Saia Inc (SAIA) 2026 Q1 法說會逐字稿

Good day and welcome to the Saia Inc. first-quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加 Saia Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給 Saia 執行副總裁兼財務長 Matt Batteh。請開始。

Thank you, Chad. Good morning, everyone. Welcome to Saia's first-quarter 2026 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 1,995.

謝謝你，Chad。各位早安。歡迎參加 Saia 2026 年第一季電話會議。今天與我一同出席的是 Saia 總裁兼執行長 Fritz Holzgrefe。在開始之前，請各位留意，在本次電話會議中，我們可能會在《1995 年私人證券訴訟改革法案》的意義下作出若干前瞻性陳述。

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作出的所有非歷史事實之其他陳述，均受多項風險與不確定性影響，實際結果可能出現重大差異。關於可能導致實際結果不同的具體風險因素之更多資訊，請參閱我們的新聞稿及向 SEC 提交的文件。

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

現在我把電話會議交給 Fritz，請他先做開場致詞。

Good morning, and thank you for joining us to discuss Saia's first-quarter results. As we moved into 2026, we remain focused on serving our customers, enhancing operational efficiency, and integrating our newer terminals into our national network. Q1 2026 was no different than history with weather impacting operational results. This year, it was pronounced as we saw weather patterns impacting our core and profitable Texas and Mid-South regions.

各位早安，感謝各位加入我們，一同討論 Saia 第一季的業績表現。進入 2026 年後，我們仍專注於服務客戶、提升營運效率，並將較新的場站整合進我們的全國網路。2026 年第一季與過往並無不同，天候對營運結果造成影響。今年影響尤為明顯，我們看到天候型態衝擊了我們核心且獲利的德州與中南部（Mid-South）地區。

However, much like history, we saw a seasonality increase in March and particularly in the second half of the month as our customers began to tap our national network. Our teams, fleet, and footprint were well positioned to take advantage of this opportunity to support our customers' seasonal demands. Service metrics continue to improve through the quarter.

然而，如同以往，我們在 3 月看到季節性回升，尤其在下半月更為明顯，因為客戶開始運用我們的全國網路。我們的團隊、車隊與據點布局已做好準備，能把握此一機會以支援客戶的季節性需求。服務指標在本季持續改善。

During the quarter, our team remained focused on what matters most, serving the customer. We achieved a cargo claims ratio of 0.5%, which is our sixth straight quarter of claims ratio below 0.6%, a record of consecutive quarters achieving this milestone. Customers also value our ability to reliably pick up and deliver freight in the timeframes that meet their requirements and expectations.

本季期間，我們的團隊持續專注於最重要的事：服務客戶。我們達成 0.5% 的貨損理賠比率，這是我們連續第六季理賠比率低於 0.6%，也創下連續季度達成此里程碑的紀錄。客戶同樣重視我們能在符合其需求與期望的時程內，可靠地完成提貨與送達。

Across our KPIs, we continue to meet and exceed expectations throughout the network. Despite the dynamic environment this quarter, we improved operationally. Most notably, we saw a significant increase in miles between preventable accidents and a significant improvement in hours between lost time injuries.

在各項 KPI 上，我們持續在整個網路中達到並超越預期。儘管本季環境多變，我們在營運上仍有所改善。最值得一提的是，可預防事故之間的行駛里程數顯著增加，以及失能傷害（lost time injuries）之間的工時數顯著改善。

Miles between preventable accidents were a first-quarter record, while hours between lost time injuries were at the highest first-quarter level since 2020. Both metrics are a testament to our ongoing commitment to safety, training, and technology. Our operational execution is driven by our continued investments in our network and optimization technology.

可預防事故之間的行駛里程數創下第一季新高紀錄，而失能傷害之間的工時數則達到自 2020 年以來第一季的最高水準。這兩項指標都證明了我們對安全、訓練與科技的持續承諾。我們的營運執行力來自於我們對網路與最佳化技術的持續投資。

Although we're still in the early stages of realizing the full long-term benefits of a national network, execution remains strong across the organization, improving upon trends seen in the back half of last year. Increasingly, customers value consistency and reliability, and our performance in these areas is enabled by the longer-term investments that are core to our strategy.

雖然我們仍處於實現全國網路完整長期效益的早期階段，但整個組織的執行力依然強勁，並延續且優於去年下半年所見的趨勢。客戶愈來愈重視一致性與可靠性，而我們在這些面向的表現，得益於作為我們策略核心的長期投資。

As a result, productivity continued to improve in the quarter, with touches making their strongest performance since the third quarter of 2024, improving more than 2.5% compared to the first quarter of 2025 and improving approximately 1% sequentially from the fourth quarter. These metrics demonstrate the impact of our ongoing investments in optimization technology. As the freight backdrop improves and we continue to build density on our national network, we anticipate additional network leverage and asset utilization.

因此，本季生產力持續提升，其中 touches 指標創下自 2024 年第三季以來的最佳表現，較 2025 年第一季改善超過 2.5%，並較第四季約季增 1%。這些指標展現了我們持續投資最佳化技術所帶來的影響。隨著貨運環境改善，且我們持續在全國網路上建立密度，我們預期將帶來更多的網路槓桿效益與資產使用率提升。

With service levels among the best in the industry and our increasing value proposition to our customers, we continue to make progress on pricing and mix management. Revenue per shipment excluding fuel ramped throughout the quarter, in part due to our efforts around contractual renewals, which were 6.7% for the quarter. While there's still movement among shipments with ever-changing backdrop, our renewal rates reflect our value proposition to the customers and our abilities to provide solutions that meet their needs.

在服務水準名列業界前茅，且我們對客戶的價值主張持續提升之下，我們在定價與組合管理方面持續取得進展。扣除燃油後的每票收入在本季逐步走高，部分原因來自我們在合約續約上的努力，本季續約調幅為 6.7%。儘管在不斷變動的環境下，貨量結構仍有變化，但我們的續約調幅反映了我們對客戶的價值主張，以及我們提供符合其需求解決方案的能力。

First-quarter results were largely in line with our expectations as volumes in late March were strong, offsetting, to some extent, a weather impact in January and February. Revenue for the quarter was $806 million, a record for the first quarter and a 2.4% improvement over prior year. While trends in the first couple of months of the year can always be volatile, I was pleased to see the volume acceleration in the back half of March, resulting in a shipment increase of 1% for the quarter.

第一季業績大致符合我們的預期，因為 3 月下旬的貨量強勁，在一定程度上抵銷了 1 月與 2 月的天候影響。本季營收為 8.06 億美元，創第一季新高，較去年同期成長 2.4%。雖然每年頭兩個月的趨勢往往波動較大，但我很高興看到 3 月下半月貨量加速，帶動本季出貨量成長 1%。

As customers continue to value our expanded presence in our now national network, we saw shipment growth in both our legacy and ramping markets. Weight per shipment, while still down compared to prior year, improved sequentially each month of the quarter, a result of our targeted actions around mix management and improving shipper sentiment throughout the quarter.

隨著客戶持續重視我們在如今已成為全國網路中的擴大布局，我們在既有市場與正在爬坡的市場都看到出貨量成長。每票重量雖仍較去年同期下降，但本季每個月皆呈現逐月改善，這是我們針對組合管理所採取的行動，以及本季期間託運人信心改善的結果。

Matt will provide additional detail as it relates to cost. However, it is important to note we were negatively impacted in March by the 30% increase in diesel costs in a matter of a few days. This rapid increase in cost created a meaningful short-term impact on profitability, given the timing difference of our surcharge program, which is based on weekly national average diesel prices.

Matt 將就成本相關內容提供更多細節。不過，需要特別指出的是，我們在 3 月受到柴油成本在短短幾天內上漲 30% 的負面影響。由於我們的附加費（surcharge）機制係以每週全國柴油平均價格為基礎，存在時間差，這種快速的成本上升對短期獲利能力造成了顯著影響。

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

接下來我把電話會議交給 Matt，請他就第一季業績提供更多細節。

Thanks, Fritz. Revenue was a record for any first quarter, increasing by 2.4% to $806.2 million, partially as a result of an increase in fuel surcharge revenue, as well as a 1% increase in shipments per workday. Revenue per shipment, excluding fuel surcharge, decreased 1.2% to $297.11, compared to $300.76 in the first quarter of 2025, largely as a result of lower weight per shipment and shorter length of haul compared to the prior year. However, I was pleased to see revenue per shipment, excluding fuel surcharge, increased throughout the quarter.

謝謝，Fritz。營收創下任何第一季的紀錄，成長 2.4% 至 8.062 億美元，部分原因是燃油附加費收入增加，以及每個工作日的出貨量增加 1%。扣除燃油附加費後的每票收入下降 1.2% 至 297.11 美元，低於 2025 年第一季的 300.76 美元，主要原因是每票重量較低，以及相較去年運距較短。不過，我很高興看到扣除燃油附加費後的每票收入在本季逐步提升。

Revenue per shipment, including fuel, increased 0.7% compared to the first quarter of 2025. Fuel surcharge revenue increased by 12.3% and was 16.5% of total revenue compared to 15.1% a year ago. Tonnage decreased 2.1% compared to the prior year, attributable to a 3.1% decrease in our average weight per shipment. Our average length of haul decreased 1.7% to 890 miles compared to 905 miles in the first quarter of 2025. Yields, excluding fuel, increased by 1.9%, while yields increased by 3.8%, including fuel surcharge compared to the first quarter of 2025.

包含燃油在內的每票收入較 2025 年第一季成長 0.7%。燃油附加費收入成長 12.3%，占總營收比重為 16.5%，高於一年前的 15.1%。噸位較去年同期下降 2.1%，主要歸因於平均每票重量下降 3.1%。平均運距下降 1.7% 至 890 英里，低於 2025 年第一季的 905 英里。扣除燃油後的單位收益（yields）成長 1.9%，而包含燃油附加費在內的單位收益較 2025 年第一季成長 3.8%。

Shifting to the expense side for a few key items to note in the quarter, salaries, wages, and benefits increased $4 million, or 1% compared to the first quarter of 2025. This increase was primarily driven by a $7.9 million increase in health insurance costs, as well as a $1.4 million increase in workers' compensation costs, both of which are primarily the result of escalating costs of claims.

轉到費用端，針對本季幾個需要注意的關鍵項目，薪資、工資與福利較2025年第一季增加400萬美元，或增加1%。此增幅主要來自健康保險成本增加790萬美元，以及勞工補償成本增加140萬美元；兩者主要都是因理賠成本攀升所致。

These increases were partially offset by a $5.1 million or 1.8% decrease in salaries and wages combined compared to the first quarter of 2025 as headcount at the end of the quarter was 6.3% lower than the first quarter of 2025 and was 0.7% lower than the fourth quarter of 2025. Excluding line-haul drivers, headcount decreased 7.9% compared to the first quarter of 2025. These reductions were a result of our continued focus on operational efficiency and network cost management.

上述增幅部分被薪資與工資合計較2025年第一季減少510萬美元（或1.8%）所抵銷，原因是本季季末人數較2025年第一季低6.3%，且較2025年第四季低0.7%。若排除長途幹線（line-haul）司機，人數較2025年第一季減少7.9%。這些縮減源於我們持續聚焦營運效率與網路成本管理。

Purchase transportation expense, including both non-asset truckload volume and LTL purchase transportation miles, increased by 7.5% compared to the first quarter last year and was 8% of total revenue compared to 7.6% in the first quarter of 2025. Truck and rail PT miles combined were 13.4% of our total line haul miles in the quarter compared to 12.4% in the prior year. The increase in purchase transportation usage was driven entirely by rail that matched customer service expectations as we leveraged the most cost-effective mode.

外購運輸費用（purchase transportation expense），包含非資產型整車（truckload）運量以及LTL外購運輸里程，較去年第一季增加7.5%，占總營收比重為8%，高於2025年第一季的7.6%。本季卡車與鐵路PT里程合計占我們總幹線里程的13.4%，高於前一年的12.4%。外購運輸使用量的增加完全由鐵路所帶動，且在我們採用最具成本效益的運具時，仍符合客戶服務期待。

Fuel expense for the quarter increased by 3.6% compared to the prior year, while company line haul miles decreased 4%. The increase in fuel expense was primarily the result of a 13.6% increase in national average diesel prices on a year-over-year basis, as national average price per gallon increased more than 30% from February to March. Due to the rapid rise in diesel costs in March, our costs were elevated in real time, while the fuel surcharge table updates the following week. This period of quickly rising diesel costs resulted in an approximately $3.5 million margin headwind.

本季燃料費用較去年同期增加3.6%，而公司幹線里程下降4%。燃料費用增加主要是因全國平均柴油價格年增13.6%，且每加侖全國平均價格從2月到3月上漲超過30%。由於3月柴油成本快速上升，我們的成本即時上升，但燃油附加費表則於下一週才更新。這段柴油成本快速上升的期間，造成約350萬美元的毛利逆風。

Claims and insurance expense increased by 6.3% year over year. This increase was primarily due to rising insurance premium costs, in addition to inflationary costs associated with the claims expense. While claims costs continue to escalate at a rapid pace, our efforts remain focused around safety and training, resulting in a significant decrease in preventable accidents compared to the first quarter of 2025. Depreciation expense of $62.2 million in the quarter was 5.3% higher year over year, primarily due to ongoing investments in revenue equipment, real estate, and technology.

理賠與保險費用年增6.3%。此增幅主要來自保險保費成本上升，另加上與理賠費用相關的通膨成本。儘管理賠成本仍以快速速度攀升，我們的努力仍聚焦於安全與訓練，使得相較2025年第一季，可預防事故顯著下降。本季折舊費用為6,220萬美元，年增5.3%，主要因持續投資於營收設備、不動產與科技。

Moving to cost on a per shipment basis, cost per shipment increased 2% compared to the first quarter of 2025, largely due to increases in self-insurance related costs. Health insurance alone accounted for more than 50% of the year-over-year cost per shipment increase due to cost inflation and claims mix trending more toward more high-cost claims.

轉到每票（shipment）成本的角度，每票成本較2025年第一季增加2%，主要因自保（self-insurance）相關成本上升。僅健康保險一項，就占每票成本年增幅度的50%以上，原因在於成本通膨，以及理賠組合趨勢轉向更多高成本理賠。

Compared to the first quarter of 2025, salaries, wages, and purchase transportation combined were down 1.2% on a first shipment basis as a result of our actions around cost control and network optimization. Meanwhile, higher fuel costs contributed to the increase in cost per shipment compared to the prior year, as fuel prices surged during March due to external factors.

與2025年第一季相比，薪資、工資與外購運輸合計在每票基礎上下降1.2%，反映我們在成本控管與網路最佳化方面的作為。同時，較去年同期而言，更高的燃料成本推升每票成本，因為3月燃油價格在外部因素影響下飆升。

As a reminder, while our fuel surcharge program helps mitigate rising fuel costs, our fuel surcharge table updates weekly, whereas fuel costs are incurred in real time. The impact of this timing is more pronounced in a rapidly increasing fuel environment.

提醒一下，雖然我們的燃油附加費計畫有助於緩解燃油成本上升，但燃油附加費表是每週更新，而燃油成本則是即時發生。在燃油價格快速上升的環境下，這種時間差的影響會更為明顯。

Total operating expenses increased by 3.1% in the quarter. And with the year-over-year revenue increase of 2.4%, our operating ratio increased to 91.7% compared to 91.1% a year ago. Our tax rate for the first quarter was 23.3% compared to 24% in the first quarter last year, and our diluted earnings per share were $1.86, which is flat compared to the first quarter a year ago. Focusing on the balance sheet, we finished the quarter with $39 million of cash on hand, $12 million drawn on the revolving credit facility, and $113 million in total debt outstanding.

本季總營業費用增加3.1%。在營收年增2.4%的情況下，我們的營業比率（operating ratio）上升至91.7%，高於一年前的91.1%。第一季稅率為23.3%，去年第一季為24%；稀釋每股盈餘為1.86美元，與一年前第一季持平。就資產負債表而言，本季季末我們持有現金3,900萬美元，循環信用額度已動用1,200萬美元，未償還總債務為1.13億美元。

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

接下來我把電話交回給Fritz做一些結語。

Thanks, Matt. While 2026 has shown some positive demand signals, the ever-changing macroeconomic environment continues to create uncertainty from a customer perspective. One constant, however, is our team's ability to adapt to change and deliver solutions for our customers. As we remain focused on serving our customers while driving efficiency across our operations, I'm increasingly excited about the opportunity ahead.

謝謝，Matt。雖然2026年已出現一些正向的需求訊號，但不斷變化的總體經濟環境，從客戶角度來看仍持續帶來不確定性。不過有一點不變：我們團隊能夠適應變化並為客戶提供解決方案。在我們持續專注服務客戶、同時推動營運效率之際，我對未來的機會愈發感到振奮。

Our disciplined approach to cost management is reflected in our cost structure. We remain vigilant about managing cost. We noted in Q1 that employee-related costs associated with running the business continue to be inflationary. It's critically important that we invest in what we feel is the best team in the freight business. At the same time, we continue to invest in the technologies that allow us to best manage and deploy the industry-leading team.

我們對成本管理的紀律性做法，反映在我們的成本結構上。我們仍對成本管理保持高度警覺。我們在第一季提到，與營運業務相關的員工成本仍持續受到通膨影響。投資於我們認為貨運業中最優秀的團隊至關重要。同時，我們也持續投資於能讓我們更好管理並調度這支業界領先團隊的技術。

Dating back to 2017, since we began our journey to becoming a national network, we've opened 70 facilities. Throughout, we've maintained a competitive cost structure with deployment of data analytics and optimization tools that have served us well. We'll continue to invest in those capabilities and expand the use of those tools, which remains core to our strategy.

回溯至2017年，自我們開始邁向全國性網路的旅程以來，我們已開設70個據點。在此過程中，我們透過部署資料分析與最佳化工具，維持具競爭力的成本結構，並且這些工具一直以來都對我們很有幫助。我們將持續投資這些能力並擴大工具的使用範圍，這仍是我們策略的核心。

Looking forward, we remain committed to executing our long-term strategy of getting closer to the customer, providing a high level of service, and being appropriately compensated for the quality and service provided. As the industry is perhaps emerging from a four-year freight recession, we see size upside as significant. We've invested with keen focus on supporting success, which has required a best-in-class team, a national terminal network, a flexible, modern fleet, and a technology stack to bring all these elements together.

展望未來，我們仍致力於執行長期策略：更貼近客戶、提供高水準服務，並就所提供的品質與服務獲得合理報酬。隨著產業可能正從長達四年的貨運衰退中走出，我們認為規模上行空間相當可觀。我們以高度聚焦投入資源以支援成功，這需要同級最佳的團隊、全國性的場站網路、彈性且現代化的車隊，以及能將所有要素整合在一起的技術堆疊。

Over the last 36 months, we've invested approximately $1.8 billion in our network and fleet alone, representing more than 19% of total revenue during that time. This investment is a clear signal of our commitment to customers, and we believe we're still in the early stages of fully realizing the benefits of these investments, which we expect will generate substantial long-term value for our shareholders.

過去36個月，我們僅在網路與車隊方面就投資約18億美元，約占該期間總營收的19%以上。這項投資清楚展現我們對客戶的承諾；我們也相信，我們仍處於充分實現這些投資效益的早期階段，並預期將為股東創造可觀的長期價值。

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

話說到這裡，接下來我們準備開放提問，接線員。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

(接線員指示) Jordan Alliger，高盛。

Yes, hi, good morning. Well, great. So maybe I guess in the context of perhaps underlying demand feeling maybe a bit better, can you talk or give your thoughts on margin progression as we go Q1 to Q2 and perhaps some of the specific levers that underpin that, whether it be volume, yield, cost? Thank you.

是的，嗨，早安。很好。那麼也許在潛在需求感覺可能稍微好轉的背景下，能否談談或分享你們對毛利率走勢的看法，從第一季到第二季會如何演進？以及支撐這一點的一些具體槓桿，無論是運量、單價/收益（yield）、或成本？謝謝。

Okay, Jordan, sure. So I'll go ahead and give the shipments and tonnage stats monthly just so everyone has those and then get into the margin commentary. So obviously, January and February were already out there. But just to reaffirm those and reiterate, January shipments per day were down 2.1%, tonnage per day was down 7%. February shipments per day, up 0.3%; tonnage per day, down 2.7%. March shipments per day, up 4.3%; tonnage per day, up 2.8%. And April to date, shipments are tracking up about 5.5%, tonnage up about 6.5%.

好的，Jordan，當然可以。那我先按月把出貨量與噸位的統計數據提供一下，讓大家都有這些資訊，然後再進入毛利率的評論。很明顯，一月與二月的數據先前已經公布了。不過我再確認並重申，一月每日出貨量下降2.1%，每日噸位下降7%。二月每日出貨量上升0.3%；每日噸位下降2.7%。三月每日出貨量上升4.3%；每日噸位上升2.8%。而截至目前四月，出貨量約追蹤上升5.5%，噸位上升約6.5%。

And as we think about what the Q1 looks like, I mean, we saw some nice acceleration in the back half of March, which was good to see. That didn't come to fruition last year, so it's good to see that back around this year. But strong back half of March, and obviously, you see the April-to-date number.

至於我們怎麼看第一季的樣貌，我是說，我們在三月後半段看到不錯的加速，這點很高興看到。去年並沒有實現，所以今年又回來看到這種情況是好事。三月後半段表現強勁，而且很明顯，你也看到截至目前四月的數字。

When we think about what margin progression looks like, if I look back in history, Q1 to Q2, typically about 250 basis points to 300 basis points of improvement sequentially from Q1 to Q2. This year, we think with what we've got going, the momentum we see, we think we could do about 400 basis points to 450 basis points of improvement, which would be obviously a significant step up from where we are.

當我們思考毛利率的進展時，如果我回顧歷史，從第一季到第二季，通常季對季會改善約250個基點到300個基點。今年，我們認為以目前的進展與我們看到的動能，我們可能可以改善約400個基點到450個基點，這顯然會是相較於目前水準的一個顯著躍升。

Now with that, obviously, there's a lot going on in the backdrop. We're projecting, as we stand now, May and June to be seasonal. There's a lot of factors out there with demand and what the diesel environment looks like and everything right there like that. But where we sit right now, if we see May and June come together in normal seasonality, we feel like we can hit that. And if things really get better and the environment is really improving dramatically, we can outperform that. But that's where we stand right now.

當然，在這樣的背景下，外部環境也有很多事情正在發生。以我們目前所處的情況來看，我們預估五月與六月會呈現季節性走勢。外部有很多因素，包括需求以及柴油環境的樣貌等等。但就我們目前的位置而言，如果五月與六月能以正常季節性表現，我們覺得可以達成那個目標。如果情況真的變得更好、環境確實大幅改善，我們也可能超越那個水準。但這就是我們目前的看法。

Great. Thank you very much.

很好。非常感謝。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. Good morning, Matt and Fritz. So if you dig into the revenue per shipment, ex-fuel down 1.2%, Matt, you mentioned lower weight, shorter length of haul, but it also decreased sequentially. But then you noted an acceleration in the quarter. Maybe, I don't know, if you want to do that by month-over-month, or how do you see that accelerating?

嗨，很好。早安，Matt 和 Fritz。所以如果深入看每票收入（不含燃油）下降1.2%，Matt，你提到重量較低、運距較短，但它也呈現季對季下降。但你又提到本季有加速。也許——我不確定——你是否願意按月（month-over-month）來說明，或你怎麼看這個加速的情況？

I don't know if you want to talk about maybe core pricing or contract pricing within that, so we can kind of understand what is really going on there. And I guess with that, the weight per shipment, you're going to lap the Southern Cal issues in April. And I don't know if you're getting the truckload spillover. Maybe in that same thing, how does it work with weight per shipment shifting as well?

我不確定你是否想談談其中的核心定價或合約定價，讓我們能更理解實際發生了什麼。另外，就每票重量而言，你們在四月會跨過南加州問題的比較基期。我也不確定你們是否有承接到卡車運輸（truckload）的外溢量。也許同樣在這個脈絡下，每票重量的變動是如何運作的？

Yes, we'll unpack those pieces a bit. So obviously, from a year-over-year standpoint, the Los Angeles region headwinds that we've talked about were still there. They evaded a touch, but that region shipments were still down about 14%, 14.5% on a year-over-year basis. That's typically our highest revenue per bill region, longer length of haul.

是的，我們把這些部分拆開說明一下。很明顯，從年對年角度來看，我們先前談過的洛杉磯地區逆風仍然存在。它稍微緩解了一點，但該地區的出貨量年對年仍下降約14%、14.5%。那通常是我們每張提單收入最高的區域，運距也較長。

But also included in that on a year-over-year basis, we're still winning in these one and two-day lane markets. And that's not bad business, but generally, it's not going as far. The price is a little bit less compared to something that's going more on our company average length of haul. That's not bad business. And what we're seeing is more and more opportunities with customers as we're putting dots on the map. We're getting it back with them, and they're routing us different freight that we may not have had access to before.

但同時，年對年來看，我們仍在這些一到兩天的路線市場中持續拿下業務。那不是不好的生意，但一般而言，運送距離沒那麼遠。相較於更接近公司平均運距的貨物，價格會稍微低一些。那不是不好的生意。而我們看到的是，隨著我們在地圖上持續佈點，客戶端出現越來越多機會。我們重新與他們建立合作，他們也把不同的貨源改派給我們，這些貨可能是我們以前無法接觸到的。

So that's good business for us. That mix shifts around a little bit Q4 to Q1 as you start to get a more seasonal. But we're pleased to see the weight per shipment improve throughout the quarter along with our revenue per shipment month by month. Part of that's our actions on contractual renewals.

所以這對我們來說是好的生意。當你開始進入較具季節性的時期時，從第四季到第一季，這種組合會有些變動。但我們很高興看到，本季每票重量逐月改善，同時每票收入也逐月提升。其中一部分來自我們在合約續約上的作為。

You heard Chris get the 6.7%. That was the highest number that we've seen in quite a while, and that was capped by a March number that was north of 7%. So we feel good about that. But there's shippers that are still moving around. The environment is still a little bit dynamic around some of that. So we continue to manage the mix. There is nothing that's changed from our efforts and focus on pricing, but we're getting more of that in some of these shorter-haul markets.

你聽到 Chris 提到6.7%。那是我們相當長一段時間以來看到的最高數字，而三月的數字更是超過7%。所以我們對此感覺良好。但仍有一些託運人（shippers）在調整與移動。在某些方面，環境仍然有點動態。因此我們持續管理貨量組合。我們在定價上的努力與聚焦沒有改變，但在一些較短運距市場中，我們取得了更多這類業務。

Great. Thanks, Matt.

很好。謝謝，Matt。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good morning. I understand there's a lot going on, and we don't want to get ahead of our skis here. But given those numbers that you just noted for 2Q, especially, Matt, as we think about the rest of the year, the full-year OR improvement guide from February of 100 basis points to 200 basis points with the high end assuming some volume tailwind, with what you think you have line of sight on with 1Q being done, the acceleration of tonnage through April and that 2Q bogey you just laid out there, does the high end become the low end? Or are we still, I don't know, kind of questioning the pace of demand in the back half?

謝謝。早安。我理解目前有很多事情在發生，我們也不想操之過急。但考量你剛提到的第二季數字，尤其是 Matt，當我們思考今年剩餘時間時，二月給出的全年 OR（營運比率）改善指引為100個基點到200個基點，高端假設有一些量的順風；以你們在第一季已結束後所能掌握的能見度、噸位到四月的加速，以及你剛剛提出的第二季門檻（bogey），高端是否會變成低端？還是我們仍然——我不確定——對下半年需求的速度有所疑慮？

I think it's -- Jon, you bring up good points. I think I'll start with what we're hearing from customers. We -- as you might expect, we spend a fair amount of time connected to customers. We survey, we communicate, try to understand where their business is. And I think the one thing that I would say is that we like to hear right now are two things. Number one, they track and give us feedback on our performance all the time, and our net promoter scores in our customer set have never been higher. They continue to improve, and we're excited about that.

我認為——Jon，你提出了很好的觀點。我想先從我們從客戶那裡聽到的情況談起。我們——如你所預期——花相當多時間與客戶保持連結。我們做調查、溝通，試著了解他們的業務狀況。而我想我會說的是，我們現在喜歡聽到兩件事。第一，他們一直在追蹤並回饋我們的表現，而我們在客戶群中的淨推薦值（NPS）從未如此之高。它持續改善，我們對此感到振奮。

The second part of that, which I think is more tied to your question, is their sentiment is they're getting it's more positive. They see a better second-half. Now Matt and I are -- and I talked to you about before, we tend to be a little bit more -- let's show me, right? So those are positive tones. We like that. I'd like to see it in the results. I think right now, what we're excited about was what's in front of us for Q2. And I think that the ranges that we've talked about earlier in the year, the $100 million to $200 million is certainly within range.

第二部分，我認為更貼近你的問題，是他們的情緒與觀感正在變得更正面。他們看到下半年會更好。不過 Matt 和我——而且我之前也跟你談過——我們往往會比較——讓我看到結果，對吧？所以這些都是正面的訊號。我們喜歡這樣。我也希望能在結果中看到。我想目前我們感到興奮的是第二季眼前的情況。而我認為我們年初談到的區間，也就是1億到2億美元，確實仍在可達範圍內。

But there's still a lot to go on. And the macro is still -- diesel costs are at high levels. Overall transportation infrastructure costs are high. Does that have an impact on demand down the road? I don't know yet, but I do know that short-term customers think we're doing a great job. It's showing up in the April results and second half of March. I like all that. The feedback from customers is great. So we feel good about what we've talked about for Q2, and I think the trends would indicate that the second half of the year could be pretty good.

但仍然還有很多事情要持續觀察。而且總體宏觀環境仍是如此——柴油成本仍處於高位。整體運輸基礎設施成本偏高。這會不會對未來的需求造成影響？我現在還不知道，但我知道短期客戶認為我們做得非常好。這已反映在4月的結果以及3月下旬的表現上。我很喜歡這些。客戶的回饋非常好。所以我們對於先前談到的第二季（Q2）展望感到樂觀，而且我認為趨勢顯示下半年可能會相當不錯。

That's great. Thanks, Fritz.

太好了。謝謝你，Fritz。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

Yes, good morning. Let's see, wanted to see if you could talk a little bit about the, I guess, weight per shipment, what that's doing and what it kind of did in kind of March to April. I guess, also, if you could just kind of help us understand, you're assuming normal seasonality May-June. What does that mean in terms of what your year-over-year tons per day, shipments per day look like? So I think just some more about kind of both how you see shipments developing and also what weight's doing and how much that kind of matters to how you're looking at things. Thank you.

是的，早安。我想請你談談，應該說，每票貨件的重量（weight per shipment）目前的變化，以及大概在3月到4月之間的走勢。另外，也想請你幫我們理解一下，你們假設5到6月是正常的季節性。就年增（year-over-year）的每日噸數（tons per day）與每日出貨量（shipments per day）而言，這代表什麼？所以我想多了解一些：你們如何看待出貨量的發展、重量的變化，以及這對你們觀察整體情勢的重要性有多大。謝謝。

Sure, Tom. Yes, I mean, we saw weight for shipment increase throughout Q1, which was good to see. As Fritz noted in the pre-scripted comments, that's what we feel is partly driven by our actions around core pricing increases and how we're targeting business and mix management. We also feel like it's a little bit to do with the backdrop improving. And actually, we've seen some positive signals, customer conversations, as we talked about.

當然可以，Tom。是的，我們看到第一季（Q1）每票貨件重量持續上升，這點很令人欣慰。如Fritz在事先準備的發言中提到的，我們認為這部分是由我們在核心定價調升（core pricing increases）以及我們如何鎖定業務、進行組合管理（mix management）的作為所帶動。我們也覺得這與大環境改善有一些關係。而且實際上，正如我們所談到的，我們也從客戶對話中看到一些正向訊號。

But you get into some of the spring periods and that you have some rollouts at the time or different mix with customers, but it increased pretty steadily throughout Q1, which was good to see. As we go into April, it's up a touch. You saw that in the tonnage numbers that we talked about from a shipments and tonnage standpoint in April, remains to be seen what that does in the back half of the quarter.

不過進入春季期間，當時可能會有一些上線（rollouts）或客戶組合不同，但整體來看，第一季期間它相當穩定地上升，這是好現象。進入4月後，又小幅上升。你也可以從我們談到的4月出貨量與噸位（tonnage）數據中看到；至於這對本季後半段會造成什麼影響，仍有待觀察。

Obviously, there's a lot going on. Shippers are still trying to figure everything out, so we feel good about where the trends are now, but we've got a couple of important months to go through in what is generally the peak quarter of freight.

顯然現在有很多變數。託運人（shippers）仍在試著把所有事情釐清，所以我們對目前的趨勢感到不錯，但接下來還有幾個重要月份要走完，而第二季通常是貨運的旺季季度。

In terms of what seasonality does, typically, you'd see a step up of 1% to 2% or so in the March to April timeframe. Somewhere in the middle is generally where that lands, and then what you'd also see is a step-up April to May and May to June as well. So typically, what you're getting through Q2, which, again, is the most typically strong period in the quarter, you're getting step-ups throughout the quarter. So that's what we're assuming right now as we stand. And as we're talking to our customers and getting demand signals from them, that's how we're forecasting right now.

就季節性而言，通常你會在3月到4月期間看到約1%到2%左右的階梯式上升（step up）。一般會落在中間值附近，然後你也會看到4月到5月、以及5月到6月也會再往上一步。所以通常在第二季——再次強調，這通常是全年最強的季度——你會在整個季度中持續看到逐步上升。這就是我們目前所採用的假設。而且我們與客戶溝通、從他們那裡取得需求訊號時，我們目前也是依此來做預測。

What about -- and Fritz, I apologize if you might have said this in your remarks, but what about the growth in the kind of new terminals versus growth in the legacy terminals? Is that kind of similar or are you seeing meaningfully higher shipment growth in the kind of the terminals from the last two years?

那麼關於——Fritz，如果你在發言中已經提過我先說聲抱歉——新設終端站（new terminals）的成長，相對於既有終端站（legacy terminals）的成長如何？兩者差不多嗎？還是你們看到過去兩年新增的那些終端站，出貨量成長明顯更高？

I'll give the number, Tom, and then Chris will comment on it. But one of the things we were really excited about in this quarter is we saw shipment growth in both the legacy and the ramping facilities. We've seen it for a while in the ramping facilities, obviously, but this was the first time in five or so quarters that we've seen it in the legacy, so that was good. But the ramping are still outperforming legacy, but those grew for the first time in a while.

Tom，我先給你數字，然後Chris再補充評論。但我們這一季非常興奮的一點是：我們看到既有據點與正在爬坡中的設施（ramping facilities）兩邊的出貨量都在成長。當然，我們在爬坡中的設施已經看到成長一段時間了，但這是大約五個季度以來第一次在既有據點也看到成長，所以這很不錯。不過爬坡中的設施仍然優於既有據點，但既有據點也在一段時間後首次出現成長。

Yes, I think it's -- what's exciting about this is having the legacy facilities grow. At the same time, the new facilities are growing at a faster rate as we'd expect. And what's fantastic about that is that customers are considering us more for their complete solution. And they said, look, you can do a great job for us in markets you've always been in, and now you've got these new points.

是的，我認為令人振奮的是既有設施也開始成長。同時，新設施的成長速度更快，這也符合我們的預期。而這最棒的地方在於，客戶更願意把我們納入他們的完整解決方案（complete solution）考量。他們說，你們在你們一直深耕的市場能把事情做得很好，而現在你們又新增了這些新據點。

So this is kind of the plan coming together. We're kind of getting to the point where growth in a legacy market is often tied to the fact that we can provide service in a ramping market at the same time. So you're now becoming a more important part of the customer's supply chain. So the percentages matter perhaps a little bit less now because the customer is looking at us as a solution rather than kind of in a legacy market.

所以這算是整個計畫正在逐步到位。我們正走到一個階段：既有市場的成長往往與我們同時能在爬坡市場提供服務這件事綁在一起。因此，你現在正成為客戶供應鏈中更重要的一環。所以現在百分比的重要性可能稍微降低，因為客戶把我們視為一個解決方案，而不只是某個既有市場中的一個選項。

Right, okay. Thank you.

了解，好。謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks. Good morning. So the pricing renewal numbers sound good. But if I just look at like a blended average of the pricing metrics you're actually reporting in the quarter, they're basically flat. So I guess, when do you think we should start to see sort of those yield and rev per shipment numbers actually improve and get closer to some of the renewal numbers? Or do we start to see some of that in Q2, and just, I don't know, any thoughts there?

嗨，謝謝。早安。所以你們的續約定價（pricing renewal）數字聽起來不錯。但如果我看你們在本季實際揭露的定價指標加權平均（blended average），基本上是持平的。所以我想問，你們認為我們何時應該開始看到那些單位收益（yield）與每票營收（rev per shipment）的數字真正改善，並更接近續約的數字？或者我們會在第二季（Q2）開始看到一些變化嗎？我不確定——想聽聽你們的看法。

Yes, I think we'll start to see some of that in the back half of Q2. Obviously, we're right now just lapping some of that big change in the Los Angeles region business from last year. And there's still volume moving around with shippers, and you don't always net what you take. And they move around a bit. But as the environment hopefully continues to tighten, we should see some of that come. I think we'll get closer to that as we get into the back half of the year, but I'd also expect us to see some of that improve in the back half of this quarter as well.

是的，我認為我們會在第二季後半段開始看到其中一些改善。顯然，我們目前正好在對比去年洛杉磯地區業務的大幅變動（lapping）。而且託運人之間的量仍在重新分配，你不一定能完全保住你所爭取到的量。他們會有一些移動與調整。但如果市場環境如我們所希望地持續收緊，我們應該會看到部分改善出現。我認為進入下半年後我們會更接近那些續約數字，但我也預期在本季後半段就會看到一些改善。

I think the tough part of the SoCal market for us, I think we start exiting out of that kind of in May where it's more kind of we start lapping where that we're past those tough months.

我認為對我們來說，南加州（SoCal）市場比較艱難的部分，我想我們大概在5月開始就會逐步走出那段期間，也就是我們開始進入對比基期（lapping）後，已經度過那些艱難月份。

Maybe just to that point, we've got some moving parts there, obviously. Fuel is a big factor right now on yield trends. Within that, Matt, within that margin guide that you gave us, any way to sort of bracket what sort of the revenue assumptions are?

也許就你剛才那點延伸一下，那邊顯然有一些變動因素。燃油目前是影響單位收益趨勢（yield trends）的一個重大因素。在這之中，Matt，在你給我們的那個利潤率指引（margin guide）裡，有沒有辦法大致框定一下你們對營收（revenue）的假設區間？

We don't give that level of detail, Scott. But I mean, from a volume perspective, we talked about seasonality. Fuel plays a factor in that. But as we talked about, I mean, we're paying fuel costs in real time during that run-up in March. They've stabilized a little bit, I think. Anyone's guess is as good as ours in terms of what that market is going to do. It doesn't seem like it's changing real time right now. So I would say that it's more just about the guide that we gave is underpinned by seasonal May and June, is what I would say.

Scott，我們不提供那種層級的細節。但我的意思是，從量的角度來看，我們談過季節性。燃料在其中也扮演一個因素。但如同我們談到的，我的意思是，在3月那波上漲期間，我們是即時在支付燃料成本。我認為它們已經稍微穩定了一些。至於那個市場接下來會怎麼走，大家的猜測跟我們一樣。目前看起來它並沒有在即時發生變化。所以我會說，我們給出的指引更多是以5月與6月的季節性作為支撐。

And we're not assuming a change in fuel. Whatever it is presently, we're going to it it could go up or down. Diesel can go up or down from here through the end of the quarter.

而且我們並沒有假設燃料會有變化。不管目前是多少，我們就以此為基準——它可能上也可能下。柴油價格從現在到本季末都可能上漲或下跌。

All right. Thank you, guys. Appreciate it.

好的。謝謝各位。感謝。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Great. Thanks. Morning, guys. If you can just unpack what you're seeing in terms of end markets, particularly retail versus industrial, and what's the typical lag between retail kind of end markets picking up versus industrial going into the cycle?

很好。謝謝。各位早安。你們能否拆解一下你們在終端市場看到的情況，特別是零售相對於工業；以及通常零售端終端市場回升，相較於工業進入景氣循環之間的落後期大概有多長？

Yes, I don't necessarily have a call out for retail and industrial. What I would tell you is that what we see -- the feedback we're getting from customers is kind of across the board, so it's across all the markets. So there isn't one that's necessarily outpacing another for us presently. So that I think overall is probably positive. Maybe it's more broad based.

是的，我不一定會特別點名零售和工業。我能告訴你的是，我們看到——從客戶那邊得到的回饋是相當全面的，也就是涵蓋所有市場。所以目前對我們而言，並沒有哪一個市場明顯領先另一個。因此我認為整體來看可能是正面的。也許它更偏向廣泛性復甦。

I think that in some of the end markets, we participate and have pretty good line of sight to markets that are attractive. Or in grocery, you hear that. You hear data center businesses, all those sorts of things. We represent pretty well in there. And I think that those -- it's pretty across the universe. I think it's pretty consistent feedback, both from we're doing a good job, and they feel maybe a little bit positive about the balance of the year.

我認為在某些我們參與的終端市場中，我們的能見度相當不錯，也能看到一些具吸引力的市場。例如在雜貨領域，你會聽到這樣的說法。你也會聽到資料中心業務等各種趨勢。我們在這些領域的布局相當到位。而且我認為這些——基本上是涵蓋整個範圍。我覺得回饋相當一致：一方面是我們做得不錯，另一方面他們對今年剩餘時間的情況可能也稍微偏正面。

Got it. And maybe I'll squeeze in a quick follow up here. Just on the tech side, you mentioned a number of new investments on productivity. Are there any kind of big tech products or packages that you're dropping in that you think should see like a step function improvement in your optimization efforts here?

了解。我再快速追問一下。在科技方面，你提到在生產力上有多項新投資。你們是否正在導入任何大型的科技產品或套件，讓你們在最佳化工作上能看到類似「跳躍式」的改善？

I don't think that there is a -- we're quite ready to talk about any step function changes, but what we continuously have been investing in, the core optimization tools that we've had that are really critical to the cost structure that we have, if you consider, you benchmark us against the other public national carriers, not only are we the smallest of the public national carriers, but we're also -- our cost structure is very competitive.

我不認為我們已經——準備好談任何跳躍式的變化；但我們一直持續投資於核心的最佳化工具，而這些工具對我們的成本結構非常關鍵。

And what I would say is I point that specifically to how we run our line haul network and how we plan our city operation. Those are all large or models or AI, early stage AI models that we've been working on for a number of years, and there'll be continued enhancements around that.

我想說的是，我會把這點特別歸因於我們如何運行幹線（line haul）網路，以及我們如何規劃城市端作業。這些都是大型的模型，或是我們已經投入多年的早期AI模型，未來也會持續在這方面做強化。

Now certainly from here, how we interact with customers, we could deploy AI around customer service things, around track and trace as an example. Customers really value that. It's a cost-effective way for us to provide data to customers. Those are kind of things that we've launched, but they don't necessarily change the cost structure. If you got down the road and looked at things like Vision AI or in that area we're investing, those are things that are potentially operationally significant.

當然，從現在開始，在我們與客戶互動的方式上，我們可以在客服事項上部署AI，例如以貨物追蹤與查詢（track and trace）為例。客戶非常重視這些。對我們而言，這也是一種具成本效益的方式，能把資料提供給客戶。這些算是我們已經推出的項目，但它們不一定會改變成本結構。如果你往後看，像是Vision AI或我們正在投資的那一類領域，則可能在營運面具有重大意義。

I think that the big thing for us is that I think as we continue to focus on this national network, technology deployed and where we can optimize -- continue to optimize our pricing will be the real opportunity over time. So our technology investment and focus is across the board, the cost things you have to do to stay ahead of inflation. And certainly, there are opportunities to continue to improve that. But I don't know that there's a step function out there yet for that, but we'll continue to focus our investments around optimization tools.

我認為對我們而言，最大的重點是：隨著我們持續聚焦這個全國性網路，科技的部署，以及我們能在哪些地方做最佳化——尤其是持續最佳化我們的定價——長期來看會是真正的機會。因此，我們的科技投資與重點是全面性的：包括為了跑贏通膨而必須做的成本面工作。而且確實也有機會持續改善。但我不確定目前是否已經存在那種跳躍式的改善；不過我們會持續把投資聚焦在最佳化工具上。

And you see that in our numbers, Ravi. If you look at the commentary around our touches improving best since they've been in third quarter of '24, you see it in the per shipment cost of salaries, wages, and PT. That's how we always think about it in terms of what it takes to run a network and run an operation. That, on a per shipment basis, is down. That's all a product of optimization of technology, of cost management.

Ravi，你也能從我們的數字中看到這點。如果你看我們對「觸點」（touches）改善的評論——這是自2024年第三季以來的最佳表現——你也能在每票貨的薪資、工資與PT成本上看到。我們一直都是用這種方式來思考：就網路與營運而言，需要什麼才能把它跑好。以每票貨來看，這項成本是下降的。這些都是科技最佳化與成本管理的成果。

And keep in mind, over that period, there's 20-plus new terminals in our network. So those are by no means are mature yet or fully efficient. So it's not new for us. We're going to continue improving that, but that's been at the root of where our focus has been for a long period of time.

另外請記住，在那段期間，我們的網路新增了20多個新場站（terminals）。所以那些場站絕對還沒有成熟，或尚未達到完全效率。這對我們來說並不新鮮。我們會持續改善，但這一直是我們長期以來的核心聚焦。

And then to Fritz's point, the opportunity around pricing for us, the customer conversations that we now have are more equal on a footprint than they've ever been. We've got a national network, we can do more for them, and we're seeing more of that in these one- and two-day wins, but that's just a product of us being able to say yes to more things.

再呼應Fritz的觀點，對我們而言，定價方面的機會在於：我們現在與客戶的對話，在服務覆蓋範圍（footprint）上比以往任何時候都更對等。我們有全國性網路，能為他們做更多事情；我們也在這些一日與兩日服務的贏單中看到更多這種情況，但那只是因為我們能對更多需求說「可以」。

Very good. Thanks, guys.

非常好。謝謝各位。

Eric Morgan, Barclays.

Eric Morgan，巴克萊。

Hey, good morning. Thanks for taking my question. I was wondering if you could give us some thoughts on what we're seeing in the truckload market, just curious if any of this tightness is driving some incremental volume onto your network, and maybe not sure if that's a reason or one reason for the weight per shipment upward trend. And then my follow up, just on your answer to the 2Q tonnage question, you said you usually see that improvement from April to May and May to June. Is there any way to just translate that into what it would equate to on a year-on-year basis for the quarter. Thanks.

嗨，早安。謝謝讓我提問。我想請你們談談你們在整車（truckload）市場看到的情況；我很好奇，這種供給吃緊是否把一些額外貨量推到你們的網路上；也不確定這是否是、或是否是其中一個原因，導致每票貨重量呈現上升趨勢。另外追問一下，關於你們對第二季噸位問題的回答，你說你們通常會看到4月到5月、以及5月到6月的改善。有沒有辦法把這換算成以季度來看、年對年（YoY）大概會相當於多少？謝謝。

We don't give the year-over-year basis, Eric, and that was in shipments that I was referring to, just for clarity on shipment type.

Eric，我們不提供年對年的數據；另外澄清一下，我剛剛指的是出貨量（shipments），就貨件類型而言。

Yes, so -- and on your market question, I think what I would say is that I think you're -- over time now, you're starting to see freight moving through its more historic modes and customers. In a supply chain, that is seeing increasing costs. What you're seeing is it may be a flight to quality, right? You're in an environment where you need to move freight inventory through your supply chain. It's expensive.

是的——至於你問的市場問題，我想我會說的是：隨著時間推進，你開始看到貨運回到更符合歷史的運輸模式與客戶行為。在一個供應鏈成本正在上升的環境中，你看到的可能是一種「轉向品質」（flight to quality），對吧？在這樣的環境裡，你需要把貨物與庫存沿著供應鏈移動。而這是昂貴的。

You want to make sure it's delivered on time because you can't afford in a higher cost environment, so I think you're starting to see the reliability of our network starting to shine and I think more broadly across the all modes of transport. I think as you see the truckload market tighten up a bit, you see LTL freight returning to LTL market. That's probably a help in there somewhere. But I think specifically as it relates to us, I think it's reflective of our performance for our customers.

你會想確保能準時交付，因為在成本較高的環境下你承擔不起，所以我認為你開始看到我們網路的可靠性開始發光發熱，而且我認為更廣泛地說，涵蓋所有運輸模式。我認為當整車（TL）市場稍微趨緊時，你會看到零擔（LTL）貨量回流到LTL市場。那大概在某種程度上會有所幫助。但我認為就我們而言，這特別反映了我們為客戶所展現的績效。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行（Wells Fargo）。

Hey, thanks. Good morning, guys. I guess I wanted to ask about sort of the density or the building density in the newer -- more newly opened parts of the network. And I think in the past, you guys have given us an operating ratio for facilities that have been open a couple of years. Maybe get a sense of how that's progressing, particularly in March and April where it seems like the volume performance is looking a little stronger.

嗨，謝謝。各位早安。我想我想問的是，在網路中較新——也就是較近期開設的區域——其密度或站點密度的情況。我記得過去你們曾提供過已營運兩三年的設施之營運比率（OR）。想請你們談談這方面的進展，特別是3月和4月，看起來貨量表現似乎更強一些。

Yes, we're pleased with those. I mean, they're still above company average, right? I mean, those group of facilities are still relatively immature. We saw them improve if I look at just those batch of facilities compared to where they were the prior year. So the way we're thinking about those now is the '23 and '24 openings. Now we're past the '22, so we're considering those kind of just part of the whole.

是的，我們對那些表現感到滿意。我的意思是，它們仍高於公司平均水準，對吧？我的意思是，那一組設施仍相對不成熟。如果我只看那一批設施，與前一年相比，我們看到它們有所改善。所以我們現在看待它們的方式是把它們視為2023年與2024年的開站。現在我們已經過了2022年的那批，所以我們把那些視為整體的一部分。

But the way that we look at those, I mean, that batch of facilities year over year, they improved margins by over 2 points on the OR side, which is good. I mean, they're still in the upper 90s and they're a drag on the overall, but we're going to continue working those down. They're still relatively new, but good performance from those on a year-over-year basis.

但我們看待那些的方式是，那一批設施年對年在OR端的利潤率提升了超過2個點，這很好。我的意思是，它們仍在90多的高檔，對整體仍有拖累，但我們會持續把它們往下改善。它們仍相對新，但就年對年而言，那些設施的表現不錯。

Chris, I think part of our OR guide into Q2 is reflective of growth not only in our legacy markets, which we like, but it's continued sort of leverage in the ramping new markets, which is really key to the whole value story here. And I think that's what we're excited about.

Chris，我認為我們對第二季的OR指引，反映的不僅是我們在既有市場的成長（我們喜歡這點），也反映了在新市場爬坡過程中持續的槓桿效益，而這對整個價值主張來說非常關鍵。我想這也是我們感到興奮的地方。

And then just on sort of that, the legacy versus the new, I guess, just getting a sense of how you're feeling the demand potential improvement. I guess, I don't know if you can measure that by thinking about how much is growth in legacy versus new in terms of what's kind of core demand and maybe what Saia initiatives, i.e., you're getting the opportunity to move more freight for existing customers in the new network or vice versa. I just want to get a sense if there's anything you can tell from that sort of broadening out of this demand dynamic.

接著就既有市場與新市場而言，我想了解你們對需求潛在改善的感受。我想我不知道你是否能用「既有市場成長」相對於「新市場成長」來衡量，哪些屬於核心需求、哪些屬於Saia的推動措施——例如你們在新網路中獲得機會，為既有客戶承運更多貨量，或反過來亦然。我只是想了解，從這種需求動能擴散的角度，你們是否能看出或分享任何訊息。

I think the big thing that I would point out, right, is we've highlighted that our legacy facilities are back. First quarter reflected -- the first quarter and a number of quarters, we actually saw growth in those markets. And I think what that is indicative of, and I think this is an important piece, is we're now at a bigger part of the customer supply chain, these new facilities.

我認為我會指出的一個重點是，我們已經強調過，我們的既有據點回來了。第一季反映——第一季以及之前好幾個季度，我們其實在那些市場看到了成長。而我認為這所代表的、也是我認為很重要的一點是：透過這些新設施，我們現在在客戶供應鏈中扮演更重要的一環。

We're doing a great job for those customers in the facilities. And now when you're in that, it's a little bit of a synergy that's coming out of this that simply says, when you're a national player and you could do more for a customer, you're a heck of a lot easier to do business with. So now it's like, all right, well, let's give them more freight from Dallas to Atlanta because that makes sense because I know that they can cover when they do the pickups for everything that's going into Montana. That matters too, right?

我們在這些設施中為客戶做得非常好。而當你進入那個位置後，就會產生一些協同效應：簡單來說，當你是全國型業者、能為客戶做更多事時，客戶跟你做生意就容易得多。所以現在就像，好吧，那就把更多從達拉斯到亞特蘭大的貨交給他們，因為這很合理，因為我知道他們在提貨時也能涵蓋所有要送往蒙大拿的貨。那也很重要，對吧？

So the combination of all that, I think we're starting to see the building of value of having that footprint because you're able to solve all those Upper Midwest problems or markets where we haven't covered well historically. Now you're able to do that. So now the customer can say, look, let's lean into it in businesses that we've long done business with you, but now you're moving up to the top of the stack in our supply chain. So that, I think that's exciting for us. And that's really what I think is going to drive the growth Q2 and beyond.

所以綜合以上，我認為我們開始看到擁有那樣的版圖所建立的價值，因為你能解決所有那些上中西部的問題，或是我們過去歷來覆蓋不佳的市場。現在你能做到這些。因此客戶就能說：你看，讓我們更倚重你們；在那些我們長期與你們往來的業務上，如今你們在我們供應鏈中的排序正往更上層移動。所以我認為這對我們來說很令人振奮。而我認為這也正是將推動第二季及之後成長的因素。

Yes. Makes sense. Thanks for the time. Appreciate it.

是的。有道理。謝謝你撥冗。感謝。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Great. Good morning, everyone. Thank you. I wanted to maybe take a longer-term approach here or just if you could discuss the financial torque to the model after a lot of investments have been made over the last couple of years, if that's talking about incremental margins as those legacy terminals ramp and Southern Cali kind of bounces back. But any commentary you can give on what incremental margins can look in this upcycle would be helpful. Thanks.

很好。各位早安。謝謝。我想也許從更長期的角度來看，或請你們談談：在過去幾年做了大量投資之後，這個模型的財務槓桿效應會是什麼樣子——例如當那些既有場站逐步爬坡、以及南加州（Southern Cali）回升時，增量利潤率會如何。但無論如何，你們對於在這一輪上行週期中增量利潤率可能呈現的樣貌，任何評論都會很有幫助。謝謝。

I think this is an exciting time, Stephanie, for us, is that we feel like we're in a -- we have waited for the time in which we could see the market change, we could see that things firm up, and then we could show everyone what the value of a 214 terminal network is. And we've offered a range this year of 100 basis points to 200 basis points in admittedly kind of a choppy market, although sentiment is good right now. I prefer that over negative sentiment.

Stephanie，我認為對我們來說這是一個令人振奮的時刻，因為我們覺得我們正處於——我們一直在等待一個時點：能看到市場轉變、能看到情勢轉趨穩固，然後我們就能向大家展示擁有214個場站網路的價值。而我們今年提供的區間是100個基點到200個基點，坦白說是在一個有些顛簸的市場中，雖然目前情緒是正面的。我更喜歡這樣，而不是負面情緒。

But at the same time, we need to see continued growth into the second half of the year. I think the big opportunity over time as this freight cycle kind of normals out is we've long talked about the opportunity for Saia to operate at 80 or below OR. And we're starting to see the early innings of, okay, incremental Q1 to Q2, 400-basis-point to 450-basis-point improvement quarter to quarter. That's a big deal, and I think we can continue to drive that. I think the incrementals in the facilities have been open less than three years are to potentially be significant for us, and I think that helps drive the results.

但同時，我們需要看到成長在下半年持續。我認為隨著這一輪貨運循環逐步回歸常態，長期來看最大的機會是：我們一直談到Saia有機會把OR做到80或更低。而我們開始看到早期階段的跡象：例如從第一季到第二季，單季改善400到450個基點。這是很大的進展，我認為我們可以持續推動。我認為開站未滿三年的設施，其增量貢獻對我們而言可能會相當顯著，而我認為這有助於推動成果。

Could we go back to the days of what we were really leveraging in the Northeast and see incrementals per quarter that were -- look like 25%, 30% incrementals? Absolutely. Could they be higher than that? Yes, they can. And I think that's what is exciting for us. I don't see an impediment short of a broader economic slowdown that would say that we can't continue to drive margin performance in this business and hit the long-term real value-creating goals that I think that we have, which are that sub-80 OR that's out there for us, and I think we can get there. I don't see an impediment to that.

我們能否回到過去在東北部真正發揮槓桿時的日子，看到每季增量——看起來像25%、30%的增量？當然可以。會不會比那更高？是的，可以更高。而我認為這正是讓我們感到興奮的地方。我看不到有任何阻礙，除非出現更廣泛的經濟放緩，否則沒有理由說我們不能持續推動這項業務的利潤率表現，並達成我們認為的長期、真正創造價值的目標——也就是低於80的OR，我認為我們能做到。我看不到達成這點的阻礙。

And then just one follow up on my end. Free cash flow, no one has touched on it yet, but it was very strong in the quarter. Could this [market inflection] here, or is there some other considerations we need to be thinking about things?

接著我這邊再追問一個問題。自由現金流目前還沒有人提到，但本季表現非常強勁。這是否代表這裡出現了某種[市場拐點]，或者還有其他我們需要納入考量的因素？

Well, we've long talked about our plan this year was be free cash flow positive. Obviously, we understand our duties to the shareholder, and we feel good about how we've returned the investments in the business. But a lot of that buildout is done now. We still have some terminal opportunities here and there.

我們一直都有談到，今年的計畫是讓自由現金流轉為正值。顯然，我們了解對股東的責任，也對我們在業務上的投資回報方式感到滿意。但目前大部分的建置已經完成。我們仍然在這裡那裡有一些碼頭（terminal）的機會。

So we understand that we're stewards of the shareholders' capital. But absolutely, if this market continues to tighten our plans around that, it could escalate further. I think there's still some of the unknown out there in this near term. But based on the indicators that we're seeing from the demand side, from customer conversations, we feel like this could be a really great inflection point for us.

因此我們明白，我們是股東資本的管理者。但確實，如果市場持續收緊，我們圍繞這方面的計畫可能會進一步加速。我認為短期內仍有一些未知數。但根據我們從需求端指標以及與客戶對話中看到的情況，我們覺得這可能會是對我們非常好的拐點。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Hi, thanks. This is Uday on for Jason Seidl. Maybe just one for me on circling back on pricing. So on your last call, I think you spoke to some better-than-expected capture on GRIs. Since then, freight markets generally have tightened up. Your core pricing is sounding robust. Have you seen any changes or improvements on the capture side there as the year has progressed? And does that telegraph anything further for momentum on core pricing as you move through those annual RFPs?

嗨，謝謝。我是代替 Jason Seidl 的 Uday。我想再回到定價問題追問一個。在你們上次電話會議中，我記得你們提到在 GRI（一般運價調整）的落袋（capture）上優於預期。自那之後，整體貨運市場普遍收緊。你們的核心定價聽起來也很穩健。隨著今年進展，你們在落袋/捕捉（capture）方面有看到任何變化或改善嗎？而這是否也預示著在接下來那些年度 RFP（招標）過程中，核心定價動能會進一步提升？

I would say that it's been relatively steady, no major difference there. Some of the movement we see is generally around the national accounts or the larger customers a bit more, who typically are they're using more carriers or they've got a more sophisticated TMS, things like that. So there's always some movement with that, but I would say it's been relatively similar to what we've been seeing on the capture side.

我會說整體相對穩定，沒有什麼重大差異。我們看到的一些變動通常更多發生在全國型帳戶或較大型客戶身上，他們一般會使用更多承運商，或是有更成熟的 TMS（運輸管理系統）之類的。所以那邊總是會有一些變動，但我會說在落袋（capture）方面，整體與我們先前看到的情況相當接近。

And I think a big component of that is our ability to do more for our customer. It's harder to make a change when we can do everything before or just -- you're thinking about it twice when you have to make that decision now. And now that we've got 214 facilities in the national network, we feel like our value prop to our customer is better than it's ever been. So relatively in line with where it's been, but I think every time that we can say yes to a customer and do more, we get that chance to hold on to that at a higher price.

而我認為其中一個很大的因素，是我們為客戶提供更多服務的能力。當我們能把原本的事情都做到，甚至更多時，客戶要做出改變就更難——或者說，現在要做那個決定時會再三思量。而現在我們在全國網路已有 214 個設施（據點），我們覺得我們對客戶的價值主張比以往任何時候都更強。所以整體大致與過去一致，但我認為每一次我們能對客戶說「可以」並提供更多服務時，我們就有機會以更高的價格把這些業務留住。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

Yes, thanks. It's Richa here. Maybe you all can revisit how you manage purchase transportation. I know you look at it holistically with salary, wages, and benefits and optimize that in totality. Matt, you said it a couple of times. Your salary, wages, and benefits plus PT per shipment was impressively down in Q1. But just as truck rates rise, do you plan to insource more, or do you think your pass-through mechanisms with purchase transportation give you enough protection?

是的，謝謝。我是 Richa。也許你們可以再談談你們如何管理外購運輸（purchase transportation）。我知道你們會把它與薪資、工資與福利一起做整體性（holistic）的檢視，並在總體上做最佳化。Matt，你提過好幾次。你們的薪資、工資與福利加上每票貨的外購運輸（PT）在第一季下降得很亮眼。但隨著卡車運價上升，你們是否計畫提高自營（insource）比例，或是你們認為外購運輸的轉嫁機制已能提供足夠的保護？

And then just to clarify, I know, Fritz, we talked about the upside scenario. It seems like the macro is providing some help right now, which is nice. But if that doesn't materialize, given all the uncertainty out there, do you still think you can improve OR by at least 50 bps this year? Or could it actually be higher than that with all the momentum and productivity initiatives that we're hearing about in earnest today? Thanks.

另外再釐清一下，我知道 Fritz，我們談過上行情境。看起來目前總體環境正提供一些助力，這很好。但如果那沒有實現，考量外部仍有很多不確定性，你們仍然認為今年可以把 OR（營運比率）至少改善 50 個基點嗎？或者，基於我們今天聽到的各種動能與生產力措施正積極推進，實際改善幅度可能會高於這個水準？謝謝。

No problem. Good question. On the PT side, one of the things that when we go through our decision-making process around PT, we always focus on, all right, number one, how does that match what customers' needs? What's the service schedule? Does it meet the quality standard that we need? What we found in Q1, particularly in the second half of March, we saw opportunities to really lean into rail.

沒問題。好問題。在外購運輸（PT）方面，我們在做 PT 相關決策時，總是先聚焦於：第一，這是否符合客戶需求？服務班表是什麼？是否符合我們需要的品質標準？我們在第一季看到的情況，特別是三月下半月，我們看到一些機會可以更積極地使用鐵路。

And the rail -- the entire increase of our. PT year over year, I mean, there's certainly some rate underneath. But the real piece is we really leaned into using rail, which on a cost per shipment base or cost per mile basis is upwards of $0.50, cheaper than our internal mile. So in that case, because we could meet the customer need, the cost decision became sort of straightforward, and we made that call.

而鐵路——我們的。PT 年增的整體增加，當然底下確實有一些運價因素。但真正的關鍵是我們大幅提高了鐵路的使用；以每票貨成本或每英里成本來看，鐵路比我們自營里程的成本最多可便宜約 0.50 美元。所以在那種情況下，因為我們能滿足客戶需求，成本面的決策就相對直接，我們也就做了那個選擇。

Now over time. I think one of the things that's important, and I think you're kind of on track with this, and that is, as we build density in this network and scale, the opportunity for us to run more balanced schedules across the network, which allows us to use, potentially use a Saia driver for the line haul move, and in that case, we've got freight for him to go from -- if he's traveling east, when he comes back west, he'll have a full load. And that's cost optimal, and that makes a lot of sense.

而隨著時間推進。我認為有一點很重要，而且我覺得你的方向也對：也就是當我們在這個網路中建立更高密度並擴大規模時，我們有機會在整個網路上安排更均衡的班表，這讓我們可能可以用 Saia 的司機來執行幹線運輸（line haul）；在那種情況下，我們能讓他從——如果他往東行駛，回程往西時也能有滿載貨量。那在成本上是最優的，也非常合理。

As the maturity of the network grows, there'll be opportunities to do that. But at the same time, we're going to take advantage of when PT works for us, starting with service, then we'll get to dealing with the cost side. If the cost side is better, it makes sense for us to better utilize our resources maybe on another part of the network.

隨著網路成熟度提升，會有更多這樣的機會。但同時，我們也會在 PT 對我們有利時加以利用：先從服務出發，接著再處理成本面。如果成本面更好，那我們就更應該把自有資源用在網路的其他部分。

With respect to kind of the momentum we're seeing in the business, I think there is certainly in a flattish kind of softening macro environment, can we get OR improvement in the business? I think we can. I think we've got some underlying efficiency goals that we have in place that we're achieving. I think that there, as we get new volume in those facilities that are ramping, that automatically gets us a bit of a cost leverage there.

就我們在業務上看到的動能而言，我認為即使在一個偏平、略為走弱的總體環境下，我們能否讓業務的 OR 改善？我認為可以。我們有一些正在推進並達成的底層效率目標。我也認為，隨著那些正在爬坡的新設施取得新增貨量，自然就會帶來一些成本槓桿效益。

So I think we're in the process right now really shoring up what I would say is the lower end of the range, right? So if a macro softens up, can we still get better? I think we can. As a 50 bps sort of idea, is that out there in a tough flattish market? I think we can achieve that, particularly as we continue to have success with customers in those new markets. So all in, I think what's exciting about this, because of where we are, we've got line of sight to things that we can improve on and are improving and optimizing as we go.

所以我認為我們現在的重點，是把我所說的區間下緣先鞏固好，對吧？也就是如果總體環境轉弱，我們是否仍能變得更好？我認為可以。以改善 50 個基點這個概念來看，在一個艱困且偏平的市場中是否可行？我認為我們能做到，特別是當我們在那些新市場持續成功爭取客戶時。總的來說，我覺得令人振奮的是，基於我們目前所處的位置，我們對可改善的事項有清晰的可視性（line of sight），而且也正在持續改善與最佳化。

Okay. And can I just ask one quick follow-up? The good demand that you're seeing, I think legacy facility is seeing growth after five quarters. Any sense of that being pulled forward, or any concern around that based on your customer feedback?

好的。我可以再追問一個簡短的問題嗎？你們看到的良好需求，我想傳統據點在連續五個季度之後開始出現成長。你們是否覺得這有被提前拉動的情況，或根據客戶回饋，對此有任何疑慮？

I don't think so. I think that what we see is it's more of their sort of broader sort of sentiment in the marketplace. So meaning, I don't see anybody making the decision to let's move the freight quickly now before things become more inflationary. I think it jumped up -- the inflationary diesel costs jumped up pretty rapidly. And as a result of that, I don't think someone could have necessarily foresaw kind of those cost increases and maybe move that forward. So I conclude that I don't think that we see any real pull forward there.

我不這麼認為。我認為我們看到的更像是他們在市場上的整體情緒。也就是說，我沒有看到有人做出「在事情變得更通膨之前，現在就趕快把貨運出去」這樣的決定。我認為通膨性的柴油成本上升得相當快。因此，我不認為有人能夠事先預見這類成本上升，並因此把需求提前。所以我的結論是，我不認為我們看到任何實質的提前拉動。

Okay, great. Thanks, Rich, for clarifying.

好的，很棒。謝謝你，Rich，幫忙釐清。

(Operator Instructions) Brian Ossenbeck, JPMorgan.

(接線員指示) Brian Ossenbeck，摩根大通。

Hey, good morning. Just wanted to ask about the capacity and, I guess, ability to make service, if you do have a more significant inflection in demand and volume. I don't know if you're ramping up for that probability already or if you have more productivity you think you can leverage in that scenario.

嗨，早安。我想問一下關於運能，以及我想是如果需求與貨量出現更顯著的拐點時，你們提供服務的能力。我不確定你們是否已經在為這種可能性提前擴充，或是在那種情境下，你們認為還有更多生產力可以運用。

So maybe you can talk through that a little bit in terms of how you were planning for it right now and if it were to actually materialize, how you would handle that. Would you maybe even trim down some of the volume coming in, so you're doubly sure that service is met in that type of scenario? Thanks.

所以也許你可以稍微談談你們目前是如何規劃的；如果真的發生了，你們會如何應對。在那種情境下，你們是否甚至會削減部分進來的貨量，以便更有把握能達成服務水準？謝謝。

It's a good question, Brian. Thank you for that. A couple of things on -- we feel like we -- because of our ability to manage PT efficiently and effectively, I think that's always going to be a bit of a natural leverage for us. So if we had unexpected short-term or shorter-term volume variation, we've got that sort of safety valve that we know how to manage. So I think we can handle that in the short-term. I also think that as we scale the business, we have certainly continued efficiency opportunities. So I think that that's kind of within our framework.

這是個好問題，Brian。謝謝你。有幾點——我們覺得，因為我們有能力高效且有效地管理PT，我認為這一直會是我們一個自然的槓桿。所以如果我們遇到意外的短期或較短期的貨量波動，我們有那種「安全閥」，也就是我們知道如何去管理。因此我認為短期內我們可以應付。我也認為，隨著我們擴大業務規模，我們確實仍有持續提升效率的機會。所以我認為這是在我們的框架之內。

And then I think the other thing is, quite frankly, is that these are scarce assets. Meaning our fleet, we're doing a good job with the fleet, with the real estate terminal network, the technology. That's all inflationary. So in an environment, as it strengthens and firms up, we're going to expect to not only provide great service to our customer; we're also going to expect that we would be compensated for that significant investment we've made.

另外一點，坦白說，這些都是稀缺資產。也就是說，我們的車隊、我們在不動產的場站網路、以及科技，我們都做得很好。這些全部都具有通膨性。因此在一個環境轉強、趨於穩固時，我們不僅會期望為客戶提供優質服務；我們也會期望，我們在這些重大投資上能獲得相應的報酬。

So that may help manage sort of volume inflections and changes in terms of in a stronger backdrop, we probably focus more on making sure we're compensated for all of that investment that we've made. Because when you do business with Saia, you're going to get best-in-class service. So we expect to get paid for that investment. So that probably becomes a bit more of kind of our focus in that sort of the backdrop.

所以這可能有助於管理貨量的拐點與變化；在更強的背景下，我們可能會更專注於確保我們為所做的全部投資獲得補償。因為當你與Saia合作時，你會得到同級最佳的服務。所以我們期望能為這些投資獲得合理報酬。因此在那樣的背景下，這可能會成為我們更主要的關注重點。

Okay. Thanks. Makes sense. Appreciate it, Fritz.

好的。謝謝。很合理。感謝你，Fritz。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Fritz Holzgrefe, Saia's President and Chief Executive Officer, for closing remarks.

各位女士、先生，問答環節到此結束。我想把電話會議交回給Saia總裁兼執行長Fritz Holzgrefe，請他做結語。

Thank you, operator, and thanks to all that have called in. At Saia, we believe that our value proposition of the customer continues to be significant, and we look forward to talking about the successes we will achieve in the quarters and years to come. Thank you, everybody.

謝謝你，接線員，也謝謝所有來電參與的各位。在Saia，我們相信我們對客戶的價值主張仍然相當重要，我們也期待在未來幾季與未來幾年，與大家分享我們將達成的成功。謝謝大家。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。