Saia Inc (SAIA) 2025 Q2 法說會逐字稿

Good morning. My name is Drew, and I will be your conference operator today. At this time, I would like to welcome everyone to the second-quarter 2025 Saia, Inc. earnings conference call.

早安.我叫德魯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Saia, Inc. 2025 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（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 Matthew Batteh, Saia's Executive Vice President and Chief Financial Officer. Please go ahead.

現在，我想將會議交給 Saia 的執行副總裁兼財務長 Matthew Batteh。請繼續。

Thank you, Drew. Good morning, everyone. Welcome to Saia's second 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 know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝你，德魯。大家早安。歡迎參加 Saia 2025 年第二季電話會議。和我一起參加今天電話會議的是 Saia 總裁兼執行長 Fritz Holzgrefe。在我們開始之前，您應該知道，在本次電話會議中，我們可能會根據 1995 年《私人證券訴訟改革法案》的含義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確切風險因素的更多資​​訊。

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

現在我將把電話轉給弗里茨，請他發表一些開場白。

Good morning, and thank you for joining us to discuss Saia's second quarter results. Our second quarter operating ratio was 87.8%, compared to our operating ratio of 83.3% in the second quarter of last year, and the results represent a 330 basis point improvement from the first quarter of this year. The sequential operating ratio improvement outperformed the historical average of 250 to 300 basis points despite the lack of typical volume ramp that's usually seen throughout the second quarter.

早安，感謝您加入我們討論 Saia 的第二季業績。我們第二季的營業比率為 87.8%，而去年第二季的營業比率為 83.3%，這一結果比今年第一季提高了 330 個基點。儘管缺乏第二季度通常出現的典型交易量成長，但連續的營運比率改善仍超過了 250 至 300 個基點的歷史平均值。

We operate our business with a focus on the customer and managing the things that are within our control. Our efforts to optimize our variable costs and improve our network efficiency contributed to this outperformance and these results reflect our ongoing efforts to manage the business in the short term with an intense focus on executing our long-term strategy.

我們經營業務時以客戶為中心並管理我們能控制的事情。我們努力優化變動成本並提高網路效率，從而取得了優異的業績，這些結果反映了我們持續努力管理短期業務，並高度重視執行長期策略。

I'm pleased with the team's ability to focus on the things that we can control during this quarter, taking care of the customer, mix management, core execution and operational efficiency. Throughout the quarter, we were able to adjust our cost structure to align with volumes that trended below historical seasonality. We typically see significant monthly volume increases throughout the second quarter. And while June trended more in the line of historical seasonality per workday basis, tonnage for the quarter was only up 0.4% from the first quarter.

我很高興團隊能夠專注於我們本季可以控制的事情，照顧客戶、組合管理、核心執行和營運效率。在整個季度中，我們能夠調整成本結構，以適應低於歷史季節性趨勢的銷售。我們通常會看到第二季每月交易量大幅增加。儘管 6 月的趨勢更符合每個工作日的歷史季節性，但該季度的噸位僅比第一季增加了 0.4%。

Our second quarter revenue of $817 million decreased slightly from last year's second quarter by 0.7% due to continued muted volume trends as a result of the macroeconomic landscape. Overall, shipments for Workday were down 2.8% year-over-year. Customer acceptance in our newer markets remained strong, which continues to demonstrate the value of our long-term strategy of getting closer to the customer and providing unique solutions to meet their needs.

由於宏觀經濟情勢導致銷售趨勢持續低迷，我們的第二季營收為 8.17 億美元，較去年第二季略有下降 0.7%。總體而言，Workday 的出貨量年減了 2.8%。我們新市場的客戶接受度仍然強勁，這繼續證明了我們更貼近客戶並提供獨特解決方案來滿足其需求的長期策略的價值。

Terminals opened less than three years saw sequential -- about a 4% sequential improvement in shipments for workday in the second quarter of 2025, compared to the first quarter. In aggregate, these facilities operated in the mid-90s in the second quarter, improving from breakeven in the first quarter. In our legacy facilities are those opened longer than three years, shipments were up about 2% sequentially in the second quarter of '25, compared to the first or were down about 3.5% compared to the second quarter of 2024.

啟用不到三年的碼頭在 2025 年第二季的工作日出貨量與第一季相比較上季成長了約 4%。總體而言，這些設施在第二季度的營運狀況達到 90 年代中期水平，較第一季的盈虧平衡有所改善。在我們的傳統設施中，也就是那些啟用時間超過三年的設施，2025 年第二季的出貨量與第一季相比較上季成長了約 2%，與 2024 年第二季相比下降了約 3.5%。

While we continue to see strong results in our newer markets, the overall shipment trends reflect the continued cautious approach from customers amidst an ever-changing economic landscape. That said, we remain pleased with the opportunities we're seeing with both new and existing customers, which is reinforced by the volume trends seen in our newer facilities.

雖然我們在新市場持續取得強勁業績，但整體出貨趨勢反映出在不斷變化的經濟狀況下客戶繼續採取謹慎態度。儘管如此，我們仍然對新舊客戶帶來的機會感到滿意，而我們新工廠的產量趨勢也進一步證實了這一點。

Revenue per shipment, excluding fuel surcharge, increased 2.7%, compared to the second quarter of last year, while revenue per shipment, including fuel surcharge increased 1.8% in the quarter. For the second quarter, we saw tonnes per workday increased 1.1%, compared to the second quarter of 2024, weight per shipment increased 4%, and length of haul increased slightly compared to the second quarter last year. However, both of these components of mix decreased sequentially from the first quarter, creating a revenue headwind of approximately $4.5 million to $5.5 million compared to the first quarter.

與去年第二季相比，每批貨物的收入（不包括燃油附加費）增加了 2.7%，而本季每批貨物的收入（包括燃油附加費）增加了 1.8%。與 2024 年第二季相比，第二季每個工作日的貨運噸數增加了 1.1%，每批貨物的重量增加了 4%，運輸距離與去年第二季相比略有增加。然而，這兩個組成部分的收入較第一季均有所下降，與第一季相比，收入逆差約為 450 萬美元至 550 萬美元。

Our pricing and mix optimization initiatives remain an intense focus. Sequentially, our mix of business shifted to handling slightly more national and retail customers, which partially led to a lower weight per shipment compared to the first quarter. Additionally, we saw muted trends out of our Los Angeles region, partially contributed to the shorter length of haul compared to the first quarter, which is a headwind to sequential revenue per shipment.

我們仍然高度關注定價和產品組合優化措施。隨後，我們的業務結構轉向處理略多的國內和零售客戶，這在一定程度上導致每批貨物的重量與第一季相比有所下降。此外，我們發現洛杉磯地區的趨勢較為平淡，部分原因是運輸時間與第一季相比有所縮短，這對每批貨物的連續收入造成了不利影響。

Throughout the quarter, we were able to continue to provide unique solutions for our customers in both new and existing markets, which further validates our value proposition. Contractual renewals averaged 5.1% in the quarter, reflecting our customers' confidence in the high-quality service that we continue to provide.

整個季度，我們能夠繼續為新市場和現有市場的客戶提供獨特的解決方案，這進一步驗證了我們的價值主張。本季合約續約率平均為 5.1%，反映出客戶對我們持續提供的高品質服務的信心。

We remain steadfast in our approach to providing industry-leading service levels while also managing controllable costs and productivity. While we cannot control the external factors, our focus remains intently on what we can control and taking care of our customers is at the forefront.

我們始終堅持提供業界領先服務水平，同時管理可控成本和生產力。雖然我們無法控制外部因素，但我們仍然專注於我們能夠控制的事情，並將照顧我們的客戶放在首位。

Customers value certainty and reliability in their supply chain, we believe that we're well positioned to provide that service in every market. This hyper focus on the customer remained on display in Q2 as we achieved a cargo claims ratio of 0.5% this quarter.

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在每個市場提供這種服務。我們在第二季度實現了 0.5% 的貨物索賠率，這仍然反映了我們對客戶的高度關注。

From an operating expense standpoint, we drove a 4% sequential decrease in cost per shipment compared to the first quarter despite headwinds as a result of investments in our fleet and network expansion. We continue to focus on adjusting our resources to the shifting volume levels and reduced head count by about 4.2% from March to the end of June.

從營運費用的角度來看，儘管由於對機隊和網路擴張的投資而面臨阻力，但我們的每批貨物成本與第一季相比仍環比下降了 4%。我們將繼續致力於根據不斷變化的業務量調整資源，並從 3 月到 6 月底將員工人數減少了約 4.2%。

We continued our focus on optimizing our maturing network as the 2024 network investments and related growth while beneficial for the long term created unique short-term challenges and inefficiencies in our network particularly in the slower Q1 operating environment.

我們繼續專注於優化我們日趨成熟的網絡，因為 2024 年的網路投資和相關成長雖然對長期有利，但也為我們的網路帶來了獨特的短期挑戰和效率低下，特別是在較慢的第一季營運環境中。

We accelerated our network optimization efforts in Q1 and saw the benefit emerging in Q2 as we leverage density in our larger network and our efforts to drive greater efficiencies began to materialize. These results reinforce our commitment to expand the geography and nationwide footprint, which increasingly allows us to compete on a more even playing field with peers.

我們在第一季加快了網路優化力度，並在第二季度看到了效益，因為我們在更大的網路中利用了密度，並且我們為提高效率所做的努力開始實現。這些結果堅定了我們擴大地域和全國範圍的決心，使我們能夠在更公平的環境中與同行競爭。

As we look forward, we'll continue to execute our long-term strategy and keep an eye on the macro environment, maintaining discipline around our cost structure and adapting the changing landscape across our network.

展望未來，我們將繼續執行我們的長期策略，密切關注宏觀環境，保持成本結構的紀律，並適應整個網路不斷變化的格局。

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

現在我將把電話轉給馬特，以了解有關我們第二季度業績的更多詳細資訊。

Thanks, Fritz. Second quarter revenue decreased year-over-year by 0.7% to $817.1 million while revenue per shipment, excluding fuel surcharge, increased 2.7% to $298.71, compared to $290.72 in the second quarter of 2024.

謝謝，弗里茲。第二季營收年減 0.7% 至 8.171 億美元，而每批貨物的收入（不包括燃油附加費）增加 2.7% 至 298.71 美元，而 2024 年第二季為 290.72 美元。

Revenue per shipment, including fuel surcharge, increased 1.8% to $351.36, compared to $345.7 last year. Fuel surcharge revenue declined by 5.8% and was 14.6% of total revenue compared to 15.4% a year ago. Yield, excluding fuel surcharge, decreased by 1.2%, while yield, including fuel surcharge decreased by 2.1% compared to the second quarter of last year.

每批貨物的收入（包括燃油附加費）與去年的 345.7 美元相比增長 1.8% 至 351.36 美元。燃油附加費收入下降 5.8%，佔總收入的 14.6%，去年同期為 15.4%。與去年第二季相比，不含燃油附加費的收益率下降了1.2%，而包含燃油附加費的收益率則下降了2.1%。

Tonnage increased 1.1% compared to the second quarter last year, attributable to a 4% increase in our average weight per shipment, partially offset by a 2.8% shipment decline. Our length of haul increased year-over-year by 0.6% to 893 miles.

與去年第二季相比，噸位增加了 1.1%，這歸因於我們每批貨物的平均重量增加了 4%，但被 2.8% 的出貨量下降部分抵消。我們的運輸距離年增 0.6%，達到 893 英里。

Shifting to the expense side for a few items to note in the quarter. Total operating expenses increased by 4.7% in the quarter compared to the second quarter last year. Salaries, wages and benefits increased 5%, which is primarily driven by our July 2024 wage increase, which averaged approximately 4.1% for all employees, excluding executives as well as increased employee costs, including group insurance as the inflationary pressures continue to drive this line items elevated level.

轉到費用方面，本季有幾項要注意。本季總營運費用與去年第二季相比增加了4.7%。薪資、薪資和福利增加了 5%，這主要得益於我們 2024 年 7 月的薪資成長，所有員工（不包括高階主管）的平均薪資成長約為 4.1%，以及包括團體保險在內的員工成本增加，因為通膨壓力繼續推動這一項的水平上升。

Purchase transportation expense, including both non-asset, truckload volume and LTL purchased transportation miles decreased by 5.5% compared to the second quarter last year, and was 7.1% of total revenue compared to 7.4% in the second quarter of 2024 and 7.6% in the first quarter of 2025. Truck and rail PT miles combined were 12% of our total linehaul miles in the quarter.

購買運輸費用（包括非資產、整車運輸量和零擔購買運輸里程）與去年第二季相比下降了 5.5%，佔總收入的 7.1%，而 2024 年第二季為 7.4%，2025 年第一季為 7.6%。卡車和鐵路運輸里程合計佔本季乾線運輸總里程的 12%。

Fuel expense decreased by 4.3% in the quarter compared to the second quarter last year, while company line haul miles increased 2.1%. The decrease in fuel expense was primarily the result of a decrease in national average diesel prices by over 7.8% on a year-over-year basis, partially offset by the increase in linehaul miles run.

與去年第二季相比，本季燃料費用下降了 4.3%，而公司幹線運輸里程增加了 2.1%。燃料費用的下降主要是由於全國平均柴油價格年減超過 7.8%，但被幹線運輸里程的增加部分抵消。

Claims and insurance expense increased by 21.2% year-over-year. The increase compared to the second quarter of 2024 was primarily due to the development of open claims, increased claim activity and increased cost per claim. Depreciation expense of $62.5 million in the quarter was 19.1% higher year-over-year, primarily due to ongoing investments in revenue equipment -- revenue equipment, real estate and technology.

索賠和保險費用較去年同期增加21.2%。與 2024 年第二季相比的成長主要是由於未決索賠的發展、索賠活動的增加以及每項索賠成本的增加。本季折舊費用為 6,250 萬美元，年增 19.1%，主要原因是對收入設備（收入設備、房地產和技術）的持續投資。

We believe the investments we have made and continue to make in our network, technology and our people during this down cycle position us well for the future. We are constantly evaluating investments to ensure they meet the return profile we expect and we plan to spend approximately $600 million to $650 million in capital expenditures this year, consistently investing in our network expansion, equipment and our people aligned with our long-term strategy.

我們相信，在這一下行週期中，我們對我們的網路、技術和人員所做的投資以及繼續進行的投資將為我們的未來奠定良好的基礎。我們不斷評估投資，以確保它們符合我們預期的回報狀況，我們計劃今年花費約 6 億至 6.5 億美元的資本支出，持續投資於我們的網路擴展、設備和人員，以符合我們的長期策略。

Compared to the second quarter of 2024, cost per shipment increased 7.7%, primarily due to increased salaries, wages and benefits to support a broader network of terminals and increased depreciation expense associated with the record investments made in the network in 2024.

與 2024 年第二季度相比，每批貨物的成本增加了 7.7%，這主要是由於為支持更廣泛的終端網絡而增加的工資、薪金和福利，以及與 2024 年對網絡進行的創紀錄投資相關的折舊費用增加。

As Fritz mentioned, our cost per shipment decreased 4% sequentially from the first quarter in spite of the lack of typical volume uplift that would allow us to better leverage our fixed costs. Decreased head count of 4.2% compared to the first quarter of 2025 was a contributing factor to the sequential improvement.

正如弗里茨所提到的，儘管缺乏典型的銷售成長，讓我們能夠更好地利用我們的固定成本，但我們的每批貨物成本較第一季環比下降了 4%。與 2025 年第一季相比，員工人數減少了 4.2%，這是較上季改善的因素。

Additionally, we were able to manage our costs in the second quarter while maintaining a claims ratio that was largely flat sequentially, reflecting our ability to make these adjustments while preserving core execution and customer service.

此外，我們能夠在第二季度管理成本，同時保持與上一季基本持平的索賠率，這反映了我們在保持核心執行和客戶服務的同時進行這些調整的能力。

Our tax rate for the second quarter was 25.3%, compared to 24.4% in the second quarter of last year, and our diluted earnings per share were $2.67, compared to $3.83 in the second quarter a year ago.

我們第二季的稅率為 25.3%，而去年第二季為 24.4%，每股攤薄收益為 2.67 美元，而去年第二季為 3.83 美元。

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

現在我將把電話轉回給弗里茨，請他發表一些結束語。

Thanks, Matt. As I mentioned in the opening, I'm pleased with our team's focus on things that we can control. The operating performance of our team continues to be among the best in the industry, and we remain focused on our customers' needs. While volume did not step up as traditionally seen in the second quarter, margins outperformed the normal sequential progression, representing our team's ability to adapt to a dynamic environment. .

謝謝，馬特。正如我在開頭提到的，我很高興看到我們的團隊專注於我們可以控制的事情。我們團隊的營運表現持續保持行業領先地位，並且我們始終專注於客戶的需求。雖然第二季的銷售量沒有像往常一樣成長，但利潤率卻超過了正常的連續成長，這反映了我們團隊適應動態環境的能力。。

In Q2, we relocated our centralized customer service function to our field locations. We reduced our overhead costs in this process, but more significantly moved our customer service capabilities closer to the customer.

在第二季度，我們將集中客戶服務職能遷移至現場。在這個過程中，我們降低了管理費用，但更重要的是，我們的客戶服務能力更貼近客戶。

Our customer-first focus is yielding tangible results, especially in our new markets as our facilities open for less than three years, continue to lead the charge in volume and revenue growth, performing in line with seasonality in these markets. We're excited about the early success of these locations, and we see considerable runway as we continue to penetrate those markets.

我們的客戶至上理念正在產生切實的成果，特別是在我們的新市場，因為我們的設施開業不到三年，繼續在銷售和收入增長方面處於領先地位，並且與這些市場的季節性表現一致。我們對這些地點的早期成功感到非常興奮，隨著我們繼續滲透這些市場，我們看到了巨大的發展空間。

With our talented and engaged workforce, the value proposition to our customers continues to expand to match our network -- national network of facilities. A key component of our long-term strategy is to get closer to the customer and give them a chance to choose Saia for their LTL needs more often.

憑藉我們才華橫溢、積極敬業的員工隊伍，我們為客戶提供的價值主張不斷擴大，以配合我們的網路——全國設施網路。我們長期策略的關鍵組成部分是更貼近客戶，讓他們有機會更頻繁地選擇 Saia 來滿足他們的 LTL 需求。

At Saia, we've emphasized the importance of the customer and focusing on things that we can control. As our industry adapts to the evolving economic landscape over the coming months, my conviction about the long-term prospects of Saia remains steadfast. Great employees, great service and a national footprint are all key to securing our position as a long-term leader in the industry.

在 Saia，我們強調客戶的重要性並專注於我們可以控制的事情。隨著我們的行業在未來幾個月適應不斷變化的經濟形勢，我對 Saia 的長期前景的信心仍然堅定。優秀的員工、優質的服務和全國的影響力都是確保我們長期維持業界領先地位的關鍵。

Our network planning tools continually refined and honed from our original deployment several years ago are foundational to our resilience and our ability to operate and monetize in our complex national network. At the same time, these tools are key catalysts to continue to find cost optimal solution to meet customer expectations.

我們的網路規劃工具自幾年前最初部署以來不斷改進和完善，這些工具是我們在複雜的全國網路中保持彈性和營運及盈利能力的基礎。同時，這些工具是繼續尋找滿足客戶期望的成本最優解決方案的關鍵催化劑。

Over the coming quarters, we'll be further investing to continue and enhance these robust capabilities, which we believe will continue to generate returns in the business. Although these network planning tools provide a framework for the company to operate fundamentally, core execution remains in the hands of a highly engaged team focused on supporting our customers' success and delivering returns on the substantial investment in creating a national network. We remain in the early innings of tapping the potential of this business.

在接下來的幾個季度中，我們將進一步投資以延續和增強這些強大的能力，我們相信這將繼續為業務帶來回報。雖然這些網路規劃工具為公司的基本營運提供了框架，但核心執行仍然掌握在一個高度敬業的團隊手中，該團隊專注於支持客戶的成功並為創建全國網路的大量投資帶來回報。我們仍處於挖掘該業務潛力的早期階段。

With that said, we're now ready to open the line for questions, operator.

話雖如此，我們現在可以開始回答問題了，接線員。

(Operator Instructions)

（操作員指示）

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

A great, good morning, Fritz and Matt, great job on the pricing. I think that's really a nice flow-through. But given normal seasonality, should we see volumes -- will they stay -- can they turn positive? Or will they stay negative in third quarter? Just if you think about seasonality?

早上好，弗里茨和馬特，定價做得很好。我認為這確實是一個很好的流程。但考慮到正常的季節性，我們是否應該看到交易量——它們會保持不變——它們可以變成正數嗎？或者第三季仍將保持負面狀態？如果你考慮季節性？

And given the strong pricing in mid-single-digit renewals, should pricing continue to climb. I guess that's leading me to the OR thoughts, right? Normal seasonality, I think, is flattish from 2Q to 3Q. Just want to -- maybe your thoughts on an outlook?

鑑於中等個位數續約的強勁定價，價格應該會繼續攀升。我想這會讓我想到 OR 吧？我認為正常的季節性從第二季到第三季是持平的。只是想——也許您對前景有什麼看法？

Yeah, just on the tonnage piece, well, keep in mind that we opened six terminals in Q2 last year, many of those in the back part of the quarter and then we opened 11 terminals in Q3. So the comps get tougher on the shipments and tonnage line as we start to lap those new openings.

是的，就噸位而言，請記住，我們去年第二季度開設了 6 個航站樓，其中許多是在本季度後半段開設的，然後我們在第三季度開設了 11 個航站樓。因此，當我們開始開拓這些新航線時，貨運量和噸位的競爭會變得更加激烈。

And then on the pricing side, we're focused on -- what we've been focused on, we're making sure that the business meets the returns that we expect and that we're evaluating what we're handling for customers throughout each bid, each renewal.

然後在定價方面，我們關注的是——我們一直關注的是，我們確保業務滿足我們預期的回報，我們正在評估我們在每次投標、每次續約過程中為客戶處理的情況。

That's core to what we do over the years, and it continues to be a focus. If you look at history on the OR line, typically, Q2 to Q3, OR degradates between 100 to 200 basis points sequentially. And we think we can keep it around 100 basis points of degradation sequentially from Q2 to Q3 this year.

這是我們多年來工作的核心，並將繼續成為我們的重點。如果您查看 OR 線的歷史記錄，通常從 Q2 到 Q3，OR 會連續下降 100 到 200 個基點。我們認為，今年第二季至第三季度，我們可以將其連續下降 100 個基點左右。

I think just to add to that, Ken, I think the important part is that we have made significant through the quarter optimization efforts in Q2 to kind of better match our national linehaul network and network overall to meet kind of what a now national network looks like, right? So I think that part of the efficiencies that we drove through Q2 will continue into Q3. So that's part of that, how we can get to the bottom end of that range that Matt described.

我想補充一點，肯，我認為重要的是，我們透過第二季的季度優化工作取得了重大進展，以更好地匹配我們的全國幹線網絡和整體網絡，以滿足現在的全國網絡的樣子，對嗎？因此我認為我們在第二季所提高的部分效率將會延續到第三季。這就是其中的一部分，我們如何達到馬特所描述的範圍的底端。

So far, I don't mean to do another follow-up, but is that just because of the optimization on a national network? Or was that because you were talking about seeing a slowing volume, so you move to full cost and cut employees?

到目前為止，我還沒有打算再做後續跟進，但這僅僅是因為在全國網路上的優化嗎？還是因為您談到看到交易量放緩，所以您轉向全額成本並裁員？

No, it's both, right? You -- in this business, you always have to match cost to what the available business is. But this -- at this time last year, we didn't have 21 facilities. We have 21 facilities that are maturing from last year that we opened last year. And the opportunity that we have, part of that opportunity is as you build densities across that network now.

不，兩者都有，對嗎？你——在這個行業中，你總是必須將成本與可用的業務相匹配。但是——去年這個時候，我們還沒有 21 個設施。我們去年開放了 21 個設施，目前這些設施正在逐漸成熟。我們擁有的機會，部分機會在於現在在整個網路中建立密度。

We described for you in the first quarter some of the challenges we had managing through facilities that hadn't been opened that long. And now we're starting to see some of the benefits of that. We continue to look for opportunities to redesign our linehaul network. As you know, that's the biggest cost bucket in this business. And that's an area that, as you do all maturity, that becomes sustainable cost advantage over time.

我們在第一季向您描述了我們在管理尚未開放的設施時遇到的一些挑戰。現在我們開始看到它的一些好處。我們將繼續尋找機會重新設計我們的幹線運輸網路。如您所知，這是該行業中最大的成本。隨著這一領域的逐漸成熟，隨著時間的推移，它將形成可持續的成本優勢。

Great, thanks for.

太好了，謝謝。

The time, guys. I appreciate it.

時間到了，夥計們。我很感激。

Richa Hernan, Deutsche Bank.

德意志銀行的 Richa Hernan。

Hey, thanks guys for the time. So I wanted to ask a little bit about the labor reductions that you've done and sort of what you did with wages this year. I just wanted to clarify, was there a wage increase this year? And then in terms of the labor force, what type of cuts were made and as we look out going forward as you try to balance your customer-centric focus and building out the network with sort of where we are in the cycle and trying to manage costs? Like what's further runway for that, what should we expect?

嘿，謝謝大家抽出時間。所以我想問一下你們今年的裁員狀況以及你們在薪資方面採取的措施。我只是想澄清一下，今年薪水有漲嗎？那麼就勞動力而言，進行了哪些類型的削減？展望未來，您會嘗試在以客戶為中心的重點和網路建設之間取得平衡，並嘗試管理成本嗎？例如，接下來的發展方向是什麼，我們該期待什麼？

Thank you.

謝謝。

Yes. So just to -- our sort of wage increase program, typically, we do that in the second half of the year. So we haven't done anything with that yet. The -- as far as the headcount, it's real important in an environment like this where you see volume changes, you've got to -- you actually have to match the hours that are available hours to what the volume levels are. So that's really about how we manage head count by location or hours by location, I think, is a better sort of picture of that because somebody that maybe a year ago was working a lot of overtime.

是的。因此，我們的薪資成長計畫通常會在下半年實施。所以我們還沒有採取任何行動。就員工人數而言，在這樣的環境下，當你看到工作量發生變化時，這一點非常重要，你必須——你實際上必須將可用時間與工作量水平相匹配。所以，這實際上是關於我們如何按地點或按地點按小時管理員工人數，我認為這是更好的描述，因為也許一年前有人加班很多。

At this point, we're maybe not working over time. So it's a cut in hours, build some efficiency that way or productivity that way.

目前，我們可能還沒有加班。因此，這可以減少工作時間，從而提高效率或生產力。

The linehaul network is a really important story for Saia though. One of the things that you do when you have a now national network, some of those facilities that we have added, places like Youngstown, Ohio, we -- part of the reason why we bought that facility was to be able to drive line-haul cost savings across the eastern part of the country.

然而，幹線運輸網絡對 Saia 來說確實是一個重要的故事。當你擁有一個全國性的網路時，你要做的事情之一就是我們增加了一些設施，例如俄亥俄州揚斯敦等地——我們購買該設施的部分原因是為了能夠節省整個國家東部的干線運輸成本。

And we have a facility now that allows us to run triples across Ohio. Well, that's a 30% reduction in cost compared to a traditional connected, right? So that -- those are important cost savings that you can start deploying across the network, and that's sort of agnostic to what's going on in the environment, right?

現在我們有一個設施，可以讓我們在俄亥俄州進行三項全能比賽。那麼，與傳統連線相比，成本降低了 30%，對嗎？所以——這些都是重要的成本節約，您可以開始在網路上部署，而且這與環境中發生的事情無關，對嗎？

This is just taking advantage of having a now national network. And people are certainly impacted by that. You optimize to more of internal drivers, maybe you reposition your line haul drivers into different locations to better match where volume movements are, where our customers are. And that all creates efficiencies. You use a little bit less PT in some markets.

這只是利用了現在的全國網路的優勢。人們肯定會受到影響。您可以優化更多的內部驅動程序，也許您可以將乾線運輸驅動程式重新定位到不同的位置，以更好地匹配貨運量的位置和我們的客戶的位置。這一切都提高了效率。在某些市場中，使用的 PT 會稍微少一些。

And if you look at our cost structure, Q1 to Q2, I think that shows up there for sure.

如果你看一下我們的成本結構，從第一季到第二季度，我認為這肯定會出現。

Okay. Great. So as we think about Q3, then, should we continue to see that momentum in the cost per shipment line?

好的。偉大的。那麼，當我們考慮第三季時，我們是否應該繼續看到每條貨運線的成本保持這種勢頭？

We'll have to see what the market has in store for us, but I think we've got some additional sort of opportunities through the quarter that I think we'll see materialize. We're still not 100% certain around what the top line looks like. But I do know that we have -- we'll continue to look for cost optimization opportunities and deploy our tools to do that. And that's built in that why we think we're going to beat our sort of historical trend from Q2 to Q3.

我們必須看看市場為我們準備了什麼，但我認為我們在本季會得到一些額外的機會，我認為我們會看到它們實現。我們仍然不能 100% 確定頂線是什麼樣子。但我知道我們已經——我們將繼續尋找成本優化機會並部署我們的工具來實現這一點。這就是為什麼我們認為我們將超越第二季至第三季的歷史趨勢。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Hi, morning, so there's been a lot of -- there's been talk, of course, of industry capacity. Just sort of curious your take on it. would you say going into the next up cycle that overall LTL capacity should look less actually than pre Yellow bankruptcy levels due to the various unsold terminals, even though some of the larger players out there do have excess stores today? And what could this mean for pricing on a recovery?

大家好，早安，當然，我們已經討論了很多關於行業產能的話題。只是有點好奇您對此的看法。您是否認為，進入下一個上升週期後，由於各種未售出的終端，整體 LTL 容量實際上應該低於 Yellow 破產前的水平，儘管目前一些較大的參與者確實擁有過剩的商店？這對於經濟復甦的定價意味著什麼？

Yeah. I think that if you look at -- I don't think the long-term trend around LTL capacity is going to change. In other words, it's been shrinking over time. And I think that there are -- yes, certainly, there is available capacity today with a number of the competitors. I think what is really significant is that this remains an inflationary business.

是的。我認為如果你看一下——我認為 LTL 容量的長期趨勢不會改變。換句話說，它一直在隨著時間的推移而縮小。我認為有——是的，當然，目前許多競爭對手都有可用產能。我認為真正重要的是這仍然是一個通貨膨脹的行業。

I think that people expect to get a return on a substantial capital investment in this business. We're no different than anybody else.

我認為人們期望從這項業務的大量資本投資中獲得回報。我們和其他人沒什麼不同。

So I think that, that will keep the industry healthy. I think that the -- for us, and what we look at is that we're really excited about the opportunity to leverage what we have, right? The market returns -- Saia is poised to take advantage of this. We know how to operate in an up market. So that -- this is the time we've been waiting for.

所以我認為這將保持行業的健康。我認為——對我們來說，我們所看到的是，我們真的很高興有機會利用我們所擁有的東西，對嗎？市場回歸—Saia 已準備好利用這一機會。我們知道如何在上漲的市場中運作。所以——這就是我們一直在等待的時刻。

So we think, for us, it's a unique opportunity.

因此我們認為，對我們來說，這是一個獨特的機會。

And keep in mind, too, Jordan, terminals and doors are absolutely important, but capacity also comes in equipment and it comes with drivers in the next up cycle, it's drivers that are critically important. You need the terminals of the doors, but if you don't have drivers and equipment, that's a capacity constraint. And like Fritz said, we feel great about the investments that we've made. We've never been better positioned, but capacity comes in all three of those.

喬丹，也要記住，終端和門絕對重要，但容量也來自設備，它來自下一個上升週期的驅動因素，這些驅動因素至關重要。您需要門的終端，但如果沒有司機和設備，那就是容量限制。正如弗里茲所說，我們對所做的投資感到非常滿意。我們從未處於如此有利的位置，但能力體現在這三個方面。

Christian Wetherbee, Wells Fargo Securities, LLC.

富國證券有限責任公司的 Christian Wetherbee。

Maybe can you give us a sense of how things are going from a volume perspective, maybe some insight into what July tonnage looks like and maybe your sort of overall view on what you're seeing from your customers in the end markets?

也許您可以從數量角度為我們介紹一下情況，也許能讓我們了解一下七月份的噸位情況，也許能讓我們了解一下您對終端市場客戶的看法？

Chris, could you repeat? I think you got garbled there a little bit on the question.

克里斯，你能重複一遍嗎？我認為你對這個問題的理解有點混亂。

Apologies. Hopefully, you can hear me a little bit clear now. Sorry about that. Just curious if you can give us an update on what you're seeing from a tonnage perspective in July and sort of how the third quarter is starting, what you're hearing from customers in the market from the end markets that you're serving?

抱歉。希望您現在能聽清楚我的話。很抱歉。我只是好奇，您是否可以向我們介紹一下 7 月份從噸位角度看到的情況以及第三季度的開局情況，以及您從所服務的終端市場的客戶那裡聽到了什麼？

Sure. I'll go ahead and give the monthly Q2 as well. So April shipments per day were down 1.9%; tonnage per day, up 4.4%. May shipments per day down 3.2%; tonnage per day, down 0.4%. And June shipments per day down 3.4%; tonnage per day, down about -- down 0.8%.

當然。我將繼續提供每月的第二季數據。因此，4 月份每日出貨量下降 1.9%；每日噸位增加 4.4%。5月日均出貨量下降3.2%；日均噸位下降0.4%。6月日均出貨量下降3.4%；每日平均運輸噸位下降約0.8%。

And if we look at July month to date, obviously, still have a week or so to go. But shipments per day are down about 2.25%, tonnage is trending around flat. And as mentioned earlier, there's -- we're lapping comps in the back half of Q3 with terminal ads.

如果我們看一下 7 月迄今為止的情況，顯然還有一周左右的時間。但每日出貨量下降約 2.25%，噸位則趨於穩定。如同前面所提到的，我們將在第三季後半段透過終端廣告來超越競爭對手。

But from an end market standpoint and customers, I don't know that we'd really call anything out differently than what we've been seeing, and we continue to stay really close to our customers, understanding their business and their trends more and more. But I don't know that there's anything specific for us to call out that we've seen differently over the past few weeks than what we were seeing in June.

但從終端市場和客戶的角度來看，我不知道我們是否會提出與我們所看到的不同的看法，我們將繼續與客戶保持密切聯繫，越來越了解他們的業務和趨勢。但我不知道過去幾週我們看到的情況與六月相比有什麼不同。

Yes. I think we pointed out that the -- our sort of LA region was a little bit stood out a little bit softer. Some of that is our own action around making sure that we're compensated appropriately. Part of that, I think there's a little -- has been, at least for us, a little bit of softness in that area. But other markets have been pretty good.

是的。我想我們指出了——我們的洛杉磯地區有點突出，有點柔和。其中一些是我們自己採取的行動，以確保我們得到適當的補償。部分原因在於，我認為至少對我們來說，該領域存在一些疲軟現象。但其他市場表現相當不錯。

Okay. That's helpful. And just a follow-up on the comment about normal wage increases for the third quarter. I was just kind of curious, are you suggesting that you haven't done it yet or that it may not happen in the third quarter. Just want to get a sense of how you're thinking about that normal process?

好的。這很有幫助。這只是對第三季度正常工資增長的評論的後續跟進。我只是有點好奇，你是說你還沒這樣做，還是說這可能不會在第三季發生。只是想了解一下您是如何看待這個正常過程的？

Yeah. And if you look at it over Chris -- over time is that we would typically do that in the third or fourth quarter. We haven't made up formal call on that yet. So it could still happen this quarter or it could be in the fourth quarter. But we'll let you know as we kind of figure out where the market is and what we need to do.

是的。如果你看一下克里斯——隨著時間的推移，我們通常會在第三季或第四季這樣做。我們尚未就此做出正式決定。因此，這種情況仍有可能發生在本季度，也可能發生在第四季。但當我們弄清楚市場在哪裡以及我們需要做什麼時，我們會通知您。

Got it thanks for your time appreciate it.

明白了，感謝您的時間。

John Chappell, Evercore ISI.

約翰·查佩爾，Evercore ISI。

I know contract renewals are just a small piece of the portfolio. The 5.1% that you mentioned is much lower than we've seen recently function of more difficult comparison or should we read that a more competitive pricing overall?

我知道續約合約只是投資組合中的一小部分。您提到的 5.1% 比我們最近看到的更難比較的函數要低得多，或者我們應該將其理解為整體上更具競爭力的定價？

John, we heard you clearly in the first half, but then it broke up a little bit. Would you mind repeating?

約翰，前半部我們聽得很清楚，但後來就有點支離破碎了。您介意再說一次嗎？

Yes, sorry. 5.1% contractual renewals in the quarter, a lot -- a little bit lower than the 8%, 9% that we've seen recently. Is this representative of just more difficult comparisons? Or is this speaking more to the competitive nature of the market right now?

是的，抱歉。本季合約續約率為 5.1%，比我們最近看到的 8% 或 9% 略低。這是否代表比較更加困難？或者這更反映了當前市場的競爭性質？

Well, and just to provide a little clarity on the first part of that. About 60% to 70% of our business is subject to a contract. Those renew pretty ratably throughout the year. So it's the majority of our business. The renewal number, we -- it gives us an indication of how the customers are viewing our service and what they're willing to pay for the quality and service that we provide.

好吧，只是為了稍微澄清一下第一部分。我們的業務大約有 60% 到 70% 都依賴合約。這些在全年的更新速度相當快。所以這是我們業務的主要部分。續訂號碼讓我們了解客戶如何看待我們的服務以及他們願意為我們提供的品質和服務支付多少錢。

But what's most important that we track very diligently is what happens after that goes into place. Are we handling the volume that we expect? Are we growing in the lanes that we expect? That's where we look really closely to understand what's happening afterwards and be able to talk with our customers to better understand their freight flows and where we should be handling business and making sure that it's our rate.

但最重要的是我們要密切注意之後發生的事情。我們處理的數量是否達到了預期？我們是否按照我們期望的方式成長？在這裡，我們會仔細觀察，了解隨後發生的情況，並與我們的客戶交談，以更好地了解他們的貨運流程以及我們應該在哪裡處理業務，並確保這是我們的費率。

So the pricing environment remains rational. We haven't seen anything different than that. We remain really focused on making sure that we get compensated fairly for what we do and provide for customers. So no change from that perspective. And where we get really excited is we continue to see great opportunities with both new and existing customers throughout the network.

因此定價環境仍然合理。我們還沒有看到任何不同的東西。我們始終致力於確保我們為客戶所做的工作和提供的服務能夠獲得公平的報酬。從這個角度來看，沒有改變。真正讓我們興奮的是，我們繼續看到整個網路中新舊客戶的巨大機會。

We've never had 213 facilities like we do right now to sell to our customers. And getting more and more about than we have in prior periods. So that gives us more opportunities.

我們從來沒有像現在這樣擁有 213 個設施來向客戶銷售。並且比以前我們了解的更多。這給了我們更多的機會。

And I think it's important to note, too, Jonathan is that the -- that our renewal number is reflective of the book of business that actually got renewed in the quarter. And it's -- so that can change quarter-to-quarter. So it's reflective of those. That set of customers only.

我認為同樣值得注意的是，喬納森，我們的續約數字反映了本季實際續約的業務量。因此，這可能會逐季度發生變化。所以它反映了這些。僅限那組客戶。

Yeah, that makes sense. And it just a quick follow-up. The move in the new terminal OR from breakeven to mid-90s, you're doing that in an environment where freight demand is still somewhat compressed. Is that strictly a function of just getting experience repetitions, a little bit of scale there? Are you making some of the big coast change in the new terminals that you're in legacy?

是的，這很有道理。這只是一個快速的後續行動。新航廈的營運成本從損益平衡點上升到 90 年代中期，是在貨運需求仍受到一定壓縮的環境下實現的。這是否只是一種獲得經驗重複的功能，有一點點規模？您是否會在現有的新航廈中做出一些重大的海岸線改變？

Well, the first and -- first thing that has to happen in the new terminal is you better be doing a good job, right? So claims are going to be good, on times got to be good. Customers care about that, right? So if you do that, you get a shot at more business. And the great thing about those facilities is because they are well positioned.

嗯，新航廈裡首先要做的事就是你最好把工作做好，對吧？因此，索賠情況將會很好，時間也會很好。顧客關心這個，對吧？因此，如果您這樣做，您將有機會獲得更多業務。這些設施的優點在於它們的位置優越。

We've got a good team in place, the opportunity to scale those, meaning the incrementals on them can be pretty good. And that's kind of what you saw Q1 to Q2. So good execution, actually it's some of the great execution, customer satisfaction, and that leads to profitability improvement because you're basically leveraging your investment at that point.

我們擁有一支優秀的團隊，有機會擴大規模，這意味著他們的增量可能會相當不錯。這就是您在第一季到第二季看到的情況。因此，良好的執行，實際上是一些出色的執行、客戶滿意度，並導致盈利能力的提高，因為你基本上是在利用你的投資。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

A very nice morning, everyone. Hope you can hear me okay. Just one for me on the cost side. How -- you said that you are taking these cost actions in response to the volume environment is completely understandable.

大家早安。希望你能聽到我的聲音。就成本方面而言，對我來說只有一個。您說您採取這些成本措施是為了應對產量環境，這是完全可以理解的。

But how much of these cost actions do you think would be classified as short-term tactical, given the downturn versus longer-term structural gains. And also kind of if you are taking cost actions now particularly in head count, is there a risk that might limit the operating leverage a little bit when the upcycle has come?

但是，考慮到經濟低迷與長期結構性效益，您認為這些成本行動中有多少可以歸類為短期戰術行動。另外，如果您現在採取成本行動，特別是在員工人數方面，那麼當上升週期到來時，是否存在可能稍微限制經營槓桿的風險？

I mean, that's a fair question. You've been around it long enough to know. I mean the core tenet of this business is as volume goes up and down, the variable nature of your short-term labor costs that tends to move with it as well.

我的意思是，這是一個公平的問題。你已經在這個領域待了很久了，應該知道這一點。我的意思是，這個業務的核心原則是，隨著業務量的上升和下降，短期勞動成本的變化性質也往往隨之改變。

So that -- there's certainly a fair number of the head count that were impact or the hours of our impact would come back if the volume scales. But I think what is really significant for us that might be different than a traditional model is that as we optimize our linehaul network, we're building density as we grow from here.

因此，如果數量擴大，那麼受影響的人數或受影響的時間肯定會有相當一部分會回來。但我認為，對我們來說真正重要的是，與傳統模式不同的是，隨著我們優化幹線網絡，我們在不斷發展的同時，也不斷提高密度。

The density play is really significant. So the incrementals have potentially could be pretty good, and they don't require a lot of head count add backs.

密度的作用確實很重要。因此，增量可能會相當不錯，並且不需要增加大量的員工。

So to the extent that in our legacy facilities, which is where most of the impacted hours are. They would -- naturally, some of those would come back, but I would not expect the linehaul hours or the network cost to ratably increase simply because I think there's a scale opportunity for us. That's why we made those changes in those investments.

因此，就我們原有的設施而言，受影響的時間最多。當然，其中一些會回來，但我不會認為乾線運輸時間或網路成本會大幅增加，因為我認為這對我們來說是一個規模機會。這就是我們在這些投資中做出這些改變的原因。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Thank you. I wanted to maybe touch on the pricing environment a little bit. You talked about making progress on kind of -- I guess if you could talk about the progress you've made on repricing some legacy freight as well as freight and new terminals. Clearly, mix is always a factor, but maybe any opportunity that you've seen in terms of winning heavier freight and the likes?

嗨，早安。謝謝。我想稍微談談定價環境。您談到了在某方面取得的進展——我想您能否談談在重新定價一些傳統貨運以及貨運和新碼頭方面取得的進展。顯然，組合始終是一個因素，但也許您在贏得更重的貨運等方面看到了任何機會？

Well, I think it's important, Stephanie, just in general, the pricing actions are a bit of a journey sometimes, right? Is that over time, as you win new customers, you come in, you want to be at market. Sometimes you find out maybe you're not. Sometimes you find out the customer freight is a little bit more complex than you expected. So you've got to make some adjustments there.

嗯，我認為這很重要，史蒂芬妮，總的來說，定價行動有時就像一段旅程，對吧？隨著時間的推移，當你贏得新客戶時，你就會進入市場，你會想要進入市場。有時你會發現也許事實並非如此。有時您會發現客戶的貨運比您預期的要複雜一些。所以你必須做出一些調整。

I think what we are internal measurements. We simply look at public data that's out there, revenue per shipment versus our peers are now peers national footprint peers, and we continue to see opportunity there. So to the extent that we're pleased with progress in the quarter and the last quarters for that matter, I think there's still a fair amount of runway there.

我認為我們的是內部測量。我們只是查看現有的公開數據，與我們的同行相比，每批貨物的收入現在是全國足跡的同行，我們繼續在那裡看到機會。因此，就我們對本季以及上個季度的進展感到滿意而言，我認為我們仍有相當大的發展空間。

And as I look around and I look at sort of public data, I look at the national footprint, which more -- looks more and more like others, we got to continue to press to market. We can only do that if we continue the sort of high level of service that we're providing.

當我環顧四周並查看各種公共數據時，我看到全國的足跡越來越像其他人，我們必須繼續向市場施壓。只有繼續提供高水準的服務，我們才能做到這一點。

So that's kind of how it is -- we're early innings. So opportunity remains for sure, but pleased with progress.

情況就是這樣的——我們才剛開始比賽。因此機會肯定仍然存在，但對進展感到滿意。

And just a follow-up to some comments you made previously in terms of optimizing your business or your network given now being a national carrier, and making pretty strict actions in the second quarter. Could you just give us a couple of maybe the key areas that changed in the second quarter? What specific actions are put in place that really optimize your network or from the national footprint?

這只是對您之前就優化業務或網路所做的一些評論的後續跟進，因為現在作為全國性運營商，您將在第二季度採取非常嚴格的行動。您能否為我們介紹一下第二季度發生變化的幾個關鍵領域？您採取了哪些具體措施來真正優化您的網路或從全國範圍來看？

Sure. I mean I think the real center of this is that when you have a network that was established over a number of years and it didn't have sort of full national coverage, a lot of our -- your freight goes through different sort of routings in our network.

當然。我的意思是，我認為真正的核心是，當你擁有一個經過多年建立的網絡，並且它沒有完全覆蓋全國時，我們的許多貨物都會通過我們網絡中不同類型的路線運輸。

So if we were probably the east example is that historically, we haven't had that corridor across North Dakota, Montana, all the way to the West Coast. Now we can actually run direct line haul from, say, Minnesota to Seattle. And having that ability to build density along that, we'll introduce triples to those lanes in the coming months, that will be important. That's a density play.

因此，如果我們以東部為例，那麼從歷史上看，我們還沒有穿過北達科他州、蒙大拿州一直到西海岸的走廊。現在我們實際上可以從明尼蘇達州到西雅圖開通直達線路。有了這種增加密度的能力，我們將在未來幾個月內在這些車道上引入三倍，這將非常重要。這就是密度遊戲。

I mentioned earlier the Ohio example around linehaul about building the triple sort of operation and a recently purchased facility. That's all about linehaul optimization. And that's -- in the first quarter, we talked about the challenges we have with new facilities having a route freight through our big break operations. Well, now if you build a little bit of density in the originating market, now you can build a direct that maybe bypasses a break operation. It's one less handle in the network.

我之前提到俄亥俄州幹線運輸的例子，其中涉及建立三重類型的運營和最近購買的設施。這就是有關幹線運輸優化的全部內容。這就是—在第一季度，我們討論了新設施透過我們的大型突破性營運路線貨運所面臨的挑戰。好吧，現在如果你在原始市場中建立一點密度，那麼你就可以建立一個直接的，也許可以繞過中斷操作。網路中的句柄就少了一個。

That's important. So we realigned where some of our hub and sort of where we routed freight in this second quarter. That allowed us to build some density in some key lanes. And doing that, you see cost leverage at surfaces in our line haul network.

這很重要。因此，我們在第二季重新調整了部分樞紐的位置以及貨運路線。這使我們能夠在一些關鍵通道上建立一定的密度。這樣做的話，你會看到我們的幹線運輸網路表面的成本槓桿作用。

And that -- I would encourage you to study the -- not only the salary and wages line but the PT line together, those two together are really kind of what -- how we measure kind of our wage structure, and that was -- that performance is driven exclusive largely -- I mean, certainly, some of it at the terminal levels as well, but a big part of that came through the linehaul cost savings.

而且 — — 我鼓勵您研究 — — 不僅要研究工資和薪金線，還要研究 PT 線，這兩者結合起來實際上是 — — 我們衡量工資結構的方式，而且 — — 績效在很大程度上是由獨家驅動的 — — 我的意思是，當然，其中一部分也來自終端級別，但其中很大一部分來自於乾線運輸成本的節省。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey guys, good morning. Thanks for taking the question. First, just a clarification. I got a couple of questions already but just so clear, is the quarter-to-quarter guidance you're talking about, is that assuming you put the wage increase through in the third quarter or not just to be clear. And then one thing I thought was pretty interesting.

大家好，早安。感謝您回答這個問題。首先，只是澄清一下。我已經有幾個問題了，但只是想明確一點，您所說的季度指導是否假設您在第三季度實現了工資增長。然後有一件事我覺得非常有趣。

We've seen this NMFC shift coming for a little while now, but largest carrier earlier this week pushed it out for, I guess, 150 days or so to early December. Just wanted to see if that had any implications for your business for the broader industry, I say that shippers are having a hard time getting there with the new codes.

我們已經看到 NMFC 的這種轉變已經持續了一段時間，但本週早些時候最大的承運商將其推遲了大約 150 天，到 12 月初。我只是想看看這是否會對您的業務或更廣泛的行業產生影響，我說托運人很難按照新代碼行事。

So just some thoughts on those two?

那麼對這兩個人有什麼看法嗎？

Yeah, in terms of the guide and the wage increase, like Fritz mentioned, we are evaluating our time line. Our guide includes what our forecast is on that. So it's inclusive of where we stand right now, and we'll provide some information on that as time moves on. But in terms of the NM FTA changes, look, we're not backing down on the implementation of that. It's good for the industry.

是的，就指南和工資增長而言，正如弗里茨所提到的，我們正在評估我們的時間表。我們的指南包括我們對此的預測。因此，它包含了我們目前的立場，隨著時間的推移，我們將提供一些相關資訊。但就新墨西哥州自由貿易協定的變化而言，我們不會放棄實施該協定。這對產業有利。

Long term, we feel like this is a trend in the right direction. We sell space on our trailers, and this aligns more of the book to be density based, which we feel is important for us, important for our shippers.

從長遠來看，我們認為這是一個朝著正確方向發展的趨勢。我們出售拖車上的空間，這使得書籍更多地以密度為基礎，我們認為這對我們很重要，對我們的托運人也很重要。

So from our standpoint, we dimensioned 75 percentage of our freight every day. We get a view of what that looks like. We've invested heavily in [dimensioners] over the years for that exact reason. We leverage that technology. So we're working closely with our shippers, and we feel like we had a good opportunity to get in front of that and get ahead with them and talk about what the impact could look like.

因此從我們的角度來看，我們每天對 75% 的貨物進行測量。我們看到了它的樣子。正是出於這個原因，我們多年來對[尺寸測量師]進行了巨額投資。我們利用該技術。因此，我們正在與托運人密切合作，我們覺得我們有一個很好的機會來領先他們，並討論其可能產生的影響。

That's all about the partnership with our customers. So we don't -- we don't have any plans to back that off. I guess it remains to be seen what that does for others. But in our view, it's a good -- these changes from the NMFDA are good for the industry, and we're here to support it.

這就是我們與客戶的合作關係。所以我們沒有任何計劃來放棄這項計劃。我想這對其他人會有什麼影響還有待觀察。但我們認為，這是一件好事——國家食品藥物管理局的這些變化對該行業有利，我們會支持它。

Just to be clear, it's been a long week. So the current guide for the sequential was based on what you think right now, which is to be determined. So I guess we'll have to stay tuned for an update. Is that right?

需要明確的是，這是一個漫長的一周。因此，目前的順序指南是基於您現在的想法，這還有待確定。所以我想我們必須繼續關注更新。是嗎？

Yes.

是的。

Correct. Okay, thanks very much.

正確的。好的，非常感謝。

Eric Morgan, Barclays.

巴克萊銀行的艾瑞克摩根。

Hey, good morning, thanks for taking my question. I wanted to ask about the mix management initiatives you referenced. Just looking at second quarter shipments, I think you had the smallest sequential improvement in maybe at least 20 years outside the pandemic.

嘿，早上好，感謝您回答我的問題。我想問您提到的混合管理舉措。僅從第二季的出貨量來看，我認為這可能是疫情以來至少 20 年來連續成長最小的一次。

So just curious how much of that is the action you took to manage the book relative to underlying demand softness and looking ahead, is there more work to do on that? Or should we be thinking about sequentials from here as more reflective of underlying demand you're seeing?

所以我只是好奇其中有多少是你在管理與潛在需求疲軟相關的帳簿時採取的行動，展望未來，還有更多工作要做嗎？或者我們應該從這裡考慮序列，以更好地反映您所看到的潛在需求？

Just to confirm, Eric, you're talking about the sequential change Q1 to Q2?

只是為了確認一下，艾瑞克，您說的是從 Q1 到 Q2 的連續變化嗎？

Correct.

正確的。

Well, keep in mind, we're starting to lap terminals that we opened last year, and we opened six in Q2 last year. Those were some of the larger facilities that we opened. But we've been bucking the trend because we've been growing, but the freight environment has been negative for three years now. Industrial production hasn't been great. Our legacy markets are looking a little bit more like what others are, but less because we're getting more and more opportunities with customers.

嗯，請記住，我們開始涵蓋去年開設的終端，去年第二季我們開設了六個終端。這些是我們開設的一些較大的設施。但我們一直在逆勢而上，因為我們一直在成長，但貨運環境已經連續三年處於負面狀態。工業生產不太好。我們的傳統市場看起來與其他市場有點相似，但差異較小，因為我們獲得了越來越多的客戶機會。

So I think that's really just a component of what the industrial backdrop looks like, what the landscape looks like. But we're -- again, we've never had 213 facilities like we do now to sell to our customers, which we feel like really positions us well.

所以我認為這實際上只是工業背景和景觀的一個組成部分。但我們——再說一次，我們從來沒有像現在這樣擁有 213 個設施來銷售給我們的客戶，我們覺得這確實為我們帶來了優勢。

So I mean I think just to add to that, Eric, the -- our focus is on what we can control, right? So we've got to perform for the customer. We've got to do that in a cost optimal way. That was a big part of what we achieved in this -- in the second quarter. But at the same time, we spent $1 billion in capital last year, and we're providing a very high level of service.

所以我的意思是，我想補充一點，艾瑞克，我們的重點是我們能夠控制的事情，對吧？所以我們必須為客戶提供服務。我們必須以成本最優的方式來做到這一點。這是我們在第二季度取得的成就的重要組成部分。但同時，我們去年投入了 10 億美元的資金，並且提供了非常高水準的服務。

So there is a -- we have an expectation that we'll get a return on that. So we are going to continue to focus on finding the customers that value that sort of strategic and long-term investment in them. And so the pricing is part of that as well and mix management is part of that.

因此，我們期望獲得回報。因此，我們將繼續致力於尋找重視這種策略性和長期投資的客戶。因此，定價也是其中的一部分，混合管理也是其中的一部分。

In an environment we're in right now, maybe it's a little bit muted. Certainly, as you look at our trends, through the quarter, I mean it's -- we're off -- have not been on seasonality, the historical seasonality. That would be quite honest in the business. That's a little bit of life in the big city. So you've got to focus then on what can we handle inside our four walls, and that's what we do.

在我們現在所處的環境中，也許它有點沉悶。當然，當你觀察我們整個季度的趨勢時，我的意思是——我們已經偏離了——沒有受到季節性、歷史季節性的影響。從商業角度來說，這算是相當誠實了。這就是大城市生活的一小部分。所以你必須專注於我們能在自己的範圍內處理什麼，而這就是我們所做的。

Appreciate that. And maybe just a quick one on the balance sheet, if I could. I think your CapEx should be coming down in the back half. Do you think you'll be able to start reducing your leverage and interest costs in the back half? Or how should we be thinking about how to manage our expectations for cash on the balance sheet?

非常感謝。如果可以的話，我可能只是快速地看一下資產負債表。我認為你的資本支出在後半段應該會下降。您認為您能在下半年開始降低槓桿和利息成本嗎？或者我們應該如何思考如何管理資產負債表上的現金預期？

Yeah. We'll still be into the line. We've got some spend in the back half of the year, $600 million to $650 million is probably where we land in terms of the full year on the CapEx line. But I'd expect it to start to taper down on online usage in the back part of the year in Q4. But a lot of that depends on timing with some of the real estate opportunities that are in our pipeline. But we -- we'll still be into the line, but I expect that will start to trend down in the back quarter of the year.

是的。我們仍會排隊。我們在下半年有一些支出，就全年資本支出而言，大概是 6 億到 6.5 億美元。但我預計，今年下半年（第四季）的線上使用量將開始減少。但這很大程度上取決於我們正在籌劃的一些房地產機會的時機。但是我們 - 我們仍然會進入這條線，但我預計這一趨勢將在今年後半季度開始下降。

Tyler Brown, Raymond James.

泰勒布朗、雷蒙詹姆斯。

Hey, good morning, guys. Can you all hear me?

嘿，大家早安。你們聽得到我說話嗎？

We can loud and clear.

我們可以大聲而清晰地。

Fritz, you've given some really good operational color, but I just kind of want to hammer this home. So what are you guys seeing from a network balance perspective? So have you guys started to see that those new markets have built on the outbound side. Just any color maybe on that inbound outbound ratio in those newer terminals, because I would assume that if that balance has started to improve, that's been maybe a driver to that mid-90s outcome?

弗里茨，你給了一些非常好的操作色彩，但我只是想把這一點再強調一遍。那麼從網路平衡的角度來看，你們看到了什麼？那麼，你們是否已經開始看到這些新市場是在出境方面建立起來的呢？這些新航站樓的出站流量和入站流量比例可能只是某種顏色，因為我認為，如果這種平衡已經開始改善，那麼這可能是 90 年代中期結果的一個驅動因素？

Tyler, it's a good read. Yes, the answer is it's improving. Is it where it needs to be? No. And I think that the opportunity is -- that's the opportunity for us, not only this year but into next year as we continue to mature those facilities.

泰勒，這本書值得一讀。是的，答案正在改善。它位於它應該在的位置嗎？不。我認為這是一個機會——這對我們來說是一個機會，不僅是今年，而且隨著我們繼續完善這些設施，明年也是如此。

We're not in the game of trying to fill them up, though, in the sense of let's go see how much volume we can get in there. It's we've got to be very strategic around that, make sure we're picking up freight that works. But I think the opportunity absolutely to build scale in those facilities, and it really shows up in the linehaul network costs.

然而，我們並不是想把它們填滿，而是想看看我們能得到多少容量。我們必須對此採取非常有策略的措施，確保我們能夠運送有效的貨物。但我認為絕對有機會在這些設施中建立規模，而且它確實體現在幹線網路成本上。

As we move freight through our operation, not only building a direct from Trenton West surely drive some efficiency versus building a pop that goes through Harrisburg somewhere else, right? So that we know those are efficiencies that we're gaining as we build maturity in these markets. And that's -- we're really excited to see that trend.

當我們透過我們的業務運輸貨物時，不僅要從特倫頓西部直達，而且要建造一條途經哈里斯堡到其他地方的快捷路線，這樣肯定會提高效率，對嗎？因此我們知道，隨著我們在這些市場中逐漸成熟，我們正在獲得效率。那是——我們真的很高興看到這種趨勢。

I think you see that in the cost per shipment, Tyler, too, it's down 4% sequentially. And usually, if you're on seasonality, Q2 typically is the best volume ramp in volume quarter for us. So you'd get even more leverage on those fixed cost lines like depreciation that we got a little bit of, but not all of.

我想你也看到了，泰勒的每批貨物的成本也比上一季下降了 4%。通常，如果考慮季節性，第二季通常是我們銷量成長最好的季度。因此，您將在那些固定成本項目上獲得更大的槓桿作用，例如折舊，我們獲得了一點，但不是全部。

So that balance and that execution, you see in our cost per shipment line despite that lack of typical ramp that helps you leverage the fixed cost. And that's where when this thing ramps back up, great incremental margin opportunity for us because you're able to leverage that even more over a network that's becoming more balanced that you've got more in and out opportunities.

因此，儘管缺乏典型的坡道來幫助您利用固定成本，但您可以在我們的每條裝運線的成本中看到這種平衡和執行。當這種情況再次發生時，對我們來說，這是一個巨大的增量利潤機會，因為你可以在一個變得更加平衡的網路上更好地利用這一點，從而獲得更多的進出機會。

These terminals have really been open less than a year that we opened last year. So each month that passes, we continue to work on that.

從我們去年開放到現在，這些航站樓實際上開放不到一年。因此，每個月我們都會繼續努力。

Right. So the message is, it's improved, but there's still plenty of work to do?

正確的。所以意思是說，情況有所改善，但仍有大量工作要做？

Yeah. This business, we don't see a reason why it shouldn't operate in the 70s and part of getting there is building densities in those markets.

是的。我們認為這項業務沒有理由不在 70 年代運營，而實現這一目標的部分原因就是在這些市場中提高建築密度。

Right. And then this kind of goes hand-in-hand with that last question. But one of the key side effects of a greenfield strategy in LTL is that you need more brakes. You just can't run a lot of direct without that outbound density, right? So I don't know how you measure it, but if you looked at something like brakes per bill or your direct percentage, do you feel like you've seen peak pain on those metrics at this point and basically on the downward slow?

正確的。然後，這與最後一個問題密切相關。但 LTL 中綠地策略的關鍵副作用是需要更多的煞車。如果沒有出站密度，就無法運行大量直飛航班，對嗎？所以我不知道您是如何衡量的，但是如果您查看了每張賬單的剎車次數或直接百分比之類的數據，您是否覺得此時這些指標已經達到了峰值，並且基本上呈下降趨勢？

Well, freight flows change. But if we look at our productivity metrics very closely, and one of the things that we monitor is handling and handling our touches. And touch has improved sequentially from Q1 to Q2, and we saw that continue into June. So it's -- you always have to continue that work because freight flows changed and customer patterns change. But we were really pleased with the execution. We saw that come through in the productivity metrics and the handles.

嗯，貨運流量改變了。但如果我們仔細觀察我們的生產力指標，我們監控的事情之一就是處理和處理我們的接觸。從第一季到第二季度，觸覺一直持續改善，我們看到這種狀況一直持續到六月。所以你必須一直繼續這項工作，因為貨運流量和客戶模式都會改變。但我們對於執行效果非常滿意。我們看到生產力指標和處理能力都實現了這一點。

We gave that example before about how things have to route differently, and Fritz talked about it. When you can route direct and you eliminate a handle, that's a big deal, not only the service to a customer that could be different, but you'll eliminate the cost that's associated with the handle. And we saw that improvement, but we are always working on that because every day is a little bit different in the business.

我們之前給過關於事物如何以不同方式進行路由的例子，Fritz 也談到了這一點。當您可以直接路由並消除手把時，這是一件大事，不僅可以為客戶提供不同的服務，而且還可以消除與手把相關的成本。我們看到了這種進步，但我們一直在努力，因為業務中每天都有一點不同。

Right. I mean if you run more direct, you run more triples, I would assume that would have a profound impact on linehaul?

正確的。我的意思是，如果你運行更多的直達列車，運行更多的三重列車，我認為這會對幹線運輸產生深遠的影響？

Listen, like-for-like triples versus a set is 30% reduction, right? So that's a big deal.

聽著，同類三件套裝與套裝相比減少了 30%，對嗎？所以這是一件大事。

Right. Okay.

正確的。好的。

Ari Rosa, Citi Group.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hey, good morning, Fritz, you mentioned in your prepared comments, just conviction around the long-term prospects remain intact. I was hoping you could speak a bit more to that -- just what's the progression to getting to a sub-ADOR and really growing the revenue in a meaningful way from here?

嘿，早上好，弗里茨，你在準備好的評論中提到，對長期前景的信心依然完好。我希望您能就此多說一點——從現在開始，進入子 ADOR 並真正以有意義的方式增加收入的進展情況是什麼？

Well, I think that one of the things that would help broadly, right? I think that if we saw a little bit stronger macro backdrop, I think you'd see a little more conviction from our customers, and there's probably a little bit more growth. We've been dealing with this sort of freight economy for a number -- a couple of years now.

嗯，我認為這是能夠提供廣泛幫助的事情之一，對嗎？我認為，如果我們看到更強勁的宏觀背景，你會看到我們的客戶更有信心，而且可能會有更多的成長。我們已經處理這種貨運經濟好幾年了。

But that said, I think that there is an opportunity for us to continue to methodically grow our business, winning in the marketplace, taking share, frankly, because we're performing at a high level. And we may not get the outsized growth that you might see in a more stronger backdrop. But I think we have an opportunity to continue to drive improvements.

但話雖如此，我認為我們有機會繼續有條不紊地發展我們的業務，在市場上取勝，佔領市場份額，坦白說，因為我們的表現處於高水準。我們可能無法獲得在更強勁的背景下可能看到的超額成長。但我認為我們有機會繼續推動改進。

Now, do I know what that's going to look like into next year? I think to be fair, I think we all need to figure out what exactly that macro looks like. But what I would say, though, is if I look across our operations and we look at our reference benchmark facilities where we have the most maturity, the most sort of long-established, well-known brand efficiencies, all those things, this business operates in the 70s, so -- in those markets. We don't see a potential that says the newer markets or newer regions of the country for us couldn't approach those sort of levels.

現在，我知道明年的情況會是怎樣嗎？我認為公平地說，我們都需要弄清楚這個宏到底是什麼樣子。但是我想說的是，如果我回顧我們的營運情況，看看我們的參考基準設施，我們擁有最成熟、最悠久、最知名的品牌效率，所有這些，這項業務在 70 年代運營，所以 - 在那些市場。我們認為，較新的市場或較新的地區沒有無法達到這種水準的潛力。

So the long-term opportunity is certainly there. I think it's still open as to what the timing of that would be. I think we need to get a little more clarity around what that looks like. But I think the fundamentals for us are good. And as we're pointing out in the last question is that this -- the ability to develop maturity in a national network is an important scaling opportunity for the overall cost structure of the business.

因此長期機會肯定是存在的。我認為具體時間仍未確定。我認為我們需要更清楚地了解它是什麼樣子的。但我認為我們的基本面是好的。正如我們在最後一個問題中指出的那樣，在全國網路中發展成熟度的能力對於企業的整體成本結構來說是一個重要的擴展機會。

That's encouraging to hear. And then I just wanted to clarify, I think you mentioned that there was a shift or -- shift in mix towards more national customers, more retail accounts. I'm a little surprised by that because when we hear from some of your peers, it seems like there's a big focus on moving the other way with kind of regional accounts being more profitable. So I was hoping you could just kind of address what's driving that strategy and what's really driving the revenue mix?

聽到這個消息令人鼓舞。然後我只是想澄清一下，我認為你提到了產品組合發生了轉變，轉向更多的全國客戶、更多的零售帳戶。我對此感到有點驚訝，因為當我們聽到一些同行說，他們似乎非常注重向另一個方向發展，即透過區域帳戶來獲取更多利潤。所以我希望您能解釋一下推動該策略的因素以及真正推動收入組合的因素是什麼？

Yeah. And just to clarify that a little bit, Ari, it's not necessarily new customers that are coming in that are more national retail. More business with customers that we already work with and have worked with for a long time. If you look back in our history, that's not uncommon in Q2, maybe late Q1, but more so Q2. That trend to a little bit more seasonal retail-type freight is not uncommon for us.

是的。阿里，稍微澄清一下，新來的客戶不一定是來自全國的零售客戶。與我們已經合作或長期合作過的客戶開展更多業務。如果回顧我們的歷史，這在第二季度並不罕見，也許在第一季末，但在第二季更為常見。對我們來說，零售貨運略顯季節性的趨勢並不罕見。

And we -- when you get an opportunity to serve more markets for customers that you already work with and have worked with for a long time, you get more opportunities at freight in some of these newer markets and even legacy markets because you can just do more for them. So that shift is not something that's uncommon for us in our history.

而且，當您有機會為已經合作或長期合作的客戶提供更多市場服務時，您將在一些較新的市場甚至傳統市場中獲得更多貨運機會，因為您可以為他們做更多的事情。所以這種轉變在我們的歷史中並不罕見。

And that's not necessarily a bad thing, right? I mean it's -- you certainly have things like pickup economies. If you further penetrate a national account, meaning you get more business there, you have the opportunity, you have some density you build on your pickups or frankly, on your deliveries. So part of what may be driving that is some of those national accounts are tapping a national network. And that's part of the opportunity for us.

這不一定是壞事，對吧？我的意思是——你肯定會有像皮卡經濟這樣的東西。如果您進一步滲透到全國性帳戶，意味著您在那裡獲得更多業務，您就有機會，您可以在提貨或坦率地說在送貨上建立一定的密度。因此，造成這種情況的部分原因可能是一些國家帳戶正在利用國家網路。這對我們來說也是機會的一部分。

Now you could argue that part of our opportunity in some of these new markets, those regional accounts or field accounts that haven't gotten an sight, that's opportunity for us. That's runway. So I look at this as kind of a maybe a win-win problem, if that makes sense. Jeez, we're growing some of the business that we've done has had good partnerships historically, that's good. And we still have opportunities in new markets that may drive that mix of business a little bit different in the future.

現在你可以說，我們在這些新市場中的部分機會，那些尚未被注意到的區域帳戶或現場帳戶，對我們來說就是機會。那是跑道。因此，我認為這可能是個雙贏的問題，如果這說得通的話。天哪，我們正在發展一些業務，我們過去一直都有良好的合作關係，這很好。我們在新市場中仍然有機會，這可能會在未來推動業務組合略有不同。

Got it. Okay, thanks for the time.

知道了。好的，謝謝你抽出時間。

Daniel Imbro with Stephens.

丹尼爾·伊姆布羅 (Daniel Imbro) 和史蒂芬斯 (Stephens)。

Yeah, hey, good morning, guys. Thanks for taking our questions. Fritz, maybe a follow-up just on the service. I think you mentioned claims ratio was flat at 0.5% from the first quarter. I guess what about other service metrics, on-time deliveries, missed pickups, and then continuing that discussion on legacy versus new markets, I mean, how different are the service metrics that you're getting from the field between the legacy and the new markets?

是的，嘿，大家早安。感謝您回答我們的問題。弗里茨，也許只是對服務的後續跟進。我認為您提到索賠率與第一季持平，為 0.5%。我想問其他服務指標，準時交貨、錯過取貨，然後繼續討論傳統市場與新市場，我的意思是，您從傳統市場和新市場現場獲得的服務指標有何不同？

Well, the good on time, and we're pleased with the results there. On time as well as pick up completion, those are all trending at high levels, which are key service metrics for our team, very, very competitive. We think probably as good as anybody in the industry.

嗯，一切按時完成，我們對結果很滿意。按時以及完成提貨，這些都處於高水準趨勢，這是我們團隊的關鍵服務指標，非常非常有競爭力。我們認為可能和業內任何人一樣好。

What's really exciting is that the service metrics generally between the new facilities and the old facilities are pretty consistent. And that matters to those national account customers because they know they can count on the same service everywhere they go. That's how you win share in new markets.

真正令人興奮的是，新設施和舊設施之間的服務指標通常非常一致。這對於全國帳戶客戶來說很重要，因為他們知道無論走到哪裡都可以享受相同的服務。這就是你在新市場贏得份額的方法。

Okay. That's helpful. And then, Matt, maybe as a follow-up, I'll ask the wage increase question in a different way. Understanding, we don't know what happens this year, but historically, how much of the normal degradation of 100 to 200 basis points is from the wage increase. So we can understand how impactful this either will or won't be for the third quarter?

好的。這很有幫助。然後，馬特，也許作為後續，我會以不同的方式詢問薪資成長的問題。理解，我們不知道今年會發生什麼，但從歷史上看，100 到 200 個基點的正常下降有多少是由於工資上漲造成的。那我們可以了解這對第三季會有多大影響嗎？

Yeah, and like first said, I mean we're evaluating our time line on that. So if you look back in history, it ranges depending on the volume levels and the hours worked and things like that in the period. But I'd say probably in the 75-ish bps range on that number in the past. Again, varies with some of the volume and seasonal patterns and trends like that, but that's probably a pretty good long-term average.

是的，就像一開始說的，我的意思是我們正在評估我們的時間表。因此，如果你回顧歷史，你會發現它的範圍取決於當時的交易量水平、工作時間等因素。但我認為過去這個數字可能在 75 基點左右的範圍內。同樣，隨著一些數量和季節性模式和趨勢的變化而變化，但這可能是相當不錯的長期平均值。

Okay, super helpful. I appreciate the color.

好的，非常有幫助。我很欣賞這個顏色。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey, good morning, gents. A lot of helpful commentary around the linehaul density so far. And maybe just related to that, Matt, I think you mentioned that you're a 12% outsourced PT now. How are you thinking about that number as you go forward, especially with the maturing network and the planning tools that you have in place and some of the changes like Young town that Fritz mentioned. Is there sort of a target number that you're thinking about over the next year or so?

嘿，先生們，早安。到目前為止，有關乾線運輸密度有很多有用的評論。也許與此相關，馬特，我想你提到你現在 12% 是外包 PT。在未來的發展中，您如何看待這個數字，特別是考慮到網路日趨成熟、規劃工具已經到位，以及弗里茨提到的年輕城鎮等一些變化。您是否考慮過未來一年左右的目標數字？

So Bruce, I'll jump in on this one. Our target number is to get whatever we have to do to provide great service to a customer that gets to 75 OR or 70s OR, right? So there could be times where it makes the most sense for us to use PT. As long as we do not, in any way, disappoint the customer, that's kind of the critical decision-making. So when we think about what it takes to run our line haul network, it's sort of a network cost sort of perspective.

那麼布魯斯，我會加入這個。我們的目標是盡一切努力為達到 75 OR 或 70s OR 的客戶提供優質服務，對嗎？因此，有時我們使用 PT 是最有意義的。只要我們不以任何方式讓客戶失望，這就是關鍵的決策。因此，當我們考慮運行幹線網路需要什麼時，這是一種網路成本的視角。

The decision tree starts with what's the customer need. And in any way, do we impact the customer, answer is no, or we meet their expectations. That's critical. And then the second step is what's the most cost optimal way to do that. So what that could mean is in some markets, we use more PT because it may be a market that is not in balance and we know that we don't have outbound freight from the market.

決策樹從顧客的需求開始。無論如何，我們是否會影響客戶？答案是否定的，或者我們是否滿足了他們的期望。這很關鍵。第二步是確定最具成本優勢的方法。所以這可能意味著在某些市場中，我們使用更多的 PT，因為這可能是一個不平衡的市場，而且我們知道我們沒有來自該市場的出站貨運。

It could be in other markets like when you build the triples operation, you say, boy, we got a lot of efficiency we can drive here because we're in balance. So it's -- that's kind of how the decision works for us. So we figure out -- we're focused more on sort of the financial return and meeting customer expectation than we are specifically around a target around what percentage of PT.

它可能出現在其他市場，例如當你建立三重營運時，你會說，我們在這裡獲得了很大的效率，因為我們處於平衡狀態。所以——這就是我們所做的決定。因此我們發現——我們更關注財務回報和滿足客戶期望，而不是具體關注 PT 百分比的目標。

Okay. That's fair enough. And then maybe just a quick follow-up on a comment that you made, Fritz. I appreciate what you said about moving the customer service to field locations. It sounds like a wise investment in service.

好的。這很公平。然後也許只是對你所做的評論進行快速跟進，弗里茨。我很欣賞您關於將客戶服務轉移到現場的建議。這聽起來像是一項明智的服務投資。

Just curious if there is any cost impact to call out as a result of that, whether onetime or ongoing?

只是好奇這是否會產生任何成本影響，無論是一次性的還是持續的？

Now over time, that will -- we think that will actually be a lower investment because we took out a duplicative sort of resource. So both groups were focused on touching the customer. We think that having the frontline engaged with the customer is the best easiest, most efficient, transparent way to help that customer get what they need. So yes, there's a bit of a cost savings in there, but we'll also invest in some areas, we may add back resources and field locations to meet that. So it's kind of a transition right now. Pleased with the early results with it, though.

現在，隨著時間的推移，我們認為這實際上將是一項較低的投資，因為我們消除了一種重複的資源。因此，兩個團隊都致力於接觸客戶。我們認為，讓第一線員工與客戶接觸是幫助客戶獲得所需東西的最佳、最簡單、最有效、最透明的方式。所以是的，這確實節省了一些成本，但我們也會在某些領域進行投資，我們可能會增加資源和現場位置來滿足這項要求。所以現在這是一種轉變。不過，我對早期的結果很滿意。

Okay great appreciate.

好的，非常感謝。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎哈納。

Thanks for taking my questions. Matt just sort of a housekeeping item. I think last year, you said normal margin seasonality in the fourth quarter was about 250 bps of degradation. Without commenting on where you might come in versus that, is that still a decent measure of a seasonal bogey?

感謝您回答我的問題。馬特只是一種家務用品。我認為去年您說過，第四季的正常利潤率季節性下降約為 250 個基點。不評論您可能會遇到的情況，這是否仍然是衡量季節性柏忌的適當標準？

Yeah. We're really focused on Q3 for now, but that's probably the right long-term average. Q4 always varies dependent on where the holidays fall and calendar and things like that, especially now were holidays tend to be a little bit more stretched out in some of the business environment, demand and things like that, but that's right now.

是的。我們目前真正關注的是第三季度，但這可能是正確的長期平均值。Q4 總是會根據假期地點、日曆等因素而有所不同，尤其是現在，在某些商業環境、需求等因素下，假期往往會延長一些，但這就是目前的情況。

But I'd caution you a little bit of that, Bascome because this will be the first time that we've had 21 facilities that we didn't have before. So I don't know -- we don't know exactly what that -- what history looks like there yet. We're intently focused on Q3, and we'll have a better view and picture of what we think Q4 will be down the road.

但我要提醒你一點，巴斯科姆，因為這是我們第一次擁有 21 個以前沒有的設施。所以我不知道──我們還不知道那裡的歷史到底是什麼樣子。我們專注於第三季度，並且我們將對第四季度的未來有更好的了解和展望。

Understood, and thank you for clarifying that with the color about the new facilities. And I think certainly, with just kind of following seasonality out, does feel that volume is going to be under pressure through the back half of this year, maybe even the 1Q with the comp, and I think analysts and investors are coming to terms and understand that.

明白了，感謝您用顏色來澄清有關新設施的資訊。我認為，隨著季節性因素的影響，今年下半年的銷售確實會面臨壓力，甚至第一季的銷售量也會面臨壓力，我認為分析師和投資者正在逐漸接受並理解這一點。

But rather than talking about when it gets better and how quickly it gets better just from a macro perspective. If we were to enter a world where we're back to kind of low to mid-single-digit tonnage growth in the Saia network. Do you have a sense of how we should think about that financially?

而是不要只從宏觀角度談論何時會好轉、好轉速度有多快。如果我們進入一個 Saia 網路噸位成長回到低到中等個位數的世界。您是否知道我們應該如何從財務角度來考慮這個問題？

I don't know if it's an incremental margin framework. Just any way to kind of tops down, think about without necessarily putting a date on it, what the recovery looks like for Saia so we can kind of run your thoughts into our models?

我不知道這是否是一個增量保證金框架。只是以某種自上而下的方式思考，而不必設定一個日期，Saia 的復甦情況是什麼樣的，以便我們可以將您的想法融入我們的模型中？

Yes, no problem. That's a fair question. I think the first thing I would do, I would go back and look at what side did -- through after our Northeast -- through our Northeast expansion and see the incrementals that we were generating per quarter as we've matured those parts of our network. I think we return to that. And arguably, because this is a national scale, we might be able to do even better than that.

是的，沒問題。這是一個公平的問題。我想我要做的第一件事就是回過頭去看看東北地區之後的情況——透過我們的東北擴張，看看隨著我們網路的這些部分逐漸成熟，我們每季產生的增量。我想我們會回到那個問題。而且可以說，因為這是一個全國性的規模，我們或許可以做得更好。

So it's -- the network, the benefits of having a national network certainly provide all kinds of benefits to customers, but it also allows us to build scale. So the opportunity for us to drive incrementals, I think there would be some of the incrementals you saw in the highest -- the best periods as we grew out of the Northeast expansion. And I think you'd see that going forward from here.

所以，擁有全國性網路的好處無疑會為客戶帶來各種好處，同時也讓我們能夠擴大規模。因此，我們有機會推動增量，我認為隨著我們在東北擴張中成長，您將會看到一些在最高 - 最佳時期看到的增量。我認為從現在開始你就會看見這一點。

I just -- I don't know when that starts, certainly a little volume will help that. But I think the incremental volumes in the facility that's running at 30% capacity today, boy, those are pretty good, adding a third linehaul trailer, that's all incremental, right, in terms of efficiency for our line-haul network. So all those things would contribute to some very, very long-term nice performance and returns to shareholders.

我只是——我不知道什麼時候開始，當然一點點音量會有所幫助。但我認為，目前以 30% 容量運行的設施的增量量非常好，增加了第三輛幹線拖車，就我們的幹線網路的效率而言，這都是增量。因此，所有這些都將為股東帶來非常長期的良好業績和回報。

Christopher Kuhn, Benchmark.

克里斯多福‧庫恩，《基準》。

I'm just wondering on the pricing maybe out of the new markets or from the newer freight you've taken on, how that's been progressing?

我只是想知道新市場或新貨運的定價情況如何？進展如何？

Well, it's -- I mean we're just starting to lap some of these. And what we really try to do when we enter a new market is find what the market rate is and work with our customers and find that. One of the great things about entering into these new markets is our lead list every single time is our existing book of customers. We get to go to them and say, Hey, we're doing a great job for you in these markets. We're now in these, we can provide national service. So we get to have conversations about the freight mix and the characteristics.

嗯，我的意思是我們才剛開始處理其中的一些問題。當我們進入一個新市場時，我們真正嘗試做的是找到市場價格，並與我們的客戶合作找到價格。進入這些新市場的一大優點是，我們每次的潛在客戶名單都是我們現有的客戶名錄。我們可以去找他們說，嘿，我們在這些市場上為你們做得很好。我們現在能夠提供國家服務。因此，我們可以討論貨運組合和特點。

Now we can't necessarily go turn around and raise the rate the next day because we are growing and building density and inefficient in some of these markets. But we're trying to find the market rate. And the big opportunity for us is that when we do more for customers and we improve our share of wallet, we're able to provide service in more markets. We become stickier with them. We are harder to change out because we're doing a great job for them in a lot of markets over time, that gets us price.

現在我們不一定能在第二天就提高利率，因為我們正在成長，建設密度高，而且在某些市場效率低。但我們正在努力尋找市場價格。對我們來說，最大的機會是，當我們為客戶做更多的事情並提高我們的錢包份額時，我們就能夠在更多的市場提供服務。我們對他們變得更加依賴。我們很難被取代，因為長期以來我們在許多市場上都為他們做得很好，這為我們帶來了價格。

So we continue to see that, and we see those opportunities and it often opens us up to a larger mix of that customer's business that we may not have had access to before because we weren't able to cover that directly or at the level that they wanted us too. So that's an ongoing initiative for us.

因此，我們繼續看到這一點，我們看到了這些機會，它常常為我們打開更大範圍的客戶業務組合，而這些業務組合我們以前可能無法接觸到，因為我們無法直接覆蓋這些業務，也無法達到他們想要的水平。所以這對我們來說是一項持續的舉措。

And number one, first and foremost, like Fritz said before, you have to do a great job for the customer in that market. None of the rest of it happens without doing a good job for them. So we get that opportunity every day and more than we've ever had.

首先，正如弗里茲之前所說，你必須為該市場的客戶做好服務。如果沒有為他們做好工作，其餘一切都不會發生。因此，我們每天都會獲得這樣的機會，而且比以往任何時候獲得的機會都多。

So you still -- you see opportunity to price those as you continue to serve those customers?

那麼，在繼續為這些客戶提供服務的同時，您仍然看到了定價的機會嗎？

Very simply, we look at the publicly available data, and it tells us that we are cheaper than our peers that are national coverage. That's what we look at. That's our benchmark. So absolutely.

很簡單，我們查看公開的數據，它告訴我們，我們比全國覆蓋的同行更便宜。這就是我們所關注的。這是我們的基準。絕對是如此。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨。

Yeah, good morning. So I wanted to -- I know you've had a good amount of discussion on, I guess, probably a little bit on mix. But can you give any thoughts on how we might model revenue per hundredweight ex fuel or revenue per shipment in 3Q versus 2Q.

是的，早安。所以我想——我知道你們已經就混合問題進行了大量討論，我想，可能也涉及一點。但是您能否談談我們如何模擬第三季與第二季相比每英擔燃料收入或每批貨物收入的模型？

Do you think that keeps going up sequentially? Or I guess, I think revenue per under weight was up sequentially, but per shipment down sequentially. Just trying to think about how that potentially moves and whether it's reasonable to model that up sequentially?

您認為這個數字會持續上升嗎？或者我猜，我認為每重量以下的收入是連續上升的，但每批貨物的收入是連續下降的。只是想思考一下這可能會如何移動以及按順序建模是否合理？

Well, we don't give a guide on that, but mix plays a big component of that. We saw some muted trends out of the Los Angeles region that maybe is an indicator of what some of the port activity was. But mix plays a role in that. So we don't give a guide on that, but we're critically focused on making sure that we get compensated appropriately for the service that we provide. We don't take a day off from that, but we're focused on ensuring that margins meet our expectations with each individual customer, but mix plays role in that.

好吧，我們沒有提供這方面的指南，但混合在其中起著重要作用。我們看到洛杉磯地區的一些趨勢趨於平緩，這或許可以顯示一些港口活動的狀況。但混合在其中發揮了作用。因此，我們不會提供這方面的指南，但我們主要致力於確保我們所提供的服務能夠得到適當的補償。我們不會休息一天，但我們專注於確保利潤滿足每個客戶的期望，而產品組合在其中發揮作用。

When we per shipment moves around a little bit and length of haul does that -- those are components of mix, but direction also matters. Freight flows the balance of the network. So no guide from us there, but we're focused on price and the environment remains rational for that. That's where we remain intently focused.

當我們每批貨物移動一點時，運輸距離也會改變 - 這些都是混合的組成部分，但方向也很重要。貨運流通平衡了網路。因此，我們無法提供任何指導，但我們關注的是價格，並且環境對此保持理性。這就是我們始終專注的地方。

Okay. And I guess in terms of the impact and kind of runway on idiosyncratic initiatives that help the or in the current freight environment, which is -- continues to be pretty muted, right, relative to just showing tons of operating leverage when trade really picks up, right?

好的。我想，就影響和跑道類型而言，有助於當前貨運環境的特殊舉措，相對於在貿易真正回升時顯示大量的經營槓桿而言，仍然相當低調，對吧？

Because I think it's fairly clear really strong incrementals. How do you think about that? Like can you keep -- can you show meaningful OR improvement to kind of mid-80s, 100 basis points a year if you don't get a freight improvement? Or is this about you're doing what you can, but the big lever is really the market?

因為我認為它的增量確實非常強。您對此有何看法？例如，如果貨運量沒有改善，你能否維持－你能否顯示出有意義的 OR 改進，達到 80 年代中期，每年 100 個基點？或者說，你正在盡力而為，但真正的最大槓桿是市場？

Yeah, that one is a tough one, Tom. I think it -- I think there clearly are cost opportunities for us kind of going forward to continue to build density kind of methodically. We are seeing growth in our new facilities, which is important. Those are ones at scale.

是的，這是一個難題，湯姆。我認為——我認為我們在未來繼續有條不紊地建設密度方面顯然存在成本機會。我們看到新設施正在成長，這很重要。這些都是有規模的。

So there's -- in this environment, so you got to make sure you take advantage of that and be able to leverage that linehaul network. At the same time, you've got to manage the hours and sort of the workload in the markets where maybe aren't growing or slightly declining.

因此，在這種環境下，你必須確保利用這一點並能夠利用該幹線網路。同時，你必須管理那些可能沒有成長或略有下降的市場中的工作時間和工作量。

So it's tough to say kind of where -- where that could go in the environment we're in right now. All I know is that we're focused on let's manage the cost because that's in the four walls that we can handle, right? And let's make sure we manage the service at the same time. So right now, that's about the best guide we can give. So I think we can -- we'll continue that focus.

因此，很難說在我們目前所處的環境下，這種情況會如何發展。我只知道我們專注於管理成本，因為這是我們能夠處理的範圍之內，對嗎？同時，我們要確保管理好服務。所以現在，這就是我們能給的最佳指南。所以我認為我們可以——我們將繼續關注這一點。

So maybe you can do a little better than seasonality without improvement in freight, but it's maybe not a big difference. Is that fair?

因此，即使沒有改善貨運量，你也許可以比季節性做得更好一些，但也許差異並不大。這樣公平嗎？

That's fair. I mean, I don't know that there's a huge breakthrough for us, but there is a methodical chipping away building density opportunity for us.

這很公平。我的意思是，我不知道這對我們來說是否是一個巨大的突破，但對我們來說這是一個有條不紊地削減建築密度的機會。

Yeah, okay.

嗯，好的。

Jason Seidl, TD Cowen.

傑森·塞德爾 (Jason Seidl)，TD Cowen。

I just wanted to talk a little bit more about your tonnage numbers. You said you're about flat in July. Just curious, did you guys see any pull forward in July with all the tariff stuff in your consumer business at all? Or has it been relatively stable?

我只是想再多談談你們的噸位數字。您說七月您的業績基本持平。只是好奇，你們的消費者業務在 7 月的關稅方面有沒有出現任何成長？還是一直比較穩定？

It's hard to tell. I'd say relatively stable bounces around in a given day -- week really. I mean so I wouldn't call out anything specific in terms of end markets or pull forward or anything like that at all. It all sounds good to us, but until we see it in the data, there's not much that stands out to us.

這很難說。我想說的是，在某一天——實際上是一周——會出現相對穩定的波動。我的意思是，我不會在終端市場或提前行動或諸如此類的事情上提出任何具體要求。對我們來說，這一切聽起來都很好，但直到我們在數據中看到它，我們才會發現什麼特別之處。

And you called out that you have tougher comps, I think, on the tonnage side in the back half of the quarter. Can you remind us when they start?

我認為，您曾說過，在本季後半段，噸位面臨的競爭更為激烈。你能提醒我們他們什麼時候開始嗎？

Yeah, shipments and tonnage, both tougher comps, just as we start to lap the facility. So when we opened six in Q2 last year, and a good chunk of those started in the back half of May and June. So those started to ramp, and then we opened 11 in Q3 with the majority of those happening in August and September. So those -- just as those volumes start to come on and those terminals came online, we opened two in July last year, six in August and three in September that make up the 11 in Q3. So the back half of the quarter, those have started to come online.

是的，當我們開始評估該設施時，出貨量和噸位都是更艱難的比較。因此，當我們去年第二季開設了六家門市時，其中很大一部分是在 5 月下半月和 6 月開設的。因此，這些門市開始增多，然後我們在第三季開設了 11 家門市，其中大部分發生在 8 月和 9 月。因此，隨著這些交易量開始增加並且這些終端上線，我們在去年 7 月開設了兩個，8 月開設了六個，9 月開設了三個，這樣第三季度就有 11 個了。因此，在本季後半段，這些功能已開始上線。

So the right way to think about it, if nothing else changes in the demand side, if you're flat in July, you'll probably have a negative comp in August and September then?

因此，正確的思考方式是，如果需求方面沒有其他變化，那麼如果 7 月份銷量持平，那麼 8 月份和 9 月份的銷量可能會出現負增長？

Yeah, that's fair.

是的，這很公平。

The other thing is you guys obviously are seeing some nice progress in getting those newer terminals to profitability. I guess where are you seeing those density gains? Is it more from your existing customer base? Or are you adding more new customers to sort of help out that profitability?

另一件事是，你們顯然看到這些新終端在盈利方面取得了一些不錯的進展。我猜你在哪裡看到這些密度的增加？它是否更多來自您現有的客戶群？或者您正在增加更多新客戶來幫助提高獲利能力？

The -- I don't want to say it's the easiest because it's a tough hurdle service a customer and do it effectively. But the nice thing about the strategy and just to remind you kind of the basics for us when we open a new facility, we call on our existing customers first. So that raises the bar for us. They have an expectation that we're going to repeat the same high level of service in a new facility. So you kind of penetrate those customers to start.

我不想說這是最簡單的，因為為客戶提供有效服務是一個艱難的障礙。但該策略的優點在於，當我們開設新設施時，我們首先會拜訪現有客戶，這對我們來說是基本要求。這對我們來說提高了標準。他們期望我們在新設施中重複提供同樣高水準的服務。因此，您首先要滲透這些客戶。

And then what's really interesting over time, and we know this from our Northeast expansion is that once you're in the market and you establish your foothold with existing legacy customers, that's when you build some density and then you've got the opportunity to go win some new business and with customers that maybe aren't familiar with you. So that's kind of next leg for us. And I think that that's longer term, it certainly is part of the opportunity.

隨著時間的推移，真正有趣的是，我們從東北擴張中了解到這一點，一旦你進入市場並與現有的傳統客戶站穩腳跟，那麼你就建立了一定的密度，然後你就有機會贏得一些新業務以及可能不熟悉你的客戶。這就是我們的下一站。我認為這是一個長期目標，當然也是機會的一部分。

Okay. Gentlemen, I appreciate the time. Those are my two. Best of luck.

好的。先生們，我很感謝你們抽出時間。這是我的兩個。祝你好運。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Appreciate you coming back to me. First, I guess the stock has moved from maybe 12% up 2.5%. So I think there's some confusion. I just want to give you maybe a chance to kind of talk through the message here. So maybe it was on the 100 to 200 basis points normal OR, you said you could do 100.

感謝您回到我身邊。首先，我估計股價可能已經從 12% 上漲到了 2.5%。所以我認為存在一些混淆。我只是想給你一個機會來討論這裡的資訊。因此，也許這是在 100 到 200 個基點的正常 OR 上，您說您可以做到 100。

But if you do add wages, whether it's in 3Q or 4Q, it would be another 75 basis point hit. So sounds like you'd still be within your range on the OR normal seasonality. I don't know maybe if it's on the volumes that Jason just ran over if given you started off flat and it's going to get tougher, maybe just hit on the messaging again because it seems like there's some confusion and obviously, you don't give pricing thoughts that Matt highlighted. So I don't know if you just want to dig into that for a minute?

但如果確實增加薪資，無論是在第三季還是第四季度，都會再造成 75 個基點的衝擊。因此聽起來您仍然處於 OR 正常季節性的範圍內。我不知道是不是因為 Jason 剛剛突破了交易量，考慮到你一開始表現平平，而且情況會變得越來越艱難，也許只是再次觸及信息傳遞，因為似乎存在一些混亂，而且顯然，你沒有給出 Matt 強調的定價想法。所以我不知道您是否想深入探討這個問題？

Yeah. So what we said, let's be clear, a 100 to 200 basis points degradation Q2 to Q3 has been history, right? We said we would encompassing all available things, which could be a wage increase, it could be volumes, we said 100 is kind of what we're targeting for the quarter. There are, as we all know and hope we all understand there are a lot of variables in this business, right? So we're managing all those variables.

是的。所以我們說清楚一點，第二季到第三季下降 100 到 200 個基點已經成為歷史，對吧？我們說我們會涵蓋所有可用的內容，可能是加薪，也可能是增加數量，我們說 100 是我們本季的目標。眾所周知，並且希望我們都理解，這個行業有很多變數，對吧？所以我們正在管理所有這些變數。

So we give that kind of a guide. What we're giving is our best assessment of all those options and what we think all those variables and all the things that we can consider. And -- so that -- I don't -- hopefully, that's clear, but that's kind of how we thought about it.

因此我們給了這樣的指南。我們給出的是我們對所有這些選項、所有這些變數以及所有我們可以考慮的事情的最佳評估。而且 — — 所以 — — 我不知道 — — 希望這很清楚，但這就是我們對此的看法。

Yes. I appreciate it. I just want to run it through because I've been getting a lot of things during the cultures want to make sure I fully understand.

是的。我很感激。我只是想把它過一遍，因為我在文化過程中已經了解了很多東西，想確保我完全理解。

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 做閉幕發言。

Great. Thank you, and I appreciate everybody calling in and hearing about Saia's second quarter. We're very, very pleased with the execution that we had in the quarter, particularly what we did for the customer. We like the operating side of our performance as well around costs. We look at kind of what the opportunity is from Q2 to Q3.

偉大的。謝謝大家，我很感謝大家打電話來了解 Saia 的第二季狀況。我們對本季的執行情況非常滿意，特別是我們為客戶所做的工作。我們也喜歡我們在營運方面以及成本方面的表現。我們看看第二季到第三季有什麼機會。

And I think we'll be able to outperform our traditional sort of 100 to 200 basis point degradation from Q2 to Q3 OR. Lot of variables in this business. We're going to manage all of them to kind of that sort of range. And -- but more importantly, for the long-term investor, the thesis around Saia is very, very strong, and we're excited about what the prospects are for us in this new national network.

我認為，我們將能夠超越傳統的從第二季到第三季的 100 到 200 個基點的下降趨勢。這個行業有很多變數。我們將對所有這些進行管理，使之達到那種範圍。而且——但更重要的是，對於長期投資者來說，圍繞 Saia 的論點非常非常強大，我們對這個新的國家網絡的前景感到興奮。

Thank you all for taking the opportunity to listen to our results and I look forward to future conversations.

感謝大家藉此機會聆聽我們的成果，我期待未來的對話。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。