Saia Inc (SAIA) 2026 Q2 法說會逐字稿

Good morning. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2026 Saia Incorporated earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安。我叫 Gary，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Saia Incorporated 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I will now turn the call over to Matthew Batteh, Executive Vice President and Chief Financial Officer. Please go ahead.

現在我將把電話交給執行副總裁兼財務長 Matthew Batteh。請開始。

Thank you, Gary. Good morning, everyone. Welcome to Saia's second-quarter 2026 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe.

謝謝你，Gary。各位早安。歡迎參加 Saia 2026 年第二季電話會議。今天與我一同出席的還有 Saia 總裁兼執行長 Fritz Holzgrefe。

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

在開始之前，請各位留意，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。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陳述，均受多項風險與不確定性影響，實際結果可能存在重大差異。關於可能導致實際結果不同的具體風險因素，請參閱我們的新聞稿及向 SEC 提交的文件以取得更多資訊。

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

現在我將把電話交給 Fritz，請他先做開場致詞。

Good morning, and thank you for joining us to discuss Saia's second-quarter results. We're pleased to report a strong quarter that reflects the dedication of our team, the consistency of our service offering and the continued progress we're making on our long-term strategy.

各位早安，感謝各位加入我們，一同討論 Saia 的第二季業績。我們很高興報告本季表現強勁，反映出團隊的投入、我們服務方案的一致性，以及我們在長期策略上持續取得的進展。

Our results demonstrate the benefits of our disciplined execution, ongoing investments in our network and people and our commitment to delivering high-quality service for our customers. Our second quarter revenue of $956 million surpassed last year's second quarter by 17.1% and is a record for any quarter in our company's history.

我們的成果展現了嚴謹執行、對網路與人才的持續投資，以及為客戶提供高品質服務的承諾所帶來的效益。第二季營收達 9.56 億美元，較去年第二季成長 17.1%，並創下公司史上單季新高。

Shipments per workday, which were a record for a second quarter, increased by 4.4% and pricing and mix management efforts drove an increase in revenue per shipment, excluding fuel surcharge of 1.5% compared to prior year.

每個工作日的出貨量（第二季創新高）成長 4.4%；而定價與組合管理的努力，帶動每票營收（不含燃油附加費）較去年同期增加 1.5%。

Our mixed management efforts as well as improving freight backdrop contributed to a 3.9% year-over-year increase in weight per shipment. Notably, weight per shipment improved 4.9% sequentially from the first quarter of 2026 and improved for the seventh consecutive month exiting the second quarter. Importantly, our mixed management efforts and pricing actions are taking hold and as revenue per shipment excluding fuel surcharge improved throughout the quarter with June improving.

我們的組合管理努力以及貨運環境的改善，促成每票重量年增 3.9%。值得注意的是，每票重量較 2026 年第一季環比提升 4.9%，並在第二季結束時已連續第七個月改善。更重要的是，我們的組合管理與定價措施正逐步發揮效果；本季每票營收（不含燃油附加費）持續改善，且 6 月表現提升。

From April and about 4% compared to June of last year.

相較 4 月有所提升，且較去年 6 月約成長 4%。

Operating income increased 26% year-over-year to $125 million. Operating ratio for the quarter was 86.9, an improvement from 87.8 in the second quarter of 2025 and a 480 basis point improvement sequentially from the first quarter, far outpacing historical seasonality of 250 to 300 basis points of improvement.

營業利益年增 26% 至 1.25 億美元。本季營業比率為 86.9，較 2025 年第二季的 87.8 改善，並較第一季環比改善 480 個基點，遠高於歷史季節性通常 250 至 300 個基點的改善幅度。

Service levels continue to improve across key performance indicators during the quarter, reflecting our ongoing focus on putting the customer first in our daily operations. Despite lower headcount and increased shipments compared to prior year, we achieved a record cargo claims ratio of 0.3%, demonstrating our ability to deliver high-quality service across our now national footprint. We also continue to see the benefits of decentralizing our customer service operation. One year after that transition, an average customer inquiry handling time has improved by 50%, strengthening customer relations, improving responsiveness and enhancing the overall customer experience across our expanded network.

本季各項關鍵績效指標的服務水準持續改善，反映我們在日常營運中持續以客戶為先的重點。儘管相較去年人力較少且出貨量增加，我們仍達成 0.3% 的貨損理賠比率新紀錄，展現我們在現已覆蓋全國的營運版圖中提供高品質服務的能力。我們也持續看到客戶服務作業去中心化所帶來的效益。在完成該轉型一年後，平均客戶詢問處理時間改善 50%，強化客戶關係、提升回應速度，並在我們擴大的網路中提升整體客戶體驗。

Even as we have expanded our footprint, equipment base and team, we continue to see the benefits of our investments in our driver training and safety programs, miles between preventable accidents improved by more than 45% compared to the second quarter of 2025 and hours between lost time injuries improved by 17% year-over-year.

即使我們擴大了營運版圖、設備規模與團隊，我們仍持續看到對駕駛員訓練與安全計畫投資的效益；可預防事故之間的行駛里程較 2025 年第二季提升逾 45%，而損失工時傷害之間的工時年增改善 17%。

With our value proposition increasingly clear, we continue to see strong customer recognition of the service and reliability we provide. Contractual renewals were 10.7% for both June and for the quarter, reflecting our continued focus on pricing discipline and the value we deliver to customers. In addition, our GRI of 7.1% was implemented in early July is consistent with the quality of service we deliver and our expectation that pricing appropriately reflects that value. Customers expect high-quality service and our record level of investment over the last few years reflects our dedication to providing unique solutions in every market. While customers always have options for managing their freight needs, our value proposition is becoming more apparent than ever as. By continued investments in the customer experience. More than ever before, customers are choosing Saia and our expanded footprint is providing more opportunities with both new and existing customers. We recently announced the launch of Saia REV, a company-wide initiative, REV or Rapid Expanded and Visible reflects our commitment to the customer. The customer will see our faster transit times, expanded logistics capabilities and enhanced shipment visibility for them. This initiative demonstrates the value of our national network and continued commitment to improving the customer experience. As part of SaiaRev, we were able to offer our customers faster and more consistent transit times, including more than 2000 transit time improvements across our network. The initiative will also automate our guaranteed 10:00 AM delivery service, the earliest guaranteed delivery of any nationwide LTL carrier. In addition, the initiative will provide customers with dynamic real-time shipment tracking, updated ETAs and predictive insights to help anticipate special service dates.

隨著我們的價值主張愈發清晰，我們持續看到客戶對我們所提供服務與可靠性的高度認可。6 月及本季的合約續約調價幅度均為 10.7%，反映我們持續聚焦定價紀律以及為客戶創造的價值。此外，我們 7.1% 的 GRI 已於 7 月初實施，與我們提供的服務品質一致，也符合我們對定價應適切反映該價值的預期。客戶期待高品質服務，而我們過去幾年的創紀錄投資，反映我們致力於在每個市場提供獨特解決方案。雖然客戶在管理其貨運需求上始終有多種選擇，但我們的價值主張正變得前所未有地明顯，因為我們持續投資於客戶體驗。比以往任何時候都更明顯，客戶正在選擇 Saia，而我們擴大的版圖也為新舊客戶帶來更多機會。我們近期宣布推出 Saia REV，這是一項全公司倡議；REV（Rapid Expanded and Visible，快速、擴展且可視化）反映我們對客戶的承諾。客戶將看到我們更快的運輸時效、擴增的物流能力，以及更強化的貨件可視性。此倡議展現我們全國性網路的價值，以及持續改善客戶體驗的承諾。作為 SaiaRev 的一部分，我們得以為客戶提供更快且更一致的運輸時效，包括在全網路超過 2000 項運輸時效改善。該倡議也將自動化我們保證上午 10:00 送達服務，這是任何全國性 LTL 承運商中最早的保證送達服務。此外，該倡議將為客戶提供動態即時貨件追蹤、更新的預計到達時間（ETA）以及預測洞察，協助提前掌握特殊服務日期。

The announcement of SaiaRev is yet another example of our best-in-class technology will continue to drive improvements in our operation and enhance the customer experience.

SaiaRev 的發布，是我們同級最佳技術將持續推動營運改善並提升客戶體驗的又一例證。

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

接下來我把電話交給 Matt，請他就第二季業績提供更多細節。

Second quarter revenue was a record for any quarter in the company's history, increasing to $956.5 million, which is a 17.1% improvement over the prior year, while shipments per workday increased 4.4% and tonnage per workday increased 8.4%. Fuel surcharge represented 22.3% of total revenue for the quarter compared to 14.6% in the prior year. Revenue per shipment, excluding fuel surcharge, increased 1.5% to $303.12 compared to $298.71 in the second quarter of 2025, reflecting continued execution on pricing and mix management initiatives. While our mix headwinds eased throughout the quarter, our Los Angeles region business, which is generally our highest revenue per shipment, was still down about 2.5% shipments per workday year-over-year. Despite those mix headwinds, our pricing actions continued to take hold throughout the quarter and June revenue per shipment, excluding fuel surcharge, increased about 4% from June 2025.

第二季營收創公司史上單季新高，增至 9.565 億美元，較去年同期成長 17.1%；同時，每個工作日出貨量成長 4.4%，每個工作日噸位成長 8.4%。本季燃油附加費占總營收 22.3%，去年同期為 14.6%。每票營收（不含燃油附加費）成長 1.5% 至 303.12 美元，較 2025 年第二季的 298.71 美元增加，反映我們持續落實定價與組合管理措施。雖然組合逆風在本季逐步緩解，但我們洛杉磯區域業務（通常為我們每票營收最高的區域）每個工作日出貨量仍年減約 2.5%。儘管存在上述組合逆風，我們的定價措施在本季持續發揮效果，而 6 月每票營收（不含燃油附加費）較 2025 年 6 月增加約 4%。

Revenue per shipment, including fuel surcharge, increased 12% compared to the second quarter of 2025.

每票營收（含燃油附加費）較 2025 年第二季成長 12%。

Yield excluding fuel surcharge decreased by 2.2%, primarily reflecting a 3.9% increase in weight per shipment during the quarter, while yield including fuel surcharge increased by 7.9%. Adjusting for the impact of the 3.9% increase in weight per shipment and the 0.6% decrease in length of haul, as well as the lingering headwinds from declining shipments relative to the total in the Los Angeles region, all of which have negative impacts to yield, core yield excluding fuel surcharge was up about 3% compared to prior year.

不含燃油附加費的單位收益（yield）下降 2.2%，主要反映本季每票重量增加 3.9%；而含燃油附加費的單位收益上升 7.9%。若調整每票重量增加 3.9% 與運距（length of haul）下降 0.6% 的影響，以及洛杉磯區域出貨量占比下降所帶來的持續逆風（上述因素皆對單位收益造成負面影響），則不含燃油附加費的核心單位收益較去年同期約上升 3%。

We continue to see traction in our recently opened terminals. Our terminals opened in 2023 and 2024, operated in the low 90s and improved nearly 300 basis points compared to the second quarter last year. We successfully opened five new terminals in the second quarter, and we are excited about the opportunity to provide solutions for customers in these new markets.

我們持續看到近期新開設的場站帶來的成效。我們於2023年與2024年開設的場站，營運比率維持在90%出頭，較去年第二季改善近300個基點。我們在第二季成功開設了五個新場站，並對於在這些新市場為客戶提供解決方案的機會感到振奮。

Link of Haul decreased 0.6% to 888 miles compared to 893 miles in the second quarter of 2025.

與2025年第二季的893英里相比，長途運輸平均里程下降0.6%至888英里。

Shifting to the expense side for a few key items to note in the quarter. Salaries, wages and benefits increased $43.4 million or 11.1% compared to the second quarter of 2025.

接著看費用端，本季有幾個重點項目值得注意。與2025年第二季相比，薪資、工資與福利增加4,340萬美元或11.1%。

This increase was primarily driven by higher employee hours in response to increased volumes and higher compensation levels associated with improved company performance, in addition to a company-wide wage increase in October 2025.

此增幅主要來自於因應運量增加而提高的員工工時，以及公司績效改善所帶動的較高薪酬水準，另加上2025年10月實施的全公司加薪。

Group insurance costs increased 7 million and workers' compensation costs increased 2.2 million, reflecting inflationary claims costs. These increases were partially offset by a 1% decrease in headcount at quarter end versus the prior year. Excluding line haul drivers, headcount decreased 1.7% compared to the second quarter of 2025, reflecting our continued focus on cost management and maximizing workforce efficiency.

團體保險成本增加700萬美元，勞工補償成本增加220萬美元，反映理賠成本的通膨壓力。上述增幅部分被季末人數較去年同期下降1%所抵銷。若排除長途運輸司機，人數較2025年第二季下降1.7%，反映我們持續聚焦成本管理並最大化人力效率。

Purchase transportation expense, which includes both non-asset truckload volume and LTL purchase transportation miles, increased by 47.3% year-over-year and represented 8.9% of total revenue compared to 7.1% in the second quarter of 2025. This increase was primarily driven by higher volumes, our disciplined approach to headcount, and significantly higher diesel fuel costs embedded in purchase transportation rates.

外購運輸費用（包含非資產型整車運量以及LTL外購運輸里程）年增47.3%，占總營收8.9%，高於2025年第二季的7.1%。此增幅主要由更高運量、我們對人力編制的紀律性管理，以及外購運輸費率中所內含的柴油燃料成本大幅上升所驅動。

Purchase transportation includes fuel and higher diesel prices contributed to the year-over-year increase.

外購運輸包含燃料成本，而柴油價格上升也促成了年增幅。

Truck and rail PT miles represented 15.4% of total line haul miles in the quarter, up from 12% in the prior year. The year-over-year increase in miles was largely driven by greater rail utilization as we continue to optimize our national network.

本季卡車與鐵路外購運輸里程占總長途運輸里程的15.4%，高於去年同期的12%。里程的年增主要由更高的鐵路使用率所帶動，因我們持續優化全國網路。

Fuel expense for the quarter increased by 49.6% compared to the prior year, while company line haul miles increased 3.2%.

本季燃料費用較去年同期增加49.6%，而公司自有長途運輸里程增加3.2%。

The increase in fuel expense was primarily the result of a 50.3% increase in national average diesel prices on a year-over-year basis.

燃料費用增加主要是因全國平均柴油價格年增50.3%。

Claims and insurance expense increased by 6.9% year-over-year, primarily driven by the development of open cases and increased claim activity.

理賠與保險費用年增6.9%，主要由未結案件的進展以及理賠活動增加所致。

Depreciation expense of $64.2 million in the quarter was 2.6% higher year-over-year, primarily due to ongoing investments in revenue equipment, our terminal network, and technology.

本季折舊費用為6,420萬美元，年增2.6%，主要因我們持續投資於營收設備、場站網路與科技。

Compared to the second quarter of 2025, cost per shipment increased 10.9% primarily due to higher fuel costs in the quarter.

與2025年第二季相比，每票成本增加10.9%，主要因本季燃料成本較高。

Salaries, wages, and employee benefits also increased on a per-shipment basis, reflecting higher compensations costs associated with improved operating performance, as well as the 3% company-wide wage increase implemented in October of 2025.

以每票計，薪資、工資與員工福利亦增加，反映營運表現改善所帶動的較高薪酬成本，以及2025年10月實施的全公司3%加薪。

Purchase transportation costs on a per-shipment basis were also higher, driven by increased usage compared to the prior year and higher fuel costs.

以每票計，外購運輸成本也較高，主要由使用量較去年增加以及燃料成本上升所驅動。

Total operating expenses increased by 15.8% in the quarter compared to Q2 '25, and with the year-over-year revenue increase of 17.1%, our operating ratio improved to 86.9% compared to 87.8% a year ago.

本季總營運費用較2025年第二季增加15.8%；在營收年增17.1%之下，我們的營運比率改善至86.9%，優於一年前的87.8%。

Our tax rate for the second quarter was 24.9% compared to 25.3% in the second quarter last year and our diluted earnings per share were $3.51, which is a 31.5% increase compared to the second quarter a year ago.

第二季稅率為24.9%，去年第二季為25.3%；稀釋每股盈餘為3.51美元，較去年第二季增加31.5%。

Turning to the balance sheet, we ended the quarter with $84 million of cash on hand. After paying down our revolver balance during the quarter, total debt outstanding at period end was $100 million, further strengthening our financial flexibility.

接著看資產負債表，我們在季末持有現金8,400萬美元。本季償還循環信貸餘額後，期末未償還總債務為1億美元，進一步強化我們的財務彈性。

I will 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。

While 2026 has included periods of volatility, volumes appear to be stabilizing and several external economic indicators suggest the operating environment is improving. Fuel costs remain elevated from pre-March levels and continue to fluctuate meaningfully on a day-to-day basis. Demand improved into the second quarter as is typical and I was pleased with our team's ability to handle the increased volume while achieving a record cargo claims ratio.

雖然2026年出現過幾段波動期，但運量似乎正在趨於穩定，且多項外部經濟指標顯示營運環境正在改善。燃料成本仍高於3月前的水準，並且每日波動仍相當明顯。如同往年慣例，需求在第二季有所改善；我也很高興我們的團隊在處理增加的運量同時，達成創紀錄的貨損理賠比率。

While external metrics continue to point to an improving demand environment, the macro landscape continues to be dynamic. Importantly, we remain focused on driving returns on the investments we have made over the past several years, and it is clear that shippers are choosing Sia more than ever before. At Sia, we have positioned the company to support customers to the next phase of market recovery by expanding our terminal footprint, modernizing our growing fleet and maintaining a disciplined focus on driver training and development. Since 2022, we've deployed approximately $1 billion in real estate investments, adding 33 terminals to our operations and relocating or expanding more than 25 others. This network investment has increased our operational door count by approximately 25% since 2022. In addition, since 2022, we've deployed $1 billion in expanding and enhancing our fleet, resulting in a 20% increase in tractor and trailer counts. While we have carefully managed headcount to align with current volumes, we ended the second quarter of 2026 with 26% more line haul drivers than we had at the end of the second quarter of 2022. In LTL, capacity is created through more than just physical footprint, our investments in our network fleet and most importantly, our people set us up for a continuing improvement in the freight backdrop.

雖然外部指標持續指向需求環境改善，但總體環境仍然多變。重要的是，我們仍專注於推動過去數年所做投資的報酬，而且很明顯托運人選擇Sia的程度前所未有。在Sia，我們透過擴大場站版圖、現代化我們持續成長的車隊，並維持對司機訓練與發展的紀律性聚焦，使公司得以支持客戶迎接市場復甦的下一階段。自2022年以來，我們已投入約10億美元於不動產投資，新增33個場站，並遷移或擴建超過25個既有場站。自2022年以來，這些網路投資使我們的作業月台門數約增加25%。此外，自2022年以來，我們也投入10億美元擴充並強化車隊，使牽引車與拖車數量增加20%。雖然我們審慎管理人力以配合目前運量，但截至2026年第二季末，我們的長途運輸司機人數較2022年第二季末增加26%。在LTL領域，產能不僅來自實體據點規模；我們在網路、車隊，最重要的是在人員方面的投資，讓我們得以在貨運環境上持續改善。

As we have highlighted over the last several years, we've been very intentional about making investments that support our value proposition. Q2 results were gratifying in the sense that we began to see the returns for the substantial investments that we've made in our company as evidenced from the free cash flow returns. Our customers benefited from our ability to scale, meet and exceed their expectations quickly and efficiently. Our strong execution has allowed us to be the organic growth story in the industry and a strong steward. Shareholder capital. At the same time, we're also acutely aware that we are in the very early innings of reaching our company's full potential. As we look forward, we continue to see opportunities to invest in our maturing network and we'll be able to support these investments with continuing operating cash flow improvement. With that said, we're now ready to open the line for questions, operator.

正如我們過去幾年所強調的，我們一直非常有意識地進行能支持我們價值主張的投資。第二季的結果令人欣慰，因為我們開始看到對公司重大投資所帶來的回報，從自由現金流回報即可見一斑。客戶受益於我們的擴張能力，能夠快速且有效率地滿足並超越他們的期望。我們強勁的執行力使我們成為業界的有機成長故事，並成為股東資本的良好管理者。股東資本。同時，我們也清楚意識到，我們距離發揮公司全部潛力仍處於非常早期的階段。展望未來，我們仍看到在日益成熟的網路上持續投資的機會，而我們也將能以持續改善的營運現金流來支持這些投資。話說到這裡，我們準備開放提問，接線員。

(Operator Instructions) Jonathan Chappell, Evercore ISI.

(接線員指示) Jonathan Chappell，Evercore ISI。

Thank you. Good morning.

謝謝。早安。

Let's start with the obvious one, Matt, to the extent you can give July shipments and tonnage, how that looks relative to seasonality. It sounds like your exit rate in June. On certain metrics was much improved from April. So just that July trend and what that pretends for potential seasonality in the OR in the current quarter?

先從最明顯的問題開始，Matt，在你能提供的範圍內，請談談7月的出貨量與噸位，相對於季節性表現如何。聽起來你們6月的期末走勢。在某些指標上較4月明顯改善。所以想請你談談7月的趨勢，以及這對本季營運比率（OR）可能的季節性意味著什麼？

Sure, John. I'll go ahead and give the full quarter for Q2 details.

當然可以，John。我會把第二季（Q2）整個季度的細節完整說明。

For April, shipments per day were up 5.6%, tonnage per day up 6.9%.

4月，每日出貨量成長5.6%，每日噸位成長6.9%。

May, shipments per day up 3.7%, tonnage per day up 8.4%. June, shipments up 3.9%, tonnage up 9.9%. In July, month-to-date, obviously, we've still got a couple of days left, but shipments are tracking up about 1%, tonnage up about 7.5% on a per day basis. Keep in mind, as Ritz talked about in the commentary, we put a GRI in at the beginning of the month of 7.1%. Any time you do that, and we've seen this in history, there's always some shipment volatility embedded in there that continues for a period of time. So. That's included in the results, but that's where we're tracking right now on a shipment-to-tonnage basis with a couple of days left.

5月，每日出貨量成長3.7%，每日噸位成長8.4%。6月，出貨量成長3.9%，噸位成長9.9%。7月截至目前（本月迄今），很明顯我們還剩下幾天，但以每日口徑來看，出貨量約成長1%，噸位約成長7.5%。請記得，如同Ritz在評論中提到的，我們在月初實施了7.1%的GRI（一般運價調整）。每當你這麼做，而且我們從歷史上也看過，出貨量通常都會有一些波動，並會持續一段時間。所以。這些都已反映在結果中；但就出貨量對噸位的角度來看，在還剩幾天的情況下，我們目前的追蹤狀況就是如此。

From an OR standpoint, if you look at history and when we talk about history, we remove the COVID years and some of those ones that have one-off items to try to give a more realistic view, typically what you see is about 150 to 200 basis point degradation Q2 to Q3, there's a range in there.

從OR（營運比率）的角度來看，如果你回顧歷史——而我們談歷史時，會剔除COVID那幾年以及一些有一次性項目的年度，以便提供更貼近現實的觀點——通常你會看到Q2到Q3大約惡化150到200個基點，當中有個區間。

Where we are now and assuming kind of fuel hanging in around where it is now, our quarterly shipments getting a seasonal typical performance, we think we can be around 100 basis points of sequential degradation, so ahead of the typical 150 to 200.

以我們目前的狀況來看，並假設燃油大致維持在現在的水準、季度出貨量呈現典型的季節性表現，我們認為序列性惡化大約可控制在100個基點左右，因此會優於典型的150到200個基點。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

Yeah, hi. Just sort of curious if you could give a little more color around your demand comments.

是的，你好。我只是有點好奇，你能否就你對需求的評論再多補充一些細節。

I mean, wait per shipment has been pretty positive. I know you're doing a bunch of stuff with Mix, but can some portion of that be ascribed perhaps to sort of?

我的意思是，每票重量（weight per shipment）一直相當正面。我知道你們在組合（Mix）方面做了很多事情，但其中是否有一部分也許可以歸因於某種……？

To stay pretty close to the customer. So we typically are communicating with customers on a daily basis.

我們會盡可能貼近客戶。因此我們通常每天都會與客戶溝通。

We actually survey customers. And if you look at their sort of sentiment right now, if you go back to April, people were expecting in the second-half or through the second quarter into the balance of year improvements.

我們其實也會做客戶調查。如果你看他們目前的情緒（sentiment），回到4月，大家原本預期下半年，或從第二季延伸到今年剩餘期間會有所改善。

What I think is exciting to see right now is that as we survey again, people continue to confirm that, meaning that they see the trends are for their respective businesses that they are positive about the back half of the year.

我認為現在令人振奮的是，當我們再次進行調查時，大家仍持續確認這一點，也就是說，他們看到各自業務的趨勢，並對今年下半年抱持正面看法。

Matt and I and the team, at the same time, we're cautious because we're kind of a show us sort of thing, and the results so far have been we've been pleased with what we've seen. So I think that it's a positive trend. I like the sentiment that's out there.

同時，我和Matt以及團隊也保持謹慎，因為我們比較屬於「拿結果來證明」的風格；而到目前為止的結果是，我們對所看到的表現感到滿意。所以我認為這是一個正向趨勢。我喜歡目前市場上的這種情緒。

Now we keep executing and deliver the results.

現在我們會持續執行，並交出成果。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

Yeah, good morning. Nice to see the momentum in the business.

是的，早安。很高興看到業務動能。

You provided some color, I think, on June revenue per ship in year-over-year, I think you said like 4% ex-fuel.

你提供了一些資訊，我想是關於6月每票營收（revenue per ship）的年增，你好像說扣除燃油（ex-fuel）約4%。

How do you think that progresses? I mean, it sounds like your contractual renewal is 10%, GRI, I think you said 7%, so that's a bit stronger. Do you think that if you look out a quarter or two or I don't know if it's longer, you would see that growth in base revenue per shipment move up from that 4% in June? Would you expect that to move higher and kind of converge with some of the headline pricing numbers that you're talking about?

你認為接下來會如何演變？我的意思是，聽起來你們的合約續約是10%，GRI我記得你說是7%，所以那更強一些。你認為如果往後看一到兩個季度，或我不知道是否更久，你會看到基礎每票營收（base revenue per shipment）的成長，從6月的4%往上走嗎？你會預期它走高，並且某種程度上與你所談到的一些整體定價（headline pricing）數字收斂嗎？

Yes, that'd be the first question.

是的，這是第一個問題。

One of the things that we've been talking about pretty consistently over the past year was just some of the mixed nuances that are different in our business than maybe some others. The LA region that we've been talking about consistently, that was down double-digits last year. It shrunk, still down about 2.5% year over year. But what we talked about is as we started to get past those and last those, especially with our continued efforts on the pricing front. That we'd expect to get back toward what we're typically seeing from ourselves in that revenue per shipment. So we were pleased with the progress year-over-year throughout the quarter. Revenue per shipment from April to June, this is ex-fuel, was up about 4%. So that's good traction, good progress for us inside the quarter, which we really like, but we've got to keep pressing the gas pedal on that. The growth from Q1 to Q2 continue to come in these one and two-day lanes. Again, we've got a national footprint, we're able to solve more problems for. , Typically those that aren't going as far, the pricing is a little bit different, but even with that, we improved revenue per shipment pretty substantially within the quarter, so a lot depends on what the world looks like, right, but our view and what we've been working on is that continued improvement, like we said, once we started to get past this mix, headwind and mix abating a bit. Late through the quarter where we're seeing numbers that are more consistent with what we're accustomed to on our side.

過去一年我們一直相當一致地在談的一件事，是我們業務在組合（mix）上的一些細微差異，可能與其他公司不太一樣。我們一直提到的洛杉磯（LA）地區，去年是雙位數下滑。它縮小了，目前年對年仍約下滑2.5%。但我們談到的是，當我們開始度過並超越這些影響，特別是在我們持續努力推進定價的情況下，我們預期每票營收會回到我們通常看到的水準。因此我們對本季年對年的進展感到滿意。每票營收從4月到6月（扣除燃油）約成長4%。所以這對我們來說是很好的動能、很好的進展，且是在季度內的改善，我們非常喜歡，但我們必須持續加大力道。從Q1到Q2的成長，持續來自這些一到兩天的運輸路線（lanes）。再次強調，我們有全國性的網路布局，能為更多客戶解決問題。一般而言，那些運距沒那麼遠的貨，定價會有些不同；但即便如此，我們在季度內仍相當大幅地提升了每票營收。所以很多取決於外部環境會長什麼樣，對吧；但我們的觀點以及我們一直在做的工作是持續改善——就像我們說的——一旦我們開始度過這個組合逆風，且組合影響逐步減弱。在季度後段，我們看到的數字更符合我們一向熟悉的水準。

Yeah, Tom, I would just add that you only get to do that when service execution is at a high level, and it has been.

是的，Tom，我只想補充，你只有在服務執行維持在高水準時，才做得到，而我們確實一直如此。

And I think that as we see that sort of that mix impact normalize a bit here, we feel very confident that we'll continue to drive the results and drive the appropriate returns for the significant capital we've deployed here.

而且我認為，隨著我們看到這種組合影響在此逐步正常化，我們非常有信心能持續推動成果，並為我們在此投入的大量資本帶來適當的報酬。

Our result, I think, speaks to that. And we highlighted in both the revenue per shipment and yield improvements, once you reflect some of the headwinds on yield, that's certainly that looked pretty good for us.

我想我們的結果就說明了這一點。而且我們在每票營收與單位收益（yield）的改善上都有強調；一旦你把收益端的一些逆風因素反映進去，對我們而言整體看起來確實相當不錯。

And then I guess for the follow-up question, just on labor productivity, I mean, I think you've had some good optimism on the ability to drive labor productivity when you see growth.

接著我想問追問的問題，關於勞動生產力：我的意思是，我認為你們對於在看到成長時推動勞動生產力的能力一直相當樂觀。

But I think there's also inflation in that line. So maybe if you just give some thoughts about how should we think about the kind of growth in your comp and benefits line, just, I guess, the two pieces, kind of productivity versus just the inflation impact?

但我想那一項目也存在通膨。所以也許你能談談，我們應該如何看待你們薪酬與福利（comp and benefits）這一行的成長——我想就是兩個部分：一是生產力，二是通膨影響？

We don't take a break on costs. We manage that pretty closely.

我們在成本上不會鬆懈。我們對此管理得相當嚴密。

I think we put together in the quarter or this quarter, we actually.

我想我們在本季，或這個季度，我們其實……

1st of the month, put a wage increase company-wide, that's reflected in our guide for the quarter.

在月初，我們全公司實施了加薪，這已反映在我們本季的指引中。

I think we'll do a good job of offsetting a fair amount of that with continued productivity improvements.

我認為我們會透過持續的生產力提升，去抵銷其中相當一部分的影響。

The technology we deploy in this business allows us to not only to improve transit times, but also the implications of that, if you can run your network more efficiently, you share that benefit by offering a transit time to a customer that we couldn't before, but that's also the read-through for that on the cost side that that's a more efficient way for us to run the network, so it's a win-win.

我們在這項業務中部署的技術，不僅讓我們能改善運輸時間（transit times），而且其延伸效應是：如果你能更有效率地運行你的網路，你一方面可以透過提供過去做不到的運輸時效來與客戶分享這個效益；但另一方面，在成本端也會反映出來——那對我們而言是更有效率的網路運行方式，所以是雙贏。

That helps us drive productivity improvements on one side. On the flip side, most importantly, customers got an incremental service out of that. And so we're excited about that kind of rollout.

這有助於我們在一方面推動生產力提升。反過來說，更重要的是，客戶因此獲得了額外的服務增量。所以我們對這類推廣上線感到很振奮。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. Good morning, Fritz and Matt.

嗨，很好。早安，Fritz 和 Matt。

Maybe can you walk us through the fuel contribution to results in second quarter and then maybe thoughts on impact to the operating ratio and what's built into expectations. So, Matt, you noted kind of seasonal outperformance 2Q to 3Q, maybe talk about what is fuel, what's pure pricing?

也許你們可以帶我們梳理一下第二季燃油對業績的貢獻，然後談談對營運比率（OR）的影響，以及在你們的預期中已納入哪些假設。另外，Matt，你提到第二季到第三季有些季節性超預期的表現，能否談談其中哪些是燃油因素、哪些是純粹的定價？

Well, we don't break out the impact of fuel, but keep in mind, in LTL, fuel surcharge is a percentage of the base rates. And if I look at our base rates, it's cheaper than everybody else out there, and that's our pricing opportunity. But when we think about pricing, we think about everything that goes into that, the work that we do for our customer, but we're focused on core pricing increase. Obviously, fuel can move around a little bit, but we have investments in the fleet and fuel. And everything that we do to provide service to our customers. So when I look at the results for Q2, even if I normalize, we still would have outperformed what's normal sequential Q1 to Q2 from a seasonality standpoint. And that's been our commentary all along. We've made these investments in order to outperform. So fuel is going to move around a little bit. What's invested into our guide is fuel hanging on national average around what it is right now.

嗯，我們不會單獨拆分燃油的影響，但請記住，在 LTL（零擔）業務中，燃油附加費是以基本運價的一定百分比計算。如果我看我們的基本運價，它比外面其他人都更便宜，這就是我們的定價機會。但當我們談定價時，我們會考量所有構成因素，包括我們為客戶所做的工作，但我們聚焦在核心運價的提升。顯然，燃油會有些波動，但我們也在車隊與燃油方面進行投資。以及我們為客戶提供服務所做的一切。所以當我看第二季的結果，即使做了常態化調整，從季節性角度來看，我們仍會優於第一季到第二季正常的序列變化。這一直是我們的說法。我們做了這些投資就是為了跑贏。因此燃油會有些波動。我們在指引中納入的燃油假設，是全國平均大致維持在目前的水準。

Your guess is as good as ours as to what that probably looks like. Closely, but we're focused on driving core price. Again, to reiterate that, when you get more on the base revenue per bill, you get more on fuel because that's just a component of the base rate tax fuel.

至於接下來大概會長什麼樣，你的猜測跟我們一樣。我們會密切關注，但我們專注在推動核心價格。再重申一次，當你的每張提單的基本收入更高時，燃油也會更高，因為燃油只是以基本運價為基礎計算的組成部分。

So, Matt, I guess the stock is down 8%. I guess we've seen this a couple of times on earnings days, but maybe it's just an AI transport trade today.

所以，Matt，我想股價下跌了 8%。我想我們在財報日看過幾次這種情況，但也許今天只是 AI 運輸題材的交易所致。

Maybe Delvin, so should we be seeing more in rate from you if you're catching up? I mean, the rep per shipment down 2.2%, I know that's tied to wait per shipment and then your revenue per shipment up 1.5%. How do you think you're tracking versus peers in kind of catching up given you're now nationwide coverage and trying to grow into that? Or is it more a focus on still maybe filling the network into some of the new service centers?

也許問一下，Delvin，如果你們是在追趕進度，我們是否應該看到你們的運價有更明顯的提升？我的意思是，每票收入（revenue per shipment）下降 2.2%，我知道這跟每票重量（weight per shipment）有關，而你們的每票收入又上升 1.5%。在你們現在已具備全國覆蓋、並試圖在此基礎上成長的情況下，你覺得你們相較同業在「追趕」方面的進度如何？還是說重點仍在於把網路填滿，例如一些新的服務中心？

Well, I'll start and then Chris will come on the top of this, but I think you said 10, revenue per shipment down to two, revenue per shipment up in the quarter, you may have meant the yield, but if I normalize for all the things that we talked about, so if I just look at April to June, revenue per shipment ex-fuel is up about 4%. And if I normalize for, actually, this is all in, revenue per shipment up about 4%, yield up 2%, and that's on weight per shipment that increased throughout the quarter. So typically, a heavier weighted shipment is going to have a lower yield. We've talked about how we track it on a revenue per shipment basis.

我先回答，然後 Chris 會補充。我想你剛才說的是每票收入下降 2、每票收入在本季上升，你可能指的是單位收益（yield）。但如果我把我們談到的所有因素都做常態化調整，也就是只看 4 月到 6 月，每票收入（不含燃油）大約上升 4%。而如果我做常態化調整——其實這是全數包含在內——每票收入約上升 4%，單位收益上升 2%，而這是在每票重量在整個季度都增加的情況下。通常，較重的貨件其單位收益會較低。我們也談過，我們是以每票收入的角度來追蹤。

But one of the things that we've talked about is the mix headwinds for us of expanded network, more things in a one and two day lane that are typically shorter. Our Los Angeles region business is a big chunk of our business. We've got a good business model out there. That's been down consistently. It's starting to become more even, which hopefully we see a little bit of a bounce back. But importantly, our June progress showed where we expect to be and we're pushing even harder on that. The reality is as a national player, we're able. Price point. We're able to say yes to more things. Customers have more opportunities to use us for all of their services. That's going to help us drive more and more price.

但我們談到的一點是，對我們而言，擴張網路帶來了組合面的逆風：更多是一到兩天的路線，通常距離更短。我們洛杉磯區域的業務占比很大。我們在那裡有很好的商業模式。那部分一直在下滑。現在開始變得更為均衡，希望我們能看到一些回升。但重要的是，我們 6 月的進展顯示了我們預期要達到的位置，而我們也在更用力推進。現實是，作為全國型業者，我們能夠——在價格定位上，我們能對更多需求說「可以」。客戶也有更多機會把所有服務都交給我們。這將幫助我們推動越來越多的價格提升。

And I think that the most important thing is I kind of think about how do customers -- what do customers think about that? And customers think SIEB is doing a great job. They see the service. They see the national reach.

而我認為最重要的是，我會去想客戶怎麼看——客戶怎麼看待這件事？客戶認為 SIEB 做得非常好。他們看得到服務。他們看得到全國覆蓋。

See that in our shipments and tonnage numbers. That is the most emphatic endorsement that we're doing a good job for the customers when you get more business. So that's kind of the simple measurement there. Then I look behind that, I look at the specific service.

從我們的出貨量與噸位數據就能看出來。當你獲得更多業務時，這是最有力的背書，證明我們確實把客戶服務做好了。所以這是一個很簡單的衡量方式。接著我會再往下看，去看具體的服務表現。

Claims ratios are record low. I look at all the on-time performance they have, pickup completion. Every metric that we have, we see strong performance there, and that's reflective and supportive of what you're seeing in the top-line result.

理賠比率創下歷史新低。我看準時表現、取件完成率。我們所有的指標都顯示強勁表現，而這也反映並支撐了你在營收端所看到的結果。

I look at the kind of underlying performance in a still challenging operating environment.

我也會看在仍具挑戰的營運環境下，那些更底層的表現。

And I look at from Q1 to Q2, we outperformed historic OR performance in that period significantly.

而從第一季到第二季來看，我們在那段期間的 OR（營運比率）表現，顯著優於歷史水準。

I can't speak to and I don't spend a lot of time focusing on daily trading activity, but I do focus on what we're value we're creating both for Saia shareholders and for our customers and when you create value for the customer, there's an opportunity for us to create value for Saia shareholders and I like what we're doing there.

我無法評論、也不會花太多時間去關注每日的交易波動，但我會專注在我們為 Saia 股東與客戶創造了什麼價值；當你為客戶創造價值時，我們也有機會為 Saia 股東創造價值，而我很喜歡我們目前所做的事情。

Can I just squeeze in one more thought here? I guess if you're targeting 100 basis points of deterioration in OR, does that mean you're looking at a worse OR year-over-year or am I misreading the performance from last year?

我可以再塞一個想法嗎？我想如果你們目標是 OR 惡化 100 個基點，這是否意味著你們預期 OR 會年對年變差？還是我誤讀了去年表現？

Keep in mind, Ken, we have two wage increases embedded in that number.

Ken，請記住，那個數字裡面包含了兩次薪資調升。

We did our wage increase last year in October, and we did one early July, the 1st of July this year. So that comp has two wage increases in it, the timing difference.

我們去年在 10 月做了一次加薪，而今年 7 月初、7 月 1 日又做了一次。所以那個比較基期裡包含兩次加薪，主要是時點差異。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, guys. Good morning. Thanks for taking the question.

嗨，各位。早安。謝謝讓我提問。

So maybe just to help understand a little bit more of the incremental margins or the operating leverage with tonnage starting to inflect pretty significantly and maybe putting some of the mixed headwinds behind you. Just in the yield for all those mixed things you talked about, Matt, you're still tracking fairly behind where the renewals are. Just looking at the leverage in the quarter, is there additional costs that are still not fully absorbed in sort of the new network, you have new areas you're trying to still fill in from density perspectives. Just wanted to see how to interpret all that for this quarter in particular.

所以也許想更了解一些：隨著噸位開始相當明顯地回升，並且可能把一些組合逆風拋在身後，增量利潤率或營運槓桿的情況如何。就你提到的那些組合因素而言，Matt，你們的單位收益仍明顯落後於續約的水準。從本季的槓桿表現來看，是否仍有一些成本在新網路中尚未被完全吸收？你們在一些新區域仍在從密度角度努力填充。想請教該如何解讀這些因素，特別是對本季而言。

Cost embedded in which part, Brian, can you just make sure I understand?

成本是嵌在哪一個部分，Brian，你能不能確認一下我理解得對不對？

Yeah, just the new terminals. So like are they still ramping up? Are there still areas in pocket of density you still need to fill in? Are you shifting the mix? Like I guess why are we seeing better incrementals on this sort of tonnage as you expand here?

對，就是新碼頭而已。所以像是它們還在爬坡嗎？在某些密度口袋區域，還有需要補齊的地方嗎？你們有在調整組合嗎？我想問的是，為什麼在你們擴張的同時，我們會在這類噸位上看到更好的增量表現？

I mean, the 2023 and 2024 openings improved about 300 basis points.

我的意思是，2023 年和 2024 年的開站改善了大約 300 個基點。

They're operating in the low 90s. That's great progress, we're pleased with that, but they've got room to go. And one of the things that we track very closely is that some of these get up to speed a lot faster, some take a little bit more time, our sales team sitting in the street talking with customers.

它們的營運表現落在 90% 出頭。這是很大的進展，我們對此很滿意，但還有提升空間。而我們非常密切追蹤的一件事是：有些站點上手得更快，有些則需要多一點時間；我們的業務團隊在外面跑、跟客戶溝通。

And we're getting more at bats with customers and not just the new markets but in our legacy markets as well because we can solve more problems, easier to do business with, that gets us priced. So yes, there's certainly opportunity that we see to continue to push those forward, pleased with the progress, but by no means do we think those are at maturity.

我們跟客戶的接觸機會（at bats）變多了，不只是新市場，在既有市場也是如此，因為我們能解決更多問題、讓交易更容易，這也讓我們能把價格談到位。所以是的，我們確實看到還有機會持續推進；我們對進展感到滿意，但絕不認為那些已經成熟。

Brian, I'd just add on, I mean, I think there's early innings on the whole network value here, right? So as we take advantage of all the 33 new. Openings in the last number of years, all the relocations and the enhancements that we've made, the opportunity to generate additional returns out of that, that's still there.

Brian，我再補充一下，我認為整體網路價值其實還在很早期的階段，對吧？所以當我們把過去幾年新增的 33 個新站點、所有搬遷以及我們做過的強化都充分利用起來，從中創造額外報酬的機會仍然存在。

We made a little bit of progress in the second quarter. Is there more to go? Absolutely. And I think we're well on our way and just got to keep focused on taking care of the customer and that will get it done.

我們在第二季有一些進展。還有更多可以做嗎？絕對有。我認為我們正走在正確的路上，只要持續專注把客戶照顧好，就能做到。

Thanks for that. Sort of a follow-up, just thinking about labor availability in this new network of expanded terminals, some of you're still adding a few more here and there.

謝謝你的說明。我想追問一下，關於你們擴張後的新碼頭網路的勞動力供給，有些地方你們還在零星增加。

How do you think about visibility into the pockets where they might be a little bit tighter or you might have to manage a little bit closer now that you're covering a bigger and broader network? Are you managing that through different sort of tools? Like do you feel confident that that's not going to be a problem? Maybe you can just walk through managing the network, assuming we get a better upturn here. Given it's going to be quite a bit larger and I would assume a bit more complicated than what you've done in prior upcycles.

你們如何看待對那些可能比較吃緊的區域的能見度，或是在你們覆蓋更大、更廣的網路後，需要更密切管理的地方？你們是透過不同的工具來管理嗎？你們有信心這不會成為問題嗎？也許你可以談談在假設景氣回升的情況下，你們如何管理這個網路。考量到它會比以往上行週期時大得多，我也假設會更複雜。

Yeah, sure, Brian. Listen, labor, the driver population nationally we all know is tightening up and it's certainly competitive and the average driver is a bit over and continues to age overtime.

好的，當然可以，Brian。你知道，勞動力方面，全國的駕駛員人數大家都知道正在收緊，競爭也很激烈，而且平均駕駛員年齡偏高，並且隨時間持續上升。

What we find we like most in the LTL business.

我們在 LTL（零擔）業務中最喜歡的一點是——

Have the opportunity to get drivers home every day, right? So you have a competitive advantage versus other sort of modes in the transport sector around recruiting jobs, so that we know that's there. Now I think what's specific to SaiaD, I think this is important, is that where we differentiate. We're very pleased with our Driver Academy program. We've done a great job of seeding drivers through that, and I think that continues to scale.

有機會讓駕駛每天都能回家，對吧？因此在運輸產業的其他模式相比，在招募工作上你有競爭優勢，這點我們很清楚。我認為對 Saia 而言更具體、也很重要的是我們的差異化所在。我們對 Driver Academy（駕駛學院）計畫非常滿意。我們透過這個計畫成功培育了許多駕駛，我認為它也會持續擴大規模。

As we build out that national network, it gives us an opportunity to continue to build out our driver academy program, adding additional locations for training and training our drivers and that's a great opportunity as part of recruiting new employees to the company and say, look, we can provide a career track in a company that's growing and.

隨著我們建構全國性網路，這也讓我們有機會持續擴展駕駛學院計畫，增加更多訓練據點、訓練我們的駕駛；這在招募新員工時是很好的機會，可以說：你看，我們能在一家正在成長的公司提供職涯路徑，而且——

I think you get that second part as a Sai unique story. Look, this is a business that's growing. It's a growth story in the industry. You have an opportunity to come work for us, be part of something that's pretty successful. We're very proud of the culture that we've developed. And I think that sort of a culture leads to employee engagement. And those are all -- I get it, those are in many ways soft, but those are how you recruit and retain drivers.

我認為第二部分就是 Saia 獨特的故事。你看，這是一個正在成長的業務。在這個產業裡它是一個成長故事。你有機會來我們這裡工作，成為一個相當成功事業的一部分。我們對自己建立的企業文化非常自豪。我認為這樣的文化能帶來員工投入度。而這些都是——我理解，很多方面看起來比較「軟」，但這些就是你如何招募並留住駕駛。

That's kind of our mission. We feel pretty good about it. We always have markets in which you got to be challenged and you're going to be challenged and you double down on recruiting. That's just the nature of it.

這就是我們的使命。我們對此感覺相當不錯。當然總會有一些市場你必須面對挑戰、也一定會被挑戰，你就得加倍投入招募。這就是常態。

But we feel like our recruiting machine is pretty good. Our driver academy is really good and that culture is excellent to be able to pull that all together.

但我們覺得我們的招募機器相當不錯。我們的駕駛學院真的很強，而那樣的文化也很出色，能把這一切整合起來。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Great.

很好。

Thank you. Good morning.

謝謝。早安。

So, maybe continuing on the conversation around labor, wanted to touch a bit about where your capacity specific to the labor stands as volumes were to continue to improve from here. So, any incremental hiring actions you would need to see.

那麼，延續剛才關於勞動力的討論，我想稍微談一下：如果從現在開始運量持續改善，你們在勞動力相關的產能目前處於什麼狀態。也就是說，你們需要採取哪些增量招募／增聘行動。

Stephanie, I'm going to repeat your question because you're echoing a bit, it sounds like you want to know how much capacity we have on our labor line.

Stephanie，我先重述一下你的問題，因為你那邊有點回音；聽起來你想知道我們在勞動力這條線上還有多少產能。

I'm sorry, yes, I'm sorry, this is probably better, yes, maybe just yes, incremental capacity on the labor side, particularly if we continue to see volumes improve from here, so any incremental hiring activity. We would need to see.

抱歉，是的，抱歉，這樣說可能比較好：是的，主要是勞動力端的增量產能，特別是如果我們從這裡開始持續看到運量改善的話，是否需要任何增量的招募活動。我們會需要看到。

I think we feel pretty good right now where we are from a recruiting perspective. There are some markets certainly where we'll have to add people.

我認為就招募的角度而言，我們對目前的狀況感覺相當不錯。當然有一些市場我們必須增補人力。

We do we're pretty diligent about matching sort of our labor, the available hours, both drivers and dock workers to the current freight environment.

我們在把勞動力（可用工時）——包含駕駛與碼頭作業人員——與目前貨運環境做匹配這件事上，一直都很嚴謹。

As the network develops.

隨著網路發展。

And we pointed it out in the notes at the beginning, we'll probably add light haul drivers as we look for as as the network scales and we have the opportunity to build some efficiencies around that, so what you would see there is you'd see a trade between our PT line and salary wages and benefits. So I would recommend setting those lines to some extent together simply because it's a trade one way or the other. But I think that we feel pretty good about the headcount. I think it probably has got a little bit of flex in there still around additional utilization, maybe a few overtime hours, but we're also mindful that the business, you don't want to add the heads such that as it becomes seasonal into the fourth quarter, you're in a position where you're maybe overhired.

而且我們在開場的說明裡也提到，隨著網路規模擴大、我們有機會在這方面建立一些效率，我們可能會增加 line haul（幹線）駕駛；因此你會看到我們的 PT（兼職）費用線與薪資、工資與福利之間會有此消彼長的變化。所以我建議在某種程度上把這兩條線一起看，因為它是一種此消彼長的取捨。但我認為我們對人頭數感覺相當不錯。我想在提升利用率方面可能仍有一些彈性，例如多用一些加班時數；但我們也留意到，你不希望增聘到一個程度，以致於到了第四季進入季節性時，你可能會處於人力超編的狀態。

But we feel pretty good where we are. There are going to be a handful here and there that we add, but I don't think it's going to be a meaningful change.

但我們對目前狀況感覺相當不錯。我們會在少數地方零星增補一些人，但我不認為會是有意義的變動。

And then just one follow-up to the pricing commentary earlier, so very good GRI and contract renewals that we can obviously see here, but maybe just talk a bit about your customer acceptance. Are they starting to maybe realize some of your size and the service.

另外再追問一個關於先前定價評論的問題：我們可以很清楚看到你們的 GRI（一般運價調整）和合約續約都非常不錯，但能否談談客戶的接受度？他們是否開始意識到你們的規模以及服務？

Benefits that you've made as of late and is it starting to kind of come through on the pricing side or do you think these pricing numbers are more so a reflection of the tightening market?

您最近所帶來的效益是什麼？在定價端是否開始反映出來？還是您認為這些定價數字更多是緊縮市場的反映？

I look around, Stephanie, and it's like I know our customers have options and we've been very focused on making sure we get the right.

Stephanie，我環顧四周，感覺就像——我知道我們的客戶有其他選擇，而我們一直非常專注於確保我們拿到正確的。

Pricing in place, as you look at the realization numbers that Matt highlighted for us in the second quarter, sort of the improvements, 4% revenue per shipment improvement from June versus April just in the quarter, I think what you're seeing there is that, yes, certainly the market is tightening up.

把定價落實到位。就像你看 Matt 在第二季為我們強調的實現（realization）數據，那些改善——單季內，6 月相較 4 月每票營收提升 4%，我認為你看到的是：是的，市場確實正在收緊。

But customers also, knowing they have choices, they're going to go somewhere that, although we're pushing rates, they're going to go somewhere they're going to get great service.

但客戶也知道自己有選擇；他們會去一個地方——即便我們在推升費率——他們也會去一個能獲得優質服務的地方。

That's what I'm excited about here. I think we'll see the realization. I think, yes, there's some structural change out there. But at the same time, I think customers are also intently focused on if they're going to operate out the national carrier, they expect consistency, and that's something we can deliver. So the opportunity for us to continue to see realization of both the contractual renewals and the GRI, I feel pretty good about. The early indications on the GRI. From July is that we see pretty good acceptance there. Now sometimes you'll lose a little bit of business in there, but your total mix of revenue and profitability is better. So you don't necessarily see keep all that volume, but you keep the volume you want.

這正是我對此感到興奮的原因。我認為我們會看到實現率的提升。我認為，是的，外部確實有一些結構性的變化。但同時，我也認為客戶非常專注：如果他們要使用全國性承運商，他們期待的是一致性，而這正是我們能交付的。因此，對我們而言，持續看到合約續約與 GRI 的實現，我感覺相當不錯。至於 GRI 的早期跡象，從 7 月來看，我們看到相當不錯的接受度。當然，有時候你會在其中流失一點業務，但你的整體營收與獲利組合會更好。所以你不一定要保住所有的量，而是保住你想要的量。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

Hey, thanks. Good morning. So I understand sort of the impact of the double wage, but I guess the other side is we have an early GRI, so arguably we have like a double GRI. I guess I'm struggling a little bit with like we've got good tonnage growth, fuel tailwind, like why is margin flat to down a little bit in Q3? Everyone else sort of was guiding.

嗨，謝謝。早安。所以我理解雙重加薪的影響，但我想另一面是我們有提前的 GRI，所以可以說我們像是有「雙重 GRI」。我有點困惑的是：我們有不錯的噸位成長、燃油順風，那為什麼第三季的利潤率卻持平或小幅下滑？其他同業似乎都在指引。

200 to 300 base points of improvement. I totally get like we have this big network build out in a down cycle like why the margin gap widened it, but it felt like when the cycle started to turn positive, the margin gap would start to narrow and it feels like it's still widening. So I don't know, just any thoughts there and then maybe just along that like any thought on like the full year margin, Matt?

改善 200 到 300 個基點。我完全理解：我們在景氣下行週期做了大規模的網路擴建，為什麼利潤率差距會擴大；但感覺當週期開始轉正時，利潤率差距應該會開始收斂，可現在看起來仍在擴大。所以我不知道——對此有什麼想法？另外也想順著問一下：Matt，對全年利潤率有什麼看法？

A couple of things, Scott. I mean the two wage increases are impactful, right, because you've got the second wage increase that's off of a higher starting point than the first one was, so that's a compounding effect.

Scott，有幾點。我的意思是，兩次加薪的影響很大，對吧？因為第二次加薪是以比第一次更高的起薪基礎來計算，所以會有複利效應。

The shipments and tonnage numbers that I gave obviously reflect a little bit of volume volatility as part of the GRI. We have not historically done a GRI in July. So yes, it certainly helps offset that, but you do have a little bit of volume volatility. It sounded like you were comparing a little bit to peers across the space and what they gave. When we do that, you get some near-term volume volatility that obviously plays into how that goes from a sequential basis, but we're full steam ahead on. Pricing actions, and we're not going to slow down. We monitor what we're tracking, what we get from customers very closely.

我提供的出貨量與噸位數字，顯然也反映了 GRI 帶來的一些量的波動。我們過去並沒有在 7 月做 GRI。所以是的，它確實有助於抵消部分影響，但你也會看到一些量的波動。聽起來你是在拿我們和同業在這個領域的說法做比較。當我們這麼做時，你會出現一些短期的量波動，這顯然會影響到按季序列的表現；但我們在。定價行動上是全速前進，我們不會放慢。我們非常密切地監控我們追蹤的指標，以及我們從客戶那裡得到的回饋。

Fritz alluded to it, we're seeing good acceptance on the pricing side from the GRI, but again, there's a little bit of volume volatility as you see that.

Fritz 也提到，我們在 GRI 的定價端看到不錯的接受度，但同樣地，你會看到一些量的波動。

But the wage increase portion of it is impactful when you've got two of those in there off of.

但加薪這一塊的影響是顯著的，因為你在其中有兩次加薪，而且是基於。

Higher starting point, those dollars are real, but that to us is just a timing difference, right? It was October last year, we were pulling it up and did it on the normal cadence of July this year. From a full year standpoint, one of the comments that we'd made earlier, we had given the 100 to 200 and we said getting to 200 probably included some.

更高的起點，那些成本美元是真實存在的；但對我們而言，這只是時間點的差異，對吧？去年是 10 月，我們把它提前；今年則按正常節奏在 7 月執行。從全年角度來看，我們先前提過一點：我們給的是 OR 改善 100 到 200 個基點，而我們也說過要達到 200 可能包含一些。

Pretty solid mid-single-digit shipment growth for the full year.

全年出貨量有相當扎實的中個位數成長。

It was positive in Q2. We've still got a long way to go. It's not as robust as we maybe were hoping when we heard all the ISM numbers. There's definitely some positivity out there. Fritz talked about the customer sentiment survey remaining pretty rational, feeling good about their business. But we still feel like we can get to the 100 basis point of OR improvement and we'll see what the back half deals us, but we're pushing toward that. If we really see volume ramp in the back half. And things are super seasonal, that could likely tick up a bit, but we still feel like we can get to that point. We obviously, if you just do the math, we have to outperform what we do normal seasonality, certainly in Q4, but we're pushing toward that.

第二季是正成長。但我們還有很長的路要走。它沒有我們在看到那些 ISM 數據時所希望的那麼強勁。外部確實有一些正向訊號。Fritz 談到客戶情緒調查仍然相當理性，對他們的業務感覺良好。但我們仍然覺得可以達到 OR 改善 100 個基點；至於下半年會怎麼發展我們再看，但我們正朝那個方向推進。如果下半年我們真的看到量的爬升。而且季節性非常明顯，那可能會再上修一些，但我們仍然覺得可以達到那個水準。顯然，如果你只是做數學計算，我們必須在第四季的表現超越正常季節性，但我們正朝那個方向努力。

And I think it's important to point out for us is that our normal Q2 to Q3 OR typically gets 150 to 200 basis points worse.

而且我認為對我們來說很重要的一點是：我們正常情況下，第二季到第三季的 OR 通常會惡化 150 到 200 個基點。

This year, we're highlighting 100, so it is incrementally improved kind of our historic trends, so do we want to are we pushing to get it better, yeah, absolutely.

今年我們強調的是 100，所以相較於我們歷史趨勢是有增量改善的；那我們想不想、我們是否在推動把它做得更好？是的，絕對是。

And then I know that this has been touched on a little bit already, but just wanted to like come back to like the.

然後我知道這個已經稍微被提到一些了，但我只是想回到。

Realize price discussion, like, I totally get the mix things. And so like, if you just look at like revenue per shipment and revenue per hundredweight, just take an average, try to like normalize for some of the mix, like it's been flat to down like the last four or five quarters. Like you go back like 10 years, it was never, you never had a single negative quarter. It was like average five, 6%, like, and I'm like, what? When do we get back to that and like I don't know, I know you don't like to give like yield updates, but like I don't feels like maybe it would be really helpful if you start doing that just to help us with our modeling, I don't know, just any thoughts there.

價格實現（realized price）的討論：我完全理解組合（mix）的因素。所以如果你只看每票營收與每百磅營收，取個平均，試著把一些組合因素正常化，過去四、五個季度基本上是持平到下滑。你回看過去 10 年，從來沒有——你從來沒有出現過單季為負。平均大概是 5%、6%，我就想：什麼？我們什麼時候才能回到那樣？我不知道——我知道你們不太喜歡提供殖利率（yield）更新，但我覺得如果你們開始提供，可能會對我們建模很有幫助；我不知道，對此有什麼想法？

I'll start and then Fritz can go. But revenue per shipment was up sequentially from Q1 to Q2. I mean, we highlighted the increase of 4% revenue per shipment growth inside the quarter, right? So from April to June, revenue per shipment up about 4%, that's progress to us. I mean, we've meaningfully expanded the network and you've got growth in these one and two-day lanes that are going shorter, you see that. From a yield basis, it's up in the quarter. As well, despite what is a headwind from wait per shipment on yield, wait per shipment from April to June is up 1.5 and yield during that period is up 2. So despite the headwind from wait per shipment, yield inside the quarter is up. So we've had the mixed impacts. Hopefully, the Los Angeles region continues to come back, that gap has shrunk, but we are seeing that progress. I mean, for us.

我先說，然後 Fritz 可以補充。但每票營收從第一季到第二季是按季上升的。我的意思是，我們強調了單季內每票營收成長 4% 的提升，對吧？所以從 4 月到 6 月，每票營收上升約 4%，對我們來說這就是進展。我的意思是，我們大幅擴張了網路，而你在這些一日、二日線路的成長會更偏短程，你會看到這點。從殖利率（yield）角度看，單季內也是上升的。即便每票重量對殖利率形成逆風，4 月到 6 月每票重量上升 1.5，而同期間殖利率上升 2。所以儘管每票重量帶來逆風，單季內的殖利率仍是上升的。所以我們確實受到組合影響。希望洛杉磯地區能持續回升，那個差距已經縮小，但我們確實看到了進展。我的意思是，對我們而言。

Inside the quarter, again, 4% is good traction. We're continuing to push on it, but when you've opened as many terminals as we have over the past several years, you do get a little bit of different mix. But importantly, at 218 terminals now, we're able to solve more problems for customers. There are more reasons for them to choose Saia.

在本季內，再次強調，4% 是不錯的成長動能。我們會持續推進，但當你在過去幾年開設了像我們這麼多的場站（terminals）時，確實會出現一些不同的組合變化。但重要的是，目前已有 218 個場站，我們能為客戶解決更多問題。他們選擇 Saia 的理由也更多了。

Over time, that helps us get more pricing, but we feel like we're making progress as exemplified in the quarter.

長期來看，這有助於我們取得更好的定價，而我們也覺得本季的表現顯示我們正在取得進展。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

Hey, thanks.

嘿，謝謝。

Good morning, guys.

各位早安。

I guess maybe just want to touch a bit on that wafer shipment comment that you were making, Matt. I guess as we think forward, it seems like every month of. 2Q and then into July, we're seeing a bit of an acceleration on wait per shipment. I guess can you give us just a sense of how you may sort of think about that as you go through the third quarter and maybe talk to some of the specific mix dynamics that are pushing that? I guess where are you seeing that opportunity coming into the network, what specific verticals or just these company initiatives? That'd be great.

我想可能想稍微談一下你剛才提到的每票出貨重量（weight per shipment）的評論，Matt。我想往前看，似乎在第二季每個月、以及進入 7 月，我們都看到每票出貨重量有些加速上升。你能否讓我們了解一下，你們在第三季會如何看待這件事，並談談推動這個變化的一些具體組合動態？也就是說，你們看到這個機會是從哪些貨量進入網路而來、哪些特定垂直產業，或是哪些公司內部的推動計畫？那就太好了。

A good chunk of it is our initiative. So when we talk about the GRI, that does not impact all customers equally. We look at that business as well as all of our business, but when we take that GRI, we take it granularly based on leans and wait per shipment mix and we put a heavy emphasis on making sure that we're getting paid correctly on some of those lighter weighted shipments and we pushed hard on all segments, but that one in particular, a component of it likely is a little bit of strength. In the backdrop, we aren't seeing any huge TL spillover by any means or anything like that. But typically, when you see ISM get a little bit more positive, you get some of that on wafer shipment, but we focus.

其中相當大一部分來自我們的推動措施。所以當我們談到 GRI（一般運價調整）時，它對所有客戶的影響並不相同。我們會檢視那部分業務以及我們所有業務；但在執行 GRI 時，我們會依據貨物密度（density）與每票出貨重量的組合，做更細緻的調整，並且非常強調要確保對某些較輕的貨件能正確收費。我們在所有區隔都很用力推進，但特別是這一塊，其中一個因素可能確實帶來了一點強勢。在大環境方面，我們並沒有看到任何很大的整車（TL）外溢效應或類似情況。但通常當 ISM 指數變得更正向時，你會在每票出貨重量上看到一些反映，不過我們仍然專注。

Very critically on getting the right mix of business with our customers.

非常關鍵地在於，與客戶一起取得正確的業務組合。

And with the national footprint, we have the opportunity to pursue different verticals like we've talked about in the past that gives us a better chance to solve that for customers.

而憑藉全國性的據點布局，我們有機會去追求過去談過的不同垂直產業，這讓我們更有機會為客戶解決這個問題。

Chris, I would add, I think what is positive and it's a bit nuanced here, but positive in the sense that if I look at customer sentiment, I think it's pretty consistent. So I don't know that there's necessarily a. Sector of the economy or something that we see anyway that is underperforming, outperforming. We do continue to highlight the LA region broadly, but in terms of if I matrix this to more sort of industry verticals, I think that we don't really see a call out there, so it's pretty broad-based and as Matt pointed out.

Chris，我補充一下：我認為正面的地方在於，這裡有點微妙，但如果我看客戶情緒，我覺得相當一致。所以我不認為我們看到有哪個。經濟部門或某些領域在我們看來是明顯落後或明顯領先的。我們確實持續特別提到洛杉磯（LA）地區的整體情況，但若把它對應到更偏產業垂直的矩陣來看，我覺得沒有特別需要點名的，因此是相當廣泛的，而如 Matt 所指出的。

We tend to we're we're very focused intently focused on customers that value the service and the network that we're providing, ones that maybe don't or more of a commodity looking for more of a commodity that we've been pushing the rates and that's pushed out some things and so I think that that the positive trend here is that it's two, right, sort of.

我們往往——我們非常專注、非常專注於那些重視我們所提供服務與網路的客戶；至於那些不重視、或更偏商品化、尋求更商品化服務的客戶，我們一直在推升費率，這也把一些業務推了出去。因此我認為這裡的正向趨勢是兩個面向，對吧，某種程度上。

The board, it's pretty uniformly kind of positive, I'd say. And then exciting about it is that the customer acceptance is important, and I think we're seeing that.

整體而言，我會說相當一致地偏正面。而令人振奮的是，客戶的接受度很重要，我想我們正在看到這一點。

That's helpful. And I guess maybe that sort of leads into the next question, which is just I know there's a lot of focus on 3Q and maybe this year from an OR perspective, but I guess bigger picture.

這很有幫助。我想這也許就引出下一個問題：我知道大家很關注第三季、也可能關注今年在 OR（營運比率）方面的表現，但如果從更大的角度來看。

You guys seem to be doing a lot of work on customer mix and network dynamics, making sure you're kind of in a better position.

你們似乎在客戶組合與網路動態上做了很多工作，確保你們處於更好的位置。

I think it's obviously early to be talking about 2027, but if you could give us a sense of what you think sort of the margin algorithm is, if you will, bigger picture beyond what we're seeing this year as you guys are putting in this work. And it does sound like you have some building confidence, maybe cautious confidence that we're going to see maybe more of a sustained uptrend. So I guess how do we think about sort of what the. Network can provide in a normalized growth environment beyond this year.

我想現在談 2027 顯然還早，但如果你們能讓我們了解一下，從更宏觀的角度、超越今年我們所看到的，在你們投入這些工作之後，你們認為所謂的利潤率演算法（margin algorithm）會是什麼樣子。而且聽起來你們的信心正在建立，可能是審慎的信心，認為我們會看到更持續的上升趨勢。所以我們該如何看待。在一個正常化的成長環境中、超越今年之後，這個網路能提供什麼？

Now I get excited. I think this is we're just scratching the surface of the potential of our network, right? So 218 facilities, national footprint, we've proven that we can provide high levels of service to customers, we can scale.

現在我開始興奮了。我認為我們才剛開始觸及我們網路的潛力，對吧？218 個據點、全國性布局，我們已經證明能為客戶提供高水準的服務，而且我們可以擴張規模。

Our metrics, service metrics are getting better. I mean, there were anecdotes out there in the second quarter around embargoes and competitors and dealing with volume challenges and all that sort of thing and we thought, hey, well what, while everybody else is trying to figure it out, just do business with Saia because we're getting it done for our customers. So most important, that is a key element of what we have to do. Then when I look into the longer-term opportunity. For this business, we can operate this business below 80 OR, no question. It should start with the 7th. This pace at which we get there, it's going to be -- the backdrop is going to have an influence in that, right? So the stronger economic backdrop, the opportunity for us to accelerate that OR improvement year-over-year is absolutely there.

我們的指標、服務指標正在改善。我的意思是，第二季市場上有一些傳聞，提到禁運（embargoes）、競爭對手以及處理貨量挑戰等等，而我們想的是：嘿，當其他人都在想辦法時，就把生意交給 Saia，因為我們能替客戶把事情做好。所以最重要的是，這是我們必須做到的關鍵要素。接著當我看更長期的機會。對這個業務而言，我們毫無疑問可以把 OR 做到 80 以下。應該從 7 字頭開始。至於我們達成的速度，將會——大環境會對此產生影響，對吧？若經濟背景更強，我們絕對有機會加速 OR 的逐年改善。

The opportunity for us to take those -- Matt highlighted the terminals that have been open in the last few years, the. Operating in the low 90s.

我們也有機會把那些——Matt 提到過去幾年新開的場站——目前在 90 出頭的營運水準。

Well what? We have terminals today that operate with a seven handle, regions of the company that are operating in the low 80s. So I look at that and I'm like, as we mature those facilities, there is a unique opportunity to really drive returns in this business. And we're in a position right now where we're generating strong cash flow. So to the extent that we might supplement our network and make additional investments, we're going to be able to do that from operating cash flow. Really big deal. And that's an opportunity for us to really drive not only our OR, but drive the operating returns for the company just in total.

那又如何？我們今天就有一些場站的 OR 是 7 字頭，公司某些區域的 OR 在 80 出頭。所以我看著這些就覺得，隨著這些據點成熟，我們有一個獨特的機會，真正推動這門生意的報酬。而我們目前正產生強勁的現金流。因此，如果我們要補強網路並進行額外投資，我們將能以營運現金流來支應。這非常重要。而這也讓我們不僅能改善 OR，還能全面提升公司的營運報酬。

Appreciate it. Thanks for the perspective.

感謝。謝謝你的觀點。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Thanks. Good morning, guys. Just to piggyback off the previous response. What exactly is the issue in the LA region, forgive me if I missed this, but is that a side-specific issue because of maturity of terminals or is it a regional issue with customers or what's going on there?

謝謝。各位早安。延續前一個回答再問一下。洛杉磯（LA）地區到底是什麼問題？如果我漏聽了請見諒，但那是因為場站成熟度造成的公司自身問題，還是區域性的客戶問題，或是那邊到底發生了什麼？

We've just seen in that region of the country, we had some customers that were pretty major for us, and this is going back almost a little over a year at this point, we've lapped this, but it was part of our Q2 result year over year. That we weren't pleased with the sort of kind of operating performance of those, so we exited those customers.

我們只是看到在那個地區，我們有一些對我們相當重要的客戶；這要追溯到差不多一年多以前了。到目前為止我們已經跨過（lapped）那段期間，但它仍是我們第二季年對年結果的一部分。我們對那些客戶的某種營運表現並不滿意，所以我們退出了那些客戶。

We did not see other sort of business in that market kind of backfill that, so that has been a challenge just from the total metrics that you see. So the revenue per shipment coming out of the LA region would be the highest in our company.

我們沒有看到該市場中有其他類型的業務能夠回補那一塊，所以就您看到的整體指標而言，這一直是個挑戰。因此，從洛杉磯地區出貨的每票收入會是我們公司最高的。

When you have sort of double-digit volume declines year-over-year in the second quarter, early parts of the second quarter, that's a headline, top-line headwind. So that's been what we've called out.

當你在第二季、尤其是第二季初看到年對年出貨量出現兩位數下滑時，這就是一個頭條式的、營收端（top-line）的逆風。所以這就是我們一直強調的部分。

And listen, we think we've probably got to steady state there and I think we should be in a position we feel like we can grow from here.

而且你看，我們認為那邊大概已經達到穩態，我也覺得我們應該會處在一個我們認為可以從這裡開始成長的位置。

Got it. So just to clarify, did the bulk of that happened this quarter, so that will be a drag that continues for the next three years.

了解。所以只是想確認一下，那件事的大部分是發生在本季嗎？因此這會成為未來三年的持續拖累。

Now, so as we pointed out for the last five quarters, going back to Q2 or Q1 of last year, the headwind from the LA region has been there throughout the year and we finally lapped that and I think we're past it in June of.

是的，正如我們在過去五個季度所指出的，回溯到去年第二季或第一季，來自洛杉磯地區的逆風全年都存在，而我們終於把那段影響「跑完一圈」（lapped）了，我想我們在六月已經走過了那個影響。

This year. So it's been a challenge for us and it's influenced or impacted our top-line revenue metrics for over a year.

今年。所以這對我們一直是個挑戰，而且它影響或衝擊了我們超過一年的營收端指標。

Understood. And just maybe as a little bit, there's been a lot of focus on autonomous trucking recently kind of as we push toward commercialization of this potentially in '27. You guys are pretty keen on kind of being at the forefront of technology here, especially with EV trucks.

明白。另外可能再延伸一下，最近市場對自動駕駛卡車的關注度很高，因為我們可能正朝著在 2027 年商業化推進。你們在技術上一直很積極想站在前沿，尤其是在電動卡車方面。

I'm wondering kind of what the latest update is on kind of how much you're looking at this?

我想請問一下，你們目前最新的進展是怎麼看、以及你們投入關注的程度大概到哪裡？

So we're always going to look at available technology across either diesel, gas or LP or electric. The electric, we've been a Tesla customer for. Quite a while, so we stay pretty close to the development pipeline. So I think that we've seen the announcements, we're working with them on that and listen, if it's viable, that would be something we'd consider for sure.

我們一向都會關注可用的技術，不論是柴油、汽油、液化石油氣（LP）或電動。電動方面，我們成為特斯拉客戶已經。有一段時間了，所以我們一直很貼近其研發管線的進展。因此我想我們也看到了相關公告，我們正與他們合作推進；而且你看，如果它具備可行性，那肯定是我們會考慮的選項。

We're most important though, I think the near-term technology in the business for us is really about safety, sort of focus, collision avoidance.

不過對我們而言最重要的是，我認為短期內在業務上的技術重點其實是安全，聚焦在碰撞避免。

Some of the technology deployed in an autonomous application would be a fantastic. Even if it wasn't if you had a driver enabled or driver on board, that autonomous sort of technology would be fantastic as a collision avoidance technology at the same time. So if we can maybe it's not autonomous right away, but if it's an opportunity for us to improve our safety profile even more, we're an investor. So that makes sense to us.

一些部署在自動駕駛應用中的技術會非常棒。即便不是完全自動駕駛、而是仍有駕駛員啟用或在車上，那種自動駕駛相關技術同時也能作為碰撞避免技術，效果會非常好。所以如果我們能——也許不是立刻就做到自動駕駛——但若它能讓我們進一步改善安全表現，我們就會投資。所以這對我們是合理的。

Eric Morgan, Barclays.

Eric Morgan，巴克萊。

Hey, good morning, thanks for taking the question.

嗨，早安，謝謝讓我提問。

I wanted to ask one on purchase transportation.

我想問一個關於外購運輸（purchase transportation, PT） 的問題。

I know you have contracts in place there, so you should be insulated from the spot market volatility and I know fuel is a big driver in the quarter, but I guess just curious if you have a sense for where you're landing or expect to land on core. Contract renewals with your carriers in that line, just given what's happening in the freight market? And maybe if you could speak to the opportunity to insource more. Fritz, I think you referenced adding more line-haul drivers. So I don't know if you have like a target that you'd like to see that 15% move toward.

我知道你們那邊有合約在手，所以應該能隔離現貨市場波動；我也知道燃油是本季的一個主要驅動因素，但我想了解你們對於核心。與承運商的合約續約，預期會落在什麼水準或你們覺得最後會落在哪裡，考量目前貨運市場的狀況？另外也想請你談談把更多運輸內製（insource）的機會。Fritz，我想你提到要增加更多幹線（line-haul）司機。所以我不確定你們是否有一個目標，希望那 15% 能往哪個方向移動。

I'll do the rate part, Eric, and then we'll hand it to Fritz. So you're right. I mean, the vast majority of 95 plus percent of what we do is contracted. We view PT and we look at it on an optimization basis of whether that should be insourced or outsourced. We don't use it if it can't meet service. It's an extension of how we operate. So that's number first and foremost. But since the vast majority of it is contracted. We're relatively insulated as we are right now from the rate, so if I look at just the blended PT cost per mile, it was up about three ex-fuel, up about 3% year-over-year and now that's a combination of using more rail, our rail percentage is a total of the mix of PT increase compared to where we were last year.

Eric，我先回答費率的部分，然後再交給 Fritz。你說得沒錯。我們所做的事情中，絕大多數——95% 以上——都是合約制。我們看待 PT 會以最佳化為基礎，評估應該內製還是外包。如果它無法達到服務水準，我們就不會使用。它是我們營運方式的延伸。所以這是第一、也是最重要的。但由於其中絕大多數是合約制。就費率而言，我們目前相對具備隔離效果；如果我看 PT 每英里的混合成本，扣除燃油後年對年大約上升 3%，而這是因為我們使用了更多鐵路運輸，我們的鐵路占比在 PT 組合中的比重，相較去年有所提高。

Now at some point, I'm sure we're going to have some conversations with those providers that are going to want to increase rates, but the vast majority of that increase was usage in general, but also driven largely by fuel, but just from the base.

當然在某個時間點，我相信我們會與那些供應商進行一些對話，他們會希望提高費率，但這次增加的絕大部分來自於整體使用量的提升，同時也在很大程度上受到燃油驅動，但就基礎面而言。

Blended rate increase rate inflation year-over-year is about 3%.

混合費率的年對年上升、也就是費率通膨，大約是 3%。

Yeah, I would just add that the way we think about this, I think both if we run our own line haul network or we use PT, in both cases, we're going to have fuel expense, right? So that's kind of part of it, that's sort of a given. So then the equation is going to be, all right, so what is cost optimal for us? So our game plan is identical to what it always would be and if there are times that we've got. An opportunity to better balance our network and utilize a company driver, we absolutely will. And if there are times that a PT option makes sense to optimize that, we've pointed out over time that if rail service is good, cross-country rail is pretty good and cost-effective. And if we make customer expectations mission accomplished and we got cost optimal on the way, that's even better.

是的，我只想補充，我們看待這件事的方式是：不論我們是跑自有的幹線網路，或是使用 PT，兩種情況下我們都會有燃油費用，對吧？所以那是其中一部分，算是既定因素。接著方程式就會變成：好，那對我們而言什麼是成本最優？所以我們的作戰計畫跟以往完全一致；如果有時候我們有。機會能更好地平衡網路並使用公司司機，我們一定會這麼做。如果有時候 PT 選項有助於最佳化，我們也一直指出，只要鐵路服務良好，跨國鐵路運輸相當不錯且具成本效益。如果我們能達成客戶期待、任務完成，同時又做到成本最優，那就更好了。

The PT line obviously is up right now because we include PT fuel there, but that doesn't go to zero from a cost perspective. If we had a driver that's actually, as we know, incremental salary and wages, and it would also be incremental fuel expense. So the underlying core dynamic how we manage that doesn't change. Now, if the rates in the truckload market are such that it makes more sense for us to hire more drivers. We will. And that's just part of the cost optimization. And the good news is we've got tools and technology, we model that pretty well. And so that's how we'll operate it going forward.

PT 這一項目前明顯上升，因為我們把 PT 的燃油也包含在其中，但從成本角度來看，那並不會歸零。如果我們改用自有司機，那會是額外的薪資與工資增量，而且也會是額外的燃油費用增量。所以我們管理這件事的底層核心動態不會改變。現在，如果整車（truckload）市場的費率狀況使得我們雇用更多司機更划算。我們就會這麼做。這就是成本最佳化的一部分。好消息是我們有工具與技術，可以把這件事建模得相當好。所以我們未來也會用這樣的方式來運作。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Thanks for taking my questions.

謝謝讓我提問。

Follow-up on part of Krista's question earlier, I mean, it did sound in the prepared remarks that, Fritz, you're seeing this quarter in some ways as an inflection point in the path from investing in the network to earning a return on that investment in the network. Can you walk us through maybe in a little more granular detail, like what is giving you that feeling? Why is now the time?

延續先前 Krista 問題的一部分，我的意思是，在事先準備的講稿中聽起來確實像是，Fritz，你把本季在某些方面視為一個拐點：從對網路投資，走向開始在網路投資上獲得回報。你能否更細緻地帶我們走一遍，例如是什麼讓你有這種感覺？為什麼是現在？

Where it feels like that inflection is happening and just are you of the confidence that longer-term we'll see more periods where you're able to get price and volume at the same time to really drive that return and margin higher versus one or the other?

你覺得那個拐點正在發生在哪裡？另外你是否有信心，從長期來看，我們會看到更多時期能同時取得價格與量的提升，從而真正推動回報與利潤率上升，而不是只能二擇一？

Yeah, it's a fair question. What I would tell you is what I'm positive about is you're looking at the last several months, we're now talking about positive sort of sentiment, good volume performance for us and you string a few of those together and you're like, okay, that feels like a pattern, this feels pretty firm, the dynamics in the marketplace are what appear to be.

是的，這是個合理的問題。我想告訴你的是，我有把握的是：你看看過去幾個月，我們現在談的是正向的情緒、對我們而言良好的貨量表現；當你把其中幾個月串在一起，你會覺得，好，這看起來像是一種趨勢，感覺相當穩固，市場上的動態看起來就是如此。

Firm like that, like our core execution.

穩固到像我們的核心執行力那樣。

I think the incrementals for us are all about as we continue to mature facilities that operate in the sort of low 90s OR and make them look more like our best performing facilities, that's an opportunity there that's going to help drive incremental margins.

我認為對我們而言，增量的關鍵在於：隨著我們持續讓那些營運比率（OR）在90%出頭的據點逐步成熟，並讓它們更像我們表現最好的據點，這裡就有機會，能夠幫助推動增量利潤率。

So I think that there's probably in our sentiment survey that we talked about earlier, I think you see customers are net positive, so that is as long as they continue to be net positive, I continue to see good core volume performance on our side and core execution.

所以我想，在我們先前提到的情緒調查中，你會看到客戶整體是淨正向的；因此只要他們持續維持淨正向，我就會持續看到我們這邊良好的核心貨量表現與核心執行。

That makes you feel a little bit more confident that the results are on their way. And I looked at Q2 and LEC looked pretty good, and I look at the kind of performance intra-quarter, was really pleased with that.

這會讓你對成果正在到來更有信心。而我看第二季，LEC看起來相當不錯；再看季內的表現，我對此非常滿意。

So I think that that bodes well for us. And I think that longer-term, the potential of the business, we're just scratching the surface. I think that's exciting.

所以我認為這對我們是個好兆頭。而且我認為從更長期來看，這個業務的潛力，我們才剛剛觸及表面。我覺得這很令人振奮。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Good morning, guys.

各位早安。

Good to see the OR progress in some of the newer terminals. And I know, Fritz, you talked about leaning a bit more into the local account density is the kind of next leg of improvement there.

很高興看到一些較新的場站在營運比率（OR）方面的進展。我也知道，Fritz，你提到下一階段的改善，是更著力於提升本地客戶的密度。

Maybe you could just talk about any changes that you're making to the Salesforce structure or incentive structure to drive that. And then lastly, any thoughts around.

也許你可以談談，為了推動這件事，你們在業務團隊（Salesforce）的架構或獎酬機制上做了哪些調整。最後，再請教一下，你對於……有什麼看法。

Timelines for those terminals to kind of come up to parity with the rest of the network.

這些場站大概需要多久，才能在表現上追上網路中其他據點、達到同等水準？

So, Bruce, I think what we're seeing and it's continued to be as we mature those facilities, we've made the investments in the sales force in those markets. We think that they are the incentive plans are in place that make sense.

Bruce，我想我們看到的情況是，而且一直以來都是：隨著這些據點逐步成熟，我們已在那些市場投入業務團隊。我們認為目前的獎酬方案已到位，而且是合理的。

In some cases, you're developing a market where somebody doesn't know who we are. So our team's got to get in there and sell that, sell the value proposition.

在某些情況下，你是在開發一個市場，當地可能沒有人知道我們是誰。所以我們的團隊必須進去推銷，推銷我們的價值主張。

Selling the value proposition is all about letting them know that we've got a national network, we do a great job picking things up on time, delivering on time, no damage.

所謂推銷價值主張，就是讓他們知道：我們有全國性的網路，我們在準時取件、準時送達、零損壞方面做得很好。

Those are all important.

這些都很重要。

You could. One strategy one could take is you could say, look, let's go give them an introductory low price and do something like that. We're absolutely not going to do that because we've deployed way too much capital for this to not generate a return from the outset.

你也可以。有一種策略是，你可以說：看，我們先給他們一個入門的低價之類的。我們絕對不會這麼做，因為我們已投入太多資本，不可能從一開始就不產生回報。

So it's a methodical process to do that. It doesn't happen right away. And one of the exciting things is you hear about periodically. Last week, I found out about a. New wind we got in the market that we opened two years ago and it was a long sales cycle, but our folks stayed in front of the customer, we got our shot and we won it and we took it from a national carrier that everybody's heard of. So that customer now realizes that, hey what, Sai has got a great value or a great service, we perform and that's been pretty that's been exciting to see. It's a methodical process, the environment hasn't been.

所以這是一個有步驟、按部就班的過程。不會立刻發生。而令人興奮的一點是，你會不時聽到一些消息。上週我得知一件事：我們在兩年前開拓的市場拿下了一筆新業務；銷售週期很長，但我們的人一直持續跟進客戶，等到機會來了我們就拿下，而且是從一家大家都聽過的全國性承運商手上搶過來的。所以那位客戶現在意識到：欸，Sai 的價值很高、服務很棒，我們能交付成果；看到這點相當令人振奮。這是一個按部就班的過程，而外部環境也一直沒有……

The best and I think we performed well, but as the environment continues to improve, I think we'll see the impact of those sorts of investments.

是最好的；我認為我們表現得不錯，但隨著環境持續改善，我想我們會看到這類投資所帶來的影響。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

Hey guys, thanks for squeezing me in. So first, just to ease some of the consternation, I guess, around the margin guide on 3Q and the wage increase.

嗨，各位，謝謝讓我插個問題。首先，為了緩解大家對第三季利潤率指引以及薪資調升的一些疑慮。

Matt, are you willing to...

Matt，你願意……

Kind of or have you triangulated just like if it wasn't for this wage increase, I guess, in July, what would the OR progression have looked like, i.e., what's like the impact of it? And then just like July trending up 7.5% on times. Is that in line better than seasonality? And what are you assuming for the remainder of the quarter, like in August and September, more in line with seasonality better? Just curious on those two items before I ask maybe a more bigger picture, thoughtful one.

大概量化一下，或者你是否已推算過：如果不是因為7月這次薪資調升，OR 的改善路徑原本會是什麼樣子？也就是說，它的影響大概是多少？另外，7月準時率趨勢上升7.5%，這是符合季節性、還是優於季節性？以及你們對本季剩餘時間（8月與9月）的假設是什麼——更接近季節性、還是更好？在我問一個更宏觀、需要多點思考的問題之前，先好奇這兩點。

Sure. Well, we don't typically get a whole lot. I mean, the wage increase is just part of our.

當然。嗯，我們通常不會做太多……我的意思是，薪資調升只是我們在勞動力方面整體策略的一部分，包含我們如何吸引並留住員工，以及許多其他措施。

Total strategy around labor and how we attract and retain employees among many other things. But if I look at the impact of that, I mean, it's generally about a point on the OR.

但如果我看它的影響，我的意思是，一般大約是OR的一個百分點。

We've talked about that at various intervals throughout history. That's a bigger number than what it used to be on a just total dollars basis because of size of the company's change. The starting point continues to be higher because the average wage has moved up over time.

我們在過去不同時點都談過這件事。以總金額來看，這個數字比以前更大，因為公司規模已經改變。而且起點也持續更高，因為平均薪資隨時間推移而上升。

But again, there's two in this quarter compared to.

但再說一次，這一季有兩個因素，相較於……

In this Q3 compared to Q3 of last year, so that impacts that. From a volume standpoint, on a shipments basis, we're trailing seasonality a little bit in July, but again, we did a 7.1% GRI in July. You always have volatility on a shipment standpoint when you do a GRI, whether we do that in October like we did last year or July.

今年第三季相較去年第三季，所以會有影響。從貨量角度、以出貨件數來看，我們7月略微落後於季節性；但同樣地，我們7月做了7.1%的GRI（一般費率調升）。當你做GRI時，出貨量一定會有波動，不管我們像去年一樣在10月做，或是像今年在7月做。

We're seeing good realization, good flow-through on the price. We expect a chunk of that business to come back to us over time. That's typically what you usually see. For the quarter, what we're seeing in terms of the embedded guide is that we get back to a shipment seasonality for the quarter. So if you look in some of our history, even like last quarter, May was a low.

我們看到良好的實現率（realization）、價格有良好的傳導（flow-through）。我們預期其中一部分業務會隨時間回流。這通常是你會看到的情況。就本季而言，我們在指引中所反映的是：本季出貨量會回到符合季節性的水準。所以如果你看我們的一些歷史，即便像上一季，5月是個低點。

The seasonal back up some of the month's nuances with the pricing actions and GRI and things like that can move around. But for the quarter, we're projecting normal shipment seasonality in Q3.

季節性回升、加上一些月份的細微差異，配合定價動作與GRI等因素，可能會有所移動。但就整個季度而言，我們預估第三季的出貨量季節性是正常的。

And then if I could just ask one more.

那我可以再問一個嗎？

Just these product upgrades you guys have initiated, you talked about improving transit times on 2000 lanes.

就是你們啟動的這些產品升級：你們提到在2,000條路線上改善運輸時間。

Your 10 A.m. Guaranteed time being somewhat differentiated in the industry, claims ratio, et cetera, that showed service improvement.

你們的上午10點保證送達時間在產業中算是有些差異化，理賠率等等，也顯示服務有所改善。

Just like if I look at your yield growth.

如果我看你們的單位收益（yield）成長。

That is performing better than normal seasonality, I guess, or outperforming what we've seen usually in QQ. Just should we see some continuation of that as I think about Q3 and Q4 or should the acceleration pick up, just trying to think through as customer acceptance and all of these good service sort of improvements kind of go into your pricing, what we should expect for that line item?

我想它的表現優於正常季節性，或者說優於我們通常在QQ看到的情況。那麼，當我思考第三季與第四季時，我們是否應該預期這種趨勢會延續，還是說加速幅度會更大？我只是想釐清：隨著客戶接受度提升，以及這些良好服務改善逐步反映到你們的定價中，我們對這個項目應該有什麼期待？

Good question. I think what our expectation is this is going to continue to support both the contractual renewals and the GRI. So customers are -- those are pretty big numbers, right? And so the enhancements that we're offering, that's just additional value to the customer.

好問題。我認為我們的預期是，這將會持續同時支撐合約續約以及GRI。所以客戶——那些數字相當大，對吧？因此我們所提供的強化功能，對客戶而言就是額外的價值。

I think that that's going to help us with stickiness around that. I think the mixed things that Matt highlighted that were impacting us in Q2, and you look at that sort of core. Take the mix impacts out of our yield number and it was 3%, that was pretty good.

我認為這將有助於提升黏著度。我想Matt提到在第二季影響我們的那些組合因素，若你看那個核心。把組合對我們收益率（yield）數字的影響拿掉後是3%，那表現相當不錯。

So we're pretty pleased with that. And I think what you see going forward with these sort of service enhancements, I think that the opportunity for us to continue to earn those kinds of improvements and maybe even accelerating, I think that's totally plausible and reasonable and that's the reason why we did that is to be able to hopefully.

所以我們對此相當滿意。而我認為你往前看，透過這類服務強化，我覺得我們持續取得那種改善、甚至可能加速的機會，是完全可行且合理的；這也是我們這麼做的原因，希望能夠。

Make that happen, make that realize because those are important investments that we've made, technology investments that we've made to be able to support the customer. So absolutely expect to continue to see both revenue per shipment improvement and yield improvement over time.

讓它發生、讓它實現，因為這些是我們所做的重要投資——我們所做的科技投資——用來支援客戶。所以我們絕對預期，隨著時間推移，單票收入（revenue per shipment）改善與收益率（yield）改善都會持續出現。

And that was part of why we offered those sorts of things that we think we can be rewarded for those kinds of investments.

而這也是我們提供這類措施的一部分原因：我們認為這些投資應該能讓我們獲得回報。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Hey, guys, thanks for squeezing me in here at the end. I want to go back to the GRI. You guys mentioned that there's noise around sort of your tonnage when you guys implement them. So how should we look at this in terms of as a historical basis? Is this sort of at the higher end of noise, at the lower end of noise, which you've seen thus far?

嘿，各位，謝謝你們在最後把我加進來。我想回到GRI。你們提到在實施時，你們的噸位數據周圍會有一些雜訊。那我們應該如何以歷史基準來看待？就你們迄今所見，這次算是雜訊偏高端、還是偏低端？

Well, the magnitude of our GRIs has increased over the years. Part of that has been our ability to close the footprint gap and do more for customers. But importantly, we are cheaper than everybody else, and we need to push harder to close that gap. It is enhanced by the opportunity to provide service in every market. I would say that this is normal of what we're seeing. We're doing it in a different time now, July compared to October, some years it's been in January, the GRI in the past. But we're. Better than normal acceptance rate on the price, the shipment volatility and the shipment noise that you see in the 30 to 45-day period after I wouldn't say is any different than what we would typically see.

嗯，我們的GRI幅度多年來一直在增加。其中一部分來自於我們縮小網路覆蓋缺口、為客戶做得更多的能力。但更重要的是，我們比其他所有人都便宜，而我們需要更用力去縮小那個差距。而能在每個市場提供服務的機會，也強化了這一點。我會說這是我們目前看到的正常情況。我們現在是在不同的時間點做——7月相較於10月；過去有些年份GRI是在1月。但是我們。在價格接受率方面比正常更好；至於你在之後30到45天期間看到的出貨波動與出貨雜訊，我不會說跟我們通常看到的有任何不同。

Okay, that's good color. And then if I can go to sort of like a longstanding theme here about freight coming back from the truckload sector to LTLs, sort of maybe you can give us a little bit of color on that. And maybe what's the longer-term opportunity in terms of aiding tonnage growth? Is this like you can add a percent? Can we get up to like 3% over time? How do you guys look at that?

好的，這些說明很有幫助。然後如果我可以再問一個長期主題：貨運從整車（truckload）領域回流到LTL（零擔）的情況——也許你們可以多給一些顏色。以及從長期來看，對於帶動噸位成長的機會有多大？這像是可以多加1個百分點嗎？隨著時間推移能到大約3%嗎？你們怎麼看？

Yeah, I think that's, I think we're still waiting to see with that kind of a number.

是的，我認為那個——我想我們仍在等待，看看那樣的數字。

What that could be over time. I don't know that it was necessarily a huge impact. Maybe it was 2% to 3%, maybe at a high point, maybe it was 5% sort of impact on the industry in total.

隨著時間推移可能會是什麼。我不確定它是否必然是很大的影響。也許是2%到3%，在高點時；也許在某個高峰期，對整個產業合計的影響大概是5%。

I think we still need to see settle out to say before we conclude what exactly the impact was.

我認為我們仍需要再觀察一段時間，才能在下結論前說清楚實際影響到底是什麼。

But I think that what you do see right now is that there's certainly a. Heightened focus around -- you see heightened focus around freight kind of going to its traditional historic modes, right? So you don't necessarily see that kind of crossover or spillover as you described as much, if at all. So it'll be interesting to see how that plays out over time. Most importantly, the thing that we need to do in these kinds of environment, if it flips the other way, meaning that there is a spillover into our space is truckload.

但我認為你現在確實看到的是，市場當然有一個。更高的關注度——你會看到對貨運回到其傳統、歷史運輸模式的關注度提高，對吧？因此你不一定會看到你所描述的那種跨界或外溢那麼多，甚至可能完全沒有。所以接下來隨時間推移會如何發展，會很有意思。最重要的是，在這種環境下我們需要做的事：如果情況反過來，也就是說確實有外溢到我們這個領域——也就是整車（truckload）的。

Volumes come here, we're an LTL business. Our assets are set up for that, and we need to make sure that we've got the appropriate pricing in place and service in place that we handle the freight that we should handle in our sort of part of the market.

量跑到這裡來——我們是LTL業務。我們的資產配置就是為此而設，我們需要確保具備適當的定價與服務，來處理我們在市場中這一部分應該處理的貨。

So I think that will be -- it remains to be seen how that's going to shake out over time.

所以我認為——接下來隨時間推移會如何定型，仍有待觀察。

Fair enough. Appreciate the time, guys.

了解。感謝各位的時間。

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

我們的問答環節到此結束。我想把電話會議交回給Saia總裁兼執行長Fritz Holsgrave，請他做結語。

Thanks all for calling in and hearing about our record second quarter, which we're excited about and how it sets us up for continued long-term value creation for our shareholders.

感謝各位來電並聆聽我們創紀錄的第二季表現；我們對此感到振奮，也很高興這如何讓我們能持續為股東創造長期價值。

We're excited about the opportunity and certainly just scratching the surface as to what the potential of the business is and look forward to giving you an update next quarter.

我們對這個機會感到興奮，而且我們確實才剛開始觸及這項業務潛力的表面；期待在下個季度向各位更新。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以斷線。