Saia Inc (SAIA) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Saia, Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matt Batteh, Saia's Executive Vice President and Chief Financial Officer. Please go ahead.

早上好，歡迎參加 Saia, Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給 Saia 的執行副總裁兼財務長 Matt Batteh。請繼續。

Thank you, Gary. Good morning, everyone. Welcome to Saia's fourth quarter 2024 conference call. With me for today's call is Saia's President and Chief Executive Officer, 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.

謝謝你，加里。大家早安。歡迎參加 Saia 2024 年第四季電話會議。與我一起參加今天電話會議的還有 Saia 總裁兼執行長 Fritz Holzgrefe。在我們開始之前，您應該知道，在本次電話會議中，我們可能會根據 1995 年私人證券訴訟改革法案做出一些前瞻性陳述。

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.

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都受到多種風險和不確定性的影響，實際結果可能存在重大差異。請您參閱我們的新聞稿和美國證券交易委員會 (SEC) 文件，以獲取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.

現在我將把電話轉給弗里茨，請他發表一些開場評論。

Good morning and thank you for joining us to discuss Saia's fourth quarter and full year results. I'd like to start by thanking all of our team members for all the hard work they put in, in 2024. We wrapped up our 100th year crossing $3 billion in revenue, a record for the company, delivering nearly 9 million shipments, our 100th year marked a record year of investment for the company.

早安，感謝您加入我們討論 Saia 第四季和全年業績。首先，我要感謝我們團隊的所有成員在 2024 年所付出的辛勤工作。我們以超過 30 億美元的營收結束了公司 100 週年紀念，創下了公司的最高紀錄，交付了近 900 萬件貨物，我們的 100 週年紀念也是公司投資創紀錄的一年。

We opened 21 terminals in 2024, which is by far a record, and we relocated an additional 9 terminals. We ended the year with 214 terminals and now a national footprint, enabling us to provide direct service to our customers in the 48 contiguous states. The record level of real estate investments we made in 2024 officially positioned Saia as a leading national carrier, allowing us to better service our existing customers and grow with new customers.

我們在 2024 年開設了 21 個航站樓，這是迄今為止的最高紀錄，我們另外遷移了 9 個航站樓。到年底，我們的終端數量已達 214 個，業務範圍已覆蓋全國，能夠為美國本土 48 個州的客戶提供直接服務。我們在 2024 年進行的創紀錄的房地產投資正式將 Saia 定位為領先的國家航空公司，使我們能夠更好地服務現有客戶並與新客戶共同成長。

In addition to investments in real estate, 2024 was also a record year for equipment as we in-service over 6,000 trailers. This investment in our fleet allows us to better service our customers and provide unique solutions for their needs.

除了房地產投資外，2024 年也是設備創紀錄的一年，因為我們在服役超過 6,000 輛拖車。對我們車隊的投資使我們能夠更好地服務客戶並根據他們的需求提供獨特的解決方案。

In addition to record capital investments, 2024 represented notable growth and our most important asset, our people, as we onboarded over 1,300 new team members. Each new team member goes through a training program that is focused on our core values starting with customer first.

除了創紀錄的資本投資外，2024年還代表著顯著的成長和我們最重要的資產——我們的員工，因為我們吸收了1,300多名新團隊成員。每位新團隊成員都要接受一項培訓計劃，該計劃的重點是我們的核心價值觀，即客戶至上。

Our record level of investment in 2024 represents our commitment to putting the customer first and ensuring that we're instilling our great Saia culture in each of our new locations. While underlying macro trends remain uncertain, our year-over-year results continue to reflect the growth experienced since mid-2023.

我們在 2024 年創紀錄的投資水準體現了我們致力於將客戶放在第一位並確保在每個新地點灌輸我們偉大的 Saia 文化。儘管潛在的宏觀趨勢仍不確定，但我們的年比業績繼續反映出自 2023 年中期以來的成長。

Our fourth quarter revenue of $789 million increased from last year's fourth quarter by 5% and is a record for any fourth quarter in our company's history. Shipments per workday increased 4.5%, and revenue per shipment, excluding fuel surcharge, increased 1.3%. Weight per shipment increased 3.7% in the quarter, while length of haul was up modestly. Yield or revenue per hundredweight, excluding fuel surcharge, decreased 2.3% and was impacted by the increased weight per shipment and reflects our continued mix optimization efforts.

我們第四季的營收為 7.89 億美元，較去年第四季成長 5%，創下了公司歷史上第四季的營收記錄。每個工作日的出貨量增加了 4.5%，每批出貨的收入（不包括燃油附加費）增加了 1.3%。本季每批貨物的重量增加了 3.7%，運輸距離也略有增加。不包括燃油附加費的每百磅收益或收入下降了 2.3%，受到每批貨物重量增加的影響，反映了我們持續的組合優化努力。

Compared to Q3, yield, excluding fuel surcharge, improved 1% as we continue to see markets and customers that value our differentiated services. Our fourth quarter operating ratio of 87.1% deteriorated seasonally by 210 basis points compared to our operating ratio of 85 [posted] in the fourth quarter last year.

與第三季相比，不包括燃油附加費的收益率提高了 1%，因為我們繼續看到市場和客戶重視我們的差異化服務。我們第四季的營業比率為 87.1%，與去年第四季 85 的營業比率相比，因季節性原因下降了 210 個基點。

We remain intently focused on our pricing and mix optimization initiatives. We're encouraged to see weight per shipment trend in a positive direction sequentially. While we don't view this as an indicator to the macro backdrop or and industrial customers turning positive, the increased weight per shipment reflects our continued efforts around mix management through the GRI and contractual renewals.

我們將繼續專注於我們的定價和組合優化措施。我們很高興地看到每批貨物的重量趨勢逐漸呈現正面的方向。雖然我們不認為這是宏觀背景或工業客戶轉為積極的指標，但每批貨物重量的增加反映了我們透過 GRI 和合約續約在組合管理方面持續做出的努力。

As is typical, we did see some volume shift in the weeks after the GRI was implemented in late October, but we remain focused on ensuring that we're compensated appropriately for the quality and service that we provide to customers.

像往常一樣，在 10 月下旬實施 GRI 後的幾週內，我們確實看到了一些銷售變化，但我們仍然專注於確保我們為客戶提供的品質和服務得到適當的補償。

Similarly, contract renewals remained strong in the quarter, averaging 7.9%. We're very pleased with the progress of our new terminal openings throughout the year. Each of our 21 new openings presented us with the opportunity to grow with new and existing customers. Establishing the Saia culture in each of these terminals has been critical.

同樣，本季合約續約依然強勁，平均為 7.9%。我們對全年新航站樓開放的進展感到非常滿意。我們新開設的 21 家店都為我們提供了與新舊客戶共同成長的機會。在每個航站樓內建立 Saia 文化至關重要。

And as we've discussed previously, opening these new terminals required extensive recruiting, onboarding and training, which are costs that are incurred ahead of opening. While these new openings in total remain a drag on company OR, we're starting to see the new terminals operate more efficiently, and we're very pleased with our execution. As discussed last quarter, the investments in our network are not for the current year -- or current quarter or year rather long-term investments that will help us continue to support our customers.

正如我們之前討論過的，開放這些新航站樓需要大量的招聘、入職和培訓，這些都是在開放前產生的成本。雖然這些新航站樓的開業總體上對 OR 公司來說是一個拖累，但我們開始看到新航站樓的運營效率更高，我們對我們的執行情況感到非常滿意。正如上個季度所討論的那樣，我們對網路的投資不是針對當前年度，也不是當前季度或年份，而是長期投資，這將幫助我們繼續支持我們的客戶。

I'll now turn the call over to Matt for more details from our fourth quarter and full year results.

現在我將把電話轉給馬特，以了解有關我們第四季度和全年業績的更多詳細資訊。

Thanks, Fritz. As Fritz mentioned, fourth quarter revenue increased by $37.8 million to $789 million, a record for any fourth quarter in the company's history. Yield, excluding fuel surcharge, declined by 2.3% and yield decreased by 5.4%, including fuel surcharge.

謝謝，弗里茲。正如弗里茨所提到的，第四季的收入增加了 3,780 萬美元，達到 7.89 億美元，創下了公司歷史上第四季的營收記錄。不含燃油附加費的收益率下降了2.3%，含燃油附加費的收益率下降了5.4%。

Mix optimization efforts remain ongoing, and we are pleased to see the increasing weight per shipment trends which lead to increased revenue per shipment despite negatively impacting the reported yield metrics.

組合優化工作仍在進行中，我們很高興看到每批貨物的重量呈上升趨勢，儘管對報告的收益指標產生負面影響，但這卻導致每批貨物的收入增加。

As a reminder, there is an interest relationship between weight per shipment yield as heavier weighted shipments typically drives a lower yield. Fuel surcharge revenue decreased by 12.5% and was 14.1% of total revenue compared to 17% a year ago.

提醒一下，每批貨物重量與收益率之間存在利益關係，因為貨物重量越重，收益率就越低。燃油附加費收入下降了 12.5%，佔總收入的 14.1%，而一年前這一比例為 17%。

Revenue per shipment, ex fuel surcharge increased 1.3% to $299.7 compared to $295.22 in the fourth quarter of 2023 and increased 2% sequentially from the third quarter of 2024. The sequential improvement represents the partial quarter impact of the GRI as well as our ongoing pricing and mix efforts. Tonnage increased 10.1% attributable to a 6.2% shipment increase and a 3.7% increase in our average weight per shipment. Length of haul increased 0.3% to 898 miles.

扣除燃油附加費後的每批貨物收入較 2023 年第四季的 295.22 美元增長 1.3% 至 299.7 美元，較 2024 年第三季環比增長 2%。連續的改善代表了 GRI 的部分季度影響以及我們正在進行的定價和產品組合努力。貨物運輸量增加 6.2%，每批貨物平均重量增加 3.7%，造成噸位增加 10.1%。運輸距離增加 0.3% 至 898 英里。

Shifting to the expense side for a few key items to note in the quarter. Salaries, wages and benefits increased 8.7%, which is primarily driven by a combination of our employee head count growth of approximately 9.3% year-over-year in the result of our July 2024 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 21 new facilities in the past 12 months. In addition, costs related to self-insurance increased in the quarter.

我們將目光轉向費用方面，看看本季需要注意的幾個關鍵事項。薪資、薪資和福利增加了 8.7%，這主要是由於我們 2024 年 7 月的薪資平均上漲了約 4.1%，導致員工人數年增約 9.3%。員工人數的成長與去年同期的業務量成長以及過去 12 個月內開設 21 家新工廠有關。此外，本季與自保相關的成本也有所增加。

Purchased transportation expense, including both non-asset truckload volume and LTL purchase transportation miles decreased by 11.1% compared to the fourth quarter last year, and was 7.4% of total revenue compared to 8.7% in the fourth quarter of 2023. Truck and rail PT miles combined were 13.1% of our total linehaul miles in the quarter.

購買運輸費用（包括非資產貨車裝載量和零擔購買運輸里程）與去年第四季相比下降了 11.1%，佔總收入的 7.4%，而 2023 年第四季為 8.7%。卡車和鐵路客運里程合計佔本季乾線運輸總里程的 13.1%。

Fuel expense decreased by 2.9% in the quarter, while company line haul miles increased 11.3%. The decrease in fuel expense was primarily the result of national average diesel prices decreasing by over 17% on a year-over-year basis.

本季燃料費用下降了 2.9%，而公司幹線運輸里程增加了 11.3%。燃料費用的下降主要是因為全國平均柴油價格年減超過17%。

Claims and insurance expense increased by 16.6% year-over-year. The increase compared to the fourth quarter of 2023 was primarily due to increased claims activity during the quarter as well as unfavorable development of open cases.

理賠及保險費用較去年同期成長16.6%。與 2023 年第四季相比，成長主要是由於本季索賠活動增加以及未結案件的不利發展。

Depreciation expense of $54.1 million in the quarter was 18.3% higher year-over-year, primarily due to ongoing investments in revenue equipment, real estate and technology. Compared to the fourth quarter of 2023, cost per shipment increased 1.4%, impacted by the wage increase in the costs associated with new terminal openings.

本季折舊費用為 5,410 萬美元，年增 18.3%，主要由於對收益設備、房地產和技術的持續投資。與 2023 年第四季相比，受新航站樓開放相關成本的工資上漲的影響，每批貨物的成本增加了 1.4%。

Total expenses increased by 7.7% in the quarter and with the year-over-year revenue increase of 5%, our operating ratio deteriorated to 87.1% compared to 85% a year ago. Our tax rate for the fourth quarter was 23% compared to 22.8% in the fourth quarter last year. our diluted earnings per share were $2.84 compared to $3.33 in the fourth quarter a year ago.

本季總支出增加了 7.7%，由於營收年增 5%，我們的營業比率從一年前的 85% 下降至 87.1%。我們第四季的稅率為 23%，而去年第四季為 22.8%。我們的每股攤薄收益為 2.84 美元，而去年同期第四季為 3.33 美元。

Moving on to the financial highlights of our full year 2024 results. Revenue was a record $3.2 billion and operating income was $482.2 million. Our operating ratio deteriorated by 100 basis points to 185 basis points. Despite the impact from underlying inflation, increased employee count and costs associated with new openings, cost per shipment remained relatively flat, increasing by 0.2% from 2023. I was pleased with the execution and operating efficiencies achieved by the team.

接下來介紹我們 2024 年全年業績的財務亮點。收入達到創紀錄的 32 億美元，營業收入達到 4.822 億美元。我們的營業比率下降了100個基點，至185個基點。儘管受到潛在通膨、員工數量增加和新開業相關成本的影響，每批貨物的成本仍然相對平穩，比 2023 年增加了 0.2%。我對團隊的執行力和營運效率感到滿意。

The cost per shipment trends in 2024 show the impact of leveraging the fixed cost structure through expansion and we remain committed to investing in the business in the long term. We finished the year with just shy of $20 million of cash on hand and about $94 million drawn on the revolving credit facility to bring us to approximately $200 million in total debt outstanding at the end of the year. The reduction of cash is driven by capital expenditures in 2024, which were in excess of $1 billion.

2024 年每批貨物的成本趨勢顯示了透過擴張利用固定成本結構的影響，我們仍然致力於長期投資該業務。到年底，我們的現金餘額接近 2,000 萬美元，而循環信貸額度中提取的金額約為 9,400 萬美元，導致到年底我們的未償還債務總額達到約 2 億美元。現金的減少是由於 2024 年的資本支出超過 10 億美元。

The record level of capital deployed in 2024 reflects our ongoing commitment to our long-term strategy and our strong balance sheet supports these investments. In December, we successfully completed the upsize and extension of our revolving credit facility and the increased capacity gives us flexibility with planned capital expenditures for 2025 and beyond. Our diluted earnings per share for the full year were $13.51 versus $13.26 in 2023.

2024 年資本部署的創紀錄水準反映了我們對長期策略的持續承諾，強勁的資產負債表支持這些投資。12 月，我們成功完成了循環信貸額度的擴大和延長，信貸額度的增加使我們能夠靈活地制定 2025 年及以後的資本支出計劃。我們全年每股攤薄收益為 13.51 美元，而 2023 年為 13.26 美元。

I'll 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，請他發表一些結束語。

Thanks, Matt. As we completed our 100 years of the business, I'm pleased with the execution of our growth strategy and our ability to demonstrate our customer first approach during this record year of expansion. While the new terminals are a drag on margins in the near term, these investments in capacity are critical to creating long-term value for both our customers and shareholders. As we execute long-term strategy, we constantly analyze the impact of new openings for a margin and customer acceptance standpoint.

謝謝，馬特。當我們走過百年歷程時，我對我們的成長策略的執行以及在這創紀錄的擴張之年裡展示客戶至上理念的能力感到滿意。雖然新航站樓會在短期內拖累利潤率，但這些產能投資對於為我們的客戶和股東創造長期價值至關重要。在執行長期策略時，我們會不斷分析新店開業對利潤和客戶接受度的影響。

While the costs associated with new openings are more pronounced in some of the smaller terminals in less dense markets, having a comparable footprint to our peers is critical to our value proposition for customers. Every new opening is an opportunity for us to discuss solutions to our current customer base as well as attract new customers. While the macroeconomic backdrop remains uncertain. The investments made in 2024 set us up to take advantage of the industrial recovery whenever that may come.

雖然在一些人口密度較低的市場中，一些較小的航站樓開設新機場的成本更為明顯，但擁有與同行相當的規模對於我們為客戶提供的價值主張至關重要。每次新店開幕都是我們討論針對現有客戶群的解決方案以及吸引新客戶的機會。而宏觀經濟背景仍不確定。2024 年進行的投資使我們能夠充分利用可能到來的工業復甦。

2024 is a landmark year for the company on many levels. We're able to implement a significant portion of our long-term investment in a comparatively short time. The next stage and development of our strategy will be focused entirely on supporting our customer success.

2024年對於公司來說在多個層面上都是具有里程碑意義的一年。我們能夠在相對較短的時間內實現長期投資的很大一部分。我們策略的下一階段發展將完全集中於支援客戶成功。

Our national network provides a complete LTL solution for many of our customers and successful execution is defined by being and exceeding expectations, while at the same time, realizing an appropriate return on these significant investments.

我們的全國網路為許多客戶提供了完整的 LTL 解決方案，成功的執行意味著達到並超越預期，同時實現這些重大投資的適當回報。

As we have shown with the success of our organic expansion, which started with 4 facilities since May of 2017, we are creating value over time through an intense focus on keeping the customer first. We expect to realize significant value not only the 21 openings from 2024, but also the other 48 openings dating back to 2017. We believe the high-performing national network provides the framework for further long-term success.

正如我們自 2017 年 5 月開始的 4 家工廠的有機擴張所取得的成功所表明的那樣，我們透過高度重視客戶至上，隨著時間的推移創造價值。我們預計，不僅 2024 年開業的 21 家門市能夠實現重大價值，自 2017 年以來開業的另外 48 家門市也能夠實現重大價值。我們相信，高效的全國網路為進一步的長期成功提供了框架。

We're committed to the ongoing investments that support the customer experience as we continue to invest in our network and expand our footprint to better service our customers. We anticipate capital expenditures for 2025 to be in excess of $700 million, which would include additional relocations, upgrades and openings of up to 5 facilities to 6 facilities from our real estate investment pipeline.

我們致力於持續投資以支持客戶體驗，我們將繼續投資我們的網路並擴大我們的覆蓋範圍以更好地服務我們的客戶。我們預計 2025 年的資本支出將超過 7 億美元，其中包括從我們的房地產投資管道中額外搬遷、升級和開設最多 5 到 6 個設施。

As we have shown over our last 69 openings and 28 relocations, we developed repeatable competency in our organic expansion. As a reminder or for those that may be new to the story, new markets and relocations are open with a long-term focus in mind.

正如我們在過去 69 個新開業和 28 個新地點搬遷中所展示的那樣，我們在有機擴張中形成了可重複的能力。對於那些可能還不熟悉這個故事的人來說，需要提醒的是，新市場和新地點的開放是著眼於長遠發展的。

Incremental -- initial volumes come from customers familiar with Saia and then further development of the local market. They're not about generating volume for this week or next quarter that they've been and will remain focused on creating long-term value for our customers and returns for our shareholders. We remain focused on our performance for our covers and reinforcing our great culture as we continue to execute our growth strategy. We're now ready to open the line for questions, operator.

增量－初始數量來自熟悉 Saia 的客戶，然後進一步開發當地市場。他們並不關心本週或下個季度的銷售，他們一直並將繼續專注於為我們的客戶創造長期價值和為我們的股東帶來回報。在繼續執行我們的成長策略的同時，我們依然專注於封面的表現並強化我們的優秀文化。接線員，我們現在可以開始解答您的疑問了。

(Operator Instructions)

（操作員指令）

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Thank you. Good morning. I'm just going to put a couple in one, if that's okay. So first of all, I think we can back into the December tonnage and shipments, Matt, but if you want to just give that for clarity also what you can give for January in those two categories.

謝謝。早安.如果可以的話，我只想把幾個放進去。因此首先，我認為我們可以回顧 12 月份的噸位和出貨量，馬特，但如果您只是為了清楚起見，也可以提供 1 月份這兩個類別的數據。

And then finally, if you can just remind us what the normal seasonal trend is for our 4Q to 1Q and how you see yourself setting up for that based on what you've seen in January plus some of the maturation of the terminals you opened last year. Thanks.

最後，如果您可以提醒我們第四季度到第一季的正常季節性趨勢是什麼，以及根據您在一月份看到的情況以及去年開設的一些終端的成熟度，您如何為此做好準備。謝謝。

Sure, Jon. I'll give -- I'll start with the shipments and tonnage. So I'll do the full course for -- to recap. But October shipments per day up 4.4% tonnage per day, up 6.9%; November shipments up 2.3%, tonnage up 5.7%; December shipments up 7.2%, tonnage up 13.5%. In January to date, shipments up about 6.5%, tonnage up about 13.5%.

當然，喬恩。我先介紹一下貨運量和噸位。因此我將對整個課程進行回顧。但10月份日均出貨量較上季成長4.4%，日均噸數較上季成長6.9%； 11月份出貨量成長2.3%，噸位成長5.7%； 12月份出貨量成長7.2%，噸位成長13.5%。1月至今，出貨量成長約6.5%，噸位成長約13.5%。

And in terms of the sequential -- I mean, look, if you go back in history, some years are better, some years are worse. And I think if you were to dive into that, it's probably really weather dependent, if you look at all those. So we don't love to talk about weather, but obviously, January was pretty challenging from a weather standpoint that moved across.

就連續性而言——我的意思是，如果你回顧歷史，有些年份會更好，有些年份會更糟。我認為，如果你深入研究這個問題，你會發現，這可能真的與天氣有關，如果你看看所有這些的話。因此，我們不喜歡談論天氣，但顯然，從天氣角度來看，一月是相當具有挑戰性的。

So I think for us, where we stand right now, maybe we look at sort of a 30 basis points to 50 basis points deterioration from Q4 range. January is behind us, but we still have February and March is really the make or break month for the quarter.

因此我認為，就我們目前的狀況而言，可能我們會看到第四季的業績下降 30 個基點到 50 個基點。一月已經過去，但二月和三月才是本季真正決定成敗的月份。

So that's how we see it right now. But I think importantly, two things. First, if you look at the shipment growth that we just gave for January, about three quarters of that is from terminals that were opened in 2024 which is great. We're seeing a lot of customer acceptance in those. But keep in mind, those don't operate at company average. And like Fritz said, those were a drag on margins. So good to see from a volume standpoint, but those aren't fully mature markets yet.

這就是我們現在看到的情況。但我認為有兩件事很重要。首先，如果您查看我們剛剛公佈的 1 月份出貨量增長數據，其中約四分之三來自 2024 年開放的碼頭，這非常好。我們看到很多客戶對此表示認可。但請記住，這些營運水準並不達到公司的平均水準。正如弗里茲所說，這些都會拖累利潤。從數量的角度來看這是件好事，但這些市場還不是完全成熟的市場。

But also really, I think we're anchoring on the full year. When we look at the full year, we're still thinking in that 80 basis points to 100 basis points range of improvement, and we stand here on February 3 and feel like that's well within our range. So Q1 hopefully deal with some better weather here in the next couple of months, but we're really anchored on the full year as we look at it.

但實際上，我認為我們的重點是全年業績。當我們展望全年時，我們仍然認為改善範圍會在 80 個基點到 100 個基點之間，而我們現在是 2 月 3 日，感覺這完全在我們的範圍內。因此，希望第一季在接下來的幾個月裡能有更好的天氣，但我們對全年的展望還是比較看好的。

Great. Super helpful. Thanks, Matt.

偉大的。超有幫助。謝謝，馬特。

Sure.

當然。

Tom Wadewitz, UBS.

瑞銀的湯姆‧韋德維茲 (Tom Wadewitz)

Yes, I just wanted to see if you could talk a little bit about -- more about the OR. I think if we look back at your comments on the fourth quarter call last year, you said normal seasonality is like 50 basis points to 75 basis points of improvement 1Q versus 4Q. And then I guess, so you're pointing to you think you're doing worse than that, like I guess the seasonality you'd say is a little different or you're factoring weather. I just want to understand a little bit more about kind of the commentary on the 1Q OR.

是的，我只是想看看您是否可以稍微談談——更多關於 OR 的事情。我認為，如果我們回顧一下您對去年第四季電話會議的評論，您說正常的季節性是第一季相對於第四季度有 50 個基點到 75 個基點的改善。然後我想，所以你指出你認為你做得比這更糟，就像我猜你會說季節性有點不同或你考慮到天氣因素。我只是想更多地了解有關 1Q OR 的評論。

And then, I guess, as you lap some of the terminal as you think about going into do you start doing better than normal seasonality. Just thinking about the kind of what's in the 1Q OR and how do we think about the look forward on that and kind of the timing when that may change. Thanks

然後，我想，當您考慮進入一些終端時，您是否開始做得比正常季節性更好。只是思考一下第一季或之後的情況，我們如何看待它的前景以及何時可能會改變。謝謝

Yes. Thanks, Tom. So we opened 21 facilities starting in the second quarter of last year through the end of the year. So capability in the past, really, they're a whole lot there. Certainly, there's some trends to consider. When we give you the thoughts around Q4 to Q1, we're contemplating what we just saw lived through in January. We've got the growth, as Matt pointed out, three quarters of it is coming from terminals have been opened less than a year. So those -- the operating ratio for those facilities is improving, but it's certainly not at the company average. So that's a bit of a headwind. But thinking about this as sort of not only a 2025 investment but a multiyear investment. So that makes sense.

是的。謝謝，湯姆。因此，我們從去年第二季開始到年底共開設了 21 家設施。所以，過去他們確實有許多這樣的能力。當然，有一些趨勢需要考慮。當我們向您介紹第四季到第一季的想法時，我們正在思考一月份所經歷的事情。正如馬特指出的那樣，我們實現了成長，其中四分之三的成長來自於開業不到一年的航站樓。因此，這些設施的營運比率正在提高，但肯定沒有達到公司的平均水平。這確實有點不利。但想想這不僅是一項 2025 年的投資，而且是一項多年期投資。所以這是有道理的。

And I think as we consider that and you look at history, at different times in history, we've had different weather events that we've dealt with in the first quarter. That's usually a pretty complicated quarter, as we know the Q1 is made usually in March. And so trending it off of what we see right now is pretty tough. And what we see most importantly is the longer-term view of this really, we think, is pretty attractive.

我認為，當我們考慮到這一點並回顧歷史時，在歷史的不同時期，我們在第一季應對過不同的天氣事件。這通常是一個非常複雜的季度，因為我們知道第一季通常是在三月發布的。因此，從我們目前看到的情況來看，判斷趨勢是相當困難的。最重要的是，我們認為，從長期來看，這確實非常有吸引力。

Just one last add. I mean we've got another thing to factor, I mean, we're getting equipment in a more elevated pace than what we would typically, the OEMs are more on time, which is good from a supply chain standpoint. So depreciation is also a little bit more of a step-up than from Q4 to Q1 than what we would typically see in history as well. So that's playing into it as well.

最後再補充一點。我的意思是我們還有另一件事要考慮，我們獲得設備的速度比通常要快，原始設備製造商更準時，從供應鏈的角度來看這是好事。因此，從第四季度到第一季度，貶值的幅度也比我們歷史上通常看到的要大一些。這也起到了一定作用。

So would -- is it appropriate to think if you hit the easier comps and you lap against the terminals? And I understand you're making that why is long-term investments, right? And that has an effect as you build utilization. But do you think it's reasonable to look at the comps and say, okay, when you get to second quarter, then you start to see improvement? Or is that something where you say, okay, we need a little bit of help on the freight market in order to see the year-over-year improvement?

那麼——如果您擊中了較容易的比賽並且撞上了終點站，這樣想合適嗎？我知道你為什麼要進行長期投資，對嗎？當你建立利用率時，這會產生影響。但是，您是否認為，看看這些比較數據，然後說，好吧，當您進入第二季時，您就會開始看到改善，這樣合理呢？或者您會說，好吧，我們需要在貨運市場上獲得一點幫助才能看到同比的改善？

Tom, we're looking to see improvement as we go through in the year. As these facilities reach higher levels of maturity, that certainly is going to be an add. And we'll be lapping periods in which we had start-up costs. And so I would expect through the year that we would see continued improvement to get to that full year sort of 80 to 100 basis points of OR improvement. I mean if we back up a little bit in the first quarter, that -- the implication is to get to that full year number, we're going to see improvements in the other quarters.

湯姆，我們希望在這一年中能夠取得進步。隨著這些設施逐漸成熟，這無疑將會是個補充。而且我們將會處於啟動成本重疊的時期。因此，我預計全年我們將看到持續的改善，使全年 OR 改善達到 80 到 100 個基點。我的意思是，如果我們在第一季稍微回顧一下，那就意味著要達到全年數字，我們將看到其他季度的改善。

Right. Okay. Thanks for the time.

正確的。好的。感謝您的時間。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hi, thanks, guys. I guess maybe just for the full year, so 80 basis points to 100 basis points of OR. I guess, I think you've talked in the past about maybe 100 to 150. So I just want to get a sense kind of roughly how you think about some of the moving pieces. And then I guess maybe just a follow-up question on sort of what you're seeing from a volume standpoint because obviously you were getting good shipments, but significantly better than the tonnage growth or weight per shipment is kind of moving up.

嗨，謝謝大家。我想可能只是針對全年而言，因此 OR 為 80 個基點到 100 個基點。我想，您過去曾談論過大概 100 到 150 個。所以我只是想大致了解一下您對一些活動部件的看法。然後我想也許只是一個後續問題，關於您從數量的角度來看的情況，因為顯然您獲得了良好的出貨量，但明顯好於噸位增長或每批貨物的重量有所上升。

So kind of curious about those two factors kind of the full year from an OR perspective, the puts and takes relative to maybe what you had thought about in the past? And then what you're seeing from a weight per shipment perspective?

所以我很好奇從 OR 的角度來看，全年的這兩個因素與您過去考慮的相比，有何不同？那麼從每批貨物的重量角度您看到了什麼？

So good question. I mean we're intensely focused on continuing to find customers in markets that really appreciate the value side of service. So you're seeing us kind of doing the playbook right now is continuing to focus on developing those sort of customers that sort of freight profile that we think is positive for Saia.

真是好問題。我的意思是，我們全心全意地繼續在市場上尋找真正欣賞服務價值的客戶。所以，您現在看到我們正在做的是繼續專注於開發這類客戶，我們認為這對 Saia 來說是有利的貨運情況。

And then competing and providing very high levels of service, which we feel like is differentiated, and that's giving us an opportunity to grow maybe a little better than the competition. So we're seeing that. We're seeing the value of our network investments coming into play now, which is important.

然後進行競爭並提供非常高水準的服務，我們覺得這是差異化的，這給了我們一個比競爭對手更好一點的成長機會。所以我們看到了這一點。我們現在看到網路投資的價值正在發揮作用，這很重要。

To be honest with you, we're not assuming any step up in the macro environment, we're competing in the environment that we're in right now. So if the macro environment improves, we see domestic manufacturing, maybe step up. I think that's a tailwind for Saia. But I think right now, we're assuming that we're going to operate in the environment that we're in. We're going to compete intensely on service, and we're going to make sure we get paid for this -- for what we provide customers.

老實說，我們並沒有假設宏觀環境會有任何進步，我們只是在當前所處的環境中競爭。因此，如果宏觀環境改善，我們看到國內製造業可能會加速發展。我認為這對 Saia 來說是一個順風。但我認為現在，我們假設我們將在我們所處的環境中開展業務。我們將在服務方面展開激烈競爭，並確保我們能透過向客戶提供的服務獲得報酬。

And just thoughts on the operating ratio for the full year relative to maybe how you thought about that in the past?

您對全年營業比率的看法與過去相比如何？

Yes, I think we're -- the 80 to 100 right now, look, we got to be reasonable around -- we got 21 facilities that we've added that we're going to continue to push to maturity. And that's -- and the assumption we're making is that the environment stays as it is.

是的，我認為我們現在有 80 到 100 個設施，看，我們必須保持合理，我們已經增加了 21 個設施，我們將繼續推動這些設施成熟。而且——我們的假設是環境保持原樣。

Now I think if it if the environment were to step up or improve, I think could we beat that and get into more of that traditional range that we've talked about sort of that 100 to 150? Yes. Is that possible? Absolutely. Is higher than that possible? It sure is. But I think we're just focused on playing the hand we've been dealt right now, and that's kind of where we get to the numbers that we have.

現在我認為，如果環境有所改善，我想我們能否突破這一困境，進入我們所討論的 100 到 150 的傳統範圍？是的。這可能嗎？絕對地。有可能比這個更高嗎？確實是。但我認為我們只是專注於當前的情況，這就是我們獲得現有數字的方式。

Got it. Thank you very much. Appreciate it.

知道了。非常感謝。非常感謝。

The next question is from Brian Ossenbeck with JPMorgan.

下一個問題來自摩根大通的 Brian Ossenbeck。

So I just wanted to see if you could comment a little bit more on the pricing trends, how they progressed through the quarter. Obviously, as mentioned, mix is impacting the yield per hundredweight, but [rev percent] moving up. So maybe you can talk a little bit more about that and then the acceptance of the 7.9% GRI?

所以我想看看您是否可以對定價趨勢以及本季的進展再發表一些評論。顯然，正如前面提到的，混合物會影響每百磅的產量，但[轉速百分比]會上升。那麼也許您可以進一步談論這一點以及 7.9% GRI 的接受度？

Sure. I think from our standpoint, I'll start with just general pricing trends. You see it in our GRI percent and our contractual renewals where our focus is, and that's the same as it has been and always is our focus. We're intently focused on that, especially from that mix front, and we talked a lot about that last year about handling freight for customers that we hadn't seen before and that we needed some time to work through that.

當然。我認為從我們的角度來看，我將從一般的定價趨勢開始。您可以在我們的 GRI 百分比和合約續約中看到我們的重點，這與過去和現在都是我們的重點。我們全神貫注於這一點，特別是從組合方面，去年我們討論了很多關於為我們以前從未見過的客戶處理貨運的問題，我們需要一些時間來解決這一問題。

So we're encouraged to see the weight per shipment [trend upward], but we've got to remain committed to that and keep our foot on the pedal ensuring we get compensated fairly for that. So that impacts the yield. But as you know, Brian, we focus everything internally on revenue per shipment, our costs come to us in per shipment basis. So that's where our focus is. And all else equal, we prefer those heavier weighted shipments because generally, you get paid more for them.

因此，我們很高興看到每批貨物的重量呈[上升趨勢]，但我們必須繼續致力於此，並繼續努力，確保我們得到公平的補償。這會影響產量。但是正如你所知，布萊恩，我們內部的重點是每批貨物的收入，我們的成本是以每批貨物為基礎計算的。這就是我們的重點。在其他條件相同的情況下，我們更喜歡那些重量更重的貨物，因為通常情況下，您可以獲得更多的報酬。

So our focus is the same. And we're pleased to see that. We're seeing some good mix trends from customers, and we track that very frequently, and we'll go have conversations in advance of the contract if we need to.

所以我們的重點是一樣的。我們很高興看到這一點。我們從客戶那裡看到了一些良好的組合趨勢，我們非常頻繁地追蹤這些趨勢，如果需要，我們會在簽訂合約之前進行對話。

In terms of GRI acceptance, volume always moves around a little bit. It may have moved around a little bit more just based on the magnitude of what we took and the timing of when we took it, just the slower periods of the year. But we're making sure that we get paid for what we do. And if it moves away for a short period of time, that's something we manage through on our side. But acceptance has been good. It's always a little bit of movement at the beginning. So it gets settled out in the months that follow typically.

就 GRI 接受度而言，數量總是會略有波動。根據我們採集的數量和採集時間（即一年中採集較慢的時期），採集時間可能會稍微移動一些。但我們要確保我們所做的事情能夠得到報酬。如果它在短時間內消失，那是我們能夠設法解決的。但接受度還是不錯的。一開始總會有一點點動靜。因此通常會在接下來的幾個月內解決。

Thanks, Matt. Quick follow-up. Can you just talk about the other expense line item. I don't know, if it was a good amount. I think we've really seen that in the past. And I'm assuming insurance, just at the end of the year is the normal stuff, but some color on that would be appreciated. Thank you.

謝謝，馬特。快速跟進。能談談其他費用項目嗎？我不知道這個數目是否合適。我想我們過去確實見過這種情況。我認為保險在年底是正常現象，但如果能對此進行詳細說明，我們將不勝感激。謝謝。

I assume you're referencing that other operating line. That's --

我假設你指的是另一條操作線。這就是--

Yes.

是的。

Okay. That's equipment and real estate disposals is all that is.

好的。這就是全部設備和房地產處置。

The next question is from Jordan Alliger with Goldman Sachs.

下一個問題來自高盛的喬丹·阿利格。

I was just wondering, can you talk a little bit more about the mix optimization? Is it like a specific program? I just -- try to get a little more color on that. And we get to a point of normalization at some point where weight per shipment and yields both can go up. I mean, I think historically, that's been the case. But I don't know if there's a balance point, and -- but in the meantime, would one expect yield ex fuel to stay down year-over-year?

我只是想知道，您能否再詳細談談混合優化？它像一個特定的程式嗎？我只是——嘗試對此進行更深入的解釋。當達到某個正常化點時，每批貨物的重量和產量都會上升。我的意思是，我認為從歷史上看，情況確實如此。但我不知道是否存在一個平衡點，而且——但與此同時，人們是否預計燃料收益將同比下降？

Well, I don't -- I'd have to go back and look. I don't know that we've seen a time where our weight per shipment was that different in Q4 of the prior year versus Q4. I mean it was up pretty significantly. So part of that is what we were handling in that back part of 2023 after a competitor went out of business. But in terms of our mix optimization efforts, every time we're speaking with a customer we're looking at the freight profile and trying to identify what would work best for us and going after that.

嗯，我不知道——我得回去看看。我不知道我們是否見過去年第四季與去年第四季每批貨物的重量有如此大的差異。我的意思是，它上漲得相當顯著。因此，其中一部分是我們在 2023 年下半年競爭對手倒閉後處理的事情。但就我們的組合優化工作而言，每次我們與客戶交談時，我們都會查看貨運情況並嘗試確定哪種方式最適合我們並加以實施。

And one of the key points about this national network is that we have a better opportunity now than we ever have to have conversations with customers about handling everything for them and doing a great job for them in markets and a place that we may not have had access to because we didn't handle that direct in the past.

這個全國網路的關鍵點之一是，我們現在擁有比以往更好的機會，可以與客戶進行對話，為他們處理所有事情，並在我們可能無法進入的市場和地方為他們提供出色的服務，因為過去我們沒有直接處理這些事情。

So in certain instances, that's a mixed discussion because we may not have had access to a customer's book of business that we're going to -- Great Plains as an example. So it's mix around that, but it's also identifying the various commodities they ship and ensuring that we're doing a great job for them and charging appropriately for them. So the weight per shipment divergence is really where that yield number is coming from. But we're focused on pricing and when we look at it internally, that's on a revenue per shipment basis is how we track it.

因此，在某些情況下，這是一個混合討論，因為我們可能無法存取我們要去的客戶的業務簿--以 Great Plains 為例。因此，我們要圍繞這一點進行混合，但同時也要識別他們運送的各種商品，並確保我們為他們提供優質的服務，並向他們收取適當的費用。因此，每批貨物的重量差異實際上是產量數字的來源。但我們關注的是定價，當我們從內部角度看待這個問題時，我們是根據每批貨物的收入來追蹤的。

Okay. Thank you.

好的。謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thaks. Good morning, guys. Any way you can give some directional color on how to think about maybe sequentially the yield and revenue per shipment, we've seen sequential increases in the last two quarters. Would you expect that to continue again in Q1? And -- or maybe differently, like within that OR guidance, sort of what's like the range of revenue assumption you've got within there? Maybe that could be helpful as well.

嘿，謝謝。大家早安。無論如何，您可以給出一些關於如何連續思考每批貨物的產量和收入的方向性說明，我們已經看到過去兩個季度的連續增長。您預計這種情況會在第一季繼續下去嗎？或者可能有所不同，例如在 OR 指導範圍內，您在其中的收入假設範圍是怎樣的？或許這也會有幫助。

Well, we don't give intra-quarter yield or revenue per shipment updates. But from our standpoint, we're continuing to focus on the exact same thing. We're focused on pricing and having conversations with customers. You've seen where our contractual renewals numbers have trended. But right now, with the environment loose and everyone has capacity, there are certainly instances where customers have options and they decide to try a lower-priced option for a period of time, and we're willing to let that go. And when it comes back, we're going to be ready at our rate.

嗯，我們不提供季度內收益率或每批貨物收入的更新。但從我們的角度來看，我們將繼續關注同一件事。我們專注於定價和與客戶對話。您已經看到了我們的合約續約數量的趨勢。但目前，環境寬鬆，每個人都有容量，當然也存在這樣的情況，客戶有選擇，他們決定在一段時間內嘗試價格較低的選項，我們願意放手這種情況。當它回來時，我們會按照我們的速度做好準備。

So we're focused on price and these conversations with customers not only on price but about our expanded footprint and a national footprint that we can do more and more for them. And that's a discussion that we have the benefit of having at a better rate than we ever have. So from a pricing standpoint, our expectation is that the industrial customer is not turned yet, but our mix efforts seem to be paying dividends, but it's only been a couple of quarters, we got to keep our foot on the gas here.

因此，我們專注於價格，與客戶的對話不僅涉及價格，還涉及我們擴大的業務範圍和全國業務範圍，以便我們可以為他們做更多的事情。我們有幸以比以往更快的速度進行了這樣的討論。因此，從定價的角度來看，我們預期工業客戶尚未轉變，但我們的組合努力似乎正在帶來回報，但這才過了幾個季度，我們必須繼續加強。

And then just secondly, how many terminals are you planning to open this year? And just because it's topical. Any way to sort of frame how much, if any, cross border Canada and Mexico exposure. I don't think it's much at all, but just any color there.

其次，您今年計劃開放多少航站？只是因為它是熱門話題。有沒有辦法確定跨境加拿大和墨西哥風險敞口的程度（如果有的話）。我認為那沒什麼，只是任何顏色而已。

Yes, no problem, Scott. So we'll open up to 5 or 6 facilities kind of scattered through the back half of the year. They really are not going to have a meaningful impact on the business, plus or minus. They're all great investments. But when you get to 214 or so facilities, 5 or 6 doesn't have that meaningful of an impact. And certainly, the one that we'll add will be more of the, call it, end market or markets that just moving closer to the customer. So I think potential drag would be pretty low.

是的，沒問題，史考特。因此，我們將在今年下半年分散開放 5 到 6 家設施。它們實際上不會對業務產生任何有意義的影響，無論好壞。它們都是很好的投資。但是當你擁有 214 個左右的設施時，5 個或 6 個就不會產生那麼大的影響了。當然，我們將增加更多的終端市場或更貼近客戶的市場。所以我認為潛在阻力會非常低。

When you think about cross-border for us, the actual business that we hand off, it's 2%-ish of the total. If you think about maybe manufacturers that have got sort of on their side of the fence, sort of their manufacturing is a cross border. I don't really have a breakout there. But in terms of what we deal with directly, it's 2%-ish in total full company, both North and South, so Mexico and Canada.

對我們來說，當你考慮跨國時，我們實際處理的業務佔總數的 2% 左右。如果您想想那些可能站在自己立場的製造商，那麼他們的製造就是跨境的。我在那裡確實沒有突破。但就我們直接處理的業務而言，整個公司的比例約為 2%，包括北方和南方，也就是墨西哥和加拿大。

2% each or 2% total for the total?

每項佔 2% 還是總計佔 2%？

Total. 2%-ish.

全部的。 2%左右。

Thank you.

謝謝。

Daniel Imbro, Stephens.

丹尼爾伊姆布羅、史蒂芬斯。

Good morning, guys. Thanks for taking the question. Last quarter, we talked about service opportunities, imports to your network where you've grown quickly, that showed up in the Mastio survey. I guess, how have your initiatives trended here to end the year? Is that supporting kind of underlying pricing? Are you seeing service been in the right direction and kind of any progress here to start 2025? Thanks.

大家早安。感謝您回答這個問題。上個季度，我們討論了服務機會、您網絡的導入以及您快速增長的內容，這些都在 Mastio 調查中有所體現。我想問一下，今年底您的舉措發展趨勢如何？這是否支持某種基礎定價？您是否認為服務朝著正確的方向發展並在 2025 年初取得任何進展？謝謝。

We're really excited about what we're seeing. It's showing up in our volume numbers. So that's positive. Those new facilities are probably estimate probably three quarters of the increase year-over-year are related to those facilities.

我們對所見所聞感到非常興奮。它體現在我們的銷量數字上。這是積極的。據估計，這些新設施大概佔去年同期成長的四分之三與這些設施有關。

And I think customers typically vote with their feet, so that's a good thing. Pleased to see where that is. And the incentive plans, structures that we have in place are all focused on customer metrics, and that's important because, quite frankly, the company understands that that's how we differentiate in the marketplace.

我認為顧客通常會用腳投票，所以這是一件好事。很高興看到那是在哪裡。我們制定的激勵計劃和結構均以客戶指標為中心，這一點很重要，因為坦白說，公司明白這就是我們在市場上脫穎而出的方式。

So I'm pleased to see where that's going. I think when you get in an environment where you're back to opening maybe 5 or 6, and now it's more about stabilizing and maturing the 21 that we've opened. And frankly, the ones that we've opened in the last 2 or 3 years, those are ones -- there's opportunities in all those. So I think we're making great progress.

我很高興看到事情的進展。我認為，當你回到開放5或6個的環境時，現在更重要的是穩定和成熟我們已經開放的21個。坦白說，我們在過去 2 至 3 年內開設的那些店家都蘊藏著機會。所以我認為我們正在取得巨大進展。

Great. And then just one big follow-up. If CapEx does moderate, I think you said $700 million this year. I guess, Matt, how should we think about you going to that free cash as terminal opening's low?

偉大的。然後只進行一次重要的後續行動。如果資本支出確實放緩，我想你會說今年是 7 億美元。我想，馬特，我們應該如何考慮在航站樓開門時獲得這些免費現金？

Well, I mean we've proven that return that investing capital back in the business has been the right use of it so far. If you look at the openings that Fritz talked about, we've really been able to pull forward a lot of our real estate investment pipeline and 21 terminals is no easy task for the group. So as we look out, I mean, we'll make that call as we get there. We still got some investment to be made in footprint, and this year is a bigger tractor by than years in the past. But we'll figure out the right use for that as we go into -- just on that comment, too, Daniel.

嗯，我的意思是我們已經證明，將資本重新投資於業務的回報到目前為止是正確的做法。如果你看看弗里茲談到的開幕情況，你會發現我們確實已經能夠提前完成許多房地產投資，而 21 個終端對集團來說並非易事。所以當我們觀察時，我的意思是，我們會在到達那裡時做出決定。我們在足跡方面仍需要進行一些投資，今年的拖拉機產量比過去幾年都要大。但是，當我們深入研究時，我們會找出它的正確用途——丹尼爾，也同樣如此。

I mean we're in our revolving credit facilities as we stand right now, and we look at our projections in terms of FX, and obviously, this is subject to timing. But on the interest line, we estimate that to be around $1 or so EPS impact when we look at the full year.

我的意思是，就目前情況而言，我們處於循環信貸安排中，我們從外匯角度來看待我們的預測，顯然，這取決於時間。但在利息方面，我們估計，從全年來看，每股盈餘的影響約為 1 美元左右。

So we're in our credit facilities a little bit more than we used to. And as we continue to generate operating cash flow, we'll figure out the right way to deploy that back after we get through some of these bigger years of CapEx.

因此，我們的信貸額度比以前稍微多一點。隨著我們繼續產生經營現金流，在度過資本支出較大的幾個年份後，我們會找到正確的方法來重新部署這些現金流。

Great. Appreciate the color. Best of luck.

偉大的。感謝色彩。祝你好運。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Great. Good morning. Can you just give a couple of updates on-time performance or claims ratio through the quarter? And then there was a spike in other revenue went up to $21 million, up from about $19 million, $20 million for the last few quarters. Maybe thoughts on what that's from?

偉大的。早安.您能否提供一些有關本季度準時履行情況或索賠率的最新資訊？然後其他收入猛增至 2,100 萬美元，高於過去幾季的 1,900 萬美元、2,000 萬美元。也許可以思考一下那是從哪裡來的？

Yes. In terms of -- I'll let Fritz talk about on time and how we're looking at that with the new facilities and everything. But in terms of the claims ratio, it was 0.59% for the quarter and 0.58% for the full year. In that revenue line, Ken, I mean, that's got a bunch of stuff -- that's our asset-light business, GAAP adjustment. So there's a number of things that are in that line.

是的。就——我會讓弗里茨談論時間問題以及我們如何看待新設施和一切。但從理賠率來看，本季為0.59%，全年為0.58%。肯，我的意思是，在那條收入線上，有很多東西 - 那是我們的輕資產業務，GAAP 調整。因此，有很多事情都與此有關。

Okay. And I'm sorry, did you say Fritz wanted to add on or --

好的。抱歉，你是說 Fritz 想補充嗎？--

Yes.

是的。

On the on time sort of focus. I mean we measure it in a number of different ways from pickup completion to raw service for our customers, and we're pleased with the trends that are there. I would say that everything that we see, we're very comparable to all of our the best-in-class peers around on-time service, view code and all those sorts of things, we're in 98% above as well.

關注時間方面的重點。我的意思是，我們用許多不同的方式來衡量它，從提貨完成情況到為客戶提供的原始服務，我們對目前的趨勢感到滿意。我想說的是，我們所看到的一切，在準時服務、查看程式碼和所有這些方面，我們都與所有一流的同行相當，我們的水平也高於 98%。

Okay. And then just you mentioned in the opening comments, rail and truck PT as a percent of line haul at 13%. I guess that's down from about 15% a year ago or 15.4%, maybe down from 14% last quarter. Any thoughts on long-term targets? Do you trend that toward the mid-single digits? Any thoughts on how we should think about that going forward?

好的。然後正如您在開場白中提到的，鐵路和卡車運輸量佔幹線運輸量的百分比為 13%。我估計這比一年前約 15% 或 15.4% 有所下降，或許比上一季的 14% 有所下降。對於長期目標有什麼想法嗎？您認為這趨勢是否會趨向於中位數？對於我們下一步該如何思考這個問題，您有什麼想法嗎？

Ken, I really haven't changed our philosophy around that. Our singular objective is to get the OR in this business into the 70s and whatever that takes. PT is an important part of our portfolio. So that's a -- we view that as the lowest cost, sort of, in some cases, the lowest cost line haul options. We'll use it when it makes sense.

肯，我確實沒有改變我們的理念。我們唯一的目標是讓這個行業的 OR 達到 70 年代的水平，不惜一切代價。PT 是我們投資組合的重要組成部分。所以，我們認為這是成本最低的，在某些情況下，也是成本最低的幹線運輸選擇。當它有意義時我們就會使用它。

Most importantly, the customer has to meet -- we have to meet all the customers' expectations. We do that, then we look for a low-cost option while not conceding anything for the customer. So I don't have a target there other than to say that we've got to continue to drive the operating cost of the business and the growth of this business such that we can get the OR into the 70s.

最重要的是，客戶必須滿足—我們必須滿足所有客戶的期望。我們這樣做，然後尋找一種低成本的選擇，同時不給客戶任何讓步。因此，除了說我們必須繼續推動業務營運成本和業務成長以便將 OR 提高到 70 年代以外，我沒有其他目標。

Fritz, if I could just throw in one last one. Just you mentioned getting maybe better than your target, the OR target. And maybe just throw in maybe some thoughts on what got you there? Is it just economic? Or is there anything else in the next few months quarters that we should look for to get you back to that above $100 million, $150 million target?

弗里茨，我可以再說最後一個問題嗎？您剛才提到可能比您的目標，即 OR 目標，做得更好。也許只是提出一些想法，談談是什麼讓您到達那裡的？這僅僅是經濟問題嗎？或者在接下來的幾個月中我們還應該期待其他什麼，以使您回到 1 億美元或 1.5 億美元的目標？

I think we've got the potential. We've got a highly successful team that we execute. I don't think there is the limit of what we can do. I think we're just trying to take a balanced view of this in an environment that may be is a little bit more favorable, maybe we accelerate, but I wouldn't underestimate our team either. I'm just -- when we give you the sort of full year guide, we're trying to balance that with all the possible outcomes.

我認為我們有潛力。我們擁有一支非常成功的團隊。我認為我們所能做的是沒有極限的。我認為我們只是試圖在一個可能更有利的環境中以平衡的態度看待這個問題，也許我們會加速，但我也不會低估我們的團隊。我只是——當我們給你全年指南時，我們會嘗試將其與所有可能的結果進行平衡。

This national footprint is a really big deal. I just want to underscore that. I'm not sure that we fully comprehend the what the potential of it is. We think it's -- we're pretty excited about it though. And I think that that's one that we keep that execution going. We have the opportunity to outperform.

這個全國性的足跡確實意義重大。我只是想強調這一點。我不確定我們是否完全理解它的潛力。我們認為——我們對此感到非常興奮。我認為我們會繼續執行這一目標。我們有機會超越他人。

Appreciate the time. Thanks, guys.

珍惜時間。謝謝大家。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great. Thanks. Just a couple here. Just given the volatility in tonnage, obviously, some of that is macro driven, but also can you talk about LTL to PL spillover kind of -- are you seeing some of that potentially go back already? Or what are your customers telling you as you head into an up cycle and potentially tighter LTL market? Maybe as a follow-up, I think a question on the other revenues. Did you say what the ongoing run rate there might be? Thank you.

偉大的。謝謝。這裡只有一對夫婦。考慮到噸位波動，顯然其中一些是宏觀驅動的，但您也可以談談 LTL 對 PL 的溢出效應嗎——您是否看到其中一些可能已經回落？或者，當您進入上升週期且零擔運輸市場可能會更加緊張時，您的客戶告訴您什麼？也許作為後續問題，我認為問題涉及其他收入。您有沒有說過目前運行率可能是多少？謝謝。

Yes. So on the first part there, so I was just going to point to the tonnage comments we made earlier, three quarters of it has come from markets that we opened last year. So I don't think it has anything to do with truckload coming back that's got everything to do with Saia executing and customers being pleased with what they've gotten from us. To the extent that there is spillover volume that may be coming back into the LTL business, I think it's on the margin. I don't think it's really been a catalyst one way or the other for us.

是的。因此，在第一部分中，我只是想指出我們先前對噸位的評論，其中四分之三來自我們去年開闢的市場。因此，我認為這與卡車的返回量無關，而是與 Saia 的執行情況以及客戶對從我們這裡獲得的產品的滿意程度有關。從溢出可能重新回歸零擔業務的程度來看，我認為它還處於邊緣階段。我不認為它對我們來說真的具有任何催化劑的作用。

So those comments, I think the -- over time, the other revenue, just to add to that, I mean, those are what that sort of gap to adjustment or that revenue line, other revenue line includes a whole range of things from deferred revenue that happens at the end of the quarter, the timing of receipt of deliveries.

因此，我認為這些評論——隨著時間的推移，其他收入，只是補充一點，我的意思是，這些都是調整差距或收入線，其他收入線包括一系列的事情，從季度末發生的遞延收入，到收到交貨的時間。

It includes things like bad debt expense, all sorts of things. So the run rate is a multiyear sort of view of that. And I would think about it in terms of kind of a percentage of revenue, I don't know that there's a metric, the calendar drives as much as anything else.

其中包括壞帳費用等各種各樣的事情。因此，運行率是多年來的一個觀點。我會從收入百分比的角度來考慮這個問題，我不知道是否有一個衡量標準，日曆的驅動力和其他因素一樣大。

Great. Thank you.

偉大的。謝謝。

Eric Morgan, Barclays.

巴克萊銀行的艾瑞克摩根 (Eric Morgan)。

Hey. Good morning. Thanks for taking my question. I wanted to follow up on the volume discussion. You called out shipments up 6.5%, tonnage up 13.5%, I believe for January. I know you had called out some weather last year and this year as well. So just wondering if you could provide any more context on that comp. And if we see normal seasonality in Feb and March, maybe is there any way to think about what that implies for the full quarter?

嘿。早安.感謝您回答我的問題。我想跟進音量討論。我記得 1 月的出貨量增加了 6.5%，噸位增加了 13.5%。我知道你去年和今年都預測過一些天氣狀況。我只是想知道您是否可以提供關於該公司的更多背景資訊。如果我們看到二月和三月的季節性正常，那麼我們是否可以思考這對整個季度意味著什麼？

Yes. Listen, regrettably, the LTL business, we can account we see weather every year. I've been in the business for a decade, and there's always something in the numbers. So I don't -- I think this is the first time that we saw weather across the Highway 10 corridor, which had an impact on us. Tonnage is still up 13.8%. So the nice thing about it is when you got a national network, you've got weather diversification, too, I guess. So we benefited from having facilities in markets that didn't have snow. So that was good.

是的。聽著，遺憾的是，對於零擔業務，我們可以說我們每年都會看到天氣。我已經在這個行業工作十年了，數字總是能說明一些問題。所以我認為這是我們第一次看到 10 號高速公路走廊上的惡劣天氣對我們產生了影響。噸位仍上漲13.8%。所以，它的好處在於，當你擁有一個全國性的網路時，你也會擁有天氣多樣化，我想。因此，在沒有雪的市場擁有設施讓我們受益匪淺。這很好。

I don't really have any insight as to what the February weather will be. I just know that March -- we'll execute through March, I think that's the most important month in the quarter for us and always has been, and that will be the real indicator of kind of where the market is.

我確實不知道二月的天氣會怎樣。我只知道三月——我們將執行到三月，我認為這對我們來說是本季中最重要的月份，而且一直都是，這將是市場狀況的真正指標。

Appreciate it. And maybe just a quick follow-up on yield as well. just given what's happening with mix and the contract renewals, the new terminals, I know you mentioned focusing on revenue per shipment. Do you think you start seeing that kind of tick up from the 1% it's been trending at the last few quarters? Maybe -- I mean, can you get to mid-single digits this year or how should we be kind of calibrating that line?

非常感謝。或許也只是對收益進行快速跟進。考慮到組合和合約續約以及新終端的情況，我知道您提到關注每批貨物的收入。您是否認為，從過去幾季的 1% 趨勢來看，您是否開始看到這種上升趨勢？也許——我的意思是，今年你能達到個位數的中等水平嗎，或者我們應該如何校準這條線？

Yes. I mean I think part of it is, there are, like I said earlier, some instances, certainly where a shipper is moving away to try a lower-cost option right now. And we're not going to go chase that. But we're taking the rate increases that we need to, and hopefully when the environment comes back or the other carrier struggle, that we're going to get an opportunity to handle that business back at our rates. So we continue to be focused on pricing, each book of business [and each] shippers freight mix as we need to.

是的。我的意思是，我認為部分原因在於，就像我之前說的，在某些情況下，肯定是托運人正在轉向嘗試成本更低的選擇。我們不會去追逐它。但我們正在採取必要的漲價措施，希望當環境恢復或其他承運商陷入困境時，我們將有機會以我們的價格處理該業務。因此，我們將繼續專注於定價、每筆業務以及每個托運人的貨運組合。

If you were to go back and look, I mean, our weight per shipment is down pre-Yellow. So it's from where it was before, Yellow went out to where it is now, it's still below and revenue per bill ex fuel is up. So I think that's our view of where we're taking the pricing and how we're having conversations with our customers.

如果你回頭看一下，你會發現，在 Yellow 之前，我們每批貨物的重量都下降了。因此，從先前的水平（黃色部分消失）到現在的水平，它仍然低於現在的水平，而每張帳單（扣除燃料）的收入卻在上升。所以我認為這就是我們對定價以及如何與客戶對話的看法。

And like Fritz said, the national network is a big deal. We get the opportunity to price business that we haven't had an opportunity to look at for customers before. Because we may not have served those markets. So that's a component of it as well. But we remain focused on it, and we'll see what we get in terms of freight mix from customers.

正如弗里茲所說，國家網絡是一件大事。我們有機會對以前沒有機會為客戶評估的業務進行定價。因為我們可能沒有服務過這些市場。這也是其中的一個組成部分。但我們仍將重點關注這一點，並觀察從客戶那裡獲得什麼樣的貨運組合。

Eric, just to add, I mean, I think the biggest thing to keep an eye on with Saia is that our focus -- intent focus is on closing the revenue per [bill] gap with our peers, national peers. We have a national network now. We think what that does is it eliminates that as an impediment to that. But driving that mix of business and making sure they are paid appropriately so those capital investments are critically important, and that's part of the thesis investing in Saia. I think that's -- we are intently focused on that. And finding that freight that pays the bills with a customer that we can create a tremendous amount of value for, that's where we win.

艾瑞克，我還要補充一點，我認為對 Saia 來說，最需要關注的是我們的重點——重點是縮小與同行、全國同行的每張帳單收入差距。我們現在已經有一個全國性的網路。我們認為這樣做可以消除這個障礙。但推動這種業務組合併確保他們得到適當的報酬，因此這些資本投資至關重要，而這正是投資 Saia 論文的一部分。我認為──我們正全神貫注於此。找到能夠為客戶支付帳單的貨運並為其創造巨大的價值，這就是我們的成功之處。

Great. Thank you.

偉大的。謝謝。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Yes. Thanks, operator, and good morning, (inaudible) Almost a 10% increase in the workforce last year. You mentioned that you're not anticipating any improvement in the underlying market. So I guess, do you feel like you're fully staffed at this point or are there maybe more driver additions to make given the fleet investments this year? And then just in terms of bringing the [wage custom] market, have things kind of stabilize there? Thank you.

是的。謝謝，接線員，早上好，（聽不清楚）去年勞動力增加了近 10%。您提到，您預期基礎市場不會有任何改善。所以我想問一下，您是否覺得現在您的員工已經滿了，或者考慮到今年的車隊投資，是否可能需要增加更多的司機？那麼就引進（薪資定制）市場而言，那裡的情況是否已經穩定下來了？謝謝。

Yes. We're always matching our labor force with what the demand environment is. So we'll probably have to -- if we open those 5 to 6 facilities, we're at a complement of employees to go along with that. To the extent that the business scales through the year, we'll probably continue to add, but it won't be at the same level. But it's all part of the equation of making sure that you have the appropriate staffing that balances what the customer needs from Saia and at the same time, that makes economic sense for us.

是的。我們始終將我們的勞動力與需求環境進行配對。因此，我們可能必須——如果我們開設這 5 到 6 個設施，我們就會配備相應的員工。隨著全年業務規模的擴大，我們可能會繼續增加，但不會保持同一水平。但這都是一個等式的一部分，即確保你擁有適當的人員配置，以平衡客戶對 Saia 的需求，同時對我們來說也具有經濟意義。

Certainly, the 1,300 that we added last year was all about staffing 21 new facilities and sort of across the network. I mean, if you open a facility in the Montana in all likelihood, you're growing volume in market somewhere else in the company, which is going to require us to add people in those markets as well.

當然，我們去年新增的 1,300 名員工都是為了在 21 個新設施和整個網路中配備人員。我的意思是，如果你在蒙大拿州開設一家工廠，那麼很有可能你會在公司其他地方的市場上擴大銷量，這也需要我們在這些市場增加員工。

So I would attribute the 1,300 to the network expansion and the volume growth that came along with it, and we'll add as we need to. I don't think it will be anywhere near the numbers that you saw in '24. But we have the appropriate staffing for the volume we're dealing with this week. I know that and -- to the extent that we seasonally increase into the second quarter, we probably had a few people there as well.

因此，我認為 1,300 的增幅歸功於網路擴展和隨之而來的數量增長，並且我們會根據需要進行增加。我認為它絕對不會接近 24 年的數字。但我們配備了適當的人員來應對本週要處理的工作量。我知道這一點，而且 — — 就我們第二季度的季節性增長而言，我們可能也有幾個人在那裡。

Okay. Great. Thanks. And then just a quick follow-up on the weight per shipment. Matt, you mentioned there was still some residual shakeout post-Yellow in last quarter's numbers. I guess, it looks like in January, you're still seeing a nice positive trend. Is there any reason to think that weight per shipment number starts to slow as we move through the quarter?

好的。偉大的。謝謝。然後快速追蹤每批貨物的重量。馬特，您提到上個季度的數據中仍然存在一些黃色事件後的殘餘影響。我想，看起來在一月份你仍然會看到一個良好的正面趨勢。是否有理由認為，隨著本季的推進，每批貨物的重量增長速度會開始放緩？

Well, I mean we're still below where weight per shipment was pre-Yellow, right? So there was certainly more pronounced mix impacts earlier this year when in the peak season of freight, we are handling freight for customers that we just hadn't historically seen. Customers that we've worked with, but maybe books of business in that portfolio that we had not seen before.

嗯，我的意思是我們仍然低於黃色之前的每批貨物的重量，對嗎？因此，今年早些時候，在貨運旺季，混合影響肯定更為明顯，我們為客戶處理的貨運量是歷史上從未見過的。我們已經合作過的客戶，但也許是該投資組合中我們以前從未見過的業務帳簿。

So we've worked through that, but it's only been a couple of quarters, and we still have to make sure that we have got a really clean and intent eye on that. But we're hoping that it's stabilized, but we don't have a crystal ball. And I think part of that, too, is just the industrial customers still not really there.

所以我們已經解決了這個問題，但這只過了幾個季度，我們仍然必須確保我們對此有一個真正清晰和專注的關注。但我們希望它能夠穩定下來，但我們沒有水晶球。我認為部分原因也是因為工業客戶還沒有真正存在。

So what we view this as more of our intentional efforts around mix and targeted conversations with customers, and inevitably, hopefully when the backdrop gets better, we'll see a little bit of that as well. But we're really -- like Fritz talked about, we're just making sure that we get paid for what we do, and each customer is a bit different in that, too.

因此，我們認為這更多是我們圍繞與客戶進行混合和有針對性的對話而做出的有意努力，並且不可避免地，希望當背景變得更好時，我們也會看到一些這樣的努力。但我們真的——就像弗里茨所說的那樣，我們只是想確保我們所做的事情能夠得到報酬，而且每個客戶在這方面也有點不同。

Great. Thank you.

偉大的。謝謝。

Bascome Majors, Susquehanna.

巴斯康姆梅傑斯，薩斯奎哈納。

Matt, I know it's a little early to talk 2Q margins, but just from a full year [indiscernible], to get to your 80 bps to 100 bps of expansion, should we think about the sort of typical cadence where 2Q LTL margins are the best of the year and the second half shows some deterioration from that.

馬特，我知道現在談論第二季度的利潤率有點早，但僅從全年來看 [音頻不清晰]，要達到 80 個基點到 100 個基點的擴張，我們是否應該考慮一種典型的節奏，即第二季度的 LTL 利潤率是全年最好的，而下半年則會出現一些惡化。

And Fritz, just high level, with the big slowdown in openings this year, I mean, is it a 2 years to 3 years runway where we really kind of grow into this opportunistic pull forward investment for Saia or could we see as the cycle turns, the pace of openings start to turn with the cycle? Thank you.

弗里茨，高層，今年新店開業速度大幅放緩，我的意思是，這是一段 2 到 3 年的跑道，我們真的可以為 Saia 創造這種機會性的未來投資嗎？謝謝。

I'll start first, Bascome, on the sequential comments. I mean, look, it says that for us to get to the 80 to 100, we've got to improve off of this Q1, so certainly, I mean, Q2 generally is the best operating environment -- operating ratio quarter over year. We've got our wage increase typically June, July, that's usually part of why the Q3, OR typically goes backwards a little bit. But yes, I mean, Q2, typically best freight quarter and our best operating quarter. But for us to achieve our targets this year, we've got to improve off of what we're projecting from a Q1 basis.

巴斯科姆，我首先開始進行連續評論。我的意思是，看，它說為了達到 80 到 100 的目標，我們必須在第一季度的基礎上有所改進，所以當然，我的意思是，第二季度通常是最好的營運環境——季度環比營運比率。我們的工資通常在六月和七月增加，這通常是第三季或季工資通常會略有下降的原因之一。但是是的，我的意思是，第二季通常是最好的貨運季度和我們最好的營運季度。但為了實現今年的目標，我們必須在第一季預測的基礎上有所改善。

Yes. And I think it's important to think about the catalyst for us this year is building maturity in the [21] we just open. I think that certainly having the opportunity to find those facilities and put them into our real estate pipeline as well as others. I mean -- it wasn't -- the terminal openings weren't just facilities that we got out of the bankruptcy, right? These were facilities that we had identified as part of our normal real estate pipeline. And we know that although we are very proud of the 214 facility network, there's probably growth still from there. There's probably growth around expanding facilities that we currently are in as you -- as the business scales.

是的。我認為，今年對我們來說，重要的是思考催化劑，即在我們剛剛開放的[21]中建立成熟度。我認為肯定有機會找到這些設施並將它們納入我們的房地產管道以及其他管道中。我的意思是——航站樓的開放不僅僅是我們擺脫破產後獲得的設施，對吧？這些設施是我們已確定為正常房地產管道的一部分的。我們知道，儘管我們對 214 個設施網路感到非常自豪，但未來可能還會有成長。隨著業務規模的擴大，我們目前所處的設施擴張可能會帶來成長。

But I think the potential in the business is we're at an extraordinary time for Saia, to be able to have that national network, a focused and engaged workforce that intently focused on taking care of the customer. Is there a multiyear runway here? Absolutely. And I think that we get a little back -- help in the background, I think it goes even faster.

但我認為，Saia 的業務潛力在於，我們正處於一個非常時期，能夠擁有全國性的網絡，以及一支專注、敬業的員工隊伍，全心全意為客戶服務。這裡有一條多年生的跑道嗎？絕對地。而且我認為我們得到了一些回報——在幕後幫助，我認為進展會更快。

But I think that there is right now, focusing on the things that we can control, I think there's a lot of growth even this year. I think they go from Q1, which could potentially be a bit of an investment or from an OR perspective, to sort of that full year improvement means that we're expecting improvements from here during the year. So -- and that's really tied to maturity around the facilities we've opened. So I think there's a lot of optimism for us, at least that's how we think about Saia.

但我認為現在，專注於我們能夠控制的事情，我認為今年會有很大的成長。我認為他們從第一季開始，這可能是一項投資，或者從 OR 的角度來看，到全年的改善意味著我們預計今年會有所改善。所以 — — 這其實與我們開放的設施的成熟度息息相關。因此我認為我們對此充滿樂觀，至少我們對 Saia 是這麼認為的。

Thank you.

謝謝。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hi, good morning. So I wanted to ask about the target to get to the sub-80 OR. And just kind of how you see the time line for that developing out? How much of that is dependent on an improving macro environment? And maybe if you could, I know people have asked this in the past, but just quantify the extent to which those new terminal openings have kind of been a drag on [OR], that would be really helpful for us. Thank you.

嗨，早安。所以我想問一下達到 80 以下 OR 的目標。您如何看待這項發展的時間軸？其中有多少取決於宏觀環境的改善？也許如果可以的話，我知道過去人們也問過這個問題，但只要量化這些新航站樓的開放對 [OR] 造成的拖累程度，這對我們真的很有幫助。謝謝。

Yes. I mean, let's just focus. We'll break that apart. The first part about it. I mean, I think that point you to our experience over time around when there is favorable backdrop, you've seen Saia outperform on the OR improvement over time. I think what is a little bit different about where we are as a company right now is that it's a little bit unusual in our 100-year history to open 21 facilities in one 12-month period of time.

是的。我的意思是，讓我們集中註意力。我們會把它打破。第一部分關於它。我的意思是，我認為這指向我們隨著時間的推移的經驗，當有有利的背景時，您會看到 Saia 在 OR 改進方面表現優異。我認為，我們公司目前的狀況略有不同，在我們百年的歷史中，在 12 個月的時間內開設 21 家工廠是有點不尋常的。

That incredibly requires investment, right? And when you have a long-term focus, you're going to make the investment and then it mature out of those -- or in those facilities, you would expect to see OR improve. You have those facilities for a purpose and certainly in a stronger environment, you probably approach that 200 OR point improvement a year or better.

這確實需要投資，對吧？當你有長期的關注時，你就會進行投資，然後讓它成熟——或者在這些設施中，你會期望看到 OR 的改進。您擁有這些設施是有目的的，當然在更強大的環境中，您每年的 OR 點數提升可能接近 200 甚至更高。

In a more challenged market, you're at the lower end of the range. That's just kind of life in the big city with a long-term focus. I would tell you that I think that the opportunity for our team to compete with a very high level service, and you look at what the opportunity is versus the market around getting the appropriate compensation for the service that people are getting and the right mix of business.

在更具挑戰性的市場中，您處於範圍的低端。這就是一種著眼於長遠的大城市生活。我想告訴你，我認為我們的團隊有機會透過非常高水準的服務進行競爭，你要看看這個機會與市場相比如何，即如何為人們所獲得的服務獲得適當的補償以及正確的業務組合。

I think the -- to close the gap to market around pricing, I mean, I think it's a huge opportunity. So if we get more of that coming from mix and price, I think we accelerate this pace at which we can improve the OR in the business. So we're excited about the prospects. And then the other part of the your question, Matt's got that.

我認為——縮小與市場在定價方面的差距，這是一個巨大的機會。因此，如果我們從組合和價格方面獲得更多收益，我認為我們可以加快這一步伐，從而改善業務的 OR。因此，我們對前景感到非常興奮。然後你問題的另一部分，馬特已經明白了。

Yes. If we look at all the openings for the year and seasonally, Q3 to Q4 will deteriorate. Those seasonally -- in total, the 21 operated right around breakeven for the quarter and that's a drag on the company. But like Fritz said, these are investments that we're not making for the short term. One of the things that really excites us about what the potential of the business is, if we look at the ones that we opened in Q2, so we did 6 in Q2. Those better into Q3, and then they didn't go back as far as the base business did in Q4.

是的。如果我們從全年和季度角度來看所有開業情況，第三季至第四季的情況將會惡化。從季節性來看，總體而言，這 21 家公司本季的營運勉強平衡，這對公司造成了拖累。但就像弗里茲說的，這些投資我們不是短期內進行的。真正讓我們對這項業務的潛力感到興奮的事情之一是，如果我們看看我們在第二季開設的商店，那麼我們在第二季開設了 6 家商店。這些在第三季表現更好，並且沒有像第四季度基礎業務那樣大幅回落。

And that really goes to show us what the potential is as they grow and take market share, but also as the cost structure matures. They're 8 months in, they're not at a mature cost structure yet. So that's really where we get excited about the potential in the business, not only to do a great job for our customers in new and existing markets, but also to really make sure that we're operating efficiently as each month goes on.

這確實向我們展示了隨著他們的成長和市場份額的擴大以及成本結構的成熟，他們的潛力有多大。八個月過去了，他們的成本結構仍未成熟。因此，我們真的對這項業務的潛力感到興奮，不僅能為新舊市場中的客戶提供出色的服務，而且還能確保我們每個月都能高效運作。

We take market share, but we also operate more and more efficiently in our field operations business as well. So nothing that we get excited about. But in the near term, they're a drag as we would expect them to be.

我們不僅佔領了市場份額，而且我們的現場營運業務也變得越來越有效率。因此，沒有什麼值得我們興奮的。但在短期內，正如我們預期的那樣，它們會變成一種拖累。

Got it. That's really helpful, Fritz and Matt, maybe if I could ask just a follow-up. It seems like there are some better volume trends here and better weight per shipment trends in December and January. And I hear your point about a lot of that is kind of company-specific initiatives and focus on revenue mix. But maybe you could break out how much of that is kind of those idiosyncratic efforts that are so specific versus maybe a little bit of the term in terms of market improvement versus maybe a function of what the comps look like?

知道了。弗里茨和馬特，這真的很有幫助，也許我可以問一個後續問題。看起來這裡的出貨量趨勢更好，12 月和 1 月的每批貨物的重量趨勢也更好。我聽到您的觀點是，很多都是公司特定的舉措，並且專注於收入組合。但也許你可以分解一下，其中有多少是那些非常具體的特殊努力，有多少是市場改善方面的一點術語，有多少是同類產品的功能？

Well, I think I'd point to a couple of data points that will kind of pull together as we've highlighted, right? So we've said that three quarters of the growth in the business has come from terminals that were opened last year, right? So I think we would conclude then that the weight per shipment improvement and the freight characteristics in the markets that we've gone into, it seems like that was a good idea to make that investment. So that is a contributor to that as well as the overall performance of the company.

好吧，我想我會指出幾個數據點，它們會像我們所強調的那樣結合在一起，對嗎？所以我們說業務成長的四分之三來自去年開放的航站樓，對嗎？因此我認為我們可以得出結論，每批貨物的重量改善以及我們進入的市場的貨運特點，似乎進行這項投資是個好主意。所以這對公司的整體業績以及業績都有幫助。

I mean we have said from the beginning when we took on a lot of the disrupted freight, we said we've got to continue to work at pricing and mix of business, and we've done that. And you're starting to see the result of that.

我的意思是，我們從一開始就說過，當我們承擔大量中斷的貨運時，我們必須繼續努力定價和業務組合，我們已經做到了這一點。您已經開始看到其結果了。

So I think the combination yet, I wish I could tell you that there were some macro indicator out there. I prefer to focus on maybe things that we can control and the things that we can control, the openings in good markets, identifying the freight that makes sense for us, thus weight per shipment improvement then also focusing on making sure we that those customers value that. And I think that has shown up in the operating results. Throughout all this, keeping the costs in line despite all these openings.

所以我認為，我希望我能告訴你，那裡有一些宏觀指標。我更願意把注意力集中在我們可以控制的事情和我們可以控制的事情上，在好的市場中開拓空間，確定對我們來說有意義的貨運，從而改善每批貨物的重量，同時也確保我們的客戶重視這一點。我認為這已在經營業績中有所體現。在所有這些過程中，儘管存在這些空缺，但仍要保持成本穩定。

I mean we got it. Okay. Sorry.

我的意思是我們明白了。好的。對不起。

No. We've mentioned it in the script part, but essentially flat cost per shipment year-over-year, 0.2%. But if you think about all the investments made, the costs associated with new terminal openings, everything that went on this year. We were really pleased with that for the cost per shipment to be essentially flat year-over-year. So I think to Fritz's point, that goes to show what the value is of these openings and where we feel like the potential is.

不。我們在腳本部分已經提到過，但每批貨物的成本與去年同期相比基本持平，為 0.2%。但如果你想想所有的投資、新航站樓開放相關的成本以及今年發生的一切。我們非常高興看到每批貨物的成本與去年同期相比基本持平。所以我認為，對於弗里茲的觀點，這表明了這些開口的價值以及我們認為的潛力所在。

Okay. Great. Thank you for the time.

好的。偉大的。感謝您抽出時間。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

This is Joe Hafling on for Stephanie Moore. Congrats on good results. I wanted to speak a little bit about the competitive environment and what you guys are seeing and particularly how you guys are viewing the potential change at ex freight, you obviously hired a lot of their internal sales force to maybe be a little bit more aggressive on growing their market share. So curious how you guys kind of think about the puts and takes of that.

這是喬·哈夫林 (Joe Hafling) 代替斯蒂芬妮·摩爾 (Stephanie Moore) 表演的。恭喜你取得好成績。我想談談競爭環境和你們所看到的情況，特別是你們如何看待貨運價格的潛在變化，顯然你們僱用了很多內部銷售人員，也許是為了更積極地擴大市場份額。非常好奇你們是如何看待這個問題的。

Yes. I mean it's just -- listen, at the end of the day, what happens at a competitor, we've got to pay attention to that. But fundamentally, we got to take care of our customers and identify customers that need consistent, undisrupted sort of service from the provider. I mean you think about the challenging macro environment that some of our customers are having to deal with, they probably don't want to deal with a lot of change from an LTL provider. So the opportunity for Saia there is to provide sort of a high level of service, limited disruption to the customer in a tough environment.

是的。我的意思是——聽著，到最後，我們必須注意競爭對手發生了什麼事。但從根本上來說，我們必須照顧好我們的客戶，並找到需要供應商提供一致、不間斷服務的客戶。我的意思是，想想我們的一些客戶必須應對的充滿挑戰的宏觀環境，他們可能不想處理來自 LTL 提供者的大量變化。因此，Saia 的機會在於在艱難的環境下為客戶提供高水準的服務並減少干擾。

So that's kind of how we think about it. And then we think about providing a great place to work, great career opportunities, keep a very high level of engagement in our workforce. That's the team wants to be part of a growing company. And to the extent that others are trying to build their own pace, I mean, I think that's -- we'll let them worry about that. We'll worry about our sort of business.

這就是我們的想法。然後我們考慮提供一個良好的工作場所、良好的職業機會，並保持員工的高參與度。這就是團隊希望成為成長型公司的一部分。至於其他人是否也正在嘗試按照自己的步調發展，我的意思是，我想那是──我們會讓他們去擔心這個問題。我們會擔心我們的業務。

Great. Thanks so much. And then I mean, maybe you guys are clearly winning a lot of business. Could you maybe give us an insight into sort of the sales force morning meeting, what they're focused on attacking, what they're going after, if they're looking at SMB growth, curious what your sales force is really looking at over the next year?

偉大的。非常感謝。然後我的意思是，也許你們顯然贏得了很多生意。您能否向我們介紹一下銷售人員晨會的情況，他們重點關注的是什麼，他們追求的是什麼，他們是否關注中小企業的成長，好奇您的銷售人員明年真正關注的是什麼？

Yes. So our sales force, we spend a lot of time combing data around what the sales opportunities are in markets that we're currently in or markets that we're developing. And we arm our sales force with data that tells them where the opportunities might be. So you got to give them the sort of the top line view of, hey, here's what the potential is. Here's the data. Here's who we need to call on. These are the industries. These are the places that we can provide very competitive service, both from a service time and transit time, which are all important to customers, you arm them with that.

是的。因此，我們的銷售團隊花費大量時間梳理數據，以了解我們目前所在市場或正在開發的市場中的銷售機會。我們用數據武裝我們的銷售團隊，告訴他們機會可能在哪裡。所以你必須向他們提供某種最重要的觀點，那就是，嘿，這就是潛力所在。這是數據。以下是我們需要打電話的人。這些就是行業。在這些地方，我們可以提供非常有競爭力的服務，無論是服務時間還是運輸時間，這些對客戶來說都很重要，您可以用這些來武裝自己。

And then you give them a product that is very, very high level of service, low claims, on time, we do what we say we're going to do. You do that over and over again, that gives something for our salespeople to sell. So it starts with the data that they're armed with to go attack the markets in which they operate or where they -- where we position them to compete and then you provide a great service behind it.

然後您給他們服務水準非常高的產品，索賠很少，準時，我們會說到做到。如果你一再這樣做，我們的銷售人員就能有東西可賣。因此，首先要用到他們掌握的數據，然後進軍他們經營的市場或他們所在的競爭市場，然後您為其提供優質的服務。

And I think if you look at the results that we've had over the last few months, I think that sort of works. And that's kind of our focus from here. And I think that's been a winning proposition and we're excited about what the potential of that is.

我認為，如果你看看我們過去幾個月的成果，你會發現這種做法是有效的。這就是我們現在關注的重點。我認為這是一個成功的提議，我們對其潛力感到非常興奮。

Perfect. Thanks so much.

完美的。非常感謝。

Christopher Kuhn, Benchmark.

克里斯托弗·庫恩，基準。

Yeah, hi, good morning. Guys, thanks for the question. Maybe just can you talk a little bit about -- you've added almost 10% to the workforce. I mean how do you keep the service and quality and culture with that addition? And then what's the timeframe that those new employees get to kind of full productivity that matches what your existing employees are?

是的，你好，早安。夥計們，謝謝你們提問。也許你們能稍微談談──你們的勞動力增加了近 10%。我的意思是，您如何透過增加這些內容來維持服務、品質和文化？那麼這些新員工需要多長時間才能達到與現有員工相當的完全生產力水準？

Yes, that's a great question, Chris. And it's something that we're very, very focused on making sure that you have the appropriate training in place, onboarding. I mean we were in the height of opening the 21 facilities. I mean we had a very disciplined timeline around making sure that we had the training and hiring in place, hopefully positioning a Saia leader from another facility into a new facility to help bring that culture to the facility. Training that, but still, as you point out, it takes a number of months to kind of get the peak efficiency of where you'd like to be.

是的，這是一個很好的問題，克里斯。我們非常非常注重確保您接受適當的入職培訓。我的意思是，我們正處於開放 21 處設施的鼎盛時期。我的意思是，我們有一個非常嚴格的時間表，確保培訓和招募到位，希望將另一個工廠的 Saia 領導者安排到新工廠，以幫助將這種文化帶到新工廠。訓練，但是，正如你所指出的，需要幾個月的時間才能達到你想要的最佳效率。

And so it depends. Sometimes it happens pretty quickly, sometimes maybe it takes a year to get that sort of cultural sort of at a par where we are in the rest of the company. But you don't -- you treat every individual, every location differently, and you keep that focus intently around, hey, this is a great place to work. The only place -- the reason why this is a great place to work is we take great care of the customer. And that theme kind of goes over and over again. And we do that, and we find that we'll get people in a shorter order around operating kind of where we'd like to.

所以這得看情況。有時這種情況發生得很快，有時可能需要一年的時間才能使這種文化與公司其他部門保持一致。但你不會——你對待每個人、每個地方都不同，你專注於「嘿，這是一個很棒的工作場所」。唯一的地方－這裡之所以是一個很棒的工作場所，是因為我們非常關心客戶。這個主題一遍又一遍地重複。我們這樣做了，並且發現我們可以在更短的時間內讓人們按照我們想要的方式進行營運。

I mean did that benefit the OR a bit more in the --

我的意思是，這是否對手術室更有利--

Absolutely. You see it in all kinds of places, right? So the more you get an experienced workforce in place, you get better service metrics. Your productivity goes up, safety issues come down or mitigate it, right? So you have fully trained employees understanding how we do things. You see claims or injury rates falling, which is great to see. When you see that, you also often see improvement on the claims line in terms of damaged freight, those things, those decline over time.

絕對地。你在各種地方都能看到它，對嗎？因此，您擁有的經驗豐富的勞動力越多，您獲得的服務指標就越好。您的生產力提高了，安全性問題減少了或減輕了，對嗎？因此，您擁有經過充分訓練的員工，了解我們的做事方式。您會看到索賠或受傷率下降，這是令人欣慰的。當您看到這一點時，您也經常看到，在貨物受損方面的索賠方面，這些事情的改善，隨著時間的推移而減少。

All those things come together and you see sort of peak efficiency. And at the same time, you have a sales force that's out coming on customers with that data, and that's a winning proposition. So it kind of turns into a kind of virtuous cycle, if you will, there, but it usually takes some time.

所有這些因素結合在一起，你會看到某種高峰效率。同時，你還有一支銷售團隊利用這些數據來聯絡客戶，這就是一個成功的提議。因此，如果你願意的話，它就會變成一種良性循環，但通常需要一些時間。

Great, Fritz. Thank you.

太好了，弗里茨。謝謝。

Tyler Brown, Raymond James.

泰勒布朗、雷蒙詹姆斯。

Hey, good morning, guys. I know the 10-K is going to be out soon but do you guys have an update on what your door ownership position looks like today. I assume that stepped up quite a bit. And longer term, do you know or kind of think about where you want that to be? Is that a part of that journey into the 70s?

嘿，大家早安。我知道 10-K 很快就要出來了，但是你們有沒有更新一下你們今天的門所有權狀況？我認為這項進展已經相當顯著了。從長遠來看，您是否知道或想過您希望它達到什麼程度？這是 70 年代旅程的一部分嗎？

So to your question, Tyler, door growth we finished the year right around until just north of 9,900 doors. We own about 70%-ish of those doors. So 60% of the terminals, 70% of the door. So we do our best to own our strategic larger assets to the extent that we can.

對於你的問題，泰勒，我們在年底的門數增長達到了 9,900 門左右。我們擁有其中約 70% 的門。因此，60％的終端，70％的門。因此，我們盡最大努力在能力範圍內擁有更大的策略資產。

I mean, look, in certain instances, to be in the market, you may have to lease for a period. So it's important to the extent that we can, but we don't view that as a -- we can't get into the 70s unless we own more of them. We -- we try to but there's also a cost of not being in the market at certain points, too.

我的意思是，在某些情況下，為了進入市場，你可能需要租賃一段時間。所以，這在我們力所能及的範圍內很重要，但我們不認為——除非我們擁有更多的石油，否則我們就無法進入 70 年代。我們－我們會努力嘗試，但在某些時候不進入市場也會有成本。

I think, Tyler, too, on the lease piece. I think that there's data out there around some of the lease opportunities that are out in the market or have been where you continue to lease them because it's a very, very competitive sort of lease structure.

我認為泰勒也對租賃問題有同樣的看法。我認為有一些關於市場上一些租賃機會的數據，或者您可以繼續租賃它們的數據，因為這是一個非常非常有競爭力的租賃結構。

As Matt pointed out, it's candidly more important to be in the market. If your cost structure is what it is, you got to make sure you get compensated for it. So that becomes part of the business case around whether or not it makes sense to lease the property.

正如馬特指出的那樣，坦白說，進入市場更為重要。如果您的成本結構如此，您必須確保得到補償。所以這成為了判斷租賃該房產是否合理的商業案例的一部分。

Okay. Yes. No, that's extremely helpful. Fritz, I think you said 5 to 6 new terminals this year.

好的。是的。不，這非常有幫助。弗里茨，我想你說過今年將新建 5 到 6 個航站樓。

Yes.

是的。

But it sounds like those are more saturation terminals, let's call them. What about the relos, does that still look pretty good in '25, and basically, will door count exceed terminal count again?

但這聽起來更像是飽和終端，我們就這麼稱呼它們吧。那麼 relos 怎麼樣，在 '25 年看起來仍然很好嗎？

Well, once you consider both relos as well as some sort of terminal expansions that we've had. I mean we're adding Harrisburg and Dallas. I mean, the good news problem we have is that there's been a lot of growth. Those are big brakes operations for us, so you need to expand that.

好吧，一旦您考慮到我們已經擁有的 relos 以及某種終端擴展。我的意思是我們正在添加哈里斯堡和達拉斯。我的意思是，我們面臨的好消息是我們已經取得了巨大的成長。對我們來說，這些都是巨大的阻礙，因此需要擴大它。

So I would expect to see -- I don't have the exact door count increase projected, but we'll see between reloads and expansions, we'll see additional door count adds this year. Certainly, the 5 to 6 that we'll open are, hey, listen, every market we're in is important, but there's no Harrisburg. There's no Dallas, no Memphis in there. They tend to be smaller, the ones that were open.

因此我期望看到 - 我沒有預測到確切的門數增加，但我們會看到在重新加載和擴展之間，今年我們將看到門數的增加。當然，我們將要開設的 5 到 6 個市場是，嘿，聽著，我們進入的每個市場都很重要，但沒有哈里斯堡。那裡沒有達拉斯，也沒有孟菲斯。那些開放的門往往比較小。

Okay. Perfect. And my last one here. If we can come back to your revenue per bill comments, can you guys just update us on where you sit on, let's call it, this [assessorial] journey, maybe we could use a baseball analogy, Fritz, we'll try to stay away from football, college analogies. Thank you.

好的。完美的。這是我最後一個。如果我們可以回到你對每張帳單收入的評論，你能否告訴我們你所處的位置，我們稱之為這個[評估]旅程，也許我們可以使用棒球類比，弗里茨，我們會盡量避免使用足球、大學類比。謝謝。

The football analogies aren't too bad though. But anyway, the -- go ahead, Matt.

不過，足球的類比還不錯。但無論如何，--繼續吧，馬特。

Yes. I mean, -- we still feel like we're -- we've got work to do, and that we feel pretty early. For us, the way that we look at it, we compare ourselves to the public carriers and the available metrics that are out there. And we look -- and across the Board, we're cheaper than everybody else.

是的。我的意思是——我們仍然覺得——我們還有很多工作要做，而且我們覺得現在還為時過早。對我們來說，我們看待這個問題的方式是將自己與公共運營商以及現有的可用指標進行比較。而且我們看——從整體來看，我們的價格比其他人便宜。

And our footprint expansion and our ability to do a great job for customers in every market is an opportunity for us to do a great job for them, take share, but also charge appropriately for it. And we view that in the base rates in assessorial and one of the things that we're really excited about is we have more data than we've ever had available to us for our team.

我們的業務範圍不斷擴大，我們有能力在每個市場為客戶提供優質服務，這對我們而言是一個機會，我們可以為他們提供優質服務，佔據市場份額，並收取適當的費用。我們認為，在評估基準率中，讓我們真正興奮的事情之一是，我們擁有的數據比我們團隊以往任何時候所能獲得的數據還要多。

We sit in front of a customer to show them exactly what we're doing for them and where we're going for them and how that compares to our assumptions and a number of things that help drive those discussions. So in terms of baseball analogy, I'd say we're still in the relatively early innings because the way we look at it is we're still cheaper on the total revenue per bill basis.

我們坐在客戶面前，向他們展示我們為他們做了什麼、我們要為他們做什麼，以及這與我們的假設相比如何，以及其他有助於推動這些討論的事情。因此，就棒球類比而言，我會說我們仍然處於相對較早的階段，因為從我們的角度來看，以每場比賽的總收入計算，我們仍然更便宜。

Excellent. Thank you, guys.

出色的。謝謝你們。

This concludes our question-and-answer session. I would like to turn the conference back over to Fritz Holzgrefe for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Fritz Holzgrefe 做最後發言。

Thanks, everyone that called in for your time and attention and learning about the Saia story of where we are in our journey. Looking forward to giving you an update next quarter. Thank you.

感謝每一位花時間和精力來了解 Saia 故事並了解我們目前旅程進展的人。期待下個季度向您提供最新消息。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。