Saia Inc (SAIA) 2025 Q1 法說會逐字稿

Welcome to the Saia, Inc. first quarter 2025 earnings conference call. (Operator instructions) Please note this event is being recorded.

歡迎參加 Saia, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Matt Batteh, Executive Vice President and Chief Financial Officer. Please go ahead.

現在，我想將會議交給執行副總裁兼財務長 Matt Batteh。請繼續。

Thank you, Michael. Good morning, everyone. Welcome to Saia's first quarter 2025 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe. Before we begin, you should note 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，麥可。大家早安。歡迎參加 Saia 2025 年第一季電話會議。和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，您應該注意，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特定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 first quarter results. To open the year, we experienced first quarter records of revenue tonnage and shipments on one less workday than in the first quarter of 2024, with growth driven primarily by ramping terminals opened in the last three years.

早安，感謝您加入我們討論 Saia 第一季的業績。今年開始，我們第一季的營收噸位和貨運量創下了紀錄，比 2024 年第一季少了一個工作日，成長主要得益於過去三年內開放的碼頭的增建。

Our first quarter revenue of $787.6 million increased from last first quarter by 4.3%. The growth we experienced was concentrated in our newer markets where we were pleased with customer acceptance. Going into the year, our business plans for 2025 are focused on execution and leveraging the investments we've made in our network over the last several years.

我們第一季的營收為 7.876 億美元，比去年第一季成長 4.3%。我們的成長主要集中在較新的市場，我們對這些市場客戶的接受度感到滿意。進入今年，我們的 2025 年業務計劃將重點執行並利用過去幾年我們在網路上所做的投資。

We expected the macro environment to remain somewhat muted or at least consistent with what we've seen over the last two years. As we approach the end of April, the backdrop is notably different. Historically, we've typically seen seasonal increases in shipments and tonnage of approximately 3% to 4% from February to March and facilities opened less than three years, we saw the 3% sequential improvement and legacy facilities, shipments were actually down slightly fast March.

我們預計宏觀環境將保持相對溫和，或至少與過去兩年的情況一致。隨著四月底的臨近，背景明顯不同。從歷史上看，我們通常會看到從 2 月到 3 月，出貨量和噸位會出現季節性增長，大約為 3% 到 4%，而對於開業不到三年的設施，我們看到了 3% 的連續改善，而傳統設施的出貨量實際上在 3 月份略有下降。

This year's shipments in total for the company were only modestly improved from March to April, which we attribute primarily to the uncertain macro environment. Customers, although satisfied their service and valuing our network expansion, they appear cautious in the current backdrop and are taking a wait-and-see approach, we estimate the revenue impact of the sub-seasonal trends to be approximately $25 million to $40 million.

該公司今年3月至4月的總出貨量僅略有改善，我們主要將其歸因於不確定的宏觀環境。儘管客戶對我們的服務感到滿意並重視我們的網路擴展，但他們在當前背景下顯得謹慎並採取觀望態度，我們估計亞季節性趨勢對收入的影響約為 2500 萬至 4000 萬美元。

While the first quarter is typically impacted by adverse weather events, this year's disruptions proved more challenging in both magnitude and geographic location. Winter weather in the southern part of the country prompted closures and limited operations at some of our most dense and profitable regions.

雖然第一季通常會受到惡劣天氣事件的影響，但今年的中斷在規模和地理位置上都更具挑戰性。該國南部的冬季天氣導致我們一些人口最密集、利潤最高的地區關閉並限制營運。

We experienced significantly more closures and terminals with limited operations in 2025 compared to the first quarter last year, with substantial impacts to our Atlanta, Dallas and Houston markets in 2025. We estimate that the impact of weather to our operating ratio for the quarter was approximately 25 basis points to 75 basis points.

與去年第一季相比，2025 年我們關閉的碼頭和營運受限的碼頭數量明顯增多，這對我們 2025 年的亞特蘭大、達拉斯和休士頓市場產生了重大影響。我們估計天氣對本季營業比率的影響約為 25 個基點至 75 個基點。

Our first quarter operating ratio of 91.1% deteriorated by 670 basis points compared to our operating ratio of 84.4% posted in the first quarter last year. We remain intently focused on our pricing and mix optimization initiatives. We're encouraged to see wafer shipment trends in a positive direction sequentially.

我們第一季的營業比率為 91.1%，與去年第一季的 84.4% 相比下降了 670 個基點。我們將繼續專注於定價和組合優化計劃。我們很欣慰地看到晶圓出貨趨勢持續朝著正面的方向發展。

Additionally, we saw proportionally more growth in our ramping markets or those opened since 2022, which, while great to see can be challenging as they're relatively less profitable compared to the legacy markets. At this stage, it is critically important that we maintain and continue to improve our service levels. Customers value certainty and reliability in their supply chain, and we believe that we're well positioned to provide that service.

此外，我們看到新興市場或自 2022 年以來開放的市場實現了相應更大的成長，儘管看到這些市場令人欣喜，但也可能面臨挑戰，因為與傳統市場相比，它們的利潤率相對較低。現階段，維持並持續提升我們的服務水準至關重要。客戶重視其供應鏈的確定性和可靠性，我們相信我們有能力提供這種服務。

Contractual renewals averaged 6.1% in the quarter, reflecting our customers' belief in the high-quality service that we continue to provide. However, as the environment has impacted our performance, we are focused on improving our service levels while also managing controllable costs and productivity.

本季合約續約率平均為 6.1%，反映出客戶對我們持續提供的高品質服務的信心。然而，由於環境影響了我們的業績，我們專注於提高服務水平，同時管理可控成本和生產力。

Moving forward, we'll continue to do our part for customers by providing great quality and differentiated service to justify pricing changes as are necessary to run our business.

展望未來，我們將繼續為客戶提供優質和差異化的服務，以證明經營業務所需的價格變化是合理的。

Now I'll turn it back to Matt to walk us through some key expense items for the quarter.

現在我將把話題轉回給馬特，讓他向我們介紹本季的一些主要支出項目。

Thanks, Fritz. First quarter revenue increased by $32.8 million to $787.6 million, a record for any first quarter in the company's history. Fuel surcharge revenue remained flat, increasing by 0.2% and was 15.1% of total revenue compared to 15.7% a year ago. Revenue per shipment, excluding fuel surcharge, increased 2.3% to $300.76 compared to $293.96 in the first quarter of 2024 and increased 0.5% sequentially from the fourth quarter of 2024.

謝謝，弗里茲。第一季營收增加了 3,280 萬美元，達到 7.876 億美元，創下了公司歷史上第一季的營收記錄。燃油附加費收入保持平穩，成長 0.2%，佔總收入的 15.1%，而去年同期為 15.7%。不包括燃油附加費，每批貨物的收入為 300.76 美元，較 2024 年第一季的 293.96 美元增長 2.3%，環比 2024 年第四季度增長 0.5%。

Yield, excluding fuel surcharge, declined by 5.1% and yield decreased by 5.8%, including fuel surcharge, reflecting the inverse relationship between weight per shipment and yield as a heavier-weighted shipment typically drives a lower yield.

不包括燃油附加費的收益率下降了 5.1%，包括燃油附加費的收益率下降了 5.8%，這反映了每批貨物的重量和收益率之間的反比關係，因為重量較重的貨物通常會導致較低的收益率。

Tonnage increased 11.0% attributable to a 2.9% shipment increase and a 7.8% increase in our average weight per shipment, length of haul increased 1.9% to 905 miles. Shifting to the expense side for a few items to note in the quarter.

由於貨運量增加 2.9% 且每批貨運平均重量增加 7.8%，噸位增加 11.0%，運輸距離增加 1.9% 至 905 英里。轉到費用方面，本季有幾項要注意。

Salaries, wages and benefits increased 13.9%, which is primarily driven by a combination of our employee head count growth of approximately 8% year-over-year and the result of our July 2024 wage increase, which averaged approximately 4.1%.

薪資、薪資和福利增加了 13.9%，這主要是由於我們的員工人數年增約 8% 以及我們 2024 年 7 月薪資平均上漲約 4.1%。

The growth in head count is primarily related to the opening of 21 new facilities in the past 12 months resulting in over 500 new employees, comprising more than $1 million in additional wages and benefits for the first quarter compared to last year, in addition to the increase in volume compared to prior year.

員工數量的成長主要與過去 12 個月內開設 21 個新工廠有關，新增員工超過 500 人，與去年相比，第一季的額外薪資和福利超過 100 萬美元，此外，與去年相比，產量也有所增加。

Also impacting this line item was increased employee cost to keep the network fluid and provide service to our customers during the winter weather disruptions. During the quarter, we ran extra linehaul miles and leverage purchase transportation post storms to keep the network running effectively.

對此項產生影響的還有員工成本的增加，以保持網路暢通並在冬季天氣中斷期間為客戶提供服務。在本季度，我們增加了乾線運輸里程，並利用風暴後的購買運輸來保持網路有效運作。

We also ran extra dock operations over some weekends to ensure customers' freight was minimally impacted by weather disruption. In addition, other employee-related costs increased, including workers' compensation and health care costs.

我們也會在某些週末進行額外的碼頭作業，以確保客戶的貨物受到天氣幹擾的影響最小。此外，其他與員工相關的成本也有所增加，包括工人賠償和醫療保健費用。

Purchase transportation expense, including both non-asset truckload volume and LTL purchased transportation miles increased by 14% compared to last -- compared to the first quarter last year and was 7.6% of total revenue compared to 7% in the first quarter of 2024.

購買運輸費用（包括非資產卡車裝載量和零擔購買運輸里程）與去年第一季相比增加了 14%，佔總收入的 7.6%，而 2024 年第一季為 7%。

Truck and rail PT miles combined for 12.4% of our total linehaul miles in the quarter. Fuel expense increased by 1.4% in the quarter, while company line haul miles increased 8.6%. The increase in fuel expense was primarily the result of an increase in linehaul miles run partially offset by national average diesel price decreasing by over 8% on a year-over-year basis. Claims and insurance expense increased by 23.4% year-over-year.

卡車和鐵路運輸里程合計佔本季乾線運輸總里程的 12.4%。本季燃料費用增加了 1.4%，而公司幹線運輸里程增加了 8.6%。燃料費用的增加主要是由於幹線運輸里程的增加，但全國平均柴油價格年減 8% 以上，部分抵消了增加。理賠及保險費用較去年同期成長23.4%。

The increase compared to the first quarter of 2024 was primarily due to increased claims activity as well as development of open claims and increased cost per claim. Depreciation expense of $59 million in the quarter was 20.9% higher year-over-year primarily due to ongoing investments in revenue equipment, real estate and technology.

與 2024 年第一季相比的成長主要是由於索賠活動的增加以及未決索賠的發展和每項索賠成本的增加。本季折舊費用為 5,900 萬美元，年增 20.9%，主要原因是對收益設備、房地產和技術的持續投資。

Compared to the first quarter of 2024, cost per shipment increased 9.4% and partially due to increased salaries, wages and benefits to support a broader network of terminals in addition to the effect of sub seasonal market impact on volumes.

與 2024 年第一季相比，每批貨物的成本增加了 9.4%，部分原因是工資、薪資和福利增加，以支持更廣泛的碼頭網絡，此外還有季節性市場對貨運量的影響。

Additionally, cost per shipment was affected by the impacts from the winter storms on network operations, including increased mileage and associated operating expenses to maintain network fluidity. In addition, a step-up in depreciation from the opening of 21 terminals and the largest equipment investment in company history over the last 12 months also contributed to the increased cost per shipment.

此外，冬季風暴對網路營運的影響也影響了每批貨物的成本，包括增加里程和維持網路流動性的相關營運費用。此外，21個碼頭的啟用導致的折舊增加以及過去12個月公司歷史上最大的設備投資也導致每批貨物的成本增加。

Total operating expenses increased by 12.6% in the quarter and with the year-over-year revenue increase of 4.3%. Our operating ratio deteriorated to 91.1% compared to 84.4% a year ago. Our tax rate for the first quarter was 24% compared to 23.7% in the first quarter last year, and our diluted earnings per share were $1.86 compared to $3.38 in the first quarter a year ago.

本季總營運費用成長了 12.6%，而去年同期營收成長了 4.3%。我們的營業比率從一年前的 84.4% 下降至 91.1%。我們第一季的稅率為 24%，而去年第一季為 23.7%，每股攤薄收益為 1.86 美元，而去年第一季為 3.38 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，請他發表一些結束語。

Thanks, Matt. While there are challenges associated with the underlying environment and weather events in the first quarter, there are signs of continued progress being made as a trusted carrier for our customers, as we continue to provide a high level of service across the national network.

謝謝，馬特。儘管第一季存在與潛在環境和天氣事件相關的挑戰，但有跡象表明，作為客戶值得信賴的營運商，我們正在繼續取得進展，因為我們將繼續在全國網路上提供高水準的服務。

As always, we remain intently focused on the long-term opportunity to enhance our service offering and coverage for our customers while delivering significant long-term value to our shareholders. While the 21 terminals opened in 2024, have all been opened less than a year, we're beginning to see the benefit of national network that allows us to serve our customers' needs more immediately than has been the case in the past evidence of our shipment growth in those new markets.

像往常一樣，我們始終專注於長期機會，以增強我們為客戶提供的服務範圍和覆蓋範圍，同時為股東創造重大的長期價值。雖然 2024 年啟用的 21 個碼頭都啟用不到一年，但我們開始看到全國網路的好處，這使我們能夠比過去更快地滿足客戶的需求，這證明我們在這些新市場的出貨量有所增長。

The markets opened in 2024 represented the majority of our shipment growth compared to last year, but these markets operated at roughly break even in Q1 of 2025. We do not open these terminals for growth in the next month or next quarter, rather these are long-term investments that allow us to provide service to our customers nationwide.

與去年相比，2024 年開放的市場佔據了我們出貨量成長的大部分，但這些市場在 2025 年第一季的營運基本上達到收支平衡。我們開放這些終端並不是為了下個月或下個季度的成長，而是為了進行長期投資，以便我們能夠為全國客戶提供服務。

As each month passes, we continue to build density in these markets and improve operational efficiencies, which will continue to drive long-term value. As we look forward, we'll continue to manage through macroeconomic environment, looking to adjust our cost structure and adapt to the changing landscape across our network, all while maintaining our focus on the customer.

隨著時間的推移，我們將繼續在這些市場中建立密度並提高營運效率，這將繼續推動長期價值。展望未來，我們將繼續管理宏觀經濟環境，調整成本結構，適應整個網路不斷變化的格局，同時保持對客戶的關注。

Through discussions with our customers, no surprise to hear the hesitation and uncertainty around the macroeconomic backdrop. We remain close to our customers and feel strongly we'll be well positioned to provide solutions in changing supply chain.

透過與客戶的討論，我們對於宏觀經濟背景的猶豫和不確定性並不感到驚訝。我們始終與客戶保持密切聯繫，並堅信我們將有能力為不斷變化的供應鏈提供解決方案。

The first quarter represents certain challenges that are somewhat out of our control. However, we do not see any evidence that would suggest that there's a significant -- that there is not a significant long-term opportunity for Saia.

第一季面臨著一些我們無法控制的挑戰。然而，我們沒有看到任何證據表明 Saia 有重大的長期機會。

In this environment, we continue to commit to providing an exceptional product to our customers, while at the same time, continuing to maintain and enhance a very competitive cost structure. Over the long term, we remain confident in our value proposition and the organic growth story that is as well as the benefits that we'll add to our customer and the growth and performance of our company over time.

在這種環境下，我們持續致力於為客戶提供卓越的產品，同時持續維持和增強極具競爭力的成本結構。從長遠來看，我們對我們的價值主張和有機成長故事以及我們將為客戶帶來的利益以及我們公司隨著時間的推移的成長和績效充滿信心。

We're now ready to open the line for questions. Operator?

我們現在準備開放問答熱線。操作員？

(Operator instructions)

（操作員指示）

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good morning guys. Maybe first big picture on pricing. I kind of want to get a sense of how you view the current pricing environment. Obviously, some of the yield metrics could be pressured by mix, but I'm kind of curious how you guys are thinking big picture about pricing first.

嘿，謝謝。大家早安。也許首先要了解的是定價概況。我想了解您如何看待當前的定價環境。顯然，一些收益率指標可能會受到組合的壓力，但我有點好奇你們是如何首先考慮定價的大局的。

Hey, Chris, yeah, I mean, important to note the weight per shipment impact on yield. I know we've talked before about our focus on revenue per shipment. So the yield metrics have that weight per shipment component I mean for us, we're focused on pricing, no different than we have been in the past.

嘿，克里斯，是的，我的意思是，重要的是要注意每批貨物的重量對產量的影響。我知道我們之前已經討論過我們對每批貨物收入的關注。因此，收益率指標具有每批貨物的權重，我的意思是，對我們來說，我們專注於定價，與過去沒有什麼不同。

Certainly, with the capacity environment, the way that it is, we see customers choosing other options in certain instances when we're taking rate increases. But -- we view the environment the same as it has been before. Everyone is acting as we would expect.

當然，在目前的容量環境下，當我們提高費率時，我們會看到客戶在某些情況下選擇其他選項。但是──我們對環境的看法與以前一樣。每個人的行為都符合我們的預期。

We maintain our focus on it. So nothing different from us in that regard. Of course, customers always challenge the pricing increases that we proposed. And with a looser capacity environment, that gets a little bit later, but no difference in focus from our side.

我們對此保持關注。所以在這方面和我們沒有什麼不同。當然，客戶總是對我們提出的漲價建議提出質疑。在產能環境較為寬鬆的情況下，這個過程可能會稍微晚一些，但我們的關注點並沒有改變。

And then maybe just a follow-up on that. So if we look at weight per shipment was up sequentially length of haul was up sequentially and then revenue per ship, it was kind of pretty close to flat. It was up a little bit from 4Q to 1Q. So I guess what do you think about what are the drivers within mix there that are kind of offsetting some of those -- what should be fairly positive factors to revenue per shipment ex fuel?

然後也許只是對此進行跟進。因此，如果我們看一下每批貨物的重量是否連續增加，運輸距離是否連續增加，然後看看每艘船的收入是否接近持平。從第四季度到第一季度，略有上升。那麼我想您認為其中的哪些驅動因素可以抵消其中的一些影響——哪些因素應該對燃料以外的每批貨物的收入產生相當積極的推動作用？

Well, as Fritz noted in his comments, the vast majority of the growth for us is coming from these ramping markets or those that have opened in the past three years. And the vast majority of that growth is coming from existing customers that we already work with. So the rates in place with them. And each month that passes, we're finding out more about the mix that we handle for them and the pricing opportunities that we handle with them.

正如弗里茨在評論中指出的那樣，我們的絕大部分成長都來自這些蓬勃發展的市場或過去三年內開放的市場。其中絕大部分成長來自於我們已經合作的現有客戶。因此，他們的費率是固定的。每個月過去，我們都會發現更多有關我們為他們處理的組合以及我們與他們一起處理的定價機會的資訊。

So as we go into these markets, our lead list is our existing book of customers, and we're winning some heavier weighted share in those markets. And -- we understand where our opportunities are, and we're not going to handle business that doesn't work for us.

因此，當我們進入這些市場時，我們的潛在客戶名單就是我們現有的客戶名錄，而且我們在這些市場中贏得了更大的份額。我們知道我們的機會在哪裡，我們不會處理對我們沒有好處的業務。

But mix in those markets can be a little bit different than what we handle in our legacy, and that's something about the -- going into new markets and learning more about what we handle for customers in different geographical locations.

但這些市場中的產品組合可能與我們傳統市場中處理的產品組合略有不同，這就是進入新市場並更多地了解我們為不同地理位置的客戶提供的服務。

It still feels like you have the opportunity to reprice that business after you onboard it see what it is and ultimately address it as we move forward through the rest of this year.

感覺你仍然有機會在接手業務後重新定價，了解其本質，並在今年剩餘時間內最終解決它。

Chris, I think if you just look at our top line metrics, right, we recognize that the entire book of business relative to peers and folks that are have mix of business, weight per shipment, length of haul, similar even different than ours, that there's an opportunity for us to continue to make sure that we get paid for all the services we're providing.

克里斯，我想如果你只看我們的頂線指標，對吧，我們認識到整個業務簿相對於同行和業務組合、每批貨物的重量、運輸距離，與我們的業務相似甚至不同，我們有機會繼續確保我們所提供的所有服務都能獲得報酬。

Our service is really good. And we feel like we can -- we should be able to continue to push our let's get this to market, and we look around and we see that there are opportunities for us to continue to push that. We have -- we're unrelenting about that, just this environment right now. People have choices.

我們的服務確實很好。我們覺得我們可以——我們應該能夠繼續推動我們將產品推向市場，我們環顧四周，發現我們有機會繼續推動這一點。我們已經－我們對此堅持不懈，就目前的情況而言。人們有選擇。

So we haven't in for the balance of this year, and I'm sure in the next couple, we still have runway around that, and we're focused on that opportunity.

因此，我們今年還沒有完成剩餘的工作，但我相信在接下來的幾年裡，我們仍然有空間可以解決這個問題，我們將專注於這個機會。

Appreciate your time. Thank you.

感謝您的時間。謝謝。

John Chappell, Evercore ISI.

約翰‧查佩爾 (John Chappell)，Evercore ISI。

Thank you. Good morning. Matt, trying to put a little bit of a pin on the sub-seasonal trends. So you were expecting 30 basis points to 50 basis points of lower deterioration 4Q to 1Q. Fritz said weather was [25] to [75], so let's call that 50%.

謝謝。早安.馬特 (Matt) 試圖對亞季節性趨勢進行一些把握。因此，您預計第四季的惡化程度將比第一季降低 30 個基點到 50 個基點。弗里茲說天氣是 [25] 到 [75]，所以我們稱之為 50%。

So let's say weather, strip all that other stuff out, it feels like the sub-seasonal trends was about 300 basis points. So as we think about April, 2Q and really going forward for the rest of the year, absent some return to seasonality or even kind of a cut shop is this 1Q OR kind of the starting point and how we think about the OR cadence going forward? Or do you think that this is a very low bar for 1Q, and there's a lot to catch up in 2Q and going forward?

假設天氣，除去所有其他因素，感覺亞季節趨勢大約是 300 個基點。因此，當我們考慮 4 月、第二季以及今年剩餘時間的情況時，如果沒有季節性回歸甚至削減開支，那麼第一季的 OR 是否是起點，我們如何看待未來的 OR 節奏？或者您認為對於第一季來說這個標準太低了，第二季及以後還有很多工作要做？

Well, I'll start here, and then Fritz can chime in, too. I mean if you look at we talked about January and February, we've talked long about how March is really the make-or-break month for the quarter. And it historically is, we always have some weather. This year was more challenging just in magnitude and location. But -- there is always weather and typically, March just makes up for it.

好吧，我就從這裡開始，然後弗里茲也可以加入。我的意思是，如果你看看我們討論的一月和二月，我們已經討論了三月如何成為本季的成敗月份。從歷史上看，我們總是會遇到一些天氣。今年無論從規模或地點來看都更具挑戰性。但是——天氣總是有的，通常三月就能彌補這一點。

And we're planning for a seasonal step up in March. And like Fritz said, we got that in those ramping markets in the new -- but when it doesn't come in the legacy markets, it's just tough to take the cost out in a quick 30-day time period, right?

我們計劃在三月進行季節性升級。正如弗里茨所說，我們在新興市場中實現了這一目標 - 但是當它沒有出現在傳統市場中時，很難在短短的 30 天內收回成本，對嗎？

So we weren't expecting a lack of step up from that seasonal point. Obviously, there's a lot going on in the macro, and that remains uncertain. I wish we had a crystal ball to be able to say what that looks like. I mean April to date, we're seeing sub-seasonal trends as well.

因此，我們並沒有預料到從那個季節開始會出現進步緩慢的情況。顯然，宏觀層面上有很多事情正在發生，而且仍然不確定。我希望我們有一個水晶球，能夠說出那是什麼樣子。我的意思是從四月到現在，我們也看到了亞季節性趨勢。

So I don't think anything stands out to us that would say that, that's better right now until we see more of that on the ground. But from our view, March sub-seasonal trends and how they're tracking in April is pretty similar. There's a lot going on from the customer side right now.

因此，我認為沒有什麼特別突出的跡象表明現在情況會更好，直到我們在實地看到更多這樣的情況。但從我們的角度來看，三月的亞季節性趨勢與四月的趨勢非常相似。目前客戶端發生了很多事情。

Yeah. I think I would clarify 1 point that we're making on the weather. The 25 basis points to 75 basis points is -- it's really about what we would say. We always have weather in the first quarter. The 25 basis points to 75 basis points is the sort of incremental impact of the how much worse than normal impact.

是的。我想我要澄清一下我們對天氣的一點看法。25 個基點到 75 個基點——這確實與我們所說的有關。第一季我們總是有好天氣。25 個基點到 75 個基點是一種增量影響，比正常影響嚴重得多。

So it's always there. And be quite honest with you, when you're in a freight business and you're running the network across the country, you're always going to have weather. This -- what was unusual about this is when you have -- when our best operating part of the company is shut down, that's an impact for us.

所以它一直都在那裡。說實話，當你從事貨運業務並經營全國網路時，你總會遇到天氣問題。這件事的不同尋常之處在於——當我們公司最好的營運部門被關閉時，這會對我們產生影響。

So that's the only reason why we called that out, sort of life in a big city for us. I think the challenge though from, as Matt was pointing out, when we didn't see that sort of seasonal pickup from Feb to March that give us the opportunity to pick that up, right, or to recover, if you will, from the January, February piece.

這就是我們這樣稱呼的唯一原因，對我們來說這就是大城市的生活。我認為，正如馬特指出的那樣，挑戰在於，我們沒有看到 2 月到 3 月的季節性回升，這給了我們機會去回升，或者說，從 1 月和 2 月的頹勢中恢復過來。

As we look forward, as we plan and operate the business, we look strictly at sort of what March looked like -- and we said, all right we've got to play in our model around March going forward. We haven't really seen a step-up into April. But I'm not going -- we're not going to predict May or June or frankly, the rest of the year.

當我們展望未來、規劃和營運業務時，我們會嚴格關註三月的情況——我們說，好吧，我們必須在三月左右按照我們的模型進行運作。進入四月份，我們還沒有看到任何實質的進展。但我不會——我們不會預測五月或六月，或者坦率地說，今年剩餘時間的情況。

So we're very focused on kind of getting this back to sort of some normalcy around this. So obviously, when you look Q1 to Q2 and you take out the weather, we're going to be on a run rate that I think it's not where we want to be, but it's better, right?

因此，我們非常注重讓一切恢復正常。因此，顯然，當你回顧第一季到第二季的情況，並且不考慮天氣因素時，我們的運行率將不會達到我們想要的水平，但情況會更好，對嗎？

So we operated in March sort of sub-90% right around 89% on a sort of with no changes. I think that probably runs into Q2. That's kind of what we're managing. We'd like to get to that kind of a number for the full quarter, but we'll see how that plays out. Certainly, we're taking cost actions where we can. But at the same time, it's important that we maintain the long-term structure and opportunity for the business.

因此，我們 3 月的營運率大概在 90% 以下，大約在 89% 左右，沒有變化。我認為這可能會持續到第二季。這就是我們所管理的。我們希望整個季度都能達到這樣的數字，但我們會看看結果如何。當然，我們正在盡可能地採取成本措施。但同時，保持業務的長期結構和機會也很重要。

That leads right to my follow-up, for it. I mean Matt did say when you don't get that seasonal improvement in March, it's kind of too quick for you to make cost adjustments. But here we are now almost through April, it sounds like it sounds like it hasn't gotten any better. Of course, nobody knows where we're going from here, but certainly more concern about the macro than it three months ago.

這直接引出了我的後續行動。我的意思是，馬特確實說過，如果三月沒有季節性改善，那麼你進行成本調整的速度就太快了。但現在已經快到四月了，聽起來情況似乎沒有好轉。當然，沒有人知道我們將走向何方，但與三個月前相比，我們對宏觀的擔憂肯定更多。

When do you start taking some of those cost actions and what could they be to maybe manage into a slower demand backdrop beyond just a two-month period?

您什麼時候開始採取一些成本行動，以及採取哪些措施才能應對兩個月後需求放緩的情況？

Yeah. So I mean, we -- those are -- the cost sort of actions are, of course, in flight. And you've got -- one of the things you have to do in the LTL business, you have to match labor with what the available freight is, both in -- frankly, in our legacy markets and new markets, both some of our network planning initiatives, we're pulling those forward and implementing those around how do we optimize now national network.

是的。所以我的意思是，我們 — — 那些 — — 成本類的行動當然正在進行中。而且你必須在 LTL 業務中做的一件事就是將勞動力與可用的貨運量相匹配，坦率地說，在我們的傳統市場和新市場中，我們的一些網絡規劃計劃，我們都在推動和實施這些計劃，圍繞如何優化現在的國家網絡。

Those are in flight. We are looking at sort of what can we -- how can we reposition parts of our company to more closely and better serve customers. At the same time, there's a cost benefit that comes out of that. So that's kind of built into what our planning is right now. we feel like we'll see those -- the fruits of those sorts of changes will happen a little bit into this quarter. and into the balance of the year.

那些正在飛行中。我們正在研究如何重新定位公司的各個部門，以便更緊密、更好地服務客戶。同時，這也能帶來成本效益。所以這已經融入我們目前的計劃中。我們覺得我們會看到這些變化的成果將在本季和今年餘下的時間裡顯現出來。

So it's just all about matching our cost structure with what our customers need alongside of what we need to do to continue to drive performance in the company.

因此，我們只需要將我們的成本結構與客戶的需求相匹配，同時繼續提高公司的表現。

Okay. Thanks, Fritz. Thanks, Matt.

好的。謝謝，弗里茲。謝謝，馬特。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yeah, hi, morning. Just two questions. One, how far forward do you have visibility on volume? And what -- based on whatever that visibility is, are your customers telling you? And then second, you still have 13% or so tonnage growth in the quarter, which wasn't enough, obviously. What as an entity kind of volumes on that front how do we think about to get you back on track seasonally from an overall volume perspective. Thanks.

是的，早安。僅兩個問題。第一，您對交易量的預見性有多高？無論這種可見性是什麼，您的客戶會告訴您什麼？其次，本季噸位成長率仍為 13% 左右，顯然還不夠。從整體數量來看，我們如何考慮讓您從季節性回到正軌。謝謝。

Hey Jordan, I mean, to answer the first part, I mean we have a robust forecasting process. But I think as everybody well knows, the news changes frequently. And so when we hear from our customers, like Fritz said in the script, there's no -- there's hesitancy. I mean I think there's -- they're trying to understand how long the potential changes can be in place for supply chains are years in the making. So it's sometimes hard to flip overnight.

嘿，喬丹，回答第一部分時，我的意思是我們有一個強大的預測過程。但我想大家都知道，新聞經常改變。因此，當我們聽到客戶的聲音時，就像弗里茨在腳本中所說的那樣，沒有猶豫。我的意思是，我認為——他們正在試圖了解供應鏈的潛在變化需要多長時間才能實現。因此有時候一夕之間就翻身是件很難的事。

I think it's that wait-and-see approach. So I think remains to be seen. But depending on how long impacts last, I think that's part of it. And we're planning, right? We're understanding that. We're forecasting and doing scenario modeling just like everybody else's.

我認為這是一種觀望態度。所以我認為這還有待觀察。但這取決於影響持續多久，我認為這是其中的一部分。我們正在計劃，對吧？我們理解這一點。我們和其他人一樣進行預測和情境建模。

And then on the tonnage side, it's the tonnage growth and the shipment growth really came from these new markets, those that have been opened over the past three years. So those are operating roughly breakeven. We're not getting that seasonal lift in the growth from the legacy markets, which are our best operating. We've been in those markets for many years, really great density.

然後在噸位方面，噸位成長和出貨量成長實際上來自於這些新市場，也就是過去三年內開放的市場。因此，這些營運大致處於損益平衡狀態。我們並沒有從傳統市場獲得季節性的成長，而傳統市場是我們營運最好的市場。我們已經在這些市場經營多年，市場密度確實很大。

So it's -- you can't just take the volume and the tonnage growth in isolation because of where it's coming from, that matters.

所以，你不能僅僅孤立地看待運輸量和噸位的成長，因為它的來源很重要。

And I think I would add, [Jason], is that listen, we'll continue those new markets are going to continue to get better. And I would expect through Q2 that we'd start seeing some of those in the black because we're going to be class kind of going over the one-year mark for them.

我想補充一點，[傑森]，聽著，我們會繼續讓這些新市場變得越來越好。我預計到第二季度，我們會開始看到其中一些產品獲利，因為我們將有望突破一年大關。

So that's great to what you would expect, particularly in a tough environment. I think for the balance of the business, the focus has got to be what's the available freight. What are we hearing from customers making sure that our sort of operating model matches that.

所以這與你所期望的非常吻合，特別是在艱難的環境中。我認為，為了平衡業務，重點必須放在可用的貨運量上。我們從客戶那裡聽到了什麼，以確保我們的營運模式與之相符。

When you don't have seasonal pickup, I mean this may be hard to believe, but when you don't see volumes going from February to March, the ability to adapt to that within a matter of days, it's pretty challenging, right? If you go to a customer and you're expecting three pallets at pickup and you get one well, you have to still the same driver that's there, and you have significantly less revenue.

當你沒有季節性回升時，我的意思是這可能很難相信，但是當你沒有看到從二月到三月的銷量時，在幾天之內適應這種情況的能力是相當具有挑戰性的，對吧？如果您去拜訪一位客戶，預計提貨時會有三個貨盤，但實際上只收到一個，那麼您仍然需要同一個司機，這樣您的收入就會大大減少。

So you make the adjustment to how do you schedule your pickup and delivery operation to take care of that situation, right? So you're reducing the number of hours and those are all things that we have to do and are doing March into April into the balance of the year. So as we look forward, we hear -- we see what our customers are telling us, but then it's -- this is what they think right now.

那麼，您要調整如何安排取貨和送貨作業來應對這種情況，對嗎？因此，您要減少工作時間，這些都是我們必須要做的事情，我們會在三月、四月以及全年的平衡期間繼續工作。因此，當我們展望未來時，我們會聽到——我們看到客戶告訴我們什麼，但這就是他們現在的想法。

They're uncertain. They're making decisions based on a very short-term sort of focus. And then we've got to get ourselves kind of aligned to that as well, which I think we are and just be in a position to meet their expectations when they need it, depending on where it goes.

他們不確定。他們所做的決定都是基於非常短期的關注。然後，我們也必須使自己與此保持一致，我認為我們確實做到了，並且能夠在他們需要的時候滿足他們的期望，這取決於事情的進展。

I'll tell you what is really important to not lose sight of in this situation is when this -- the reason why we invested in the national network when the economy does settle and things go spring the other way, we will be in a position to capitalize on this. And that -- we can't lose sight of that in a tough environment for two months.

我要告訴你，在這種情況下真正重要的是不要忽視這一點——這就是我們投資國家網絡的原因，當經濟穩定下來，事情朝著另一個方向發展時，我們將能夠利用這一點。而且，在兩個月的艱難環境中，我們不能忽視這一點。

Just a real quick follow-up, and I apologize if you said this already. On the legacy terminals, the older terminals -- can you give a sense of what was the year-over-year tonnage or shipment growth in those terminals year-over-year as opposed to seasonal sequential.

這只是一次非常快速的跟進，如果您已經說過這一點，我深表歉意。對於傳統碼頭、舊碼頭，您能否介紹一下這些碼頭的噸位或貨運量同比增長情況，與季節性連續增長相比如何？

On the legacy ones. I mean, the shipments in those markets are down -- I mean, our legacy book of business is looking like the peer set in the macro right now. So year-over-year in February and March, our legacy shipments were down in those markets.

關於遺留問題。我的意思是，這些市場的出貨量下降了——我的意思是，我們傳統的業務記錄現在看起來就像宏觀中的同行一樣。因此，與去年同期相比，2 月和 3 月我們在這些市場的傳統出貨量有所下降。

Thank you.

謝謝。

Fadi Chamoun, BMO Capital Markets.

蒙特利爾銀行資本市場的 Fadi Chamoun。

Thank you. Good morning. I wanted to get a little bit into the mix because first, last year for most part of it, it was lighter weight shipment mix challenging. And then it feels like in Q4 and Q1, we very quickly switched into kind of very heavier type of weight per shipment which is supposed to be margin accretive, typically, but it wasn't.

謝謝。早安.我想稍微參與一下，因為首先，去年大部分時候都是輕量級的混合運輸挑戰。然後感覺就像在第四季度和第一季度，我們很快就切換到了每批貨物重量非常大的類型，這通常應該會增加利潤，但事實並非如此。

And it looks like if I look at the revenue per shipment, the weight, the length of haul, realized pricing in Q1 was negative. And I know you mentioned price renewal was plus 6%. I'm trying to reconcile these things -- what -- how would you describe the characteristics of this freight that is entering the network right now, heavier freight but not accretive freight.

如果我看每批貨物的收入、重量、運輸距離，第一季的實際定價似乎為負數。我知道您提到過續訂價格上漲了 6%。我正在嘗試調和這些事情——什麼——你如何描述現在進入網路的這種貨物的特點，更重的貨物但不是增值貨物。

I'm just trying to reconcile all of these things and why we're not really seeing a much better effect overall on growth and profitability?

我只是試著調和所有這些因素，以及為什麼我們沒有真正看到整體成長和獲利能力有更好的效果？

Yes. So Fadi, it's a good question. I mean there's a variety of factors there, right? So I think it's -- the weight per shipment is a positive trend for sure. but heavier weight per shipment at times does have higher -- more difficult handling characteristics.

是的。所以 Fadi，這是個好問題。我的意思是這裡面有各種各樣的因素，對吧？所以我認為——每批貨物的重量肯定是一個積極的趨勢。但有時每批貨物的重量越重，處理就越困難。

So it does attract some additional costs. So it's not a complete flow-through. But it's positive in general. So I think that's good. I think what impacted us probably more significantly in the quarter is that not seeing the step-up in revenue in those legacy facilities.

因此它確實會產生一些額外的費用。所以這不是一個完整的流程。但整體來說還是正面的。所以我認為這很好。我認為本季對我們影響更大的可能是這些傳統設施的收入沒有增加。

So we got all the growth came from the new markets, right, which is good. somewhat attractive weight per shipment and margin structure in immature facilities. So you have our line-haul costs associated with those are higher than anything else. So the growth is all there. So the relative contribution of those -- of that new freight mix is not what we'd hope, right?

所以我們所有的成長都來自新市場，對，這是好事。在不成熟的設施中，每批貨物的重量和利潤結構都有一定的吸引力。因此，與這些相關的幹線運輸成本比其他任何成本都高。因此，增長就在那裡。那麼這些新貨運組合的相對貢獻並不是我們所希望的，對嗎？

But that's part of the startup. Meanwhile, the facilities that have been opening for three years or longer, we actually saw declines in March and have been in February, right? And those that's tough to overcome, and that's where we're trying to adjust the cost structure to make that match that more closely and to build the efficiency more generally across the whole network.

但這是新創企業的一部分。同時，對於那些已經開放了三年或更長時間的設施，我們實際上在三月看到了下降，二月也出現了下降，對嗎？對於這些難以克服的問題，我們正在嘗試調整成本結構，使其更加匹配，並在整個網路中更普遍地提高效率。

So I think there are several factors in there. I think the trends -- the top line trends are important and they're good -- but when you're in -- a big part of our sort of footprint is now in a sort of more start-up mode, that could be challenging to overcome on the margin side.

所以我認為其中有幾個因素。我認為趨勢——頂線趨勢很重要而且很好——但是當你處於——我們的很大一部分足跡現在處於更初創的模式時，這可能在利潤方面難以克服。

If you think about those locations Fadi I mean they're -- we're not running as many directs out of those new geographies. So higher weighted shipments, generally, yes, we prefer those. But you also prefer them in the legacy markets because you get more efficiencies out of those are newly opened markets, they're often running back to a break to consolidate freight.

如果你考慮一下這些地點，法迪，我的意思是──我們並沒有在這些新地區開展那麼多直銷業務。因此，一般來說，我們更喜歡重量較高的貨物。但你也更喜歡它們在傳統市場中的表現，因為你可以從這些新開放的市場中獲得更高的效率，它們經常會回到休息時間以整合貨運。

So there's typically more handling involved with them. So where it comes from matters in this instance, we just -- the legacy parts were down. So you see from that.

因此通常需要進行更多的處理。因此，在這種情況下，它的來源很重要，我們只是 - 遺留部分已經崩潰。所以你從那可以看出。

So -- and when you expand that further, so if you take that -- you run that through a legacy break operation. So that legacy brake operation is its core sort of local business is down year-on-year. You don't have the opportunity to optimize cost a bit because you've got to keep your labor in place to be able to handle freight that goes -- actually passes through the facility rather than us pick up or delivered from that facility.

所以 — — 當你進一步擴展它時，如果你接受它 — — 你就可以透過遺留中斷操作來運行它。因此，作為其核心本地業務的傳統煞車業務的營收年減。您沒有機會稍微優化成本，因為您必須保留勞動力來處理實際上經過該設施的貨物，而不是我們從該設施提貨或運送。

Okay. And maybe you've answered it partially. But specifically, how should we interpret this the realized pricing seems negative when in reality of saying pricing renewal is quite strong.

好的。也許您已經部分回答了這個問題。但具體來說，我們該如何解釋這一點呢？實際定價似乎是負面的，但實際上定價更新相當強勁。

Well, keeping there's a really important point is that the contractual rules, that's a great sort of metric that's out there, but that assumes that, that mix of business that came along with those contractual renewals is exactly what we get. And I think right now, what you see is customers have options. So we don't necessarily -- a realization of what we're getting on contractual renewals is it's not one for one.

嗯，有一個非常重要的觀點，那就是合約規則，這是一個很好的衡量標準，但它假設，隨著合約續約而來的業務組合正是我們所得到的。我認為現在，您看到的是客戶有多種選擇。因此，我們不一定——認識到我們在續約時得到的不是一對一的。

It's obviously less. So it's -- that's -- we provide that just to give you an indicative sort of view of what the pricing environment looks like, but our actual realization will likely always be different.

顯然是少了。所以，我們提供這些資訊只是為了給你一個關於定價環境的指示性觀點，但我們的實際認知可能總是不同的。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah, good morning. I want to try to get a sense of -- I'm sure it's just hard to do, but how much of the path to improvement in OR, I mean, I'm sure you're not satisfied with the go forward of an 89 OR and we want to focus on improving that -- there are other factors like service you want to maintain.

是的，早安。我想嘗試去了解——我確信這很難做到，但是在 OR 中改進的路徑有多少，我的意思是，我確信您對 89 OR 的進展並不滿意，我們希望專注於改進這一點——還有其他因素，例如您想要維護的服務。

But how much is the path to improvement off of what you talked about with, I think, March is purely driven by freight market improvement and beyond your control. Obviously, you don't control tariffs and freight economy and uncertainty all that. And how much do you think is in your control that it's like, hey, we just need a bit more time to rightsize the resources?

但是，根據您所談論的，改善的路徑在多大程度上是，我認為，三月純粹是由貨運市場的改善所驅動，並且超出了您的控制範圍。顯然，你無法控制關稅、貨運經濟和不確定性。您認為您能控制多少，就像說，嘿，我們只是需要多一點時間來調整資源規模？

Because I think you guys are good at that historically managing your cost structure and pickup and delivery routes. And that would be something that could be in your control. Maybe there are some other things on mix management that are in your control. So I just wanted to see if you could offer some thoughts on OR and what you're just waiting for freight and what maybe you can work on?

因為我認為你們在管理成本結構和提貨及送貨路線方面一直很擅長。這是你可以控制的事情。也許混合管理中還有一些其他事情在您的控制範圍內。所以我只是想看看您是否可以對 OR 提出一些想法，以及您正在等待的貨運以及您可以做什麼？

So Tom, that's a great question. I mean, internally, the way we think about this, and this is an important we're very, very focused on the things that we can control inside the company. So that's things like on time for the customer claims ratios, all those things. Those are things that we can deal with. Cost structure are things that we can deal with.

湯姆，這是一個很好的問題。我的意思是，從內部來看，我們思考這個問題的方式很重要，我們非常非常關注我們能夠在公司內部控制的事情。這就是諸如按時向客戶索賠的比例之類的事情。這些都是我們可以處理的事情。成本結構是我們可以處理的事情。

Do we get to a market in which we think the long-term opportunity in business is a 75% OR better perhaps, right? -- we're going to need market help for that, right? In the environment that we're in right now, that's going to be a long -- there's not a path on the cost side that gets us there.

我們是否進入了一個我們認為長期商業機會可能達到 75% 甚至更高的市場，對嗎？ ——我們需要市場幫助，對嗎？在我們目前所處的環境下，這將是一個漫長的過程——在成本方面沒有一條路徑可以幫助我們實現這一目標。

Yeah, can we see continued OR improvement on a modest level from here into the balance of the year. Yes, there's going to be some cost levers that we're going to take advantage of, and they are ones that we'll hopefully be able to improve service at the same time that we reduce costs.

是的，從現在到今年年底，我們能否看到 OR 持續適度改善？是的，我們會利用一些成本槓桿，希望能夠在降低成本的同時改善服務。

Those are things that we can deal with, but they're not sequential. If you look at our cost structure relative to the competition or the public peers, this is a top line opportunity for us. And yes, there's some cost things that we're going to deal with. But I don't think that, that's going to be the path to the low OR that we would -- that we want and think we can achieve. In the short term, there's certainly things we're going to do.

這些都是我們可以處理的事情，但它們不是連續的。如果您看一下我們相對於競爭對手或公眾同行的成本結構，這對我們來說是一個頂級機會。是的，我們需要處理一些成本問題。但我不認為這是通往我們想要的、並且認為我們能夠實現的低 OR 的道路。短期內，我們肯定會做一些事情。

We're not quite ready to identify kind of what the magnitude of that is largely because I think there's a fair amount of certainty around what we think the market is going to do even through the quarter. We're focused right now and saying, listen, there's not a change from today around the market.

我們還沒有完全準備好確定其規模，主要是因為我認為，我們對整個季度市場趨勢的判斷具有相當的確定性。我們現在集中精力，聽著，市場與今天相比沒有任何變化。

We're not expecting some big step up in this second half of this quarter or the next 90 days or anything. We're just saying, Listen, we got to manage from this point and focus on the things that we can control.

我們並不期望本季後半段或未來 90 天或其他時間內大幅成長。我們只是說，聽著，我們必須從這一點開始管理並專注於我們能夠控制的事情。

Okay. Yeah Great. That makes a lot of sense. I think further follow-up, I know you've asked on pricing a bit. But just one -- I guess, it seems to me like the kind of construct, you could say, hey, LTL pricing discipline, but it's -- obviously, it is cyclical.

好的。是的，太好了。這很有道理。我認為需要進一步跟進，我知道您已經詢問了一些價格問題。但只有一個 - 我想，在我看來這就像是一種構造，你可以說，嘿，零擔定價紀律，但它 - 顯然，它是周期性的。

So if you thought market pricing was going to be 4% to 5% this year and a weaker freight backdrop, maybe it's lower than that. Maybe it's 2 to 3, maybe it's flat. I don't know. How do you think about that? I mean, it does seem like the market that you compete in market pricing is probably softer, but do you think that's the right way to look at it? Do you think it goes negative? Or do you think it's just kind of you can't get as much price, but still positive.

因此，如果您認為今年的市場價格將達到 4% 至 5%，且貨運背景較弱，那麼實際價格可能會低於這個數字。可能是2到3，也可能是持平。我不知道。您對此有何看法？我的意思是，看起來你在市場定價中競爭的市場可能比較疲軟，但你認為這是正確的看法嗎？您認為它會變成負面嗎？或者您認為這只是一種雖然無法獲得那麼高的價格，但仍然是積極的現象。

I think it's positive. Listen, the fundamentals, even in the fact that the tonnage profile across the industry right now is soft, right? I mean just look at what's been reported. The cost structures are all still inflationary, right? And I think that there's not really a path that makes a lot of sense where you cut rates to try to fill up volume and all that sort of these businesses require -- they're capital intensive, they require a return.

我認為這是積極的。聽著，基本面，即使目前整個產業的噸位分佈都很疲軟，對吧？我的意思是看看已經報道的內容。所有成本結構仍然具有通貨膨脹性，對嗎？我認為，透過降低利率來填補交易量以及所有這些業務所需的資金密集型業務，實際上並沒有一條合理的途徑——它們需要回報。

So I would expect to see the pricing environment to remain stable people will be rational around it. Now is that going to maybe be kind of the stronger end of that? I think it's probably less likely just by the nature that folks have options right now. But I don't see a situation where that turns negative by any stretch. It just may not be what it has been at the same rates in the last number of years.

因此，我希望看到定價環境保持穩定，人們對此保持理性。那麼這是否可能會成為更強的結果呢？我認為這種可能性較小，因為人們現在有多種選擇。但我不認為這種情況會有任何負面影響。它可能不再像過去幾年那樣以同樣的速度成長。

Right, okay, great. Thank you for the time.

好的，好的，太好了。感謝您抽出時間。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning, guys. So I didn't hear yet the March and April tonnage. And then maybe -- I know you don't typically do this, but 1 of the other LTLs does. And I think it's helpful that 89 sort of OR you're talking about for Q2, like what's the revenue assumption embedded within that?

嘿，謝謝。大家早安。所以我還沒聽到三月和四月的噸位數據。然後也許——我知道你通常不會這樣做，但其他 1 個 LTL 會這樣做。我認為您所談論的第二季度的 89 種 OR 是有幫助的，例如其中包含的收入假設是什麼？

Scott. So I'll give the update on the shipments and tonnage for the month. So March was up on shipments 2.8% and tonnage up 12.3%. And -- and then month-to-date in April, and this is not a good Friday adjustment, just overall, shipments are tracking down about 2%, tonnage up 5%. And then on the second piece of it, I mean we don't give a revenue guide.

斯科特。因此我將提供本月的出貨量和噸位的最新情況。因此，3月出貨量增加了2.8%，噸位增加了12.3%。然後 — — 然後是四月份迄今為止的情況，這不是一個好的周五調整，總體而言，出貨量下降了約 2%，噸位上升了 5%。關於第二部分，我的意思是我們不提供收入指南。

But what our assumption is right now is that we're not really seeing anything in April that would tell us the seasonality is back in check or anything like that. So our modeling assumptions right now are what we're seeing in April and what we saw in March, just continues on until we see otherwise on the ground floor.

但我們目前的假設是，四月我們並沒有真正看到任何跡象表明季節性已經恢復或類似情況。因此，我們現在的建模假設是我們在四月看到的情況和我們在三月看到的情況，一直持續到我們在底層看到其他情況。

And we talked about -- we're staying very close to our customers and conversations with them reflect that understanding what the environment looks like, how to plan their supply chain. So that's what we think about right now, and we remain close to them. And to the extent that it changes up or down, obviously, we manage to that. But we're not seeing anything right now that would tell us to model anything substantially better.

我們談到——我們與客戶保持密切聯繫，與他們的對話反映出我們對環境的了解，以及如何規劃他們的供應鏈。這就是我們現在所想的，並且我們與他們保持密切聯繫。至於它向上或向下變化的程度，顯然我們都能做到。但我們現在還沒有看到任何可以告訴我們如何建立更好的模型。

Okay. And Matt, you had a comment, a lot of this new business is coming on from existing customers, and we already have contracts in place with them. But -- and maybe I'm not understanding this right, but like is it every terminal and every shipment have different characteristics in terms of costs. And so don't they all need to be priced differently rather than more of like a blanket price.

好的。馬特，您說過，很多新業務來自現有客戶，我們已經與他們簽訂了合約。但是——也許我理解得不正確，但每個終端和每批貨物在成本方面都有不同的特點。因此，它們是否都需要採用不同的定價，而不是統一定價。

Absolutely. And don't take my comments, Scott, as a blanket price. My comment around that was when we price out a customer's business, we are providing rates in the new markets, and we have been. It doesn't mean that we get that volume right away or have handled it historically.

絕對地。斯科特，不要把我的評論視為一個統一的價格。我對此的評論是，當我們為客戶的業務定價時，我們會在新市場提供價格，而且我們一直都是這樣做的。這並不代表我們馬上就能得到那麼多數據，或是我們已經處理過這麼多數據。

So sometimes, when it comes on board, characteristics may be different than what we assumed or different than what we handle for them in a different market. And we absolutely have the opportunities to go back and have different conversations.

因此，有時候，當它出現時，其特徵可能與我們假設的不同，或與我們在不同市場中處理的不同。我們絕對有機會回去進行不同的對話。

So my point around that is that our lead list, when we open new markets is to go to our customers and say, Hey, we're doing a great job for you in our legacy Texas market -- can we provide a solution for your freight needs in some of these other markets, and they turn us on.

所以我的觀點是，當我們開拓新市場時，我們的潛在客戶名單就是去找我們的客戶並說，嘿，我們在我們傳統的德克薩斯市場為您做得很好 - 我們能否在其他一些市場為您提供滿足貨運需求的解決方案，然後他們就會向我們求助。

But sometimes we find out that the characteristics are different. And what we view is across our total book, and that's publicly available data, we know that there's a pricing opportunity. So that was what my comment was around that.

但有時我們會發現特徵是不同的。我們從整個帳簿以及公開可用的數據中看到，存在定價機會。這就是我對此的評論。

And then maybe just first, if I can just take a step back, big picture. I know we're talking about March tonnage wasn't as good as we thought, but like if you look at it in cost per shipment is up 9% and revenue per shipment is up 2%, right? That's really big spread. When -- what is the fix getting cost down? Or is it getting rev per setting up?

那也許首先，如果我可以退一步來看大局。我知道我們說的三月的貨運量沒有我們想像的那麼好，但是如果你看一下，每批貨物的成本上漲了 9%，每批貨物的收入上漲了 2%，對嗎？這確實是一個很大的傳播。什麼時候－有什麼解決方法可以降低成本？還是每次設定都會獲得轉速？

And realistically, like how is this -- does this take quarters? Or does this take years to start getting back to a positive spread on revenue per shipment versus cost per shipment.

而實際上，這是怎樣的——這需要花費幾個季度的時間嗎？或者這是否需要數年時間才能開始恢復每批貨物收入與每批貨物成本之間的正差。

Yeah. It's not years. I mean, certainly, I think you have to think about -- (inaudible) for everybody what the costs increases were year-over-year. And if you disaggregate that, you would see there's a big chunk of head count that got added that is related to facilities that have been opened in the last year.

是的。這不是幾年的事。我的意思是，當然，我認為你必須考慮——（聽不清楚）每個人的成本比去年同期增加是多少。如果你將其分解開來，你會發現新增員工人數的很大一部分與去年開設的設施有關。

So you're going to -- as you mature those facilities, that -- the returns on that investment, unfortunately, we can't calibrate down salaries and wages for in new markets to match kind of what that growth looks like necessarily. So you have to -- there's a start-up period there.

因此，隨著這些設施的完善，投資回報將會隨之增加，但不幸的是，我們無法降低新市場的薪資來適應這種成長趨勢。所以你必須－那裡有一個啟動期。

So that's going to -- the other big element that's in there is that you have a big step-up in depreciation. If you look at over the last couple of years, our increases in the size of our fleet to be able to match all the growth that we have. That's an important step. So I think we'll see over the -- as we continue to maybe get in a more certain environment.

因此，其中的另一個重要因素是折舊大幅增加。如果你回顧過去幾年，你會發現我們的船隊規模不斷擴大，以滿足我們所有的成長需求。這是重要的一步。所以我認為我們會看到——隨著我們繼續進入一個更確定的環境。

I think we're in a position where in a matter of quarters, we're seeing that relationship grow back to where we feel a little bit better about it. I don't know that Q1 portends to trend for forever. I mean if you just seasonally look at our sort of cost structure, we know that if we get any kind of lift there, we know how to leverage that pretty quickly. So Yeah, I think it's a matter of time. I don't think this is a year sort of on exercise.

我認為，在未來幾個季度內，我們就會看到這種關係恢復到我們感覺更好的狀態。我不知道 Q1 是否預示著永遠的趨勢。我的意思是，如果你只是從季節性的角度看我們的成本結構，我們就知道，如果我們在那裡獲得任何形式的提升，我們就知道如何很快地利用它。是的，我認為這只是時間問題。我不認為今年是鍛鍊的一年。

In the environment that we're in right now, I'm not willing to kind of predict that with certainty. And I'm certain you're not in a position to be able to predict with certainty either what the market is going to look like over the next three, six, nine months.

在我們目前所處的環境中，我不願意對此做出肯定的預測。而且我確信你無法準確預測未來三月、六個月、九個月的市場狀況。

So if we return back a little bit more normally, maybe this speeds up.

因此，如果我們恢復得更正常一些，也許速度就會加快。

And on cost per shipment basis, I mean, obviously, like we talked about, it's tough to pull the cost out that quickly when the seasonal step-up doesn't come. But if we go back to sort of the '22 time period, our cost per shipment is only up a little bit from that period.

就每批貨物的成本而言，我的意思是，顯然，就像我們談到的，當季節性成本沒有上漲時，很難迅速地降低成本。但如果我們回顧 22 年時期，我們每批貨物的成本僅比那時略有上升。

So -- we certainly have opportunity there, but it's -- when the growth -- shipments and tonnage were still up in Q1. So we have to handle that freight and do a great job for our customers, but our cost structure is still really good and our opportunity remains on the pricing side.

所以 — — 我們肯定有機會，但 — — 當第一季的出貨量和噸位仍然成長時。因此，我們必須處理好貨運，為客戶提供優質服務，但我們的成本結構仍然很好，我們的機會仍然在定價方面。

Okay. All right. I think I understand. Thank you guys.

好的。好的。我想我明白了。謝謝你們。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

(inaudible)

（聽不清楚）

Morning, Fritz and team going to follow up on Tom's pricing questions. What was the last time you saw flat pricing. And then as a follow-up, can you walk us through the percent of your business that's going to reprice on the contractual side in 2Q?

早上好，弗里茨和團隊將跟進湯姆的定價問題。您上次看到統一定價是什麼時候？然後作為後續問題，您能否向我們介紹第二季合約方面重新定價的業務百分比？

Hey Jason, pricing was flat. I mean, on the Q1 versus Q1 basis, revenue per shipment ex fuel is up 2.3%.

嘿傑森，價格保持不變。我的意思是，與第一季相比，扣除燃料後每批貨物的收入增加了 2.3%。

No. I'm aware I'm looking for the last time in your business that you saw flat LTL prices. I don't know if we have to go back and -- look at the retail way back, I would imagine.

不。我知道我正在尋找貴公司上次看到的固定零擔價格。我不知道我們是否必須回去——看看零售業的回歸之路，我想。

Yes. I mean -- so Fritz's point earlier, the underlying nature of this business is inflation expensive to run an LTL network. And then on the second part of that in terms of the contractual renewals, I mean, our contracts renew pretty ratably throughout the year. There's no one bid season. at times, maybe you see a customer go out to bid more when the environment is a little bit looser, but our contracts renew pretty ratably throughout the year.

是的。我的意思是——正如弗里茨之前所說，這種業務的根本性質是通貨膨脹導致運營 LTL 網路的成本高昂。然後關於第二部分，就合約續約而言，我的意思是，我們的合約全年的續約比例相當高。沒有單一的投標季節。有時，你可能會看到客戶在環境稍微寬鬆的時候出價更高，但我們的合約全年的續約率相當高。

Okay. That makes sense. And then I wanted to clarify, you talked about shipments were down in March. And then I think you said that April is sub seasonal as well. Is that implying that you're seeing shipments down in April?

好的。這很有道理。然後我想澄清一下，您談到三月出貨量下降。然後我想您說過四月也是亞季節的。這是否意味著四月的出貨量會下降？

That's right. Month-to-date shipments year-over-year are tracking down about 2%. Now that does have good Friday and so if you adjust it maybe comes back a little bit. But yes, that's right.

這是正確的。本月迄今的出貨量年減約 2%。現在確實到了耶穌受難日，所以如果你調整一下，它可能會稍微回升一點。但確實如此。

Right. It's still down with a good part of (inaudible)

正確的。它仍然處於低位，其中很大一部分（聽不清楚）

Yeah, it's down overall, if you don't adjust for it. And if you adjust for -- good Friday, you get it back to flattish, but similar trends to what we were seeing.

是的，如果不進行調整的話，整體來說就會下降。如果你根據耶穌受難日進行調整，你會發現它又回到了平穩狀態，但趨勢與我們所看到的類似。

Okay. That makes sense. And maybe if you can -- just you or me on the CapEx side. I know you -- I wonder if you could bucket where you made the big cuts in --

好的。這很有道理。如果可以的話——就你或我負責資本支出方面。我了解你——我想知道你是否可以把你在哪些方面做出的重大削減--

Sure. I mean revenue equipment and equipment overall is mostly in. I mean we brought revenue equipment in earlier in the year to prepare for peak. And that really on the depreciation side, hits more of the legacy markets. That is an investment to support the legacy markets and the new, but it's mostly in the legacy side.

當然。我的意思是收入設備和設備總體大部分都在。我的意思是，我們在今年早些時候引進了收益設備，為高峰期做準備。而從貶值方面來看，這確實對傳統市場造成了更大的打擊。這是一項支持傳統市場和新興市場的投資，但主要集中在傳統市場方面。

So most of the equipment is already delivered and in service level a little bit that still comes through. The changes were more on the real estate side and we closely look at projects and evaluate them, make sure that we understand the market dynamics and the return. And it's not that we're not going to (inaudible)

因此，大多數設備已經交付，並且仍有少量設備處於服務水準。變化主要集中在房地產方面，我們密切關注項目並對其進行評估，確保我們了解市場動態和回報。這並不是說我們不會（聽不清楚）

All right, I appreciate it. Thank you guys.

好的，我很感激。謝謝你們。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Hey, good morning. Thanks for taking our questions. Maybe -- for follow-up on the sub-seasonal volume commentary. I think you said March shipments were down in legacy shipments month-over-month. That is weaker than some of the peers have talked about.

嘿，早安。感謝您回答我們的問題。也許——為了跟進季節性交易量評論。我認為您說過，3 月遺留產品的出貨量較上季下降。這比一些同行談論的要弱。

So even in a weak macro, it feels like maybe you guys underperformed a little bit from February to March. I guess you talk about why you think that shipment growth underperformed Were there service issues in March that you would point to? Just curious and if there were service issues for it, is how do you fix that wall controlling costs?

因此，即使在宏觀經濟疲軟的情況下，感覺你們在 2 月到 3 月期間的表現可能略有不佳。我想你會談論為什麼你認為出貨量成長表現不佳，你會指出三月是否有服務問題？只是好奇，如果有服務問題，您如何修復那堵牆並控製成本？

Yeah. I don't -- not aware of any service issues. I think we've done a pretty good job through this time. I think one of the things that's really important in this business, there are a lot of variables that kind of puts and takes around monthly, daily, weekly volume. So I don't know that I have a specific call out to explain why we might be slightly below what somebody else is doing.

是的。我不知道有任何服務問題。我認為我們這段時間做得非常好。我認為這個行業真正重要的一點是，有很多變數會影響月、日、週的交易量。所以我不知道我是否應該特別指出來解釋為什麼我們可能略低於其他人所做的。

I look more at kind of what the broader trend was is that legacy markets, yeah, they were down. It could be as simple as we have a little bit of weather again in March. But fact the matter is we got to get the -- continue to serve customers, and we've got to make sure we have the cost structure in line with it. So as much as there may be an underlying trend in there to explain that, I don't have a call out for you. I just know what we're focused on.

我更關注的是更廣泛的趨勢，即傳統市場正在下滑。這可能很簡單，就像三月我們又會遇到一些好天氣一樣。但事實上，我們必須繼續為客戶服務，並且必須確保我們的成本結構與之相符。因此，儘管其中可能存在某種潛在趨勢可以解釋這一點，但我不會向您提出任何建議。我只知道我們關注的是什麼。

Okay. And then maybe on the cost side, I guess, Matt, digging into it, I'm trying to understand the magnitude of salary wages and benefits deleverage you called out like head count was added in the back half or added mostly for new facilities, but that was there in the back half of last year. In the back half of last year, I guess, SWB only delivered like 200 basis points. That doubled in the first quarter. So could you unpack maybe the drivers of that?

好的。然後也許在成本方面，我想，馬特，深入研究一下，我試圖了解你所說的工資和福利去槓桿的幅度，比如員工人數是在下半年增加的，或者主要是為了新設施而增加的，但那是在去年下半年。我估計，去年下半年 SWB 的獲利僅達到了 200 個基點左右。第一季這數字翻了一番。那麼，您能否解開其中的驅動因素呢？

Just remember, what we also just told you is that shipments in our legacy facilities went down or down year-over-year, right? So that -- the ramping markets, yes, we added the heads. They got a little bit better in the Q1, but when you don't have the same growth in the legacy markets, that's you're inefficient just by -- in a short-term period of time where you can't delever the cost structure to match shipments down in those markets, right? So that's really more of the story there (inaudible)

請記住，我們剛剛告訴您的是，我們傳統工廠的出貨量比去年同期下降了，對嗎？因此——隨著市場不斷增長，是的，我們增加了負責人。他們在第一季的情況有所好轉，但是當你在傳統市場沒有實現同樣的成長時，你的效率就會很低——在短期內，你無法降低成本結構來匹配這些市場的出貨量，對嗎？這就是故事的更多內容（聽不清楚）

Yeah, the same as the other piece, right, geography matters. And those markets you don't have a dense of a customer base, you're not necessarily getting 10 shipments to pick up in some of the locations. It's a brand-building exercise. It's important to keep in mind, I mean, the 2024 openings they didn't start until April last year. So they haven't even been opening a year through the first quarter.

是的，與其他部分一樣，地理位置很重要。而在那些客戶群不密集的市場中，你不一定能在某些地點收到 10 批貨物來取貨。這是一場品牌建立活動。重要的是要記住，2024 年的開幕式直到去年 4 月才開始。因此，從第一季開始他們甚至還沒有開業一年。

So that's where the growth comes from. It's -- they're going to continue to grow market share and continue to be more efficient and improve. But when you don't have that same pickup and a little bit of that divergence between the ramping markets and the legacy, that's where that comes from. And first, I understand your cost comment there.

這就是成長的來源。他們將繼續擴大市場份額，並不斷提高效率和改進。但是，當你沒有同樣的回升，並且市場成長和傳統市場之間存在一些分歧時，這就是問題的根源。首先，我理解您對成本的評論。

So the fix here is just we wait for volumes to improve, you're not looking at adjusting the cost structure down, I guess, to matter --

所以解決方法就是等待銷售量提高，而不是考慮降低成本結構，我想，--

No, let's be 100% clear. We never said we're not looking at adjusted cost structure. We absolutely look to make sure the cost structure matches what -- kind of what's available in the market. And you've got to reduce the number of hours, you got to make sure your load averages are good. you got to make sure your dock operations are scaled appropriately to match. So yeah, please do not infer that I said that there was any situation that we would not be considering costs. Great, thanks for the call.

不，我們要 100% 清楚。我們從未說過我們不考慮調整成本結構。我們絕對會確保成本結構與市場上現有的產品相符。你必須減少工作時間，你必須確保你的平均負載良好。你必須確保你的碼頭操作適當調整以匹配。所以，請不要推論我說過我們不會考慮成本的情況。太好了，謝謝您的來電。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Great, thanks morning everyone. If I can ask a previously asked question another way, -- how confident are you that the industry volume weakness you're seeing is purely cyclical or macro related versus maybe share shift away from larger carriers to smaller private ones or maybe volumes leaving LTL going to the TL market.

太好了，謝謝大家早安。如果我可以用另一種方式來問之前提出的問題，那麼，您是否確信您所看到的行業運輸量疲軟純粹是周期性的或宏觀相關的，還是份額可能從大型承運商轉移到小型私營承運商，或者運輸量從 LTL 轉向 TL 市場。

Yeah. I like you or maybe you have access to this. I don't necessarily see the private company data anywhere. So I can't really opine on what their business looks like. I'm sure they're getting some of this as it moves back around across the LTL space.

是的。我喜歡你或也許你可以訪問這個。我不一定能在任何地方看到私人公司的資料。所以我真的無法評論他們的業務狀況。我確信，當它回到 LTL 領域時，他們會得到一些這樣的資訊。

I think if you are looking to different modes either be too I guess, conceivably to parcel or to truckload. I mean that's going to be on the fringes that could be going on. And I think on the truckload side as people look at different consolidation opportunities, certainly, that goes on.

我認為，如果您正在尋找不同的模式，那麼我想，可能是包裹運輸或卡車運輸。我的意思是，這可能會成為正在發生的邊緣事件。我認為，在卡車運輸方面，當人們尋找不同的整合機會時，這種情況肯定會發生。

But I think as the market tightens up, I think you'll see freight return to the traditional modes -- but I don't have a crystal ball or ability to say with 100% certainty, I think those are the factors you see that are probably not too dissimilar to what we see.

但我認為隨著市場收緊，你會看到貨運回歸傳統模式——但我沒有水晶球或能力 100% 肯定地說，我認為你所看到的這些因素可能與我們所看到的因素沒有太大不同。

Ravi, that highlights our -- the importance of having a national network. I mean history says that when the market tightens and eventually it will bounce back that shippers flow back to quality national providers. There's certainly instances where shippers are taking a chance and maybe trying a regional or trying someone different in this environment, but having a national footprint matters and its ability to provide a solution to a customer throughout every geography. And that's an opportunity that we have now and that we'll continue to have when the market gets better.

拉維，這凸顯了我們——擁有全國網路的重要性。我的意思是，歷史表明，當市場收緊並最終反彈時，托運人就會回歸優質的國內供應商。當然，也存在托運人願意冒險嘗試區域性運輸或嘗試不同運輸方式的情況，但擁有全國性的覆蓋範圍很重要，而且它有能力為每個地區的客戶提供解決方案。這是我們現在擁有的機會，當市場好轉時，我們將繼續擁有這個機會。

Understood. That's helpful. And maybe a follow-up enter the weight spectrum. I think you've said in the past that a lot of the new facilities are opened in markets that are lighter weight, freight, maybe more consumer exposed -- we have seen some competitive dynamics there as well. I think UPS just launched a new product like Amazon has entered the inbound LTL business at least.

明白了。這很有幫助。或許後續會進入重量範圍。我想您過去曾說過，許多新設施都是在重量更輕、貨運量更大、可能更受消費者歡迎的市場開設的——我們也看到了那裡的一些競爭動態。我認為 UPS 剛剛推出了一款新產品，就像亞馬遜至少已經進入了入境 LTL 業務一樣。

Can you just talk about what you're seeing there? And maybe like if it's the high end, there is potential of some freight leading from LTL to TL, at the low end, is there some risk of freight bleeding from LTL to parcel?

你能談談你在那裡看到的情況嗎？也許如果是高端，一些貨運可能會從 LTL 流向 TL，那麼在低端，貨運是否有從 LTL 流向包裹的風險？

I suppose those factors could happen. Just speaking from our own experience, what we're seeing is actually the new markets that we're opening ones we've opened in the last three years, we actually see higher weight per shipment, maybe more, say, industrial sort of freight. So that's -- we're pleased with that, and customers seem to appreciate it as well.

我認為這些因素可能會發生。從我們自己的經驗來看，我們看到的實際上是我們在過去三年中開闢的新市場，我們實際上看到每批貨物的重量更高，也許更多的是工業貨物。所以——我們對此感到高興，而且客戶似乎也很欣賞。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey, good morning. This is Matt Milask on for Bruce. Just a follow-up here on CapEx. I know -- the change was primarily related to the real estate side. We were curious what you might be able to perhaps scale it back even further should trends, I guess, deteriorate from here? Thanks.

嘿，早安。我是馬特‧米拉斯克 (Matt Milask)，取代布魯斯。這只是對資本支出的後續關注。我知道——這一變化主要與房地產方面有關。我們很好奇，如果趨勢從現在開始惡化，您是否可以進一步縮減它？謝謝。

Well, the equipment portion, like I mentioned, is already mostly delivered and mostly in place. And we look at the real estate projects very critically and what's the market dynamics and how does that fit into our investment platform.

嗯，正如我所提到的，設備部分大部分已經交付並到位。我們非常嚴格地審視房地產項目，了解市場動態以及它如何與我們的投資平台相適應。

So I mean, there's -- the real estate market can change. We don't want to miss on an opportunity to move into a facility or get a property that really fits our network and fits our long-term strategy. So we're going to be opportunistic around that.

所以我的意思是，房地產市場可能會改變。我們不想錯過遷入設施或獲得真正適合我們的網路和長期策略的房產的機會。因此，我們將抓住機會。

But we closely evaluate the projects. And to the extent that the environment deteriorates, we're going to have a pretty critical eye on this.

但我們會仔細評估這些項目。隨著環境惡化的程度，我們將對此保持相當批判的眼光。

Great. And then curious to see your view from the overall state of the industry capacity across LTL and perhaps how much excess capacity you guys currently have in your network?

偉大的。然後我很好奇地想了解您對整個 LTL 行業容量的整體狀況的看法，以及您目前的網路中有多少過剩容量？

Yeah. I mean I think that if you look at the -- across kind of what you see around trends across the group, I mean, I think there's capacity. We feel for us, because we're in a for a good part of our network, it's in sort of a start-up phase or near start-up phase. We have a lot of capacity. We're not interested in filling it this week or next.

是的。我的意思是，我認為如果你看一下整個集團的趨勢，你會發現，他們有能力。我們感覺，因為我們網路的很大一部分處於啟動階段或接近啟動階段。我們擁有很大的產能。我們對本週或下週的填補不感興趣。

Those are long-term investments. So for us, we have some legacy facilities that are -- have less capacity, largely because the company has grown quite a bit in the last number of years. So I think for us, on average, we probably got 25% to 30% capacity and depends on which markets could be higher or lower than that.

這些都是長期投資。因此，對我們來說，我們有一些遺留設施，其容量較低，主要是因為公司在過去幾年中發展了很多。因此我認為，對我們來說，平均而言，我們的容量可能為 25% 到 30%，具體取決於哪些市場可能高於或低於這個數字。

But I think it's important -- we think it's important to have capacity to make sure it's available for customers to utilize the as their businesses grow, we are not -- let's as a stress, we are not in the business of trying to fill the capacity. So we will over time.

但我認為這很重要——我們認為擁有足夠的容量來確保客戶能夠在業務成長時利用這些容量非常重要，我們不會——讓我們強調一下，我們的業務不是試圖填補容量。隨著時間的推移，我們將會如此。

But for us, it's more about being disciplined, making sure we get a return on a lot of capacity. I think across the network or across the industry, if you watch how others are kind of managing their business. I think they understand it's an inflationary business.

但對我們來說，更重要的是要嚴守紀律，確保我們從大量的產能中獲得回報。我認為，在整個網路或整個產業中，如果你觀察其他人是如何管理他們的業務的。我認為他們明白這是一個通貨膨脹的行業。

So they're continuing to try to provide a good product -- competitive product and focus on being disciplined around managing that business in an inflationary environment with kind of softer top line. So I think you see that going on. I think there's a fair amount of capacity across the industry right now.

因此，他們將繼續努力提供優質的產品——具有競爭力的產品，並致力於在通膨環境下以較弱的營收水準嚴格管理該業務。所以我想你看到了這種情況的發生。我認為目前整個產業的產能相當大。

Thanks for your time.

感謝您的時間。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, good morning guys. Thanks for taking the question. Fritz, there's no shortage of uncertainty out there in the end markets and with some of your customers. But any call-outs that you would provide in terms of we've seen some negative lines on the machinery agriculture, maybe some auto stuff, but anything that you're seeing in your network from those perspectives and also anything that's maybe a little bit more positive and durable than you would have thought?

嘿，大家早安。感謝您回答這個問題。弗里茨，終端市場和您的一些客戶中存在著許多不確定性。但是，就我們看到的有關機械農業、汽車等一些方面負面消息而言，您能否提供一些建議，但從這些角度來看，您在網絡中看到了什麼，以及有什麼事情可能比您想像的更積極、更持久？

I would say, Brian, across the board, I think that the message around maybe the caution or the let's take time here. Let's consider kind of what the macro is. I think it's been -- one of the interesting about this is it's pretty unique or consistent across all industries. I think you would Naturally, as you watch what's going on with sort of import volumes and such. Certainly, anything that is sort of coastal for us is probably a little bit softer than it has been.

我想說，布萊恩，總的來說，我認為這裡傳達的訊息可能是謹慎，或者讓我們花點時間。讓我們考慮一下宏是什麼。我認為——其中有趣之處在於它在所有行業中都是相當獨特或一致的。我認為，當你觀察進口量等情況時，你自然會這麼做。當然，對我們來說，任何沿海地區可能都比以前柔軟。

But I say that and then you look across other sort of more heartland area. You also see in the legacy markets, you don't see a real strength there. And I think maybe that's people holding back on sort of capital investments or and that's kind of having a trickle-down effect or impacting us in the LTL market more broadly. But I don't know that there's a specific industry call out that is either positive or negative in the customer sets that we serve.

但我這麼說，然後你再看看其他更中心的地區。你也會看到，在傳統市場中，你看不到真正的優勢。我認為這可能是因為人們抑制了某種資本投資，或是產生了涓滴效應，或是對我們在 LTL 市場產生了更廣泛的影響。但我不知道對於我們所服務的客戶群來說，是否存在積極的或消極的特定行業呼籲。

And just a follow-up on the coastal commentary. Obviously, no shortage of headlines about volumes falling off cliffs in the back half of this year. But is that something that you're you got any visibility into at this point?

這只是對沿海評論的後續報導。顯然，關於今年下半年交易量急劇下降的頭條新聞屢見不鮮。但您現在是否已經了解這一點了？

Not really, Bryan. I think we're just watching the trends there. We're watching kind of some of our best-performing facilities and there are those legacy markets, and those are California and through Florida, those have been some pretty good operating areas for us as well as Texas, Louisiana, all those places, which have some impacts there.

不是的，布萊恩。我認為我們只是在觀察那裡的趨勢。我們正在關註一些表現最好的設施，以及那些傳統市場，那些是加州和佛羅裡達州，這些對我們來說都是非常好的營運區域，還有德州、路易斯安那州，所有這些地方，都對那裡產生了一些影響。

And so we're -- we don't have sort of that growth in those markets. I think you have to point to at least some of that.

所以我們——我們在這些市場沒有實現那種成長。我認為你必須至少指出其中的一些。

Right. Well, then just to touch on the startup stuff a little bit. Matt, can you give us maybe a little bit of context in terms of how these will ramp up through the rest of the year? Obviously, breakeven right now, you called out depreciation is a big headwind. I'm assuming labor productivity is a bit challenging right now, but maybe things stay where they are in April, do you have visibility to when these might turn profitable or maybe quantify sort of the headwind you expect a little bit more temporary here given what seems to be a little bit muted.

正確的。好吧，那就稍微談談啟動的事情。馬特，您能否向我們介紹一下今年剩餘時間內這些業務將如何發展？顯然，就目前的損益平衡而言，您所說的折舊是一個巨大的阻力。我認為現在勞動生產力有點挑戰性，但也許四月份情況會保持不變，您是否知道什麼時候這些可能會盈利，或者是否可以量化您預計的暫時性逆風，因為目前情況似乎有點低迷。

Sure. With -- if you think about the difference in a new market, and we've talked about [Garland] before, and we wish they were all like that. You go into a market, you've already got several terminals in the market, good density. But a lot of these new facilities, they're brand-building exercises. We're going in and talking to customers about tie in those local markets.

當然。如果你考慮一下新市場的差異，我們之前也討論過 [Garland]，我們希望它們都是這樣的。你走進一個市場，你會發現市場裡已經有好幾個終端機了，密度很高。但很多新設施都是為了品牌建設而建。我們正在進入這些當地市場並與客戶討論相關事宜。

So -- when we look at the 2024 openings, they've all been open less than a year. And even those ramping once '22 onward, we don't open facilities with the expectation that they're going to be at market share company average operating ratio in the first year or two years, sometimes even longer than that. So each market is a little bit different, but I think very important is every conversation we have with customers is an opportunity for us to sell a nationwide network.

因此，當我們查看 2024 年的開業情況時，會發現它們開業時間都不到一年。即使是那些在 2022 年以後開始擴張的企業，我們在開設工廠時也不會期望它們在第一年或第二年，甚至更長的時間內，就能達到市場份額公司的平均營運率。所以每個市場都有點不同，但我認為非常重要的是我們與客戶的每一次對話都是我們銷售全國網路的機會。

And when you do that, you can handle more business for them. You can provide solutions for them. There's opportunities for us where even in a legacy market, we have not been able to handle our customers' business because they ship to one location we handle and another that maybe we would have handed off in the past.

當你這樣做時，你可以為他們處理更多的業務。您可以為他們提供解決方案。對我們來說，這是一個機會，即使在傳統市場中，我們也未能處理客戶的業務，因為他們將貨物運送到我們處理的一個地點，而過去我們可能會將貨物運送到另一個地點。

Now that we have a national network, we get opportunity to both the new market and the legacy market because the customer may have wanted to route that entire location. So both in the existing markets in the newer markets, you have opportunity to build density. Over time, you're going to be able to build enough schedule to run direct rather than having to run a break.

現在我們擁有一個全國性的網絡，我們有機會進入新市場和傳統市場，因為客戶可能想要覆蓋整個地區。因此，無論是在現有市場還是新興市場，您都有機會提高密度。隨著時間的推移，您將能夠制定足夠的時間表來直接運行，而不必休息。

So all of that's just part of the natural opening. And years subsequent to that of really improving operations. And that takes time. It's something that we're very focused on, but we don't expect that to happen in the first nine months, and we work hard at it and our teams work hard at it, but it takes time.

所以這一切只是自然開局的一部分。並且在接下來的幾年裡真正改善營運。而這需要時間。這是我們非常關注的事情，但我們不期望這會在前九個月內發生，我們和我們的團隊都在努力，但這需要時間。

Okay, understood thanks guys.

好的，明白了，謝謝大家。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good morning and thanks for taking the question. I know it's been a long call. But first, I guess, strategically, I mean, we're listening to you here. This has been a multiyear nationwide network investment for you guys and there's going to be a multiyear process, too, to build it out.

嘿，早上好，感謝您回答這個問題。我知道這是一個漫長的通話。但首先，我想，從戰略上來說，我的意思是，我們在這裡聽取您的意見。對你們來說，這是一項為期多年的全國性網路投資，而且建立它也將是一個多年的過程。

And when you talk about that excess capacity, I mean, there's always the balance between scope and scale in the network. So if you're going to continue to serve those customers, I thought you brought up a great example like where in a better times, you'll be picking up three pallets, but now you're picking up one and you'll try to manage pickup and delivery labor hours against that.

當你談到過剩產能時，我的意思是，網路的範圍和規模之間總是存在著平衡。因此，如果您要繼續為這些客戶提供服務，我認為您提出了一個很好的例子，例如在更好的時期，您會拿起三個托盤，但現在您只拿起一個，並且您會嘗試根據這一點來管理取貨和送貨的工時。

But at some point, network scope will dictate that you're going to serve that customer. So do you look at that a little bit differently if we're heading into a downturn commercially, do you manage a little bit more towards variable cost thinking if the capacity is going to be there, why not try to take some incremental revenue? Or is that the wrong way to think here?

但在某些時候，網路範圍將決定您是否要為該客戶提供服務。那麼，如果我們正走向商業低迷，您是否會以不同的方式看待這個問題，您是否會更多地考慮變動成本，如果產能還在那裡，為什麼不嘗試獲取一些增量收入呢？或者說，這是錯誤的思考方式？

Listen, if there's an opportunity for us to drive some incremental revenue the right way, meaning that, hey, we're in a position that if we schedule our operation or our pickup in delivery that we can get that second or third pallet from a customer because we've got a national reach now or making sure that they understand that we have a national reach.

聽著，如果我們有機會以正確的方式增加一些收入，這意味著，嘿，如果我們安排我們的操作或我們的提貨交付，我們就可以從客戶那裡得到第二或第三個托盤，因為我們現在已經具有全國影響力，或者確保他們了解我們具有全國影響力。

I mean you think about if you had an if you got a manufacturer somewhere. And if our sales rep can go into that manufacturer and say, listen, hey, you know what, I know we're picking up on (inaudible) and it's going to Dallas right now because that's what we've been doing for a long time. But by the way, I've got 21 new facilities we've opened in the last year, and you know what a great job we do for it and going to Dallas. How about it gets you at the next two pallets and we'll go to the other 21 facilities.

我的意思是，想像一下如果你在某個地方有一家製造商。如果我們的銷售代表可以走進那家製造商並說，聽著，嘿，你知道嗎，我知道我們正在接聽（聽不清楚）並且現在要去達拉斯，因為這是我們長期以來一直在做的事情。但順便說一句，去年我們開設了 21 個新設施，你知道我們為此做了多麼偉大的工作，並且還將遷往達拉斯。您先到達下兩個托盤，然後我們再前往其他 21 個設施。

And that's an opportunity for our folks to be able to that's a sales opportunity for them, right? And that's the right way to grow the business. And you might say, listen, you know what, we get there's an efficiency that comes along with that pickup I just described.

這對我們的員工來說是一個機會，對他們來說也是一個銷售機會，對嗎？這是發展業務的正確方法。你可能會說，聽著，你知道嗎，我們知道我剛才描述的那種回升會帶來效率。

Give us all three pallets and we can provide that service through. And that's kind of in this sort of environment, that's what you have to be willing to do is to go into the customer and make sure they understand what it is, what value we can provide to them.

把所有三個托盤都給我們，我們就可以提供該服務。在這種環境下，你必須願意做的就是深入客戶，確保他們了解這是什麼，以及我們能為他們提供什麼價值。

And I think our team -- we're doing that, but it takes time, too, and that customer has got to say, Well, I'm not familiar with you in these new markets. maybe it's one pallet at a time. All right, you get one, now you give me two. I'm going to need three. So that's kind of -- it's a part of building scale and density into a network.

我認為我們的團隊正在這樣做，但這也需要時間，而且客戶必須說，好吧，我不熟悉這些新市場。也許一次只能處理一個托盤。好吧，你拿一個，現在你給我兩個。我需要三個。所以這算是——建構網路規模和密度的一部分。

And I think that's a bit of our opportunity. That remains, but in an environment right now where customers are not -- they're being cautious. That's a tough sell. But that doesn't mean we don't give -- we give up on.

我認為這是我們的一個機會。這種情況仍然存在，但在目前的環境下，客戶並不謹慎。這很難讓人接受。但這並不意味著我們不付出——我們放棄了。

I appreciate that. And then just thinking from a linehaul perspective, how do you optimize when you were thinking shipments are going to be up and now we're just not getting that growth?

我很感激。然後從乾線運輸的角度思考，當您認為貨運量會增加而現在卻沒有實現成長時，該如何進行最佳化？

Yeah. So the biggest thing that we're working on around line haul is figuring out how do we -- our load average is we're actually pretty pleased with. But as you build density, you want to be able to build more what we call directs. So rather than having freight that moves through two or three brake operations or hubs to get, say, coast to coast or even across more regionally.

是的。因此，我們在幹線運輸方面正在努力解決的最重要的問題是弄清楚我們如何達到我們的平均負載水平，事實上我們對此感到非常滿意。但是隨著密度的增加，您希望能夠建造更多我們所說的直接結構。因此，貨物不需要經過兩三個樞紐站或運輸樞紐，就可以從一個海岸運送到另一個海岸，甚至跨越更多的區域。

If you can figure out ways to go drive a little bit of volume get those customers, consolidate that freight and build a direct route from, say, Atlanta, all the way to California without having a break the freight through Dallas or Phoenix.

如果你能想辦法增加一點貨運量，獲得那些客戶，整合貨運，並建立一條從亞特蘭大到加利福尼亞的直達路線，而無需通過達拉斯或菲尼克斯中斷貨運。

That's actually a way for you to build scale. You take out a handle out of that, meaning you don't have to touch that freight quite as often. That's the way to build efficiency. So that's something that we're working on. And as we've scaled the network, there are more and more opportunities for us to do that, which we'll continue to do. And those are -- that's a core execution sort of program for us.

這實際上是一種擴大規模的方法。你從中取出一個把手，這意味著你不必經常觸摸貨物。這就是提高效率的方法。這就是我們正在努力的事情。隨著我們網路規模的擴大，我們有越來越多的機會這樣做，我們將繼續這樣做。這些都是——對我們來說，這是一種核心執行程序。

Thank you for it.

謝謝你。

Richard Hanan, Deutsche Bank.

德意志銀行的理查德·哈南。

Hey, thanks. Just wanted to follow up on a couple of points. So on the share shift question, from a public LTL standpoint, at least, you guys still have very attractive pricing, I would say, relative to competition. So I guess I'm just surprised, I would think that as customers get maybe price more price sensitive in an environment like this, you would have more opportunity to take share.

嘿，謝謝。只是想跟進幾點。因此，關於份額轉移問題，至少從公共 LTL 的角度來看，我認為相對於競爭對手，你們的定價仍然非常有吸引力。所以我想我只是感到驚訝，我認為在這樣的環境下，隨著客戶對價格更加敏感，您將有更多的機會獲得市場份額。

So maybe you can just elaborate on why the not happening or transpiring, especially now that you have a national network to market. And number two, I think skeptics say, Saia maybe just added too much capacity and miss is now really coming to bite.

因此，也許您可以詳細說明為什麼沒有發生或發生這種情況，特別是現在您已經擁有全國性的行銷網絡。第二，我認為懷疑論者會說，Saia 可能只是增加了太多的容量，而現在損失確實開始顯現。

Just wonder how you would push back against that? And is it just cycle turn to get that mix headwind to abate? Or will it just happen naturally as you build density that you've talked about at this low point in the cycle. Thanks.

只是想知道你會如何反對這一點？是不是只要循環轉彎就能減弱混合逆風？或者它會隨著你在周期的低點談論的密度的建立而自然發生。謝謝。

Yeah. Those are good questions. I think I look at -- although we're not real pleased with -- we were expecting more of an uptick into March. I think in total, if you look at our performance for the first quarter, we reported growth. So -- and I think others haven't reported that.

是的。這些都是很好的問題。我認為——儘管我們並不是很滿意——但我們預計三月會出現更多上漲。我認為總體而言，如果你看我們第一季的業績，你會發現我們實現了成長。所以——我認為其他人還沒有報告這一點。

So I think we are taking some share there, but it's on the margin. At the end of the day, to be quite honest with you, we're really focus less maybe on market share and more on driving value. So we think value comes from being able to provide that national footprint and provide consistent service across that. Now we'll get our fair share as a result of that. We'll also get a fair return out of that.

所以我認為我們在那裡佔據了一些份額，但只是邊緣份額。說到底，坦白說，我們真正關注的可能不是市場份額，而是推動價值。因此，我們認為價值來自於能夠提供全國性的覆蓋範圍並提供一致的服務。現在我們將得到我們應得的份額。我們也將因此獲得公平的回報。

As we look at running this business over the long term, we've launched said this is all about an organic long-term investment to build a national network. And -- that's what we've done. We've got an asset now that is pretty significant that when the market does turn, and I think it will. I can't tell you when, but we'll be in a position to leverage a 213, 214 facility network that we couldn't have. Had we sat on the sidelines and set our hands, that would -- there wouldn't be that value that we could provide to the customers.

當我們著眼於長期經營這項業務時，我們已經啟動了一項有機長期投資，以建立全國網絡。並且——這就是我們所做的。我們現在擁有的資產非常重要，當市場轉變時，我認為它會轉變的。我無法告訴您具體時間，但我們將能夠利用我們以前無法擁有的 213、214 設施網路。如果我們袖手旁觀，袖手旁觀，我們就無法提供客戶這樣的價值。

So I think it's -- those are important investments to make. I think the opportunity for us to scale out of this on a recovery in maybe a macro or strengthening macro. I mean I think there's a lot of value that we can provide to customers, and I think we can provide the shareholders. So I think about these things on a long-term basis and less on happened in March of 2025. I think about what the long-term value is.

所以我認為這些都是重要的投資。我認為，我們有機會透過宏觀經濟復甦或宏觀經濟加強來擺脫這種困境。我的意思是，我認為我們可以為客戶提供很多價值，而且我認為我們可以為股東提供很多價值。因此，我會從長遠角度考慮這些事情，而不會考慮 2025 年 3 月會發生什麼。我思考的是長期價值是什麼。

All right, thank you.

好的，謝謝。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Thanks for taking my questions. You can't control what the market gives you. And I guess you only have a little control of mix and some other factors that are impacting the business here. But I think you can manage expectations and -- what's the right way to think about maybe the rest of the year starting from kind of the 89-ish OR that we're tracking at today?

感謝您回答我的問題。你無法控制市場給你什麼。我想你對混合和其他一些影響業務的因素只有一點點控制權。但我認為你可以管理預期——從我們今天追蹤的 89 左右的 OR 開始，如何正確思考今年剩餘時間的情況？

I mean, typically, an LTL in a normal seasonal period would have some margin degradation in the third quarter and the fourth quarter, and you frame what that looks like renewed before. But how do we level set expectations to a place where maybe expect the worse and go for better. I mean can you help us with that framing, even if it's not your base case expectation for how the year goes. Thank you.

我的意思是，通常情況下，正常季節性時期的 LTL 利潤率在第三季和第四季會有所下降，您可以想像之前續約的情況。但是，我們如何將期望值設定為一個可能預期最壞但實際上會朝著好的方向發展呢？我的意思是，您能否幫助我們進行這種框架，即使這不是您對今年情況的基本預期。謝謝。

Listen, I'm not in a position where I feel comfortable of giving sort of a long-term view or free and fourth quarter view on this. What I'll tell you is that I'm going to. We're going to focus on maintaining very high levels of service, maintaining what we have right now on the sort of runway that we're on right now and making sure that we have the appropriate organization cost structure to match this and continue to drive what productivity we can in the business and be in a position most significantly that when the recovery or strengthening macro happens that we can take advantage of.

聽著，我現在還不能舒服地就此事給出某種長期觀點或自由的第四季觀點。我要告訴你的是，我將會這麼做。我們將專注於維持高水準的服務，維持我們目前所處的跑道狀況，並確保我們擁有與之相匹配的適當的組織成本結構，並繼續提高我們的業務生產力，最重要的是，當宏觀經濟復甦或加強時，我們可以利用這一點。

That's where the value is created. Value isn't going to be created about what happens next month or the month after that or frankly, third quarter in all likelihood, it's going to be all about what we can do to scale out of this. And I think that's -- we can't lose sight of that. So I think about that -- and I know that -- I don't know what the catalyst will be for the macro one way or the other. I just -- we just lived through the first quarter into April, and we know what that is. So we're going to manage around that sort of level. And then if things get better from here. Great. We'll be in a position to take advantage of it.

這就是價值被創造的地方。價值不會由下個月或下個月發生的事情來創造，坦白說，第三季最有可能發生的事情，它將完全取決於我們能做些什麼來擺脫這種困境。我認為——我們不能忽視這一點。所以我考慮了這一點——而且我知道——我不知道宏觀經濟的催化劑會是什麼。我只是——我們剛剛經歷了第一季進入四月份，我們知道那是什麼。因此我們將圍繞這一水平進行管理。然後如果事情從現在開始變得更好。偉大的。我們將能夠利用它。

I appreciate that in the long-term focus. Just a housekeeping, Matt, you had talked about last quarter about interest expense. Any way to frame maybe some of the fixed costs you have visibility into whether -- where you're shaking out on interest for the year and maybe depreciation as well so we can level set that piece. Thanks.

我很欣賞這種長期關注。只是一個家務，馬特，你上個季度談到了利息支出。有沒有辦法確定一些固定成本，讓您了解年度利息和折舊情況，以便我們可以平衡這些部分。謝謝。

Yes. Depreciation, obviously, pretty substantially in Q1. I'd expect that sort of year-over-year run rate to continue. We got the equipment in service earlier than what we typically would in the year past the $1 billion worth of investments is going to continue to flow through in the P&L. So continue to run that out.

是的。顯然，第一季的貶值幅度相當大。我預計這種同比增長率將會持續下去。我們比往年更早投入使用設備，價值 10 億美元的投資將繼續流入損益表。因此繼續這樣做。

And then on the interest line, we had talked about that we'd be into our credit facilities and we are. And I'd expect that to continue through the year and maybe it peaks in the Q2, Q3-ish time frame and then it starts to come back down. A lot of that really just depends on timing of real estate transactions and things like that. But those fixed items will stay relatively consistent in terms of the impact. Thank you both.

然後，關於利息線，我們已經討論過我們將進入信貸服務，而我們確實這樣做了。我預計這種趨勢將持續一整年，可能在第二季、第三季左右達到頂峰，然後開始回落。這在很大程度上取決於房地產交易的時間等等。但這些固定項目的影響將保持相對一致。謝謝你們兩位。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great, good morning. I know you've run over pricing a lot, but stock's down, I guess, almost 30% right now, very unlike 91 OR. But I want to talk maybe a bit more on pricing. You mentioned that customers have choices, something we haven't heard from you before versus kind of normal disciplined pricing when you talk about pricing. I noted that they're lowering GRIs to keep some customers ArcBest is taking some transactional business.

嘿，太好了，早安。我知道你們的定價已經多次超過正常水平，但我猜現在庫存已經下降了近 30%，與 91 OR 的情況非常不同。但我想再多談一點關於定價的問題。您提到客戶有選擇，當您談論定價時，我們之前從未聽過您提到這一點，而不是正常的嚴格定價。我注意到他們正在降低 GRI 以留住一些客戶，ArcBest 正在進行一些交易業務。

Help us understand if you've got 30% excess capacity in the industry, how are we not seeing the beginning of chasing on price, certainly at the lower end, it seems like that you've been asked about customers at the bottom and top end moving to different modes. So how are we not seeing the bid being kind of an example of really pricing competition kicking in.

請幫助我們了解，如果您所在行業的產能過剩 30%，我們為什麼沒有看到價格追逐的開始，當然在低端，似乎您被問及底端和高端客戶轉向不同模式的情況。那麼，我們怎麼會沒有看到這次競標是真正開始價格競爭的一個例子呢？

Yeah. And just to be very clear, when we say that customers have options, it doesn't necessarily mean that someone who's coming in and using rate to grow the business or anything like that. means that there's shippers in an environment like this are willing to try things that they may not have tried before. Maybe they're moving it and splitting it into a regional move.

是的。需要明確的是，當我們說客戶有選擇時，並不一定意味著有人進來並使用費率來發展業務或諸如此類的事情。意味著在這樣的環境中，托運人願意嘗試他們以前可能沒有嘗試過的事情。也許他們正在移動它並將其分成區域移動。

And the cost structure and density of a regional carrier spits out a different price than what a national carrier can provide. So it's not that someone is coming in necessarily and driving it with rates. It's just there's different cost structures out there, different densities, different plays like that.

而且，區域性航空公司的成本結構和密度與全國性航空公司提供的服務價格不同。因此，並不是有人必然會介入並透過利率來推動這一進程。只是存在不同的成本結構、不同的密度、不同的玩法之類的。

And in an environment where people have capacity and shippers are challenged and they're trying to save money. They're just more willing to take that chance on something different. So that's doesn't change the fundamentals of this business that is very inflationary.

在人們擁有運輸能力而托運人面臨挑戰並且試圖節省資金的環境中。他們只是更願意抓住機會嘗試不同的事情。所以這不會改變這個通貨膨脹嚴重的行業的基本面。

Capacity has come out of this industry continuously over the past number of years, and that's not changing from that regard. And the national network to us is really an opportunity as we continue to build share with customers. And when the market turns, we're going to benefit even more from that. So there's just -- you see it and you hear it from shippers in their supply chains. They're in an environment where they're pressed, they're willing to try something different. So that's our comment around that.

過去幾年來，該行業的產能不斷釋放，這一點至今沒有改變。隨著我們繼續與客戶建立合作關係，全國網路對我們來說確實是一個機會。當市場轉變時，我們將從中受益更多。所以，您只能從供應鏈中的托運人那裡看到和聽到它。他們處在一個壓力很大的環境中，他們願意嘗試一些不同的東西。這就是我們對此的評論。

Okay. And then can you talk a bit about service levels. I don't think we've had, I don't know, claims ratio on-time performance. Have you given those numbers? And then I think just in response to the last answer, you cut CapEx, but you took out more debt.

好的。然後您能談談服務水準嗎？我認為我們沒有取得按時索賠率的表現。您給這些數字了嗎？然後我認為，正如上一個答案所指出的，你削減了資本支出，但承擔了更多債務。

Which happened actually after your massive CapEx program was done. So maybe what drove that? Is there something going on in working cap or anything else we need to know about (inaudible)

這實際上是在您的大規模資本支出計劃完成之後發生的。那麼，是什麼導致了這現象呢？工作帽方面有問題嗎？或者我們需要了解其他什麼情況（聽不清楚）

From a claims ratio standpoint, claims ratio for the quarter, 0.50%, which is an improvement, and we've still got room to work on that, but 0.5% from a claims ratio standpoint. On standpoint. I mean, keep in mind, that's timing. We had a lot of deliveries in in-service and equipment in Q1. So a big chunk of CapEx in Q1 that drove the need for the revolver.

從索賠率的角度來看，本季的索賠率為 0.50%，這是一個進步，我們仍有努力的空間，但從索賠率的角度來看為 0.5%。從立場來說。我的意思是，請記住，這就是時機。我們在第一季交付了大量在用產品和設備。因此，第一季的大量資本支出推動了對循環信貸的需求。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Maybe just to continue on the last question and conversation. So a high-level question here. look, whether it's due to whatever reason it increased technology or better inventory management or ability to use a broker in multiple modes of transportation.

嗨，早安。也許只是繼續最後一個問題和對話。所以這裡有一個高層次的問題。看看，無論是由於什麼原因，它增加了技術或更好的庫存管理或在多種運輸方式中使用經紀人的能力。

Is there a potential overarching industry dynamic that's simply less volumes need to move via an LTL network. -- to the point where when this environment does eventually turn, is there a potential for less volumes to return to the LTL industry versus maybe prior recoveries? Thanks.

是否存在一種潛在的整體行業動態，即需要透過 LTL 網路運輸的貨物量減少——以至於當這種環境最終轉變時，與先前的復甦相比，重返 LTL 行業的貨物量是否有可能減少？謝謝。

Stephanie, thanks for the question. I suppose there's some set of facts that you could see some of that. But I think that what you see though, potentially, I mean you consider that potentially is reshoring, near shoring in the LTL or in the sort of broader industrial space. I think that plays well for I think the characteristics of freight may change over time.

史蒂芬妮，謝謝你的提問。我想有一些事實可以幫助你了解其中的一些。但我認為，您所看到的，潛在的，我的意思是，您認為這可能是回流，是 LTL 或更廣泛的工業領域的近岸化。我認為這很好，因為我認為貨運的特徵可能會隨著時間而改變。

But the fundamentals of it still where we fit in the supply chain are pretty important, right? So the fact -- the characteristics of freight that goes into a home improvement store, a coffee shop or residential delivery to a manufacturer. Those characteristics over time may change, but -- the fundamentals might say that each one of those destinations, they don't require a truckload of anything, right?

但我們在供應鏈中的位置的基本原理仍然非常重要，對嗎？事實是——進入家居裝飾店、咖啡店或住宅區運送給製造商的貨物的特徵。這些特徵可能會隨著時間的推移而改變，但是——基本面可能會表明，每個目的地都不需要裝載任何東西，對嗎？

They require pallets of whatever it might be, maybe lower weight, it may have a different profile. But that's the unique part about LTL, right? We're servicing all those customers with the same assets. And I think that, that's an important characteristic of it.

他們需要任何種類的托盤，可能重量較輕，也可能有不同的外形。但這就是 LTL 的獨特之處，對吧？我們用相同的資產為所有這些客戶提供服務。我認為這是它的一個重要特徵。

And I think the other thing about it is that those assets, underlying assets and the people will do it, that's inflationary. So I think that's not something that's easily replaced by other things. What are business and what the freight we handle, the characteristics of it certainly may change over time. But I do think the industry broadly in in particular, I think we have a unique place in the supply chain that I think that it has a sort of a permanent place.

我認為另一件事是，這些資產、基礎資產和人們會這樣做，這會導致通貨膨脹。所以我認為這不是可以輕易被其他事物取代的東西。我們經營什麼業務、經手什麼貨物，它的特質肯定是會隨著時間而改變的。但我確實認為，就整個產業而言，特別是在供應鏈中，我們佔據著獨特的地位，而且我認為它具有某種永久的地位。

It just may look different over time, much like it looked different 20 years ago.

隨著時間的推移，它可能會看起來有所不同，就像 20 年前看起來有所不同一樣。

Great. Appreciate the time.

偉大的。珍惜時間。

Thank you.

謝謝。

(Operator instructions)

（操作員指示）

Christopher Kuhn, Benchmark.

克里斯多福‧庫恩（Christopher Kuhn），《基準》。

Hey, Fritz. Hey, Matt. thanks for taking my question. How reshow are you feeling about the long-term profitability of some of these new facilities? Is there something structural we should think about in terms of the long-term law of some of the new facilities. I know each one is different, but some of them smaller and just aren't going to get to the OR level that some of the legacy ones are? Or maybe just help me out with the long-term OI that we should be thinking about.

嘿，弗里茲。嘿，馬特。謝謝你回答我的問題。您對於這些新設施的長期獲利能力有何看法？就一些新設施的長期法律而言，我們是否應該考慮一些結構性問題？我知道每個都是不同的，但是其中一些規模較小，無法達到某些傳統公司的 OR 等級？或者也許只是幫助我解決我們應該考慮的長期 OI。

Yeah. Chris, that's a great question because I think it speaks to the long-term potential of Saia. And when we have the last couple of years, we've spent a lot of time talking about how important the -- and what the opportunity is for the organic sort of growth story of our company.

是的。克里斯，這是一個很好的問題，因為我認為這說明了 Saia 的長期潛力。在過去的幾年裡，我們花了很多時間討論這一點的重要性以及我們公司有機成長的機會。

And I haven't seen anything that would tell me that the organic growth story has changed. It maybe has slowed because of what we just saw in the quarter, but I still remain very, very adequately believe the potential is still there.

我還沒有看到任何跡象表明有機增長的故事已經改變了。由於我們在本季度看到的情況，它的速度可能已經放緩，但我仍然非常非常充分地相信潛力仍然存在。

It's just -- it's delayed, unfortunately, but what we see. The facilities that we've opened, I haven't seen anything that would suggest that they're not value or contributors to our sort of drive to get the business into the 70s OR. I still see that. I think it's the potential absolutes there. Yeah, some of those facilities, and we know this.

只是——不幸的是，它被推遲了，但我們還是看到了。對於我們開設的設施，我還沒有看到任何跡象表明它們沒有價值，或者沒有為我們將業務推向 70 年代 OR 做出貢獻。我仍然看到這一點。我認為那裡存在著潛在的絕對性。是的，我們知道其中一些設施。

We've long done this. Some of those facilities are not going to get to the company average are, that's okay because what it's going to do is we can facilitate some of our leading facilities getting well below the company average OR. And that's important. And in a network business, the value of the network is every single point in that network. And I think that I haven't seen anything in this quarter or any recent time that would suggest that the -- our ability to get there in time has been impacted. It's just -- it's been drawn out a bit.

我們早就這麼做了。其中一些設施不會達到公司的平均水平，這沒關係，因為我們可以促使一些領先的設施遠低於公司平均水平。這很重要。在網路業務中，網路的價值在於網路中的每一個點。我認為本季度或近期我還沒有看到任何跡象表明我們及時實現目標的能力受到了影響。只是——它被拖長了一點。

Okay. Helpful. And then, Matt, just shorter term. I know salaries and where will be a headwind year-on-year. I mean how should we think about head count as we go forward here? Just given the hiring you've already done and the facilities you've already opened and the fact that they're not going to be that many open this year.

好的。很有幫助。然後，馬特，只是短期的。我知道薪水和哪裡會逐年遭遇阻力。我的意思是，我們在前進的過程中應該如何考慮人數？考慮到您已經完成的招聘和已經開放的設施，以及今年不會開放那麼多設施的事實。

Yes. I mean, we'd expect it to trend down from here. We're Again, keep in mind, the first quarter we're still up in volume. But with the trends we're seeing right now, I wouldn't expect that moving forward unless something changes. So we evaluate that closely, and we'll be looking at that as we continue to move forward, but I would expect it to trend down from here.

是的。我的意思是，我們預計它會從現在開始呈下降趨勢。再次提醒，請記住，第一季我們的銷售仍在上升。但就我們目前看到的趨勢來看，除非發生一些變化，否則我預計這種情況不會繼續發展。因此，我們會對此進行密切評估，並在繼續前進的過程中關注這一點，但我預計它會從現在開始呈現下降趨勢。

So just to clarify, some of these new facilities then don't -- I mean, if the volume went up, you would still need to add employees who haven't fully -- I mean they're not fully (inaudible)

所以需要澄清的是，有些新設施並沒有——我的意思是，如果產量上升，你仍然需要增加尚未完全——我的意思是他們還沒有完全（聽不清楚）

Absolutely not. But that if I have to -- we have to add people in -- but Montana, that means we probably are humming in Dallas, and you want us to do that.

絕對不是。但是如果我必須這樣做 - 我們必須增加人員 - 但是蒙大拿州，這意味著我們可能在達拉斯嗡嗡作響，而你希望我們這樣做。

Got it. Thank you guys appreciate it.

知道了。謝謝你們的讚賞。

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。

Thank you, operator, and thanks to all of the called in. Q1 marked a challenging quarter for Saia. And -- but we remain very, very committed to the long-term value proposition that I can provide to our customers and to our shareholders. And it's not a -- I would consider Q1 perhaps as a speed bump or a delay.

謝謝接線員，也謝謝所有打電話過來的人。第一季對 Saia 來說是一個充滿挑戰的季度。而且——但我們仍然非常致力於我可以為我們的客戶和股東提供的長期價值主張。這並不是——我認為 Q1 可能是減速帶或延遲。

But ultimately, long term, the value of the business is remains to be significant. And I think we look forward to talking about the success in quarters and years to come. Thank you.

但最終，從長遠來看，該業務的價值仍然很大。我認為我們期待著談論未來幾個季度和幾年的成功。謝謝。

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。