萊德系統 (R) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Ryder System First Quarter 2023 Earnings Release Conference Call. (Operator Instructions) Today's call is being recorded. If you have any objections, please disconnect at this time. I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.

早上好，歡迎來到 Ryder System 2023 年第一季度收益發布電話會議。 （接線員說明）今天的電話正在錄音中。如果您有異議，請此時斷開連接。我現在想介紹萊德投資者關係副總裁 Calene Candela 女士。 Candela 女士，您可以開始了。

Thank you. Good morning, and welcome to Ryder's First Quarter 2023 Earnings Conference Call. I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors.

謝謝。早上好，歡迎來到萊德 2023 年第一季度收益電話會議。我想提醒您，在本次演講中，您將聽到一些符合 1995 年《私人證券訴訟改革法案》含義的前瞻性陳述。這些陳述基於管理層當前的預期，並受不確定性和變化的影響情況。由於經濟、業務、競爭、市場、政治和監管因素的變化，實際結果可能與這些預期存在重大差異。

More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is contained in this morning's earnings release, earnings conference call presentation and in Ryder's filings with the Securities and Exchange Commission, which are available on Ryder's website.

有關這些因素的更多詳細信息以及每項非 GAAP 財務指標與最接近的 GAAP 指標的對賬包含在今天上午的收益發布、收益電話會議演示以及萊德向美國證券交易委員會提交的文件中，這些文件可在萊德的網站上查閱.

Presenting on today's call are Robert Sanchez, Chairman and Chief Executive Officer; and John Diez, Executive Vice President and Chief Financial Officer.

出席今天電話會議的有董事長兼首席執行官羅伯特·桑切斯 (Robert Sanchez)；執行副總裁兼首席財務官 John Diez。

Additionally, Tom Havens, President of Global Fleet Management Solutions; and Steve Sensing, President of Global Supply Chain Solutions and Dedicated Transportation, are on the call today and available for questions following the presentation.

此外，全球車隊管理解決方案總裁 Tom Havens；和全球供應鏈解決方案和專用運輸總裁 Steve Sensing 今天將接聽電話，並在演講後回答問題。

At this time, I'll turn the call over to Robert.

這時候，我會把電話轉給羅伯特。

Good morning, everyone, and thanks for joining us. I'm pleased with the strong first quarter results delivered by the team despite a weaker freight environment. We're continuing to demonstrate meaningful progress on our balanced growth strategy, which I'll highlight on our call this morning. I'll begin today's call by providing you with a strategic update. John will then take you through our first quarter results. We'll then discuss our outlook.

大家早上好，感謝您加入我們。儘管貨運環境較弱，但我對團隊在第一季度取得的強勁業績感到滿意。我們將繼續在平衡增長戰略方面取得有意義的進展，我將在今天上午的電話會議上強調這一點。我將通過向您提供戰略更新來開始今天的電話會議。然後約翰將帶您了解我們第一季度的業績。然後我們將討論我們的前景。

Let's begin on Slide 4. Longer-term secular trends, including escalating demand for supply chain resiliency, increasing near-shoring activity and ongoing demand for e-commerce fulfillment solutions provides significant opportunity for long-term growth. Regardless of near-term freight headwinds, we view these long-term growth drivers as intact. We continue to execute on our initiatives to increase returns, de-risk our business and drive long-term profitable growth. Executing on these initiatives not only benefit results in the quarter, but more importantly, positions us to outperform prior cycles. Our strategic investments remain focused on opportunities for long-term profitable growth and are focused primarily on accelerating growth in our higher return supply chain and dedicated businesses.

讓我們從幻燈片 4 開始。長期的長期趨勢，包括對供應鏈彈性的需求不斷增加、近岸活動的增加以及對電子商務履行解決方案的持續需求，為長期增長提供了重要機會。無論近期貨運逆風如何，我們都認為這些長期增長動力完好無損。我們繼續執行我們的計劃，以增加回報、降低業務風險並推動長期盈利增長。執行這些舉措不僅有利於本季度的業績，更重要的是，使我們能夠超越之前的周期。我們的戰略投資仍然側重於長期盈利增長的機會，主要側重於加速我們高回報供應鍊和專業業務的增長。

We generated ROE of 27% for the trailing 12-month period, which is well above our high-teens target, reflecting elevated market conditions in FMS as well as benefits from our initiatives. These initiatives include pricing and cost recovery actions, which benefited returns in all segments. We're also executing on our enhanced asset management strategy, which we shared during our Investor Day. This strategy is focused on positioning the business to generate higher earnings in each phase of the cycle.

我們在過去 12 個月期間產生了 27% 的股本回報率，遠高於我們的十幾歲目標，反映了 FMS 市場狀況的改善以及我們的舉措帶來的好處。這些舉措包括定價和成本回收行動，這有利於所有部門的回報。我們還在執行我們在投資者日分享的強化資產管理戰略。該戰略的重點是定位業務以在周期的每個階段產生更高的收益。

Our strong balance sheet and solid investment-grade credit rating provides us with ample capacity to pursue targeted acquisitions and investments as well as return capital to shareholders.

我們強大的資產負債表和可靠的投資級信用評級為我們提供了充足的能力來進行有針對性的收購和投資以及向股東返還資本。

Our full year 2023 free cash flow forecast remains unchanged at $200 million. We continue to make meaningful progress on our balanced growth strategy, which allows us to balance top line growth with returns and free cash flow and ultimately, increased shareholder value. Our key strategic priorities are focused on de-risking our business model, improving returns and free cash flow over the cycle and positioning the business for long-term profitable growth.

我們對 2023 年全年自由現金流的預測保持在 2 億美元不變。我們繼續在我們的平衡增長戰略上取得有意義的進展，這使我們能夠平衡收入增長與回報和自由現金流，並最終增加股東價值。我們的主要戰略重點是降低我們的商業模式的風險，在整個週期內提高回報和自由現金流，並將業務定位為長期盈利增長。

As it relates to de-risking and optimizing the model, several years ago, we lowered the residual value estimates used in -- for lease pricing to historically low levels. This action reduces our reliance on used vehicle proceeds to achieve target returns and improve the return profile of our lease portfolio. We've also exited underperforming businesses and geographies as we continue to optimize our model.

由於它涉及去風險和優化模型，幾年前，我們將用於租賃定價的剩餘價值估計降低到歷史低位。此舉減少了我們對二手車收益的依賴，以實現目標回報並改善我們租賃組合的回報狀況。隨著我們繼續優化我們的模型，我們還退出了表現不佳的業務和地區。

Last year, we substantially completed the exit of our FMS business in the U.K. and redeployed the proceeds to higher return opportunities. We also discontinued our lease insurance product line in 2021. In late 2021, we began adjusting our dedicated contracts in order to better insulate us from labor cost variability. We negotiated rate increases with our customers, which are benefiting current results and also began to adjust contract terms upon renewal to facilitate quicker, more efficient cost pass-throughs in the future. This is a multi-year initiative with approximately half of DTS revenue under the new contract structure.

去年，我們基本上完成了在英國的 FMS 業務的退出，並將收益重新分配給更高回報的機會。我們還在 2021 年停止了租賃保險產品線。在 2021 年底，我們開始調整我們的專用合同，以更好地使我們免受勞動力成本變化的影響。我們與客戶協商提高費率，這有利於當前的結果，並且還開始在續籤時調整合同條款，以促進未來更快、更有效的成本轉嫁。這是一項多年計劃，新合同結構下約有一半的 DTS 收入。

We also executed important initiatives to increase returns and free cash flow. Our lease pricing initiative continues to be a key contributor to higher returns in FMS, with incremental benefits expected to -- expected as the remaining 35% of the portfolio is priced at higher returns. This initiative is expected to be fully implemented by 2025 with an estimated total annual benefit of $125 million. Pricing actions in dedicated and supply chain to address higher labor and other costs are benefiting returns in both segments. We're also exercising enhanced capital allocation discipline by targeting moderate growth in our capital-intensive lease business and investing rental growth capital in trucks due to more favorable trends in this asset class relative to tractors.

我們還執行了重要舉措以增加回報和自由現金流。我們的租賃定價計劃仍然是 FMS 更高回報的關鍵因素，預計將帶來增量收益——預計剩餘 35% 的投資組合將以更高的回報定價。該計劃預計到 2025 年全面實施，預計每年總收益為 1.25 億美元。專用和供應鏈中為解決更高的勞動力和其他成本而採取的定價行動有利於這兩個領域的回報。由於該資產類別相對於拖拉機更有利的趨勢，我們還通過以資本密集型租賃業務的適度增長為目標並將租金增長資本投資於卡車來加強資本配置紀律。

Accelerating Supply Chain and Dedicated growth is a key driver to achieving long-term profitable growth. 54% of Ryder's 2022 revenue was from Supply Chain and Dedicated, up from 37% in 2015, reflecting secular trends and our initiatives to accelerate growth in these higher return businesses. Supply Chain and Dedicated also generated strong sales of new long-term customer contracts in 2022, which we expect will continue to contribute to profitable growth. Our strong balance sheet has enabled us to fund organic growth as well as strategic acquisitions.

加速供應鍊和專用增長是實現長期盈利增長的關鍵驅動力。萊德 2022 年 54% 的收入來自供應鍊和專用業務，高於 2015 年的 37%，反映了長期趨勢和我們加速這些高回報業務增長的舉措。 Supply Chain 和 Dedicated 還在 2022 年產生了強勁的新長期客戶合同銷售，我們預計這將繼續為盈利增長做出貢獻。我們強大的資產負債表使我們能夠為有機增長和戰略收購提供資金。

M&A and investments focused on expanding our capabilities continue to be a key part of our strategy to accelerate growth in our higher return Supply Chain and Dedicated Businesses. Overall, we continue to demonstrate significant progress on our balanced growth strategy with plenty of opportunity ahead for increased returns, cash flow and shareholder value.

專注於擴大我們能力的併購和投資仍然是我們加速高回報供應鍊和專用業務增長戰略的關鍵部分。總體而言，我們繼續在平衡增長戰略方面取得重大進展，未來有大量機會增加回報、現金流和股東價值。

Turning to Page 6. A key secular trend favoring logistics outsourcing is escalating demand for supply chain resiliency. Nearshoring in Mexico is a strategy that supply chain decision-makers are increasingly pursuing to reduce the risk and increase the resiliency of their supply chains. Market data shows meaningful increases in cross-border activity between Mexico and the U.S. as well as increased investments in nearshoring. The number of truck border crossings has increased more than 20% per year since 2020, and approximately 40% of new industrial space in Mexico was attributed to nearshoring activity in 2022. As a leading provider of logistics solutions in North America, Ryder Mexico is well positioned to meet the increased demand.

翻到第 6 頁。有利於物流外包的一個主要長期趨勢是對供應鏈彈性的需求不斷增加。墨西哥的近岸外包是供應鏈決策者越來越多地追求的一種戰略，以降低風險並提高供應鏈的彈性。市場數據顯示，墨西哥和美國之間的跨境活動顯著增加，近岸外包投資也有所增加。自 2020 年以來，卡車過境點的數量每年增加 20% 以上，到 2022 年，墨西哥約 40% 的新工業空間歸因於近岸外包活動。作為北美領先的物流解決方案提供商，萊德墨西哥公司表現良好定位以滿足不斷增長的需求。

With 30 years of operating experience, Ryder Mexico currently manages about 250,000 border crossings annually between the U.S. and Mexico, and also manages more than 40 distribution centers. The company has a long presence in key entry ports as well as the Golden Triangle, which encompasses Mexico City, Monterrey and Guadalajara. A key differentiator for Ryder Mexico in the marketplace is its ability to offer a full range of supply chain services to highly integrated distribution and transportation operations in Mexico, the U.S. and Canada.

憑藉 30 年的運營經驗，Ryder Mexico 目前每年管理著美國和墨西哥之間約 250,000 個邊境口岸，還管理著 40 多個配送中心。該公司在主要入境口岸以及包括墨西哥城、蒙特雷和瓜達拉哈拉在內的金三角地區擁有長期業務。 Ryder Mexico 在市場上的一個關鍵差異化因素是它能夠為墨西哥、美國和加拿大的高度集成的分銷和運輸業務提供全方位的供應鏈服務。

Ryder Mexico also benefits from long-standing relationships with local carriers, customs brokers as well as U.S. parent companies. Proprietary technology, leveraged in-country provides visibility and security to all shipments. Ryder Mexico has the proper credentials and distinctions to perform secure and efficient border movements and support and export activity for foreign-based manufacturers. Ryder Mexico has over 120 customers, which are primarily U.S.-based Fortune 500 companies. We continue to see increases in our sales pipeline for Ryder Mexico with approximately 20% influenced by nearshoring. Current pipeline activity related to nearshoring is largely from the automotive and industrial verticals. With its ability to leverage demonstrated operational expertise, customer relationships and near-shoring trends, we're excited about the long-term growth opportunities available to Ryder Mexico.

萊德墨西哥公司還受益於與當地承運人、報關行以及美國母公司的長期合作關係。在國內利用的專有技術為所有貨物提供可見性和安全性。萊德墨西哥公司擁有適當的資歷和榮譽，可以為外國製造商執行安全高效的邊境移動以及支持和出口活動。萊德墨西哥公司擁有超過 120 家客戶，主要是位於美國的財富 500 強公司。我們繼續看到萊德墨西哥的銷售渠道有所增加，其中約 20% 受到近岸外包的影響。目前與近岸外包相關的管道活動主要來自汽車和工業垂直領域。憑藉其利用已證明的運營專業知識、客戶關係和近岸趨勢的能力，我們對 Ryder Mexico 的長期增長機會感到興奮。

I'll turn the call over to John to review our first quarter performance.

我會把電話轉給約翰來審查我們第一季度的表現。

Thanks, Robert. Total company results for the first quarter on Page 7. Operating revenue was $2.3 billion in the first quarter up 6% from the prior year primarily reflecting revenue growth in SCS. Comparable earnings per share from continuing operations were $2.81 in the first quarter down from $3.59 in the prior year, reflecting normalizing conditions in used vehicle sales and rental and a supply chain asset impairment charge partially offset by lower share count and higher earnings in DTS. Return on equity, our primary financial metric, is 27% and remains well above our high teens target due to elevated market conditions in UVS and rentals. Free cash flow for the first quarter was generally in line with the prior year as increased capital expenditures were largely offset by higher proceeds from the sale of operating property and equipment, reflecting about $40 million of proceeds from the sale of our headquarters building.

謝謝，羅伯特。第 7 頁上的公司第一季度總業績。第一季度營業收入為 23 億美元，比去年同期增長 6%，主要反映了 SCS 的收入增長。第一季度來自持續經營業務的可比每股收益為 2.81 美元，低於上年同期的 3.59 美元，反映出二手車銷售和租賃的正常化狀況以及供應鏈資產減值費用被 DTS 較低的股份數量和較高的收益部分抵消。股本回報率是我們的主要財務指標，為 27%，並且由於 UVS 和租金的市場狀況上升，仍遠高於我們的高青少年目標。第一季度的自由現金流與去年同期基本持平，因為增加的資本支出在很大程度上被出售經營性財產和設備的收益增加所抵消，這反映了我們總部大樓出售收益的約 4000 萬美元。

Turning to Page 8. Before discussing segment results, I'd like to highlight a change we've made to our segment EBT metric. Beginning this quarter, we redefined our segment EBT metric to exclude amortization of customer intangible assets in addition to other items that were already excluded. We're excluding this expense from our primary measure of segment performance because we do not consider intangible amortization expense a driver of underlying segment performance.

轉到第 8 頁。在討論細分結果之前，我想強調一下我們對細分 EBT 指標所做的更改。從本季度開始，我們重新定義了我們的部門 EBT 指標，以排除客戶無形資產的攤銷以及已經排除的其他項目。我們將這項費用排除在我們衡量分部業績的主要指標之外，因為我們不認為無形攤銷費用是基礎分部業績的驅動因素。

Pages 32 and 33 in the appendix provide recap segment results for the years 2020 through 2022, reflecting this change. The change did not have a material impact to segment results or performance trends.

附錄中的第 32 頁和第 33 頁提供了 2020 年至 2022 年的回顧部分結果，反映了這一變化。該變化並未對分部業績或業績趨勢產生重大影響。

Turning to FMS results. Fleet Management Solutions operating revenue decreased 2% as 4% operating revenue in North America as 4% higher operating revenue in North America from increased SelectCare and ChoiceLease was more than offset by a 6% negative impact from the U.K. exits. Pretax earnings in fleet management were $182 million down from the prior year primarily due to lower results in used vehicle sales and rental as anticipated. Lower used vehicle pricing was partially offset by higher sales volumes.

轉向 FMS 結果。車隊管理解決方案營業收入下降 2%，北美營業收入下降 4%，因為 SelectCare 和 ChoiceLease 的增加導致北美營業收入增加 4%，但被英國退出帶來的 6% 負面影響所抵消。車隊管理的稅前收益比上一年減少了 1.82 億美元，這主要是由於二手車銷售和租賃的結果低於預期。較低的二手車價格部分被較高的銷量所抵消。

Rental utilization on the power fleet was seasonally strong at 75%, representing our second highest level of first quarter utilization but below our record levels in the prior year of 82%. Lower utilization on a larger fleet was partially offset by a 3% increase in power fleet pricing. FMS EBT as a percent of operating revenue remained strong at 14.4% in the first quarter and 19.1% for the trailing 12-month period, both above the segment's long-term target of low double digits.

電力機隊的租金利用率季節性強勁，為 75%，是我們第一季度利用率的第二高水平，但低於去年 82% 的創紀錄水平。電力車隊價格上漲 3% 部分抵消了更大車隊的較低利用率。 FMS EBT 佔營業收入的百分比在第一季度保持強勁，為 14.4%，在過去 12 個月期間為 19.1%，均高於該部門低兩位數的長期目標。

Page 9 highlights used vehicle sales results in North America for the quarter. Consistent with our expectations, market conditions for used vehicle sales continue to normalize from elevated levels in the prior year. The environment continues to benefit from ongoing challenges with vehicle availability. Compared with prior year, used tractor proceeds declined 35%, reflective of weaker freight conditions, while used truck proceeds declined 16%. On a sequential basis, proceeds for tractors decreased 10%, in line with our expectations. And proceeds for trucks decreased 7%, better than our expectations.

第 9 頁重點介紹了本季度北美的二手車銷售結果。與我們的預期一致，二手車銷售的市場狀況從去年的高水平繼續正常化。環境繼續受益於車輛可用性的持續挑戰。與上一年相比，二手拖拉機收益下降了 35%，反映出貨運狀況疲軟，而二手卡車收益下降了 16%。按順序計算，拖拉機的收益下降了 10%，符合我們的預期。卡車的收益下降了 7%，好於我們的預期。

During the quarter, we sold 5,100 used vehicles, up sequentially and versus prior year. This reflects higher lease replacement and rental de-fleeting activity. Used vehicle inventory increased to 5,100 vehicles at quarter end and remain at the lower end of our historical levels. Although used vehicle pricing declined, proceeds remain well above residual value estimates used for depreciation purposes. Slide 20 in the appendix provides historical sales proceeds as a percent of original cost and current residual value estimates for used tractors and trucks for your information.

在本季度，我們售出了 5,100 輛二手車，與去年相比環比增長。這反映了更高的租賃更換和租賃去流動性活動。二手車庫存在季度末增加到 5,100 輛，並保持在我們歷史水平的低端。儘管二手車價格有所下降，但收益仍遠高於用於折舊目的的殘值估計。附錄中的幻燈片 20 提供了二手拖拉機和卡車的歷史銷售收益佔原始成本的百分比和當前剩餘價值估計值，供您參考。

Turning to Supply Chain on Page 10. Operating revenue increased 19% with strong organic revenue growth in all industry verticals, reflecting new business, higher volumes and increased pricing. Beginning this quarter, we introduced the omnichannel retail vertical to our SCS revenue presentation to provide better visibility to our revenue mix, following recent acquisitions and organic growth. This new vertical includes retail, e-commerce fulfillment, big and bulky delivery by Ryder Last Mile and high-tech. Slides 30 and 31 in the appendix provide a recast revenue presentation for the prior 3-year period.

轉到第 10 頁的供應鏈。營業收入增長了 19%，所有垂直行業的有機收入都強勁增長，反映了新業務、更高的銷量和更高的定價。從本季度開始，我們在 SCS 收入展示中引入了垂直全渠道零售，以便在最近的收購和有機增長之後更好地了解我們的收入組合。這個新的垂直領域包括零售、電子商務履行、Ryder Last Mile 的大型和笨重交付以及高科技。附錄中的幻燈片 30 和 31 提供了前 3 年期間的重鑄收入演示。

SCS EBT decreased 60%, reflecting a $30 million asset impairment charge related to a customer bankruptcy. As some of you may be aware, SCS provided or supply chain provides distribution management services at 2 warehouse locations for Bed Bath & Beyond, which filed for bankruptcy this week. In the fourth quarter of 2022, we took an impairment charge for the specialized sortation and conveyor equipment in the California warehouse, which Bed Bath & Beyond terminated early. The impairment charge this quarter is primarily for the equipment in the remaining Pennsylvania warehouse. As we mentioned on our last call, this customer credit profile is not typical of our supply chain business as approximately 80% of the revenue comes from our single customer operations as with investment-grade companies. In addition, most have limited special equipment investments.

SCS EBT 下降了 60%，反映了與客戶破產相關的 3000 萬美元資產減值費用。正如你們中的一些人所知，SCS 或供應鏈在本週申請破產的 Bed Bath & Beyond 的 2 個倉庫地點提供分銷管理服務。 2022 年第四季度，我們對 Bed Bath & Beyond 提前終止的加州倉庫的專業分揀和輸送設備計提了減值費用。本季度的減值費用主要用於賓夕法尼亞州剩餘倉庫中的設備。正如我們在上次電話會議中提到的那樣，這種客戶信用狀況並不是我們供應鏈業務的典型特徵，因為大約 80% 的收入來自我們與投資級公司的單一客戶運營。此外，大多數公司的專用設備投資有限。

Supply Chain results were also impacted by weaker trends in the omnichannel retail vertical, which were partially offset by earnings from revenue growth primarily in the automotive vertical. Supply Chain EBT as a percent of operating revenue was 1.9% in the quarter down from the prior year and below the segment's high single-digit target range. Reported EBT excludes the amortization of customer intangibles from my acquisitions as previously noted.

供應鏈業績也受到全渠道零售垂直趨勢疲軟的影響，這部分被主要來自汽車垂直領域的收入增長的收益所抵消。本季度供應鏈 EBT 佔營業收入的百分比為 1.9%，低於上年同期的高個位數目標範圍。如前所述，報告的 EBT 不包括我的收購中客戶無形資產的攤銷。

Moving to Dedicated on Page 11. Operating revenue increased 9%, reflecting pricing and increased volumes. Dedicated EBT increased 45%, primarily due to revenue growth as well as improved hiring conditions for professional drivers. We began to see improvement in the number of open positions and trying to fill for our professional drivers in the second half of last year and are pleased to see these trends continue. Dedicated EBT as a percent of operating revenue of 9% was in line with the segment's high single-digit target.

轉到第 11 頁的專用。營業收入增長了 9%，反映了定價和銷量的增加。專用 EBT 增長了 45%，主要是由於收入增長以及專業司機的招聘條件改善。去年下半年，我們開始看到空缺職位數量有所增加，並試圖填補我們的專業司機職位，我們很高興看到這些趨勢繼續下去。專用 EBT 佔營業收入的 9% 符合該部門的高個位數目標。

During the quarter, contract sales activity slowed in DTS consistent with a softer freight environment. Customers and prospects have been taking longer to make decisions, and our pipeline has declined. As far as industry sectors go, the industrial sector appears to be on relatively stronger footing with negative trends more pronounced in sectors such as retail. Given this environment, we expect deep dedicated contract sales activity to moderate for the remainder of the year and now expect dedicated revenue growth to be below our high single-digit target range. Dedicated remains on track, however, to achieve its high single-digit target for segment pretax earnings.

本季度，DTS 的合同銷售活動放緩，與疲軟的貨運環境一致。客戶和潛在客戶需要更長的時間才能做出決定，而我們的渠道也在減少。就工業部門而言，工業部門似乎處於相對強勁的基礎上，而零售等部門的負面趨勢更為明顯。鑑於這種環境，我們預計今年剩餘時間深度專用合同銷售活動將放緩，現在預計專用收入增長將低於我們的高個位數目標範圍。然而，Dedicated 仍有望實現其部門稅前收益的高個位數目標。

Turning to Slide 12. First quarter lease capital spending of $579 million was up from planned increases in lease vehicle replacement activity due to expiring lease contracts. For the first quarter, rental capital spending of $177 million was generally in line with prior year, but we continue to expect rental capital spending to be down for the full year, reflecting a normalizing rental environment. We're continuing to shift our vehicle mix and rental toward trucks where we see stronger demand trends to have historically been more resilient than those for tractors. By year-end 2023, we expect that trucks will be approximately 58% of the North America fleet, up from 49% in 2018.

轉到幻燈片 12。由於租賃合同到期，第一季度租賃資本支出為 5.79 億美元，高於計劃增加的租賃車輛更換活動。第一季度，租賃資本支出為 1.77 億美元，與上年同期基本持平，但我們繼續預計全年租賃資本支出將下降，反映出租賃環境正常化。我們將繼續將我們的車輛組合和租賃轉向卡車，我們認為卡車的需求趨勢在歷史上比拖拉機更具彈性。到 2023 年底，我們預計卡車將佔北美車隊的 58% 左右，高於 2018 年的 49%。

Our full year 2023 capital expenditure forecast is unchanged. Our 2023 forecast for lease capital of $2.4 billion reflect higher lease replacement and growth capital versus prior year. We now expect the ending lease fleet to be up 5,000 to 6,000 vehicles, up from the prior forecast of 3,000 to 4,000 vehicles. This additional make fleet growth is coming from redeployed rental vehicles, so we will not require additional capital expenditures this year. In rental, our average fleet is anticipated to be down slightly from 2022. Our ending rental fleet is now expected to be down approximately 8% or 3,500 vehicles more than initially planned, reflecting higher rental degree deployment activity.

我們對 2023 年全年資本支出的預測保持不變。我們對 2023 年租賃資本的預測為 24 億美元，反映了與上一年相比更高的租賃替代和增長資本。我們現在預計終止租賃車隊將增加 5,000 至 6,000 輛，高於之前預測的 3,000 至 4,000 輛。這種額外的車隊增長來自重新部署的租賃車輛，因此我們今年不需要額外的資本支出。在租賃方面，我們的平均車隊預計將比 2022 年略有下降。我們現在預計期末租賃車隊將比最初計劃減少約 8% 或 3,500 輛，這反映出更高的租賃度部署活動。

Our full year 2023 forecast for gross capital expenditures remains at $3 billion. We continue to expect proceeds from the sale of used vehicles of approximately $800 million in 2023, below prior year, which included $400 million of proceeds related to the U.K. exit. Our full year 2023 net capital expenditures are expected to be $2.2 billion.

我們對 2023 年全年總資本支出的預測仍為 30 億美元。我們繼續預計 2023 年二手車銷售收益約為 8 億美元，低於上年，其中包括與英國退出相關的 4 億美元收益。我們 2023 年全年的淨資本支出預計為 22 億美元。

Turning to Slide 13. Our forecast for operating cash flow and free cash flow is unchanged. As shown, the trajectory of our cash flow continues to improve over time, reflecting growth in our contractual supply chain, dedicated and lease businesses, which comprised approximately 85% of Ryder's operating revenue. Our free cash flow profile has changed significantly since the implementation of our balanced growth strategy. From 2024, lower targeted lease growth under the balanced growth strategy as well as COVID effects and OEM delays resulted in lower capital spending and higher free cash flow. Proceeds from the exit of the U.K. FMS business also benefited free cash flow in 2022.

轉到幻燈片 13。我們對經營現金流和自由現金流的預測保持不變。如圖所示，我們的現金流軌跡隨著時間的推移不斷改善，反映出我們的合同供應鏈、專用和租賃業務的增長，這些業務約佔萊德營業收入的 85%。自實施平衡增長戰略以來，我們的自由現金流狀況發生了顯著變化。從 2024 年開始，平衡增長戰略下較低的目標租賃增長以及 COVID 效應和 OEM 延遲導致資本支出降低和自由現金流增加。退出英國 FMS 業務的收益也有利於 2022 年的自由現金流。

In summary, on the right side of the slide illustrates the strong free cash flow generated by the business prior to investing in fleet growth. In 2023, we expect to generate $200 million of free cash flow. And prior to investing in growth capital, this number is expected to be approximately $600 million. Our capital allocation priorities continue to support our strategy to drive long-term profitable growth. Our top priority is to continue to invest in organic growth.

總而言之，幻燈片右側顯示了在投資於機隊增長之前企業產生的強勁自由現金流。 2023 年，我們預計將產生 2 億美元的自由現金流。在投資成長資本之前，這個數字預計約為 6 億美元。我們的資本配置重點繼續支持我們推動長期盈利增長的戰略。我們的首要任務是繼續投資於有機增長。

We'll continue to pursue targeted acquisitions, which have been a key contributor to accelerated growth in SCS. Our acquisitions have helped transform our supply chain business, both in terms of expanding capabilities as well as rebalancing our vertical mix. Our balance sheet with leverage of 211% at March 31 provides ample capacity to fund organic growth, targeted acquisitions as well as return capital to shareholders through share repurchases and dividends. This capacity supported by solid investment credit ratings inclusive of our recent upgrade from S&P to BBB+.

我們將繼續進行有針對性的收購，這一直是 SCS 加速增長的關鍵因素。我們的收購幫助我們的供應鏈業務轉型，無論是在擴展能力方面還是在重新平衡我們的垂直組合方面。截至 3 月 31 日，我們的資產負債表槓桿率為 211%，為有機增長、有針對性的收購以及通過股票回購和派息向股東返還資本提供了充足的資金。這種能力得到穩固的投資信用評級的支持，包括我們最近從標準普爾上調至 BBB+。

Finally, we have limited exposure from rising interest rates as our lease pricing model incorporates forecasted medium-term borrowing rates. Additionally, the aggregate repricing life for our lease contracts is matched with the aggregate repricing life towards that portfolio.

最後，由於我們的租賃定價模型結合了預測的中期借款利率，我們對利率上升的風險敞口有限。此外，我們租賃合同的總重新定價期限與該投資組合的總重新定價期限相匹配。

I'll turn the call back over to Robert to discuss our enhanced asset management playbook and the outlook.

我會把電話轉回給羅伯特，討論我們增強的資產管理手冊和前景。

Thanks, John. Slide 14 provides key highlights from our enhanced asset management playbook, which is focused on optimizing returns over the cycle. Our contractual lease, dedicated and supply chain businesses have proven to be more stable over the cycle than our transactional used vehicle sales and rental businesses. Key actions to mitigate the impact from weakening used vehicle sales and rental demand include our ability to redeploy underutilized rental vehicles to fulfill lease, dedicated and supply chain contracts. The solid growth we're seeing in dedicated and supply chain transportation services, along with long OEM lead times is providing us with even more redeployment opportunities than prior cycles.

謝謝，約翰。幻燈片 14 提供了我們增強型資產管理手冊的主要亮點，該手冊專注於優化整個週期的回報。事實證明，我們的合同租賃、專用和供應鏈業務在整個週期內比我們的交易二手車銷售和租賃業務更穩定。減輕二手車銷售和租賃需求疲軟影響的主要行動包括我們重新部署未充分利用的租賃車輛以履行租賃、專用和供應鏈合同的能力。我們在專用和供應鏈運輸服務中看到的穩健增長，以及較長的 OEM 交貨時間為我們提供了比以前週期更多的重新部署機會。

In used vehicle sales, we're leveraging our expanded retail sales network capacity and investments in our digital sales transformation. Since 2019, we've increased our retail sales capacity by about 50% by adding physical locations and increasing our inside sales team focused on capturing the digital sales opportunity. Increasing retail sales volumes, benefits result as wholesale proceeds have historically been at a 30% discount to retail proceeds.

在二手車銷售方面，我們正在利用我們擴大的零售銷售網絡能力和對數字銷售轉型的投資。自 2019 年以來，我們通過增加實體店和增加專注於抓住數字銷售機會的內部銷售團隊，將零售能力提高了約 50%。增加零售銷量，批發收益歷來比零售收益低 30%，從而帶來收益。

We're continuing to maintain low levels of used vehicle inventory relative to historical levels, as discussed earlier. We're also extending lease contracts for vehicles with remaining life that -- which defer the need for replacement capital and appeals to lease customers that may prefer the lower cost, shorter-term commitment of a lease extension compared to leasing new equipment. Although earnings will be impacted by the freight cycle, executing on our enhanced asset management playbook positions Ryder for higher earnings in each phase of the cycle.

如前所述，我們將繼續保持相對於歷史水平的低二手車庫存水平。我們還延長了剩餘壽命車輛的租賃合同——這推遲了更換資本的需要，並吸引了與租賃新設備相比，租賃延期承諾成本更低、期限更短的租賃客戶。儘管收益將受到貨運週期的影響，但執行我們增強的資產管理手冊將使萊德在周期的每個階段獲得更高的收益。

Turning to Page 15. We're raising the low end of our full year 2023 comparable EPS forecast from $11.05 to $12.05 to $11.30 to $12.05 versus a $16.37 in the prior year. The increase reflects modestly higher-than-expected used vehicle sales trends. Please note that our second quarter and full year 2023 GAAP EPS forecast includes approximately $3.75 for a cumulative currency translation charge related to the exit of our FMS U.K. business. We're also providing a second quarter comparable EPS forecast of $2.80 to $3.05 versus a prior year of $4.43.

轉到第 15 頁。我們將 2023 年全年可比每股收益預測的下限從 11.05 美元上調至 12.05 美元至 11.30 美元至 12.05 美元，而上一年為 16.37 美元。這一增長反映了二手車銷售趨勢略高於預期。請注意，我們對 2023 年第二季度和全年 GAAP 每股收益的預測包括與退出 FMS 英國業務相關的累計貨幣換算費用約 3.75 美元。我們還提供了 2.80 美元至 3.05 美元的第二季度可比每股收益預測，而去年同期為 4.43 美元。

Our 2023 ROE forecast is unchanged at 16% to 18%, in line with our long-term high teens target. We continue to expect strong but reduced earnings in 2023 as weak freight conditions impact used vehicle sales and rental. We expect our contractual lease, dedicated and supply chain businesses to continue to show improvement based on our growth and return initiatives.

我們的 2023 年股本回報率預測保持在 16% 至 18%，與我們的長期高青少年目標一致。由於貨運狀況疲軟影響二手車銷售和租賃，我們繼續預計 2023 年收益強勁但有所下降。我們預計我們的合同租賃、專用和供應鏈業務將根據我們的增長和回報計劃繼續表現出改善。

Turning to Page 16. We believe Ryder is well positioned to increase shareholder value. We see significant opportunity for profitable growth supported by secular trends, our operational expertise and ongoing momentum from our multiyear initiatives. We've made structural changes to our business model and continue to demonstrate strong execution on our balanced growth strategy. Which we believe positions us to achieve our long-term targets, increased business model resiliency and outperform prior cycles. We remain committed to investing in products, capabilities and technologies that will deliver value to our customers and our shareholders.

翻到第 16 頁。我們相信萊德在增加股東價值方面處於有利地位。我們看到了在長期趨勢、我們的運營專業知識和我們多年計劃的持續動力的支持下實現盈利增長的重大機會。我們已經對我們的商業模式進行了結構性改變，並繼續展示我們對平衡增長戰略的強有力執行。我們相信這使我們能夠實現我們的長期目標，提高業務模型的彈性並超越之前的周期。我們仍然致力於投資能夠為我們的客戶和股東創造價值的產品、能力和技術。

That concludes our prepared remarks. Please note that we expect to file our 10-Q later today. We had a lot of material to cover today, so please limit yourself to one question each. If you have additional questions, you're welcome to get back in the queue, and we'll take as many as we can. At this time, I'll turn it over to the operator.

我們準備好的發言到此結束。請注意，我們希望在今天晚些時候提交我們的 10-Q。今天我們有很多材料要講，所以請限制自己每個問題一個問題。如果您還有其他問題，歡迎您回到隊列中，我們會盡可能多地回答。這時候，我會把它交給接線員。

(Operator Instructions) And we'll go ahead and take our first question from Scott Group with Wolfe Research.

（操作員說明）我們將繼續並從 Scott Group 與 Wolfe Research 提出我們的第一個問題。

Just -- wanted to just clarify one thing real quick. The $0.40 to $0.45 from the bankruptcy, that's -- you kept that headwind in the first quarter earnings, and it's reflected in the full year guide, you're not excluding that, right?

只是 - 只想快速澄清一件事。破產帶來的 0.40 美元到 0.45 美元，那是——你在第一季度的收益中保持了這種逆風，它反映在全年指南中，你不排除這一點，對吧？

That's correct. Let me clarify that. So the asset impairment, which was $0.44, was not included in our Q1 guidance. So it was included in our full year, but certainly wasn't included in our -- we had contemplated in our full year wasn't included in our Q1 guidance. So if you exclude that $0.44, we would have reported more like a $3.25. So well above -- the core business came in well above the guidance that we gave.

這是正確的。讓我澄清一下。因此，0.44 美元的資產減值未包含在我們的第一季度指導中。所以它被包含在我們的全年中，但肯定沒有包含在我們的 - 我們已經考慮過的全年中沒有包含在我們的第一季度指導中。因此，如果您排除那 0.44 美元，我們會報告更像是 3.25 美元。遠高於 - 核心業務遠高於我們給出的指導。

But you were including it in the full year guidance. So you knew this bankruptcy was happening and you knew it was going to be in your guide?

但是您將其包含在全年指導中。所以你知道這種破產正在發生並且你知道它會出現在你的指南中？

We knew it was a possibility. So when we came up with the full year guidance over the year, we expect at some point in the year something like that could happen. So it was included in the full year. It was certainly not expected in the first quarter.

我們知道這是可能的。因此，當我們提出全年的全年指導意見時，我們預計在一年中的某個時候可能會發生類似的事情。所以它被包括在全年中。第一季度肯定不是預期的。

I didn't realize you guys were bankruptcy experts. Okay. And just separately, just the rental trends, can you just talk about utilization through the quarter, how it trended throughout the quarter and sort of what you're expecting for Q2 on rental?

我不知道你們是破產專家。好的。就租金趨勢而言，您能否談談整個季度的利用率，整個季度的趨勢以及您對第二季度租金的期望？

Sure. Let me hand that over to Tom to give you the information on rental.

當然。讓我把它交給湯姆，讓他為您提供有關出租的信息。

Yes. You saw us come off some of our highest peaks in utilization. And when we came into Q1 sequentially. We saw a fairly big drop from the high season through Christmas. When we finished the quarter here in the mid-70s in terms of utilization, which we would say is a kind of very normal drop in utilization from Q4 to Q1 and kind of right in line with our expectations. As we look to Q2, we're expecting utilization to be in that mid-70s to upper 70s utilization.

是的。您看到我們擺脫了一些利用率的最高峰值。當我們依次進入第一季度時。從旺季到聖誕節，我們看到了相當大的下降。當我們在 70 年代中期結束本季度的利用率時，我們會說這是從第四季度到第一季度的一種非常正常的利用率下降，並且符合我們的預期。當我們展望第二季度時，我們預計利用率將處於 70 年代中期到 70 年代後期的利用率。

John kind of mentioned it as well, but we are expecting to de-fleet. You saw some of that in Q1. And as we go throughout the year, we do expect that lease fleet to come down. And we'll do that with a mix of outservicing of end-of-life units and then redeploying into our lease fleet as well.

John 也提到過它，但我們希望取消艦隊。你在第一季度看到了其中的一些。隨著我們全年的進行，我們確實希望租賃機隊能夠減少。我們將通過對報廢設備進行外包服務，然後將其重新部署到我們的租賃機隊中來做到這一點。

(Operator Instructions) And we'll go ahead and move on to our next question from Jordan Alliger with Goldman Sachs.

（操作員說明）我們將繼續與高盛一起繼續 Jordan Alliger 的下一個問題。

Just a question. I know there is the impairment that impacted supply chain margins. You sort of add that back and back to what about in line? And I guess I'm thinking, I mean, presumably, we should look at it with the back in there. And then how do we think about -- I know there's a lot of top line opportunities nearshoring, but how do we think about supply chain margin development? I know you've done a lot with cost recovery, et cetera, sort of when can we think about that moving sort of north from the adjusted levels we saw in the first quarter.

就一個問題。我知道存在影響供應鏈利潤率的減值。你有點把它加回來又加回來怎麼樣？而且我想我在想，我的意思是，大概我們應該從後面看它。然後我們如何考慮——我知道近岸外包有很多頂級機會，但我們如何考慮供應鏈利潤率的發展？我知道你在成本回收等方面做了很多工作，我們什麼時候可以考慮從第一季度看到的調整後水平向北移動。

Yes. That's a good question, Jordan. I mean, we're -- as we've stated, our target for supply chain is high single-digit earnings before tax as a percent of operating revenue. So we remain committed to that. As we get into the rest of the year, our expectation is to see supply chain really towards that goal and into that goal through the balance of the year. So we feel good about that.

是的。這是個好問題，喬丹。我的意思是，我們 - 正如我們所說的那樣，我們的供應鏈目標是稅前利潤佔營業收入的高個位數。所以我們仍然致力於此。隨著我們進入今年剩下的時間，我們的期望是看到供應鏈真正朝著這個目標邁進，並在今年餘下的時間裡實現這個目標。所以我們對此感覺很好。

The softness that we have seen over the last quarter is really more around our Ryder Last Mile, so the delivery of the big and bulky slowdown, as you probably heard others mention that. And some of the e-commerce, especially as we're trying to grow that business, we're adding facilities and then working to get those filled up. So the target for the balance of the year though, is to get back into that high single-digit EBT as a percent of operating revenue.

我們在上個季度看到的疲軟實際上更多地圍繞著我們的 Ryder Last Mile，所以大而笨重的減速的交付，正如您可能聽到其他人提到的那樣。還有一些電子商務，特別是當我們試圖發展該業務時，我們正在增加設施，然後努力讓這些設施滿員。因此，今年剩餘時間的目標是回到高個位數的 EBT 佔營業收入的百分比。

Okay. And I know you mentioned the -- maybe I missed this on your presentation. I know that you said the pipeline for dedicated or DTS might be coming down, but how is the pipeline on supply chain as the activity is as buoyant as maybe it was the last couple of years? Or is that sort of faded as well near term?

好的。我知道你提到過——也許我在你的演講中錯過了這一點。我知道你說專用或 DTS 的管道可能會下降，但供應鏈上的管道如何，因為活動與過去幾年一樣活躍？或者這種情況近期也會消退？

Yes. Let me hand that over to Steve Sensing to give you a little color on that.

是的。讓我把它交給 Steve Sensing 給你一點顏色。

Yes. Thanks, Robert. Jordan. Yes, I'll hit on a couple of points here. The supply chain pipeline is actually up 25% year-over-year. So still seeing very strong demand from a sales perspective. I will tell you, it is slowing a little bit in automotive as the truckload pricing is coming down, but every other vertical is very strong. And then on the dedicated comment, we did pivot our Ever better campaign this year to focus on our transportation solutions that was launched in Q1. So it will take some time for that to kind of flow through into the pipeline, but we just kind of redirected our campaign.

是的。謝謝，羅伯特。約旦。是的，我會在這裡強調幾點。供應鏈管道實際上同比增長了 25%。所以從銷售的角度來看，仍然看到非常強勁的需求。我會告訴你，隨著整車定價的下降，汽車行業的增長速度有所放緩，但其他所有垂直領域都非常強勁。然後在專門的評論中，我們確實將今年的 Ever better 活動重點放在第一季度推出的交通解決方案上。所以這需要一些時間才能進入管道，但我們只是重新定向了我們的活動。

And we'll go ahead and take our next question from Jeff Kauffman with Vertical Research Partners.

我們將繼續與 Vertical Research Partners 一起回答 Jeff Kauffman 的下一個問題。

I'm going to sneak a question and a half in here, if I can. The first one is just clarifying. I just want to make sure I understand what's going on below the line here. You're very clear about the Bed Bath & Beyond bankruptcy. But I want to ask you more about the $31 million add back that's kind of in other items affecting comparability on the FMS U.K. exit. If I was to take approach that this is an oddity event, would that have negatively affected the reported earnings before taxes just in the FMS division. And then you're adding that back in the comparability below the line.

如果可以的話，我打算在這裡偷偷問一個半問題。第一個只是澄清。我只是想確保我了解此處行下方發生的情況。你很清楚 Bed Bath & Beyond 破產了。但我想問你更多關於 3100 萬美元的加回，這在其他項目中影響了 FMS U.K. 退出的可比性。如果我認為這是一個奇怪的事件，那麼這會對 FMS 部門報告的稅前收益產生負面影響。然後您將其添加回在線下方的可比性中。

So Jeff, Let me give some clarity here. The items below the line are tied to the exit of our U.K. operations and your credits, as you rightfully called out, those we expect will really not continue into the future. So we've taken them out of our results from a comparable perspective. So those are onetime events related to the U.K. and not tied to ongoing operations.

傑夫，讓我在這裡澄清一下。線下的項目與我們英國業務的退出和您的信用有關，正如您正確地指出的那樣，我們預計這些將不會持續到未來。因此，我們從可比較的角度將它們從結果中剔除。因此，這些都是與英國有關的一次性事件，與正在進行的行動無關。

All right. But to understand where that goes, so that would have negatively affected the reported FMS EBT and is being added back below the line. In the next quarter, we've got kind of a different FMS U.K.-related item, and that's the $375 million negative impact on the release that you've identified. Is that the right way to think about that?

好的。但是要了解它的去向，這會對報告的 FMS EBT 產生負面影響，並且正在重新添加到該線下方。在下一季度，我們有一種與 FMS U.K. 相關的不同項目，這就是您確定的對發布的 3.75 億美元的負面影響。這是思考這個問題的正確方法嗎？

It's not. So let me give you clarity. So all related U.K. activity, these onetime items last year, we reported all the gains from the exit of that business, both the property gains as well as the vehicle gains. We reported that outside of the segment profitability for FMS. Those were paid in 2022. This is an additional gain in 2023 related to the U.K. business. There's some claims recoveries listed in there as well as some minor gains from legal activity that continues in 2023.

它不是。所以讓我給你澄清一下。因此，所有相關的英國活動，這些去年的一次性項目，我們報告了該業務退出的所有收益，包括財產收益和車輛收益。我們報告了 FMS 在該部門之外的盈利能力。這些是在 2022 年支付的。這是 2023 年與英國業務相關的額外收益。其中列出了一些索賠追回以及 2023 年繼續進行的法律活動帶來的一些小收益。

Those numbers for the U.K. have been excluded from both 2022 and 2023 results from the segment performance. In addition to that, we do expect in Q2 to take through earnings the equity impact from cumulative translation adjustments from the U.K. that will have no impact on equity. It's a noncash item and will be excluded from the segment results as well. So what you have in the segment results for FMS is the ongoing performance of the business and the profitability there is reflective of the North America business that will continue to perform.

英國的這些數字已從 2022 年和 2023 年的細分市場業績結果中排除。除此之外，我們確實預計第二季度將通過收益來消除英國累積換算調整對股權的影響，這不會對股權產生影響。它是非現金項目，也將從細分結果中排除。因此，您在 FMS 的細分結果中所擁有的是業務的持續表現，那裡的盈利能力反映了北美業務將繼續表現。

All right. That's very helpful clarity. And then just the follow-up, so the half question to that. If I step back at 10,000 feet and just listen to everything you're saying, it sounds like the normalization occurring in FMS is not so much out of line with what you're looking for. The only real change in the outlook is to the negative, maybe dedicated grows a little bit slower on the revenue line, and to the positive, you're seeing better vehicle sales, so that's raising the lower end of the guidance range. But net-net, what you're seeing is largely in line with what you were expecting. Am I wrong in that? Am I missing something? Is that a fair assessment?

好的。這是非常有幫助的清晰度。然後只是跟進，所以有一半的問題。如果我退後 10,000 英尺，只聽你說的一切，聽起來 FMS 中發生的標準化與你正在尋找的東西並沒有太大出入。前景唯一真正的變化是消極的，也許專用增長在收入線上略有放緩，而積極的是，你會看到更好的汽車銷售，所以這提高了指導範圍的下限。但是 net-net，您所看到的在很大程度上與您的預期一致。我錯了嗎？我錯過了什麼嗎？這是一個公平的評估嗎？

You're right on it. Yes, this was kind of a -- this was an in-line quarter in terms of our expectation. Where we saw a little bit better than expected was around the trends around used truck sales, not tractors, but the truck side is doing a little better. That's why we raised the bottom end. Dedicated came in a little bit better also. But as we mentioned, we're expecting a little bit more softness on the sales side towards the second half of the year. So yes, generally in line with what we had expected 60 days ago other than used vehicle sales came in a little bit better.

你是對的。是的，就我們的預期而言，這是一個在線季度。我們看到的好於預期的是圍繞二手卡車銷售的趨勢，而不是拖拉機，但卡車方面的表現要好一些。這就是我們提高底端的原因。專用也好一點。但正如我們所提到的，我們預計今年下半年銷售方面會更加疲軟。所以是的，總體上與我們 60 天前的預期一致，除了二手車銷售略有好轉。

Our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I just want to go back to Supply Chain Services. I think you mentioned 80% of that customer base is investment grade, but then they're 20%, you didn't really clarify. Any color along that? And I know Bed Bath & Beyond was a unique situation, but any incremental controls that you're putting in place when you're onboarding some of these smaller accounts?

我只想回到供應鏈服務。我想你提到 80% 的客戶群是投資級的，但他們是 20%，你沒有真正澄清。有什麼顏色嗎？而且我知道 Bed Bath & Beyond 是一個獨特的情況，但是當您加入其中一些較小的帳戶時，您是否實施了任何增量控制？

Yes. I think just to clarify, we -- what we said was that 80% of our single customer operations, that's where it's kind of an operation dedicated to one customer, not the multi-client is that the risk, I would say, spread across many customers. So those were it's a single customer. Yes, 80% of those operations are -- the revenue from those operations are with investment-grade companies.

是的。我想澄清一下，我們 - 我們所說的是我們 80% 的單一客戶運營，這是一種專門針對一個客戶的運營，而不是多客戶，我想說的是風險分散許多客戶。所以那些是它的單一客戶。是的，這些業務中有 80% 是——這些業務的收入來自投資級公司。

It's important to also say that the majority of those have limited specialized equipment in them. So the limited specialized impact by investment grade. And the majority of those are -- they are also redeployable to other operations more easily. So this was a bit of a unique situation in the credit risk of the customer that we took on and the specialized equipment nature of the facilities.

重要的是還要說其中大多數的專用設備有限。因此，投資等級的專業影響有限。其中大部分是 - 它們也可以更輕鬆地重新部署到其他操作。因此，在我們承擔的客戶信用風險和設施的專業設備性質方面，這是一種獨特的情況。

Now why did we do it? I think it's -- a key point there was this was a high velocity retail operation with automation that we felt was a good opportunity to really learn our analysis of their risk at the time that we signed it. They were in a very different credit profile than they ended up today. But we made the investment at that time, assuming we were going to be able to run it, and unfortunately, hasn't worked out that way. So this equipment will all be redeployed. What we've taken is the write-down that's required in order to get that equipment moved to another location and redeployed.

現在我們為什麼要這樣做？我認為這是 - 一個關鍵點是這是一個具有自動化的高速零售業務，我們認為這是一個很好的機會，可以在我們簽署時真正了解我們對他們風險的分析。他們的信用狀況與今天截然不同。但我們當時進行了投資，假設我們能夠運行它，不幸的是，並沒有那樣做。所以這些設備都會被重新部署。我們採取的是將設備轉移到另一個位置並重新部署所需的減記。

And then just any incremental controls that you're putting as you're onboarding new customers at this point, just given where we are?

然後，只要考慮到我們的位置，您在此時加入新客戶時所進行的任何增量控制？

Yes. It's really around the investments that we make in any specialized equipment. Clearly, the lesson here is really not to do that with any customer that's not investment grade is generally the approach we're going to take. It's really the approach we've taken also in the future. This was a bit of an anomaly.

是的。這實際上是圍繞我們對任何專業設備的投資。顯然，這裡的教訓實際上是不要對任何非投資級別的客戶這樣做，這通常是我們要採取的方法。這確實是我們在未來也採用的方法。這有點反常。

Our next question will come from Brian Ossenbeck with JPMorgan.

我們的下一個問題將來自摩根大通的 Brian Ossenbeck。

I just wanted to come back to the DTS pipeline real quick. It sounded like perhaps there was maybe a change in how you were going to market or what you were targeting that might have caused some of the slowdown. So maybe you can just clarify that a bit for me. What was really the underlying driver? Are people actually putting projects off on top of some of the changes? Like what are the biggest impacts of that deceleration?

我只是想真正快速地回到 DTS 管道。聽起來您的營銷方式或目標可能發生了變化，這可能導致了一些放緩。所以也許你可以為我澄清一下。真正的潛在驅動因素是什麼？人們是否真的因為某些變化而推遲了項目？比如這種減速的最大影響是什麼？

Yes. Brian, I think it's pretty simple. It's basically as a result -- it's a spot rate for trucking comes down. You've got -- we've got some prospects who -- or even customers who are saying, you know what, given how low the spot rates are, I'm going to take a chance and go with truckload and spot rates as opposed to going with a dedicated operation. That's basically -- it's the dedicated business that's on the margin, if you will, that could go either truckload or be dedicated, that you now have fewer opportunities on those until spot rates recover.

是的。布賴恩，我認為這很簡單。這基本上是結果——卡車運輸的即期匯率下降了。你有 - 我們有一些潛在客戶 - 甚至是客戶說，你知道嗎，考慮到即期匯率有多低，我將抓住機會，將卡車裝載和即期匯率作為反對進行專門的操作。這基本上是——如果你願意的話，這是處於邊緣的專用業務，可以是卡車裝載或專用，在即期利率恢復之前，你現在在這些業務上的機會更少。

So it's not unexpected. This is what happens as we go through the freight cycle. So I'd expect that to continue to be soft, maybe for the next couple of quarters. And then as spot rates begin to recover, we'll start to see demand for dedicated and the pipeline to pick back up again.

所以這並不意外。這就是我們經歷貨運週期時發生的情況。所以我預計它會繼續疲軟，也許在接下來的幾個季度裡。然後隨著現貨價格開始回升，我們將開始看到對專用和管道的需求再次回升。

Understood. So the, I guess, deceleration in some of the back half of the year perhaps related to this. But was that considered in the guidance beforehand? Or is that sort of an incremental update that you've put into the full number today?

明白了。所以，我猜，今年下半年的一些減速可能與此有關。但事先指南中是否考慮過這一點？還是您今天對完整數字進行的那種增量更新？

Yes. No, that -- right. It was really -- it was considered -- we considered some of it in the initial forecast. There's some -- a slight additional headwind, but not a whole lot because most of those sales don't really impact until the next year. So there's still a lot of innings going to be played here for the balance of the year. And there's a good chance also that sales could pick up at the back half of the year, spot rates start to come back up. So...

是的。不，那個——對。它真的 - 它被認為 - 我們在最初的預測中考慮了其中的一些。有一些 - 輕微的額外逆風，但不是很多，因為這些銷售中的大部分要到明年才會真正產生影響。所以在今年餘下的時間裡，這裡還有很多局要打。下半年銷售額也很有可能回升，即期匯率開始回升。所以...

We'll take our next question from Bert Subin with Stifel.

我們將接受 Bert Subin 和 Stifel 的下一個問題。

Robert, you talked through the nearshoring topic. Can you just talk about how you're assessing the U.S. Mexico business in your guidance? And do you think that can be a meaningful earnings contributor either in 2023 or 2024? Or do you think it's still pretty early innings and thinking about the nearshoring effect?

羅伯特，你談到了近岸外包的話題。你能談談你如何在你的指導中評估美國墨西哥業務嗎？您認為這會在 2023 年或 2024 年成為有意義的收益貢獻者嗎？還是您認為現在還處於早期階段並考慮近岸效應？

Yes. Look, I think like you mentioned in the script, we've been in Mexico for 30 years. We have very strong operations in Mexico. What we've seen is a pickup in the pipeline, in the supply chain pipeline of more near-shoring and Mexico related type operations is more -- especially in automotive and industrials more companies are doing are looking to increase nearshoring.

是的。看，我想就像你在劇本中提到的那樣，我們在墨西哥已經 30 年了。我們在墨西哥的業務非常強大。我們看到的是管道中的回升，在更多近岸外包和墨西哥相關類型業務的供應鏈管道中更多 - 特別是在汽車和工業領域，更多公司正在尋求增加近岸外包。

So we're really excited about the opportunity to seeing that business continue to grow. Currently, that business is about $275 million of revenue within supply chain and a profitable business for us, I would say, better-than-average profitability coming out of that operation. So we see it as a really good opportunity for taking advantage of this secular trend and, over time, becoming a bigger part of supply chain.

因此，我們很高興有機會看到該業務繼續增長。目前，該業務在供應鏈中的收入約為 2.75 億美元，對我們來說是一項有利可圖的業務，我想說，該業務的盈利能力高於平均水平。因此，我們認為這是一個很好的機會，可以利用這一長期趨勢，並隨著時間的推移，成為供應鏈中更大的一部分。

Our next question comes from Justin Long with Stephens.

我們的下一個問題來自 Justin Long 和 Stephens。

I had a bigger picture question. But before I get to that, I just had a quick clarification as well. Going back to the fourth quarter, I think there was a $20 million impairment in SCS. Was that related to the same bankruptcy impairment that you took in the first quarter? Or is that a separate issue?

我有一個更大的問題。但在我開始之前，我也做了一個快速的澄清。回到第四季度，我認為 SCS 有 2000 萬美元的減值。這是否與您在第一季度獲得的相同破產減值有關？或者這是一個單獨的問題？

Yes. It was the same customer, Justin. It was 2 -- we were running 2 warehouses for this customer for Bed Bath & Beyond. And the one in California was the impairment that we took in the fourth quarter. And that was because the customer had canceled us in that location. This one is for the one in Pennsylvania, which was the remaining facility that we were running for them. And now based on their bankruptcy and likely liquidation, we've taken the write-down to redeploy that equipment.

是的。是同一個顧客，賈斯汀。這是 2 個——我們為 Bed Bath & Beyond 的這個客戶運行了 2 個倉庫。加利福尼亞州的一個是我們在第四季度遭受的損失。那是因為客戶在那個位置取消了我們。這個是給賓夕法尼亞州的那個，這是我們為他們運行的剩餘設施。現在基於他們的破產和可能的清算，我們已經減記以重新部署該設備。

Got it. That's helpful. And then circling back to my bigger picture question. We're hearing a more cautious tone from a lot of the other transportation companies. As we think about the trends in the first quarter and quarter-to-date here in April, but your 2023 EPS guidance actually came up a little bit at the low end of the range. So I'm curious, Robert, just from a high level, can you explain why a weaker-than-expected freight market year-to-date isn't flowing through to your financial performance and particularly in the used market where expectations moved a little bit higher?

知道了。這很有幫助。然後回到我的大局問題。我們從許多其他運輸公司那裡聽到了更為謹慎的語氣。當我們考慮 4 月份第一季度和本季度至今的趨勢時，您的 2023 年 EPS 指導實際上在該範圍的低端出現了一點。所以我很好奇，羅伯特，從高層次上，你能解釋一下為什麼今年迄今為止弱於預期的貨運市場沒有影響到你的財務業績，尤其是在二手市場，那裡的預期發生了變化高一點？

Yes. That's a great question. I think it really has to do with where we started, right? I think we were -- we took a more cautious view of the year at the beginning than maybe others did. We expected used truck pricings to be down the entire year, where some were expecting a recovery in the second half and in the fourth quarter, I said used vehicle sales and rental.

是的。這是一個很好的問題。我認為這真的與我們的起點有關，對吧？我認為我們 - 我們在開始時對這一年的看法可能比其他人更為謹慎。我們預計二手卡車價格全年都會下降，有些人預計下半年和第四季度會出現復甦，我說的是二手車銷售和租賃。

So I think it was just the starting point. We haven't seen it. The results have not been below our expectations in the first quarter, whereas I think they were below the expectations that were set by others. So I think that's the difference. It's just our starting point on our expectations at the beginning of the year were lower than maybe what others were.

所以我認為這只是起點。我們還沒有看到它。第一季度的結果並未低於我們的預期，而我認為它們低於其他人設定的預期。所以我認為這就是區別。這只是我們年初的期望值可能低於其他人的起點。

At this time, I would like to turn the call back over to Mr. Robert Sanchez for closing remarks.

此時，我想將電話轉回給羅伯特·桑切斯先生作結束語。

Okay. Well, thank you all. Thanks for being on the call, your interest in the company and look forward to seeing you soon. Have a safe day.

好的。嗯，謝謝大家。感謝您的來電，感謝您對公司的關注，期待很快見到您。有一個安全的一天。

With that, that does conclude today's call. Thank you for your participation. You may now disconnect.

這樣，今天的電話會議就結束了。感謝您的參與。您現在可以斷開連接。