per day, it's, for at least those publicly traded companies and again including yellow there, they're down, in aggregate about 30%.

2014 年期間總體下降了 23%，而我們顯然是上升了，但我沒有把我們包括在這個範圍之內。我們在此期間增加了近 40 個服務中心，並將我們的網路擴大了 15% 到 20%，如果算上我們增加的門市數量，服務中心的數量甚至更多。以及現有設施，但是當你查看每天的出貨量時，至少對於那些上市公司來說，包括黃色在內，它們總計下降了約 30%。

So we're up about 30% over that period of time, reflecting the market share that we've won there and, but that's something that, we have said before that we felt like when all was said and done. That there would be less capacity as we go forward, Yellow was the third largest company. They have, I think only relocated or repurposed about 60% of the facilities that they had in operation before.

因此，在這段時間內我們的成長了約 30%，這反映了我們在那裡贏得的市場份額，但這是我們之前說過的，當一切都說完了，我們感覺是這樣。隨著我們前進，產能將會減少，Yellow 是第三大公司。我認為他們只遷移或改變了之前運營的設施的 60% 左右。

So what was a capacity constrained industry in 2022 will likely be even more capacity constrained. Going forward and in the LTL world you've got to have service centres and really you got to have doors to be able to process the freight and I think that's going to continue to be a differentiator for all dominion.

因此，2022 年產能受限的產業可能會面臨更大的產能受限。展望未來，在 LTL 領域，你必須擁有服務中心，而且你必須擁有能夠處理貨物的門，我認為這將繼續成為所有領域的差異化因素。

We continue to invest ahead of the curve to make sure that that our network is never a limiting factor, to our growth potential and we feel strongly that we've got a long runway of growth ahead of us and that's why we've invested as much as we have. Over the last couple of years in particular, but, we've just invested consistently year after year, and, that's why we could grow at the rate that we did back in 2021 when our tonnage was up 16% in such a strong environment, the other carriers on average were up 4%.

我們繼續進行超前投資，以確保我們的網路永遠不會成為限制我們成長潛力的因素，我們強烈感覺到我們還有很長的成長道路，這就是我們投入如此多資金的原因。特別是在過去幾年裡，我們年復一年地持續投資，這就是為什麼我們能夠以 2021 年的速度成長，當時在如此強勁的環境下，我們的噸位成長了 16%，而其他承運商的平均噸位則成長了 4%。

It's that type of outperformance from a growth standpoint that's only made possible if you've got the service centres to start with, that you've got the fleet capacity. And you got to have a team, that can, prepare drivers, to take on those increased workloads. We've got an internal truck driving school that we've created a third of our drivers, but we've got an HR infrastructure and safety team that can on board, drivers rapidly and make sure that we're not just getting a driver, but that someone that comes in, that loves and appreciates our culture.

從成長的角度來看，這種優異的表現只有在擁有服務中心和車隊容量的情況下才有可能實現。你必須擁有一支能夠為司機做好準備的團隊，以承擔增加的工作量。我們有一個內部卡車駕駛學校，我們為三分之一的司機創建了學校，但我們還有一個人力資源基礎設施和安全團隊，可以快速招募司機，並確保我們不只是招募一名司機，而且招募到的司機熱愛並欣賞我們的文化。

And that's the OD family spirit that we have, the commitment, the excellence that we have, all those things are baseline requirements that that every individual at this company adheres to, and it's why our service is so much better than our competition.

這就是我們所擁有的 OD 家族精神、承諾和卓越，所有這些都是公司每個人都遵守的基本要求，這也是為什麼我們的服務比競爭對手好得多。

We're a company, we take care of our employees, we motivate and reward our employees to take care of our customers, and that's how we win at the end of the day. And so we, we're going to continue to execute on those same values as we go forward and I think you can't put in a spreadsheet, but culture is really the differentiator of why all dominion is so much better than our competition.

我們是一家公司，我們關心我們的員工，我們激勵和獎勵我們的員工照顧我們的客戶，這就是我們最終成功的方式。因此，我們將繼續秉持同樣的價值觀，雖然無法用電子表格來表達，但文化確實是 All Dominion 比競爭對手更勝一籌的真正區別因素。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Yes, good morning, guys. Thanks for taking our question. Marty, you and Adam both mentioned, I think your market share was relatively stable. I guess on the margin of share is shifting away from you at this point in the cycle, is it just being one with price or are there certain pockets of better service out there? And then after you just touched on capacity, but have your thoughts changed at all around what actual cycle to cycle growth is for the LTL industry? I guess how should you or how should we think about actual growth once we do exit this downturn for the industry? Thanks.

是的，大家早安。感謝您回答我們的問題。馬蒂，你和亞當都提到，我認為你們的市佔率相對穩定。我猜想，在週期的這個階段，市場份額正在從您手中流失，這僅僅是價格問題還是存在某些更好的服務？然後，您剛剛談到了容量問題，但是您對 LTL 行業的實際週期成長有什麼看法嗎？我想，一旦我們走出產業低迷期，您或我們應該如何看待實際成長？謝謝。

Yeah, well, yeah, I think I mentioned earlier those volumes for the industry, the data that we get, and this is the entire industry, public and private, is down about 15% versus 2021. And so obviously we, we've got some ground to make up, and I think that when, that the industry will and obviously we feel strongly that we'll grow beyond where we were, back in '21 and '22, hence the continued investments in our network. But I think that when you look at that, before we enter the downturn. Back to the prior conversation, if carriers weren't investing in capacity.

是的，嗯，是的，我想我之前提到過這個行業的交易量，我們得到的數據，這是整個行業，包括公共和私人行業，與 2021 年相比下降了約 15%。因此，顯然我們還有一些需要彌補的地方，我認為，當這個行業能夠做到這一點時，我們顯然強烈感覺到，我們的成長將超越 2021 年和 2022 年的水平，因此我們將繼續對我們的網路進行投資。但我認為，當你看到這一點時，我們就已經進入了經濟衰退期。回到之前的對話，如果運營商不投資運力的話。

Capacity was constrained in the industry. There was a lack of ability to be able to grow, and I think that, whatever the strategic rationale, we saw more of our competition that we're reducing the number of service centres they had in operation, leading up and I would say through year end of 2022. So, that has been part of our strategic advantage. We talked about the tailwinds we feel like that.

該行業產能受到限制。我們缺乏發展的能力，而且我認為，無論戰略理由是什麼，我們都看到了越來越多的競爭對手，我們正在減少他們運營的服務中心數量，直到 2022 年底。所以，這是我們戰略優勢的一部分。我們談論了我們感受到的順風。

And the opportunities that are out there for our industry, and we've been able to win significant market share, over the past 10 years to15 years, by taking advantage of those, and, it's also been, the consistent investment in service, that, has put us ahead of the game, for the past 15 years, winning that masculinity award is something that That we don't take lightly.

我們的產業面臨著許多機遇，過去 10 到 15 年間，我們抓住了這些機遇，贏得了顯著的市場份額，而且，過去 15 年來，我們對服務持續不斷的投資，也讓我們在同行中處於領先地位，贏得這項「男子氣概獎」是我們非常重視的事情。

We want to make sure that, we're improving our service and ultimately that adds value. We feel like to our customers supply chains and, at the end of the day, to win market share requires service and value, and that's the only way to win having capacity.

我們希望確保改進我們的服務並最終增加價值。我們認為，對於我們的客戶而言，供應鏈以及最終贏得市場份額需要服務和價值，這是贏得產能的唯一途徑。

Having real estate, having, tractors and trailers, that just gives you opportunity to be able to add volumes, but if you can't add value, you can't really grow, and that's what I think we've been able to deliver for our customers and while we've been able to build our company up like we have, and it's why we've got so much confidence that we can continue to grow our revenues and improve our operate ratio as a result.

擁有房地產、拖拉機和拖車，這為你提供了增加產量的機會，但如果你無法增加價值，你就無法真正成長，而這正是我認為我們能夠為客戶提供的服務，同時我們也能夠像現在這樣建立我們的公司，這就是為什麼我們如此有信心，我們可以繼續增加收入，並因此提高我們的營運比率。

Daniel, as it relates to your question about, market share, as Adam stated earlier, our market share, runs between 12.5% to a little over 13%. And I think that's a product of mode shift. We, we've heard from many of our customers and 3PLs that, much of this freight has gone over to full truckload carriers with stop-off charges. And so, I think that's why that, it moves up and down during a slow economy. As soon as the capacity tightens in the truckload sector, I think you'll see those, stop offs come back to the LTL industry, because you, you'll gain better service and you'll also gain, a little bit more, a better rate. So anyway, that's what we're seeing, as it relates to that subject.

丹尼爾，關於你關於市場份額的問題，正如亞當之前所說，我們的市場份額在 12.5% 到 13% 多一點之間。我認為這是模式轉換的產物。我們從許多客戶和第三方物流公司聽說，大部分貨物已經轉交給滿載卡車的承運人，並收取中途停留費。所以，我認為這就是為什麼它在經濟不景氣時會出現上下波動。一旦整車運輸領域的運力收緊，我想你會看到這些停靠點重新回到零擔運輸行業，因為你會獲得更好的服務，你也會獲得更好的價格。無論如何，這就是我們所看到的，因為它與該主題相關。

Appreciate that. Best of luck.

非常感謝。祝你好運。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thanks, operator. Good morning, gentlemen. Two quick things. One, you mentioned a little that you're seeing a little bit of a pull forward. I was wondering if you could put some numbers behind that. And two, on the CapEx side, if you exclude some of your project work, what percent is that sort of equipment purchases down on a year to year basis?

謝謝，接線生。先生們，早安。兩件簡單的事。首先，您提到您看到了一點點向前的拉動。我想知道您是否可以提供一些數字來支持這一點。其次，在資本支出方面，如果不包括部分專案工作，那麼這類設備採購量比去年同期下降了多少百分比？

Yeah. So, I don't know that I can say that there was any pull forward per se, but my point was that acceleration that we saw really throughout the month of March, I mean that that's to grow our tons 4.8%, that's sequential acceleration.

是的。所以，我不知道是否可以說它本身有任何提前，但我的觀點是，我們在整個三月確實看到了加速，我的意思是，這將使我們的產量增長 4.8%，這是連續加速。

That's been, a stronger performance that we've had on a month over a month basis, really since, when yellow closed their doors, but going back for really the early part of 2022, and so, I think that just given the overall macro and some conversation and then a little bit of that drop off that we saw the first week of April just made me think that you know there may have been some acceleration into that end of the period that kind of helped, with that that growth there, but so nothing scientific necessarily to put behind the number or whatnot just thinking through some of the bigger kind of broad factors if you will.

自從 Yellow 關閉以來，我們的月度表現一直比較強勁，但要追溯到 2022 年初，所以，我認為，考慮到整體宏觀因素和一些討論，以及 4 月第一周出現的一點下滑，我認為在那個時期末期可能會出現一些加速，這對增長有所幫助，但沒有必要用科學的方法來解釋這個數字或其他什麼，如果你願意的話，只是考慮一些因素。

And was there any more was there any more strength on the consumer side in March versus industrial?

3 月份，消費品方面相對於工業品方面是否表現得更強勁？

No, I think like I said, we saw better activity overall through the quarter with industrial versus retail. Okay and the CapEx yeah, we spent, I think about $750 million last year. So, pretty, we had already planned to spend less this year when we started the year and the initial plan was $575 but just cutting that back to $450 is, hadn't run the math, but pretty sizable decrease versus what we just spent last year and a little bit lower than, we typically spend 10% to 15% of our revenue on capital expenditures, every year and, we've had some periods before where we've been below that threshold, but, should be below, that for this year. and out of that $450.

不，我想就像我說的，我們在本季看到工業活動總體上比零售業更好。好的，是的，我們去年的資本支出大約是 7.5 億美元。因此，我們在年初就已經計劃減少今年的支出，最初的計劃是 575 美元，但將其削減至 450 美元，雖然沒有計算過，但與去年的支出相比，降幅相當大，略低於我們通常每年將收入的 10% 到 15% 用於資本支出的水平，之前也曾有過低於該門檻的該門檻。從 450 美元中抽出。

How much is equipment?

設備多少錢？

I'm sorry.

對不起。

How much is how much is equipment?

設備多少錢？

So we've got $210 million in total for real estate of that $450 million now and, $190 million is for, equipment and that was previously $225 million and most of that is just power equipment, like I mentioned earlier and then continuing to spend $50 million on IT and other assets.

因此，我們現在總共花費 2.1 億美元用於房地產，其中 4.5 億美元用於設備，1.9 億美元用於設備，之前是 2.25 億美元，其中大部分只是電力設備，就像我之前提到的，然後繼續花費 5000 萬美元用於 IT 和其他資產。

I appreciate the time as always, gentlemen.

先生們，我一如既往地感謝您抽出時間。

This will conclude 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 做最後發言。

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

謝謝大家今天的參與。我們感謝您的提問，如果您還有其他問題，請隨時致電我們。謝謝您，祝您有愉快的一天。

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。