RXO Inc (RXO) 2023 Q2 法說會逐字稿

Welcome to RXO Q2 2023 Earnings Conference Call and Webcast. My name is Sylvie and I will be your operator for today's call. Please note that this conference is being recorded. During this call, the company will make certain forward-looking statements within the meaning of federal securities laws, which by their nature, involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in the forward-looking statements.

歡迎參加 RXO 2023 年第二季度收益電話會議和網絡廣播。我叫西爾維，我將擔任您今天通話的接線員。請注意，本次會議正在錄製中。在本次電話會議中，公司將做出聯邦證券法含義內的某些前瞻性聲明，這些聲明本質上涉及許多風險、不確定性和其他因素，可能導致實際結果與前瞻性聲明中的結果存在重大差異。尋找陳述。

A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as in its earnings release. You should refer to a copy of the company's earnings release in the Investor Relations section on the company's website for additional important information regarding forward-looking statements and disclosures and reconciliations of non-GAAP financial measures that the company uses when discussing its results.

該公司向美國證券交易委員會提交的文件及其收益報告中包含了對可能導致實際結果出現重大差異的因素的討論。您應該在公司網站的投資者關係部分參閱公司收益發布的副本，以獲取有關前瞻性陳述以及公司在討論其業績時使用的非公認會計準則財務指標的披露和調節的其他重要信息。

I will now turn the call over to Drew Wilkerson. Mr. Wilkinson, you may begin.

我現在將把電話轉給德魯·威爾克森。威爾金森先生，您可以開始了。

Good morning, everyone. Thanks for joining today's earnings call. Joining me today in Charlotte are Chief Financial Officer, Jamie Harris; and Chief Strategy Officer, Jared Weisfeld. I'm pleased with RXO's performance in the second quarter of 2023 despite the soft freight market. Importantly, we accelerated our market share gains and achieved the goals we laid out for you last quarter. And we grew adjusted EBITDA sequentially.

大家，早安。感謝您參加今天的財報電話會議。今天與我一起來到夏洛特的是首席財務官傑米·哈里斯 (Jamie Harris)；首席戰略官賈里德·韋斯菲爾德。儘管貨運市場疲軟，但我對 RXO 在 2023 年第二季度的表現感到滿意。重要的是，我們加快了市場份額的增長，並實現了上季度為您制定的目標。我們調整後的 EBITDA 也連續增長。

In addition, last mile is on track to grow EBITDA year-over-year for 2023. Overall, our company-wide gross margin remained strong, 18.6%. And our adjusted EBITDA margin was up sequentially, even though revenue declined quarter-over-quarter. We continued to optimize our cost structure and invested to support our growth. Jamie will discuss our efforts in more detail in a few minutes.

此外，到 2023 年，最後一英里的 EBITDA 有望實現同比增長。總體而言，我們全公司的毛利率仍然強勁，達到 18.6%。儘管收入環比下降，但我們調整後的 EBITDA 利潤率環比上升。我們持續優化成本結構並進行投資以支持我們的增長。傑米將在幾分鐘內更詳細地討論我們的努力。

Our Q2 results were driven by another quarter of impressive year-over-year brokerage volume growth, strong brokerage profitability and improved results from last mile. In brokerage, we continue to grow profitably, significantly outperforming the industry. Volume grew by 10% year-over-year and we achieved gross margin of 15.4%. We set multiple brokerage volume records in the quarter, including new records for total volume, quarterly loads per day and monthly loads per day during the month of June. Year-over-year volume growth accelerated every month as the quarter progressed.

我們第二季度的業績得益於又一個季度經紀業務量同比令人印象深刻的增長、強勁的經紀盈利能力以及最後一英里業績的改善。在經紀業務方面，我們的盈利持續增長，明顯優於行業。銷量同比增長 10%，毛利率達到 15.4%。我們在本季度創下了多項經紀交易量記錄，包括 6 月份的總交易量、季度每日負載量和月度每日負載量的新紀錄。隨著本季度的進展，銷量的同比增長每個月都在加速。

For the last few quarters, we've highlighted the strength of our sales pipeline was successfully converted to contract volume in the second quarter. Contractual volume remained the most important driver of our brokerage growth. Similar to last quarter, managed transportation and LTL synergy loads also contributed to our growth. Overall, RXO's contractual volume grew 19% year-over-year. Our contract business now represents 79% of our brokerage volume. Bid momentum continued in the quarter with the number of bids up 23% year-over-year.

在過去的幾個季度中，我們強調了我們的銷售渠道的實力已在第二季度成功轉化為合同量。合約交易量仍然是我們經紀業務增長的最重要驅動力。與上季度類似，管理運輸和零擔協同負荷也為我們的增長做出了貢獻。總體而言，RXO的合同量同比增長19%。我們的合約業務目前占我們經紀業務量的 79%。本季度投標勢頭持續，投標數量同比增長 23%。

Now let me give you some color on what we're seeing within our brokerage customer verticals. Our retail e-commerce volumes flipped positive in the second quarter, growing low single digits year-over-year. You'll recall that our retail and e-commerce volumes declined by low single digits year-over-year in the first quarter. This was the first quarter that retail and e-commerce volumes grew year-over-year since Q3 of 2022. Our retail and e-commerce customers' inventories are in a much better position than they have been in a long time. Similar to last quarter, we also saw strength in the home furnishings, building and technology verticals.

現在讓我向您介紹一下我們在經紀客戶垂直領域中所看到的情況。我們的零售電子商務量在第二季度出現正增長，同比增長較低的個位數。您可能還記得，第一季度我們的零售和電子商務交易量同比下降了較低的個位數。這是自 2022 年第三季度以來零售和電子商務數量同比增長的第一個季度。我們的零售和電子商務客戶的庫存狀況比長期以來要好得多。與上季度類似，我們也看到了家居、建築和技術垂直領域的強勁表現。

When the market is this soft, many companies find it difficult to grow volume. However, RXO continues to win. Our customer relationships, service, technology and scale enable us to take share profitably. Our customers are telling us that they continue to reduce the number of carriers they're working with. And our long history of creating value within their supply chain has been awarding more freight to RXO. We're in an excellent position to receive spot loads and project freight when the market turns.

當市場如此疲軟時，許多公司發現很難增加銷量。然而，RXO 繼續獲勝。我們的客戶關係、服務、技術和規模使我們能夠從市場份額中獲利。我們的客戶告訴我們，他們繼續減少合作的運營商數量。我們在供應鏈中創造價值的悠久歷史一直為 RXO 提供更多運費。當市場轉變時，我們處於接收現貨貨物和項目貨運的絕佳位置。

As an example of how we're performing for our customers, in the second quarter, RXO won Dell's 2022 North America Full Truckload Carrier of the Year Award for the second straight year. Dell told us that our focus on partnership, performance and flexibility enabled them to meet the challenges of peak demand in last year's disrupted supply chain. We pride ourselves on the close relationships we have with our customers and we strive to provide this level of performance for every customer.

作為我們為客戶提供服務的一個例子，RXO 在第二季度連續第二年榮獲戴爾 2022 年北美整車運輸商獎。戴爾告訴我們，我們對合作夥伴關係、性能和靈活性的關注使他們能夠應對去年供應鏈中斷的高峰需求挑戰。我們為與客戶的密切關係感到自豪，並努力為每位客戶提供這種水平的性能。

I now want to spend some time discussing the dynamics that impacted brokerage gross profit per load in the quarter. We saw a significant tightening of capacity in a portion of the country as the quarter progressed. To put it in perspective, the national load-to-truck ratio increased when compared to the first quarter of 2023. There was an acute tightness in the states impacted by produce season. The tightening of capacity increased our cost of purchase transportation in those states. However, there was no corresponding increase in our sell rate due to the lack of spot market. Despite these dynamics, we still posted solid brokerage gross margin of 15.4% in the quarter, driven by the efforts of our team and our technology. Jared will talk more about this in a few minutes.

我現在想花一些時間討論影響本季度經紀業務毛利潤的動態。隨著本季度的進展，我們看到該國部分地區的產能大幅收緊。客觀地說，與 2023 年第一季度相比，全國卡車裝載率有所上升。受生產季節影響，各州的供應嚴重緊張。運力的緊縮增加了我們在這些州購買運輸的成本。然而，由於缺乏現貨市場，我們的銷售量並沒有相應增加。儘管存在這些動態，在我們團隊和技術的努力推動下，本季度我們的經紀業務毛利率仍然穩定，達到 15.4%。賈里德將在幾分鐘內詳細討論這一點。

Turning to the results within our complementary services, gross margin expanded by 50 basis points sequentially, a strong result. Both year-over-year and quarter-over-quarter, managed transportation significantly increased the number of synergy loads it provided to our truck brokerage business. Our managed transportation pipeline continues to convert nicely as large shippers strategically choose RXO to manage their transportation spend. In the second quarter, managed transportation onboarded a large new customer and secured several key wins that will be onboarded in early 2024. In last mile, EBITDA improved on a year-over-year basis as a result of the strategic pricing actions we discussed last quarter.

談到我們的補充服務的結果，毛利率連續增長了 50 個基點，這是一個強勁的結果。無論是同比還是環比，託管運輸都顯著增加了為我們的卡車經紀業務提供的協同負載數量。隨著大型托運人戰略性地選擇 RXO 來管理其運輸支出，我們的託管運輸管道繼續順利轉型。 In the second quarter, managed transportation onboarded a large new customer and secured several key wins that will be onboarded in early 2024. In last mile, EBITDA improved on a year-over-year basis as a result of the strategic pricing actions we discussed last四分之一.

Last mile's second quarter EBITDA was the highest it's been since the second quarter of 2021. We continue to expect to grow EBITDA within our last mile business year-over-year for full year 2023. We're winning because of our scale, our ability to design unique solutions for our customers and our superior customer service. Our cutting-edge technology continues to support our business results. In the second quarter, 96% of our loads were created or covered digitally.

最後一英里的第二季度 EBITDA 是自 2021 年第二季度以來的最高水平。我們繼續預計 2023 年全年最後一英里業務的 EBITDA 將同比增長。我們之所以獲勝，是因為我們的規模和能力為我們的客戶設計獨特的解決方案和卓越的客戶服務。我們的尖端技術繼續支持我們的業務成果。第二季度，我們 96% 的負載都是以數字方式創建或覆蓋的。

Looking ahead to the third quarter, we expect another quarter of year-over-year brokerage volume growth. Our playbook remains the same, grow profitably, provide best-in-class customer service, supported by industry-leading technology and controlled cost while making investments for the future. During the quarter, we announced the expansion of 3 brokerage offices, Ann Arbor, Michigan; Columbia, South Carolina; and Kansas City, Missouri.

展望第三季度，我們預計經紀業務量將再創一個季度同比增長。我們的策略保持不變，實現盈利增長，提供一流的客戶服務，以行業領先的技術和控製成本為支持，同時為未來進行投資。本季度，我們宣布擴建 3 個經紀辦事處，位於密歇根州安娜堡；南卡羅來納州哥倫比亞；和密蘇里州堪薩斯城。

Now shifting to what we're seeing in the market. Both our internal and market data suggest that we're approaching the bottom of this freight cycle. The exact timing of the bottom and the pace of the recovery are subject to the broader macroeconomic environment. We're closely watching industry-specific leading indicators, including tender rejections, load-to-truck ratios and carrier exits. We're always getting feedback from our customers and we're monitoring broader economic data, including industrial production and consumer demand. Jared will cover what we're seeing later in the call.

現在轉向我們在市場上看到的情況。我們的內部和市場數據都表明我們正在接近這個貨運週期的底部。觸底的具體時間和復甦的步伐取決於更廣泛的宏觀經濟環境。我們正在密切關注特定行業的領先指標，包括投標拒絕、卡車裝載率和承運商退出。我們始終從客戶那裡獲得反饋，並監控更廣泛的經濟數據，包括工業生產和消費者需求。賈里德將在稍後的電話會議中介紹我們所看到的內容。

This isn't the first time we've been through a market like this. Our leadership team has decades of experience operating in every kind of freight cycle. We're optimizing our cost structure, leveraging technology and closely monitoring all the data to make the right decisions for the long term. We're exactly where we need to be in this part of the freight cycle. RXO's volume growth combined with our optimized cost structure will lead to significant earnings growth when the cycle inflects. We expect the moves that we're making now will pay off for years to come.

這不是我們第一次經歷這樣的市場。我們的領導團隊在各種貨運週期中擁有數十年的運營經驗。我們正在優化成本結構，利用技術並密切監控所有數據，以做出正確的長期決策。我們正是在貨運週期的這一部分中需要達到的位置。 RXO 的銷量增長與我們優化的成本結構相結合，將在周期發生變化時帶來顯著的盈利增長。我們預計我們現在採取的舉措將在未來幾年得到回報。

With that, I'll turn it over to Jamie.

有了這個，我會把它交給傑米。

Thank you, Drew and good morning to everyone. As Drew mentioned, we're executing well in what is a tough environment. In the second quarter, we generated $1 billion in revenue compared to $1.2 billion in the second quarter of 2022. Profitability remained solid with gross margin of 18.6%, down 300 basis points year-over-year. Our adjusted EBITDA was $38 million in the quarter compared to $101 million in the second quarter of 2022 and our adjusted EBITDA margin was 3.9%, down 430 basis points from the prior year. The declines in these metrics were primarily due to lower year-over-year freight rates, the moderation in brokerage gross margins and the incremental corporate costs of being a standalone public company.

謝謝你，德魯，大家早上好。正如德魯提到的，我們在艱難的環境中表現良好。第二季度，我們實現了 10 億美元的收入，而 2022 年第二季度為 12 億美元。盈利能力保持穩健，毛利率為 18.6%，同比下降 300 個基點。本季度調整後 EBITDA 為 3800 萬美元，而 2022 年第二季度為 1.01 億美元，調整後 EBITDA 利潤率為 3.9%，比上年下降 430 個基點。這些指標的下降主要是由於運費同比下降、經紀毛利率放緩以及作為獨立上市公司的企業成本增量。

It's important to note that Q2 2022 was the peak of the prior freight cycle and the highest EBITDA in the company's history, a tough comparison we are cycling. Combined direct operating expenses and SG&A were down 5% on a sequential basis. This was a direct result of the cost actions we took in the quarter and the variable component of our cost structure. Despite the 5% sequential reduction in revenue, our EBITDA margins improved by 20 basis points from the first quarter of 2023, driven by our strong execution and process engineering initiatives.

值得注意的是，2022 年第二季度是上一個貨運週期的頂峰，也是公司歷史上最高的 EBITDA，這是我們正在進行的一個艱難的比較。直接運營費用和銷售、一般管理費用合計環比下降 5%。這是我們在本季度採取的成本行動以及成本結構的可變組成部分的直接結果。儘管收入環比減少 5%，但在我們強大的執行力和流程工程計劃的推動下，我們的 EBITDA 利潤率較 2023 年第一季度提高了 20 個基點。

We continue to optimize our cost structure which helped us sort the pricing pressure. This positions us well to drive substantial operating margin leverage when the cycle inflex. I'll expand on this in more detail later. Below the line, our interest expense for the quarter was $8 million. Adjusted diluted earnings per share for the quarter was $0.08. You can find the bridge to adjusted EPS on Slide 8 of the earnings presentation.

我們持續優化成本結構，幫助我們緩解定價壓力。這使我們能夠在周期拐點時推動可觀的營業利潤率槓桿。稍後我將更詳細地闡述這一點。在此線之下，本季度的利息支出為 800 萬美元。本季度調整後攤薄每股收益為 0.08 美元。您可以在收益演示文稿的幻燈片 8 上找到調整後每股收益的橋樑。

Moving to our (inaudible) business. We continue to outperform the brokerage industry. We grew brokerage volume by 10% year-over-year. Profitability in brokerage remained strong with gross margin of 15.4%. Complementary Services gross margin was flat year-over-year and expanded by 50 basis points sequentially. Our last mile pricing initiatives were the biggest driver.

轉向我們的（聽不清）業務。我們的表現繼續跑贏經紀行業。我們的經紀業務量同比增長 10%。經紀業務盈利能力依然強勁，毛利率為15.4%。補充服務毛利率同比持平，環比增長 50 個基點。我們的最後一英里定價舉措是最大的推動力。

Please turn to Slide 9 as we discuss cash flow. Going forward, we'll communicate our cash conversion on a 6-month view, which will normalize for quarterly volatility. We had a very strong trailing 6-month cash flow conversion of 68%. This exceeded the estimate of 50% that we shared with you last quarter due to earlier-than-expected collection of some accounts receivable. We ended the quarter with $124 million of cash on the balance sheet.

請翻到幻燈片 9，我們討論現金流。展望未來，我們將以 6 個月的視角來傳達我們的現金轉換情況，這將使季度波動正常化。我們的過去 6 個月現金流轉換率為 68%，非常強勁。由於部分應收賬款的收回早於預期，這超出了我們上季度與您分享的 50% 的估計。本季度結束時，我們的資產負債表上有 1.24 億美元的現金。

Prospectively, there are some second half cash considerations to highlight. The earlier-than-expected collections in the second quarter were an approximately $15 million benefit, which will likely reverse in the third quarter. In addition, there will be approximately $10 million of cash outflows associated with fully approved legacy claims. Regarding working capital, we remain comfortable with an annual adjusted cash conversion rate between 40% and 60% of its adjusted EBITDA over the long term across market cycles. However, accelerated growth as the cycle turns will result in a usage of working capital in any given period.

展望未來，下半年有一些現金考慮因素需要強調。第二季度提前收款帶來的收益約為 1500 萬美元，第三季度這一情況可能會逆轉。此外，與完全批准的遺留索賠相關的現金流出約為 1000 萬美元。關於營運資本，我們仍然對跨市場週期的長期調整後 EBITDA 的年度調整後現金兌換率在 40% 至 60% 之間感到滿意。然而，隨著周期的轉變，加速增長將導致在任何特定時期內營運資金的使用。

We anticipate the use of working capital at a rate of approximately 7% to 9% of each incremental revenue dollar. This can impact short-term cash conversion dependent on the pace of recovery. Moving to restructuring and spin-related costs. Last quarter, we estimated restructuring and spin-related costs of approximately $35 million for the full year 2023, of which $30 million were expected cash outflows. These estimates remain unchanged. We took out additional costs in the quarter and achieved annualized run rate savings of approximately $7 million. These savings help us sort some of the reduction in brokerage gross profit per load in the quarter.

我們預計營運資金的使用率約為每一美元增量收入的 7% 至 9%。這可能會影響短期現金轉換，具體取決於復甦的速度。轉向重組和分拆相關成本。上季度，我們預計 2023 年全年的重組和分拆相關成本約為 3500 萬美元，其中 3000 萬美元為預期現金流出。這些估計保持不變。我們在本季度扣除了額外成本，年化運行率節省了約 700 萬美元。這些節省幫助我們解決了本季度每筆經紀業務毛利潤的部分減少問題。

We incurred approximately $1 million of restructuring charges to achieve the $7 million of savings and even better return relative to the first quarter's restructuring actions. As we previously discussed, we continue to anticipate restructuring and spin-related charges to decrease in 2024. We've now achieved year-to-date annualized run rate savings of approximately $27 million. While the savings have been (inaudible) of the current freight cycle dynamics and the reduction in brokerage gross profit per load, we are preparing the company for significant operating leverage when the cycle turns. Jared will expand on our growth algorithm in a few minutes.

我們支付了大約 100 萬美元的重組費用，以節省 700 萬美元，並獲得比第一季度重組行動更好的回報。正如我們之前所討論的，我們繼續預計 2024 年重組和分拆相關費用將會減少。我們目前已實現年初至今的年化運行率節省約 2700 萬美元。雖然當前貨運週期動態帶來的節省（聽不清）以及每次裝載經紀毛利潤的減少，但我們正在為公司在周期轉變時獲得顯著的運營槓桿做好準備。 Jared 將在幾分鐘內擴展我們的增長算法。

As you can see on Slide 10, our balance sheet remains strong with net leverage at quarter end at approximately 1.6x trailing 12 months adjusted EBITDA. This is at the midpoint of our stated target range and slightly higher when compared to the first quarter as we lapped last year's second quarter EBITDA. We executed $2 million of share repurchases in the quarter. As we discussed last quarter, at a minimum, we plan to repurchase enough shares to cover dilution from restricted stock grants on an annual basis.

正如您在幻燈片 10 中看到的，我們的資產負債表仍然強勁，季度末的淨槓桿率約為過去 12 個月調整後 EBITDA 的 1.6 倍。這是我們既定目標範圍的中點，與第一季度相比略高，因為我們超過了去年第二季度的 EBITDA。我們在本季度執行了 200 萬美元的股票回購。正如我們上季度討論的那樣，我們計劃至少回購足夠的股票，以彌補每年限制性股票授予帶來的稀釋。

Additionally, we'll continue to settle tax withholding obligations for divestment of pre-spin RSU grants in cash. This was a $2 million cash outflow in the second quarter and a $9 million cash outflow for the 6-month period. We estimate a cash outflow of approximately $15 million for RSU tax withholding obligations in 2023. You can find our 2023 modeling assumptions on Slide 14 of the deck. They remain unchanged and we continue to expect the following: capital expenditures between $60 million and $65 million. This includes $15 million of strategic investments in real estate to position us for additional growth in our brokerage business. Capital expenditures totaled an approximately 1% of revenue over the long term, in line with our guidance at Investor Day.

此外，我們將繼續以現金形式履行分拆前 RSU 贈款剝離的預扣稅義務。第二季度現金流出 200 萬美元，六個月期間現金流出 900 萬美元。我們估計 2023 年 RSU 預扣稅義務的現金流出約為 1500 萬美元。您可以在幻燈片 14 上找到我們的 2023 年建模假設。它們保持不變，我們繼續預計：資本支出在 6000 萬美元至 6500 萬美元之間。其中包括 1500 萬美元的房地產戰略投資，幫助我們實現經紀業務的進一步增長。長期來看，資本支出總計約佔收入的 1%，與我們在投資者日的指導一致。

Stock-based compensation expense, between $20 million and $22 million. Depreciation and amortization, between $70 million and $75 million; interest expense, between $32 million and $34 million and an adjusted effective tax rate of approximately 25%. You should also model an average diluted share count of approximately 120 million shares. Please note that this does not include any impact associated with potential share repurchases. Overall, given the current state of the macro economy and specifically the freight cycle, we're pleased with our execution. We're operating well, has solid cash flow generation and a strong balance sheet.

基於股票的補償費用，在 2000 萬美元至 2200 萬美元之間。折舊和攤銷在 7000 萬至 7500 萬美元之間；利息支出在 3200 萬至 3400 萬美元之間，調整後的有效稅率約為 25%。您還應該對大約 1.2 億股的平均稀釋股數進行建模。請注意，這不包括與潛在股票回購相關的任何影響。總體而言，考慮到宏觀經濟的當前狀況，特別是貨運週期，我們對我們的執行感到滿意。我們運營良好，擁有穩定的現金流生成和強大的資產負債表。

Now I'd like to turn it over to our Chief Strategy Officer, Jared Weisfeld, who will talk more about our outlook.

現在我想將其交給我們的首席戰略官 Jared Weisfeld，他將更多地談論我們的前景。

Thanks, Jamie, and good morning, everyone. We continue to outperform the market, growing brokerage volume by 10% year-over-year, with substantial market share gains enabled by our people and technology. We've been investing in artificial intelligence for the last decade. Our industry-leading pricing algorithms helped fuel brokerage gross margin of 15.4% in the quarter despite softness in the freight cycle.

謝謝杰米，大家早上好。我們的表現繼續跑贏市場，經紀業務量同比增長 10%，我們的人員和技術使市場份額大幅增長。過去十年我們一直在投資人工智能。儘管貨運週期疲軟，但我們行業領先的定價算法幫助經紀業務在本季度實現了 15.4% 的毛利率。

RXO's pricing suite of products is (inaudible) hundreds of thousands of times daily, which allows us to benefit from best-in-class dynamic pricing. I recently hosted an AI webcast with a few of our technology leaders to highlight this differentiated homegrown technology. In the second quarter, 96% of our loads were created or covered digitally versus 80% in the second quarter of 2022. 7-day carrier retention was a strong 78% in the quarter, compared to 73% in the second quarter of 2022.

RXO 的產品定價套件每天（聽不清）數十萬次，這使我們能夠從一流的動態定價中受益。我最近與我們的一些技術領導者一起主持了一場人工智能網絡廣播，以強調這種差異化的本土技術。第二季度，我們 96% 的負載是通過數字方式創建或覆蓋的，而 2022 年第二季度為 80%。本季度 7 天承運商保留率高達 78%，而 2022 年第二季度為 73%。

While carriers exited the market during the quarter, albeit at a slow rate, RXO's platform continued to benefit from carrier adoption. Q2 active network carriers increased by 2% sequentially and we grew weekly active users by 3% on a year-on-year basis. This quarter, we were again in an evitable position with contractual volume representing 79% of our business, up 200 basis points sequentially and up 600 basis points when compared to the second quarter of 2022. On a 2-year stack, contract volume growth was up 49%, accelerating from 42% in the prior quarter.

雖然運營商在本季度退出市場，儘管速度緩慢，但 RXO 的平台繼續受益於運營商的採用。第二季度活躍網絡運營商環比增長 2%，每週活躍用戶同比增長 3%。本季度，我們再次處於不可避免的境地，合同量占我們業務的 79%，比上一季度增長 200 個基點，與 2022 年第二季度相比增長 600 個基點。從 2 年來看，合同量增長增長49%，較上一季度的42% 有所加快。

As we approach the bottom of this freight cycle, I wanted to review how our contract and spot mix can shift during an upturn. While we'll still haul the same contractual freight, our best-in-class service to our contract customers will yield spot volume, mini bids and special projects. Our spot mix can increase quickly on a sequential basis. Revenue per load continues to be impacted by declining fuel prices, increased LTL synergy loads and length of haul, which was down year-over-year as last year's port diversion volume did not reoccur.

當我們接近這個貨運週期的底部時，我想回顧一下我們的合同和現貨組合在經濟好轉期間如何變化。雖然我們仍將運輸相同的合同貨運，但我們為合同客戶提供的一流服務將產生現貨量、迷你投標和特殊項目。我們的現貨組合可以連續快速增加。每載貨收入繼續受到燃油價格下降、零擔協同載貨增加和運輸距離增加的影響，由於去年的港口改道量沒有再次出現，運輸距離同比下降。

When compared to the second quarter of 2022 revenue on a per mile basis declined at a rate less than revenue per load. Given recent market developments, I thought it would be helpful to give a bit more color on our monthly trends in the quarter and expand on our current view of the freight cycle. I'll refer you to Slides 11 through 13 of the presentation. The national load-to-truck ratio moved higher as the quarter progressed. Capacity tightened significantly in certain states during the quarter and was particularly acute in states impacted by produce season.

與 2022 年第二季度相比，每英里收入的下降速度低於每次負載收入的下降速度。鑑於最近的市場發展，我認為對本季度的月度趨勢進行更多的闡述並擴展我們當前對貨運週期的看法將會有所幫助。我將向您推薦演示文稿的幻燈片 11 至 13。隨著本季度的進展，全國卡車裝載率不斷上升。本季度某些州的產能明顯收緊，受生產季節影響的州尤為嚴重。

As you can see on Slide 11, this had a direct impact on our cost of purchase transportation with buy rates moving up every month throughout the quarter. This is a long-term positive development but it does have the near-term impact of moderating gross margin and our brokerage gross margin exited the quarter at approximately 14%. Despite tightening market conditions, RXO still delivered strong brokerage gross margin of 15.4% for the quarter. We are very pleased with this margin performance at this point in freight cycle.

正如您在幻燈片 11 中看到的，這對我們的購買運輸成本產生了直接影響，整個季度的購買率每個月都在上升。這是一個長期的積極發展，但它確實會產生毛利率放緩的近期影響，本季度我們的經紀毛利率約為 14%。儘管市場環境趨緊，RXO 本季度經紀業務毛利率仍然強勁，達到 15.4%。我們對貨運週期目前的利潤表現非常滿意。

Moving to Slide 12. We're improving our cross-cycle profitability, delivering higher highs and higher lows. During the prior freight recession in 2019, RXO's adjusted EBITDA declined for 4 quarters by approximately 70% from peak to trough. We're now 4 quarters past our most recent peak but RXO's adjusted EBITDA is approximately 3.5x higher when compared to the second quarter of 2020. Our volume in that same period is up by 77%. Not only is our EBITDA significantly higher but our cost structure is more efficient and we're still making improvements while simultaneously investing in the business. You can see the impact of that effort in our second quarter results. EBITDA margin was up 20 basis points sequentially despite a 5% sequential reduction in revenue. Putting this all together, we are priming our model for significant operating leverage when the market inflects and I know all of you have questions about when we think that will be.

轉到幻燈片 12。我們正在提高跨週期盈利能力，創造更高的高點和更高的低點。在2019年之前的貨運衰退期間，RXO的調整後EBITDA連續4個季度從高峰到低谷下降了約70%。現在距離最近的峰值已經過去了 4 個季度，但 RXO 的調整後 EBITDA 比 2020 年第二季度高出約 3.5 倍。同期我們的銷量增長了 77%。我們的 EBITDA 不僅顯著提高，而且我們的成本結構也更加高效，而且我們在投資業務的同時仍在不斷改進。您可以在我們第二季度的業績中看到這一努力的影響。儘管收入環比減少 5%，但 EBITDA 利潤率仍環比增長 20 個基點。總而言之，當市場發生變化時，我們正在為我們的模型準備重要的運營槓桿，我知道你們所有人都對我們認為何時會發生這種情況有疑問。

Our overall perspective is informed by internal and market data and we believe that we're approaching the bottom of this freight cycle. National load-to-truck ratio has moved higher since our last earnings call carrier exits are continuing, albeit at a slow pace. Additionally, consumer data has been encouraging and both retail inventory positions and volumes have improved. But while these are encouraging trends, we are still operating in a soft freight market. And as Drew mentioned, the exact timing of the bottom and pace of the recovery are subject to the broader macroeconomic environment.

我們的整體觀點是基於內部和市場數據，我們相信我們正在接近這個貨運週期的底部。自我們上次財報電話會議以來，全國裝載卡車比率有所上升，儘管速度緩慢，但承運商退出仍在繼續。此外，消費者數據令人鼓舞，零售庫存狀況和數量均有所改善。儘管這些趨勢令人鼓舞，但我們仍然在疲軟的貨運市場中運營。正如德魯所提到的，觸底的確切時間和復甦的速度取決於更廣泛的宏觀經濟環境。

Let's now move to Slide 13. Our Q2 gross profit per load was roughly in line with Q1 2020, the lowest level in the last 5 years. Note that this was partly impacted by the growth of LTL synergy loads within our brokerage business. Importantly, since Q1 2020, our brokerage volume has grown by approximately 70%, led by our core full truckload. Expanding on this a bit more, our exit rate gross profit per load was roughly in line with Q2 2017 levels. By Q4 2017, gross profit per load had recovered by approximately 70%. While we are not calling for this type of recovery, I thought it was important to provide some historical context about how quickly the market can turn.

現在讓我們轉到幻燈片 13。我們第二季度的每次負載毛利潤與 2020 年第一季度大致持平，是過去 5 年來的最低水平。請注意，這在一定程度上受到我們經紀業務內零擔協同負荷增長的影響。重要的是，自 2020 年第一季度以來，我們的經紀業務量增長了約 70%，其中我們的核心整車業務量增長了約 70%。再進一步擴展一下，我們的每次負載退出率毛利潤大致與 2017 年第二季度的水平一致。截至 2017 年第四季度，每負載毛利潤已恢復約 70%。雖然我們並不呼籲這種類型的複蘇，但我認為提供一些有關市場轉變速度的歷史背景非常重要。

I talked earlier about making higher lows. While we're currently operating at similar gross profit per load when compared to Q2 2017, brokerage gross margin during the month of June was 300 basis points higher. This is a business that moves quickly and we believe that RXO has a best-in-class growth algorithm. When the environment improves, we expect a greater than 50% EBITDA contribution margin, providing a path to rapid earnings growth. I'd now like to look forward and give you some more color on what we're expecting in the third quarter. While we don't provide quarterly guidance, I wanted to provide some puts and takes for our brokerage business given recent market developments.

我之前談到了創造更高的低點。雖然與 2017 年第二季度相比，我們目前的每筆負載毛利潤相似，但 6 月份的經紀毛利率高出 300 個基點。這是一項快速發展的業務，我們相信 RXO 擁有一流的增長算法。當環境改善時，我們預計 EBITDA 貢獻率將超過 50%，為盈利快速增長提供途徑。現在我想展望一下並為您提供更多關於我們對第三季度的預期的信息。雖然我們不提供季度指導，但考慮到最近的市場發展，我想為我們的經紀業務提供一些看跌期權和期權。

We exited the quarter with incredible brokerage volume momentum. Our brokerage sales pipeline remains robust and is at its highest level since pre-COVID. The pipeline is up 118% and 132% on a 2- and 3-year stack, respectively, despite a lower rate environment. This gives us confidence that we will again grow brokerage volume on a year-over-year basis in the third quarter. However, the third quarter will be negatively impacted by the full run rate impacts of the tighter market conditions that developed in the second quarter.

我們以令人難以置信的經紀業務量勢頭結束了本季度。我們的經紀銷售渠道仍然強勁，處於新冠疫情爆發前以來的最高水平。儘管利率環境較低，但在 2 年和 3 年堆棧中，該管道的收益率分別增長了 118% 和 132%。這讓我們有信心第三季度的經紀業務量將再次同比增長。然而，第三季度將受到第二季度市場狀況趨緊的全面運行率的負面影響。

Turning to monthly trends. July trends were similar to the month of June. While gross profit per load has not yet recovered, it did stabilize and was roughly flat in July when compared to June. Additionally, there were 2 fewer business days in the month. Encouragingly, brokerage volumes grew again on a year-over-year basis in July and truckload revenue per load trends held flat versus June. This is the first time truckload revenue per load has stabilized month-over-month since the first quarter of 2022.

轉向每月趨勢。 7 月趨勢與 6 月相似。雖然每負載毛利潤尚未恢復，但確實穩定下來，與 6 月相比，7 月基本持平。此外，該月還減少了 2 個工作日。令人鼓舞的是，7 月份的經紀業務量同比再次增長，每載卡車的收入趨勢與 6 月份持平。這是自 2022 年第一季度以來首次卡車每載收入環比穩定。

There are a few ways the remainder of the quarter can play out for our brokerage gross margin and I'll summarize them for you. Let's start with typical seasonality. While we have not yet seen gross profit per load recover, we typically see a seasonal gross profit per load improvement starting in August. To the extent this occurs, gross margin percentage for the quarter could be flat sequentially. Secondly, let's discuss that there's no change in the current environment. If the current environment continues with no gross profit per load recovery and only moderate capacity exits, gross margin percentage would be down slightly when compared to the second quarter of 2023.

本季度剩餘時間有幾種方法可以提高我們的經紀毛利率，我將為您總結一下。讓我們從典型的季節性開始。雖然我們尚未看到每負載毛利潤恢復，但我們通常會看到每負載毛利潤從 8 月份開始出現季節性改善。如果發生這種情況，本季度的毛利率可能會與上一季度持平。其次，我們現在的環境沒有變化。如果當前環境繼續下去，每次負荷毛利潤沒有恢復，且產能僅適度退出，則毛利率百分比將較 2023 年第二季度略有下降。

The last scenario is that there is a change in either supply or demand. If capacity starts to accelerate in a more meaningful manner, or demand increases heading into back-to-school and peak season, spot loads would emerge and increase as a percentage of the mix. While this is a long-term positive, our near-term gross margin percentage would moderate further in this scenario.

最後一種情況是供給或需求發生變化。如果運力開始以更有意義的方式加速，或者進入返校季和旺季需求增加，則現貨負荷將出現並以佔組合的百分比增加。雖然這是一個長期的積極因素，但在這種情況下，我們的近期毛利率百分比將進一步下降。

To summarize, we're continuing to gain market share profitably with brokerage gross margins that are higher than previous cycles. We're optimizing our cost structure while strategically investing in the business and have an algorithm to deliver rapid earnings growth. We're improving cross-cycle profitability. Our asset-light business model generates significant free cash flow and we're returning capital to shareholders. We continue to believe that growth of free cash flow on a per share basis is a primary driver of long-term value creation.

總而言之，我們將繼續以高於之前週期的經紀毛利率來盈利地獲得市場份額。我們正在優化成本結構，同時對業務進行戰略投資，並擁有實現快速盈利增長的算法。我們正在提高跨週期盈利能力。我們的輕資產商業模式產生了大量的自由現金流，並且我們正在向股東返還資本。我們仍然相信每股自由現金流的增長是長期價值創造的主要驅動力。

Put simply, we just grew volumes by 10% with strong gross margins as we approach the bottom of the cycle. Imagine the possibilities when the freight cycle inflects.

簡而言之，當我們接近週期底部時，我們的銷量增長了 10%，毛利率也很高。想像一下貨運週期發生變化時的可能性。

With that, I'll turn it over to the operator for Q&A.

這樣，我會將其轉交給接線員進行問答。

(Operator Instructions) And your first question will be from Stephanie Moore at Jefferies.

（操作員說明）您的第一個問題將來自 Jefferies 的 Stephanie Moore。

So my first question, really impressive load growth continues acceleration in 2Q. Can you maybe just talk a little bit about how you're growing volumes at these levels, double-digit clip while still holding on to these strong above-peer margin.

所以我的第一個問題是，真正令人印象深刻的負載增長在第二季度繼續加速。您能否簡單談談您如何在這些水平上實現兩位數的銷量增長，同時仍然保持這些強勁的高於同行的利潤率。

When you look at how we built the business, it's not one particular thing that is allowing us to outperform the market from a volume perspective and from a margin perspective. We've got great service with our customers. We pick up and deliver on time. We've got great communication throughout the life of a load cycle. When you look at the relationships with our customers, they're extremely strong. They're long tenured. We've got a history of creating solutions for them. So it's something they're comfortable coming back to.

當你看看我們如何建立業務時，你會發現，讓我們從銷量和利潤角度跑贏市場的並不是一件特殊的事情。我們為客戶提供優質的服務。我們準時取貨並送貨。我們在整個負載週期的生命週期中都保持著良好的溝通。當你觀察我們與客戶的關係時，你會發現他們的關係非常牢固。他們的任期很長。我們擁有為他們創建解決方案的歷史。所以這是他們很樂意回來的事情。

Our technology, we feel like it's second to none and it's something that allows them to be able to contribute success to their supply chain and it allows them to make informed decisions on how they're going to move their transportation. And then the last thing that I would highlight, as Jared mentioned in the opening comments, is that we've got a team that has been here, done this before, knows and understands how to operate in every part of the cycle.

我們的技術，我們覺得它是首屈一指的，它使他們能夠為他們的供應鏈做出成功的貢獻，並讓他們能夠就如何移動他們的運輸做出明智的決定。然後我要強調的最後一件事，正如賈里德在開場評論中提到的那樣，我們有一個團隊已經在這裡，以前做過這件事，知道並理解如何在周期的每個部分進行操作。

And then just for a follow-up. I appreciate the color that you provided, what you're seeing thus far in July. But I was wondering if you could talk a little bit about maybe what -- just high level, just remind us what normal seasonality is for revenue growth as well as gross profit per load. And then the comment, to the point where you do see similar gross profit per load as June and July. Maybe just talk a little bit about why you think that's the case? Is the macro starting to turn? Are you seeing some incremental volumes because of disruption in the space. Any additional color would be helpful.

然後只是為了後續行動。我很欣賞你提供的顏色，以及你在七月迄今為止所看到的顏色。但我想知道您是否可以談談可能是什麼 - 只是高水平，只是提醒我們收入增長以及每次負載毛利潤的正常季節性是什麼。然後是評論，您確實看到每次負載的毛利潤與六月和七月相似。也許只是談談你為什麼認為是這樣？宏觀經濟開始轉向了嗎？您是否看到由於空間中斷而導致的一些增量量？任何額外的顏色都會有幫助。

Yes, absolutely. So when you look from June to July, it was the first time in a while that we saw revenue per load stabilization. We also saw stabilization within our gross profit per load. It's still a soft trucking environment out there. But some of the things that have us cautiously optimistic as we look forward are, you're still seeing capacity exit the market. You're starting to see tender rejections pick up for the first time in a while. And if you look at waterfall routing guides, 3, 4 or 5 weeks ago, it wasn't getting past the first carrier. Now you're seeing waterfall routing guides get past the first carrier for the first time in a while and still landing somewhere between 2 and 5 weeks for where it is. So that tells you that there's been a shift in capacity. It's not a big enough shift to where it has created spot loads, which is ultimately when I believe the inflection will be. So we've seen a shift but not enough to take us out of a soft market overall.

是的，一點沒錯。因此，從 6 月到 7 月來看，這是我們一段時間以來第一次看到每次負載收入穩定。我們還看到每批貨物的毛利潤趨於穩定。那裡的卡車運輸環境仍然很軟。但我們對未來持謹慎樂觀態度的一些事情是，您仍然會看到產能退出市場。你開始看到一段時間以來第一次拒絕投標的情況出現。如果您查看 3、4 或 5 週前的瀑布式路由指南，您會發現它還沒有超越第一家運營商。現在，您會看到瀑布式路線指南一段時間以來第一次通過了第一家運營商，並且仍然在 2 到 5 週內到達其所在位置。這表明產能發生了變化。對於它所產生的點負載來說，這還不是一個足夠大的轉變，我相信最終會出現拐點。因此，我們已經看到了轉變，但還不足以讓我們擺脫整體疲軟的市場。

Your -- second part of your question, as far as disruption in the industry, disruption and volatility typically is a good thing if you're a good, strong broker. And so obviously, in the LTL, we've seen some orders pick up over the last couple of weeks. And one thing that we're watching closely is, if you start to see long (inaudible) freight bleed over into the truckload network. We haven't seen that yet but it's something that we do think is a possibility over the coming weeks.

你的問題的第二部分，就行業的顛覆而言，如果你是一個優秀、強大的經紀人，那麼顛覆和波動通常是一件好事。顯然，在零擔運輸方面，我們看到過去幾週一些訂單有所增加。我們正在密切關注的一件事是，如果您開始看到長時間（聽不見）的貨物流入卡車網絡。我們還沒有看到這種情況，但我們確實認為在未來幾週內有可能出現這種情況。

Next question will be from Brandon Oglenski at Barclays.

下一個問題將由巴克萊銀行的布蘭登·奧格倫斯基提出。

Drew, I guess this is more strategic in nature but gross profit per load obviously spiked during the pandemic and we know all the disruption looking backwards. But I guess, looking forward, with more competition in the space and you guys have obviously done a good job going more and more digital, is the value proposition structurally changed where like prior GP per load is just not the right benchmark anymore?

德魯，我想這本質上更具戰略意義，但在大流行期間，每次裝載的毛利潤明顯飆升，我們知道回顧所有的破壞。但我想，展望未來，隨著該領域的競爭越來越激烈，而且你們顯然在數字化方面做得很好，價值主張是否會發生結構性變化，比如之前的每次負載GP 不再是正確的基準？

That's not how we think about it, Brandon. When you look at the industry, there's been over 10,000 brokers in the space for as long as I've been doing this. So competition has always been there. To me, this is a cyclical business. And when you look at coming out of a low cycle, when you start to see load-to-truck ratio shift and typically is somewhere around 6:1, you'll see more spot loads. And what you'll see happen then is our gross profit per load on our contractual business that we'll still serve will come down. But the gross profit per load on the spot loads will go up.

我們不是這麼想的，布蘭登。縱觀這個行業，自從我從事這行以來，這個領域就有超過 10,000 家經紀商。所以競爭一直都存在。對我來說，這是一個週期性的行業。當你看到走出低週期時，當你開始看到負載與卡車的比率發生變化並且通常在 6:1 左右時，你會看到更多的點負載。然後你會看到我們仍然服務的合同業務的每次負載毛利潤將會下降。但現貨裝貨的每批毛利潤將會上升。

Okay. And can you expand on the sales line? Is this expanding business with your current customers? Because I think you also had a stat in the slide saying like average users on your platform only up maybe 3%. And -- so is this going deeper and bigger with the customers that you have already.

好的。您能擴大銷售範圍嗎？這是在擴大與您現有客戶的業務嗎？因為我認為您在幻燈片中也有一項統計數據，表示您平台上的平均用戶僅增長了 3%。而且——這對你已經擁有的客戶來說是否會變得更深、更大。

Absolutely. So whenever our customers are coming to us, they don't just come back and renew the business that we've got with them because we've got great service because we've got technology that's integrated within their platforms, they come back to us and they're giving us more freight than what we were hauling for them before. They trust us. But we're also bringing on new customers, make no mistake about it. I mean, this year, we brought on some new Fortune 100 companies and we're excited about the pipeline of bringing on new customers. We've got a strong brand in the marketplace.

絕對地。因此，每當我們的客戶來到我們這裡時，他們不僅僅是回來續訂我們與他們之間的業務，因為我們提供了優質的服務，因為我們擁有集成在他們的平台中的技術，他們還會回來我們，他們給我們提供的貨物比我們之前為他們拖運的貨物還要多。他們信任我們。但毫無疑問，我們也在吸引新客戶。我的意思是，今年，我們引入了一些新的財富 100 強公司，我們對引入新客戶的渠道感到興奮。我們在市場上擁有強大的品牌。

Next question will be from Ken Hoexter at Bank of America.

下一個問題將由美國銀行的 Ken Hoexter 提出。

Just want to kind of focus on that profitable growth commentary, right, which you highlighted a couple of times. I just want to understand the contrast with EBITDA falling from 8% margins to 4% margins. Maybe dig in how we should think about that move and then the inflection that you see coming? And then a couple of comments on cash calls that you made, there was a $10 million legacy claim. It seemed like there are a couple of things going on with cash, cash flow. Maybe you can -- either you or Jamie dig into that as well.

只是想關註一下盈利增長評論，對吧，你強調了幾次。我只是想了解 EBITDA 利潤率從 8% 下降到 4% 的對比。也許深入探討一下我們應該如何思考這一舉措以及您認為即將發生的變化？然後就您提出的現金調用發表幾條評論，其中有 1000 萬美元的遺產索賠。現金、現金流方面似乎發生了一些事情。也許你可以——你或傑米也可以深入研究這一點。

It's Jared, I'll start and then I'll hand it over to Jamie. In terms of EBITDA margin comparison, I think, as -- Jamie noted this in his -- I think it's really important to note that last year's Q2 EBITDA was the peak of the prior freight cycle and importantly was also the peak and the highest company EBITDA that RXO has ever delivered in terms of where we are in the cycle. It's a really tough comparison. In terms of strong profitability, 15.4% gross margins at this point in the freight cycle, given where we are, we're really proud of. You've covered us for a while. It's part of our DNA in terms of profitable growth, where we operate in a $400 billion market and we gain share and we're doing it profitably.

我是賈里德，我先開始，然後交給傑米。就EBITDA 利潤率比較而言，我認為，傑米在他的文章中指出了這一點，我認為值得注意的是，去年第二季度的EBITDA 是上一個貨運週期的峰值，重要的是，這也是峰值和最高的公司RXO 曾經交付的 EBITDA 就我們所處的周期而言。這是一個非常艱難的比較。就強勁的盈利能力而言，貨運週期目前的毛利率為 15.4%，考慮到我們所處的位置，我們確實感到自豪。你已經保護我們一段時間了。就盈利增長而言，這是我們 DNA 的一部分，我們在 4000 億美元的市場中運營，我們獲得了份額，並且我們正在盈利。

I'll hand it over to Jamie in terms of the cash considerations.

出於現金方面的考慮，我會把它交給傑米。

Yes. Thanks, Jared. On the cash comment, we had actually a really good quarter, very good first half of the year with conversion, and we're about 68%. One of our call out, is we had about $15 million roughly of collections of accounts receivable that came in earlier than we had anticipated. And so that will be on an apples-to-apples basis that will reverse in the third quarter. So it will be a little bit of something to consider when you build on the model. And then second call out was, we had about -- we have about a $10 million outflow of cash for some legacy claims that we've been -- that we've settled -- everything, ordinary course of business, fully accrued but we mainly called out just because it is an item that we want you to be able to model in your cash flow.

是的。謝謝，賈里德。關於現金評論，我們實際上度過了一個非常好的季度，上半年的轉化率非常好，我們的轉化率約為 68%。我們的呼籲之一是，我們大約有 1500 萬美元的應收賬款催收，比我們預期的要早。因此，這種情況將在同類基礎上進行，並將在第三季度發生逆轉。因此，當您在模型上構建時，需要考慮一些事情。然後第二個呼籲是，我們有大約 - 我們有大約 1000 萬美元的現金外流，用於我們已經解決的一些遺留索賠 - 一切，正常業務過程，全部應計，但我們主要是因為我們希望您能夠在現金流中建模這個項目。

All right. So just that, you're calling out just the $10 million on the outflow. I just want -- there were a couple of things you had mentioned there in terms of things that could affect cash coming up in the third quarter.

好的。就這樣，你只需要支出 1000 萬美元的資金流出。我只是想 - 您提到了一些可能影響第三季度現金的事情。

Yes, that's one -- just the early collections of some receivables late in the second quarter.

是的，就是這樣——只是第二季度末提前收回的一些應收賬款。

Which reversed itself, yes. And then just, minor thing, you used some new terms I haven't heard before, synergy loads and some things. What is -- what are those?

這反過來了，是的。然後，只是一件小事，你使用了一些我以前從未聽說過的新術語，協同負載和一些東西。什麼是——那些是什麼？

Yes. So when you look at the LTL loads that we talked about, the reason that we have seen growth in LTL over the last couple of quarters is because of our service in truckload. So these are customers who are doing business with us on the truckload side and they're coming to us and say, we want to continue to expand, we want to look at other modes of transportation with you. So the synergy that we're getting off of our truckload is leading to growth within other verticals for us. When you look at LTL overall, these are highly automated loads on both covered and created and it's low touch and it's incremental margin for us as far as what we've done there on the LTL side. But make no mistake about it, our business is led by the truckload growth and truckload growth led the quarter for us as well.

是的。因此，當您查看我們討論的零擔負載時，我們看到過去幾個季度零擔增長的原因是我們的卡車負載服務。這些是與我們在卡車運輸方面開展業務的客戶，他們來找我們說，我們想繼續擴張，我們想與您一起考慮其他運輸方式。因此，我們從卡車上獲得的協同效應正在為我們帶來其他垂直領域的增長。當你從整體上看LTL 時，你會發現這些在承保和創建方面都是高度自動化的負載，而且接觸程度低，而且就我們在LTL 方面所做的事情而言，這對我們來說是增量利潤。但請不要誤會，我們的業務是由卡車裝載量增長帶動的，而卡車裝載量增長也帶動了我們這個季度的增長。

So then I guess on that, are there any immediate reads given all the volatility, you mentioned kind of you're starting to see that. I mean, I would imagine just over the last 3 weeks, we would have seen such a massive shift on the LTL side. Anything you can kind of highlight on the business shift in that part of the business?

那麼我想，考慮到所有的波動性，是否有任何立即的解讀，你提到你開始看到這一點。我的意思是，我想在過去的三週內，我們會看到零擔方面發生如此巨大的轉變。關於這部分業務的業務轉變，您有什麼可以強調的嗎？

Yes. We've seen a slight pickup in our LTL loads. Again, we're close to all of our customers. They're going to call us as they are experiencing any kind of disruption in the market to be able to create a solution for them. The biggest thing that I'm watching for, Ken, is do you start to see freight bleed over into the truckload market? Does that create spot load? It's not something we've seen at this point but it's something we're monitoring.

是的。我們發現零擔負載略有增加。再次強調，我們與所有客戶都很親近。當他們遇到市場上的任何干擾時，他們會打電話給我們，以便能夠為他們創建解決方案。肯，我最關注的事情是，你是否開始看到貨運流入卡車市場？這會產生點負載嗎？這不是我們目前看到的情況，但我們正在監控。

Next question will be from Scott Schneeberger at Oppenheimer.

下一個問題將由奧本海默的斯科特·施尼伯格提出。

I guess, I'd start off, could you guys speak a little bit -- I understand you're not giving forward guidance but can you give some scenario analysis to how third quarter may play, just curious your visibility into back-to-school and the holiday season and what you're seeing out there? And then just kind of as a follow-on, as you gaining share here, where -- what are the end markets you'd say where you're gaining share? And is it small peers? Is it large peers? Just a sense of that.

我想，我想，你們能說一點嗎——我知道你們沒有提供前瞻性指導，但你們能否對第三季度的情況進行一些情景分析，只是好奇你們對背靠背的了解——學校和假期，你在外面看到了什麼？然後，作為後續，當你在這裡獲得份額時，你會說你在哪裡獲得份額的終端市場是什麼？而且是小同齡人嗎？是大同齡人嗎？只是有這樣的感覺。

Yes. So we haven't seen a notable change from June to July, from what we're tracking. As you start to look out farther than Q3 and you look into Q4, inventory levels are in a much better position than what they were at this point last year. The consumer health has been resilient as we've gone through the cycle. The biggest thing that we've got to be able to see is what happens from a consumer demand perspective. And we don't have a forecast or a read on how that's going to play out for Q4 yet at this point. But one of the positive trends for us in the third quarter is you did -- in the second quarter, is you did see retail and e-commerce volumes picked up for the first time since the middle of last year.

是的。因此，根據我們追踪的情況，從 6 月到 7 月，我們沒有看到顯著的變化。當您開始關注第三季度和第四季度時，您會發現庫存水平比去年此時要好得多。隨著我們經歷這個週期，消費者的健康狀況一直保持彈性。我們必須能夠看到的最重要的事情是從消費者需求的角度來看會發生什麼。目前我們還沒有對第四季度的情況進行預測或解讀。但對我們來說，第三季度的一個積極趨勢是，在第二季度，你確實看到零售和電子商務交易量自去年中期以來首次回升。

Your second question, I think, was about like where is the share gains coming from? And it is coming from everywhere. It's not one specific competitor or shape and size of a competitor. It's really about going to our customers, creating solutions, looking at what fits in well within our network that's going to create value within their supply chain. And again, one of our customers that we've got a long history with, that we do business with, they come back to us time and time again, they don't just come back and say we want to renew what we're doing with you. We want to grow. So we're able to take share and we're able to do it at best-in-class margins.

我認為你的第二個問題是關於股票收益從何而來？它來自四面八方。它不是某個特定的競爭對手，也不是競爭對手的形狀和大小。這實際上是面向我們的客戶，創建解決方案，尋找適合我們網絡的內容，從而在他們的供應鏈中創造價值。再說一次，我們的一位客戶與我們有著悠久的歷史，我們與之有業務往來，他們一次又一次地回到我們身邊，他們不僅僅是回來說我們想要更新我們的產品和你一起做。我們想要成長。因此，我們能夠獲得市場份額，並且能夠以一流的利潤率做到這一點。

Jamie, if I could, just (inaudible) ask on a status report on your cost savings initiative. Where are you, what inning? What's to come? What type of unique savings and spend we should anticipate in upcoming quarters?

傑米，如果可以的話，請（聽不清）詢問有關您的成本節約計劃的狀態報告。你在哪裡，第幾局？將會發生什麼？在接下來的幾個季度中，我們應該預期哪些類型的獨特節省和支出？

Yes. So we've had a really good year in terms of the take cost out of the business. To date, we spent about $9 million on restructuring charges we had $1 million in this quarter, $8 million in the first quarter. But that's yielded annualized about $27 million worth of run rate savings. And we're really pleased with kind of a 3:1 investment ratio and we're going to continue to do that if we can find those opportunities. If you look at kind of what inning we're in, what we did, we -- after spin, we really took up -- I'll call it a white sheet of paper and we looked at org structure, we looked at vendors. We had some duplicative roles. We had some duplicative vendors that we were able to consolidate. We were able to cut some costs there. We looked at facilities to make sure that we can still service the customer with excellent and maybe put 2 facilities together, sublet us some space.

是的。因此，就業務成本而言，我們度過了非常好的一年。迄今為止，我們在重組費用上花費了約 900 萬美元，本季度為 100 萬美元，第一季度為 800 萬美元。但這每年節省了價值約 2700 萬美元的運行率。我們對 3:1 的投資比例感到非常滿意，如果我們能找到這些機會，我們將繼續這樣做。如果你看看我們所處的局，我們做了什麼，我們——旋轉之後，我們真的開始了——我將其稱為一張白紙，我們研究了組織結構，我們研究了供應商。我們有一些重複的角色。我們有一些重複的供應商，我們能夠整合它們。我們能夠在那裡削減一些成本。我們檢查了設施，以確保我們仍然可以為客戶提供優質的服務，也許可以將兩個設施放在一起，轉租給我們一些空間。

In terms of the [Integrand], from a overall process engineering, we want to become known internally and externally as a continuous improvement company that's always looking to optimize cost. And what we're going to do is, really begin to drive how can we get quicker, better, make quicker decisions. At the end of the day, I think it's evident and sequentially, if you look at our margins, up about 20 basis points sequentially, despite having revenue down. I think you're seeing those cost savings begin to play out in the P&L.

就 [Integrand] 而言，從整體流程工程來看，我們希望成為一家在內部和外部都廣為人知的持續改進公司，始終尋求優化成本。我們要做的是，真正開始推動我們如何更快、更好、更快地做出決策。歸根結底，我認為這是顯而易見的，如果你看看我們的利潤率，儘管收入下降，但仍連續上升約 20 個基點。我認為您會看到這些成本節省開始在損益表中發揮作用。

And so we've got a lot to do there. But the big thing to take away is, we want to be a continuous improvement company. We're constantly finding ways to improve our cost structure. So when this market inflects, we have opportunity to bring some really good saving -- really good earnings to the bottom line.

所以我們在那裡有很多事情要做。但最重要的是，我們希望成為一家持續改進的公司。我們不斷尋找改善成本結構的方法。因此，當這個市場發生變化時，我們有機會帶來一些真正好的儲蓄——真正好的收益。

Next question will be from Ravi Shanker at Morgan Stanley.

下一個問題將由摩根士丹利的 Ravi Shanker 提出。

Drew and team, I think you were the first management team to call the end of the down cycle on your previous conference call and hopefully, you're the first management team to call the beginning of the upside on this conference call. So a, thank you for your service. And b, I think Jared's walk through of the different scenarios for the back half of the year, really helpful. But just trying to get a sense of, are you guys looking for a U-shape or a V-shaped recovery here? Because I think it looks like there's a little bit of a delay in the handoff between the down cycle and the up cycle. Do you think this kind of limbo period lasts for a while? Or do you think kind of as we get into back-to-school and holiday season, we should see a pretty nice recovery among those scenarios.

德魯和團隊，我認為你們是第一個在上次電話會議上宣布下行週期結束的管理團隊，希望你們也是第一個在本次電話會議上宣布上行週期開始的管理團隊。所以，謝謝您的服務。 b，我認為賈里德對今年下半年的不同場景的演練非常有幫助。但我想了解一下，你們是在尋找 U 型複蘇還是 V 型複蘇？因為我認為下行週期和上行週期之間的切換看起來有一點延遲。你認為這種迷茫期會持續一段時間嗎？或者您認為，當我們進入返校和假期季節時，我們應該會看到這些情況出現相當好的複蘇。

Yes, absolutely. Thank you, Ravi. Well, I do want to clarify, we didn't call for the inflection yet at this point. We said we're approaching the bottom. And the shape of the recovery and the timing of the recovery is still to be determined. I think some of that is going to be determined by overall consumer demand. We're seeing some positive trends whenever you think about carriers exiting, whenever you start thinking about tender rejections going up, load-to-truck ratio increasing, you're going farther down the routing guide. Those are positive signs and you have to have those before an inflection. But the shape and timing of the recovery, I think it's still too early to call.

是的，一點沒錯。謝謝你，拉維。好吧，我確實想澄清一下，我們此時還沒有要求進行變形。我們說過我們正在接近底部。復甦的形式和復甦的時間仍有待確定。我認為其中一些將由整體消費者需求決定。每當你想到承運商退出，每當你開始考慮拒絕投標的情況上升，裝載卡車的比率增加，我們就會看到一些積極的趨勢，你就會在路線指南上走得更遠。這些都是積極的跡象，你必須在拐點之前擁有這些跡象。但我認為現在判斷復甦的形式和時機還為時過早。

And Ravi, it's Jared. And I think in your last note, you made a really good point in terms of as the back half of the year plays out, what we're looking to is the health of the consumer, right? So as we noted in the script, the health of the consumer. We're seeing some encouraging signs in terms of the resiliency. We want to see how that plays out. But as Drew also noted, inventories are in a much better position for our retail and e-commerce customers. So to the extent that we look into the back half of the year to the extent that continues, it could be a really interesting situation as you think about the back half.

拉維，我是賈里德。我認為在您的上一篇筆記中，您在下半年的情況下提出了一個非常好的觀點，我們關注的是消費者的健康，對吧？正如我們在腳本中指出的那樣，消費者的健康。我們在彈性方面看到了一些令人鼓舞的跡象。我們想看看結果如何。但正如德魯也指出的那樣，對於我們的零售和電子商務客戶來說，庫存狀況要好得多。因此，就我們對今年下半年的持續關注而言，當你考慮下半年時，這可能是一個非常有趣的情況。

And maybe as a follow-up, kind of just looking at the tightening of the routing guide, do you have a sense of how much of that is demand improvement versus kind of supply exiting the market? And kind of when we talk about supply, obviously, we're thinking about asset-based trucking supply. But are you also seeing something similar on the brokerage side where mom-and-pop brokers simply can't compete in an AI arms race or a machine learning arms race. And so kind of that part of the (inaudible) brokerage business is also being consolidated?

也許作為後續行動，只是看看路線指南的收緊，您是否知道其中有多少是需求改善與退出市場的供應類型相比？當我們談論供應時，顯然我們正在考慮基於資產的卡車運輸供應。但您是否也在經紀業務方面看到了類似的情況，夫妻經紀商根本無法參加人工智能軍備競賽或機器學習軍備競賽。那麼（聽不清）經紀業務的那一部分也正在整合？

The biggest thing that we've seen is, if people who have led with rates on a waterfall routing guide, they may not be taking as much of the tenders as what they were taking in a few months earlier. So that, that hasn't held up whether it's been broker or asset-based carriers. So for us, if you see the market tighten up more, you're going to see more pressure there, Ravi.

我們看到的最重要的事情是，如果那些在瀑布路線指南上領先的人，他們可能不會像幾個月前那樣接受那麼多的投標。因此，無論是經紀商還是基於資產的運營商，這一點都站不住腳。所以對我們來說，如果你看到市場更加收緊，你就會看到更大的壓力，拉維。

Next question will be from Scott Group at Wolfe Research.

下一個問題將來自沃爾夫研究公司的斯科特集團。

So Jared, I understand some of the scenarios you laid out for us. I'm just curious, your take, is it -- do you think it's more likely that EBITDA is higher or lower third quarter versus second quarter or if you -- second half versus first half, wherever you think you've got better visibility.

賈里德，我理解你為我們提出的一些場景。我只是好奇，你的看法是 - 你認為第三季度 EBITDA 比第二季度更高還是更低，或者你認為 - 下半年與上半年相比，無論你認為你有更好的能見度。

Scott, I appreciate the question. So as you know, we don't -- while we don't issue formal -- we don't issue quarterly guidance, I wanted to lay out some scenarios in terms of how we think about Q3 is going to play out. I think the first thing to consider is certainly, as we talked about, the market tightening, that progressed as of Q2 in terms of month-on-month changes in buy rates, that, of course, you have the full run rate impact from market conditions that develop late into Q2, into Q3. So then as you think about how the quarter progresses from a July standpoint, as we mentioned, we're seeing some encouraging trends in terms of gross profit per load stabilization. We're seeing revenue per load on truckload flat relative to the month of June. That's the first time that's occurred since Q1 of last year. So certainly an encouraging development.

斯科特，我很欣賞這個問題。如您所知，我們不會 - 雖然我們不發布正式的 - 我們不會發布季度指導，但我想就我們如何看待第三季度的情況列出一些情景。我認為首先要考慮的肯定是，正如我們所討論的，市場緊縮，從第二季度開始，購買率的環比變化就取得了進展，當然，你會受到來自市場狀況將在第二季度後期發展到第三季度。因此，當您從 7 月份的角度思考本季度的進展時，正如我們提到的，我們在每次負載穩定的毛利潤方面看到了一些令人鼓舞的趨勢。我們看到每卡車裝載的收入與 6 月份持平。這是自去年第一季度以來首次出現這種情況。因此，這無疑是一個令人鼓舞的發展。

And then to your point, as you think about the remainder of the quarter, I think it's still too early to call. We're seeing some encouraging signs, as Drew mentioned, with respect to tender projections and talking about the waterfall on the routing guide. So I think that's, we'll see how the quarter plays out. But I think those 3 scenarios are how we're looking at the rest of the quarter in terms of whether or not we see the typical seasonality uplift that we see in August in terms of gross profit per load, whether or not the environment remains the same or whether or not carriers continue to accelerate in terms of the exits in the market and then whether or not we've got the staging for peak season.

然後就你的觀點而言，當你考慮本季度剩餘時間時，我認為現在下結論還為時過早。正如德魯提到的，我們看到了一些令人鼓舞的跡象，包括招標預測和路線指南上的瀑布。所以我認為，我們將看看本季度的表現如何。但我認為這 3 種情況是我們如何看待本季度剩餘時間的，無論我們是否看到 8 月份每負載毛利潤的典型季節性上升，無論環境是否仍然如此同樣，運營商是否繼續加速退出市場，以及我們是否已經做好了旺季準備。

Okay. And then when I think about net operating margins. Last year, they were about 20%. This year, we're modeling closer to 10%. As you think about the next up cycle, what -- is there something that we can do to get to higher ultimate net operating margins in the next up cycle to just get better underlying profitability.

好的。然後當我考慮淨營業利潤率時。去年，這一數字約為 20%。今年，我們的建模比例接近 10%。當你考慮下一個上升週期時，我們可以做些什麼來在下一個上升週期中獲得更高的最終淨營業利潤率，從而獲得更好的基礎盈利能力。

Yes. From our standpoint, we continue to look at free cash flow on a per share basis as our primary -- as our primary North Star. From our perspective, I think Jamie hit on this a little bit, right? We're priming the cost structure for significant operating leverage when the cycle inflects. We expanded EBITDA margins by 20 basis points sequentially despite a 500-basis point decline in sequential revenue. And when you think about what we're doing, I gave some color on the commentary in terms of how to think about contribution margin, right? So when we think at this point in the cycle, when the cycle inflects, we're going to have greater than 50% EBITDA contribution margin, which gives us confidence for rapid earnings growth when the cycle inflects.

是的。從我們的角度來看，我們繼續將每股自由現金流視為我們的主要目標——作為我們的主要北極星。從我們的角度來看，我認為傑米註意到了這一點，對吧？當週期發生變化時，我們正在啟動成本結構以實現顯著的運營槓桿。儘管收入環比下降 500 個基點，但我們的 EBITDA 利潤率環比擴大了 20 個基點。當你思考我們正在做的事情時，我在如何考慮邊際貢獻方面對評論進行了一些闡述，對吧？因此，當我們在周期的這個點上思考時，當週期發生變化時，我們將擁有超過 50% 的 EBITDA 邊際收益，這讓我們對周期發生變化時的盈利快速增長充滿信心。

Next question will be from Allison Poliniak at Wells Fargo.

下一個問題將由富國銀行的艾莉森·波利尼亞克提出。

On the volume growth sort of share gain commentary, is there a way to unbundle that in terms of what's coming from new customers versus increasing your share of wallet with existing customers? Then any differential in margin contribution, if it's coming from one way or the other?

關於銷量增長之類的份額增益評論，有沒有一種方法可以將新客戶的收入與增加現有客戶的錢包份額分開？那麼保證金貢獻是否存在差異（如果來自一種方式或另一種方式）？

Yes. No, absolutely. The majority of it is coming from existing customers because typically, whenever you're bringing on a new customer, you're not starting out with huge chunks of business. You're showing your capabilities. You're showing them what our technology can do and you continue to move the ball forward over time. So the majority of it is coming from existing customers. And if it's lanes that we have strong capacity in, their power lanes for us across the country, it's easy to integrate and the margins run similar to how the overall business is performing. If it's a newer lane and somewhere that we're building out a power lane, then the margins improve over time.

是的。不，絕對是。其中大部分來自現有客戶，因為通常情況下，每當您引入新客戶時，您都不會開始大量業務。你正在展示你的能力。您向他們展示了我們的技術可以做什麼，並且隨著時間的推移，您將繼續推動事情向前發展。所以大部分來自現有客戶。如果我們在全國范圍內擁有強大的產能，那麼整合起來就很容易，而且利潤率與整體業務的表現相似。如果這是一條較新的車道，並且我們正在某個地方建造一條動力車道，那麼利潤率會隨著時間的推移而提高。

Got it. And then the business wins in managed transportation, understanding how those wins will probably use more than 1 of your lines of businesses. Is there a way to understand sort of what that contribution could be in '24 or sort of an algorithm there?

知道了。然後，企業在管理運輸方面取得勝利，了解這些勝利可能如何使用您的一項以上的業務線。有沒有一種方法可以理解 24 年的貢獻或算法？

If you look right now, 62% of our revenue comes from customers who do business with more than 1 line of business. And we think that, that can continue to improve. We're just scratching the surface with what we're able to do from the integrations that we've got across our customers.

如果你現在看一下，我們 62% 的收入來自與 1 個以上業務線開展業務的客戶。我們認為，這可以繼續改進。我們只是從與客戶的集成中所能做的事情中觸及表面。

It's Jared. We secured several key wins in the quarter, to your point, just to emphasize that we feel comfortable. We are going to be onboarded in early 2024. And growth of freight under management within our managed transportation business is a real strategic priority for the organization. So when we think about the ability, we talked about in the quarter in terms of sequential and year-on-year synergy loads from our Managed Transportation business, they were up significantly. So as we think about the confidence level we have with the business momentum and managed transportation on those new wins, we think that's going to be a really exciting opportunity for us next year.

是賈里德。對於您的觀點，我們在本季度取得了幾場關鍵勝利，只是為了強調我們感覺很舒服。我們將於 2024 年初加入。我們管理的運輸業務中管理的貨運增長是該組織真正的戰略重點。因此，當我們考慮能力時，我們在本季度談到了我們的管理運輸業務的連續和同比協同負荷，它們顯著上升。因此，當我們考慮對這些新勝利的業務勢頭和管理運輸的信心水平時，我們認為明年這對我們來說將是一個非常令人興奮的機會。

Next question will be from Tom Wadewitz at UBS.

下一個問題將由瑞銀集團的湯姆·瓦德維茨提出。

I wanted to see if I could ask like a clarification on the load growth comment. So when you talk about 10% load growth, is that truckload growth? Or is that including LTL growth? And if it does include LTL, what did the truckload volume growth look like?

我想看看我是否可以詢問有關負載增長評論的澄清。那麼，當您談論 10% 的負載增長時，這是卡車負載的增長嗎？或者這包括零擔增長嗎？如果確實包括零擔，卡車裝載量的增長情況如何？

That is -- our overall load count growth, Tom, was 10%. And the majority of that was our -- came from the truckload side. We haven't broken it out but the more that we grow LTL is something that we should consider.

也就是說，湯姆，我們的總體負載計數增長了 10%。其中大部分是我們的——來自卡車一側。我們還沒有詳細說明這一點，但我們應該考慮零擔運輸量的增長。

So you were pretty close to 10% on truckload volume growth, too? Or I guess the reason I ask is just obviously, LTL loads revenue per load is a lot lower. And so you can kind of skew the load growth number if you see a meaningful change in the LTL loads.

那麼卡車裝載量的增長也非常接近 10% 嗎？或者我想我問的原因很明顯，零擔負載每次負載的收入要低得多。因此，如果您發現零擔負載發生有意義的變化，則可以對負載增長數字進行傾斜。

Tom, it's Jared. Yes. No. So to Drew's point, a majority of that growth that we talked about in the quarter is coming from our core full truckload. And I think it's important to emphasize also, when we think about the LTL loads that we're winning, why we're winning them, right? We're winning them because we're servicing that contractual freight on full truckload so well. So we talked about LTL synergy loads in the quarter contributing as a percentage, contributing to growth. Maybe to give you comfort or to give you some more perspective, LTL mix in the quarter was relatively unchanged relative to the prior quarter. And to Drew's point, a majority of our volume growth in the quarter was certainly attributable to our core full truckload.

湯姆，我是賈里德。是的。不。因此，就德魯的觀點而言，我們在本季度談到的增長大部分來自我們的核心整車運輸。我認為還必須強調的是，當我們考慮我們贏得的零擔負載時，為什麼我們會贏得它們，對嗎？我們贏得了他們的青睞，因為我們對整車合同貨運的服務非常好。因此，我們討論了本季度零擔協同負載對增長的貢獻百分比。也許是為了讓您感到安慰，或者讓您有更多的視角，本季度的零擔運輸組合與上一季度相比相對沒有變化。對於德魯來說，我們本季度銷量增長的大部分肯定歸因於我們的核心滿載卡車。

When I look at one of the big challenges, obviously, revenue per load down pretty significantly year-over-year and down sequentially quite a bit as well, how do we -- I mean, the market is going to do what it's going to do, right? How do we think about responsiveness of revenue per load for RXO when spot rates move up? Because you're at a very high contractual level but I think broker contracts can be pretty flexible. So how do you think about your revenue per load responsiveness when spot rates move up? Is that a couple of quarter lag? Do we have to wait for the next bid season to really see the kind of responsiveness and improvement in your revenue per load. Just trying to understand that time lag between the two.

當我看到其中一個重大挑戰時，很明顯，每次負載的收入同比大幅下降，並且連續下降了很多，我們如何——我的意思是，市場將做它要做的事情做，對嗎？當即期費率上升時，我們如何看待 RXO 每次負載收入的響應能力？因為你的合同水平非常高，但我認為經紀人合同可以非常靈活。那麼，當即期費率上升時，您如何看待每次負載響應帶來的收入？這是四分之一的滯後嗎？我們是否必須等到下一個投標季節才能真正看到您的響應能力和每次負載收入的改善。只是想了解兩者之間的時間差。

The market can turn quick, Tom. So I don't think that -- I mean, I don't think anybody's got a crystal ball on when it's going to turn but it can inflect at a very fast rate. And whenever you start to see spot loads those will be at a higher revenue per load. Now how much higher they will be at a revenue per load will depend on how tight capacity comes during that time.

湯姆，市場變化很快。所以我不認為——我的意思是，我不認為任何人都知道水晶球何時會轉動，但它可以以非常快的速度變化。每當您開始看到現貨負載時，每次負載的收入就會更高。現在，每次負載的收入會高出多少，將取決於這段時間內產能的緊張程度。

But if you're running 79% of loads or contract, like -- maybe I should ask it a little bit more fine point on it, how quickly would your contracts revenue per load respond to change in spot, are your contracts all 1 year? Are there -- is there a mix where you can get to some a lot quicker than that?

但是，如果您正在運行79% 的負載或合同，比如——也許我應該問得更詳細一點，您的合同每次負載收入對現場變化的響應速度有多快，您的合同都是1 年嗎？ ？有沒有一種組合可以讓你比這更快地得到一些？

It varies, Tom. A lot of our contracts are 1 year but you also -- whenever a market turns like that, you start to see more mini bids and you start to see more project freight come out. So you can see your contract revenue per load go up during that same time. And some of that's just a function of carrier givebacks within the customer.

情況有所不同，湯姆。我們的很多合同都是一年期，但你也一樣——每當市場出現這樣的變化時，你就會開始看到更多的迷你投標，並且開始看到更多的項目貨運。因此，您可以看到每次負載的合同收入在同一時間內有所增加。其中一些只是運營商對客戶的回饋的結果。

And encouragingly, in the month of July, we talked about full truckload revenue per load flat sequentially relative to June. So we are starting to see some encouraging trends, and that was the first time that remained flat since Q1 of last year, Tom.

令人鼓舞的是，在 7 月份，我們談論了相對於 6 月份的每裝載單位的整車收入。所以我們開始看到一些令人鼓舞的趨勢，這是自去年第一季度以來第一次保持平穩，湯姆。

Next question will be from Jack Atkins at Stephens.

下一個問題將來自斯蒂芬斯的傑克·阿特金斯。

I guess just maybe following up on Tom's question. If I go back to last quarter's call, I think the comment you guys made was that you thought you could skew or change that mix of contract versus spot by 1,000 basis points relatively quickly when the market began to turn. I guess, how do you -- a, is that still -- do you feel still like that's the case? And b, if that is, how do you square the idea of maybe taking market share and keeping market share with the reputational kind of challenges of going back to customers and walking back your rate commitments.

我想也許只是跟進湯姆的問題。如果我回到上個季度的電話會議，我認為你們的評論是，當市場開始轉向時，你們認為可以相對較快地將合約與現貨的組合傾斜或改變 1,000 個基點。我想，你怎麼——a，還是這樣——你感覺還是這樣嗎？ b，如果是這樣，您如何平衡可能奪取市場份額並保持市場份額的想法與回饋客戶並收回您的費率承諾的聲譽挑戰。

Yes. So I'll start with the latter part of your question. The reputational thing is something that we've got a strong reputation. That's why you've seen us outperform over the last decade. Jack, if you remember from 2013 through 2021, we grew 3x faster than what the brokerage industry grew. And over the last year, you've seen our share gains accelerate. That's because we have strong service. We've got great relationships with our customers. We've committed -- we've given them solutions that have had huge impacts on their business. So the reputational piece is not one that -- it plays to our advantage.

是的。所以我將從你問題的後半部分開始。聲譽是指我們擁有良好的聲譽。這就是為什麼我們在過去十年中表現出色。傑克，如果你還記得從 2013 年到 2021 年，我們的增長速度比經紀行業的增長速度快 3 倍。去年，您已經看到我們的份額增長加速。那是因為我們有強大的服務。我們與客戶有著良好的關係。我們承諾——我們為他們提供了對他們的業務產生巨大影響的解決方案。因此，聲譽並不是一個對我們有利的東西。

Yes. And Jack, I think you're exactly right. I mean we touched on this a little bit in the prepared remarks and we talked about this last quarter as well, our ability to mix shift aggressively to the contract versus spot, we think, is best-in-class. We're a flexible and agile organization. We're still going to haul the same contractual freight, to Drew's point, reputation and ability to service our customers is paramount to the organization.

是的。傑克，我認為你是完全正確的。我的意思是，我們在準備好的發言中稍微談到了這一點，我們也在上個季度討論了這一點，我們認為，我們積極混合轉向合約與現貨的能力是一流的。我們是一個靈活敏捷的組織。我們仍將運輸相同的合同貨物，在德魯看來，聲譽和為客戶提供服務的能力對於組織來說至關重要。

But then because of how well we service that contractual freight, we're going to get rewarded the mini bids, the special projects, the spot freight. So we're going to move fast. We have in cycles, to your point, moved the spot contract mix by as much as 1,000 basis points in a given quarter. Obviously, that's going to be a function of how quick the recovery is. But I think the important takeaway is that we're going to get rewarded that spot volume because of how well we service that contractual freight.

但由於我們為合同貨運提供的服務非常好，我們將獲得小型投標、特殊項目和現貨貨運的獎勵。所以我們要快速行動。正如您所說，我們在某個季度將現貨合約組合調整了多達 1,000 個基點。顯然，這將取決於恢復速度。但我認為重要的一點是，我們將獲得現貨量的回報，因為我們為合同貨運提供的服務有多好。

And then, I guess, thinking about the longer-term outlook, a year ago, when you all spun out from XPO, I think that if we kind of fast forward to where we are now, it's been a more challenging down cycle that I think really anybody would have anticipated. So the trough is maybe deeper and it's a longer kind of haul back to that [$475 million to $525 million] kind of longer-term target that you guys laid out for adjusted EBITDA in 2027. Are you guys still comfortable with that longer-term target, have sort of the key building blocks of that changed some just based on how the last year has progressed? Any sort of kind of comments on that?

然後，我想，考慮到長期前景，一年前，當你們都從 XPO 中剝離出來時，我認為，如果我們快進到現在的位置，那將是一個更具挑戰性的下行週期，我認為我想真的任何人都會預料到。因此，谷底可能會更深，而且要回到你們為 2027 年調整後 EBITDA 制定的長期目標 [4.75 億至 5.25 億美元] 需要更長的時間。你們仍然對這個長期目標感到滿意嗎？目標的關鍵組成部分是否僅根據去年的進展情況而發生了一些變化？對此有何評論？

We're still comfortable with the [$475 million to $525 million] EBITDA range for 2027 that we provided you with. We're making the right moves and investing in the business. We're building the foundation and preparing for the inflection. And Jack, when you look at what we're doing within the business, we're creating higher highs and higher lows. So we're setting ourselves up very well for when the market turns. So we're in a good position right now.

我們仍然對我們為您提供的 2027 年 [4.75 億美元至 5.25 億美元] EBITDA 範圍感到滿意。我們正在採取正確的行動並對業務進行投資。我們正在打好基礎，為拐點做準備。傑克，當你看看我們在業務中所做的事情時，我們正在創造更高的高點和更高的低點。因此，我們正在為市場轉變做好充分準備。所以我們現在處於有利的位置。

Next question will be from Jordan Alliger at Goldman Sachs.

下一個問題將由高盛的喬丹·阿利格提出。

Just a quick question, around the SG&A. As you noted in your presentation, it's a pretty good sequential as well as year-over-year decline. And you mentioned cost initiatives and stuff in the call, few times, but -- and I guess there's the variable cost aspect. Can you maybe talk a little bit more specifically about some of the actions taken and -- how do we think about that going forward?

只是一個關於 SG&A 的簡單問題。正如您在演示中指出的那樣，這是一個相當不錯的連續下降和同比下降。你在電話中幾次提到了成本計劃和其他內容，但是——我想這裡面有可變成本方面的問題。您能否更具體地談談所採取的一些行動，以及我們如何看待未來的行動？

Yes. This is Jamie. Yes, so we were able to take out run rate of $27 million, which we talked about. The overwhelming majority of that is what we would call structural cost removal, where it will not be added back as volume increases. I think you'll see, as Jerry mentioned, we're positioning the company from a cost structure to have a very good contribution margin as the market inflex.

是的。這是傑米。是的，所以我們能夠獲得 2700 萬美元的運行率，這是我們談到的。其中絕大多數是我們所說的結構性成本消除，它不會隨著數量的增加而增加。我想你會看到，正如傑里提到的，我們正在根據成本結構對公司進行定位，以便隨著市場的變化而擁有非常好的邊際貢獻。

You've heard us talk before about productivity, loads per head per day, that is set up to continue to grow, continue to become more productive. So the cost structure, some came out of SG&A, some came out of direct OpEx. But the way I would think about it is predominantly, it is a structural removal of cost that won't be added back with growth.

您之前聽過我們談論生產力，即每人每天的負荷，這是為了繼續增長、繼續提高生產力。所以成本結構，有些來自SG&A，有些來自直接運營支出。但我的主要思考方式是，這是一種結構性成本削減，不會隨著增長而增加。

Great. And then just a quick follow-up. Just on contracts again. Obviously, 79% is a pretty high level. Drew, maybe if you can just comment on sort of how you think about contracts over the cycle, how you feel that could flex over time up or down? And is this level, I mean, assume it's a level that you feel comfortable with because you're there but sort of strategically, why you sort of boosted it up so high right now?

偉大的。然後進行快速跟進。又是合同上的事了。顯然，79%是一個相當高的水平。德魯，也許您可​​以評論一下您對整個週期合同的看法，您認為隨著時間的推移，合同會如何變化？我的意思是，假設這是一個你感到舒服的水平，因為你在那裡，但從戰略上講，為什麼你現在把它提高得這麼高？

In a softer market, there's not a lot of spot loads. So the way to grow your business is to grow it through contractual business. For customers who trust you, the first step that you get is through a contractual business. So contractual businesses are [based] and spot loads come as the market inflex, as you start to see changes in capacity. And the first place that customers lean on, for whenever they see a tightness in capacity, is for the people they have the strongest relationships with. So when the market does inflect, we are in a very good position because of the relationships that we've got with our customers and the service that we provide to them.

在市場疲軟的情況下，現貨負載並不多。因此，發展業務的方法是通過合同業務來發展業務。對於信任你的客戶來說，你獲得的第一步就是通過合同業務。因此，合同業務是[基礎]的，現貨負荷隨著市場的變化而出現，因為你開始看到容量的變化。每當客戶發現能力緊張時，他們首先依賴的就是與他們關係最密切的人。因此，當市場確實發生變化時，由於我們與客戶的關係以及我們為他們提供的服務，我們處於非常有利的位置。

Is there 1 particular quarter or two there where we could look towards the bulk of the renewals? Like is it going to start in the fourth quarter of this year? Or is it more second quarter next year?

是否有一個或兩個特定季度我們可以期待大部分續訂？好像是從今年第四季度開始？還是明年第二季度更久？

Typically, you start to see it in Q4 and Q1.

通常，您會在第四季度和第一季度開始看到這一點。

Thank you. At this time, I would like to turn the call back over to Mr. Wilkerson for closing remarks.

謝謝。現在，我想將電話轉回給威爾克森先生做總結髮言。

Thank you, Sylvie. In the second quarter, RXO delivered significant brokerage volume growth and solid margin performance. This is an important part of the freight cycle. The decisions that we're making right now will position us for significant earnings growth when the cycle inflects. We've got a seasoned leadership team that's focused on continuing to take share while optimizing our cost structure and making the investments for future growth.

謝謝你，西爾維。第二季度，RXO 的經紀業務量顯著增長，利潤率表現穩健。這是貨運週期的重要組成部分。我們現在做出的決定將使我們在周期發生變化時實現顯著的盈利增長。我們擁有一支經驗豐富的領導團隊，專注於繼續佔據市場份額，同時優化我們的成本結構並為未來增長進行投資。

With our cutting-edge technology, massive capacity and the best people and strong customer relationships, RXO is well positioned over the long term. We remain confident in our ability to deliver our 2027 adjusted EBITDA targets. Thank you for your time today and I look forward to seeing many of you in the coming weeks.

憑藉我們的尖端技術、巨大的產能、最優秀的人才以及強大的客戶關係，RXO 從長遠​​來看處於有利地位。我們對實現 2027 年調整後 EBITDA 目標的能力仍然充滿信心。感謝您今天抽出寶貴的時間，我期待在未來幾週內見到你們中的許多人。

Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。再次感謝您的出席。此時，我們確實要求您斷開線路。