Patriot Transportation Holding Inc (PATI) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Patriot Transportation Holdings, Inc. Earnings Call for the First quarter of 2023. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Mr. Rob Sandlin, President and CEO of Patriot Transportation. Sir, the floor is yours.

下午好，歡迎來到 Patriot Transportation Holdings, Inc. 2023 年第一季度財報電話會議。（操作員說明）現在我很高興將發言權交給主持人，Patriot 總裁兼首席執行官 Rob Sandlin 先生運輸。先生，地板是你的。

Thank you. Good afternoon, and thank you all for being on the call today and for your interest in Patriot Transportation. I am Rob Sandlin, CEO of Patriot Transportation. And with me today are Matt McNulty, our Chief Financial Officer and Chief Operating Officer; and John Klopfenstein, our Chief Accounting Officer. Before we get into our results, let me caution you that any statements made during this call that relate to the future are, by their nature, subject to risks and uncertainties and that could cause actual results and events to differ materially from those indicated by such forward-looking statements.

謝謝。下午好，感謝大家今天的電話會議以及對 Patriot Transportation 的關注。我是 Patriot Transportation 的首席執行官 Rob Sandlin。今天和我一起的是我們的首席財務官兼首席運營官 Matt McNulty；以及我們的首席會計官 John Klopfenstein。在我們得出結果之前，請允許我提醒您，在本次電話會議期間做出的與未來相關的任何陳述，就其性質而言，都存在風險和不確定性，並且可能導致實際結果和事件與此類陳述所表明的結果和事件存在重大差異前瞻性陳述。

Additional information regarding these and other risk factors and uncertainties may be found in the company's filings with the Securities and Exchange Commission. Now for our first quarter results. Today, the company reported a net income of $485,000 or $0.14 per share for the quarter ended December 31, 2022, compared to net income of $6,439,000 or $1.74 per share in the same quarter last year, which included $6,281,000 or $1.70 per share from after-tax gain on real estate.

有關這些及其他風險因素和不確定性的更多信息，請參閱公司提交給美國證券交易委員會的文件。現在是我們第一季度的業績。今天，該公司報告截至 2022 年 12 月 31 日的季度淨收入為 485,000 美元或每股 0.14 美元，而去年同期的淨收入為 6,439,000 美元或每股 1.74 美元，其中包括 6,281,000 美元或每股 1.70 美元房地產的稅收收益。

Operating revenues for the quarter were $22,850,000 up $2,279,000 from the same quarter last year due to rate increases, higher fuel surcharges and improved business mix. Miles this quarter were down $299,000 partially due to the closing of our Nashville location and a lower driver count. Operating revenue per mile was up $0.66 or 17.5%. Compensation and benefits increased $1,121,000, mainly due to the increased driver compensation package, mostly offset by lower driver count and a reduction in support staff.

本季度的營業收入為 22,850,000 美元，比去年同期增加 2,279,000 美元，原因是費率上漲、燃油附加費增加以及業務組合改善。本季度的英里數下降了 299,000 美元，部分原因是我們關閉了納什維爾分店和司機人數減少。每英里營業收入增長 0.66 美元或 17.5%。薪酬和福利增加了 1,121,000 美元，這主要是由於駕駛員薪酬方案的增加，大部分被駕駛員數量減少和支持人員減少所抵消。

Depreciation expense was down $203,000 in the quarter and gains on sales of assets was $66,000 compared to $360,000 gain in last year's quarter. The operating profit for this quarter was $620,000 compared to $8,541,000 in last year's first quarter.

本季度折舊費用下降了 203,000 美元，資產銷售收益為 66,000 美元，而去年同期為 360,000 美元。本季度營業利潤為 620,000 美元，而去年第一季度為 8,541,000 美元。

The summary and outlook. Looking back at our 2022 year, we focused on adding business with new and existing customers that meets our stated goal of adding quality business that provides for an acceptable return on investment. As we begin our 2023 year -- as we began our 2023 year, we added business with new and existing customers throughout the quarter and have new business opportunities booked going forward into the second quarter. We had $7,800,000 of cash at the end of the first quarter with no outstanding debt. Interest rates continue to rise and calendar to 2022, which will put more pressure on those in the industry with large outstanding debt.

總結與展望。回顧我們的 2022 年，我們專注於增加與新客戶和現有客戶的業務，以滿足我們既定的目標，即增加提供可接受投資回報的優質業務。當我們開始我們的 2023 年時——當我們開始我們的 2023 年時，我們在整個季度增加了與新客戶和現有客戶的業務，並在第二季度預訂了新的業務機會。第一季度末我們有 7,800,000 美元的現金，沒有未償債務。利率持續上升並持續到 2022 年，這將給那些負債累累的行業帶來更大壓力。

We will add 73 tractors during our year and received 9 during the quarter. 44 of the tractors will replace our existing company fleet and 29 will replace lease tractors with company-owned tractors. We believe replacing the 29 leased tractors with company units will provide a better financial result and is a good use of our cash. We will only add a small number of trailers during 2023 and hopes that inflation declines going forward. And replacement prices -- price surcharges also declined allowing us to replace more trailers down the road at a lower price.

我們將在這一年增加 73 台拖拉機，並在本季度收到 9 台。 44 台拖拉機將替換我們現有的公司車隊，29 台將用公司擁有的拖拉機替換租賃拖拉機。我們相信用公司設備替換 29 台租賃拖拉機將提供更好的財務結果，並且是對我們現金的良好利用。我們只會在 2023 年增加少量拖車，並希望未來通貨膨脹率下降。更換價格——價格附加費也有所下降，使我們能夠以更低的價格更換更多的拖車。

We will continue to focus on our driver hiring and retention. During the quarter, we raised pay on our drivers in most of the markets where pay was not adjusted late in our 2022 year. The results among our drivers with a year or more of seniority has been very positive, resulting in low turnover among this group of dedicated professionals.

我們將繼續專注於我們的司機招聘和保留。在本季度，我們在 2022 年年底未調整薪酬的大多數市場提高了司機的薪酬。我們擁有一年或一年以上資歷的司機的結果非常積極，導致這群敬業的專業人員的流動率很低。

New driver acquisitions, while slightly improved, continues to result in high turnover, but with slightly better results than this time last year. As general freight spot rates have declined, we have experienced the ability to put on more owner-operators in several markets, and we'll continue to monitor and balance this with company drivers. In closing, we are on target with our safety goals for the first quarter of the year, and we'll continue to focus to keep preventable incidents and cost in check. Generally, the petroleum and construction industry business increases during our second quarter, and we believe we are positioned well to take additional advantage of seasonal volume increases along with committed new business. Thank you again for your interest in our company, and we will be happy to entertain any questions.

新司機收購雖然略有改善，但繼續導致高流動率，但結果略好於去年同期。隨著一般貨運現貨價格的下降，我們有能力在幾個市場投放更多的自有運營商，我們將繼續與公司司機進行監控和平衡。最後，我們實現了今年第一季度的安全目標，我們將繼續專注於控制可預防的事件和成本。一般來說，石油和建築業業務在第二季度有所增長，我們相信我們已做好充分準備，可以充分利用季節性銷量增長以及承諾的新業務。再次感謝您對我們公司的關注，我們將很樂意受理任何問題。

(Operator Instructions) Our first question is coming from Christian Olesen with Olesen Value Fund.

（操作員說明）我們的第一個問題來自 Christian Olesen 和 Olesen Value Fund。

Just wanted to see if you guys could talk a little bit more about your sort of goals, plans and expectations for rate increases in the first calendar quarter of 2023 and maybe the following quarter as well?

只是想看看你們是否可以多談談你們對 2023 年第一季度以及下一季度加息的目標、計劃和預期？

Yes, Christian, thanks for being on the call and for your question. I think the best way to answer that is we have budgeted the majority of our price increases in the first and second quarter of this year, and they are going along as planned. And we feel like the market is still allowing for additional rate. Certainly, some of that is continuing to help us cover this added driver cost, but also some of the inflation that we're seeing. But I would say so far so good.

是的，克里斯蒂安，感謝您的來電和提問。我認為最好的回答方式是我們已經為今年第一季度和第二季度的大部分價格上漲制定了預算，並且它們正在按計劃進行。而且我們覺得市場仍然允許額外利率。當然，其中一些正在繼續幫助我們支付增加的司機成本，但也有一些是我們看到的通貨膨脹。但我會說到目前為止還不錯。

Okay. Great. And in terms of driver pay, could you comment a bit more on that, just the pressures in the industry overall? Is it abating much? And is there any difference comparing tank truck drivers to truck drivers more generally?

好的。偉大的。在司機薪酬方面，您能否對此發表更多評論，只是整個行業的壓力？是不是減輕很多？將油罐車司機與更普遍的卡車司機進行比較有什麼區別嗎？

Yes, I think you can always draw. The first thing I would say is you can always draw a comparison between the over-the-road driver that is out there for, let's say, weeks at a time and our drivers in the tank truck industry, particularly ours, that are more regional in nature and they're mostly home at night. I think from a compensation standpoint, our drivers typically do better than a new driver that's over the road plus their home with their family.

是的，我認為你可以隨時畫畫。我要說的第一件事是，你總是可以比較一次在外面工作幾週的公路司機和我們在油罐車行業的司機，尤其是我們的司機，他們更偏向於區域性在大自然中，他們大多在晚上回家。我認為從薪酬的角度來看，我們的司機通常比路上的新司機以及他們的家人做得更好。

So I think we got a little bit of an advantage there. That is the way that most people break into the industry, though, is getting in that long haul side of the business. So they've got to want to change jobs. And in fact, I was talking to one of our drivers last year that was out on the road for 16 years, and he's really happy to be home. He was gone 6 weeks at a time, and he's working for us, and he said he's making more money. So that's kind of a real life example there.

所以我認為我們在那裡有一點優勢。這就是大多數人進入該行業的方式，不過，他們正在從事該業務的長期發展。所以他們必須要換工作。事實上，去年我和我們的一位車手交談過，他已經在路上跑了 16 年，他真的很高興回到家。他一次離開 6 週，他為我們工作，他說他賺了更多的錢。所以這是一個現實生活中的例子。

The driver pay increases that we did so far this year and we had planned, were for 5 or 6 of our terminals that had not had driver pay increases in the latter half of the year. And so while we've seen some, I would say, we've raised the pay a lot over the last -- since April of '21. I think we say between 25% and 35%. And so we think the biggest part of that work is done certainly, with inflation where it is, there's going to be some expectation on a routine basis to do something. But I think the real large chunks of that are behind us.

我們今年到目前為止所做的和我們計劃的司機加薪是針對我們下半年沒有司機加薪的 5 或 6 個碼頭。因此，雖然我們已經看到了一些，但我想說的是，自 21 年 4 月以來，我們在過去的時間裡提高了很多工資。我想我們說的是 25% 到 35%。因此，我們認為這項工作的最大部分肯定已經完成，在通貨膨脹的情況下，人們會定期做一些事情。但我認為真正的大部分都已經過去了。

Our next question is coming from John Koller with Oppenheimer + Close.

我們的下一個問題來自 John Koller 和 Oppenheimer + Close。

A couple of questions, if I could. Usually, on these calls, you give us some idea of the number of drivers and any that you've added. Just wondering if you can provide that information. And I'm also curious about how those efforts that you had to recruit and get new drivers into training? How those are progressing? Or have they largely petered out just not delivered as you might have expected?

幾個問題，如果可以的話。通常，在這些電話中，您會告訴我們一些驅動程序的數量以及您添加的任何驅動程序。只是想知道您是否可以提供該信息。而且我也很好奇你在招募新司機和讓新司機接受培訓方面所做的努力是如何進行的？這些進展如何？還是因為沒有像您預期的那樣交付，它們已經基本消失了？

So yes, so we are currently at roughly 360 revenue-producing drivers from somewhere in the 350s to start the year. So a slight improvement there. And as far as really kind of started seeing it mostly in the second half of January, which is fairly typical for the trucking industry and everybody stays put through the holidays. And then in January is when people start making changes. And so we've actually seen our drivers in training in the last couple of weeks up in the mid-30s, whereas prior weeks before that, we were in the mid- to upper 20s.

所以是的，所以我們目前從 350 年代的某個地方開始有大約 360 個創收驅動程序。所以那里略有改善。就真正開始看到它主要是在 1 月下半月，這對於卡車運輸行業來說是相當典型的，每個人都在假期中度過。然後在一月份，人們開始做出改變。因此，我們實際上已經看到我們的車手在過去幾週的訓練中達到了 30 多歲，而在此之前的幾週，我們處於 20 多歲的中上層。

So that's a leading indicator. We'll see what happens because they have to get through training and stick, but it certainly would be a positive trend if it continues.

所以這是一個領先指標。我們會看看會發生什麼，因為他們必須通過訓練並堅持下去，但如果繼續下去，這肯定是一個積極的趨勢。

Okay. Yes, some of the things I've been reading by saying that the worker pool has been increasing. And I'm wondering if you're seeing that too, but it sounds like seasonality might mask some of that.

好的。是的，我讀到的一些東西說工作人員池一直在增加。我想知道你是否也看到了，但聽起來季節性可能掩蓋了其中的一部分。

It does a little bit. We don't see much movement in December. But the other thing that we've seen is that with spot freight prices coming down, we've seen some owner operators come back to the tank segment. And we've got more owner operators running today than we did when we began the fiscal year. And so we're monitoring that and trying to make sure we keep that balance where we like it. So that's a positive thing because we've got freight for those folks in the hall. So we'll continue to monitor that and see what happens.

它有點作用。我們在 12 月沒有看到太多變動。但我們看到的另一件事是，隨著現貨運費下降，我們看到一些業主運營商回到油罐領域。而且，與本財年開始時相比，我們今天擁有更多的業主運營商。因此，我們正在對其進行監控，並試圖確保我們在我們喜歡的地方保持這種平衡。所以這是一件積極的事情，因為我們為大廳裡的那些人提供了運費。因此，我們將繼續對此進行監控，看看會發生什麼。

Okay. Great. And then just a quick question, if I may, on insurance. A lot of the stuff I read saying that commercial vehicle, at least on the reinsurance segment, is getting difficult or has been difficult to place. And I know you guys do self-insurance, but I'm just wondering where you come out on balancing the risks and the rewards with that? Wondering if there was a price at which you might think about producing your deductibles or anything like that?

好的。偉大的。然後是一個簡短的問題，如果可以的話，關於保險。我讀到的很多東西都說商用車輛，至少在再保險領域，正變得越來越困難或難以安置。我知道你們做自我保險，但我只是想知道你們是如何平衡風險和回報的？想知道您是否可以考慮生產免賠額或類似費用的價格？

I would say that right now, we run those numbers maybe not every year, but we run them enough to know that there's a sizable 7-figure gap between what we would spend if we were to lower our retentions significantly versus what we're spending today in the premium plus our cost. So we've looked at it. And so I don't see us -- we kind of feel like we're in the sweet spot on the risk and the work comp is something, I guess, the work comp we decided to get a $0.5 million deductible a few years back.

我要說的是，現在，我們可能不會每年都運行這些數字，但我們運行它們足以知道，如果我們要大幅降低保留率，我們將花費的費用與我們的支出之間存在相當大的 7 位數差距今天在溢價加上我們的成本。所以我們已經看過了。所以我看不到我們——我們有點覺得我們處於風險的最佳位置，工作補償是某種東西，我想，幾年前我們決定獲得 50 萬美元的免賠額的工作補償.

And although we did have 1 claim that really surprised us last year that still, if you look at the math over history, appears to be the right place to be for expenses on top of premium. So.

儘管去年我們確實有 1 項聲明讓我們感到非常驚訝，但如果您從歷史上看數學，似乎仍然是除了保費之外的支出的正確位置。所以。

It's been a pretty hard market. And so any movement in that with a lower deductible over the past 3 or 4 years would have been really expensive. And then to take on more risk, looking at it the other way, there really wasn't the payback on the premium, again, because of the hard market, you just weren't getting rewarded as much. So we've kind of stayed where we've been for a while in those groups, but it is something we continue to look at.

這是一個相當艱難的市場。因此，在過去 3 或 4 年中，任何具有較低免賠額的變動都會非常昂貴。然後承擔更多的風險，換個角度看，保費真的沒有回報，再一次，由於市場艱難，你只是沒有得到那麼多的回報。所以我們在這些小組中停留了一段時間，但這是我們繼續關注的事情。

Yes. Our renewal this year was not -- it was not terrible. It wasn't like it had been in the last few years with everything being. Our renewal on the primary was under 10% and kind of in that mid-teen range on the upper layers.

是的。我們今年的續約並不——並不可怕。這不像過去幾年那樣，一切都在。我們在小學的續約率低於 10%，在上層的中等範圍內。

Great. That's good to know. Last question then I'll let it go. I know you said that in general, freight rates have been coming down and you've been adding new business. And I'm just curious are you finding it more difficult given that maybe you're finding the competition a little sharper? And I'm just wondering how you're balancing that order? How you're able to get additional business, I guess?

偉大的。很高興知道。最後一個問題然後我會放手。我知道你說過，總的來說，運費一直在下降，你一直在增加新業務。我很好奇你是否發現它更難，因為也許你發現競爭更激烈了？我只是想知道你是如何平衡這個順序的？我猜你是如何獲得額外業務的？

Yes. Let me clarify just to be sure for you and others on the call. When I say spot freight rates coming down, that's for the general freight industry and not for us. And that's where a lot of those owner operators have been working. So when you read the different trade magazines and the trade journal stuff about spot freight prices, that's not really going to be indicative of what's going on in the tank truck industry, ours are going up.

是的。讓我澄清一下，以確保您和電話中的其他人。當我說即期運費下降時，那是針對一般貨運業的，而不是針對我們的。這就是很多業主經營者一直在工作的地方。因此，當您閱讀不同的貿易雜誌和有關現貨運費價格的貿易期刊時，這並不能真正表明油罐車行業正在發生什麼，我們的價格正在上漲。

And if you look at our revenue per mile and our quarterly announcements that we've been making, our freight rates are up dramatically over the last 2 years. And we don't see any reason for that to decline. It's certainly not going to decline for us because we're going to partner with people that -- and customers that are looking for quality service and they want to guarantee that they've got that supply compared to selling diesel fuel or gasoline at a margin. The freight portion of this thing is, while it adds up to a lot of dollars on a per gallon basis, it's pretty small comparatively. So we're really not seeing any rate pressure downward.

如果你看看我們每英里的收入和我們一直在發布的季度公告，我們的運費在過去兩年里大幅上漲。我們看不出有任何下降的理由。對我們來說，它肯定不會下降，因為我們將與那些尋求優質服務的人和客戶合作，他們希望保證與以利潤銷售柴油或汽油相比，他們有足夠的供應.這個東西的運費部分是，雖然每加侖加起來要很多美元，但相對來說還是很小的。所以我們真的沒有看到任何利率下行壓力。

Our next question is coming from John Deysher with Pinnacle.

我們的下一個問題來自 Pinnacle 的 John Deysher。

When you indicated the revenue was up because of rate increases, higher fuel charges and improved business mix. Could you elaborate on the improved business mix? What are you talking about there specifically?

當您表示收入因費率上漲、燃油費上漲和業務組合改善而增加時。您能否詳細說明改進後的業務組合？你在那裡具體說什麼？

Yes, I'll give you a couple of examples. So one of the things that we talked about as we were downsizing our business and trying to then rightsize everything and improve margin was to go out into the marketplace. Let's say that we can't add a driver capacity. And in a given market, we've got x number of drivers. And we have to decide how are we going to make that business more profitable. Then we go to our partners and say, look, we've had driver pay go up, we've got inflation, we got this, and we need a rate increase of x.

是的，我會給你幾個例子。因此，當我們縮小業務規模並試圖調整所有規模並提高利潤率時，我們談到的一件事就是進入市場。假設我們無法添加驅動程序容量。在給定的市場中，我們有 x 數量的驅動程序。我們必須決定如何使該業務更有利可圖。然後我們去找我們的合作夥伴說，看，我們已經提高了司機的工資，我們有通貨膨脹，我們知道了，我們需要加息 x。

And if they said, well, that's just more than we can stand. then what we would do is work with them to exit or downsize. And if they can get somebody to haul it for them at a low price, and we can add business with somebody else at a higher price, then that's what we've done in a number of different markets. So it's a (inaudible) that's kind of what we're talking about with business mix more so than changing products.

如果他們說，好吧，那是我們無法忍受的。那麼我們要做的就是與他們合作退出或縮小規模。如果他們可以讓某人以低價為他們拖運，而我們可以以更高的價格與其他人增加業務，那麼這就是我們在許多不同市場所做的。所以這是一個（聽不清）這就是我們談論的業務組合，而不是改變產品。

Yes. It's really just a mix of the customers. It's swapping one customer for a higher rated piece of business.

是的。這實際上只是客戶的混合體。它正在將一個客戶換成更高評級的業務。

Does that make sense?

那有意義嗎？

Yes, that makes total sense.

是的，這完全有道理。

Okay. Good.

好的。好的。

But do you see that continuing in terms of swapping out low-margin customers for higher-margin customers? Or are you kind of reaching the end of the road there?

但是您是否認為這種情況會繼續將低利潤客戶換成高利潤客戶？還是您已經快走到盡頭了？

I hope we're reaching the end of the road, there may be a pocket or 2 with that. But we really are and have aligned ourselves with some good partners and good customers and folks that we've done business with for a long time. And I think the whole world has had to wake up a little bit to the supply chain and driver shortage and that it's real. And it's frankly not going anywhere anytime soon.

我希望我們走到了路的盡頭，那裡可能有一兩個口袋。但我們確實是，並且已經與一些我們長期合作的好合作夥伴、好客戶和人們保持一致。而且我認為全世界都不得不對供應鍊和司機短缺有所醒悟，這是真實存在的。坦率地說，它不會很快去任何地方。

And so I think our customer base and the tank truck industry realizes that it's really important to get their products to the end user. And so there are always cycles in business, but I think we're in a cycle where they understand that and they're going to be willing to pay a reasonable amount of money for us to make a reasonable return on our investment.

所以我認為我們的客戶群和油罐車行業意識到將他們的產品送到最終用戶手中非常重要。因此，商業總是有周期的，但我認為我們處於一個他們理解這一點的周期中，他們將願意為我們支付合理數量的資金，以使我們的投資獲得合理的回報。

Okay, Okay. That makes sense. Good. In terms -- you mentioned the driver count, 360 or so. What was the turnover for the most recent quarter?

好吧好吧。這就說得通了。好的。用術語來說——你提到了驅動程序數量，大約 360 個。最近一個季度的營業額是多少？

Turnover of this first quarter was 73%.

第一季度的營業額為 73%。

73%. And John, what's interesting is we're turning over very few of our drivers that have more than a year's service. Most all of that churn is in that first year driver.

73%。約翰，有趣的是，我們正在交出很少的服務超過一年的司機。大多數流失都發生在第一年的司機身上。

Right. But that's pretty close to what you were a year ago, right? Weren't you around 72% in Q1 a year ago?

正確的。但這與你一年前的情況非常接近，對吧？一年前的第一季度你不是在 72% 左右嗎？

I don't know that I could go back to Q1 a year ago and get that.

我不知道我能否回到一年前的第一季度並得到它。

For the year, we were up.

這一年，我們起來了。

For the year, we were about 83% overall last year.

就這一年而言，我們去年的總體比例約為 83%。

All right. Okay. So it's coming down a little bit. That's good.

好的。好的。所以它正在下降一點。那挺好的。

A year ago was the 100%.

一年前是100%。

Yes. A year ago, it was 100%. Okay. So it isn't going down year.

是的。一年前，它是 100%。好的。所以今年不會下降。

It's not where we want it, but we're going through a lot of new generations and just trying something new all the time to see what we can do to impact that new driver so that it has more staying power because we spend a lot of money training these folks. And so we're really spending a lot of time and energy there.

這不是我們想要的，但我們正在經歷很多新一代，一直在嘗試新事物，看看我們能做些什麼來影響新驅動程序，以便它具有更強的持久力，因為我們花了很多錢花錢培訓這些人。所以我們真的在那里花費了大量的時間和精力。

Okay. All right. Good. On the CapEx side, could you explain the economics behind replacing versus replacing lease with own trucks, you had better financial results. Could you talk us through why the results are better by owning a truck as opposed to leasing it?

好的。好的。好的。在資本支出方面，您能否解釋一下用自己的卡車替換與替換租賃背後的經濟學，您的財務結果更好。您能告訴我們為什麼擁有卡車比租賃卡車的效果更好嗎？

I mean, quite, frankly, it's come down to the fact that they are building in a significantly higher cost of the tractor and then there's growing interest on top of that than what we can purchase ourselves.

我的意思是，坦率地說，這歸結於這樣一個事實，即他們正在建造拖拉機的成本要高得多，而且除此之外，人們對拖拉機的興趣也越來越大，而不是我們自己購買的拖拉機。

So the returns are -- how much better are the returns from owning the truck versus leasing the truck?

所以回報是 - 擁有卡車的回報比租賃卡車的回報好多少？

You remember the difference when we ran those numbers.John, I can't remember the numbers. We ran all of that. And the other thing that's going to happen is initially when you lease that truck, you're paying out over the life of that truck, you're paying x number of dollars or cents per mile for maintenance. So when we put these trucks on, for the first 2 years, we're going to see a significant -- at least the first 2 years, we're going to see a significant reduction in that maintenance cost as well because we're not -- we're just going to be doing routine PM-type work.

你記得我們計算這些數字時的區別。約翰，我不記得這些數字了。我們運行了所有這些。另一件將要發生的事情是，最初當你租用那輛卡車時，你要在卡車的整個生命週期內支付費用，你要為每英里支付 x 美元或美分的維修費用。因此，當我們使用這些卡車時，在頭兩年，我們將看到顯著的——至少在頭兩年，我們將看到維護成本的顯著降低，因為我們不是——我們只是要做例行的 PM 類型的工作。

When you're getting later in life, that thing might swing around a little bit in the other direction. But when we ran that whole model, it was quite substantial, and we got on the phone with the leasing companies finance guy, and he even agreed that in our -- with what we were doing, it probably made more sense for us to own trucks.

當你晚年時，那件事可能會朝另一個方向擺動一點。但是當我們運行整個模型時，它是相當可觀的，我們和租賃公司的財務人員通了電話，他甚至同意我們——根據我們正在做的事情，我們擁有可能更有意義卡車。

If you're borrowing money with interest rates higher, the leasing companies are looking to get imputed interest rate into their number, that's pretty high. And when we have money in the bank, it just makes less sense for us to do that. I did check our turnover rate was 80% in the same quarter last year.

如果你以更高的利率借錢，租賃公司希望將估算的利率計入他們的數字，這是相當高的。當我們在銀行里有錢時，這樣做就沒有意義了。我確實檢查過我們去年同一季度的離職率是 80%。

It was 80%. Okay. Now it was 73%. Okay. That's good. That's fine. We haven't seen the Q yet, but what was the CapEx for Q1?

這是80%。好的。現在是 73%。好的。那挺好的。沒關係。我們還沒有看到 Q，但是第一季度的資本支出是多少？

$2 million net.

淨值 200 萬美元。

$2 million net, and the total is going to be $12 million. So that leaves about $10 million. How does the $10 million unfold over the next 3 quarters, roughly?

淨額 200 萬美元，總額將達到 1200 萬美元。所以剩下大約1000萬美元。這 1000 萬美元在接下來的 3 個季度中將如何展開？

So the way the tractors are coming in is we've got $10 million a quarter provided that they deliver them on time for -- from 1 of our vendors. And then the lease tractors are spread over about 3 months across the third and maybe filter a little bit into the fourth quarter, but I think most of that's going to hit in the third quarter. And that's the 29 trucks.

所以拖拉機進來的方式是我們每季度有 1000 萬美元，前提是他們按時從我們的一個供應商那裡交付它們。然後租賃拖拉機在第三季度分佈在大約 3 個月內，可能會過濾到第四季度，但我認為其中大部分將在第三季度出現。那就是 29 輛卡車。

yes, late second, mostly third.

是的，第二名，大部分是第三名。

Late second, mostly third.

第二名遲到，主要是第三名。

Pretty sure.

很確定。

So then the remaining $10 million folds out how over the next 3 quarters?

那麼剩下的 1000 萬美元在接下來的 3 個季度內如何分配？

Do that for you. So.

為你做那個。所以。

It's going to be heavy 29, 30 and can be 40 trucks.

它將很重 29、30，可以是 40 輛卡車。

maybe.

或許。

No, it will be more -- it will be heavy in the third. So it's probably more like 2 -- 6 and 2 probably.

不，它會更多——第三個會很重。所以它可能更像是 2 -- 6 和 2。

That's right. That's right.

這是正確的。這是正確的。

Yes.

是的。

No, that's right. It's makes sense.

不，沒錯。這是有道理的。

If they come on time.

如果他們準時來。

If they're here on time. 29 have to be here on time.

如果他們準時到的話。 29 必須準時到達。

29, we're pretty much locked in with them, they'll that time frame that late second and third quarter.

29，我們幾乎鎖定了他們，他們將在第二和第三季度末的那個時間框架內。

Okay. So 2, 6 and 2, 4 quarters, 2, 3 and 4. Is that right?

好的。所以 2、6 和 2、4 節、2、3 和 4。對嗎？

Yes. Correct.

是的。正確的。

All right. Good. That's all we have. Thanks very much.

好的。好的。那是我們所有的東西。非常感謝。

There are no further questions in the queue at this time. So I will hand it back to Mr. Sandlin for any closing comments you may have.

目前隊列中沒有其他問題。所以我會把它交還給 Sandlin 先生，徵求你可能有的任何結束評論。

Thank you, and thank you all for your interest in Patriot Transportation. We look forward to talking with you next quarter.

謝謝，也感謝大家對 Patriot Transportation 的關注。我們期待在下個季度與您交談。

Thank you, everyone, and this does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day, and we thank you for your participation.

謝謝大家，今天的電話會議到此結束。您此時可以斷開線路，祝您度過愉快的一天，我們感謝您的參與。