奧多明尼昂貨運 (ODFL) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Old Dominion Freight Line second quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Old Dominion Freight Line 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動正在錄音。

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

現在我想把會議交給投資人關係總監 Jack Atkins。請開始。

Thank you, operator, and good morning, everyone. Welcome to the second quarter 2026 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today through August 5, 2026, by dialing 1 (855) 669-9658, access code 8521187. The replay of the webcast may also be accessed for 30 days on our website.

謝謝，接線員，各位早安。歡迎參加 Old Dominion Freight Line 2026 年第二季電話會議。今天的電話會議將被錄音，並可自今日起至 2026 年 8 月 5 日撥打 1 (855) 669-9658、輸入存取碼 8521187 收聽重播。網路直播的重播也可在我們的網站上提供 30 天收看。

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 statement.

本電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，其中包括但不限於關於 Old Dominion 預期財務與營運表現的陳述。就此而言，本次電話會議中任何非歷史事實的陳述，均可能被視為前瞻性陳述。

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

在不限制前述內容的情況下，「相信」、「預期」、「計畫」、「期望」及類似用語旨在辨識前瞻性陳述。特此提醒您，這些陳述可能會受到多項重要因素影響（其中包括但不限於）Old Dominion 向美國證券交易委員會提交之文件以及今早新聞稿中所列因素。

Consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Finally, before we begin, we welcome your questions today, but ask that you limit yourselves to just one question at a time before returning to the queue. Thank you for your cooperation.

因此，實際營運與結果可能與前瞻性陳述中討論的結果存在重大差異。本公司不承擔公開更新任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。最後，在我們開始之前，我們歡迎各位今天提問，但請每次僅提一個問題，之後再回到提問隊列。感謝您的配合。

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

現在進入開場致詞，我想把會議交給我們的總裁兼執行長 Marty Freeman。Marty，請開始。

Good morning, and welcome to our second quarter conference call. With me today on the call is Adam Satterfield, our CFO. And after some brief remarks, we would be glad to take your questions. Old Dominion produced strong results in the second quarter, which include a 10.4% increase in revenue and a 450 basis point improvement in our operating ratio.

各位早安，歡迎參加我們的第二季電話會議。今天與我一同出席的還有我們的財務長 Adam Satterfield。在簡短致詞後，我們很樂意回答各位的問題。Old Dominion 在第二季交出強勁成果，包括營收成長 10.4%，以及營業比率改善 450 個基點。

In addition, our second quarter earnings per diluted share increased 32.3% to $1.68, which matched our previous company record that we set in the third quarter of 2022. These results reflect both continued improvement in demand trends as well as our ongoing focus on yield management and operational execution.

此外，我們第二季稀釋後每股盈餘成長 32.3% 至 1.68 美元，追平我們先前在 2022 年第三季創下的公司紀錄。這些成果反映了需求趨勢持續改善，以及我們持續聚焦於收益率管理與營運執行。

While the difficult operating environment over the past few years presented us with a number of challenges, including lower network density and inflationary cost pressures, we continue to diligently execute on our fundamental aspects of our long-term strategic plan and invest for the future. The strength of our second quarter results demonstrates the benefits of this strategy.

儘管過去幾年艱難的營運環境帶來多項挑戰，包括網路密度較低與通膨成本壓力，我們仍持續勤勉地執行長期策略計畫的基本要素並為未來投資。第二季成果的強勁表現證明了此策略的效益。

While I'm proud of these results, I'm even more proud of our OD family of employees and their unwavering commitment to provide our customers with superior service at a fair price. That was the case again in the second quarter when we provided our customers with 99% on-time service and a claims ratio of 0.1%. In addition, we have made approximately 1,000 lane adjustments this year that improved our service standard transit times.

我為這些成果感到自豪，但我更為我們 OD 大家庭的員工以及他們堅定不移、以合理價格為客戶提供卓越服務的承諾感到自豪。第二季我們再次做到這一點，為客戶提供 99% 的準時服務，理賠比率為 0.1%。此外，今年我們已進行約 1,000 項路線（lane）調整，改善了我們的服務標準運輸時間。

Our team continues to leverage their experience and new technologies to further improve our service standards and overall value proposition for our customers. Our customers rely on us to keep their promises to them by picking up and delivering their freight on time and without damages so that they can keep their commitments to their own customers.

我們的團隊持續運用其經驗與新技術，進一步提升服務標準與對客戶的整體價值主張。客戶仰賴我們準時且無損地提貨與交付貨物，以協助他們履行對其客戶的承諾。

Our proven ability to execute on behalf of our customers at all points of the macroeconomic cycle has created an unmatched value proposition in our industry. That is why it is critical, despite a prolonged period of softness in the domestic economy, to continue to make the key long-term investments in our network, our technology and our people, so that we can now continue to deliver best-in-class service as the operating environment changes.

我們在宏觀經濟循環各階段皆能為客戶執行到位的既有能力，已在本產業創造出無可匹敵的價值主張。因此，即使國內經濟長期偏弱，持續在我們的網路、技術與人才上進行關鍵的長期投資仍至關重要，讓我們能在營運環境變化時，持續提供同級最佳的服務。

Consistently providing our customers with superior customer service is the cornerstone of our strategic plan. And doing so supports our yield management initiatives. Our disciplined approach to pricing, which focuses on individual account level profitability, is designed to offset our cost inflation over the long term and support reinvestment back into our business.

持續為客戶提供卓越的客戶服務，是我們策略計畫的基石。而這也支持我們的收益率管理措施。我們嚴謹的定價方法聚焦於單一客戶層級的獲利能力，旨在長期抵銷成本通膨並支持再投資回到我們的業務中。

Our ability to take a long-term approach to our investments in our network and our OD family of employees helps ensure that we are always in an unparalleled position to respond to both current market conditions and future growth opportunities. Our strategic plan has worked through many economic cycles. But that said, our greatest opportunities to win market share often come when industry capacity is generally limited and the domestic economy is strong.

我們以長期觀點投資於網路與 OD 大家庭員工的能力，有助於確保我們始終處於無與倫比的位置，能同時回應當前市場狀況與未來成長機會。我們的策略計畫已歷經多次經濟循環並證明有效。但即便如此，我們贏得市占率的最大機會往往出現在產業運能普遍受限且國內經濟強勁之時。

The domestic economic environment remains relatively stable, and we are encouraged by the continued improvement in demand that began late last year. In addition, based on feedback we have received from our customers, we believe that our superior service is increasingly differentiating Old Dominion within our industry and providing opportunities for incremental growth.

國內經濟環境仍相對穩定，我們也對自去年底開始的需求持續改善感到鼓舞。此外，根據我們從客戶收到的回饋，我們相信卓越服務正日益使 Old Dominion 在產業中脫穎而出，並帶來額外的成長機會。

We reported strong second quarter results that demonstrate the power of our disciplined execution and the strength of our long-term strategic plan. We returned to revenue growth in the quarter and produced strong operating leverage on our incremental revenue. In addition, because of our consistent investments in our network and our people, we have all the necessary elements of capacity that we need to support our customers and take on additional volume opportunities as the operating environment changes.

我們公布了強勁的第二季成果，展現我們嚴謹執行力的威力以及長期策略計畫的強度。本季我們重回營收成長，並在新增營收上展現強勁的營運槓桿。此外，由於我們持續投資於網路與人才，當營運環境變化時，我們具備支援客戶並承接額外貨量機會所需的所有運能要素。

As a result, we are confident in our ability to win market share and produce profitable revenue growth, which we believe will generate increased value for our shareholders over the long term. Again, thank you for joining us this morning, and now Adam will discuss our second quarter in greater detail. Adam?

因此，我們對於贏得市占率並實現具獲利性的營收成長充滿信心；我們相信這將在長期為股東創造更高價值。再次感謝各位今早與會，接下來 Adam 將更詳細說明我們的第二季表現。Adam？

Thank you, Marty, and good morning. Old Dominion's revenue increased 10.4% to $1.55 billion for the second quarter of 2026, while our operating ratio improved 450 basis points to 70.1%. The combination of these factors resulted in a 32.3% increase in our earnings per diluted share to $1.68. We were pleased to return to revenue growth in the second quarter, which included an increase in our yield and an improving trend with our volumes.

謝謝你，Marty，各位早安。Old Dominion 2026 年第二季營收成長 10.4% 至 15.5 億美元，同時我們的營業比率改善 450 個基點至 70.1%。上述因素的組合使我們的稀釋後每股盈餘成長 32.3% 至 1.68 美元。我們很高興第二季重回營收成長，其中包括收益率提升以及貨量趨勢改善。

Our revenue results include a 15.2% increase in LTL revenue per hundredweight, which was partially offset by a 4.1% decrease in our LTL tons per day. Excluding fuel surcharges, our LTL revenue per hundredweight increased 5.5% due to our continued focus on revenue quality during the quarter. On a sequential basis, our revenue per day for the second quarter increased 14.6% when compared to the first quarter of 2026, with LTL tons per day increasing 4.0% and LTL shipments per day increasing 3.2%.

我們的營收表現包含 LTL 每百磅營收成長 15.2%，但部分被 LTL 每日噸數下降 4.1% 所抵銷。若排除燃油附加費，我們的 LTL 每百磅營收成長 5.5%，反映我們在本季持續聚焦於營收品質。以季比序列（sequential）來看，第二季每日營收較 2026 年第一季成長 14.6%，其中 LTL 每日噸數成長 4.0%，LTL 每日出貨件數成長 3.2%。

For comparison, the 10-year average sequential change for these metrics includes an increase of 7.1% in revenue per day, an increase of 4.4% in LTL tons per day and an increase of 5.2% in LTL shipments per day. The monthly sequential change in LTL tons per day during the second quarter were as follows. April decreased 2.8% as compared to March.

作為比較，這些指標的 10 年平均季比序列變動包括：每日營收增加 7.1%、LTL 每日噸數增加 4.4%、以及 LTL 每日出貨件數增加 5.2%。第二季期間 LTL 每日噸數的月度序列變動如下。4 月較 3 月下降 2.8%。

May increased 3.0% as compared to April. And June increased 0.9% as compared to May. The comparative 10-year average change for these respective months is a decrease of 0.9% in April, an increase of 2.2% in May and an increase of 1.7% in June. While there are still a few workdays remaining in July, our month-to-date revenue per day has increased by approximately 7.5% to 8% when compared to July of 2025. This includes an increase in our LTL revenue per hundredweight that is partially offset by a decrease in our LTL tons per day of approximately 1.0%.

5月較4月增加3.0%。而6月較5月增加0.9%。上述各月份對應的10年平均變動為：4月下降0.9%、5月上升2.2%、6月上升1.7%。雖然7月仍剩下幾個工作天，但截至目前我們的每日營收較2025年7月約增加7.5%至8%。其中包含我們LTL每百磅營收的增加，但部分被我們LTL每日噸數約下降1.0%所抵銷。

Although our tons per day are slightly lower than July of last year, the sequential change from June of 2026 is significantly better than our normal seasonality. The increase in July's LTL revenue per hundredweight, excluding fuel surcharges, is currently tracking below the second quarter growth rate of 5.5%, due primarily to changes in the mix of our freight.

儘管我們的每日噸數略低於去年7月，但相較於2026年6月的連續變動明顯優於我們的正常季節性。7月LTL每百磅營收（不含燃油附加費）的增幅，目前低於第二季5.5%的成長率，主要是因為我們貨運組合的變化。

As a result, I'm currently anticipating an improvement in this metric for the third quarter of 4% to 4.5%. To be clear, this is a positive trend for our company as it reflects the continued increase in our weight per shipment. We continue to be as focused as ever on our long-term yield management initiatives, which have helped us become the most profitable carrier in our industry.

因此，我目前預期第三季該指標將改善至4%到4.5%。需要說明的是，這對公司而言是正向趨勢，因為這反映我們每票貨件重量持續增加。我們一如既往地專注於長期收益率管理（yield management）計畫，這些計畫已協助我們成為本產業獲利能力最高的承運商。

As usual, we will provide the actual revenue-related details for July in our second quarter Form 10-Q. Our operating ratio improved 450 basis points to 70.1% for the second quarter of 2026, with improvements in both our direct operating costs and our overhead expenses as a percent of revenue.

如同以往，我們將在第二季Form 10-Q中提供7月實際的營收相關細節。2026年第二季我們的營業比率（operating ratio）改善450個基點至70.1%，直接營運成本與管理費用占營收比重皆有所改善。

Within our direct operating costs, improvements in our salaries, wages and benefits as a percentage of revenue more than offset an increase in our operating supplies and expenses. This increase in operating supplies and expenses was primarily due to the increase in the cost of diesel fuel and other petroleum-based products. The improvement in our overhead cost as a percent of revenue was partially due to the change in our net miscellaneous income and expense.

在直接營運成本方面，薪資、工資與福利占營收比重的改善，足以抵銷營運用品與費用的增加。營運用品與費用的增加，主要來自柴油燃料及其他石油基產品成本上升。管理費用占營收比重的改善，部分原因是淨雜項收入與費用的變動。

This line item included $17.2 million of net gains on the disposal of property and equipment during the current quarter. In addition, we also saw improvements in a number of other overhead expenses due to the leverage gained from the increase in revenue as well as a continued focus on controlling our discretionary spending. Old Dominion's cash flow from operations totaled $272.7 million for the second quarter and $646.3 million for the first six months of 2026, respectively, while capital expenditures were $77.0 million and $139.6 million for those same periods.

該項目包含本季處分不動產及設備的淨收益1,720萬美元。此外，隨著營收增加帶來的規模效益，以及我們持續專注於控管可自由裁量支出，我們也看到多項其他管理費用有所改善。Old Dominion第二季營運活動現金流量合計2.727億美元，2026年前六個月合計6.463億美元；同期間資本支出分別為7,700萬美元與1.396億美元。

As announced in our release this morning, we increased our 2026 capital expenditure plan and now expect aggregate capital expenditures to total approximately $380 million this year. The $115 million increase from our original plan includes an additional $60 million for tractors and trailers and an additional $55 million for real estate and service center expansion projects.

如同我們今早新聞稿所宣布，我們上調2026年資本支出計畫，現預期今年資本支出合計約3.80億美元。相較原計畫增加的1.15億美元，包括額外6,000萬美元用於牽引車與拖車，以及額外5,500萬美元用於不動產與服務中心擴建專案。

While we continue to have plenty of service center and equipment capacity to accommodate anticipated growth opportunities, these increases reflect strategic purchase opportunities that fit into our long-term capital expenditure plan.

雖然我們仍有充足的服務中心與設備產能以因應預期的成長機會，但這些增加反映了符合我們長期資本支出計畫的策略性採購機會。

We utilized $151.6 million and $239.7 million of cash for our share repurchase program during the second quarter and first six months of 2026, respectively, while our cash dividends totaled $60.2 million and $120.7 million for those same periods. Our effective tax rate for the second quarter of 2026 was 25.0% as compared to 24.8% in the second quarter of 2025. We currently expect our effective tax rate to be 25.0% for the third quarter of 2026.

2026年第二季與前六個月，我們分別在庫藏股回購計畫上動用現金1.516億美元與2.397億美元；同期間現金股利分別為6,020萬美元與1.207億美元。2026年第二季有效稅率為25.0%，相較2025年第二季的24.8%。我們目前預期2026年第三季有效稅率為25.0%。

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

以上為我們今早的預先準備發言。接線員，我們現在很樂意開放現場提問。

(Operator Instructions)

(接線員指示)

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Adam, a lot of volatility from month to month as we look at seasonality in your 10-year averages, obviously, a lot better in May, maybe a little slower in June. Can you just speak to the overall demand environment as we think about July trending from here? And also to the extent that you can kind of put a pin on it, we've been hearing a lot about freight shifting from a tight TL market to an LTL market. Are you seeing that? And kind of where do you think you stand as far as like the innings of that transition?

Adam，從你們10年平均的季節性來看，月與月之間波動很大，顯然5月好很多，6月可能稍微慢一些。你能否談談整體需求環境，以及我們如何看待7月接下來的走勢？另外，在你方便的範圍內，我們聽到很多關於貨量從緊俏的整車（TL）市場轉向零擔（LTL）市場。你們有看到這種情況嗎？以及就這個轉換而言，你認為目前大概進行到哪個階段？

Yes. I think to start with that first, I still think we're in the early innings. We're hearing some of that from customers, but I haven't really seen the big weight per shipment change within certain categories, particularly with 3PL managed business that you would see when there's a major inflection going on with the truckload spillover one way or the other.

是的。我想先從第一點開始，我仍然認為我們還在初期階段。我們確實從客戶那裡聽到一些這方面的情況，但我尚未在某些類別中看到每票貨件重量出現明顯變化，特別是在第三方物流（3PL）管理的業務中；若整車外溢（truckload spillover）出現重大拐點，通常會在這些地方反映得更明顯。

So I still think that there's probably a lot left to go with that renormalization there, if you will. But I expect that will continue as the truckload rate environment continues to be really strong. Overall for us, demand continues to improve. Happy with a lot of the trends that we're seeing. And you're right, I think that it's choppy month-to-month when you look at our sequential growth versus our 10-year average trends, but that's not uncommon.

因此，我仍認為若你要這麼說的話，這種再正常化（renormalization）可能還有很長一段路要走。但我預期，隨著整車運價環境持續非常強勁，這種情況會延續。就我們而言，整體需求持續改善。我們對目前看到的許多趨勢感到滿意。你說得對，當你把我們的連續成長與10年平均趨勢相比時，月與月之間確實較為顛簸，但這並不罕見。

When you get in periods like this, there have been certain months where we've just significantly outperformed the 10-year average and then the next month might be a little bit softer and so forth. And that's kind of the way the second quarter shaped up. We had a really strong February and March. And then the April was softer than the 10-year average, but then we kind of climbed out of that and essentially brought the full quarter sequential trend back to right there at what the normal quarter would be.

在這樣的時期，有些月份我們會明顯優於10年平均，接著下一個月可能稍微疲弱，如此類推。第二季大致就是這樣的走勢。我們2月與3月非常強勁。然後4月比10年平均更疲弱，但之後我們逐步回升，基本上把整季的連續趨勢拉回到接近正常季度應有的水準。

But I've looked at -- if you went back to the beginning of this year and normal seasonality, if you just played it out month by month, in July, we're handling probably about GBP3 million more per day than we would if normal seasonality had played out. So to me, I think we're obviously outperforming at this rate for full seasonality.

不過我看過——如果你回到今年年初，假設正常季節性並逐月推演，到7月我們每天處理的貨量大概會比正常季節性情境多出約300萬英鎊（GBP）。所以對我而言，我認為就整體季節性來看，我們顯然以目前的速度呈現超越表現。

And I think we're just in the early stages of the economy getting going again with where ISM has just been in the low 50s, has not really had a big breakout yet, and I still think there's a lot of room to run when you look at things like some of the inventory to sales ratios, as low as that is. And that somewhat reconciles with feedback we've heard from customers about the need for restocking and so forth. So really excited about where we are, but more excited about the opportunities that lie ahead to carry some momentum through the balance of this year into '27 as well.

而且我認為，經濟才剛開始重新啟動；ISM目前僅在50出頭的低檔，尚未真正大幅突破。我仍認為，從一些指標來看仍有很大上行空間，例如庫存對銷售比率如此之低。這也某種程度上與我們從客戶那裡聽到的回補庫存需求等回饋相互印證。因此，我對我們目前的位置感到非常振奮，但更期待未來的機會，能把動能延續到今年剩餘時間，並延伸到2027年。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，Wells Fargo。

Adam, you've given us sort of revenue ranges, you've given us OR sort of dynamics for the forward quarter in the past. I was wondering if you could help us a little bit with that. Obviously, the second quarter from an OR perspective does have the gain in it. So just some thoughts on how you think about revenue opportunity in the third quarter and also the operating ratio.

Adam，你過去曾給我們一些營收區間，也談過下一季的營業比率（OR）動態。我想請你再多幫我們補充一下。顯然，從OR角度看，第二季包含了那筆處分收益。所以想請你談談你如何看待第三季的營收機會，以及營業比率。

Yes. I'll just maybe answer one of those and leave the other for someone else to follow up. But maybe just to start with the top line, because I haven't always given revenue guidance, but I think it's probably appropriate, especially with some of the volatility that we've had with fuel.

是的。我可能先回答其中一個，另一個留給其他人再補充。不過也許先從營收這個最上層的數字談起，因為我過去並非總是提供營收指引，但我認為這可能是合適的，特別是考量到燃油帶來的一些波動。

And I guess, to start the July revenue growth rate of 7.5% to 8%, that includes sequential change in tonnage that's significantly better than the 10-year average, as I mentioned. And just to put some context around that, the tons per day right now is sequentially down about 0.5%. The 10-year average is down 3%. So seeing really strong performance there.

我想先從7月營收成長率7.5%到8%談起，這其中包含了噸位的環比變化，正如我提到的，顯著優於10年平均水準。為了提供一些背景，目前每日噸數環比約下降0.5%。10年平均則是下降3%。所以我們在這方面看到非常強勁的表現。

I think that if we can carry momentum through the rest of the quarter, and may see some of this choppiness that I just spoke about in either August or September, but I think if we can just carry some of this momentum forward, maybe -- we think that we can get to a 10% increase in revenue for the full quarter, so bring that growth rate up. And that would put the absolute number at about $1.54 billion, $1.55 billion for the full quarter.

我認為如果我們能把動能延續到本季剩餘時間，且可能在8月或9月會出現我剛提到的某些波動，但如果我們能把這些動能往前延續，我們認為全季營收有機會達到10%的增幅，把成長率再往上拉。如此一來，全季的絕對金額大約會落在15.4億到15.5億美元。

And obviously, we give our mid-quarter update, so we'll be able to track along with that the entire time. But conservatively, if we carry that same 7.5% to 8% growth rate, that would be about $1.52 billion for the full quarter. But -- and kind of as a baseline, what I'm anticipating for fuel is assuming that we're going to see stability, it had stabilized for a bit during the second quarter.

而且很明顯地，我們會在季中提供更新，因此整段期間我們都能持續追蹤進度。但保守來看，如果維持同樣7.5%到8%的成長率，全季大約是15.2億美元。不過——作為基準，我對燃油的假設是我們將看到價格維持穩定，第二季期間曾經穩定了一段時間。

It's reinflected back positive, but I would like to think that we see some resolution there and have fuel that maybe trends back down, and we'll see that more in the -- or my baseline is $4.95 as an average per gallon for the full quarter. But we'd like to see that come under control, which I think will be a net positive for the overall economy.

它又重新轉為上行，但我希望我們能看到一些問題獲得解決，燃油價格可能再度走低；我們會在——或者說我的基準假設是全季平均每加侖4.95美元。但我們希望這能受到控制，我認為這對整體經濟將是淨正面因素。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

I guess I'll follow up on the -- going from revenue to the sequential OR thoughts. And I guess if you could just let us know if that would be off of the reported OR, or any adjustments related to that net property gain?

我想接著追問——從營收轉到對環比OR（營業比率）的看法。另外想請你們說明一下，這是以已報告的OR為基礎，還是會針對那筆淨不動產收益做任何相關調整？

Yes. I figured that would be close on the heels, Jordan. But obviously, the 10-year average change for us, at least, is for the third quarter operating ratio to be flat or up 50 basis points from the second quarter. And I think we can essentially hit our normal seasonality, but you do have to sort of add back some of the items to normalize what that third quarter operating ratio would be.

是的。Jordan，我就知道你會緊接著問這個。但很明顯地，至少就我們而言，10年平均的變化是第三季營業比率相較第二季持平或上升50個基點。我認為我們基本上可以達到正常的季節性表現，但你確實需要把一些項目加回去，才能把第三季營業比率常態化。

And the biggest of which is obviously the big gain that we had on property sales during the quarter. So kind of with some of those things in mind, I would say, a normalized overall increase off the 70.1% would be an increase of about 150 to 200 basis points from the second to the third quarter.

其中最大的一項，顯然就是本季我們在不動產出售上取得的大額收益。因此，考量這些因素後，我會說，以70.1%為基礎做常態化後，從第二季到第三季的整體上升幅度大約是150到200個基點。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀。

Yes. So Adam or Marty, I wanted to get your thoughts on maybe what's happening with service and capacity in the market. I think there have been some data points or feedback that there are maybe a couple of pretty good-sized carriers that have hit some embargoes in the Midwest and capacity constraints. Have also heard feedback about LTL driver market getting a bit tighter or a little harder to hire drivers.

是的。Adam或Marty，我想請教你們對市場上服務與運能狀況的看法。我認為有一些數據點或回饋顯示，可能有幾家規模相當大的承運商在中西部遭遇某些禁運（embargo）以及運能限制。也聽到一些回饋說，LTL（零擔）司機市場變得更緊，或更難招募司機。

So maybe more of a connection with truckload than I would have expected. But what are you seeing in terms of -- are you also observing that? And is that starting to have an effect on your business in terms of maybe some shipments coming over to you, that might even affect July? But just kind of like if you think that's happening, and then how quickly that -- or how much that might affect you and what you see in your shipments and your pricing?

所以這可能與整車（truckload）的連動比我原先預期更高。但你們在——你們也有觀察到這些情況嗎？而這是否開始對你們的業務產生影響，例如有些貨量轉到你們這邊，甚至可能影響7月？總之，如果你們認為這正在發生，那它會多快——或多大程度——影響你們，並反映在你們的出貨量與定價上？

Good question. First of all, we're not having any capacity issues whether it be with equipment or drivers or real estate. But you are correct, we are hearing some talk about some of our competitors having problems picking up at the end of the month. And we have seen some of that freight move over temporarily. And if we get a major inflection in the economy, I think we'll see it daily.

好問題。首先，我們不論在設備、司機或不動產方面都沒有任何運能問題。但你說得沒錯，我們確實聽到一些消息，說我們某些競爭對手在月底提貨方面遇到問題。我們也看到部分貨量暫時轉移到我們這邊。如果經濟出現重大轉折，我認為我們會每天都看得到。

But yes, we are hearing that. And I think some of that, as Adam alluded to earlier, could be coming from the full truckload industry. Some of that freight starting to spill back over in a small way to the LTL environment. So I think that's a double-whammy for us.

但沒錯，我們確實有聽到。而且我認為其中一部分，如同Adam先前提到的，可能是來自整車運輸產業。有些貨量開始以小幅度回流到LTL環境。所以我認為這對我們來說是雙重利多。

So do you think that's maybe boosting July? Or was that happening earlier in the quarter?

所以你認為這可能在拉抬7月表現嗎？還是說這在本季更早的時候就已經在發生？

Yes. I mean, I think it's been happening. We've heard it earlier in the year and, look, this is a big part of our value proposition, is always having capacity. And it's not just the service center capacity. It's having trailing equipment where you can spot trailers at our customers' doors, particularly in the month, in the quarter, but having driver capacity as well.

是的。我的意思是，我認為這一直在發生。我們在今年更早的時候就聽到過；而且你看，這是我們價值主張的一大部分：永遠都有運能。而且不只是服務中心的運能。也包括有足夠的拖車設備，能把拖車停放在客戶門口，特別是在月底、季末期間，同時也要有足夠的司機運能。

And as Marty said, we've got plenty of capacity across all of those three major elements. And I think when other carriers are operating in the first quarter, the public company average, excluding us, was a -- you got to start managing cost in different ways and maybe aren't able to keep the amount of excess capacity to respond to growth opportunities as they're coming on a sequential basis. So I definitely think that's been a little part of the story. But again, like I said earlier, I think we're just kind of in the early stages of recovery.

如同Marty所說，我們在這三個主要要素上都有充足的運能。我認為當其他承運商在第一季營運時，上市公司平均（不含我們）是——你必須用不同方式去管理成本，可能就無法保留足夠的閒置運能，以便在環比出現成長機會時即時回應。所以我確實認為這是故事的一小部分。但同樣地，如我先前所說，我認為我們仍處於復甦的早期階段。

It's been nice to see us be tracking at seasonality really going back to November of last year, but it just feels like we're in the early stages of this and we got a big runway of growth ahead for us and we're eager to get back to it. We've built up a tremendous amount of capacity over the last few years with the continued investments that we've made.

很高興看到我們的表現能貼近季節性走勢，甚至可以追溯到去年11月，但感覺我們仍在早期階段，前方還有很長的成長跑道，我們也很期待回到成長軌道。過去幾年，透過持續投資，我們已建立了非常可觀的運能。

And so we're eager to get freight back into the system. And you look at what we can produce in the second quarter, the control that we've shown over cost and improvement that we've had in our direct cost, in particular, we're still down a long ways from where we were back in 2022.

因此我們很期待把貨量重新帶回系統。你看看我們第二季能做到的成果，我們在成本控制上展現的能力，以及我們在直接成本（尤其是直接成本）上的改善，但相較於2022年的水準，我們仍然還差得很遠。

So if we can continue to see that inflection, like we just saw from the second to third quarter, just a 4% sequential increase in our tonnage, but doing that with the same headcount, look at all the leverage that exists in our business. So a lot of opportunity to grow the top line but more importantly, to keep improving our operating ratio and produce strong, profitable growth.

所以如果我們能持續看到那樣的轉折，就像我們剛看到第二季到第三季那樣——噸位環比僅增加4%，但人力編制維持不變——看看我們業務中存在的槓桿有多大。因此，我們有很多機會推升營收，更重要的是，持續改善營業比率並實現強勁且具獲利性的成長。

Eric Morgan, Barclays.

Eric Morgan，巴克萊。

I wanted to ask on pricing. Just curious if you could discuss what drove your yields ahead of your initial guidance in the quarter, especially with weight per shipment improving through the quarter. And relatedly, just wondering if you could elaborate a bit on what those mix effects were you referenced that's driving the 3Q yield growth a little bit below 2Q.

我想就定價方面提問。我只是好奇，您是否可以談談本季收益率為何會高於您最初的指引，尤其是在每票貨運重量於本季逐步改善的情況下。另外也想請您再多說明一下，您提到的那些組合效應是什麼，導致第三季收益率成長略低於第二季。

Yes. It's -- the second quarter, I think, has benefited some. There's always mix that's going on. It could be a balance of national account versus your small mom-and-pop, some of our higher-priority services and so forth. And we were pleased to see the overall revenue per hundredweight in the second quarter tracking.

是的。我認為第二季確實受惠於一些因素。組合變化一直都在發生。可能是全國型大客戶與小型在地客戶之間的平衡、我們部分較高優先級的服務等等。我們也很高興看到第二季整體每百磅營收的走勢。

Our guidance going into the 2Q was thinking that it'd be at about 4% to 4.5%. And so obviously, we're well ahead of that. But sometimes just looking at the month and so forth, the revenue per hundredweight can move up or down. And I don't think that there's anything to call out. But to me, what we're seeing with it coming back down, the rate of growth, that is, it's still sequentially increasing, the revenue per hundredweight that is.

我們在進入第二季時的指引，原本預期大約在4%到4.5%。所以顯然我們遠高於該水準。但有時候只看單月等情況，每百磅營收可能會上上下下。我不認為這裡有什麼特別需要點出的。但就我看來，我們看到它回落的是成長率；也就是說，每百磅營收仍在按季增加。

It's very similar to what we saw sequentially back in 2017 where we had weight per shipment that was outperforming normal seasonality through that year, and that was in the early stage. If you recall, that's when the real inflection was beginning. So I'd like to think that some of the similarities that we're seeing in our numbers, particularly with yield, particularly with tonnage and weight per shipment, maybe this is the start of the real inflection like what we saw back then.

這與我們在2017年按季看到的情況非常相似；當時每票貨運重量在那一年早期階段就已超越正常季節性表現。如果你還記得，那正是實質拐點開始出現的時候。所以我希望我們在數據上看到的一些相似之處，特別是在收益率、貨量以及每票貨運重量方面，或許這就是像當年那樣真正拐點的開始。

So that's why we wanted to make clear that this is a positive when you see the revenue growth coming in the form of tons and weight per shipment and our yields continuing to improve, that's what puts profits to the bottom line, and that's a key driver of what allowed us to operate at a 70.1%.

因此我們想要明確表示，當你看到營收成長是以噸數與每票貨運重量的形式呈現、且我們的收益率持續改善時，這是一個正面訊號；因為這會把利潤帶到最終盈餘，並且是讓我們能以70.1%營業比率運作的關鍵驅動因素。

I realized we had the real estate gain in there, but even if you backed that out, that's one of the strongest operating quarters that we've ever had. And if I go back and compare it to the second quarter 2022, I often talk about that breakdown of costs, direct operating costs and overhead, our direct operating cost in the second quarter this year were about 200 basis points, 250 basis points better than where we were in the second quarter of 2022 when we produced a 69.5% operating ratio.

我知道其中包含房地產處分收益，但即便把那部分扣除，這仍是我們歷來最強的營運季度之一。如果我回頭與2022年第二季相比，我常談到成本拆分：直接營運成本與管理費用；今年第二季的直接營運成本約比2022年第二季改善了200個基點到250個基點，而當時我們的營業比率是69.5%。

So when you think about that increase in our overhead cost there, there's a tremendous amount of leverage that can not only take it down into the 60s or just hitting right there at getting to a 69% operating ratio, but it's going to be able to allow us to drive it even much lower.

所以當你想到我們管理費用的增加時，存在非常大的營運槓桿，不僅能把營業比率降到60幾，或至少降到約69%的營業比率附近，而且還能讓我們把它推得更低。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Adam and Marty, there's been a lot of focus on TL versus LTL conversion on this call. But I think in the down cycle, we've also seen brokers take a bunch of share from asset-based LTLs in the marketplace. And obviously, the broker relationship right now is under scrutiny post Montgomery. I'm wondering if you're seeing any shift away from brokers back to asset-heavy as well as we go deeper into the cycle.

Adam和Marty，這通電話中大家非常關注TL與LTL之間的轉換。但我認為在景氣下行週期中，我們也看到經紀商在市場上從資產型LTL業者手中拿走了不少市占。而且顯然在Montgomery事件之後，目前經紀商關係也正受到檢視。我想請問，隨著我們進一步進入這個週期，您是否也看到一些從經紀商回流到資產較重（asset-heavy）業者的轉變？

Probably a little bit early for that. We saw revenue growth with our 3PL-related customers in the most recent quarter that was similar to the overall growth rate for the company. So that's kind of hanging in there. But that's something that we obviously like to have customers direct with us, and if that's a change that develops, we'll work with them.

可能還有點太早。在最近一季，我們來自與3PL相關客戶的營收成長，與公司整體成長率相近。所以目前算是維持住了。但這確實是我們希望客戶能直接與我們往來的部分；如果未來出現這樣的變化，我們會與他們合作。

But if a customer is using a 3PL, we treat them the same. We look at the cost. The important thing with business, and about 1/3 of our revenue right now is with 3PLs, is to understand the cost on any customer account, whether it's direct or with a 3PL and to price it appropriately, so that we've got similar account-level profitability across our book of business. And that's the way we look at it. We look at customer specific costs and then we provide customer-specific pricing to those 3PLs. But we'll take it if it comes at us and be happy to do so.

但如果客戶是透過3PL，我們也一視同仁。我們會看成本。對於這類業務而言——目前約有1/3的營收來自3PL——重點是要了解每一個客戶帳戶的成本，不論是直客或透過3PL，並據此適當定價，讓我們在整體客戶組合中，各帳戶層級的獲利能力相近。我們就是這樣看待的。我們會看客戶特定成本，然後提供給那些3PL客戶特定的定價。只要業務來了，我們就會承接，也很樂意這麼做。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Thanks for the insight before on some of the struggles at the carriers popping up. That's definitely an issue we've been hearing about also. But if I could just take Ravi's question in maybe a different way, another upheaval or strife is in the brokerage side.

感謝你們先前對一些承運商困境浮現的分享。這確實也是我們聽到的問題。但如果我能用不同角度延伸Ravi的問題，另一個動盪或摩擦點是在經紀業務端。

Just given the heavy use of brokers that you have, we're seeing a lot of lawsuits go on now that are maybe -- whether it was from Montgomery and risk that moves up the food chain or last weeK just the exposure is that impacting discussions with the brokers? Is it -- are you seeing any flows that might be changing? Maybe just talk about what you're seeing from that brokerage follow-through.

鑑於你們大量使用經紀商，我們現在看到很多訴訟正在進行，可能——不論是Montgomery引發、風險沿著供應鏈往上移轉，或是上週的情況——總之這些曝險是否正在影響你們與經紀商的討論？你們是否看到任何可能正在改變的貨量流向？也請談談你們從這些經紀端後續效應中觀察到的情況。

Yes. Nothing at this point, Ken, that I've heard. And we, obviously, especially with some of our largest ones, several of our top 10 customers are 3PLs, and have not really seen any type of material change there. And obviously, with the revenue growth being pretty consistent with the company average at this point. But I haven't really heard a lot of feedback that there's been a lot of discussion, but obviously, as many of you have written about, it's a potential big change that's coming for the industry.

是的。Ken，就我所知目前還沒有。而且我們當然——特別是與一些最大的經紀商——我們前十大客戶中有好幾家是3PL，目前並未看到任何實質性的變化。同時，就目前而言，營收成長也與公司平均相當一致。但我確實沒有聽到太多回饋說有很多相關討論；不過正如你們許多人所寫的，這可能是即將到來、對產業影響很大的變化。

And I'm reading you all report about the increase in insurance costs, and that's something that we've talked about in recent years. It's to be a large, sophisticated LTL, well-capitalized carrier, we have dealt with double-digit premium inflation for many years now. And that's something that goes into our cost model that we've got to continue to account for with our pricing.

而且我也在閱讀你們關於保險成本上升的報導，這也是我們近年來一直在談的議題。作為一家規模大、成熟且資本雄厚的LTL承運商，我們多年來一直面臨保費的雙位數通膨。這會納入我們的成本模型，我們必須在定價上持續把它考量進去。

So it sounds like that's something that they will have to further account for. And if a customer is using a 3PL, there's obviously got to be margin for the 3PL to manage. And if we give the same price, then that's a cost, and I think that will be something where they have to prove their value proposition, the 3PL that is, to the shipper.

所以聽起來，這也是他們必須進一步納入考量的部分。而如果客戶使用3PL，3PL顯然也需要有可管理的利潤空間。如果我們給出相同價格，那就會形成一項成本；我認為這將使得3PL必須向託運人證明其價值主張。

And if more and more shippers choose to use Old Dominion direct, then we'll be there -- be here for them, I should say, and be happy to handle it. But yes, definitely cost inflation that's coming that may drive some of that cost through 3PL business versus non, and maybe reverse some of the shift that we've seen increased use of 3PLs over the past, say, 10, 15 years.

如果越來越多託運人選擇直接使用Old Dominion，那我們會在那裡——應該說，我們會在這裡——很樂意為他們處理。但沒錯，確實有即將到來的成本通膨，可能會使部分成本更多地反映在3PL業務相對於非3PL業務上，並且或許會逆轉我們在過去大約10到15年間看到的3PL使用增加的趨勢。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

A lot has been covered and I appreciate it. I wanted to go a little bit of a different direction. One of your competitors on their call talked about looking at the use of autonomous trucks for some of the line-haul operations in that they might have gotten to the point where it's a viable option for an LTL carrier. Just wondering what your thoughts on that were and if you've looked into it.

很多內容都已經談到了，我很感謝。我想換個方向問一下。你們的一家競爭對手在他們的電話會議上提到，正在評估在部分幹線運輸（line-haul）作業中使用自動駕駛卡車，並且他們可能已經到了對一家LTL承運商而言可行的階段。想請教你們對此有何看法，以及你們是否也有研究過。

Yes. Jason, I think that's something that, any type of technology, you've got to continue to look at and stay on top of. But I think that one of the things that people have got to consider as well is what's the cost of the technology on a per mile basis. Some of the things that I've seen and read, I don't know that you've got the value add.

有。Jason，我認為任何類型的技術，你都必須持續關注並掌握最新進展。但我也認為，人們還必須考量的一點是，這項技術按每英里計算的成本是多少。就我看到和讀到的一些內容而言，我不確定它是否真的能帶來附加價值。

You think about our fleet of equipment, we dual-use a lot of our tractors. So they're running P&D during the day, line-haul at night. If you've got to pay the technology provider, I don't think that autonomous vehicle would be more for line-haul application. You either are buying specific P&D units that's going to drive your unit cost up or you're paying for a mileage where you're not really using and leveraging the technology.

你想想我們的車隊設備，我們很多牽引車是雙用途。所以白天跑取送貨（P&D），晚上跑幹線。如果你必須付費給技術供應商，我認為自動駕駛車輛更偏向幹線應用。你要嘛得購買專門的P&D車輛，這會推高單位成本；要嘛就得按里程付費，但其中有一部分里程其實並沒有真正使用並發揮這項技術的效益。

So I think like many things that are like that, you got to stay on top of. We don't want to be on the bleeding edge of that technology and development and so forth. But it's just like any other investment when it comes to technology, there are a lot of opportunities that we take a look at where the cost of the technology doesn't really provide an appropriate return.

所以我認為，像這類事情一樣，你必須持續關注。我們不想站在這項技術與開發的最前沿、承擔過高風險。但就像任何其他科技投資一樣，我們會評估很多機會，而其中不少情況是技術成本並不能帶來合適的回報。

And investment in autonomous would be a similar type of analysis that we would go through. But to me, it's something too that, I don't know, it's hard to imagine a world where you've got 80,000-pound trucks driving up and down the highways without someone sitting in the cab to deal with those one-off scenarios, to deal with cargo theft that is already a problem when you've got a driver in the cab.

對自動駕駛的投資，我們也會做類似的分析流程。但對我來說，這也是一件很難想像的事：80,000磅的卡車在高速公路上來回行駛，卻沒有人坐在駕駛室裡去處理那些一次性的特殊情境，或去應對貨物竊盜——而貨物竊盜在駕駛仍在車上的情況下就已經是個問題了。

So there's a lot of other incremental challenges that would present and would have to be dealt with from a regulatory standpoint before this goes worldwide. And obviously, it's been dealt with and utilized in certain lanes and so forth, but the scale and be nationwide, I still have some reservations about.

因此在監管層面，還會出現許多額外的增量挑戰需要解決，這項技術才可能在全球範圍推廣。當然，它已經在某些路線等場景中被處理並使用，但要擴大到全國規模，我仍然有些保留。

So it sounds like it's more than just the total cost of it all. There's other factors in terms of you guys taking advantage of something like this as it becomes available.

所以聽起來不只是總成本的問題。在你們利用這類技術、隨著它逐步可用時，還有其他因素需要考量。

I think so, yes. But look, our business is pretty simple. At the end of the day, it's how do we manage the revenue per shipment and the cost per shipment and give the very best service in our industry to be able to support the value and our yields. And so like I said, it's no different. Everything we look at is how can we minimize the inflation in our cost per shipment and continue to get yields to support the value proposition. So we'll continue to look at it. But like I said, I don't think we'll be on the bleeding edge with adoption there.

我想是的。但你看，我們的業務其實很簡單。歸根結底，就是我們如何管理每票貨的收入與每票貨的成本，並提供本行業最好的服務，以支撐我們的價值與收益率（yields）。所以如我所說，沒有什麼不同。我們看待所有事情，都是從如何把每票貨成本的通膨壓力降到最低，並持續取得足以支撐價值主張的收益率出發。因此我們會持續關注。但如我所說，我不認為我們會在採用上走在最前沿。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

If we look back, I think this is the first time the capital envelope has gone up since the beginning of '24. And I'd just be curious, both big-picture thinking on where this is going, is it the tightness at capacity at some of your peers that's bringing freight your way?

回頭看，我想這是自2024年初以來資本支出上限（capital envelope）第一次上調。我想請教一下，從更宏觀的角度看，這接下來會往哪個方向走？是否是你們部分同業的運能偏緊，讓貨量轉向你們？

Or is it what you're hearing from customers on sort of macroeconomic expectations that's driving you back into a period of growth investment, albeit gradually? And if you could just give us a quick update, I mean, you talked about having a lot of capacity now. Any sort of sense of where you stand on people and equipment in the network today?

還是說，這是你們從客戶那裡聽到的宏觀經濟預期，推動你們重新進入一段成長型投資期（雖然是逐步的）？另外也請你們快速更新一下：你們提到目前有很多運能。能否談談你們目前在網路中的人力與設備大概處於什麼狀態？

Yes. The increase that we had, keep in mind, the total $380 million is still well below our normal range is 10% to 15% of revenue. But like we said, both the increase in the real estate side and the equipment really are strategic purchase opportunities, that, from a real estate standpoint, you've also got some timing of projects that we've continued to spend on our network because of the confidence we have in our long-term market share opportunities.

是的。我們這次的增加，請記住，總額3.8億美元仍遠低於我們通常的區間，也就是營收的10%到15%。但如我們所說，無論是不動產端或設備端的增加，主要都是策略性的採購機會；從不動產角度來看，也有一些專案時程因素——我們基於對長期市占機會的信心，持續在網路上投入。

But we've got a couple of unique opportunities where it could be something that fit in the long-term plan in a market that's hard to find real estate, to not get into too many specifics. But then you've also got some lease-to-own conversions, timing of projects that we may get started in the balance of this year that may have been in '27 initially.

但我們也有幾個獨特的機會，可能符合長期規劃，且所在市場的不動產很難取得——我就不講太多細節。此外，你也看到一些租轉購（lease-to-own）轉換，以及專案時程安排：我們可能會在今年剩餘時間啟動一些原本最初規劃在2027年的專案。

So we're always fine-tuning that model, and that drove some of that increase there. But there's one or two kind of strategic purchase opportunities that are in there that just sort of fit when we think about our 5- and 10-year plan. And then on the equipment side, that's a little different. Some of that spend would have been allocated to 2027. So we're kind of pulling some of those purchases into the fourth quarter of this year.

所以我們一直在微調那個模型，這也推動了部分增幅。但其中有一到兩個偏策略性的採購機會，當我們思考5年與10年計畫時，剛好很契合。至於設備端，情況稍有不同。其中一部分支出原本會分配到2027年。所以我們把其中一些採購拉到今年第四季。

And again, just through conversation and discussions, our op teams felt like it would be better to go ahead and pull some of that equipment into this year. But overall, kind of to answer your question, it's not necessarily a need to increase the capacity of our service center network. We've still got north of 35% excess capacity there.

同樣地，透過對話與討論，我們的營運團隊認為把部分設備提前到今年會更好。但整體而言，回到你的問題，這不一定是因為我們需要提高服務中心網路的運能。我們那邊仍有超過35%的閒置運能。

We've got plenty of power and trailing equipment capacity at this point. Really when we get into the fall of this year is when we'll be forecasting for next year's volumes to think about what our replacement needs would be and then any growth needs. But I think given kind of where our fleet is versus some prior years when we've had similar growth numbers, it still will probably lean more towards replacement just to kind of grow into the fleet that we have, but probably add some trailing equipment to make sure we've got plenty of capacity there.

目前我們有足夠的動力設備（牽引車）與拖車設備運能。真正到了今年秋季，我們才會開始針對明年的貨量做預測，思考我們的汰換需求以及任何成長需求。但我認為，考量我們目前的車隊狀況相較於過去一些有類似成長數字的年份，支出可能仍會更偏向汰換，先把現有車隊的運用率拉上來；但也可能會增加一些拖車設備，以確保我們有充足的運能。

And on the people side, like we've talked about on the last call, we were able to accommodate this 4% sequential increase in tonnage that we just had with essentially the same workforce. So through the balance of the third and fourth quarter, probably not a lot of material change in our headcount overall there.

在人力方面，如同我們在上次電話會議提到的，我們能在基本相同的員工規模下，消化剛剛這一季貨運噸數環比增加4%。因此在第三季與第四季剩餘時間，我們整體人頭數大概不會有太大的實質變化。

So if we can take another sequential increase through 3Q, I think that presents some good opportunities there from a cost and margin standpoint. But then we've really, again, kind of getting into forecasting for next year, have got to think about when is the right time to start some of our truck driving schools again and to start getting more drivers in to accommodate what we think our growth expectations for '27 might be.

所以如果我們在第三季還能再出現一次環比成長，我認為從成本與利潤率角度會帶來一些不錯的機會。但接著我們又會回到對明年的預測，必須思考何時是重新啟動我們部分卡車駕駛學校、開始招募更多司機的合適時點，以因應我們對2027年成長預期的需求。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So yes, I guess, first, a quick housekeeping one. Adam, that OR sequential change you cited for 3Q flat to up 50 bps, I would suspect that's on GAAP, but wanted to make sure. And then I guess just bigger picture, tonnage came in line with normal seasonality this past quarter and you meaningfully beat your OR outlook for the quarter even ex that real estate gain.

好的，我想先問一個簡單的釐清問題。Adam，你提到第三季OR（營運比率）環比變動為持平到上升50個基點，我猜那是以GAAP口徑計算，但想確認一下。再從更宏觀的角度來看，本季噸數符合正常季節性，而你們即使不計入那筆不動產收益，也明顯優於你們對本季的OR展望。

And looking into Q3, you're calling for pretty optimistic scenario both around maybe macro demand picking up and OD-specific demand as your peers face some challenges. So I guess what's driving that tempered enthusiasm considering that you're thinking you could just be in line with historical trends in OR?

展望第三季，你們提出的情境相當樂觀，一方面可能是總體需求回升，另一方面是當同業面臨一些挑戰時，OD 特定需求也會增加。所以我想問的是，既然你們認為 OR 可能只是與歷史趨勢一致，那麼是什麼因素在驅動這種相對保守的樂觀？

And then back to complimenting you on the strong performance in 2Q, the incremental margin we calculated in the quarter was really good, 60%. Just curious if that influences your outlook for OR longer term or if you'd caution us from using that optimistic of an outlook given fuel likely created some of that positive operating leverage? So a lot in there, but I'll let you take it how you want to.

再回到稱讚你們第二季的強勁表現，我們計算本季的增量利潤率非常好，達到 60%。想請教這是否會影響你們對長期 OR 的看法？或者你們會提醒我們不要用這麼樂觀的假設，因為燃油可能帶來了一部分正向的營運槓桿？問題有點多，但我就讓你用你想要的方式回答。

Richa, I don't know if I can track everything that was in there. But I would say a lot of the second quarter outperformance, if you will, the volumes just came in stronger than where we were three months ago talking about the call and where April was. We just came back a lot stronger with volumes. And obviously, we were able to put a lot of that incremental revenue growth to the bottom line.

Richa，我不確定我能把你剛剛所有內容都追得上。但我會說，如果你要看第二季的超預期表現，主要是貨量比三個月前我們在電話會議上討論、以及四月時的情況都更強。我們的貨量回升得更有力。而且很明顯地，我們也能把相當多的增量營收成長轉化到最終獲利。

And a lot of that flowed through with the sequential change in salaries, wages and benefits. And I think I had pointed everyone to the second quarter 2022 as sort of a reference point when you had a similar type of change with fuel prices and so forth. But we probably did a little bit better with our salaries, wages and benefits change.

其中很大一部分反映在薪資、工資與福利的環比變動上。我想我之前也請大家參考 2022 年第二季，當時燃油價格等因素也帶來了類似的變化。但我們在薪資、工資與福利的變動控制上，可能做得更好一些。

But also there was some benefit in some of our other op supplies and expenses and G&A type costs. And some of those are partly what I mentioned would be in that normalization of trending into the third quarter. I tell you, if we didn't have the fringe headwind, we'd be talking about the summer of 69% here.

另外，我們在其他營運用品與費用，以及一般與管理（G&A）類成本上也有一些受益。其中有一部分，就是我提到第三季趨勢回到常態化時會出現的情況。我跟你說，如果沒有附加福利（fringe）的逆風，我們現在談的就會是 69% 的夏季 OR。

We did have a big headwind from the first and second quarter with our fringe benefits, which we've talked about at the end of the call. But sure would have been nice to have had a 69% operating ratio. But we've been there before, and we'll get back there again.

我們在第一季和第二季確實受到附加福利的大幅逆風影響，這點我們在電話會議尾聲也談過。但如果能有 69% 的營運比率當然會很棒。不過我們以前達到過，也會再回到那個水準。

But looking into the third quarter, you've got some of that. The guidelines that I gave is still 45%, 50% incremental margins on that type of revenue growth. And that's stronger than a longer-term trend. And a lot of that will be based on what I mentioned earlier about our direct versus overhead costs. With our direct costs now at 50% to 51% in the second quarter, that's something that, obviously, you keep leveraging tonnage growth at the right price and you can put a lot of that to the bottom line.

但看第三季，你會看到其中一些因素。我給的指引仍是：在這類營收成長下，增量利潤率 45% 到 50%。這比長期趨勢更強。而其中很大一部分，會取決於我先前提到的直接成本相對於間接費用（overhead）的結構。第二季我們的直接成本已降到 50% 到 51%；很明顯地，只要以合適的價格去槓桿化貨量成長，就能把相當多的增量貢獻到最終獲利。

But there's a lot of opportunity there when you think from a bigger picture and a longer-term standpoint to further improve that direct operating cost percentage threshold. And then we've got to keep getting leverage on the overhead cost and controlling that discretionary spending. We're not seeing the same type of increase in depreciation this year because the CapEx program is lower than it's been in recent years. So that's helped with some of our cost inflation.

但從更宏觀、長期的角度來看，仍有很多機會進一步改善直接營運成本占比的門檻。接著我們也必須持續在間接費用上取得槓桿效果，並控制可自由裁量的支出。今年我們沒有看到折舊出現同樣幅度的增加，因為資本支出（CapEx）計畫比近年來低。因此這也有助於抵銷部分成本通膨。

So a lot of those different variables that when you think kind of over a multiyear through-the-cycle type of operating ratio change. Our goal is obviously to get, we've stated multiple times, to get to a sub-70%. But when you think about growth within those expense thresholds that I just laid out, I don't want to say that 45% to 50% is the new way to think about it, but when you think about it in that context, getting to the sub-70% annual operating ratio is pretty easy to map out.

所以當你把這些不同變數放在一起，從多年、穿越景氣循環的角度去看營運比率的變化。我們的目標很明確，我們已多次表示要達到 70% 以下。但當你在我剛剛列出的費用門檻內思考成長時，我不想說 45% 到 50% 就是新的常態思維；不過在那樣的脈絡下，要推導出年度 OR 低於 70% 的路徑其實相當容易。

And we're going to achieve our goal that's the immediate goal before we set a new one. But I think it's clear to see why we've changed our operating ratio goal by 500 basis points at a time. And you can kind of map out and prove pretty easily a pathway that would get us to our next 500 basis point goal.

而且在我們設定新目標之前，我們會先達成眼前這個目標。但我想也很清楚為什麼我們每次把 OR 目標調整都是以 500 個基點為單位。你也可以相當容易地規劃並驗證一條路徑，讓我們達到下一個 500 個基點的目標。

And then just if you could quickly clarify the sequential change for Q3 from Q2. That's based off GAAP OR, right?

另外，能否請你快速釐清一下第三季相對第二季的環比變動。那是以 GAAP 的 OR 為基礎，對吧？

It is, yes. We're -- we like to operate on GAAP and talk about GAAP type numbers, and we'll give you adjustments like the real estate gain, but I don't know that you'll ever hear me talk about non-GAAP numbers and adjusted EBITDA. I think GAAP makes more sense for an easier comparison.

是的，沒錯。我們——我們喜歡以 GAAP 來營運並討論 GAAP 類型的數字；我們會提供像是不動產處分利益這類調整項，但我想你大概不會聽到我談非 GAAP 數字或調整後 EBITDA。我認為 GAAP 更合理，也更容易做比較。

Brian Ossenbeck, JPMorgan.

JPMorgan 的 Brian Ossenbeck。

Maybe, Adam, if you can just give a little bit more context on the headcount and the labor side. Obviously, the fringe benefit was a pretty big increase, I would assume, in the comp per employee. Does that continue to increase a little bit with the annual wage increase? And you said you're going to keep the labor essentially flat. But I just want to hear a little bit more about the cadence that you have visibility to.

Adam，也許你可以再多提供一些關於人力編制與勞動成本面的背景。很明顯地，附加福利大幅增加，我猜這會推升每位員工的薪酬成本。隨著年度加薪，這還會再小幅上升嗎？你也提到你們會讓人力基本上維持持平。但我想再多聽一些你們可見度所涵蓋的節奏（cadence）。

And then some commentary on the truck driver schools and bringing those back and sort of view on capacity towards the end of this year and into next year as you start to think through that and what the next cycle could bring or require from a labor perspective.

另外也想請你評論一下卡車駕駛學校，以及把那些計畫重新帶回來；並談談你們對今年底到明年初運能的看法，當你開始思考下一個循環可能帶來或需要什麼，從人力角度會是如何。

Sure. That's a good perspective, Brian. We will give a wage increase the 1st of September, and we haven't announced that to our employees yet, but -- so I don't want to announce it here. But obviously, we continue to do well as an organization and we believe in sharing that benefit with our employees. So that's something that we'll be working through and announcing here pretty soon.

當然。Brian，這個觀點很好。我們會在 9 月 1 日加薪；我們還沒對員工宣布，所以——我不想在這裡先宣布。但很明顯地，我們作為一個組織持續表現良好，也相信應該與員工分享這份成果。所以這會是我們接下來要推進並在不久後宣布的事情。

But I think that, like I said, we've got the people capacity. People are able to start working more hours on average than they were before. And our drivers and platform employees have been eager to do that and see their take-home pay increasing as a result. So we can continue to step up and meet the needs of our customers through the third and fourth quarters of this year.

但我認為，如我所說，我們的人力產能是足夠的。平均而言，大家能開始比以前工作更長的工時。我們的司機與站台員工也很願意這麼做，並且因而看到實領薪資增加。因此我們可以持續提升，以滿足今年第三季與第四季客戶的需求。

The thought in terms of starting our truck driving schools and so forth, we've had our truck driving schools going, and part of what we do in our strategy is to take our employees that are interested in being a driver and train them to get their CDL. So when demand and volumes are there, we're able to put them into a truck pretty quickly. And we've got someone that's been with us that believes in the OD family spirit and our culture.

至於啟動卡車駕駛學校等想法，我們其實一直都有在運作卡車駕駛學校；而我們策略的一部分，就是把有意願成為司機的員工培訓，協助他們取得 CDL（商業駕照）。因此當需求與貨量出現時，我們能很快讓他們上車執勤。而且這些人原本就在我們公司，認同 OD 的家庭精神與企業文化。

And we know they're going to do right things right for our customers and continue to deliver service that no one else is even close to in our industry. So I think it's all about making sure we've got people that are prepared that if we start seeing the sequential increase that typically happens in kind of March of next year, and who knows what volumes will be like through the balance of the third and fourth quarter, but just generally thinking about seasonality, you want to make sure that you've got people that are ready to step in.

我們也知道他們會為客戶把事情做對、把正確的事做正確，並持續提供在我們產業中幾乎無人能及的服務。所以我認為重點在於確保我們有人才已準備就緒：如果我們開始看到通常在明年三月左右出現的環比增長——而且誰也不知道第三、第四季剩餘期間的貨量會如何——但一般從季節性來看，你會希望確保有人隨時可以補上。

The worst thing you can do is have volume opportunities coming at you and to not be able to take advantage of those. And I think when you look at our history, we've proven out time and time again that we're able to rise to that challenge. And that's what gives me the confidence to talk about some of these numbers that we've had or have today.

你能做的最糟糕的事情，就是當大量的運量機會迎面而來時，卻無法把握。而我認為，回顧我們的歷史，我們一次又一次證明了我們能夠迎接這項挑戰。這也正是讓我有信心去談論我們曾經有過、或今天所擁有的一些數字的原因。

When I look back at these high-growth years where we really separate ourselves from our competition, you think about the 2014, 2015 and '17 and '18, '21, '22, those high-growth years where demand is incredibly strong, we've had tonnage -- the change in our tons per day that's outperformed our competition 800 to 1,000 basis points. And so I think that, that's what we're looking forward to.

當我回顧那些高成長年份、也就是我們真正與競爭對手拉開差距的時期——你想想2014、2015，以及2017、2018、2021、2022這些需求極其強勁的高成長年份——我們的運量（也就是每日噸數的變化）表現比競爭對手高出800到1,000個基點。所以我認為，這正是我們所期待的。

I think that there continue to be capacity challenges in our industry, to where when the industry really starts growing again, we're going to see the majority of that market share growth coming our way. So we just want to make sure that we're prepared. And we know that we are. But you got to stay ahead of the growth curve in this industry. And I think we've proven time and time again that we can do so.

我認為我們這個產業仍然存在產能方面的挑戰，因此當產業再次真正開始成長時，我們將會看到大部分的市占成長會流向我們。所以我們只想確保自己已經準備就緒。而我們也知道我們已經準備好了。但在這個產業裡，你必須走在成長曲線之前。而我認為我們一次又一次證明了我們能做到。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

This is Matt on for Bruce. A couple of quick ones here. With respect to the stronger volume you highlighted in the super seasonal trends, curious if you're seeing this uptick sort of broad-based across the book? Or is it still concentrated in a handful of end markets?

我是代替Bruce的Matt。這裡有幾個快速問題。關於你提到在「超季節性」趨勢中運量更強，我想了解你看到的這波上升是否在整體客戶組合中相當普遍？還是仍然集中在少數幾個終端市場？

No. It's pretty consistent across our regions, which is nice. That keeps the network in balance for us. And as you know, we're pretty much 100% insourced from a linehaul standpoint. So we're not facing any purchased transportation challenges that maybe some of our competitors are, and certainly not dealing with the cost inflation that go along with that dynamic with the truckload price increases that we're seeing right now.

不是。在我們各個區域都相當一致，這點很好。這讓我們的網路能保持平衡。而如你所知，從幹線運輸（linehaul）的角度來看，我們幾乎是100%自營。因此我們不會面臨某些競爭對手可能遇到的外購運輸（purchased transportation）挑戰，當然也不需要承受與此動態相關的成本通膨——尤其是我們現在看到整車（truckload）價格上漲所帶來的成本壓力。

So that's a benefit to us as well. And so yes, everything is staying balanced and pretty consistent. You've got a little bit of change. And like I mentioned earlier when we were talking about yields with growth with national accounts, larger national accounts, growth in smaller mom-and-pop, pretty consistent performance, I'd say, across those two major components of our revenue and the same thing with the 3PL managed business as well.

所以這對我們也是一項優勢。因此，是的，一切都維持平衡且相當一致。當然會有一些小幅變化。就像我先前在談到收益率（yields）時提到的，無論是全國性客戶（national accounts）——較大型的全國性客戶——的成長，或是較小型的「夫妻店」客戶（mom-and-pop）的成長，我會說在我們營收的這兩大主要組成上，表現都相當一致；而在3PL代管業務（managed business）方面也是同樣的情況。

Great, super helpful. And lastly, I know you mentioned hearing that some peers are having some trouble making pickups due to the tighter labor market conditions. I guess, how would you characterize the financial health of smaller regional providers at this point, and maybe whether you're seeing any changes there in their pricing or competitive behavior as the market sort of improves or maybe what's likely to be increasingly higher inflationary cost environment with issues like insurance?

很好，非常有幫助。最後一個問題，我知道你提到聽說有些同業因為勞動市場更緊俏而在提貨（pickups）上遇到一些困難。我想請問，你會如何描述目前較小型區域業者的財務健康狀況？以及隨著市場改善，或在像保險等因素導致成本環境可能更具通膨壓力的情況下，你是否看到他們在定價或競爭行為上有任何變化？

Yes, we've got a lot of -- our industry has got a lot of very high-quality small regional carriers that -- they're private mainly, so we don't know their operating ratios. More of the feedback that we hear in bids and so forth.

是的，我們的產業裡有很多——非常多——高品質的小型區域承運商；他們主要是私人公司，所以我們不知道他們的營運比率（operating ratios）。我們更多是從投標（bids）等過程中聽到一些回饋。

As you can imagine, it's the larger accounts with widespread operations and some of the larger national non-union carriers that we compete more with on a national basis just because they're larger accounts and those are the ones that are -- you hear more feedback on. So don't have anything to offer on what some of the smaller carriers are doing right now and what their financials look like.

如你所想像的，我們在全國層面更常與那些營運範圍廣的大型客戶，以及一些較大型的全國性非工會承運商競爭，主要是因為那些是更大的客戶，而你也會從那些案子聽到更多回饋。所以，對於一些較小型承運商目前在做什麼、以及他們的財務狀況如何，我沒有什麼可以補充的。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團（Citigroup）。

So Adam, I wanted to stay on the volume piece of things and just kind of the macro environment. Maybe a little bit more color there on some of the optimism or what's underlying some of the optimism. Because if we look back historically, as you had mentioned, right, it's not uncommon for OD to grow tonnage at that rate of mid-single digits, maybe even high single digits, on a year-over-year basis. Is this macro environment or some of the things you're seeing in the macro, could it support that over the next couple of quarters?

Adam，我想繼續聚焦在運量這一塊，以及整體宏觀環境。也許你可以再多提供一些細節，談談這些樂觀情緒的來源或其背後的支撐因素。因為回顧歷史，正如你提到的，OD的運量以年增中個位數、甚至高個位數的速度成長，其實並不罕見。那麼，這個宏觀環境或你在宏觀面看到的一些現象，是否能支撐未來幾個季度出現那樣的成長？

Or would we need to see an acceleration in the macro to get there? And then just a point of clarification. The gain on sale, could you just give us a little bit of color on what that was from and if there's anything more to expect or more to come there?

還是我們需要看到宏觀環境加速才能達到？另外再釐清一點。關於出售收益（gain on sale），你能否稍微說明那是來自什麼項目？以及是否還會有更多、或後續還可能出現類似情況？

Yes. The gain on the sales, we've mentioned over the last few years that we've finished construction on some projects and have just kind of kept them in ready reserve. We've been depreciating those projects as we finished them and they were available for operations, but we just didn't turn those points on in the network, and a few of those were service center moves.

可以。關於出售收益，我們在過去幾年提到過，我們完成了一些專案的建設後，先把它們放在「備用待啟用」（ready reserve）的狀態。當這些專案完工並可供營運使用時，我們就開始提列折舊，但我們只是沒有把那些網路節點啟用；其中有幾個是服務中心（service center）的搬遷。

So our service center count in total stayed the same. And basically, we moved into different facilities, sold the old ones, and I think there were three of those in the quarter that resulted in that $17 million net gain. But there's -- I wouldn't expect any more this year. There's still a few more out there, meaning service centers that are in ready reserve still, and we may have a few more dispositions this year.

所以我們的服務中心總數維持不變。基本上，我們搬進新的設施、把舊的賣掉，我想本季有三筆交易，帶來了1,700萬美元的淨收益。但——我不預期今年還會有更多。外面仍然還有幾個，也就是說仍有一些服務中心處於備用待啟用狀態，而今年我們可能還會有少數幾筆處分（dispositions）。

But that's something that as it happens that's material, we'll talk about it. We don't have anything, I don't think, with the same type of material gain that would be there if it does happen this year. That's just something that our ops team is constantly looking at the network balance and where it makes the most sense from a cost standpoint to turn points on.

但這類事情如果發生且具重大性（material），我們會再對外說明。我認為今年沒有任何一項會帶來同樣程度的重大收益，即便今年真的發生。這主要是我們營運團隊會持續檢視網路平衡，並從成本角度判斷在哪裡啟用節點最合理。

And hopefully, we'll be turning some of those on because of the volume. So kind of bridging to your next question, as the volumes come in, similar to what we did through 2019, 2020 and through that '22 period, we'll be turning on some of these new service centers, finishing construction of some others to continue to improve our network overall. And again, that's part of the value proposition.

而希望我們會因為運量而啟用其中一些。所以銜接到你的下一個問題，隨著運量進來，類似我們在2019、2020以及2022那段期間所做的，我們會啟用一些新的服務中心，也會完成其他一些中心的建設，以持續提升我們整體網路。而且再一次，這也是我們價值主張的一部分。

But hey, look, we're winning market share right now. And as I mentioned, we're already -- if you just sort of go month by month where tons per day is above what normal seasonality would have suggested from the beginning of this year.

不過你看，我們現在正在贏得市占。而如我提到的，如果你按月來看，從今年年初開始，我們的每日噸數一直高於正常季節性所暗示的水準。

And I'd say the challenges to the economy, the economy is in a good spot, it's -- obviously ISM has been positive, but it's not like we've had ISM knocking on the door of 60 or being above 55. I still think there's opportunity out there on the retail side. And I believe looking at the inventory to sales ratio, that's a precursor.

我會說，經濟面臨的挑戰是——經濟其實處在不錯的位置；顯然ISM一直是正向的，但也不是說ISM已經逼近60或高於55那種程度。我仍然認為零售端還有機會。而且我相信，從庫存對銷售比（inventory-to-sales ratio）來看，那是一個領先指標。

When you look back in history, it's as low as it's been, maybe going back to '21. So that should kick off some volume and market share opportunities. But I think the domestic economy as a whole has just got the inflation concerns and world events that have probably been keeping a little bit of a lid on things. It's positive, but it's not red-hot, so to speak. We're not in the type of environment yet that's, say, a 2018 or a 2021. But I feel like some of the metrics makes it seem like that inflection point is coming.

回顧歷史，它處在相當低的水準，可能要追溯到2021年才有這麼低。所以這應該會帶動一些運量與市占機會。但我認為整體國內經濟仍受到通膨疑慮與全球事件影響，可能讓景氣稍微被壓住一些。它是正向的，但並不是所謂的「火熱」。我們還沒進入像2018或2021那樣的環境。但我覺得一些指標顯示，那個轉折點似乎正在接近。

And that's partly why we want to be ready for it. We're not going to get out over our skis, if you will, in terms of getting too far ahead of the growth curve. But we're far enough ahead to keep going through the balance of this year. We definitely have got plenty of service center and equipment capacity, and continuing to look at the headcount is just something that we'll manage more closely.

這也是我們希望為此做好準備的部分原因。我們不會在成長曲線上「操之過急」、走得太前面。但我們已經領先到足以支撐我們持續推進今年剩餘時間。我們確實擁有充足的服務中心與設備產能，而持續檢視人力編制也是我們會更緊密管理的一件事。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Adam, just want to clarify one thing. On the 10% revenue growth for Q3, does that assume sort of normal tonnage seasonality in August, September? Anything better or worse? And then just sort of maybe longer term, like you tend to be very sort of measured in your comments, and you talked about pretty easy to map out a sub-70%.

Adam，我想釐清一件事。關於第三季營收成長10%，這是否假設8月、9月的噸位季節性屬於正常水準？有沒有更好或更差的情況？然後再談稍微長期一點，你的評論一向很審慎，你提到相當容易推算出低於70%的（營運比率）。

I think you said at one point like you can get a good amount better than a sub-69% or something like. So that's, I mean, obviously, like really optimistic around the margin front. What's like the timeline or line of sight to how quickly you can get to these sorts of numbers?

我記得你曾說過，例如可以做到比低於69%之類的還要更好。所以，這在利潤率方面顯然非常樂觀。你們達到這類數字的時間表或可見度是什麼？大概能多快做到？

Scott, we've never put a time line on any of our goals just for the sake that you don't want to make decisions that are trying to achieve an arbitrary goal. And I think that if we did that, like right now, we've got the sub-70% operating ratio goal and that's been hanging out there.

Scott，我們從未為任何目標設定時間表，原因是你不希望為了達成一個任意的目標而做決策。我認為如果我們那樣做，就像現在，我們有低於70%營運比率的目標，而且這個目標一直擺在那裡。

We probably wouldn't have invested $2 billion over the last three years in capital expenditures because of all the costs that created. But I can tell you, we're better positioned than any other carrier because of those investments, and all the things that we've done.

我們可能就不會在過去三年投入20億美元的資本支出，因為那帶來了各種成本。但我可以告訴你，正因為這些投資以及我們所做的一切，我們的定位比任何其他承運商都更好。

But when I look at our cost structure now, like I mentioned, over the second quarter of this year, for our direct operating cost to be at 50% versus the 52% and some change in both periods going back to that second quarter of '22, a lot of that with a significant decrease in volumes between those two periods compared, I think it shows the strength of our team.

但當我看我們現在的成本結構，如我提到的，今年第二季，我們的直接營運成本能維持在50%，相較於回到2022年第二季那兩個期間的52%多一點；在這兩個期間相比之下，運量還大幅下降，我認為這顯示了我們團隊的實力。

It shows the commitment that we've had to getting good yield increases throughout this whole freight recession. But to be 200 basis points -- 250 basis points better now than we were then with maybe 10,000 less shipments per day just speaks to the strength of our team. It also speaks to investments that we've made in technologies to help our team be more efficient.

這顯示我們在整個貨運衰退期間，持續推動良好收益率（yield）提升的承諾。但在現在比當時改善200個基點—250個基點，而且每天可能少了約1萬票貨運出貨量，這就充分說明了我們團隊的實力。這也反映了我們在科技上的投資，協助團隊提升效率。

So I think that now that we're on the precipice of tonnage turning back positive, and if we keep having this positive tonnage in shipment growth sequentially coming into our system, there's a tremendous amount of leverage there for further improvement in direct operating cost.

所以我認為，既然我們正處於噸位即將轉為正成長的關口，而且如果我們持續看到噸位與出貨量按季（逐季）成長、進入我們的系統，那麼直接營運成本進一步改善將有非常可觀的槓桿效應。

And then it's mapping out, just taking the revenue up. Some of our overhead costs are variable in nature, so the overhead cost dollars will likely continue to grow as well. But that's when you can start swinging that pendulum back the other way.

接著就是把營收拉上去、把路徑描繪出來。我們部分管理費用（overhead）本質上是變動成本，因此管理費用的金額很可能也會持續成長。但那正是你可以開始把鐘擺往另一邊擺回去的時候。

If we were at 16% to 17% overhead costs as a percent of revenue in the second quarter of '22 and kind of where we've been trending in the -- just say, in recent periods in kind of 22%, 23%, we were right at 20% in the second quarter. So we already made a little headway, but there's 300, 400 basis points of incremental opportunity there.

如果在2022年第二季，我們的管理費用占營收比是16%到17%，而近幾期的趨勢大概在22%、23%附近；我們在第二季是剛好20%。所以我們已經有一些進展，但仍有300到400個基點的額外改善空間。

So I think we continue to do the right thing in managing our costs, controlling our discretionary spending. But first and foremost is making sure that service is first and foremost in the minds of our people. We've made all those cost changes while we've improved our service.

所以我認為我們會持續在成本管理上做對的事，控制可自由支配的支出。但最重要的是，確保服務始終是我們員工心中最優先的事項。我們在改善服務的同時，也完成了所有這些成本調整。

And that's why it was important what Marty said in his prepared remarks, we're continuing to improve transit times. Anything our customers are asking us for, we're delivering. And so we've done all that in a low-volume environment. It's pretty easy to kind of pencil out where things can get to.

這也是為什麼Marty在事先準備的談話中所說的很重要：我們持續改善運輸時間。客戶向我們提出的任何需求，我們都在交付。而且我們是在低運量環境下做到這些。因此，要推算事情最終能達到什麼程度，其實相當容易。

And yes, we don't want people to expect that it's coming next quarter or even at the beginning of next year. It's going to be a consistent methodical approach, which is what we've always done. And you look back over history, and it tends to rhyme in our industry.

而且是的，我們不希望大家期待它會在下個季度，甚至明年年初就到來。這會是一個持續、循序漸進的方法論式做法，這也是我們一貫的作風。回顧歷史，你會發現我們這個產業往往會重演類似的節奏。

And when you get into that first big year of revenue growth, those are the types of years where we've been able to produce 300, 400 basis points of year-over-year improvement in our operating ratio. And if we can get a big year, there's no reason why we can't produce some similar type of numbers like we've done in the past.

當你進入營收大幅成長的第一個年度，那些年度通常就是我們能夠在營運比率上實現年對年改善300到400個基點的年份。如果我們能迎來一個大年，沒有理由不能產出一些與過去相似的數字。

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

問答環節到此結束。我想把電話會議交回給Marty Freeman，請他做任何結語。

Thank you all today for your participation. We appreciate all your questions. And please feel free to give us a call if you have anything further. Thanks, and I hope you have a good day.

感謝各位今天的參與。我們很感謝大家提出的所有問題。若還有任何進一步事項，歡迎隨時致電與我們聯繫。謝謝，也祝各位有美好的一天。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。