Saia Inc (SAIA) 2024 Q2 法說會逐字稿

I will be your conference operator today. At this time, I would like to welcome everyone to the Saia, Inc. second-quarter 2024 earnings conference call. (Operator Instructions)

今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Saia, Inc. 2024 年第二季財報電話會議。（操作員說明）

And I would now like to turn the conference over to Mr. Matt Batteh, Executive Vice President and Chief Financial Officer. You may begin.

現在我想將會議交給執行副總裁兼財務長 Matt Batteh 先生。你可以開始了。

Thank you, Abby. Good morning, everyone. Welcome to Saia's second-quarter 2024 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe.

謝謝你，艾比。大家早安。歡迎參加 Saia 2024 年第二季電話會議。與我一起參加今天電話會議的是 Saia 總裁兼執行長 Fritz Holzgrefe。

Before we begin, you should know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We refer you to our press release and our SEC filings for more information on the exact risk factors that could cause actual results to differ.

在我們開始之前，您應該知道，在本次電話會議中，我們可能會做出一些 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述以及本次電話會議中可能做出的所有其他非歷史事實的陳述均受到許多風險和不確定性的影響，實際結果可能存在重大差異。我們建議您參閱我們的新聞稿和向 SEC 提交的文件，以了解有關可能導致實際結果不同的確切風險因素的更多資​​訊。

I will now turn the call over to Fritz for some opening comments.

我現在將把電話轉給弗里茨，徵求一些開場意見。

Good morning, and thank you for joining us to discuss Saia's second-quarter results.

早安，感謝您加入我們討論 Saia 第二季業績。

While underlying macro trends remain tepid in our view, our year-over-year results in the second quarter continue to reflect the growth experienced since last summer. In the quarter, we averaged approximately 36,400 shipments per day compared to approximately 31,000 per day last year, an increase of 18%. During the quarter, we opened six new terminals and relocated two others, continue to execute our long-term strategy of improving our service and value proposition to the customer. While we are experiencing the impact of costs related to opening these new and relocated terminals, we continue to see the long-term value in our strategy of building density and positioning ourselves to better serve our customers.

儘管我們認為基本宏觀趨勢仍然不溫不火，但我們第二季的年比業績繼續反映了自去年夏天以來的成長。本季度，我們平均每天出貨約 36,400 件，與去年的每天約 31,000 件相比，成長了 18%。本季度，我們開設了六個新航站樓，並搬遷了另外兩個航站樓，繼續執行我們改善客戶服務和價值主張的長期策略。雖然我們正在經歷與開設這些新航站樓和搬遷航站樓相關的成本影響，但我們仍然看到我們建立密度和定位以更好地服務客戶的策略的長期價值。

The opening of our fourth terminal in the Dallas Metroplex helps further build density in the market and strategically position near some of our core customers. We've already seen the positive impact of this new facility as the proximity to the key customers has allowed us to provide unique solutions. The quarter was capped by the opening of our new Owatonna, Minnesota terminal, which marked the 200th facility in our network. Relocations are also an important part of the story as these relocated terminals often offer us multiple benefits including a more strategic position in the market and added capacity to better serve the new and existing customers.

我們在達拉斯都會區開設第四個航站樓有助於進一步提高市場密度，並在策略上定位於靠近我們的一些核心客戶。我們已經看到了這個新設施的正面影響，因為靠近主要客戶使我們能夠提供獨特的解決方案。本季的高潮是我們明尼蘇達州奧瓦通納新航站樓的開業，這標誌著我們網路中的第 200 個設施。搬遷也是故事的重要組成部分，因為這些搬遷的航站樓通常為我們帶來多種好處，包括在市場中更具戰略地位以及更好地服務新舊客戶的能力。

During the quarter, we relocated our Laredo, Texas facility, which resulted in a significant upgrade to our capacity in one of the most important freight corridors into the country. I was also pleased to see with these new openings, we have maintained our focus on customer service and each of our key service indicators improved in the quarter.

本季度，我們搬遷了德克薩斯州拉雷多的工廠，這使得我們在該國最重要的貨運走廊之一的運力得到了顯著提升。我還很高興地看到，透過這些新職位，我們繼續專注於客戶服務，並且每個關鍵服務指標在本季度都有所改善。

Our second-quarter revenue of $823 million increased from last year's second quarter by 18.5% is a record for any second quarter in our company's history. Yield or revenue per hundredweight, excluding fuel surcharge, increased 8.7% reflecting a constructive pricing backdrop and the impact of changes in our mix of business. Revenue per shipment, excluding fuel surcharge, increased 1% despite a headwind from weight per shipment, which was down 7.1% in the quarter and length of haul, which was also down modestly. Operating income of $137.6 million was 14.4% above 2023.

我們第二季的營收為 8.23 億美元，比去年第二季成長了 18.5%，這是我們公司歷史上任何第二季的記錄。每英擔產量或收入（不包括燃油附加費）增加了 8.7%，反映出積極的定價背景以及我們業務組合變化的影響。儘管本季每批貨物的重量下降了 7.1%，運輸距離也略有下降，但每批貨物的收入（不包括燃油附加費）仍增加了 1%。營業收入為 1.376 億美元，比 2023 年成長 14.4%。

Our second-quarter operating ratio of 83.3% deteriorated 60 basis points from last year's 82.7%. The results were impacted by the following: post last summer's industry disruption, we've described the ongoing changes in freight mix and patterns as we see the market adjust to absorb this disruption. Q2 is typically the industry's strongest quarter and the first peak quarter since last summer's events. Over the last 12-month period, we've focused on successfully building our network. As we review our growth to date, we should see proportionally more national account and retail-related freight with a shorter length of haul in one- and two-day markets. These customers value our emerging network and consistent high service levers.

我們第二季的營運率為 83.3%，比去年的 82.7% 下降了 60 個基點。結果受到以下因素的影響：去年夏天的行業混亂之後，我們描述了貨運結構和模式的持續變化，因為我們看到市場正在調整以吸收這種混亂。第二季度通常是該行業最強勁的季度，也是自去年夏季事件以來的第一個高峰季度。在過去 12 個月期間，我們專注於成功建立我們的網路。當我們回顧迄今為止的成長時，我們應該會看到國民帳戶和零售相關貨運在一日和兩天市場的運輸距離較短，比例會增加。這些客戶重視我們新興的網路和一貫的高服務水準。

However, the freight characteristics are notably different than we have traditionally seen. We've seen this profile of freight seasonally increase from Q1 to a larger relative proportion of our business compared to our historical mix. At the same time, we did not see the same seasonal increase in our traditional industrial freight. We estimate that this mix impact created a margin headwind for the quarter of roughly 150 to 200 basis points compared to last year. The margin headwinds created by the characteristic of the onboard freight only further emphasize our pricing initiatives and mix management focus as seen in our contractual renewals, which remained strong at 8.4%.

然而，貨運特徵與我們傳統上看到的明顯不同。與我們的歷史組合相比，我們看到這種貨運情況從第一季開始季節性增加，占我們業務的相對比例更大。同時，我們的傳統工業貨運並未出現同樣的季節性成長。我們估計，與去年相比，這種混合影響導致本季利潤率下降約 150 至 200 個基點。船上貨運的特點造成的利潤率逆風只會進一步強調我們的定價舉措和混合管理重點，如我們的合約續約所示，合約續約仍保持在 8.4% 的強勁水平。

We're very pleased with the progress of our new terminal openings. Customer acceptance has been high, and we've seen early success in all our new facilities. However, we've discussed previously, new terminals are investments that require extensive recruiting, onboarding, and training to achieve success. The new facilities that we've opened in the last three years collectively operated at approximately 95 OR and have been impacted by the mix of business trends that we've seen for our overall portfolio.

我們對新航站樓開放的進展感到非常滿意。客戶接受度很高，我們所有的新設施都取得了早期成功。然而，我們之前已經討論過，新航站樓是一項投資，需要大量的招募、入職和培訓才能取得成功。我們在過去三年中開設的新設施的營運成本約為 95 OR，並且受到我們在整體投資組合中看到的各種業務趨勢的影響。

The terminals opened in quarter two operated at a loss in total. But much like the facilities that we've opened two and three years ago, we expect to see continued progress in the overall performance. While our expectations for these facilities was going to be neutral in the period, our increased investments in onboarding and training led to these facilities being at a headwind in the quarter. However, the value of the expanding network can really be seen in the terminals that have been open longer than three years as they operated at roughly 82.2 OR in the second quarter despite the unfavorable mix of business.

第二季開業的碼頭整體處於虧損狀態。但就像我們兩三年前開設的設施一樣，我們預計整體表現將持續進步。雖然我們在此期間對這些設施的預期是中性的，但我們在入職和培訓方面增加的投資導致這些設施在本季度遇到了阻力。然而，網路擴張的價值確實可以從開業時間超過三年的航站樓中體現出來，儘管業務組合不利，但第二季度的運營率約為 82.2 OR。

While incurring costs ahead of terminal openings and subsequent revenue generation is typical, we have doubled down our efforts to enhance our customer value proposition. We've enhanced the training requirements for our team members in both new and legacy terminals, which is critical to building the Saia culture in each market.

雖然在航站樓開業和隨後創造收入之前產生成本是很常見的，但我們加倍努力來增強我們的客戶價值主張。我們提高了對新航站樓和舊航站樓團隊成員的培訓要求，這對於在每個市場建立 Saia 文化至關重要。

In total, this investment in new facilities, less than three years old, created roughly 130-basis-point headwind for the quarter compared to last year. Our teams are committed to accomplishing our growth strategy with an eye on always putting the customer first. Our customer-first initiatives have been the cornerstone of our success over the last several years, and we saw that focus at the forefront of the new openings and relocations during the second quarter.

總的來說，這項不到三年的新設施投資為本季帶來了與去年相比約 130 個基點的阻力。我們的團隊致力於實現我們的成長策略，並始終將客戶放在第一位。我們的客戶至上措施是我們過去幾年成功的基石，我們在第二季的新開幕和搬遷中看到了這一重點。

I'll now turn the call over to Matt for more details about our second-quarter results.

我現在將把電話轉給馬特，以了解有關我們第二季度業績的更多詳細資訊。

As mentioned, second-quarter revenue increased by $128.6 million to $823.2 million. Yield, excluding fuel surcharge, improved by 8.7% and yield increased by 8%, including fuel surcharge. Fuel surcharge increased by 14.3% and was 15.4% of total revenue compared to 15.9% a year ago. Revenue per shipment ex-fuel surcharge increased 1% to $290.72 compared to $287.90 in the second quarter of 2023. Tonnage increased 9.7%, attributable to an 18.1% shipment increase, partially offset by a 7.1% decrease in our average weight per shipment. Length of haul decreased 0.4% to 888 miles.

如前所述，第二季營收增加 1.286 億美元，達到 8.232 億美元。產量（不含燃油附加費）提高了 8.7%，產量增加了 8%（包括燃油附加費）。燃油附加費成長 14.3%，佔總營收的 15.4%，去年同期為 15.9%。扣除燃油附加費後，每批貨物的收入增加 1%，達到 290.72 美元，而 2023 年第二季為 287.90 美元。噸增加 9.7%，歸因於發貨量增加 18.1%，但每批發貨平均重量減少 7.1% 部分抵消了這一影響。運輸長度減少 0.4% 至 888 英里。

Shifting to the expense side for a few key items to note in the quarter. Salaries, wages, and benefits increased 19.4%, which is primarily driven by a combination of our employee headcount growth of approximately 19.1% year over year and the result of our July 2023 wage increase, which averaged approximately 4.1%. The growth in headcount is related to the increase in volume compared to prior year as well as the opening of eight new facilities in the past 12 months. In addition, other employee-related costs increased including additional training for onboarded team members and increased workers' compensation expense.

轉向費用方面，了解本季需要注意的幾個關鍵項目。薪資、薪資和福利增加了 19.4%，這主要是由於我們的員工人數同比增長約 19.1%，以及我們 2023 年 7 月工資平均增長約 4.1% 的結果共同推動的。員工人數的成長與去年相比數量的增加以及過去 12 個月內開設 8 個新設施有關。此外，其他與員工相關的成本也有所增加，包括對入職團隊成員的額外培訓以及工人補償費用的增加。

Purchased transportation expense, including both non-asset truckload volume and LTL purchased transportation miles increased by 22.7% compared to the second quarter last year and was 7.4% of total revenue compared to 7.2% in the second quarter of 2023. Truck and rail PT miles combined were 12.9% of our total linehaul miles in the quarter.

購買的運輸費用（包括非資產卡車裝載量和零擔購買的運輸里程）與去年第二季相比增加了 22.7%，佔總收入的 7.4%，而 2023 年第二季為 7.2%。卡車和鐵路 PT 里程合計佔本季長途運輸總里程的 12.9%。

Fuel expense increased by 11% in the quarter, while company linehaul miles increased 10.8%. The fuel expense was a result of increased shipments which was partially offset by the decreased cost of diesel fuel compared to the prior year.

本季燃油費用增加了 11%，而該公司長途運輸里程增加了 10.8%。燃料費用是由於出貨量增加造成的，但與前一年相比，柴油成本下降部分抵消了燃料費用。

Claims and insurance expense increased by 11% year over year and was up 8% or $1.4 million sequentially from the first quarter of 2024. The increase compared to the second quarter of 2023 was primarily due to increased claims activity and development of open cases. Depreciation expense of $52.5 million in the quarter was 17.6% higher year over year primarily due to ongoing investments in revenue equipment, real estate, and technology.

索賠和保險費用年增 11%，較 2024 年第一季較上季成長 8%，即 140 萬美元。與 2023 年第二季相比的成長主要是由於索賠活動增加和未結案件的發展。本季折舊費用為 5,250 萬美元，年增 17.6%，這主要是由於對收入設備、房地產和技術的持續投資。

Total operating expenses increased by 19.4% in the quarter, and with the year-over-year revenue increase of 18.5%, our operating ratio deteriorated to 83.3% compared to 82.7% a year ago. Despite the headwinds from costs associated with new openings, training, and mix of business shifts, I was pleased to see our team execute from a cost and efficiency perspective. Cost per shipment was up 1.1% year over year and down 2.5% sequentially from Q1, highlighting the hard work of our teams in a challenging environment.

本季總營運費用成長 19.4%，營收年增 18.5%，營運比率從去年同期的 82.7% 下降至 83.3%。儘管存在與新職缺、培訓和業務轉變組合相關的成本阻力，但我很高興看到我們的團隊從成本和效率的角度執行任務。每次出貨成本年增 1.1%，環比下降 2.5%，凸顯了我們團隊在充滿挑戰的環境中的辛勤工作。

Our tax rate for the second quarter was 24.4% compared to 24.7% in the second quarter last year, and our diluted earnings per share were $3.83 compared to $3.42 in the second quarter a year ago.

我們第二季的稅率為 24.4%，而去年第二季為 24.7%；稀釋後每股收益為 3.83 美元，而去年第二季為 3.42 美元。

I will now turn the call back over to Fritz for some closing comments.

現在，我將把電話轉回給弗里茨，徵求一些結束語。

Thanks, Matt. As we continue to celebrate our 100th year of business, I was pleased with our ability to demonstrate our customer-first approach to both new and existing customers in our recently opened terminals and across the network. Every new opening is an opportunity to better position ourselves to provide further value to our existing customers and develop relationships with new customers.

謝謝，馬特。在我們繼續慶祝我們成立 100 週年之際，我很高興能夠在最近開放的航站樓和整個網路中向新客戶和現有客戶展示我們的客戶至上方法。每一個新的職缺都是一個機會，可以讓我們更好地定位自己，為現有客戶提供更多價值，並與新客戶發展關係。

At this point, it is critically important that we maintain focus on Saia's core objectives. Our team is focused on the customer and a long-term value opportunity to provide an industry-leading service. This focus requires an investment in our people, which is core to the strategy. The facility footprint that we're adding and expanding is not an investment in Q2 or frankly in 2024. These are investments that we expect will create value for our customers and shareholders for years to come.

此時此刻，我們繼續專注於 Saia 的核心目標至關重要。我們的團隊專注於客戶和長期價值機會，提供業界領先的服務。這種關注需要對我們的員工進行投資，這是該策略的核心。我們增加和擴大的設施足跡並不是第二季的投資，也不是 2024 年的投資。我們預計這些投資將在未來幾年為我們的客戶和股東創造價值。

While the new terminals are drag on margins in the near term, these investments in service and capacity are critical to creating long-term value for both customers and shareholders. While the costs associated with the new openings are more pronounced in some of the smaller and less dense markets, having a comparable footprint to our peers is critical to our overall value proposition.

雖然新碼頭在短期內會拖累利潤，但這些對服務和運能的投資對於為客戶和股東創造長期價值至關重要。雖然在一些規模較小、密度較低的市場中，與新開幕相關的成本更為明顯，但擁有與同行可比較的足跡對於我們的整體價值主張至關重要。

Every new opening moves us closer to the customer and provides us an opportunity to better support their success while creating long-term value in our core business. While the macro backdrop remains uncertain, we believe our operating trends support the continued execution of our long-term growth strategy.

每一個新的開幕都讓我們更貼近客戶，並為我們提供了更好地支持他們成功的機會，同時在我們的核心業務中創造長期價值。儘管宏觀背景仍不確定，但我們相信我們的經營趨勢支持我們長期成長策略的持續執行。

Earlier this week, we opened facilities in Stockton, California and Davenport, Iowa, further expanding our coverage and service offerings. Our terminal opening calendar remains robust for the remainder of the year, and we'll open an additional nine new facilities in Q3 and potentially up to another four in Q4.

本週早些時候，我們在加州斯托克頓和愛荷華州達文波特開設了設施，進一步擴大了我們的覆蓋範圍和服務範圍。我們的航站樓開業日程在今年剩餘時間內仍然保持強勁，我們將在第三季度再開設九個新設施，並可能在第四季度再開設四個新設施。

We began our organic expansion journey in 2017 and have added 50 facilities to date while creating value for our customers and our shareholders alike. As we continue to invest in our network and expand our footprint to better serve our customers, we anticipate capital expenditures for 2024 to be approximately $1 billion. We remain focused on measuring our performance for customers and onboarding team members that reinforce our great culture as we continue to execute our growth strategy.

我們於 2017 年開始有機擴張之旅，迄今已新增 50 家設施，同時為我們的客戶和股東創造價值。隨著我們繼續投資網絡並擴大業務範圍，以更好地服務客戶，我們預計 2024 年的資本支出約為 10 億美元。我們仍然專注於衡量我們為客戶和入職團隊成員提供的績效，以在我們繼續執行成長策略的同時強化我們的優秀文化。

We're now ready to open the line for questions, operator.

接線員，我們現在已準備好開通提問熱線。

(Operator Instructions) Ken Hoexter, Bank of America.

（操作員指示）Ken Hoexter，美國銀行。

As you now face tougher comps, I guess, going into the post yellow environment, given the mix shifts you're talking about, can you talk about your thoughts on how you see sequential operating ratio play out? How you think -- you've always given good targets there, how you're seeing the revenue per hundredweight, which declined from 1Q to 2Q, how that progresses particularly given the mix shifts?

我想，當你現在面臨更艱難的競爭時，進入後黃色環境，考慮到你正在談論的混合轉變，你能談談你對連續營運比率如何發揮的想法嗎？您如何看待——您總是在那裡設定了良好的目標，您如何看待每英擔收入從第一季下降到第二季的情況，特別是考慮到混合變化，情況如何？

Sure. I'll start, Ken. I mean, if you look at Q2 to Q3, historically, it deteriorates typically 150 basis points or so. I think for this year, a range of 100 to 200 basis points deterioration probably fits with the two facilities that we opened plus another nine to go in the quarter, a relocation in all those pieces going on with the uncertain backdrop. I think that's probably a fair range. I'll let Fritz talk a little bit about the mix standpoint. But from our view in the OR range, we hope it ends on the lower end of that, but a wider range just given everything going on, it feels appropriate.

當然。我要開始了，肯。我的意思是，如果你看看第二季度到第三季度，從歷史上看，它通常會惡化 150 個基點左右。我認為，今年 100 至 200 個基點的惡化可能與我們開設的兩家工廠以及本季度即將關閉的另外 9 個工廠相適應，所有這些設施都在不確定的背景下進行了搬遷。我認為這可能是一個合理的範圍。我會讓 Fritz 談談混音的觀點。但從我們對 OR 範圍的看法來看，我們希望它結束於該值的下限，但考慮到正在發生的一切，更寬的範圍感覺是合適的。

Yeah. I think it's really important to emphasize, Ken, that the -- from Q1 to Q2, we saw an impact from a mix of business perspective, so mix being the types of freight that we're handling and the profile of that freight. And that was a headwind in Q2. We don't expect that to recover per se into Q3. We're certainly very, very focused on pricing and margin.

是的。肯，我認為強調這一點非常重要，從第一季度到第二季度，我們從多種業務角度看到了影響，因此混合是我們正在處理的貨運類型和貨運概況。這是第二季的不利因素。我們預計這種情況不會在第三季恢復。我們當然非常非常關注定價和利潤。

The reality of it is we're not in the business to chase volume, right? We're in the business to build profitability out of this but doing it in a way that it provides value to customers. We don't expect that trend to improve. It certainly could. If we saw a pickup in the industrial economy, that would be a benefit to us. And I think we've been in a great position with the new facilities online when that happens.

現實情況是，我們從事這項業務並不是為了追求銷量，對嗎？我們從事這項業務的目的是從中建立盈利能力，但這樣做的方式是為客戶提供價值。我們預期這種趨勢不會改善。當然可以。如果我們看到工業經濟回升，對我們來說將是一件好事。我認為，當這種情況發生時，我們在新的線上設施方面處於有利地位。

And does that put your full year, I guess, changes the shape of that full year of $100 million, $150 improvement for the year?

我想，這是否會讓你的全年收入發生 1 億美元的變化，全年改善 150 美元？

Yeah, it does. I mean I think we'll see -- Matt gave the guide for Q3, and I think for the full-year number. I think we're focused on execution, get the facilities open, improve operating income year over year, and we'll be better positioned to see what this mix impact has through the quarter and kind of see how Q3 unfolds.

是的，確實如此。我的意思是，我想我們會看到——馬特給了第三季的指南，我想也給出了全年的數據。我認為我們專注於執行、開放設施、逐年提高營業收入，我們將能夠更好地了解這種混合影響在整個季度中產生的影響，並了解第三季度的發展情況。

And how about on the yield side, right? Just the same discussion on sequential change and a permanent side, I guess, of this mix shift.

那麼在收益率方面呢？我想，這只是關於順序變化和這種混合轉變的永久方面的相同討論。

Yeah. I mean we can continue to see a little bit of volatility in this. You heard us from the very beginning of the disruption that our view was it took a year or maybe more for all of this freight to find a more permanent home. You go through a full bid season and bid cycle with these. So our view of that remains is that we see customers moving around a little bit when we give rate increases. We are pleased with our 8.4% contractual renewal number, and those that are challenging from a mix standpoint are seeing an increase above that average.

是的。我的意思是，我們可以繼續看到這方面的一些波動。您從混亂一開始就聽到我們的觀點是，所有這些貨物需要一年或更長時間才能找到更永久的家。您可以透過這些經歷完整的投標季節和投標週期。因此，我們的觀點仍然是，當我們提高費率時，我們會看到客戶會稍微移動。我們對 8.4% 的合約續約率感到滿意，而那些從混合角度來看具有挑戰性的合約續約率則高於平均水平。

But in an environment where there may be more options, you have some customers that may try a different carrier. But we're focused on the same thing. You may see a little bit of movement in that just as we continue to work through the mix, but that's not any different than where we felt before and just that longer-term view of where this finds a permanent home.

但在可能有更多選擇的環境中，有些客戶可能會嘗試不同的業者。但我們專注於同一件事。當我們繼續進行混合工作時，您可能會看到一些變化，但這與我們之前的感受沒有任何不同，只是從長遠角度來看它會在哪裡找到永久的家。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

I want to follow up maybe on that last comment. I think we said here 90 days ago and the previous back half outlook implied better-than-normal seasonality on the OR side just due to terminals ramping and lower start-up costs. I guess, what changed most materially from how you guys thought 2Q would play out that has changed the back half?

我想跟進最後一則評論。我認為我們在 90 天前就說過，前半個月的前景意味著 OR 方面的季節性好於正常水平，原因只是終端數量增加和啟動成本降低。我想，你們認為 2Q 的表現方式發生了最大的實質變化，從而改變了後半部？

Yeah. So I think there are two things. So when we had that conversation at the end of the first quarter, we had a view of what that mix of business will look like from Q1 to Q2, and that was the mix deteriorated from Q1 to Q2, that was roughly, what, 50 to 70 basis points of an impact that we hadn't considered. I think when we looked at the openings that we had coming online in Q2, we thought we could keep that sort of zero impact. And that actually, they operated a loss in the quarter, so that impacted Q2.

是的。所以我認為有兩件事。因此，當我們在第一季末進行對話時，我們了解了從第一季到第二季的業務組合會是什麼樣子，從第一季到第二季度，業務組合惡化了，大約是 50 70個基點的影響是我們沒有考慮到的。我認為，當我們查看第二季上線的空缺時，我們認為我們可以保持這種零影響。事實上，他們在本季虧損，因此影響了第二季。

Now, we've got the ones that we're opening in this quarter three and into Q4 based on this experience and what we're doing around training and the wide dispersion of these facilities, I think it's appropriate to build that into our guide. So those things are -- those are things that we had not contemplated or had contemplated differently at the start of the year.

現在，根據這一經驗以及我們圍繞培訓和這些設施的廣泛分佈所做的工作，我們已經有了在第三季度和第四季度開放的設施，我認為將其納入我們的指南是合適的。所以這些事情是我們在年初沒有考慮過或以不同方式考慮的事情。

And I want to make sure I understood the comment on mix. Is your expectation that that continues to worsen into the back half or stabilizes from (inaudible)

我想確保我理解了對 mix 的評論。您預計下半年情況會繼續惡化還是穩定下來？（聽不清楚）

We think it stays where it is right now, right? So does that mean it can change from here? Yes. This is -- as we all know, this is a fluid business, right? And the difference is the mix of business that we dealt with in quarter one had deteriorated a bit into quarter two. So the profile of that freight was a little bit different. So that could change again.

我們認為它保持在現在的位置，對嗎？那麼這是否意味著它可以從這裡改變？是的。眾所周知，這是一個流動性很大的行業，對吧？不同之處在於，我們在第一季處理的業務組合在第二季有所惡化。因此，該貨運的情況有點不同。所以這可能會再次改變。

We know that if the industrial economy comes back, if we see that in our network, we know that our weight per shipment likely goes up, and that would be a mix improvement in a different direction, right? So these are -- this is a fluid sort of business. We can't necessarily count on today's volume being the exact same volume tomorrow.

我們知道，如果工業經濟復甦，如果我們在我們的網路中看到這一點，我們就知道我們每批貨物的重量可能會增加，這將是不同方向的組合改進，對嗎？所以這些是——這是一種流動性的業務。我們不一定指望今天的數量與明天的數量完全相同。

Fadi Chamoun, BMO Capital Markets.

Fadi Chamoun，BMO 資本市場。

Fritz, I think, we kind of appreciate the long-term focus and the investments in the network. But I wanted to ask you if we can reflect a little bit on the question on the freight mix entering the network. Is the belief that kind of this lighter weight carries a similar profit per load characteristics over the medium term, and therefore, it is kind of a constructive area of the market to go after? Or is there a framework potentially where this capacity growth versus the volume growth can be optimized in a different way going forward?

弗里茨，我認為，我們有點欣賞對網路的長期關注和投資。但我想問您是否可以稍微思考一下有關進入網路的貨運組合的問題。是否相信這種較輕的重量在中期內具有類似的每次負載利潤特徵，因此，這是一個值得追求的市場建設性領域？或者是否存在一個潛在的框架，可以在未來以不同的方式優化容量增長與數量增長？

Yeah, Fadi, it's a good question. I think it absolutely can be optimized in this. I think the characteristics of the freight, the revenue profile is certainly different, right? And I think that there is a -- much like we have done history to date, we are very focused on making sure that we have the appropriate pricing in place that reflects the investment that we're making. And I think that continues to be an opportunity for us.

是的，法迪，這是個好問題。我認為它絕對可以在這方面進行最佳化。我認為貨運的特點，收入狀況肯定是不同的，對吧？我認為，就像我們迄今為止所做的歷史一樣，我們非常注重確保我們有適當的定價來反映我們正在進行的投資。我認為這對我們來說仍然是一個機會。

I think that if you look at the profile of the sort of more freight that's weighted more sort of national accounts sort of retail-ish, one- and two-day service, the revenue profile of that is lower or it's different than what we have traditionally dealt with. So it's part of the nature of our business. What we deal with from here is that I think it doesn't erode in any way our longer-term value proposition. It had an impact on the second quarter.

我認為，如果你看看那種更多的貨運的概況，這種貨運更多地加權國民賬戶，比如零售式的一日和兩天服務，那麼它的收入概況會較低，或者與我們的收入狀況不同傳統上處理。所以這是我們業務本質的一部分。我們從這裡處理的是，我認為它不會以任何方式侵蝕我們的長期價值主張。這對第二季產生了影響。

I think that if we look at it over time, the thesis that we have here is that we can build a national network, provide a great service that has -- that we're compensated appropriately for all the service we provide. So I think that's something we continue to work at. And I don't think the opportunity is any less. Just from here, we've got some more work to do.

我認為，如果我們隨著時間的推移來看，我們的論點是，我們可以建立一個全國性網絡，提供優質的服務，我們將為我們提供的所有服務獲得適當的補償。所以我認為這是我們繼續努力的事情。我認為機會並沒有減少。從這裡開始，我們還有更多的工作要做。

Okay. And if I may, just a quick follow-up. I think you mentioned 8%-plus repricing or renewal contract pricing. We've noticed with a few of your peers and yourself, we're seeing sequential, more muted yield sequentially than we've seen historically. How has the pricing environment been? Are we seeing any competitive intensity in the market that explains a little bit of that?

好的。如果可以的話，請快速跟進。我想您提到了 8% 以上的重新定價或續約合約定價。我們注意到，與您的一些同行和您自己相比，我們看到了連續的、比歷史上看到的更溫和的收益率。定價環境如何？我們是否看到市場上的競爭強度可以解釋這一點？

Obviously, there has been a lot of capacity coming in, and the market is soft. Everybody seemed to suggest that pricing rational -- pricing continues, but the data points quarter over quarter suggests that we're kind of stalling a little bit.

顯然，已經有大量產能進入，市場疲軟。每個人似乎都認為定價是理性的——定價仍在繼續，但逐季的數據點表明我們有點停滯不前。

No, I think that the pricing environment is very rational. I think what happened, what you see is, you see customers maybe they pursue a lower cost option if there was one in the market, somebody has got different density and different lane, maybe they can offer a very -- offer their cost structure, their network structure at a better rate than say, Saia does. That could happen. They could still achieve very attractive margins doing that. You could see customers that over time as the industry tightens up, and there's a flight to who can provide sustained levels of service. I think that's a place where we see our mix of business change over time.

不，我認為定價環境非常合理。我認為發生了什麼，你所看到的是，你看到客戶也許他們追求更低的成本選擇，如果市場上有一個，有人有不同的密度和不同的車道，也許他們可以提供一種非常-提供他們的成本結構，他們的網路結構比 Saia 的速度更快。那可能會發生。這樣做，他們仍然可以獲得非常有吸引力的利潤。您可能會看到，隨著時間的推移，隨著行業的收緊，客戶會選擇能夠提供持續水平服務的客戶。我認為我們的業務組合會隨著時間的推移而改變。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I wanted to, I guess, maybe dig into the mix dynamic in the back half of the year. Also, I think you mentioned nine facilities in the third quarter. But I think you're guiding the OR something close within range of what normal seasonality is. So is there a reason why you wouldn't see this mix dynamic continue into the third quarter or get incrementally different in the third quarter? Or do you think these new facilities that are coming online maybe have a little bit of a different customer profile?

我想，也許我想在今年下半年深入研究混合動態。另外，我認為您提到了第三季的九個設施。但我認為你正在引導或接近正常季節性範圍內的事物。那麼，您是否有理由認為這種混合動力不會持續到第三季度，或者在第三季度逐漸變化？或者您認為這些即將上線的新設施可能有一些不同的客戶概況？

Just a point of clarity there, nine additional facilities in the third quarter. We opened two already this week, so 11 total for Q3. But I think, to Fritz's point a second ago, I mean, our assumption now is that it remains relatively similar, right? It could change like you talked about. I mean, there's a lot that goes into mix, right? If you're already going out to a customer's location and now you pick up an additional lane, you're driving good economies at that location, building density with that customer.

需要澄清的是，第三季新增了九個設施。本週我們已經開設了兩家，因此第三季總共開了 11 家。但我認為，對於弗里茲剛才的觀點，我的意思是，我們現在的假設是它仍然相對相似，對嗎？它可能會像你所說的那樣改變。我的意思是，有很多東西需要混合，對吧？如果您已經前往客戶所在位置，現在又選擇了一條額外的車道，那麼您就可以在該位置推動良好的經濟發展，並與該客戶建立密度。

So that's different maybe than a brand new one where you're going out and you're picking up one shipment. Mix can go in a lot of different ways in terms of that. So we look at it on a customer-by-customer basis, on a facility-by-facility basis. Everything goes into that when we're talking about pricing with our customers.

因此，這可能與您出去領取一批貨物的全新貨物不同。就這一點而言，混合可以有很多不同的方式。因此，我們會逐一客戶、逐一設施地進行研究。當我們與客戶討論定價時，一切都會涉及到這一點。

So when we look at it now, like Fritz said, we're assuming that it remains relatively similar, and that could change with the change in the industrial backdrop. As that gets a little bit better, maybe you see an inflection a little bit more on the weight per shipment. But right now, nothing -- we're not really doing any material changes.

因此，當我們現在審視它時，就像弗里茨所說，我們假設它仍然相對相似，並且這可能會隨著工業背景的變化而改變。隨著情況變得更好，也許您會發現每批貨物的重量發生了更多變化。但現在，什麼都沒有——我們並沒有真正做任何實質的改變。

Okay. That's helpful clarity. So I appreciate that. And then I guess, could we talk just to get a sense of how things are trending in July from, I guess, both the volume as well as maybe your revenue per shipment dynamic? So are you seeing -- based on that comment that you just mentioned about the profile of the business, are we seeing stability sequentially in revenue per shipment in the month of July? Has that changed to kind of get a sense of how that's playing out?

好的。這對清晰度很有幫助。所以我很欣賞這一點。然後我想，我們可以談談，以了解 7 月份的趨勢，我猜，包括數量以及每次發貨的收入動態？那麼，您是否看到 - 根據您剛才提到的有關業務概況的評論，我們是否看到 7 月份每批貨物的收入連續穩定？這種情況是否發生了變化，以了解事情的進展？

Yes. I'll go ahead and give April, May, and June by month, just this hasn't been asked yet. So April shipments per day up 18%, tonnage per day up 7.6%. May shipments up 18.6%, tonnage per day up 9.8%. June shipments per day up 18.4%, tonnage up 12.2%. In July, with still a few days left, shipments up around 10% or so, and tonnage up about 4%. Keep in mind, we have some pretty large comps over the last few days of July when volume really started to ramp post the disruption last year.

是的。我將繼續按月給出四月、五月和六月，只是還沒被問到。因此4月每天的出貨量增加了18%，每天的噸位增加了7.6%。5月出貨量成長18.6%，日均噸數成長9.8%。6月日均出貨量成長18.4%，噸位成長12.2%。7月份，還剩幾天，出貨量增加了10%左右，噸位增加了4%左右。請記住，我們在 7 月的最後幾天進行了一些相當大的比較，當時銷量在去年的中斷後真正開始增加。

So we had some tougher comp days ahead, but that's where it's trending as of today. And we don't give much in terms of our revenue guide, but shipments and tonnage are where they stand.

因此，我們接下來的日子會比較艱難，但這就是今天的趨勢。我們並沒有給出太多的收入指南，但出貨量和噸位是目前的情況。

Weight per shipment is it? So we could just think about that?

每票重量是多少？那我們可以考慮一下嗎？

It moves around a little bit, but I think in terms of the shipments and tonnage numbers, that kind of gives you an indicator of where it's going.

它有一點移動，但我認為就發貨量和噸位而言​​，這可以讓你了解它的走向。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

So Fritz, I think you commented a little bit on the annual OR. I just wanted to clarify and make sure I understand. Are you -- you still think you can do 100 to 150 basis points of improvement for the full year? Or are you saying, given the mix challenges, that's no longer realistic? Just wondering how to think about the full year OR view.

Fritz，我認為您對年度 OR 發表了一些評論。我只是想澄清並確保我理解。您是否仍認為全年可以實現 100 到 150 個基點的改進？或者您是說，考慮到混合挑戰，這不再現實？只是想知道如何思考全年或觀點。

Yeah. We're -- I think the appropriate interpretation is that the guide for Q3, that I don't think we can maintain the full-year guide around OR where we said 100 to 150 basis points. I'm not sure where the mix of business trend takes us in from Q3 and to Q4 at this stage. And so I'm not ready to highlight that. But I think full year, we'll see operating income improvement year over year.

是的。我認為正確的解釋是第三季的指導，我認為我們不能將全年指導維持在我們所說的 100 到 150 個基點左右。我不確定現階段的業務趨勢組合會將我們從第三季帶到第四季。所以我還沒準備好強調這一點。但我認為全年，我們將看到營業收入逐年改善。

We feel pretty good about that. I don't know whether the OR is going to land per se at this stage. But if we can keep it right around near full year last year, I think that's probably pretty good.

我們對此感覺很好。我不知道 OR 本身是否會在現階段落地。但如果我們能在去年全年左右保持這一水平，我認為這可能相當不錯。

So maybe the best place to be is kind of flattish full-year OR?

那麼，也許最好的情況是全年表現平平，或者？

Yeah, I think it is. And I think that plus or minus from there because we don't know where the mix is going to go, and we certainly got a lot of openings on the way. But I think we still are creating a fair amount of value driving the operating income year over year. At some point, we've got to focus on that.

是的，我想是的。我認為這是正負，因為我們不知道混音將走向何方，而且我們在路上肯定有很多空缺。但我認為我們仍在創造相當多的價值，逐年推動營業收入。在某些時候，我們必須注意這一點。

Okay. And I guess, to go back to the kind of price versus mix thing, is there an element of this that is, you're adding capacity and so the price you're offering reflects that you want to bring volume in? I mean it doesn't sound that way. It sounds like it's really just all about mix. But how do we think about the impact of price competition and what you're doing with price, recognizing the backdrop as you are adding a lot of capacity?

好的。我想，回到價格與混合的問題，其中是否有一個要素，即您正在增加容量，因此您提供的價格反映了您想要增加銷售？我的意思是聽起來不是那樣的。聽起來這真的只是混音。但是，我們如何考慮價格競爭的影響以及您在價格方面所做的事情，並認識到您正在增加大量產能的背景？

Yeah. So the price is not -- we don't -- there's nothing in our fiber that says we're going to lead with price anywhere, right? I mean that's just -- we don't operate that way. So I think what -- the way you would interpret this is, as I described earlier, is that we have a larger weighting to national accounts than we've had traditionally. That weight per shipment and that sort of part of our portfolio is comparatively lower revenue per bill than some of the other -- like the field segment of our business or some of the 3PL segments of the business.

是的。所以價格不是——我們沒有——我們的纖維中沒有任何東西表明我們將在任何地方以價格領先，對嗎？我的意思是，我們不是這樣運作的。所以我認為，正如我之前所描述的，您對此的解釋方式是，我們對國民帳戶的權重比傳統上更大。每批貨物的重量以及我們投資組合中的此類部分的每張帳單收入比其他一些部分（例如我們業務的現場部分或業務的某些 3PL 部分）相對較低。

So I think that that's kind of what's impacting in the results right now. But certainly, as we open facilities, there isn't -- we don't open these things to provide volume. We open these things to provide service, and service requires that we're reimbursed.

所以我認為這就是目前影響結果的因素。但當然，當我們開放設施時，我們不會開放這些設施來提供數量。我們打開這些東西是為了提供服務，而服務要求我們得到報銷。

Okay. So there's no change in your really -- your approach to market on price?

好的。那麼您的價格策略實際上沒有改變嗎？

No, absolutely not.

不，絕對不是。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Matt, on labor and PT in aggregate, up as a percentage of revenue, 2Q versus 1Q, that's a rarity. Understand there are start-up costs from all the opening, but just wondering if there's any way to detail how the efficiency is evolving at the legacy network? Are there any other cost initiatives that can be pursued at the vast majority of your network while you're waiting for the industrial freight recovery to begin?

馬特，關於勞動力和 PT 的總體情況，第二季度與第一季相比，佔收入的百分比有所上升，這是罕見的。了解所有開放都會產生啟動成本，但只是想知道是否有任何方法可以詳細說明傳統網路的效率如何演變？在等待工業貨運開始恢復期間，是否可以在絕大多數網路中採取其他成本措施？

Just to jump in to start before we go through the cost thing, we mentioned in the notes at the beginning that we operated pretty well in the legacy facilities at 82 OR, which we're pleased with and that dealt with the bulk of the mix of business challenges that we saw. So that would have suggested that we had steady state sort of mix, we would operate at right around 80, which is pretty good.

在我們討論成本問題之前，我們在開頭的註釋中提到，我們在 82 OR 的遺留設施中運作得很好，我們對此感到滿意，並且處理了大部分混合工作我們看到的業務挑戰。所以這表明我們有穩態混合，我們將在 80 左右運行，這非常好。

Matt, on the cost side?

馬特，在成本方面？

Yeah. Jon, I mean, when you're talking to us over the years, we feel like we use PT pretty effectively. And it's part of how we run our linehaul network and how we look at our cost structure. So we feel good about how we use it. And in an environment where you're opening facilities and you're building density, there's moments where you in-source it and you run it with your own drivers, and then there's opportunities to outsource part of that to PT.

是的。喬恩，我的意思是，當你多年來與我們交談時，我們覺得我們非常有效地使用 PT。這是我們營運長途網路以及我們如何看待成本結構的一部分。所以我們對如何使用它感覺良好。在開放設施並建立密度的環境中，有時您會內包並使用自己的司機來運行它，然後有機會將其中的一部分外包給 PT。

So while it may not always flow seasonally, part of that is you're opening, and you don't always have fully dense routes, and you run it a little bit differently than you would once you're fully up to speed. These terminals don't open with market share on day one, right? So you've got an opportunity to go to your current customer base and talk about a new footprint and a new offering and provide more value to those customers. So it's always going to be a part of our cost structure. We feel good about how we use it. So no material change from us in terms of how we think about it.

因此，雖然它可能並不總是季節性流動，但部分原因是你正在開放，而且你並不總是擁有完全密集的路線，而且你的運行方式與完全跟上速度後的運行方式略有不同。這些終端在第一天就沒有市場份額，對嗎？因此，您有機會接觸目前的客戶群，討論新的足跡和新的產品，並為這些客戶提供更多價值。因此，它始終是我們成本結構的一部分。我們對如何使用它感覺良好。因此，我們的想法並沒有實質改變。

And from a -- Jon, just from an inflationary standpoint, on the total PT, I mean, we're probably seeing normal 3% to 4% cost per mile type inflation on that segment, so about in line with what we would expect.

喬恩，僅從通貨膨脹的角度來看，就總PT 而言，我的意思是，我們可能會看到該細分市場正常的每英里成本3% 至4% 的通貨膨脹，因此與我們的預期一致。

Okay. That's helpful, Matt. And then just for my follow-up, Fritz, you mentioned specifically not chasing volume. And I'm just trying to understand as we think about the duration of some of these mix headwinds, is this a function of the macro and just retail doing better than industrial? Is it a function of some of the new regions you're entering just tend to be more retail heavy than industrial? Or do you just kind of have to fill density in the terminals at this point and you'll focus on the ideal mix at some point in the future?

好的。這很有幫助，馬特。然後，對於我的後續行動，弗里茨，你特別提到不要追逐數量。當我們思考這些混合逆風的持續時間時，我只是想了解，這是宏觀因素的作用，還是零售業表現優於工業？這是因為您要進入的一些新地區的零售業比工業業更重嗎？或者您現在是否需要填充航站樓的密度，並且您將在未來的某個時候專注於理想的組合？

No. I think what we're seeing is the overall sort of portfolio mix of business has changed, right, compared to last year. So as we go into new facilities, the freight that we go in and out of that facility reflects the broader trend that we're seeing. So it's not necessarily something that we're seeking, if you will. I think that over time, we'll have the opportunity to continue to optimize our portfolio across all these facilities.

不。我認為我們看到的是，與去年相比，業務的整體投資組合已經發生了變化，對吧。因此，當我們進入新設施時，我們進出該設施的貨運反映了我們所看到的更廣泛的趨勢。所以如果你願意的話，這不一定是我們正在尋找的東西。我認為隨著時間的推移，我們將有機會繼續優化所有這些設施的投資組合。

I mean, I think that it's important to think about these terminals in the sense of there is a longer-term profile around this. And the longer-term profile of our company in general is, as we deploy capital over these facilities, we get freight in there. We seek to add value to the customer, but then we make sure that we get pricing that's commensurate with the freight as we learn about what the customer requirements are, time, characteristics of freight, and all those things, and we continue to focus on price. I mean, the best thing you can do there is look at our track record, and that kind of stacks up pretty well around that strategy.

我的意思是，我認為從更長期的角度來考慮這些終端很重要。我們公司的長期概況總體來說是，當我們在這些設施上部署資本時，我們會在那裡獲得貨運。我們尋求為客戶增加價值，但當我們了解客戶的要求、時間、貨運特徵以及所有這些因素時，我們會確保獲得與貨運相稱的定價，並且我們將繼續專注於價格。我的意思是，你能做的最好的事情就是看看我們的業績記錄，這種記錄與該策略非常吻合。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Just follow-up a bit on terminal openings. Can you maybe give a little more color on the process of the terminal openings, the start-up needs, how much in front before volume comes in? And then maybe some sense just so we could help in terms of when we get back to sort of normal seasonality on margins, I know there's other factors, but how long does it typically take to like fully season a terminal in terms of where you want it to be, volume/margin wise?

只需跟進終端開放情況即可。您能否對終端開放的過程、啟動需求以及成交量出現之前的情況進行更多說明？然後也許有某種意義，這樣我們就可以在我們恢復到正常的邊緣季節性時提供幫助，我知道還有其他因素，但通常需要多長時間才能根據您想要的方式完全季節化終端就數量/利潤而言？

So it kind of depends, Jordan. So let me give you a couple of examples. So in the second quarter, we opened six new facilities and relocated to one of those facilities, Garland, Texas, which we opened in the quarter, in the month of April. And for the full quarter, it operated -- its OR was comparable to the whole company. So that thing -- I think that in all cases, we would say that was a good idea. I think we'd also say if you look at the Dallas metro market, as we added the fourth facility in that market, year over year, the OR in that market grew by about 80 basis points, even with one facility operating in a higher OR. So that facility was one that immediately was an add to the network.

所以這要看狀況，喬丹。讓我舉幾個例子。因此，在第二季度，我們開設了六家新工廠，並搬遷到了其中一個工廠——德克薩斯州加蘭，我們在四月開設了該工廠。在整個季度中，它的營運效率與整個公司相當。所以，我認為在所有情況下，我們都會說這是一個好主意。我想我們還會說，如果你看看達拉斯地鐵市場，因為我們在該市場增加了第四個設施，該市場的 OR 增長了約 80 個基點，即使有一個設施在更高的運營水平或。因此，該設施立即被添加到網路中。

Then you have a facility like Laredo, Texas, which is a relocation, it's substantially larger than what we had in the legacy facility. So moving from that, we had to train up staff. We did that over the course of three or four weeks leading up to that. So we had it fully staffed when we opened it. So that one will take some time, but I would expect in the next year that that will not really be a drag on OR for the company, but it will take a little time.

然後你有一個像德克薩斯州拉雷多這樣的工廠，它是一個搬遷地點，它比我們在舊工廠中的設施要大得多。因此，我們必須培訓員工。在此之前，我們花了三、四個星期的時間做到了這一點。因此，當我們開業時，我們已經配備了充足的人員。所以這需要一些時間，但我預計明年這不會真正拖累公司的 OR，但這需要一點時間。

The facilities that we opened in this quarter that cover the Great Plains will provide some really interesting opportunities for customers to provide them service into those markets. Now those terminals will probably not operate at the company OR in the quarter or frankly probably in the next year. But what they will do is that Dallas terminal that is picking up freight in Dallas, it's not going to take that freight to Montana, which we couldn't pick up and deliver before. Now we can do it, it goes on side of the whole way. That's going to scale the rest of the network. So there's a network benefit that happens there.

我們在本季開設的覆蓋大平原的設施將為客戶提供一些非常有趣的機會，為他們提供進入這些市場的服務。現在，這些終端可能不會在公司運營，或者在本季度或坦率地說可能在明年。但他們要做的是，達拉斯碼頭在達拉斯提貨，不會把貨物運到蒙大拿，因為我們以前無法提貨和交貨。現在我們可以做到了，它一直在一邊。這將擴展網路的其餘部分。所以那裡會產生網路效益。

So we would want to, in the aggregate, make those kinds of investments. So they all vary -- but the key thing is the customer experience has to be identical to what we've seen everywhere else. Regrettably, unfortunately, we can't do that for free. And there's a substantial cost investment that has to be made. I know, it would seem like that these will all be linear and there would not be any incremental costs or anything like that. But frankly, there is, because I think if you're going to make a long-term investment, it takes time to do that.

因此，總的來說，我們希望進行此類投資。所以它們都是不同的——但關鍵是客戶體驗必須與我們在其他地方看到的相同。遺憾的是，不幸的是，我們不能免費做到這一點。並且必須進行大量的成本投資。我知道，看起來這些都是線性的，不會有任何增量成本或類似的事情。但坦白說，是有的，因為我認為如果你要進行長期投資，就需要時間。

So we've done that. It will take some time to get those developed. There can be some winners in there like Garland, that's an immediate win. And (inaudible) take some time. But it's all part of the total value proposition that we're pursuing.

所以我們已經做到了。開發這些還需要一些時間。那裡可能有一些像加蘭這樣的贏家，這是一場立竿見影的勝利。而且（聽不清楚）需要一些時間。但這都是我們追求的整體價值主張的一部分。

If we look at it, Jordan, everything gets opened this year. If it all happens, we'd opened 21 new facilities and relocate another 10, by far the most we've ever done in a year and in a challenging macro backdrop. What excites us about that is that's 21 new facilities and 10 expanded locations, then when the macro gets better, we're ready to take advantage of it and do a great job for our customers. So if you're not in these markets like Fritz just talked about, you don't get that opportunity with existing customers or new customers. Those are just missed opportunities. So there's costs associated with them, but there's also a cost of not being in the market.

如果我們看看喬丹，今年一切都會開放。如果這一切都發生了，我們將開設 21 個新設施，並搬遷另外 10 個設施，這是迄今為止我們在充滿挑戰的宏觀背景下一年內所做的最多的事情。讓我們興奮的是 21 個新設施和 10 個擴建地點，當宏觀情況好轉時，我們準備好利用它並為我們的客戶做得更好。因此，如果您不像弗里茨剛才談到的那樣進入這些市場，您就無法獲得現有客戶或新客戶的機會。這些只是錯失的機會。因此，存在與它們相關的成本，但也存在不進入市場的成本。

Got it. And if I could just ask a quick follow-up, more of a near-term question, sorry, but thanks for the tonnage data around July. I mean, sometimes you guys give a hint a little bit how perhaps things could look sequentially revenue-wise or even with those tough comps coming up, is there a way to think about that 4% year-over-year tonnage in July and directionally from there?

知道了。如果我可以問一個快速的後續問題，更多的是一個近期問題，抱歉，但感謝 7 月份左右的噸位數據。我的意思是，有時你們會給出一點暗示，也許事情可能會在收入方面連續看起來，甚至在那些艱難的競爭即將到來的情況下，是否有辦法考慮 7 月份 4% 的同比噸位和方向從那裡？

Not much more detail than that. You alluded to it, but volume ramped last year pretty substantially throughout the quarter. So comps get tougher while the disruption was going on, but not much more to add for us. We're focused on the execution in terms of these new openings, nine additional ones in this quarter, and really doing a great job for our customers in the legacy and the new markets.

沒有比這更詳細的了。您提到過這一點，但去年整個季度的銷量大幅增長。因此，在中斷發生的同時，競爭變得更加艱難，但對我們來說沒有什麼可補充的。我們專注於這些新職缺的執行，本季另外開設了九個職缺，並為我們在傳統市場和新市場的客戶做出了出色的工作。

And we're focused on continuing to getting the right rates in place. You saw the contract renewals over the last several quarters. We would expect those kind of rates to continue, and we'll continue to start realizing some of those rates in the numbers over the coming quarters.

我們致力於繼續確保正確的利率。您看到過去幾季的合約續約。我們預計這種利率將持續下去，並且我們將在未來幾季繼續開始在數字中實現其中一些利率。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Maybe just to kind of downshift a little bit and go to eye level, is it fair to say that this mix drag came as a surprise? Because you seem to imply that this is fairly reflective of what customers in the new regions are like, but at the same time, it obviously wasn't the guidance as such. So I'm just trying to get a sense of do we just not have the visibility in terms of what that mix looks like until it actually comes through the facilities? And the reason I ask you because I'm trying to get a sense of how much confidence we have as an industry in terms of what the price mix characteristics will be like going forward just given these trends?

也許只是稍微降檔並達到視線水平，可以公平地說這種混合阻力令人驚訝嗎？因為您似乎暗示這相當反映了新地區客戶的情況，但同時，這顯然不是指導本身。所以我只是想了解一下，在混合物實際通過設施之前，我們是否無法了解混合物的外觀？我之所以問你，是因為我想了解一下，鑑於這些趨勢，我們作為一個行業對未來的價格組合特徵有多大信心？

So I think that what we should remember is that about a year ago, Yellow exited the industry, right? And we have said all year that we would expect to see mix of business change over time as it bounces around between carriers or as customers look for the appropriate service offering for what they look for. At the same time, we saw what was going on in the industrial economy just in general. And we saw that that has been pretty soft. Generally, we've seen that in our weight per shipment, predating as the Yellow events transpired. So the industrial backdrop was kind of -- they're not as a big help for us.

所以我認為我們應該記住的是，大約一年前，Yellow 退出了這個行業，對吧？我們全年都表示，隨著時間的推移，我們預計業務組合會發生變化，因為業務組合在營運商之間來回切換，或當客戶尋找適合他們所需的服務時。同時，我們也看到了工業經濟的整體情況。我們發現情況相當溫和。一般來說，在黃色事件發生之前，我們已經在每批貨物的重量中看到了這一點。所以工業背景對我們來說並沒有太大幫助。

So you go into the second quarter, the seasonally strongest quarter of the year, we assumed that we would see a mix of business trend that was consistent with what we saw in the quarters prior to that, which best information available as the market developed in this Q2, we didn't see the industrial economy pick up. We weren't expecting it, too, necessarily, but we did see a pickup with our customers that there are national accounts that have a retail focus. So we really value quality and service. So out of that, we got more business than we might have expected, and that mix was different than what we experienced in the first quarter. And it was in a seasonal period that was stronger than what you would have seen in Q1 or Q4 before that.

因此，進入第二季度，即一年中季節性最強的季度，我們假設我們將看到與我們之前幾個季度所看到的業務趨勢相一致的組合，隨著市場的發展，可獲得的最佳資訊今年第二季度，工業經濟沒有出現回溫。我們也沒有預料到這一點，但我們確實看到我們的客戶發現有一些以零售為重點的國民帳戶。所以我們非常重視品質和服務。因此，我們獲得的業務比我們預期的要多，而且這種組合與我們在第一季經歷的情況不同。而且它處於季節性時期，比之前第一季或第四季的情況更強勁。

So I think it's -- some of it, frankly, we're still learning about what the market looks like after Yellow has exited. So it's just how it's developed. And I don't know that there's a catalyst today that says the industrial economy is coming back and that would change our mix of business. I do know that over time, we'll continue to focus on finding the optimal mix for our number.

所以我認為——坦白說，我們仍在了解 Yellow 退出後市場的情況。所以這就是它的開發方式。我不知道今天有什麼催化劑顯示工業經濟正在復蘇，這將改變我們的業務結構。我確實知道，隨著時間的推移，我們將繼續專注於尋找適合我們數量的最佳組合。

Understood. That's really helpful. And maybe a follow-up. Your comments on the back half OR are very helpful. When can we expect the OR to start materially beating seasonality here? Is that a function of macro and is like a certain benchmark on either tonnage growth or revenue per shipment growth that you think kind of will drive that? Or do you think we need to wait until you start really lapping some of these new facility openings and when will that happen?

明白了。這真的很有幫助。也許還有後續行動。您對後半部分的評論或非常有幫助。我們什麼時候可以預期 OR 開始大幅超越季節性？這是宏觀的函數嗎？或者您認為我們需要等到您開始真正開始研究這些新設施的開放情況，這會在什麼時候發生？

I think there are a lot of factors that could influence that. We've opened some pretty big facilities so far the Garland, Texas, Trenton, New Jersey, Laredo, these are all ones that we think are pretty strategic for us, and it provides great value for our customers over time. I expect those businesses to continue to improve. I expect the terminals we've opened in the last three years to continue to mature. And those are all an important part of growth. I mean, we think about this not necessarily when the -- at this point in time, we would expect to have ex-OR.

我認為有很多因素可能會影響這一點。到目前為止，我們已經在德克薩斯州加蘭、新澤西州特倫頓、拉雷多開設了一些相當大的工廠，我們認為這些工廠對我們來說都具有戰略意義，隨著時間的推移，它為我們的客戶提供了巨大的價值。我預計這些業務將繼續改善。我預計我們在過去三年中開設的航站樓將繼續成熟。這些都是成長的重要組成部分。我的意思是，我們不一定會在此時考慮這個問題，我們會期望進行異或運算。

We think about this in terms of we think we can grow these facilities over time, get back to the place where we're generating sort of the 100 to 200 basis points of OR improvement over time. We're going to need probably to not be in the midst of opening 21 some terminals to be able to get past start-up costs and all those sorts of things. So that probably takes us into next year. And then we're -- at that point, we're focused on long-term value creation on the facilities that will be open.

我們考慮這個問題的方式是，我們認為我們可以隨著時間的推移擴大這些設施，回到我們隨著時間的推移產生 100 到 200 個基點的 OR 改進的地方。我們可能不需要開設 21 個航站樓，以便能夠克服啟動成本和所有此類費用。這可能會帶我們進入明年。然後我們——在這一點上，我們專注於為將開放的設施創造長期價值。

I mean, the important thing is you've got to open these facilities. So when the economy comes back to be in a more robust place, we're in a footprint that we can take advantage of. This thing scales at that point, right? We lose sight of that when we focus strictly on Q2. We don't focus on the fact that, hey, you know what, this is a long-term investment we're making in the business. And I think that's something that we get back online as it develops and get these facilities in a more mature place, the mix of business is helping us.

我的意思是，重要的是你必須開放這些設施。因此，當經濟恢復到更強勁的狀態時，我們就可以利用這個足跡。這件事在那一點上擴展了，對嗎？當我們嚴格關注第二季度時，我們就會忽視這一點。我們不關注這樣一個事實：嘿，你知道嗎，這是我們在業務中進行的長期投資。我認為，隨著它的發展，我們會重新上線，並將這些設施放在更成熟的地方，業務組合正在幫助我們。

Eric Morgan, Barclays.

艾瑞克摩根，巴克萊銀行。

I wanted to ask one on service. I think in the release, you mentioned doubling down on your quality focus, which is driving some of this training costs. So can you just give us some insight into how service has been trending, especially at the new locations? Just kind of curious if some of these incremental costs per locations may be higher than in the past if you're seeing any challenges with growing a little faster than in the past, just would be curious on your comments there.

我想問一下服務方面的問題。我認為在新聞稿中，您提到要加倍關注質量，這會增加部分培訓成本。那麼您能否向我們介紹服務趨勢，尤其是在新地點的服務趨勢？只是有點好奇每個地點的增量成本中的一些是否可能比過去更高，如果您發現比過去增長得更快一些的挑戰，只是對您的評論感到好奇。

Yes. So I think the -- I think what we're really focused on is making sure we get the appropriate training in place. We're probably more -- have greater emphasis on that than as we've opened these facilities is so important to keep these -- make that service consistent and such. So that's been a step that's been a higher rate than we have before. Matt, maybe you got some details?

是的。所以我認為——我認為我們真正關注的是確保我們獲得適當的培訓。我們可能比我們開設這些設施時更強調這一點，保持這些設施非常重要，使服務保持一致等。所以這是一個比我們之前更高的步驟。馬特，也許你有一些細節？

Yes. I mean, when we -- both for these new facilities and for our legacy facilities, when we onboard drivers, we're doing 10 days of training with them. And that's important for us because we believe that the investment in our people and the investment in quality and attention to detail is extremely important, and that drives long-term value. So -- well, that's a headwind, certainly, when you're opening a new facility because there's cost well ahead of opening, it's also an investment in our legacy facilities and culture is extremely important to us. You've heard us talk before that we're not going to open a facility unless it looks exactly like the one that came before it, and all the other 200 that came before that.

是的。我的意思是，當我們 - 無論是對於這些新設施還是對於我們的舊設施，當我們僱用司機時，我們都會與他們一起進行 10 天的培訓。這對我們來說很重要，因為我們相信對員工的投資、對品質的投資以及對細節的關注極為重要，這會推動長期價值。所以——嗯，這當然是一個逆風，當你開設一家新設施時，因為開業前要付出很多成本，這也是對我們遺留設施和文化的投資對我們來說極其重要。您之前曾聽我們說過，我們不會開設一家設施，除非它看起來與之前的設施以及之前的所有其他 200 家設施完全一樣。

So we've doubled down on our trading investment in our people, drivers, dock workers, all our team members, to make sure that we feel really good about the opening and the quality that we're going to provide to customers because we know that's where the long-term value is. There's expense associated with it, but we know that when we do a great job for our customers, we're able to have conversations with them about brand and footprint and everything else that we can do.

因此，我們加倍了對員工、司機、碼頭工人和所有團隊成員的貿易投資，以確保我們對開業以及我們將為客戶提供的服務品質感到非常滿意，因為我們知道這就是長期價值所在。與此相關的費用是有的，但我們知道，當我們為客戶做好工作時，我們就能夠與他們就品牌和足跡以及我們能做的其他事情進行對話。

Appreciate that. And just a quick follow-up on back half on the yields. If we carry forward your weight per shipment from 2Q into the back half, it should be much closer to flat relative to the high single-digit declines in the first half. So when we think about revenue per shipment, is it fair to kind of think that should improve from the 1% growth in 1Q and 2Q? Or are the mix headwinds that we can't see in the number is going to impact or keep it more in that 1% range?

很欣賞這一點。並快速跟進後半部分的收益率。如果我們將每批貨物的重量從第二季度結轉至下半年，相對於上半年的個位數大幅下降，它應該會更接近持平。因此，當我們考慮每次出貨的收入時，認為應該比第一季和第二季 1% 的成長有所改善是否公平？或者我們在數字中看不到的混合阻力是否會影響或使其保持在 1% 的範圍內？

I think like, Fritz said, our assumption of mix is that it remains relatively similar. So that could change one way or the other depending on macro backdrop. We're going through a quarter where we may not have handled this volume for customers before post disruption. So getting a handle on that. But if you look at everything that we've reported in the past and in this quarter, we are continuously and extremely focused on making sure that our pricing is accurate for what we're handling for customers.

弗里茨說，我認為我們對混合的假設是它仍然相對相似。因此，根據宏觀背景，這可能會以一種或另一種方式改變。我們正在經歷一個季度，中斷後我們可能無法為客戶處理這麼多的數量。所以要處理好這個問題。但是，如果您查看我們過去和本季報告的所有內容，您會發現我們一直致力於確保我們的定價對於我們為客戶處理的產品來說是準確的。

We're never going to be shy about going back to the mid-cycle if the freight characteristics are not meeting our needs or if we're not getting the volume that we expected in total. So we're continuously having those conversations. Now you go renew a contract, and that customer may decide to go elsewhere or optimize and you may not be handling the same mix that you did with that customer before. But we're always going to go back and have conversations about what our assumptions were and what we expected and make sure that we get that freight or in some instances, may have to raise the price because we're not getting what we expected. So our focus remains intently on that, and that hasn't changed.

如果貨運特性無法滿足我們的需求，或者如果我們沒有獲得我們預期的總量，我們永遠不會羞於回到中期。所以我們一直在進行這些對話。現在您要續約合同，該客戶可能決定去其他地方或進行最佳化，而您可能不會處理與之前與該客戶相同的組合。但我們總是會回去討論我們的假設和預期，並確保我們得到貨運，或者在某些情況下，可能不得不提高價格，因為我們沒有得到我們的預期。因此，我們的重點仍然集中在這一點上，這一點沒有改變。

Uday Khanapurkar, TD Cowen.

烏代·卡納普爾卡 (Uday Khanapurkar)，TD 考恩 (TD Cowen)。

Hi. This is Uday on for Jason Seidl. Thanks for the question. I guess just on capacity, we have that Yellow capacity coming back on to the market in the second half. I guess the question is like, is it becoming more clear how much more capacity constrained the industry will be when things settle? I think a peer of yours said it might be like a 10% reduction compared to pre-Yellow baseline. And I guess, what does that mean for how support of the volume environment needs to be to drive pricing growth in the second half and notwithstanding those mix effect?

你好。這是賈森·塞德爾的烏代。謝謝你的提問。我想就產能而言，我們的黃色產能將在下半年重返市場。我想問題是，當事情解決後，該行業的產能將受到多少限制，這一點是否變得更加清晰？我想你的一位同行說過，與黃色基線之前相比，這可能會減少 10%。我想，儘管有這些混合效應，這對於銷售環境的支援需要如何推動下半年的定價成長意味著什麼？

Yeah. I think that -- keep in mind, there are a fair number of the Yellow assets that haven't transacted yet, right? So including some of the largest facilities. So I don't know that I would say that all of it is coming back online. I think there are Saia, and I think some others are making -- have made some key strategic investments around their facilities and facilitate growth of respective networks and such. So I think the -- I'm not sure that I would conclude that there's a lot of capacity coming back online. I think the pricing backdrop though remains very, very constructive.

是的。我認為 - 請記住，還有相當數量的黃色資產尚未交易，對吧？因此包括一些最大的設施。所以我不知道我會說所有這些都會重新上線。我認為 Saia 以及其他一些公司正在圍繞其設施進行一些關鍵的策略性投資，並促進各自網路等的發展。所以我認為——我不確定我是否會得出這樣的結論：有大量容量可以恢復在線。我認為定價背景仍然非常非常有建設性。

I mean, fundamentally, these facilities, I mean, if I just think about what Saia's doing, it's important to us that we continue and deliver a facility and service levels that are very high for customers. So that's -- fundamentally underlying is an inflationary cost structure, and that requires revenue and pricing to make that happen. And I think that generally speaking across the industry, I think people think about those things in similar terms. So I don't think you see any -- I don't see any issues around potential for pricing or issues in the second half.

我的意思是，從根本上講，這些設施，我的意思是，如果我只考慮 Saia 所做的事情，對我們來說重要的是我們繼續為客戶提供非常高的設施和服務水平。因此，從根本上來說，通貨膨脹的成本結構是必要的，而這需要收入和定價來實現這一目標。我認為，一般來說，整個產業，人們都會以類似的方式思考這些事情。所以我認為你沒有看到任何問題——我沒有看到任何有關定價潛力的問題或下半年的問題。

Right. That's helpful. And I guess for my follow-up, on the industrial economy, we see ISM and manufacturing sort of persisting on the weaker end. Even though, I guess, the expectation over the past few years has been that we see some fresh infrastructure and industrial development pickup from some government initiatives, nearshoring, et cetera. Do you have a view on -- or have you heard from customers on why we haven't seen that translate to more industrial volumes and maybe if we could see a catalyst to that in the near future?

正確的。這很有幫助。我想在工業經濟的後續行動中，我們看到供應管理協會和製造業持續處於弱勢。儘管如此，我想，過去幾年的預期是，我們看到一些政府措施、近岸外包等措施帶來了一些新的基礎設施和工業發展的回升。您是否有什麼看法——或者您是否從客戶那裡聽說過為什麼我們沒有看到這轉化為更多的工業量，也許我們可以在不久的將來看到這種催化劑？

Yeah. I don't -- it has been a mixed bag on the industrial economy. Some customers are -- if things are going well, they're taking advantage of infrastructure opportunities, and others that aren't. I think that it's likely interest rate driven potentially that could have an influence there. The important thing I know is that we focus on its size, we focus on the things that we can control. So when it does come back, whenever that is and whatever the catalyst is, we're going to have 214 or so terminals ready to take advantage of that opportunity. That's how we think about it because I can't predict in a crystal ball of what I think will happen or when it will happen, but I just know that we'll be ready for it when it does happen.

是的。我不這麼認為──工業經濟的情況好壞參半。有些客戶－如果一切進展順利，他們就會利用基礎設施的機會，而其他客戶則不然。我認為利率驅動可能會產生影響。我知道的重要一點是，我們專注於它的規模，我們專注於我們可以控制的事情。因此，當它確實回來時，無論何時，無論催化劑是什麼，我們都會有 214 個左右的終端準備好利用這個機會。這就是我們的想法，因為我無法用水晶球預測我認為會發生什麼或什麼時候會發生，但我只知道當它確實發生時我們會做好準備。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Just coming back to pricing trends one more time, Fritz. Can you just talk about how things trended throughout the second quarter, especially as you maybe got a better handle on the mix and specifically what you're expecting for renewals in the second half, it sounds like maybe you're pushing price and some of these customers are leaving. I don't know if that's a fair interpretation, but it sounded like that was an implication. If so, where are they going?

弗里茨，再次回到定價趨勢。您能否談談整個第二季度的趨勢，特別是您可能對混合情況有了更好的把握，特別是您對下半年續訂的期望，聽起來您可能正在推高價格和一些這些顧客正在離開。我不知道這是否是一個公平的解釋，但聽起來這是一個暗示。如果是這樣，他們要去哪裡？

Well, I think a couple of things you have to keep in mind with contracting and pricing in this business, right? So we can go get a contractual renewal of the customer. And there's not a volume agreement that comes with that, right? So one of the things that we're intently focused on as that we put in agreements in place with the customer, we monitor that volume very closely.

嗯，我認為在這項業務中，您必須牢記一些合約和定價的事情，對嗎？這樣我們就可以與客戶續約。而且並沒有隨之而來的批量協議，對嗎？因此，我們與客戶簽訂協議時重點關注的事情之一是我們非常密切地監控該數量。

And as you know, if we have a new customer that comes on board and we're pleased with what the opportunity is, we monitor to see that we get the volumes that we expect that we would get. When we developed our proposal for the customer, we -- there were certain lanes included and such that we thought made sense and the customer is committed to that. So, the customer falls short on that, we certainly follow up with that.

如您所知，如果我們有新客戶加入，並且我們對機會感到滿意，我們會進行監控，以確保我們獲得了預期的銷售。當我們為客戶制定提案時，我們包含了某些我們認為有意義的路線，而客戶也承諾這樣做。所以，如果客戶沒有做到這一點，我們當然會跟進。

At the same time, just because somebody is agreeing to pricing with us, they can continue to optimize their business, and they will find what is best for them in their respective sort of supply chain. So, we'll see volumes will move around between other carriers. Maybe somebody's got a particular economies in a specific lane, maybe that customer will divert freight to that lower sort of price, but that customer, that related or a competitor may have a cost structure that's more advantageous and they can go get their AOR in the same lane, but it's a different -- they have different densities than we do, and we don't get that opportunity. That's kind of the way the business has always gone.

同時，僅僅因為有人同意與我們定價，他們就可以繼續優化他們的業務，他們會在各自的供應鏈中找到最適合他們的東西。因此，我們將看到銷售量將在其他業者之間轉移。也許某人在特定航線上有特定的經濟體，也許該客戶會將貨運轉移到較低的價格，但該客戶、相關人員或競爭對手可能擁有更有利的成本結構，他們可以在該地區獲得其AOR同一條車道，但不同——他們的密度與我們不同，我們沒有機會。這就是生意一直以來的發展方式。

So it's -- if you look at what we saw in the quarter, we just -- like we said earlier, we saw the shift to more national account business than we have seen before and which had maybe a little bit more of a retail orientation. And that kind of lighter weighted shipment there, and we just got to continue to work on that mix of business and the pricing associated with it.

所以，如果你看看我們在本季看到的情況，我們就像我們之前所說的那樣，我們看到了向比以前更多的國民帳戶業務的轉變，而且可能更多的是零售導向。那裡的重量較輕，我們只需繼續致力於業務組合和與之相關的定價。

So ultimately, is this capacity problem? There's too much that you're trying to fill? Because I think what you said earlier is that the mix impact was primarily with the legacy (inaudible)?

那麼歸根究底，這是容量問題嗎？你想要填補的東西太多了？因為我認為你之前所說的是混合影響主要是遺留的（聽不清楚）？

And just to be 100% clear, we don't ever lead with price when we open up a facility, right? That's just not part of how we do this. When we open a facility, when we opened the six facilities in the second quarter, we were thinking about that as a 5- and 10-year horizon. We're not thinking about filling it up this quarter this year.

100% 明確地說，當我們開設一家工廠時，我們從來不會以價格為主導，對嗎？這不是我們這樣做的一部分。當我們開設一家工廠時，當我們在第二季開設六家工廠時，我們將其視為 5 年和 10 年的視野。我們不考慮今年這個季度將其填滿。

We're thinking about, hey, this is a long-term value proposition for the customer. This is a capital investment that's got a long horizon. And that's how we think about it. And in the business that we're in, we have to deal with the fact that the volumes move around and the mix of business changes, and we've got to manage it. And that's what we're focused on now.

我們正在考慮，嘿，這是對客戶的長期價值主張。這是一項長期的資本投資。這就是我們的想法。在我們所處的業務中，我們必須應對數量變化和業務組合變化的事實，並且我們必須對其進行管理。這就是我們現在關注的重點。

Okay. So ultimately, you're still pushing for the same sort of renewals in the back half, no change there?

好的。所以最終，你們仍然在後半段推動同樣的續約，沒有改變嗎？

Yes, absolutely. If we can get higher, we're going to get higher.

是的，絕對是。如果我們能變得更高，我們就會變得更高。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

This is Matt Milask on for Bruce. With respect to the mix shift, I just wanted to get a sense if there was anything around incentivizing the sales teams to help drive some heavier shipment weight? Or is it just simply a function of getting some improvement in the underlying industrial economy? And then secondarily, how much bleed of freight are you currently seeing into the truckload market at this point?

這是布魯斯的馬特·米拉斯克。關於混合轉變，我只是想了解是否有任何措施可以激勵銷售團隊來幫助推動更重的出貨重量？還是只是基礎工業經濟得到一些改善的結果？其次，目前您認為卡車市場的貨運量有多少？

So we're really pleased with the incentive structure that we have in place with our sales force because it's tied to individual performance around growth and OR improvement. So that, Matt, that incentives we think are appropriately aligned. I think our teams know what they need to do to drive their own sort of their P&L, if you will, and what they can do to influence their result. And I think they'll -- that team will look at their Q2 results and they'll say that -- kind of look for focus around how do they continue to -- how do they look to improve OR from here and they're compensated for that. So we think the alignment is good there.

因此，我們對我們為銷售人員制定的激勵結構感到非常滿意，因為它與成長和 OR 改進的個人績效相關。因此，馬特，我們認為激勵措施是適當且一致的。我認為我們的團隊知道他們需要做什麼來推動他們自己的損益（如果你願意的話），以及他們可以做些什麼來影響他們的結果。我認為他們會 - 團隊將查看他們的第二季度結果，他們會說 - 尋找焦點圍繞他們如何繼續 - 他們如何尋求改進或從這裡開始，他們是對此進行了補償。所以我們認為那裡的一致性很好。

I think it's -- the folks that maybe you're calling on the industrial economy, they didn't perform as well primarily because of what they were seeing from their customers and that will impact kind of their focus and they'll reenergize them to go after what the available freight is. So I think it's something that is -- because we feel good about those incentives, I think our teams are in place to be successful as those opportunities come as they chase those opportunities. There was another part of that question, I want to make sure I covered what you were looking for.

我認為，也許你在工業經濟中呼籲的那些人，他們表現不佳主要是因為他們從客戶那裡看到的情況，這會影響他們的注意力，他們會重新激勵他們去了解可用的運費是多少。所以我認為這是因為我們對這些激勵措施感覺良好，我認為我們的團隊已經準備好取得成功，因為這些機會隨著他們追逐這些機會而到來。這個問題還有另一部分，我想確保我涵蓋了您想要的內容。

Yes. The last part was just your color or thoughts on the degree of freight being bled into the broader job (inaudible)?

是的。最後一部分只是您對貨運融入更廣泛工作的程度的看法或想法（聽不清楚）？

Exactly. I think it's -- there is some, I think, a smart, sophisticated supply chain manager is changing in a market that we're in right now. They are probably changing their sort of supply chain, how they route freight, how they pool or distribute freight through their sort of supply chains to take advantage of what the opportunities might be. But fundamentally, the structure of this business is such that we have a pickup and delivery network and maybe they take more of the freight on truckload and get it to one of our terminals somewhere, and our team makes the final delivery. So it's not like we've lost it.

確切地。我認為，我認為，在我們現在所處的市場中，一些聰明、成熟的供應鏈經理正在改變。他們可能正在改變供應鏈的類型、貨運路線、透過供應鏈匯集或分配貨運的方式，以利用可能的機會。但從根本上來說，這項業務的結構是這樣的：我們有一個提貨和送貨網絡，也許他們會用卡車裝載更多的貨物並將其運送到我們某處的碼頭，然後我們的團隊進行最終的送貨。所以我們並沒有失去它。

We just -- we've lost part of the -- sort of the performance of the service for the customer. And that could be there, and that's on the margin because those truckload carriers really not set up to go make pickup in delivery stops like we are. I'll tell you on the other end of the spectrum, you could see where a parcel carrier may -- they may lose a little bit to LTL as somebody consolidates parcels into an LTL shipment. I don't think that's huge either. But it's kind of what happens in an environment that we're in right now.

我們只是——我們已經失去了部分——為客戶提供的服務的表現。這可能是存在的，而且這是在邊緣，因為那些卡車承運人實際上並沒有像我們一樣在送貨站取貨。我會告訴您，另一方面，您可以看到包裹承運商可能會在哪裡 - 當有人將包裹合併為零擔運輸時，他們可能會因零擔運輸而損失一些。我認為這也不是很大。但這就是我們現在所處的環境中發生的事情。

People look to -- how do you save cost and you're not as dependent on service maybe right now, and they'll take advantage of it. Do I think it influences our results, it's on the margin. I think fundamentally, what we're seeing right now is just kind of that overall changes that I've described.

人們希望——如何節省成本，並且現在可能不再那麼依賴服務，他們會利用它。我認為這會影響我們的結果嗎？我認為從根本上來說，我們現在所看到的只是我所描述的整體變化。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

I wanted to maybe touch a little bit on just some of the facility openings. I think you kind of talked about how it reversed a little bit with expectations. Were they'd be kind of neutral as they open to now in a more dilutive just in this environment? Maybe just talk through, is there an opportunity for that to change going forward, maybe not necessarily 3Q. But as you think about as terminals continue to open as the year progresses, maybe some actions within your control? Or is this really just a function of just kind of where we are from the overall freight environment?

我想稍微談談一些設施的空缺。我想你談到了它是如何與預期發生一些逆轉的。當他們在這種環境下以更稀釋的方式開放時，他們會保持中立嗎？也許只是討論一下，未來是否有機會改變這種情況，也許不一定是第三季。但當您考慮隨著時間的推移，航站樓繼續開放時，也許您可以控制一些行動？或者這真的只是我們所處的整體貨運環境的一個函數嗎？

So I think there are overriding sort of thoughts around we opened a facility is that we're -- customers expecting that we're going to provide service at the same high level that they get everywhere else. So if we started off in a new facility and didn't provide that. We're disappointing a customer and we're, frankly, that part of the value proposition. So we can't really check cost around training per se. The things you do on the margin, maybe you do some things, but I don't think it's material or notable at this level.

因此，我認為圍繞我們開設設施的最重要的想法是，客戶期望我們能夠提供與他們在其他地方相同的高水準服務。因此，如果我們從一個新設施開始並且不提供該設施。我們讓客戶失望了，坦白說，我們就是價值主張的一部分。因此，我們無法真正檢查培訓本身的成本。你在邊緣做的事情，也許你做了一些事情，但我認為在這個層面上這並不重要或值得注意。

I think that the value of the facilities that we've opened, the ones that we've opened in Q2, there's some -- those are big facilities. As they develop maturity, they help offset some of these future openings that we have not only in this quarter and in the next, that's probably going to be the biggest impact of offsetting the potential of impact of openings on our P&L in the short term. When we opened a facility because of the capital outlay that we put into these things, we think about these on a longer-term horizon. Over the last 50 facilities that we've opened, we've thought about it the exact same way. And that critically important because ultimately, these are long-term assets.

我認為我們開設的設施的價值，我們在第二季度開設的設施，有一些——那些是大型設施。隨著它們的成熟，它們有助於抵消我們不僅在本季度和下一個季度擁有的一些未來空缺，這可能是抵消空缺對我們短期損益的潛在影響的最大影響。當我們因為在這些事情上投入資本支出而開設工廠時，我們會從更長遠的角度來考慮這些問題。在我們過去開設的 50 家設施中，我們一直以完全相同的方式思考這個問題。這一點至關重要，因為歸根結底，這些都是長期資產。

And if we get to the place that we're focusing on what we did in the second quarter or what the Q3 looks like when we're trying to deliver value to a customer, that's where I think we really (inaudible) value in the business. So we're going to continue to focus on being smart with spending and smart with investment. If there are things that we can do to do those on a cost optimal way, we will. But if it in any way compromises what we're doing for the customer right now, that is a -- that's a value destroyer for us.

如果我們專注於第二季度所做的事情，或者當我們試圖為客戶提供價值時第三季度的情況，我認為這就是我們真正（聽不清楚）價值的地方商業。因此，我們將繼續專注於明智地支出和明智地投資。如果我們可以採取一些措施以成本最優的方式做到這些，我們就會這麼做。但如果它以任何方式損害了我們現在為客戶所做的事情，對我們來說就是一個價值破壞者。

Just to hit that point home, Stephanie. Fritz gave the Dallas Metroplex example. We opened a few facilities in the Kansas City area last year -- in the Kansas area last year and the second one in Kansas City West, a big opening for us. That's been open probably a little bit more than a year now, and that facility is operating in the 70s for us. So at the beginning, there was the same exact challenges where you're training, you're onboarding, you're moving equipment, you're doing all the things that are associated with a new opening.

只是為了強調這一點，史蒂芬妮。弗里茲舉了達拉斯大都會的例子。去年我們在堪薩斯城地區開設了一些設施，去年在堪薩斯城地區開設了第二個設施，第二個設施在堪薩斯城西部，這對我們來說是一個很大的開放。該設施已經開業一年多了，對我們來說該設施已經運行了 70 年代。所以一開始，你在培訓、入職、行動裝置以及做與新空缺相關的所有事情時都面臨著同樣的挑戰。

So in the first three months, that certainly didn't look like that. But you fast forward a year later, and that facility is operating really well for us, and we continue to expect it to improve. So that's, again, to Fritz's point, another example. These aren't 12-month investments for us. These are 5- and 10-year investments that we're doing to strategically place ourselves to be a value proposition for the customer.

所以在前三個月，情況顯然不是這樣的。但快進一年後，該設施對我們來說運作得非常好，我們繼續期望它能夠得到改善。這又是弗里茲觀點中的另一個例子。這些對我們來說不是 12 個月的投資。這些是我們正在進行的 5 年和 10 年投資，目的是從策略上將自己定位為客戶的價值主張。

That's really helpful. And then just one quick housekeeping item for me. In terms of volumes for the third quarter, I do think there's a little bit more puts and takes this quarter versus any prior third quarter just given the disruptions that began last year in the third quarter. So could you kind of help us frame how we should think about just month to month, whether it's seasonal pickups, tough comps because of disruption last year, lack of seasonality. Any kind of help would be helpful -- would be appreciated.

這真的很有幫助。然後我只需要一件快速的家事用品。就第三季的交易量而言，我確實認為，考慮到去年第三季開始的干擾，本季的看跌期權和認沽期權與之前第三季度相比有所增加。那麼，您能否幫助我們框架我們應該如何考慮每個月的情況，無論是季節性回升，還是由於去年的干擾而導致的艱難補償，以及缺乏季節性。任何形式的幫助都會有幫助——我們將不勝感激。

As you know, the disruption win started kind of late Q2 last year. And then our volume really started to ramp if you look at the first half of the July to the back half of July of 2023. So I think it really probably ramps from here in terms of what the comps look like from last year. We've really started to see that, and some customers hung on until the final verdict was given. But we saw it ramp throughout Q3 last year, I think is a fair way to look at it from a disruption standpoint.

如您所知，顛覆性勝利從去年第二季末開始。如果你看看 2023 年 7 月上半月到 7 月下半月，我們的銷售量確實開始增加。所以我認為從去年的比較來看，它確實可能會從這裡開始上升。我們確實已經開始看到這一點，並且一些客戶一直堅持到最終裁決出來。但我們去年第三季看到它的成長，我認為從顛覆的角度來看這是一個公平的方式。

Yes, that which made our -- which would make the comps in this quarter a little bit harder in the second half, but at the same time, we're going to benefit from all the things that we've opened, not only in Q2, but the ones we'll add in Q3.

是的，這使得我們的——這將使本季度的比賽在下半年變得更加困難，但與此同時，我們將從我們已經開放的所有事情中受益，而不僅僅是在Q2，但我們將在Q3 中加入。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Fritz, the concern about the bearing start-up costs for your expansion has been an investor question for really seven years since you were deep in the Northeast expansion. And I think a surprise today is largely because you've gotten so good at it that people have started -- stopped worrying about it in the way that they used to. And I'm curious if there's any learnings from the last few months? Has there been some opportunity to maybe kind of tweak the software or technology used to kind of underwrite and estimate the cost of this or even some of the costing and technology investments you've made and really trying to price and understand the cost structure of your freight when you really bid into something new?

弗里茨（Fritz），自從您深入東北擴張以來，對您的擴張的啟動成本的擔憂實際上已經成為投資者的問題七年了。我認為今天的驚喜很大程度上是因為你已經變得如此擅長，人們已經開始不再像以前那樣擔心它。我很好奇過去幾個月是否有任何教訓？是否有機會調整用於承保和估計成本的軟體或技術，甚至是您所做的一些成本計算和技術投資，並真正嘗試定價並了解您的成本結構貨運當你真的競購新東西時？

Just thoughts on kind of opportunities for improvement there going forward and really kind of continuing your growth strategy and understanding your cost structure for the next two, three, four, five years?

只是想一下未來改進的機會，以及真正繼續您的成長策略並了解未來兩年、三年、四年、五年的成本結構？

Yes. That's a good question. I think the thing to remember with any kind of terminal opening is that there are a lot of factors involved with this. And the fact that we opened three facilities, Laredo, Trenton and Garland this quarter that are going to end up in our top 15 or 20, those are really big facilities -- that those are important. We've got the others that we've opened are kind of on the edge of the networks.

是的。這是個好問題。我認為任何類型的終端開放都需要記住，這涉及很多因素。事實上，我們在本季開設了三個設施，拉雷多、特倫頓和加蘭，最終將進入我們的前 15 名或前 20 名，這些都是非常大的設施 - 這些都很重要。我們已經開設了其他一些位於網路邊緣的網站。

There's some incremental costs around that. Frankly, we thought that -- probably thought that -- may be too optimistic around sort of the volume trends out of a couple of those facilities. Laredo was a challenge unto itself because it was a market that we're already in, but when we scale to a much larger facility, we probably underestimated the cost there. So that -- out of the last 50 we've opened, and we underestimated the cost on one of them, that's probably a pretty good performance. On the other side of it, we got -- we opened Garland and that outperformed.

這會帶來一些增量成本。坦白說，我們認為——可能是這樣認為——對其中幾個設施的銷售趨勢可能過於樂觀。拉雷多本身就是一個挑戰，因為這是我們已經進入的市場，但當我們擴展到更大的設施時，我們可能低估了那裡的成本。因此，在我們最近開設的 50 家酒店中，我們低估了其中一家的成本，這可能是相當不錯的表現。另一方面，我們開了 Garland，它的表現優於其他公司。

And so these things are regrettably when you put it into model or a spreadsheet. There are a lot of factors that go into that. Sometimes you can't capture them all. But I do know that the fact that we have those 6 open, as we develop them over the next number of quarters that we will all look to the value that, that creates both for a customer and for Saia and that will be the payback will happen over time, and I think we'll be real pleased with what we see.

因此，當您將其放入模型或電子表格中時，這些事情會令人遺憾。這有很多因素。有時您無法捕獲所有這些。但我確實知道，事實上，我們已經開放了這 6 個項目，隨著我們在接下來的幾個季度開發它們，我們都會專注於為客戶和 Saia 創造的價值，這將是回報隨著時間的推移，這些都會發生，我想我們會對所看到的感到非常滿意。

And to the question on the costing of your freight when you're taking on new customers, different mix, that sort of thing, has there been any learnings there that from this? I'm just curious if it's actually the operating cost or more of the cost of servicing the freight that has been a bigger surprise?

至於當你接受新客戶、不同的組合等諸如此類的事情時，關於運費成本的問題，有沒有從中學到什麼？我只是好奇是否真正的營運成本或更多的貨運服務成本才是更大的驚喜？

Well, we're always working to enhance our cost model and understanding what we do for customers, that's ever evolving. Bascome, the challenge in the industry is that there's no volume agreements. There's no volume commitments from customers. So, you work under a set of assumptions and customers' mix may change. They may route things differently than you expect. So a lot of it is just constant diligence from our standpoint of understanding what we're doing for customers, what solutions we're providing for going to locations that are more challenging, being able to bring that up and talk about it. So -- and that's no different at a legacy facility or at a new facility we're constantly evolving our analytical approach so that we can have better conversations with our teams internally and our customers.

嗯，我們一直在努力增強我們的成本模型並了解我們為客戶所做的事情，這是不斷發展的。Bascome，該行業面臨的挑戰是沒有批量協議。客戶沒有做出數量承諾。因此，您在一組假設下工作，客戶的組合可能會發生變化。他們的路線可能與您的預期不同。因此，從我們的角度來看，很多事情只是不斷努力，了解我們正在為客戶做什麼，我們為前往更具挑戰性的地點提供什麼解決方案，能夠提出並討論它。因此，這在傳統設施或新設施中沒有什麼不同，我們不斷改進我們的分析方法，以便我們可以與我們的內部團隊和客戶進行更好的對話。

And that concludes our question-and-answer session. I will now turn the call back to Mr. Fritz Holzgrefe for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給 Fritz Holzgrefe 先生，讓其致閉幕詞。

Okay. I just want to thank everybody for calling in and talking about Saia's results. We're really excited about what the opportunities, the terminal openings that we've had in the second quarter and what they will do for not only our customers but for our company. And then, as we look forward to the unique growth opportunities we have in Q3 and Q4, there's a significant longer-term growth opportunity out there for Saia and we are really excited about the fact that our team has done such a fantastic job taking care of the customer and that we will -- as the economy evolves, we want to be in a position to take advantage of that, and we'll have the opportunity to share those results with in next few quarters. So, thank you for your time.

好的。我只想感謝大家打電話來談論 Saia 的結果。我們對第二季所擁有的機會、終端開放以及它們不僅為我們的客戶而且為我們公司所做的事情感到非常興奮。然後，當我們期待第三季和第四季的獨特成長機會時，Saia 面臨著重大的長期成長機會，我們對我們的團隊在照顧方面做得如此出色這一事實感到非常興奮隨著經濟的發展，我們希望能夠利用這一點，並且我們將有機會在接下來的幾季分享這些成果。謝謝您的寶貴時間。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。