奧多明尼昂貨運 (ODFL) 2022 Q1 法說會逐字稿

Hello, and welcome to the Old Dominion Freight Line, Inc. First Quarter 2022 Earnings Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, today's event is being recorded.

您好，歡迎來到 Old Dominion Freight Line, Inc. 2022 年第一季度收益電話會議。 （操作員說明）今天的演示結束後，將有機會提問。 （操作員說明）請注意，今天的活動正在錄製中。

I'd now like to turn the conference over to Drew Andersen. Drew Andersen, please go ahead.

我現在想把會議交給 Drew Andersen。德魯·安徒生，請繼續。

Thank you. Good morning, and welcome to the first quarter 2022 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay, beginning today and through May 4, 2022 by dialing 1 (877) 344-7529, access code 8164823. The replay of the webcast may also be accessed for 30 days at the company's website.

謝謝你。早上好，歡迎參加 Old Dominion Freight Line 2022 年第一季度電話會議。正在錄製今天的通話，可通過撥打 1 (877) 344-7529，訪問代碼 8164823 進行重播，從今天開始至 2022 年 5 月 4 日。網絡廣播的重播也可以在公司網站上訪問 30 天.

This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Old Dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，其中包括有關 Old Dominion 預期財務和經營業績的陳述。為此，在本次電話會議期間做出的任何非歷史事實陳述的陳述均可能被視為前瞻性陳述。在不限制前述內容的情況下，相信、預期、計劃、預期和類似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 向證券交易委員會提交的文件和今天上午的新聞稿中所述的重要因素的影響。因此，實際運營和結果可能與前瞻性陳述中討論的結果存在重大差異。

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 we do ask in fairness to all that you limit yourselves to just a few questions at a time before returning to the queue. Thank you for your cooperation.

公司不承擔因新信息、未來事件或其他原因而公開更新任何前瞻性陳述的義務。作為最後一點，在我們開始之前，我們今天歡迎您提出問題，但我們會公平地詢問您在返回隊列之前一次僅限制自己幾個問題的所有問題。謝謝您的合作。

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

現在，作為開場白，我想把會議交給公司總裁兼首席執行官 Greg Gantt 先生。請繼續，先生。

Good morning, 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 glad to take your questions. The OD team successfully launched another year by delivering first quarter results that included new company records for both revenue and earnings per diluted share. We began the year with significant momentum in our business and expected that we would continue to win market share in 2022.

早上好，歡迎來到我們的第一季度電話會議。今天與我通話的是我們的首席財務官 Adam Satterfield。在簡短的評論之後，我們將很高興回答您的問題。 OD 團隊通過提供包括新的公司收入和每股攤薄收益記錄的第一季度業績，成功啟動了新的一年。今年年初，我們的業務發展勢頭強勁，並預計我們將在 2022 年繼續贏得市場份額。

This expectation has already become reality, as the 32.9% increase in revenue was the fifth straight quarter where we recorded double-digit revenue growth. We also improved our operating ratio to a first quarter company record of 72.9%, which drove our seventh straight quarter of double-digit growth in earnings per diluted share. Our revenue growth for the quarter included a 17.4% increase in LTL revenue per hundredweight and a 12% increase in LTL tons per day. The improvements in both freight density and yield created operating leverage that allowed us to improve our cost categories as a percent of revenue which also drove the improvement in our operating ratio.

這一預期已經成為現實，因為收入增長 32.9% 是我們連續第五個季度實現兩位數的收入增長。我們還將營業比率提高至第一季度公司創紀錄的 72.9%，這推動了我們連續第七個季度實現每股攤薄收益兩位數增長。我們本季度的收入增長包括每英擔零擔收入增長 17.4% 和每天零擔噸數增長 12%。貨運密度和收益的提高創造了運營槓桿，使我們能夠提高成本類別佔收入的百分比，這也推動了我們運營比率的提高。

Density and yield are the key ingredients to long-term improvement in our operating ratio and both generally require the support of a favorable domestic economy. We expect to further improve each of these 2 elements as we work through 2022. Demand for our superior service has remained consistently strong, and we do not see that changing in the foreseeable future based on recent conversations with both our customers and our sales team.

密度和產量是我們長期改善經營比率的關鍵因素，通常都需要有利的國內經濟支持。在我們工作到 2022 年的過程中，我們希望進一步改進這兩個要素中的每一個。對我們優質服務的需求一直保持強勁，根據最近與客戶和銷售團隊的對話，我們認為在可預見的未來不會發生這種變化。

We continue to receive feedback regarding the general lack of capacity within the LTL industry. This feedback is not unexpected, given that the LTL industry has seen a net decrease in the number of service centers over the past 10 years, at least for the public group, excluding OD. Customers also appear to be dealing with lower inventory balances than they would prefer, which can result in missed revenue opportunities for them. We have unfortunately heard similar stories from our suppliers and have seen little improvement with their inventories this year. We believe these issues are driving many new customers and increased shipments from existing customers to OD.

我們繼續收到有關 LTL 行業普遍缺乏產能的反饋。鑑於 LTL 行業在過去 10 年中服務中心的數量出現了淨減少，至少對於公共團體而言，這種反饋並不意外，不包括 OD。客戶的庫存餘額似乎也比他們希望的要低，這可能會導致他們錯失創收機會。不幸的是，我們從供應商那裡聽到了類似的故事，今年他們的庫存幾乎沒有改善。我們相信這些問題正在推動許多新客戶以及現有客戶向 OD 的出貨量增加。

Despite all of the general industry and supply chain challenges, Old Dominion has continued to maintain our service center capacity to support our customers' growth. This has been and remains an integral piece of our value proposition, and we are well positioned to benefit from the continued strength in demand for both our superior service performance and network capacity.

儘管面臨所有一般行業和供應鏈挑戰，Old Dominion 仍繼續保持我們的服務中心容量以支持我們客戶的增長。這一直是並且仍然是我們價值主張的一個組成部分，我們有能力從對我們卓越的服務性能和網絡容量的持續需求中受益。

We have opened 3 new service centers this year and currently have approximately 15% to 20% excess capacity. These additions were part of our 2022 expansion plan that targets an additional 5 to 7 new facilities this year. While our service center network is in good shape, we are continuing to work on the other 2 pieces of the overall capacity equation. We increased our average number of full-time employees by 18.5% during the first quarter, and we expect to continue hiring additional employees during the second quarter to support our anticipated growth.

我們今年開設了 3 個新的服務中心，目前產能過剩約 15% 至 20%。這些新增設施是我們 2022 年擴張計劃的一部分，該計劃的目標是今年增加 5 至 7 個新設施。雖然我們的服務中心網絡狀況良好，但我們仍在繼續研究整體容量方程的其他兩個部分。第一季度，我們的全職員工平均人數增加了 18.5%，我們預計第二季度將繼續招聘更多員工，以支持我們的預期增長。

As the capacity of the OD team increases, we would like to reduce our reliance on purchased transportation. To accomplish this, however, we will need to increase the capacity of our fleet. While our 2022 capital expenditure plan includes approximately $485 million for equipment. We are experiencing delays with the delivery of new equipment. These delays were anticipated and limit our ability to effectively match the receipt of new equipment with the expected seasonal increase in our volumes. As a result, and similar to 2021, we will operate existing equipment that would have otherwise been replaced and use purchased transportation as needed to support our growth.

隨著 OD 團隊能力的增加，我們希望減少對購買運輸的依賴。然而，為了實現這一目標，我們將需要增加我們機隊的容量。而我們的 2022 年資本支出計劃包括大約 4.85 億美元的設備。我們在交付新設備時遇到了延誤。這些延誤是預料之中的，並限制了我們有效地將新設備的接收與預期的季節性增長相匹配的能力。因此，與 2021 年類似，我們將運營原本會被更換的現有設備，並根據需要使用購買的交通工具來支持我們的增長。

As part of our effort to deliver best-in-class service for our customers, we remain committed to ensuring that each element of capacity is in place to support our ability to win long-term market share. As we continue to manage through the short-term challenges within the current freight market. We will also maintain our focus on long-term opportunities for our business by continuing to execute on our long-term strategic plan. This plan has helped us achieve a 10-year compound average growth rate in revenue and earnings per diluted share of approximately 11% and 24%, respectively.

作為我們為客戶提供一流服務的努力的一部分，我們仍然致力於確保每個產能要素都到位，以支持我們贏得長期市場份額的能力。隨著我們繼續應對當前貨運市場的短期挑戰。我們還將通過繼續執行我們的長期戰略計劃，繼續關注我們業務的長期機會。該計劃幫助我們實現了收入和每股攤薄收益的 10 年復合平均增長率，分別約為 11% 和 24%。

As part of this plan, we have consistently invested significant resources to support the doubling of our market share over the past 10 years. This has included a significant investment in our OD family of employees to help ensure that each employee is motivated and rewarded for providing superior service to our customers. We believe that consistently providing customers with superior service at a fair price and regularly investing in our people, equipment and network capacity to stay ahead of anticipated volume growth will support our long-term growth initiatives. As a result, we are confident in our ability to continue to produce further profitable growth and increased shareholder value.

作為該計劃的一部分，我們在過去 10 年中一直投入大量資源來支持我們的市場份額翻番。這包括對我們的 OD 員工家族進行重大投資，以幫助確保每位員工因向我們的客戶提供優質服務而受到激勵和獎勵。我們相信，始終如一地以合理的價格為客戶提供優質服務，並定期投資於我們的人員、設備和網絡容量以保持領先於預期的銷量增長，這將支持我們的長期增長計劃。因此，我們對繼續實現進一步盈利增長和增加股東價值的能力充滿信心。

Thanks for joining us this morning, and now Adam will discuss our first quarter financial results in greater detail.

感謝您今天早上加入我們，現在亞當將更詳細地討論我們的第一季度財務業績。

Thank you, Greg, and good morning. Old Dominion's revenue for the first quarter of 2022 increased 32.9% to a company record of $1.5 billion. While our operating ratio improved 320 basis points to 72.9%. The combination of these factors resulted in a 52.9% increase in earnings per diluted share to $2.60 for the quarter. Our revenue per day increased 30.8% as the first quarter of this year included one extra work day. This growth was balanced between increases in our volumes and yield, both of which continue to be supported by a favorable domestic economy.

謝謝你，格雷格，早上好。 Old Dominion 2022 年第一季度的收入增長 32.9%，達到公司創紀錄的 15 億美元。而我們的營業比率提高了 320 個基點至 72.9%。這些因素的結合導致本季度每股攤薄收益增長 52.9% 至 2.60 美元。由於今年第一季度包括一個額外的工作日，我們的每日收入增長了 30.8%。這種增長在我們的產量和產量增長之間取得了平衡，這兩者都繼續受到有利的國內經濟的支持。

We continue to win a significant amount of market share as demand for our superior service and available network capacity to remain consistently strong during the quarter. As a result, the year-over-year growth in our revenue and volumes continued to trend above our longer-term averages. LTL tons per day increased 12% and our LTL revenue per hundredweight increased 17.4%. While changes in our freight mix contributed to the increases in this yield metric, the 10% increase in our LTL revenue per hundredweight, excluding fuel surcharges, reflects the success of our long-term pricing strategy. Our consistent strategy is designed to offset cost inflation, while also supporting further investments in capacity by focusing on the individual profitability of each customer account.

由於對我們卓越服務和可用網絡容量的需求在本季度保持持續強勁，我們繼續贏得大量市場份額。因此，我們的收入和銷量的同比增長繼續高於我們的長期平均水平。 LTL 噸/天增長了 12%，我們每英擔的 LTL 收入增長了 17.4%。雖然我們貨運組合的變化促成了這一收益指標的增加，但我們每英擔零擔收入增長 10%（不包括燃油附加費）反映了我們長期定價策略的成功。我們一貫的戰略旨在抵消成本膨脹，同時還通過關注每個客戶賬戶的個人盈利能力來支持進一步的產能投資。

On a sequential basis, revenue per day for the first quarter increased 1.2% as compared to the fourth quarter of 2021. With LTL tons per day decreasing 1.4% and LTL shipments per day decreasing 2.2%. Our revenue per day performance during the first quarter, both with and without fuel surcharges, exceeded our 10-year average sequential trends, although our volumes were below our 10-year trends. It is important to remember, however, that our 10-year average trends include the doubling of our market share. As a result, there may be quarterly periods where sequential performance may be below our 10-year trends despite solid year-over-year performance. The first quarter is a good example as we believe we won a significant amount of market share and produced solid profitable growth as a result.

與 2021 年第四季度相比，第一季度的每日收入環比增長 1.2%。每天零擔噸位下降 1.4%，每天零擔運輸量下降 2.2%。我們第一季度的每日收入表現，無論有無燃油附加費，都超過了我們 10 年的平均連續趨勢，儘管我們的銷量低於我們的 10 年趨勢。然而，重要的是要記住，我們的 10 年平均趨勢包括我們的市場份額翻倍。因此，儘管同比表現穩健，但在某些季度期間，連續表現可能低於我們的 10 年趨勢。第一季度就是一個很好的例子，因為我們相信我們贏得了大量的市場份額並因此產生了穩健的盈利增長。

The monthly sequential changes in LTL tons per day during the first quarter were as follows: January decreased 5.8% as compared with December, February increased 5.1% versus January, and March increased 3.6% as compared to February. The 10-year average change for the respective months are an increase of 1.6% in January, an increase of 1.7% in February and an increase of 5.6% in March.

一季度零擔噸/日環比變化如下：1月環比下降5.8%，2月環比增長5.1%，3月環比增長3.6%。各月份的10年平均變化是1月份增長1.6%，2月份增長1.7%，3月份增長5.6%。

While there are still a few work days that remain in April, our revenue growth continues to be very strong and reflects the favorable demand environment described earlier by Greg. Our month-to-date revenue per day has increased by approximately 28% when compared to April of 2021. We will provide the actual revenue-related details for April in our first quarter Form 10-Q.

雖然 4 月還有幾個工作日，但我們的收入增長仍然非常強勁，這反映了 Greg 早些時候描述的有利需求環境。與 2021 年 4 月相比，我們本月迄今的每日收入增長了約 28%。我們將在第一季度的 10-Q 表格中提供 4 月份與收入相關的實際詳細信息。

Our first quarter operating ratio improved to 72.9%, with improvements in both our direct operating costs and overhead cost as a percent of revenue. Within our direct operating costs, improvement in our salaries, wages and benefit costs as a percent of revenue effectively offset the increase in expenses for both our operating supplies and purchase transportation. The increase in operating supplies and expenses as a percent of revenue was primarily due to the increase in the cost of diesel fuel and other petroleum-based products.

我們第一季度的運營率提高到 72.9%，直接運營成本和間接成本佔收入的百分比都有所提高。在我們的直接運營成本中，我們的工資、工資和福利成本佔收入百分比的提高有效地抵消了我們運營用品和採購運輸費用的增加。運營供應和費用佔收入百分比的增加主要是由於柴油和其他石油產品成本的增加。

We improved overhead cost as a percent of revenue during the first quarter, primarily by leveraging our revenue growth and controlling discretionary spending. As mentioned on our fourth quarter call, we expect our core inflation, excluding fuel, to be between 4.5% to 5% for the year, with higher inflation in the first half of the year that is expected to moderate in the back half. We believe our fuel surcharge program is effectively offsetting the increased cost of our fuel and our yield management strategy is effectively offsetting cost increases in other areas. As we continue to experience cost increases related to our real estate network as well as with our equipment, parts and repairs, it will be critical to maintain our focus on productivity while continuing to control discretionary spending to minimize the overall effect on our cost per shipment.

我們在第一季度提高了間接費用佔收入的百分比，主要是通過利用我們的收入增長和控制可自由支配的支出。正如我們在第四季度電話會議上所提到的，我們預計今年我們的核心通脹率（不包括燃料）將在 4.5% 至 5% 之間，上半年通脹率較高，預計下半年會放緩。我們相信我們的燃油附加費計劃有效地抵消了我們燃料成本的增加，我們的收益管理策略有效地抵消了其他領域的成本增加。隨著我們繼續經歷與我們的房地產網絡以及我們的設備、零件和維修相關的成本增加，保持我們對生產力的關注至關重要，同時繼續控制可自由支配的支出，以盡量減少對我們每批貨物成本的整體影響.

Old Dominion's cash flow from operations totaled $388.7 million for the first quarter and capital expenditures were $93.7 million. We currently anticipate our capital expenditures to be approximately $825 million this year, which includes $300 million to expand the capacity of our service center network. We utilized $438.4 million of cash for our share repurchase program and paid $34.2 million in dividends during the first quarter. The total amount for share repurchases includes a $400 million accelerated share repurchase agreement that was executed during the first quarter.

Old Dominion 第一季度的運營現金流總額為 3.887 億美元，資本支出為 9370 萬美元。我們目前預計今年的資本支出約為 8.25 億美元，其中包括 3 億美元用於擴大我們的服務中心網絡的容量。我們為股票回購計劃動用了 4.384 億美元現金，並在第一季度支付了 3420 萬美元的股息。股票回購總額包括在第一季度執行的 4 億美元加速股票回購協議。

Our effective tax rate was 26.0% for the first quarter of 2022 and 2021. We currently expect our annual effective tax rate to be 26.0% for the second quarter 2022.

我們 2022 年第一季度和 2021 年第一季度的有效稅率為 26.0%。我們目前預計 2022 年第二季度的年度有效稅率為 26.0%。

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

今天上午我們準備好的發言到此結束。接線員，我們很樂意在這個時候開始提問。

(Operator Instructions) And the first question today comes from Jon Chappell with Evercore.

（操作員說明）今天的第一個問題來自 Evercore 的 Jon Chappell。

Adam, if I could start with you, in the last few quarters, you can kind of throw all of your historical seasonal OR trends out the window, just very robust pricing environment, you're doing much better than 10-year trends. As you start to anniversary some of these big pricing and tonnage moves over the last several quarters, do you envision a return to kind of the long-term trend margin seasonality? Or some of these vast market share gains that you're making going to continue to make those trend in a more favorable momentum?

亞當，如果我可以從你開始，在過去的幾個季度裡，你可以把你所有的歷史季節性或趨勢拋到窗外，只是非常穩健的定價環境，你的表現比 10 年趨勢要好得多。當您開始紀念過去幾個季度中的一些重大定價和噸位變動時，您是否設想回歸到長期趨勢利潤率季節性？或者你正在取得的這些巨大的市場份額增長中的一些將繼續使這些趨勢處於更有利的勢頭？

Well, I think that certainly, some of the quarters, those trends are very consistent. We've talked before about the first quarter and the fourth quarters can be a little bit more movement versus the average, just given the variability at times with revenue trends in those periods and certain costs that trend in various ways in those periods as well. But I think we've certainly performed very well the last couple of years and produced a lot of operating ratio improvement.

嗯，我認為當然，在某些季度，這些趨勢是非常一致的。我們之前已經討論過第一季度和第四季度可能會比平均水平有更多的變動，只是考慮到這些時期的收入趨勢有時會發生變化，以及這些時期的某些成本也會以不同的方式出現變化。但我認為我們在過去幾年的表現確實非常好，並且提高了很多運營比率。

I think regardless of the seasonal sequential changes from quarter-to-quarter, we always talk about the -- over the long term that we generally expect we've seen and would expect to continue to see 100 to 150 basis points of operating ratio improvement. And a lot of that gets back to our focus with our pricing philosophy. We try to achieve revenue per shipment growth of 100 to 150 basis points above our cost per shipment inflation. And when you look over the last 10, 15 years, including fuel in both of those metrics, that's what we've been able to achieve.

我認為，無論季度與季度的季節性連續變化如何，我們總是談論 - 從長期來看，我們通常預計我們已經看到並且預計將繼續看到 100 到 150 個基點的運營比率改善.其中很多都回到了我們對定價理念的關注。我們試圖實現比我們的每次出貨成本通脹高出 100 到 150 個基點的單次出貨收入增長。當你回顧過去 10 年、15 年時，包括這兩個指標中的燃料，這就是我們能夠實現的目標。

So certainly, some years when we've got significant revenue growth like we saw last year and certainly, in the environment that we're in right now, where we're growing revenue at about 30% in the first quarter, a little over that. Certainly, it's a good environment to keep driving improvement in the operating ratio maybe above those longer-term averages. But over time, that's certainly part of the focus is to continue with that same type of mentality with our yield management philosophy.

因此，可以肯定的是，有些年我們的收入像去年一樣顯著增長，當然，在我們現在所處的環境中，第一季度我們的收入增長了約 30%，略高於那。當然，這是一個很好的環境，可以繼續推動運營比率的改善，可能高於這些長期平均水平。但隨著時間的推移，我們的收益管理理念肯定會繼續保持同樣的心態。

Got it. And a follow-up for Greg. Last quarter, you specifically called out some of the issues you've had with some of your suppliers being unable to get the equipment that you would have liked to have to grow and maybe some of the elevated maintenance expense associated with that. But given how low your CapEx was in 1Q vis-a-vis your full year number. Are you expecting some of these supplier constraints to kind of lift so you'd have a very back-end loaded spend and get the equipment that you're looking for by the end of the year?

知道了。以及格雷格的後續行動。上個季度，您特別指出了您遇到的一些問題，即您的一些供應商無法獲得您希望必須增加的設備，以及與此相關的一些高昂的維護費用。但考慮到第一季度的資本支出與全年數字相比有多低。您是否期望這些供應商的一些限制會有所提升，以便您在年底前獲得大量後端支出並獲得您正在尋找的設備？

Yes. I'm not sure it's going to get a whole lot better. I mean, the equipment that we had planned to receive this year was planned to be delivered later in the year than we would normally take it. Typically, we would start taking trucks, especially late in the first quarter on through the early fall. And then the delivery would pretty much -- deliveries would pretty much be over. We would have what we had purchased for that calendar -- particular calendar year. And this year, it's just -- it's a lighter build from the get-go. That's what we were told. So that's the difference. It's just coming a little bit later. We're getting a little bit less than we had hoped to get, and we're getting a little -- getting it later.

是的。我不確定它會變得更好。我的意思是，我們計劃在今年收到的設備計劃在今年晚些時候交付，而不是我們通常會收到的。通常，我們會開始使用卡車，尤其是在第一季度末到初秋。然後交付就差不多了——交付幾乎就結束了。我們將擁有我們為那個日曆購買的東西——特定的日曆年。而今年，它只是 - 從一開始就是一個更輕的構建。這就是我們被告知的。所以這就是區別。它只是稍晚一點。我們得到的比我們希望得到的要少一點，而且我們得到了一點——以後再得到。

And the next question comes from Jack Atkins with Stephens.

下一個問題來自傑克·阿特金斯和斯蒂芬斯。

So I guess, maybe to start, Adam, if we could go back to your April commentary for a moment, obviously, there are a lot of changes taking place in the freight markets kind of broadly. I was just maybe curious if you could kind of comment on April, relative to March so far and how it's trending versus either your expectations for April as you were kind of going into the months or just relative to normal seasonality, just sort of curious if you could maybe kind of give us an update there on how the month has trended versus plan.

所以我想，也許可以開始，亞當，如果我們可以暫時回顧一下你 4 月份的評論，顯然，貨運市場發生了很多變化。我只是好奇你是否可以對 4 月發表評論，相對於到目前為止的 3 月，以及它的趨勢如何與你對 4 月的預期相比，因為你進入了幾個月，或者只是相對於正常的季節性，有點好奇，如果您也許可以向我們提供有關本月趨勢與計劃的最新情況。

Yes. It's, I mean, a continuation of strong revenue growth, 28% is about where we are. Continuing to see strong yield performance, which that has certainly continued throughout the first quarter and same types of trends into April for sure. So it's a reflection of our ability to continue to win market share. We talked about it earlier that, as we continue to have conversations with our customers and with our sales team. We continue to get positive feedback as it relates to demand for our service. And many of these conversations center on the lack of general capacity within LTL and LTL is different from truckload.

是的。我的意思是，這是強勁收入增長的延續，28% 是我們目前的水平。繼續看到強勁的收益率表現，這在整個第一季度肯定會持續下去，同樣的趨勢肯定會持續到 4 月。因此，這反映了我們繼續贏得市場份額的能力。我們早些時候談到了這一點，因為我們繼續與我們的客戶和我們的銷售團隊進行對話。我們繼續得到積極的反饋，因為它與對我們服務的需求有關。許多這些對話都集中在 LTL 內部缺乏一般容量上，而 LTL 與整車運輸不同。

And I think a lot of shippers have seen the value of LTL. And certainly, the e-commerce effect on supply chains, there's been movement of freight within LTL that we believe will stay, and we believe we'll continue to see tailwinds on over time for the industry, and we think we can be the biggest participant in winning share as that industry continues to grow, much like we've been the biggest share win over the last 10 years.

而且我認為很多托運人已經看到了零擔的價值。當然，電子商務對供應鏈的影響，我們相信 LTL 內的貨運流動會繼續存在，我們相信隨著時間的推移，我們將繼續看到該行業的順風，我們認為我們可以成為最大的隨著該行業的不斷發展，我們參與了贏得份額，就像我們在過去 10 年中贏得了最大的份額一樣。

So certainly, that's our plan is to keep investing ahead of growth and keep delivering service value that's better than anyone else in our industry. We've got an unmatched value proposition and our customers continue to respond to that. And so that will be our focus, is to continue delivering best-in-class service and making sure we've got the capacity to support our customers' growth.

因此，當然，我們的計劃是繼續在增長之前進行投資，並繼續提供比我們行業中任何其他人都更好的服務價值。我們有一個無與倫比的價值主張，我們的客戶繼續對此做出回應。因此，我們的重點是繼續提供一流的服務，並確保我們有能力支持客戶的增長。

Okay. No, that makes sense. And that's great to hear on April. So I guess maybe for my follow-up question, just kind of going back to Jon's point on operating ratio and sort of thinking about seasonality into the second quarter. Typically, over the last couple of years, you guys have seen between 350 to 400 basis points of sequential improvement, 1Q to 2Q. Adam, is there anything to kind of keep in mind as we sort of think about this year, in particular, moving from the first quarter to the second quarter? And do you think that, that type of normal seasonality is the right way to kind of think about it? I mean, that would imply an operating ratio in the upper 60s. So just sort of curious if you could maybe give us some thoughts on that?

好的。不，這是有道理的。很高興在四月聽到。所以我想也許對於我的後續問題，只是回到喬恩關於營業比率的觀點，並考慮到第二季度的季節性。通常，在過去的幾年裡，你們已經看到了 350 到 400 個基點的連續改善，1Q 到 2Q。亞當，當我們考慮今年，特別是從第一季度到第二季度時，有什麼要記住的嗎？你認為這種正常的季節性是正確的思考方式嗎？我的意思是，這意味著運營比率在 60 年代以上。所以只是有點好奇你是否可以給我們一些想法？

Sure. Certainly, in the first quarter, when you look at some of the sequential changes that we had from 4Q. We outperformed what the normal seasonality was and what we had talked about our target was going to be coming into the fourth quarter -- or first quarter, rather, from the fourth. And some of the benefits that we saw really a variance from the 10-year trend were in our miscellaneous expenses. Those costs were lower. Those normally are about 0.5%. They were lower and we got some benefit, normally see an increase. They are general supplies and expenses, also were favorable to our longer-term trend.

當然。當然，在第一季度，當您查看我們從第四季度以來的一些連續變化時。我們的表現超過了正常的季節性，我們談到我們的目標將進入第四季度——或者說第一季度，而不是從第四季度開始。我們看到的一些與 10 年趨勢真正不同的好處在於我們的雜項開支。這些成本更低。這些通常約為 0.5%。它們較低，我們得到了一些好處，通常會看到增加。它們是一般供應和費用，也有利於我們的長期趨勢。

And some of those reflect control over discretionary spending like we talked about. And then some other things, were just -- there's times where you get some favorability and especially on those miscellanies expenses and other times where it could go the other way. It's usually 0.5% plus or minus. So we'd expect some of these items that potentially could increase.

其中一些反映了我們談到的對可自由支配支出的控制。然後還有一些其他的事情，只是 - 有時你會得到一些好處，特別是在那些雜項費用和其他時候可能會發生相反的情況。通常為正負 0.5%。因此，我們預計其中一些項目可能會增加。

And I would just say, if you kind of go back to the fourth quarter and look at seasonality from fourth to first and then second, that would have put our operating ratio just above a 70%. But I can tell you, we'd be pleased with that, but we're really focused on being able to see an OR that starts with a 6. So anything that starts with a 6 is going to be good by us.

我只想說，如果你回到第四季度，看看從第四季度到第一季度再到第二季度的季節性，那將使我們的運營率略高於 70%。但我可以告訴你，我們會很高興，但我們真正專注於能夠看到以 6 開頭的 OR。所以任何以 6 開頭的東西對我們來說都是好的。

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

下一個問題來自富國銀行的 Allison Poliniak。

James on for Allison. Actually, just to clarify on the previous question, you expect both those to normalize moving forward and not necessarily was it a reset in this quarter in terms of those expense levels?

詹姆斯換艾莉森。實際上，只是為了澄清上一個問題，您預計這兩個都將正常化，而就這些費用水平而言，這不一定是本季度的重置？

Are you talking about the general supplies and expenses and the miscellaneous expenses?

你說的是一般用品和費用和雜項費用嗎？

Correct.

正確的。

Well, like I said, miscellaneous generally is around 0.5%, and it was at 0.2% of revenue in the first quarter. So we would expect that to move back to where it's historically trended now again. It's not to say that some of the favorable trends that we saw in the first quarter couldn't repeat. There's a lot of elements that go into that miscellaneous expense. But it's more normalized around that 0.5%. And then certainly, in some of the things in the general supplies and expenses we could continue to see some increases there as well. But no specific guidance, if you will, to say what that's going to be, but it wouldn't be unexpected to see that increase, if you will.

嗯，就像我說的，雜項一般在 0.5% 左右，第一季度佔收入的 0.2%。因此，我們預計這將再次回到歷史上的趨勢。這並不是說我們在第一季度看到的一些有利趨勢不能重複。雜項費用中有很多因素。但它在 0.5% 左右更加正常化。當然，在一般供應和支出的某些方面，我們也可以繼續看到一些增長。但是如果你願意的話，沒有具體的指導來說明這將是什麼，但如果你願意的話，看到這種增長並不意外。

Got it. Just wanted to clarify. And you called out that you had 15% to 20% capacity in terms of service centers and you also had some issues with the equipment deliveries. But overall, how much capacity do you think you do have in your network at the moment across sort of the 3 metrics you've track -- or you've encouraged us to track around employees, trucks and service centers? Like do you actually have capacity to take on incremental volume from here?

知道了。只是想澄清一下。你說你在服務中心方面有 15% 到 20% 的容量，而且你在設備交付方面也遇到了一些問題。但總體而言，在您跟踪的 3 個指標中，您認為您的網絡目前有多少容量 - 或者您鼓勵我們圍繞員工、卡車和服務中心進行跟踪？就像您實際上有能力從這裡增加數量嗎？

Well, certainly, that's our expectation is to continue to produce growth. And the piece of the capacity equation that you always have to look at is on the service center side. It takes doors to process freight within LTL. And so that is the more determinant figure in terms of how much from the levels where we currently are that we can continue to grow. And we generally like to have somewhere 20% to 25% excess capacity. So our CapEx plan this year includes about $300 million to further expand the capacity of our overall service center network. We've opened the 3 facilities so far this year, and we've got more that are slated as we proceed through the year to keep expanding the number of service centers and some of those dollars are increasing doors at existing locations as well.

嗯，當然，這是我們的期望是繼續產生增長。您始終需要查看的容量方程式是在服務中心方面。在 LTL 中處理貨物需要門。因此，就我們目前的水平而言，我們可以繼續增長多少，這是一個更具決定性的數字。我們通常希望有 20% 到 25% 的產能過剩。因此，我們今年的資本支出計劃包括約 3 億美元，用於進一步擴大我們整個服務中心網絡的容量。今年到目前為止，我們已經開設了 3 個設施，並且我們計劃在這一年繼續擴大服務中心的數量，其中一些資金也在增加現有地點的門。

Now when it comes to the people side of the equation and the fleet, much like you've seen in our numbers over the last couple of years, the lever that we pull there is we have to use purchased transportation if we need to supplement one or the other of those pieces of the capacity equation. Certainly, we've stepped up the increased use of purchased transportation. We were actually pleased to see that the outsourced miles that we had in the first quarter have actually trended down versus where we were in just the fourth quarter of last year. So we're continuing to make progress there as we continue to add people to our OD family. We had an 18.5% increase in the number of full-time employees. So we're continuing to be successful there and attracting new people to our business and retaining those that we already have. And then we're continuing to balance the capacity of our fleet.

現在，當談到方程式的人員方面和車隊時，就像您在過去幾年中看到的我們的數據一樣，我們拉動的槓桿是，如果我們需要補充一個，我們必須使用購買的交通工具或容量方程的其他部分。當然，我們已經加強了購買交通工具的使用。我們實際上很高興看到我們在第一季度擁有的外包里程實際上與去年第四季度相比呈下降趨勢。因此，隨著我們繼續將人員添加到我們的 OD 大家庭中，我們將繼續在那裡取得進展。我們的全職員工人數增加了 18.5%。因此，我們將繼續在那裡取得成功，並吸引新人加入我們的業務並保留我們已有的人。然後我們將繼續平衡我們機隊的容量。

As Greg mentioned in prepared comments, there's multiple ways to do that. We're having to hang on to some of the older equipment. We will get some relief later in the year we hope, with deliveries of what's been ordered, if you will. But again, we can use purchased transportation as needed to supplement there. So I think we've got those pieces covered, and we're continuing to give 99% on-time service performance with the claims ratio between 0.1% and 0.2%. So it's best-in-class service despite the significant volume of growth and processing significant growth on top of the growth that we had last year.

正如格雷格在準備好的評論中提到的那樣，有多種方法可以做到這一點。我們不得不繼續使用一些舊設備。我們希望在今年晚些時候得到一些緩解，如果你願意的話，我們會交付訂購的東西。但同樣，我們可以根據需要使用購買的交通工具來補充那裡。所以我認為我們已經涵蓋了這些部分，並且我們將繼續提供 99% 的準時服務性能，索賠率在 0.1% 到 0.2% 之間。因此，儘管在我們去年的增長之上，增長量和處理量顯著增長，但它是一流的服務。

And the next question comes from Chris Wetherbee with Citigroup.

下一個問題來自花旗集團的 Chris Wetherbee。

So Adam, maybe we could talk a little bit about yields and sort of how you maybe see that playing out over the next couple of quarters. I think we're starting to hit some of the tougher comps when we look at revenue per hundredweight ex-fuel, starting in the second quarter. I guess maybe two questions here. First, is the step-up of the comps kind of happened immediately in April? So is that sort of the trigger as you move from 1Q to 2Q were already beginning to lap those sort of more challenging comps?

所以亞當，也許我們可以談談收益率以及你如何看待未來幾個季度的表現。我認為，當我們從第二季度開始查看每英磅前燃料的收入時，我們開始遇到一些更艱難的情況。我想這裡可能有兩個問題。首先，比賽的升級是在四月份立即發生的嗎？那麼，當您從 1Q 轉到 2Q 時，這種觸發器是否已經開始進行那些更具挑戰性的比賽？

And I guess the second part, bigger picture piece of the question would be just how you think about sort of the pricing environment, your ability to sort of continue to get price, you talked about inflation being 4.5% to 5%. So presumably, you're sort of targeting somewhere in that, call it, 6% to 6.5%, maybe 7% range. Can you just talk a little bit about how you're thinking about it?

我想第二部分，更大的問題是你如何看待定價環境，你繼續獲得價格的能力，你談到通貨膨脹是 4.5% 到 5%。所以大概，你的目標是某個地方，稱之為 6% 到 6.5%，也許是 7% 的範圍。你能簡單談談你是怎麼想的嗎？

Yes. Certainly, the increases that we need in the first half of this year are going to be higher, just like we talked about the expectations on our inflation. We started seeing really the inflation pick up in the middle of last year. And so as contracts were maturing in, we were having to start asking for more. We look at the current environment as those mature and what we're seeing and what we expect. And we're always making predictions for multiple things, what our volumes are going to be, as well as our cost and what our customer needs are, but certainly started seeing acceleration in some of those renewals in the back half of last year, and those need to continue as we move through the first half.

是的。當然，今年上半年我們需要的漲幅會更高，就像我們談到對通脹的預期一樣。去年年中，我們開始真正看到通脹回升。因此，隨著合同的到期，我們不得不開始要求更多。我們將當前環境視為成熟的環境以及我們所看到的和我們期望的。我們一直在對多種事情進行預測，我們的銷量將是多少，以及我們的成本和客戶需求是什麼，但肯定在去年下半年開始看到其中一些續訂加速，並且隨著我們上半場的推進，這些需要繼續下去。

But we are starting to get some normalization on some of the weight per shipment trends. At this point, our weight per shipment is flat with where we were last year. We've seen a decreased weight per shipment over the last year or so as well as an increase in the length of haul. So both of those changes in mix have been supporting that overall reported yield number, and making it look stronger than just the core increases that we're getting.

但我們開始對每批貨物的一些重量趨勢進行一些標準化。在這一點上，我們每批貨物的重量與去年持平。在過去一年左右的時間裡，我們發現每批貨物的重量有所下降，而且運輸時間有所增加。因此，這兩種組合變化都支持了整體報告的收益率數字，並使其看起來比我們所獲得的核心增長更強勁。

But we continue to target cost plus. That's been our long-term pricing philosophy. It's been consistent and one of our customers know and can understand and we'll continue to execute on that same type of philosophy as we progress through the year. But with some of those mix metrics normalizing, when you just look at kind of normalized trends, it would -- if you look at kind of normal seasonality, if you will, just sequential increases from this point forward, it starts coming down. The year-over-year starts getting to the higher single digits to kind of mid-single digits and eventually normalizing, if you will. But certainly, right now, we're able to get increases that are covering our cost inflation, and I think you can see that in our numbers.

但我們繼續以成本加成為目標。這是我們長期的定價理念。這是一致的，我們的一位客戶知道並且可以理解，我們將繼續執行相同類型的理念，因為我們在這一年中取得進展。但是隨著其中一些混合指標正常化，當你只看一種標準化的趨勢時，它會 - 如果你看一種正常的季節性，如果你願意的話，從這一點開始，它開始連續增加，它開始下降。如果您願意的話，同比開始從較高的個位數變為中等個位數並最終正常化。但可以肯定的是，現在，我們能夠獲得彌補成本膨脹的增長，我認為你可以從我們的數字中看到這一點。

Okay. Okay. That's very helpful. I appreciate that. And you mentioned that the weight per shipment has been ticking up sequentially here after, I think, bottoming kind of in the third quarter. Should we likely to be sort of up on a year-over-year basis as we move forward?

好的。好的。這很有幫助。我很感激。你提到每批貨物的重量在我認為在第三季度觸底之後一直在連續上升。在我們前進的過程中，我們是否可能會逐年上升？

Well, right now, like I said, we're flat. So as we progress through the second quarter, then we could. If things just sort of hold steady, if you will, from a mix standpoint, then certainly, we would start seeing some increase, and that's kind of the point of you might start seeing the reverse of what we did last year, where the mix change puts a little bit of pressure on that reported revenue per hundredweight.

好吧，現在，就像我說的，我們是平的。因此，隨著我們在第二季度的進展，我們可以。如果事情只是保持穩定，如果你願意，從混合的角度來看，那麼當然，我們會開始看到一些增長，這就是你可能會開始看到我們去年所做的相反的事情，混合變化給報告的每英擔收入帶來了一點壓力。

Certainly, in the third quarter, that was our low watermark. I think we were at 1,538 pounds on average in the third quarter of last year. Right now, we're trending somewhere in the 1,575, so between 1,550, and 1,600 pounds, but it's been a little bit heavier on that scale over the last few months.

當然，在第三季度，這是我們的低水位線。我認為我們去年第三季度的平均體重為 1,538 磅。目前，我們的趨勢是在 1,575 磅之間，因此在 1,550 和 1,600 磅之間，但在過去幾個月裡，它在這個規模上有點重。

And the next question comes from Scott Group with Wolfe Research.

下一個問題來自 Scott Group 和 Wolfe Research。

Adam, I just want to clarify just a couple of things. The 28% increase in revenue in April, is there any way just directionally to break that down between fuel and tonnage and sort of underlying yields? And then I was also just a little confused about your commentary around the second quarter OR about normal seasonalities of 70-something, but you're hoping for 60-something. I just -- I wasn't -- I was little confused, so if you can help there.

亞當，我只想澄清幾件事。 4 月份收入增長了 28%，是否有任何方法可以直接將其分解為燃料和噸位以及某種潛在收益率？然後我也只是對你關於第二季度的評論或關於 70 多歲的正常季節性的評論有點困惑，但你希望 60 多歲。我只是 - 我沒有 - 我有點困惑，所以如果你能幫忙的話。

All right. I'll try to clarify that first. I'll just talk about our revenue growth, and we don't want to necessarily give the details. We'll wait unless the month settle out. But like I kind of referenced earlier, in March, we saw revenue per hundredweight, excluding the fuel, that was up about 9%. And that's about the same year-over-year change that we're seeing.

好的。我將首先澄清這一點。我只會談談我們的收入增長，我們不一定要提供細節。我們會等到這個月結束。但就像我之前提到的那樣，在 3 月份，我們看到每英擔收入（不包括燃料）增長了約 9%。這與我們看到的同比變化大致相同。

From fuel, we never really get into the breaking down fuel contributions, but the average price per gallon in March is about the same in April. And so it's averaging about a little over 5 -- about $5.11, $5.12. So there's about a 62% increase in that DOE price per gallon in March, and the same type of increase that we're seeing in April. So we'll have similar contributions, if you will, there. So the overall yield continues to show considerable strength and the comparisons start looking a little bit different, if you will, on the volume side.

從燃料來看，我們從來沒有真正進入分解燃料貢獻，但 3 月份的每加侖平均價格與 4 月份大致相同。所以它的平均值大約是 5 多一點——大約 5.11 美元，5.12 美元。因此，3 月份 DOE 的每加侖價格上漲了約 62%，與我們在 4 月份看到的漲幅相同。因此，如果您願意，我們也會有類似的貢獻。因此，整體產量繼續顯示出相當大的實力，並且如果您願意的話，在數量方面的比較開始看起來有點不同。

And when you look at last year and what the revenue growth was, we had total revenue growth of about 16% in the first quarter of last year, and it was 47% in the second quarter. So those will certainly change as we progress through the second quarter, the comparisons get a little bit tougher. Which is why we're extremely pleased to see the strong revenue growth at 28% in April. But you'll continue to see contributions like that. The yield is certainly driving a lot of that revenue growth for us right now, but seeing very solid volume performance as well.

當您查看去年的收入增長情況時，我們去年第一季度的總收入增長約為 16%，第二季度為 47%。因此，隨著我們在第二季度的進展，這些肯定會發生變化，比較變得更加艱難。這就是為什麼我們非常高興地看到 4 月份收入強勁增長 28%。但是你會繼續看到這樣的貢獻。目前，產量無疑為我們帶來了很大的收入增長，但也看到了非常穩健的銷量表現。

In terms of the operating ratio, don't want to give specific guidance per se, but my point was we certainly had some favorability in the first quarter. I mentioned the general supplies and expenses and the miscellaneous expenses and that those could revert back. So there certainly could be some pressure on that normal sequential change that we see from the first to second quarter. One other thing that was beneficial was we had lower fringe costs in the first quarter than what I expected for the year, and that's fringe cost as a percent of our salaries and wages. So I would expect that to kind of normalize back to where I thought it would be for the year. So there may be a little bit of pressure on a couple of those items. Time will tell and we'll see.

就營業比率而言，本身不想給出具體的指導，但我的觀點是我們在第一季度肯定有一些好感。我提到了一般用品和費用以及雜項費用，這些可以恢復。因此，我們從第一季度到第二季度看到的正常連續變化肯定會存在一些壓力。另一件有益的事情是，我們在第一季度的附加成本低於我對今年的預期，這就是附加成本占我們工資和工資的百分比。所以我希望這會恢復到我認為今年的水平。因此，其中一些項目可能會有一點壓力。時間會證明一切，我們拭目以待。

But my point was if you just took normal seasonality from the fourth quarter, certainly, we had big outperformance in 1Q. But if you took normal seasonality from the fourth quarter and ran it through to the second, that would have put our operating ratio right in a 70.2%. And we'll see that would imply less seasonal improvement than what we normally expect. And what the point of the matter was if we operate anywhere that starts with a 6, it fits a 69.9%, we will certainly be very excited to see that kind of number.

但我的觀點是，如果你只是從第四季度開始考慮正常的季節性，當然，我們在第一季度的表現非常出色。但是，如果您從第四季度開始正常的季節性並一直持續到第二季度，那麼我們的營業比率就會達到 70.2%。我們將看到這意味著季節性改善比我們通常預期的要少。問題的關鍵是，如果我們在以 6 開頭的任何地方進行操作，它適合 69.9%，我們肯定會很高興看到這樣的數字。

We're sitting here like Burt Reynolds and Jerry Reed trying to do something that they said couldn't be done. And we think that we can get it done. But certainly, if it comes out that it's about 70.1% or 70.2% that's producing very strong profitable growth as well. But nevertheless, not throwing necessarily a specific target out there, but just saying what could be done with some of the numbers and how they might normally train it.

我們像伯特·雷諾茲和傑里·里德一樣坐在這裡，試圖做他們說做不到的事情。我們認為我們可以完成它。但可以肯定的是，如果結果是 70.1% 或 70.2% 左右，這也會產生非常強勁的盈利增長。但是，儘管如此，不一定要拋出一個特定的目標，而只是說明一些數字可以做什麼以及他們通常如何訓練它。

Okay. Yes. Most of the others get excited about starting with an 8. You made a comment about LTL is different than truckload. So, I'm guessing that LTL is very different than spot truckload, but there's a lot of focus on spot rates right now. What -- how does slowing falling spot rates impact in any way your tonnage outlook, your pricing outlook?

好的。是的。其他大多數人都對從 8 開始感到興奮。您對 LTL 的評論與卡車裝載不同。所以，我猜 LTL 與現貨卡車運輸有很大不同，但現在有很多關注現貨率。什麼——即期匯率下降放緩對您的噸位前景和定價前景有何影響？

Well, from a tonnage standpoint, that was the point we wanted to make was that what's going on in truckload right now. We are already last year, had taken a lot of the heavier weighted shipments that might be considered spillover freight in prior periods and had worked those out of our systems. So we don't have those same pressures, and I don't think many of the other LTL carriers do either, just looking at some of the statistics. I think freight demand had been so solid and influx of freight into the LTL world that many carriers and certainly, us, we can speak to specifically, were just focused on long-term LTL freight, not something that might be more transactional here today going tomorrow type of thing if truckload capacity loosened up.

好吧，從噸位的角度來看，這就是我們想要說明的一點，那就是現在整車的情況。我們已經是去年了，已經採取了很多較重的貨物，這些貨物在之前的時期可能被認為是溢出貨運，並且已經從我們的系統中解決了這些問題。所以我們沒有同樣的壓力，我認為其他許多零擔運輸公司也沒有，只是看看一些統計數據。我認為貨運需求如此強勁，貨運大量湧入 LTL 世界，以至於許多承運人，當然，我們，我們可以具體談談，只專注於長期 LTL 貨運，而不是今天可能更具交易性的東西如果卡車裝載能力放鬆，明天的事情。

So we're not seeing the same type of pressures and not really hearing about it from an overall competitive landscape either, that there's some movement of freight going back into the truckload world. But certainly something that we'll continue to pay attention to, and we're talking very frequently with customers and our sales team. But again, that's consistent feedback that we're receiving from all parties is that demand continues to be solid.

因此，我們沒有看到同樣類型的壓力，也沒有從整體競爭格局中真正聽到它，即有一些貨運運動回到了卡車裝載世界。但我們肯定會繼續關註一些事情，我們會經常與客戶和我們的銷售團隊交談。但同樣，我們從各方收到的一致反饋是需求繼續穩定。

And certainly, numbers are what they are and part of the conversation in our prepared remarks talking about 10-year trends and so forth, we've doubled our market share over the last 10 years. And that doesn't always come in a linear fashion. So we might have a month where volumes underperform for a monthly period, our 10-year average trends, and that's just certainly not something to get overly concerned about. And we saw some of that in the first quarter. We underperformed, if you just look purely from a 10-year average sequential standpoint, on the volume side, but we produced a lot of revenue growth and good profit growth as a result.

當然，數字就是它們的本質，在我們準備好的關於 10 年趨勢等的談話中，我們的市場份額在過去 10 年中翻了一番。這並不總是以線性方式出現。因此，我們可能有一個月的交易量在一個月內表現不佳，這是我們 10 年的平均趨勢，這當然不是過分擔心的事情。我們在第一季度看到了其中的一些。如果僅從 10 年平均連續的角度來看，我們在數量方面表現不佳，但我們因此實現了很多收入增長和良好的利潤增長。

So we continue to be encouraged by the overall environment, and the feedback that we're hearing from customers and our sales team and want to continue to do what it takes to take advantage of the volume flows that may come our way this year.

因此，我們繼續受到整體環境的鼓舞，以及我們從客戶和我們的銷售團隊那裡聽到的反饋，並希望繼續盡一切努力利用今年可能出現的流量。

And the next question comes from Jordan Alliger with Goldman Sachs.

下一個問題來自高盛的 Jordan Alliger。

Curious, realizing that things are very strong today. If we do or were to go into a slower economic situation later this year into next year, maybe negative growth. Given the headcount increases you've had and obviously, wage increases across the sector, I mean, how flexible or nimble do you think you guys would be sort of in the other direction in terms of pulling things back and can you with wage increases and headcount?

好奇，意識到今天的事情非常強大。如果我們在今年晚些時候或明年進入放緩的經濟形勢，可能會出現負增長。鑑於您的員工人數增加，顯然整個行業的工資增長，我的意思是，您認為你們在拉回事情方面會在另一個方向上有多靈活或靈活，您是否可以增加工資和人數？

Jordan, we've done this in the past. I mean, I don't think anybody likes to manage through a downturn or a recession or whatever you want to call it, but we've done it in the past. It's surely not a lot of fun and you have to make hard decisions at times. But we've managed through the worst recession ever in 2009, at least in my pretty lengthy career, it's probably the worst ever. We managed through that fairly well. Then we did it again in '16 and through a flat year in '19. So we've geared up, then we've geared down and gear back up and this business is up and down. It always has been. But if we have to manage in a downturn, I've got all the confidence in the world we can manage through that.

喬丹，我們過去也這樣做過。我的意思是，我認為沒有人喜歡在經濟低迷或衰退或任何你想稱之為的情況下進行管理，但我們過去已經做到了。這肯定不是很有趣，有時你必須做出艱難的決定。但我們已經度過了 2009 年有史以來最嚴重的衰退，至少在我漫長的職業生涯中，這可能是有史以來最糟糕的一次。我們做得相當好。然後我們在 16 年又做了一次，並在 19 年度過了平淡的一年。所以我們已經加速了，然後我們減速了，然後又加速了，這個業務有起有落。一直都是。但是，如果我們必須在低迷時期進行管理，我對我們能夠度過難關的世界充滿信心。

As Adam mentioned, though, so far, so good this year, our trends are good. Our feedback from customers are -- is very strong. We've had 2 of our top 10 accounts in the building in the last couple of weeks. And they're both very positive on their business and their customers and these were logistics companies, by the way. They're huge, and they manage an awful lot of dollars. And their outlook is very strong at this point in time. I think our standing with these particular accounts and with our accounts in general, our standing is better than ever. And at this point in time, we're not thinking about a downturn. If we have to, we will. But that's not where we are today.

正如亞當所說，儘管如此，今年到目前為止，我們的趨勢很好。我們從客戶那裡得到的反饋是——非常強烈。在過去的幾周里，我們在大樓裡擁有前 10 個帳戶中的 2 個。他們對自己的業務和客戶都非常積極，順便說一句，這些都是物流公司。他們很大，他們管理著大量的美元。他們的前景在這個時間點非常強大。我認為我們在這些特定賬戶和總體賬戶中的地位比以往任何時候都好。在這個時間點上，我們並沒有考慮經濟衰退。如果必須，我們會的。但這不是我們今天所處的位置。

And the next question comes from Todd Fowler with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Todd Fowler。

So I wanted to ask on where you think you're at from a headcount growth standpoint. I know you've had success in adding headcount, but it's been about above tonnage and shipment growth now for the past couple of quarters. You have some comments in the release about continuing to add headcount in 2Q. Do you think you're getting to the point where headcount is caught up with where your tonnage levels are? How do you think about continued headcount growth into the back half of the year?

所以我想問一下，從員工人數增長的角度來看，你認為自己處於什麼位置。我知道你們在增加員工人數方面取得了成功，但在過去的幾個季度中，現在的噸位和出貨量增長已經超過了。您在發布中有一些關於在第二季度繼續增加員工人數的評論。你認為你已經達到了員工人數趕上你的噸位水平的地步嗎？您如何看待今年下半年員工人數的持續增長？

Yes. Todd, I think we are -- we -- I think we have pretty much caught up. We still have some needs in some places, but we're much closer than we've been probably in the best shape we've been in over a year. So happy with that, happy with where we are. And we'll just have to see how the volume trends continue. If we continue on our current growth trajectory, then we will have to continue to add some as our seasonality dictates, but I think those needs will be fewer certainly than they were in the last year or so. But yes, we're in a better spot and feel pretty good about our standing today. And that wouldn't be a bad thing to see that continue to level off a little bit.

是的。托德，我認為我們 - 我們 - 我認為我們已經趕上了。在某些地方，我們仍然有一些需求，但我們比我們可能處於一年多以來的最佳狀態要接近得多。對此感到非常高興，對我們所處的位置感到高興。我們只需要看看銷量趨勢如何繼續。如果我們繼續目前的增長軌跡，那麼我們將不得不根據我們的季節性要求繼續增加一些，但我認為這些需求肯定會比去年左右要少。但是，是的，我們處於一個更好的位置，並且對我們今天的地位感覺非常好。看到它繼續平穩一點也不是壞事。

Yes. No, understood. That's a good comment. That's helpful there. And then, Greg, just a follow-up, in your prepared remarks, you had a lot of comments around shippers really realizing the value of the LTL service proposition. I guess, I'm curious, are you seeing any shift in your mix as far as kind of your core customer base? And I know it would just be around the edges not a big wholesale shift, but kind of different shippers using LTL relative to where you've been historically. And when you think about the tonnage growth that you've been experiencing do you think that most of that's because of your available capacity? Is there something else within the industry that's driving that?

是的。不，明白了。這是一個很好的評論。那裡很有幫助。然後，格雷格，只是跟進，在你準備好的評論中，你有很多關於托運人真正意識到零擔服務主張的價值的評論。我想，我很好奇，就您的核心客戶群而言，您是否看到您的組合有任何變化？而且我知道它只是在邊緣，不是一個大的批發轉變，而是相對於你歷史上使用 LTL 的不同托運人。當您考慮到您所經歷的噸位增長時，您是否認為其中大部分是因為您的可用產能？行業內是否還有其他因素在推動這一點？

Todd, not that I know of, not at all. I think it's just continued growth from existing accounts. Certainly, we continue to take on new business. We have a very significant group of sales folks working out there every day. So we do continue to gain some new business from the reports that I'm seeing, but no normal growth from existing customers. I think just the continued confidence that they have in us and the service performance that we've given in the past and they like it. Their customers need that. Their supply chains, as Adam mentioned, supply chains are challenged and putting that product on the shelf more important now than probably ever.

托德，我不知道，一點也不知道。我認為這只是現有賬戶的持續增長。當然，我們會繼續開展新業務。我們有一群非常重要的銷售人員每天都在那里工作。因此，我們確實繼續從我看到的報告中獲得一些新業務，但現有客戶沒有正常增長。我認為只是他們對我們的持續信心以及我們過去提供的服務表現，他們喜歡它。他們的客戶需要這個。正如亞當所說，他們的供應鏈面臨挑戰，現在將產品上架比以往任何時候都更加重要。

And the next question comes from Ravi Shanker with Morgan Stanley.

下一個問題來自摩根士丹利的 Ravi Shanker。

A couple of follow-ups. One to the kind of downturn planning question. I'm sure you guys are aware that most of your peers and a lot of investors have been trying to figure out what your secret sauce has been for years and why there isn't one answer. I think one of the big elements is your continued kind of investments almost irrespective of the cycle. But I just wanted to get a sense of what benchmarks you guys would look at in terms of turning the wick up or down on the incremental growth plans a -- if there is a downturn, are you going to put your foot down and actually accelerate investments? Or again, what are some of the metrics you look at to start pulling back?

幾個後續。一種是低迷計劃問題。我相信你們都知道，你們的大多數同行和許多投資者一直在試圖弄清楚你們多年來的秘訣是什麼，以及為什麼沒有一個答案。我認為其中一個重要因素是您幾乎不考慮週期的持續投資。但我只是想了解一下你們在增加或減少增量增長計劃方面會考慮哪些基準 - 如果出現低迷，你是否會放慢腳步並實際加速投資？或者再一次，您考慮開始撤退的一些指標是什麼？

Well, I mean, I think you've got to look at past performance to a degree to see how we react. And as Greg mentioned earlier, we've taken the opportunity in the past and some of those slower periods like you mentioned, to, in some ways, accelerate our investments. And I mentioned earlier that we're probably a little bit behind. We're at 15% to 20% excess capacity. We like being at sort of 20% to 25% on average. And we're a little behind that target range is given the significant volume growth that we've had.

好吧，我的意思是，我認為您必須在一定程度上查看過去的表現，以了解我們的反應。正如格雷格之前提到的，我們在過去和你提到的一些較慢的時期抓住了機會，在某些方面加速了我們的投資。我之前提到我們可能有點落後。我們的產能過剩 15% 到 20%。我們喜歡平均在 20% 到 25% 之間。鑑於我們已經擁有顯著的銷量增長，我們稍微落後於目標範圍。

So we look through a longer-term wins, if you will, and try to project out where we think our market share and our volumes might be in the next 5 to 10 years. It's not just always in the here and now because certainly, you can't execute when it comes to real estate investments in a very short period of time. Oftentimes, and we didn't necessarily see this in the last slow cycle in '19 like we thought we might have, but in prior periods in downturns, we've seen some opportunities come our way that were attractive investments from land opportunities, existing service center opportunities. So certainly, if something becomes available in an area that's on our long-term road map for where we want to go, then yes, we would take advantage of something like that.

因此，如果您願意的話，我們會著眼於長期的勝利，並嘗試預測我們認為未來 5 到 10 年我們的市場份額和銷量可能在哪裡。它並不總是在此時此地，因為當然，您無法在很短的時間內執行房地產投資。通常情況下，我們不一定會像我們認為的那樣在 19 年的最後一個緩慢週期中看到這一點，但在之前的低迷時期，我們已經看到了一些機會，這些機會是來自土地機會的有吸引力的投資，現有服務中心的機會。因此，當然，如果在我們想要去的長期路線圖上的某個區域可用，那麼是的，我們會利用類似的東西。

But it's just always sort of looking at what's in front of you, if you will, from an opportunity standpoint and then us thinking about the longer-term opportunity where we want to be, where we think we need to have capacity to support the continued growth within our network and to be able to keep our service metrics where they are today.

但它總是有點看你面前的東西，如果你願意的話，從機會的角度來看，然後我們考慮我們想要成為的長期機會，我們認為我們需要有能力支持持續的我們網絡內的增長，並能夠保持我們的服務指標在今天的水平。

Got it. That's good color. And just a follow-up on the topic of keeping an eye on the long term and growth investments. There have been a number of important developments in the path to commercialization of autonomous trucks and obviously, the pressure on most companies to kind of strengthen their ESG footprint with electrification is growing as well. I would love to get an update from you guys on kind of what you're seeing out there, what your investment plans are in both these technologies and maybe kind of the -- what the rollout part looks like, especially if you're going to invest in a downturn?

知道了。這個顏色不錯並且只是對關注長期和增長投資的主題的後續行動。在自動駕駛卡車商業化的道路上取得了許多重要進展，顯然，大多數公司通過電氣化加強其 ESG 足蹟的壓力也在增加。我很想從你們那裡得到關於你們所看到的最新情況，你們在這兩種技術中的投資計劃，也許還有——推出部分是什麼樣的，特別是如果你們要去的話投資低迷？

Well, we certainly have one, we've just recently disclosed our first ESG sustainability report. So we were proud to get that out. And I think that was a means to show some of the long-term improvements that we've made over time with operating efficiencies and overall improvements in our miles per gallon and so forth, and we'll continue to track towards some of the goals that we have internally to continue to improve those metrics. And one of the key pillars of our foundation for success is continuous improvement, and that means multiple things, continuous improvement in multiple areas.

好吧，我們當然有，我們最近剛剛披露了我們的第一份 ESG 可持續發展報告。所以我們很自豪能把它弄出來。我認為這是展示我們隨著時間的推移在運營效率和每加侖英里數的整體改進等方面取得的一些長期改進的一種方式，我們將繼續朝著一些目標前進我們必須在內部繼續改進這些指標。我們成功基礎的關鍵支柱之一是持續改進，這意味著多件事，在多個領域持續改進。

But as it relates specifically to electric vehicles and autonomous and so forth, we'll continue to stay engaged with manufacturers to see what's coming down the line. We would like to try to test some of the equipment, and we actually ordered some equipment, but we're still waiting on the delivery of the truck. And so I think that goes to some of the pressures that the OEMs have in terms of what actually is being produced and is planned to be produced in the near-term. We're still from all the feedback we get from specs and capabilities, don't believe that electric trucks as they exist today, really fit the operating model of an LTL network, at least how we run our business.

但由於它特別涉及電動汽車和自動駕駛等，我們將繼續與製造商保持聯繫，看看接下來會發生什麼。我們想嘗試測試一些設備，我們實際上訂購了一些設備，但我們仍在等待卡車的交付。因此，我認為這會導致原始設備製造商在實際生產和計劃在短期內生產的產品方面面臨一些壓力。我們仍然從我們從規格和功能中獲得的所有反饋中，不相信今天存在的電動卡車真的適合 LTL 網絡的運營模式，至少我們如何經營我們的業務。

But we felt like we wanted to have a seat at the table and that was why we put an order in to get something and actually put it in place to operate and to be able to give true feedback in terms of what the limitations may or may not be. So -- but we'll continue to stay engaged with all of our suppliers in that regard to see as things change and where it may make sense to try to integrate some of that technology into our network as it makes sense or not.

但是我們覺得我們想在談判桌前有一個座位，這就是為什麼我們下訂單來獲取一些東西並實際將其放置到位以進行操作並能夠就限制可能或可能的限制給出真實的反饋不是。所以 - 但我們將繼續在這方面與我們所有的供應商保持聯繫，看看情況是否會發生變化，以及嘗試將其中一些技術整合到我們的網絡中是否有意義。

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

下一個問題來自德意志銀行的 Amit Mehrotra。

Appreciate it. So I just had a couple of questions. Adam, just a clarification, did you give April tonnage sequentially from March versus seasonality and year-over-year in April? Can you give that if you hadn't already?

欣賞它。所以我只有幾個問題。亞當，只是澄清一下，您是否從 3 月開始按順序給出了 4 月的噸位與 4 月的季節性和同比？如果你還沒有，你可以給嗎？

No, we haven't provided the detail. Consistent with what we've done in the past, we'll give it with our 10-Q, but just gave where we're trending from an overall revenue standpoint and then gave a little extra color on kind of what our yield trends are doing.

不，我們沒有提供詳細信息。與我們過去所做的一致，我們將給出我們的 10-Q，但只是從整體收入的角度給出了我們的趨勢，然後對我們的收益率趨勢進行了一些額外的說明正在做。

Okay. Fine. And then I guess, bigger picture question, you guys are knocking the cover off the ball on many metrics. Your stock is down 25% this year. I don't want to make too big of a deal of near-term or midterm stock movements, but everybody is debating right now what the peak to trough earnings decline could look like in a very tough macro scenario. And I think part of that reflects the trough to peak has been so robust for OD and many other companies as well.

好的。美好的。然後我想，更大的問題是，你們在許多指標上都把球蓋住了。你的股票今年下跌了 25%。我不想過分關注近期或中期的股票走勢，但現在每個人都在爭論，在非常艱難的宏觀情景下，收益下降的峰值到谷底會是什麼樣子。我認為這部分反映了 OD 和許多其他公司的低谷到頂峰是如此強勁。

So I guess the question is, if I look at the industry, the industry has done a tremendous job of understanding its cost structure a little bit, pricing rationally relative to that, those investments they've made in understanding their cost structure. So do you think that the industry, from a pricing discipline perspective, is just better than it's ever been because of some of those specific investments? And do you think the price -- there's risk in a downturn that the industry pricing just going to breaks down? Just talk about how the pricing discipline for the industry is today versus how it's been kind of been any time in the past.

所以我想問題是，如果我看一下這個行業，這個行業在了解其成本結構方面做得非常好，相對於它進行合理定價，他們在了解其成本結構方面所做的投資。那麼，您認為從定價規則的角度來看，該行業是否因為某些特定投資而比以往任何時候都好？你認為價格——在低迷時期，行業定價會崩潰嗎？只需談談當今行業的定價規則與過去任何時候的定價規則。

Well, I certainly think it's been more disciplined, and you can go back to 2019 and in particular, the second quarter of 2020 as well. I mean, that was a pretty steep drop for everyone from a revenue standpoint. And no one knew how long of a drop we were going to be in. But I think that there was a lot of discipline that was shown. And I think it gets back to -- there's certainly a lot of value that an LTL carrier can offer and there's a lot of expense to running and to expanding an LTL carrier's network. And we certainly have seen that over the years.

好吧，我當然認為它更加自律，你可以回到 2019 年，尤其是 2020 年第二季度。我的意思是，從收入的角度來看，這對每個人來說都是一個相當大的下降。沒有人知道我們會跌多久。但我認為有很多紀律表現出來。而且我認為它可以追溯到 - LTL 承運人可以提供很多價值，並且運行和擴展 LTL 承運人的網絡有很多費用。多年來，我們當然已經看到了這一點。

We talk a lot about the cost of expanding our real estate network, the land cost facilities where we have to lease some of the rent rates have almost become prohibitively expensive, but something I thought that way about a couple of years ago may now look like a bargain. So it's one of those things where we've got to continue to build that type of cost escalation into our pricing plans. And I think we'll continue to certainly see our numbers and our philosophy, no change with respect to the cost plus pricing that we've displayed over the years.

我們談論了很多關於擴大我們的房地產網絡的成本，我們不得不租用一些租金的土地成本設施幾乎變得非常昂貴，但我幾年前這樣想的事情現在可能看起來像討價還價。因此，這是我們必須繼續將這種類型的成本升級納入我們的定價計劃的事情之一。而且我認為我們肯定會繼續看到我們的數字和理念，在我們多年來展示的成本加定價方面沒有變化。

And I think that it's likely that we'll continue to -- we've seen discipline from the other carriers and wouldn't expect any change in that regard. And the industry now, I mean a lot has certainly been written lately about what's going on in truckload. But you've got almost 70% of the LTL revenue that's in publicly-traded companies now. And so it doesn't take long to see what everyone is seeing and doing and certainly, probably more important to see what actually is going on for management teams versus just reading reports off of the Internet that's sensationalized, maybe a little bit more. But I don't think you can all necessarily extrapolate what you're seeing in some of those reports to the LTL world.

而且我認為我們很可能會繼續 - 我們已經看到其他運營商的紀律，並且預計不會在這方面發生任何變化。而現在的行業，我的意思是，最近肯定有很多關於卡車裝載發生的事情的文章。但是你現在已經獲得了上市公司近 70% 的零擔收入。因此，用不了多久就可以看到每個人都在看和在做什麼，當然，與僅僅閱讀互聯網上聳人聽聞的報告相比，了解管理團隊的實際情況可能更重要，也許更多。但我認為你們不一定都可以將您在其中一些報告中看到的內容推斷到 LTL 世界。

And the next question comes from Ken Hoexter with Bank of America.

下一個問題來自美國銀行的 Ken Hoexter。

Greg or Adam, can you -- maybe thoughts on the impact of purchased transportation on quality controls expense? And what is now outsourced, as you talked about maybe growing a bit although, I think, Adam, you mentioned it was down in first quarter versus fourth quarter, but it sounded like you were -- you needed to scale that to meet your growth targets going forward?

Greg 或 Adam，您能否考慮購買運輸對質量控制費用的影響？現在外包的東西，正如你所說的，可能會有所增長，儘管我認為，亞當，你提到它在第一季度與第四季度相比有所下降，但聽起來你是——你需要擴展它來滿足你的增長前進的目標？

Yes. Certainly, we were able to use the purchased transportation in an increasing manner as we went through mainly 2021, started stepping it up a little bit in response to the acceleration in volumes that we saw in the back half of 2020. And I'm speaking of the sequential acceleration just to be able to keep pace with the growth and expectations from our customers. But we've got good carriers that we've used to supplement mainly within our line-haul operation. And it's overall still pretty minimal in terms of the outsourced miles.

是的。當然，隨著我們主要經歷 2021 年，我們能夠以越來越多的方式使用購買的交通工具，並開始加緊一點以響應我們在 2020 年下半年看到的運輸量加速。我說的是連續加速只是為了跟上客戶的增長和期望。但是我們有很好的承運商，我們主要在長途運輸業務中使用這些承運商進行補充。就外包里程而言，總體上仍然很少。

Certainly, we saw the cost increasing, if you will, as that rate environment was increasing. But we were able to work those third parties into our network and keep our service metrics high, while responding to significant volume growth from customers last year. And we saw maybe a slight uptick in our claims ratio. That was probably more or somewhat reflective of using third-party truckload carriers versus our 20- and 28-foot pup operation and all the claims prevention tools that we have.

當然，如果您願意的話，我們看到成本增加，因為這種費率環境正在增加。但是我們能夠將這些第三方納入我們的網絡並保持我們的服務指標很高，同時應對去年客戶的顯著增長。我們看到我們的索賠比率可能略有上升。這可能或多或少地反映了使用第三方卡車運輸車與我們的 20 英尺和 28 英尺幼犬操作以及我們擁有的所有索賠預防工具。

But when I say it uptick-ed, it uptick-ed from 0.1% something to 0.16% that just rounded to 0.2%. So we're talking very minimal increase there. And that's part of the overall value that we provide to our customers. And Greg mentioned it earlier in his prepared comments that part of our value proposition is having capacity. When you look through prior cycles, look through 2017 and 2018, we were able to grow with our customers right now. And when you look at the other carriers, at least public carriers in the back half of last year were pretty flattish from a volume standpoint.

但是當我說它上升時，它從 0.1% 上升到 0.16%，然後四捨五入到 0.2%。所以我們說那裡的增長非常小。這是我們為客戶提供的整體價值的一部分。格雷格早些時候在他準備好的評論中提到，我們的部分價值主張是有能力的。當您回顧之前的周期，回顧 2017 年和 2018 年時，我們現在能夠與我們的客戶一起成長。當您查看其他運營商時，至少從數量的角度來看，去年下半年的公共運營商相當平淡。

So we're able to come in and demonstrate value, not only with the service quality that we offer but being able to provide capacity when no one else can. And so that takes investment. It takes investment in the real estate of fleet and our people. to make sure we've got that flex capacity. And certainly, we always try to stay ahead of the game as best we can in that regard, but certainly pleased that we're able to deliver that for our customers.

因此，我們能夠進入並展示價值，不僅是我們提供的服務質量，而且能夠提供其他人無法提供的能力。所以這需要投資。它需要對艦隊和我們的員工的房地產進行投資。以確保我們有彈性容量。當然，在這方面，我們總是盡可能地保持領先，但當然很高興我們能夠為我們的客戶提供這種服務。

Great. I guess for my follow-up, let me just start off with the premise. You talked about doubling your share, but I guess, 1 or 2 of your public peers were kind of closing service centers and kind of maybe shrinking their business, and that's kind of changed, right? So most of your peers are now adding service centers and doors, everybody's kind of set new targets out there. Do you still see the LTL market is structurally growing share within the entire trucking market?

偉大的。我想我的後續行動，讓我從前提開始。您談到了將您的份額翻倍，但我猜，您的 1 或 2 個公共同行可能會關閉服務中心，並且可能會縮減他們的業務，這已經改變了，對吧？所以你的大多數同行現在都在增加服務中心和門，每個人都在那裡設定了新的目標。您是否仍然看到 LTL 市場在整個貨運市場中的份額在結構上不斷增長？

And then if so, I think a lot of demand questions coming to you now is, where do you see it first, right? Where do you see -- when you see a role, is it the consumer? Do you not see it because e-commerce growth has changed that within the dynamic that you're still growing and taking share, so you wouldn't see that impact? Maybe just set the stage for the dynamic of what goes on in a market these days relatively within the LTL market?

如果是這樣，我認為現在向您提出的很多需求問題是，您首先在哪裡看到它，對嗎？你在哪裡看到——當你看到一個角色時，它是消費者嗎？您是否沒有看到它，因為電子商務的增長已經改變了您仍在增長和分享的動態，所以您不會看到這種影響？也許只是為這些天在 LTL 市場內相對於市場上發生的事情的動態奠定了基礎？

Well, we've talked about this before, but in our business, the way we try to manage and project out, we always have a baseline forecast for the year. And then we have scenarios with growth above that baseline and scenarios where the volumes are below that baseline, and we try to have a plan for both. We have that baseline plan and then how we're going to execute in either side of that scenario. And all we can do is continuously look at our numbers and have continuous conversations with customers. And certainly, we've had years where we've been above and below our baseline scenarios and you just make operational decisions from that point forward.

好吧，我們之前已經討論過這個問題，但是在我們的業務中，我們嘗試管理和項目的方式，我們總是對今年有一個基線預測。然後我們有增長高於該基線的情景和數量低於該基線的情景，我們試圖為這兩種情況制定計劃。我們有那個基線計劃，然後我們將如何在該場景的任一方執行。我們所能做的就是不斷查看我們的數據並與客戶進行持續對話。當然，我們多年來一直在高於和低於我們的基準情景，您只需從那時起做出運營決策。

And part of that is the way we structure our network. We give -- each of our service center managers has got control in terms of managing their headcount and running their operation as needed in terms of adding to or are pulling back on some of the additions that they're making depending on what the environment is like and -- but it just takes constant communication between us and our customer base. And oftentimes, a lot of that is communication with many of our third-party logistics customers, 6 of our top 10 largest customers are 3PLs, and they're a fair amount of our overall business, and they generally have a read on what's going on and if there's mode shift and other things. And we still get favorable feedback from them with respect to the expectations for volumes this year. And so that kind of goes into our baseline and maybe why some of our conversation and thinking might seem a little bit different than what others might be talking about with respect to overall transportation this year.

其中一部分是我們構建網絡的方式。我們給予 - 我們的每個服務中心經理都可以控制他們的員工人數並根據需要運行他們的運營，根據環境的情況增加或撤回他們正在做的一些增加喜歡和——但它只需要我們和我們的客戶群之間不斷的溝通。通常，其中很多是與我們的許多第三方物流客戶的溝通，我們的前 10 大客戶中有 6 個是 3PL，他們在我們的整體業務中佔相當大的比例，他們通常會了解正在發生的事情開，如果有模式轉換和其他事情。對於今年的銷量預期，我們仍然從他們那裡得到了積極的反饋。因此，這種情況進入了我們的基線，也許為什麼我們的一些對話和思考可能與其他人在今年整體交通方面可能談論的有點不同。

Great. And your thought, just to wrap that up, the thought within the LTL market, do you still see it structurally taking share within the -- in the trucking side? Just to understand it like -- yes.

偉大的。你的想法，只是總結一下，在 LTL 市場中的想法，你是否仍然認為它在結構上佔據了 - 在卡車運輸方面的份額？只是為了理解它——是的。

Yes, we do. I feel like it will continue to grow. And right now, we've got -- when you look at all the industrial numbers, those are all favorable for sure, and we're seeing good growth. Our revenue growth in the first quarter was pretty balanced between both our industrial and our retail-related business. We're continuing to see consumer spending. But irrespective of that, there's freight demand for LTL carriers and shippers that this e-commerce effect on supply chains that are leveraging the network that we've built out in moving freight if it's a manufacturer that is moving freight.

是的，我們有。我覺得它會繼續增長。現在，我們得到了——當你查看所有工業數據時，這些數據肯定都是有利的，而且我們看到了良好的增長。我們第一季度的收入增長在我們的工業和零售相關業務之間相當平衡。我們繼續看到消費者支出。但不管怎樣，對於零擔承運人和托運人的貨運需求，這種電子商務對供應鏈的影響正在利用我們在運輸貨運方面建立的網絡，如果它是一家運輸貨運的製造商。

In yesteryear, it may have been one full truckload of goods to a regional distribution center that may be 10 different fulfillment centers in that same region. And we can fill one truckload basically, one full van of goods at that same manufacturer. But they're now leveraging our network as we distribute those goods throughout our system and to that ultimate fulfillment center.

在過去，可能需要將一整車貨物運到一個區域配送中心，而該配送中心可能是同一地區的 10 個不同的履行中心。我們基本上可以裝滿一卡車，同一製造商的一整車貨物。但他們現在正在利用我們的網絡，因為我們將這些商品分發到我們的整個系統和最終的履行中心。

And so we think that type of change will continue to drive volumes into the LTL industry. And I think that given the investments that we've made and the requirements too, from the big box retailers for their vendors shipping product in, most have on-time-in-full or must-arrive-by-date type of programs. And certainly, it's a focus on the on-time deliveries and no damages. And when you've got the best metrics like we do, that's how we can add further value to our customers by making sure that they show well on their vendor scorecards with their customers. And that's been a piece of the market share that we've won over the last 10 years, and we think that, that trend will continue going forward.

因此，我們認為這種變化將繼續推動 LTL 行業的銷量。而且我認為，考慮到我們所做的投資和要求，從大型零售商為其供應商運送產品的供應商那裡，大多數都有準時或必須按日期到達類型的計劃。當然，它關注的是準時交貨和無損壞。當您擁有像我們一樣的最佳指標時，這就是我們可以通過確保客戶在供應商記分卡上與客戶一起展示而為客戶增加更多價值的方式。這是我們在過去 10 年中贏得的市場份額的一部分，我們認為，這種趨勢將繼續向前發展。

And the next question comes from Tom Wadewitz with UBS.

下一個問題來自瑞銀的 Tom Wadewitz。

Yes. It's Tom. Sorry, I was on mute there. I guess a little bit of a follow-up on that last one. What the kind of consumer goods spending and potential weakness seems like a key point of concern. So what does your mix look like broad brush? I know sometimes it's hard to be overly precise. But if you say, well, the 2016 cycle, when we saw weakness, we had kind of x amount consumer and y amount industrial, and then maybe in 2019 and today, has it skewed a lot more towards consumer? Or how do you think about a high level, that mix of your book that's if you want to put it in industrial and consumer or if you wanted to include other buckets?

是的。是湯姆。對不起，我在那裡靜音。我想對最後一個有一點跟進。什麼樣的消費品支出和潛在的疲軟似乎是一個值得關注的關鍵點。那麼你的混音看起來像粗刷嗎？我知道有時很難過於精確。但如果你說，嗯，2016 年的周期，當我們看到疲軟時，我們有 x 數量的消費者和 y 數量的工業，然後也許在 2019 年和今天，它是否更傾向於消費者？或者你如何看待一個高層次的，如果你想把它放在工業和消費者中，或者如果你想包括其他桶？

I mean, it's still more weighted to industrial than retail. About 55% to 60% of our revenue is industrial related and 25% to 30% is retail related, but it's -- that's probably moved up the spectrum closer to that 30% threshold. And I mentioned that we've seen a lot of good growth in our -- with our retail customers and we have. I mean, that's been a big part of the story. But we continue to see good growth in market share with our industrial customers as well. And there have been periods where that retail was growing a bit faster, but both are growing for us, and we're still seeing good share there. So it's -- that retail component has crept up a little bit, but our good industrial business has grown as well and has continued to somewhat keep pace.

我的意思是，它仍然更偏重於工業而不是零售。我們大約 55% 到 60% 的收入與工業相關，25% 到 30% 與零售相關，但這可能已經接近 30% 的門檻。我提到我們已經看到我們的零售客戶和我們有很多良好的增長。我的意思是，這是故事的重要組成部分。但我們也繼續看到我們的工業客戶的市場份額增長良好。曾經有一段時間，零售業增長得更快，但兩者都對我們來說都在增長，而且我們仍然在那裡看到了不錯的份額。所以它是 - 零售部分已經爬升了一點，但我們良好的工業業務也在增長，並繼續保持同步。

Are you hearing -- I don't know if this is the type of -- if you have clear input from customers on this. But are you hearing a difference in the outlook between those 2 customer segments or the consumer-related customers more cautious and the industrial side is more aggressive? And I guess, I think, Greg, you commented on inventories, too, that you thought inventories were still light. I don't know if there's a difference in kind of urgency for industrial versus consumer?

您是否聽到-我不知道這是否是-如果您對此有明確的客戶意見。但是，您是否聽說這兩個客戶群之間的前景有所不同，或者與消費者相關的客戶更加謹慎，而工業方面更加激進？我想，我想，格雷格，你也評論了庫存，你認為庫存仍然很輕。我不知道工業與消費者的緊迫性是否有所不同？

No. It's -- we look at the inventory to sales ratio, and that continues to be low and really reconciles the feedback that we're getting from customers, be it on the retail or the industrial side that inventory balances are lower than what they prefer them to be. We have an awful lot of conversation about the number of back orders that many are dealing with, and in some cases, missed opportunities where they simply haven't had product on the shelf for ready now if it's a online purchase, if you will. And so I think that's something that Greg mentioned earlier that we're seeing and hearing not only from the customer side, but we're seeing it and feeling it from our supplier side as well.

不。這是 - 我們查看庫存與銷售比率，它仍然很低，並且真正協調了我們從客戶那裡獲得的反饋，無論是在零售方面還是在工業方面，庫存餘額都低於他們的水平更喜歡他們。我們就許多人正在處理的延期交貨的數量進行了很多討論，在某些情況下，如果您願意的話，如果您願意的話，如果是在線購買的話，他們根本就沒有在貨架上準備好產品，因此他們錯過了機會。所以我認為這是 Greg 之前提到的，我們不僅從客戶方面看到和聽到，而且從供應商方面也看到和感受到它。

So both kind of go hand in hand and many of our suppliers are also customers. So we're seeing that across the board, if you will. But that's why we think that even -- I mean right now, consumer spending continues to be strong. I think household balance sheets are good and maybe consumer confidence is not as high as it has been. But we still feel like freight demand can continue for past any type of consumption slowdown just given the fact that we feel like inventory balances need to be built back up. And we continue to believe that long term, we'll see a higher inventory to sales ratio than perhaps where we were, pre-pandemic.

因此，兩者齊頭並進，我們的許多供應商也是客戶。因此，如果您願意，我們將全面看到這一點。但這就是為什麼我們認為即使 - 我的意思是現在，消費者支出仍然強勁。我認為家庭資產負債表很好，也許消費者信心沒有以前那麼高了。但我們仍然認為貨運需求可以持續過去任何類型的消費放緩，只是考慮到我們認為需要建立庫存餘額這一事實。而且我們仍然相信，從長遠來看，我們會看到比大流行前更高的庫存與銷售比率。

And the next question comes from Bascome Majors with Susquehanna.

下一個問題來自 Bascome Majors 和 Susquehanna。

Not to beat a dead horse with another hypothetical recession scenario, but -- and it's clear that you don't think there is a structural change to the investment you've been able to invest in -- or I'm sorry, to the situation you've been able to invest into and make a tremendous amount of return over the last 10 years. But I'm curious, what -- as you think about scenarios, not just the kind of scenario analysis you talked about in a single year, but in that 5- to 10-year plan where you're looking where to invest and where to buy land and where to build more capacity, what would it take to maybe change that strategy? Is it seeing less discipline in pricing at your peers? Is it a consistent run of sub-seasonal tonnage versus the share gain you've gotten historically? I'm just curious what you would have to see to actually make a change in the way that you approach the market price long term.

不要在另一個假設的衰退情景中打敗一匹死馬，但是 - 很明顯，你不認為你已經能夠投資的投資發生了結構性變化 - 或者我很抱歉，在過去 10 年中，您能夠投資並獲得巨額回報的情況。但是我很好奇，當您考慮情景時，不僅僅是您在一年中談到的那種情景分析，而是在您正在尋找投資地點和地點的 5 到 10 年計劃中購買土地以及在哪裡建設更多的產能，可能會改變該戰略需要什麼？同行的定價規則是否有所減少？與您在歷史上獲得的份額增長相比，這是一個持續的次季節性噸位增長嗎？我只是好奇你必須看到什麼才能真正改變你長期接近市場價格的方式。

Yes. Bascome, if -- again, a big if, and I know it's a hypothetical, but if we saw a major downturn of some kind, and all of a sudden, we had excessive capacity, maybe we would look to do something different. But to tell you the truth, as Adam mentioned earlier, sometimes in a downturn, it provides the best opportunity for you to go out and do some things in certain markets that are extremely difficult to get them done. And that maps an opportunity for us and give us that very, very difficult place that we desperately need.

是的。 Bascome，如果 - 再次，一個很大的如果，我知道這是一個假設，但如果我們看到某種重大衰退，並且突然之間，我們的產能過剩，也許我們會考慮做一些不同的事情。但說實話，正如亞當前面提到的，有時在低迷時期，它為你提供了最好的機會，讓你走出去，在某些市場上做一些極難完成的事情。這為我們描繪了一個機會，並為我們提供了我們迫切需要的非常非常困難的地方。

So I hate to talk too much about hypotheticals, but we'll certainly take advantage of the market if it provides some opportunities for us. We've got to be opportunistic. I've talked about it in the past, how difficult it is now to acquire land in certain parts of the country, how difficult it is to get building started and whatnot. And I think we'd be terribly remiss if we sat back and said all things that really slowed down, and we shouldn't do this.

所以我討厭談論太多假設，但如果它為我們提供了一些機會，我們肯定會利用市場。我們必須投機取巧。我過去曾談過，現在在該國某些地區獲得土地有多困難，開工建設有多困難等等。而且我認為，如果我們坐下來說所有真正放慢速度的事情，我們將非常失職，我們不應該這樣做。

And if you can flip the switch and build a facility in 6 months or even a year, that's one thing. But when we know in some of these markets, it's 2, 3 and 4 and 5 years to get something accomplished. You've got to be opportunistic when those opportunities are there, you've got to strike and you've got to take advantage of them. So I'm not sure that anything would drastically change our outlook and our strategy at this point. I think we've had a fair amount of success, I think you'd agree with that. What we've done, it's worked, and we've continued to put ourselves in a good position to take share and honestly, I don't see that changing. If we were at 30% share, something crazy, but we're still at a 12% market share. So we think there's still a lot of upside for growth from our standpoint. And again, I think it's critical that we take advantage when that opportunity provides.

如果您可以在 6 個月甚至一年內翻轉開關並建立一個設施，那是一回事。但是當我們知道在其中一些市場中，完成某件事需要 2 年、3 年、4 年和 5 年。當這些機會出現時，你必須投機取巧，你必須出擊，你必須利用它們。因此，我不確定目前是否有任何事情會徹底改變我們的前景和戰略。我認為我們已經取得了相當大的成功，我想你會同意這一點。我們所做的一切都奏效了，而且我們繼續讓自己處於一個可以分享的有利位置，老實說，我認為這種情況不會改變。如果我們的市場份額為 30%，這太瘋狂了，但我們仍然擁有 12% 的市場份額。因此，從我們的角度來看，我們認為增長仍有很大的上升空間。再一次，我認為當機會提供時我們利用這一點至關重要。

Just to add a little bit more color to that, too, and reinforce the point. If we had not made the decisions to invest in 2016, we wouldn't have been able to take advantage of the revenue opportunities that we had in '17 and '18. And the same is true in 2019. If we had listened to everything that we had read at that point and had pulled back and not continued to execute on our CapEx plan, then we wouldn't have been able to enjoy the growth that we saw last year and what we're seeing today. So it takes investment during those slower times to kind of build up that excess capacity to be able to participate in these really strong market environments.

只是為了增加一點顏色，同樣，並強調這一點。如果我們沒有在 2016 年做出投資決定，我們將無法利用 17 和 18 年的收入機會。 2019 年也是如此。如果我們當時聽取了我們所閱讀的所有內容並撤回並且不繼續執行我們的資本支出計劃，那麼我們將無法享受我們所看到的增長去年和我們今天看到的。因此，需要在那些較慢的時期進行投資，以建立能夠參與這些真正強大的市場環境的過剩產能。

And I think that's why you've seen us have a little different performance. It's a different strategy. But certainly, we've been able to participate on the upside the market swing more so than anyone. So as Greg said, we feel like we've got a really long runway for growth ahead of us, and it's just going to continue to take that continuous investment cycle whether we're in the middle of a market upturn or if things are slower, that's just something we've got to maintain our focus on and make sure that we're continuing to expand the network overall.

我認為這就是為什麼你看到我們的表現有所不同。這是一個不同的策略。但可以肯定的是，我們比任何人都能夠更多地參與市場波動的上行。所以正如格雷格所說，我們覺得我們的增長之路很長，無論我們處於市場好轉期還是經濟放緩，它都將繼續進行持續的投資週期，這只是我們必須保持專注並確保我們繼續擴展整個網絡的事情。

And the next question comes from Tyler Brown with Raymond James.

下一個問題來自 Tyler Brown 和 Raymond James。

So we've talked to some developers and it sounds like labor, materials, a difficult zoning environment is actually capping some square footage growth in the broader industrial real estate market. Obviously, you earmarked $300 million in CapEx on real estate. But Greg, you kind of talked about it, but how confident are you that you will actually be able to spend that this year?

因此，我們已經與一些開發商進行了交談，聽起來像勞動力、材料、困難的分區環境實際上正在限制更廣泛的工業房地產市場的一些平方英尺增長。顯然，您在房地產上預留了 3 億美元的資本支出。但是格雷格，你談到了它，但你有多大信心今年真的能夠花掉它？

Well, I'll be honest with you, Tyler. I'm maybe a little more concerned. We're going to have opportunities and exceed that number. But we'll just have to see. We've got an awful lot of projects in play. So we'll just have to see what opportunities present themselves. And I can tell you at the price of land nowadays that we can reach that budget pretty darn real quick. So it's a challenge, but I think we'll get there, honestly. I think we'll be all over it.

好吧，我會跟你說實話，泰勒。我可能有點擔心。我們將有機會並超過這個數字。但我們只需要看看。我們有很多項目在進行中。所以我們只需要看看自己有什麼機會。而且我可以以現在的土地價格告訴你，我們可以很快達到這個預算。所以這是一個挑戰，但老實說，我認為我們會到達那裡。我想我們會完蛋的。

Okay. So that actually kind of plays into my second question. It's a difficult question, but I think it's a really important one. But how much would you say the cost to build a like-for-like door today is versus pre-COVID? I mean, how much has that increased just with all the material cost increase? Just anything directionally would be helpful.

好的。所以這實際上有點影響我的第二個問題。這是一個很難的問題，但我認為這是一個非常重要的問題。但是，您認為今天建造類似門的成本與 COVID 之前相比要多少？我的意思是，僅僅隨著材料成本的增加，這增加了多少？任何有方向性的事情都會有所幫助。

Yes. It's relatively significant. I'm not talking about properties now. I'm just talking about materials, I did see something from our real estate folks recently. And it's probably in the 20% range, give or take, some materials or more than that, some less, but the cost of everything, be it concrete, steel, any and all materials has definitely increased relatively significant in the last year to since the pandemic. Everything is up there.

是的。是比較重要的。我現在不是在談論屬性。我只是在談論材料，我最近確實從我們的房地產人員那裡看到了一些東西。而且它可能在 20% 的範圍內，給予或接受，一些材料或更多，一些更少，但一切的成本，無論是混凝土、鋼材，任何和所有材料，在去年到此後肯定都相對顯著增加流行病。一切都在那裡。

Okay. That's very helpful. And then, Adam, a quick question, just a clarification. So does the propane that your forklifts consume qualify for CNG tax credits? And if so, didn't those credits go away year-over-year? And was that an OR drag in Q1? Or is that not material?

好的。這很有幫助。然後，亞當，一個簡短的問題，只是一個澄清。那麼您的叉車消耗的丙烷是否有資格獲得 CNG 稅收抵免？如果是這樣，這些學分不會逐年消失嗎？那是第一季度的 OR 拖累嗎？或者那不是物質？

You're very perceptive asking something like that, but that credit did go away. That credit has sort of come and gone at different times. But at this point, I think it's gone. We'll see if it comes back or not.

你問這樣的問題很有洞察力，但這種信用確實消失了。這種信用在不同的時間來來去去。但在這一點上，我認為它已經消失了。我們會看看它是否會回來。

And the next question comes from Bruce Chan with Stifel.

下一個問題來自於 Stifel 的 Bruce Chan。

This is Matt on for Bruce. Congrats on the quarter. With respect to China's COVID lockdowns and potential for some increased port congestion later this summer, given some CBA negotiations, we were curious if you guys are seeing any customer change in their ordering or perhaps contracting patterns in order to maybe get in front of this?

這是布魯斯的馬特。祝賀本季度。關於中國的 COVID 封鎖和今年夏天晚些時候港口擁堵加劇的可能性，考慮到 CBA 的一些談判，我們很好奇你們是否看到客戶的訂單或合同模式發生任何變化，以便可能搶在這之前？

Yes, Bruce, I can't comment on that. I have not heard that. I expect that will be an issue if it continues. But yes, what we're hearing from over there, it's not good, and it's a locked down Beijing and as long as well as the rest of the port cities that they have already, it's definitely going to be an impact, but I have not heard that, not from our sales folks or our customers to this point.

是的，布魯斯，我無法對此發表評論。我沒聽說過。如果繼續下去，我預計這將是一個問題。但是，是的，我們從那邊聽到的消息並不好，而且這是一個封鎖的北京，只要他們已經擁有的其他港口城市，肯定會產生影響，但我有到目前為止，我們的銷售人員或客戶都沒有聽說過。

Thank you. And this does conclude the question and answer session. I would like to turn the floor over to Greg Gantt for any closing comments.

謝謝你。這確實結束了問答環節。我想請 Greg Gantt 發表任何結束意見。

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

嗯，謝謝大家今天的參與。我們感謝您的問題，如果您有任何進一步的問題，請隨時給我們打電話。謝謝，我希望你有一個美好的一天。

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

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。