Saia Inc (SAIA) 2026 Q3 法說會逐字稿

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

早安，歡迎參加 Saia, Inc. 2026 年第三季財報電話會議。(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 Bill Kain, Senior Director of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係資深總監 Bill Kain。請開始。

Thank you, Gary. Good morning, everyone. Welcome to Saia's third quarter 2026 conference call. With me for today's call Saia's President and Chief Executive Officer, Fritz Holzgrefe; and Saia's Executive Vice President and Chief Financial Officer, Matt Batteh.

謝謝你，Gary。各位早安。歡迎參加 Saia 2026 年第三季電話會議。今天與我一同出席的有 Saia 總裁兼執行長 Fritz Holzgrefe，以及 Saia 執行副總裁兼財務長 Matt Batteh。

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，請各位了解，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》的意義下作出某些前瞻性陳述。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。我們請各位參閱我們的新聞稿與向 SEC 提交的文件，以取得可能導致實際結果不同之具體風險因素的更多資訊。

Also, in the third quarter of 2025, we recorded $14.5 million in net operating expense reduction from a gain on real estate disposal and impairment of real estate. When we discuss adjusted operating expenses, adjusted operating income, adjusted operating ratio or adjusted diluted earnings per share for the third quarter of 2025 in our comments, we were referring to our adjusted results that exclude the gain from that real estate sale and impairment on that property.

另外，在 2025 年第三季，我們因不動產處分收益及不動產減損，認列了 1,450 萬美元的淨營運費用減少。當我們在評論中討論 2025 年第三季的調整後營運費用、調整後營運利益、調整後營運比率或調整後稀釋每股盈餘時，我們指的是排除該不動產出售收益及該資產減損影響的調整後結果。

See our press release announcing third quarter results for a reconciliation of these and other non-GAAP financial measures. That press release is available on the Financial Releases page of Saia's Investor Relations website.

關於上述及其他非 GAAP 財務衡量指標的調節表，請參閱我們發布第三季業績的新聞稿。該新聞稿可於 Saia 投資人關係網站的「財務新聞稿」頁面取得。

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

我將把電話會議交給 Fritz，請他先做一些開場評論。

Thanks, Bill. Good morning, and everyone, thank you for joining us. We're pleased with our solid third quarter performance, which included record top line revenue incentage. Our results demonstrate that prudent investments in our network, people, equipment and technology are strengthening our customer value proposition and further positioning Saia to deliver sustained, profitable growth and long-term value for stockholders.

謝謝，Bill。各位早安，也感謝大家加入我們。我們對第三季穩健的表現感到滿意，其中包含創紀錄的營收成長百分比。我們的成果顯示，對網路、人員、設備與科技的審慎投資，正在強化我們對客戶的價值主張，並進一步讓 Saia 具備持續、獲利成長與為股東創造長期價值的定位。

Third quarter revenue increased 17% to a record of approximately $982 million, supported by 8.9% tonnage growth, 0.8% shipment growth and a 5.8% increase in revenue per shipment, excluding fuel surcharge. These results reflect broad-based business momentum and the continued execution of our pricing and mix optimization strategy.

第三季營收成長 17%，達到約 9.82 億美元的歷史新高，主要受 8.9% 的噸位成長、0.8% 的出貨量成長，以及（不含燃油附加費）每票營收成長 5.8% 所支撐。這些結果反映出廣泛的業務動能，以及我們持續執行定價與組合最佳化策略。

Operating income increased to $122.3 million or 17.5% from Q3 2025 adjusted operating income. From a profitability perspective, we've delivered strong operating discipline through execution in both our legacy and ramping terminals.

營運利益提升至 1.223 億美元，較 2025 年第三季的調整後營運利益成長 17.5%。就獲利能力而言，我們在既有據點與仍在爬坡的場站皆透過執行展現了強勁的營運紀律。

Our operating ratio was 87.6%, consistent with the prior year adjusted result and significantly better than the typical seasonal trends. Notably, we maintained a sequential operating ratio within 70 basis points in the second quarter despite the historical pattern of approximately 150 to 200 basis points of deterioration from the second quarter to the third quarter, reflecting our continued focus on pricing, productivity, cost management and operational execution.

我們的營運比率為 87.6%，與去年調整後結果一致，且明顯優於典型的季節性趨勢。值得注意的是，儘管歷史上第二季到第三季通常會惡化約 150 至 200 個基點，我們仍將第三季相較第二季的營運比率序列變動控制在 70 個基點以內，反映我們持續聚焦於定價、生產力、成本管理與營運執行。

These results reflect continued execution of our long-term strategy to build a leading national LTL carrier by expanding network reach and density, scaling the fleet and increasing our addressable market, leveraging technology and optimizing efficiency, all while delivering superior service and converting scale and customer value into profitable growth and higher returns.

這些成果反映我們持續執行長期策略：透過擴大網路覆蓋與密度、擴充車隊規模並提升可服務市場、運用科技並最佳化效率，在提供卓越服務的同時，將規模與客戶價值轉化為獲利成長與更高報酬，以打造領先的全國性 LTL（零擔）承運商。

As part of that strategy, we've made continuous investments across our network to strengthen the business. Since the beginning of 2022, we've added 45 terminals and relocated or expanded more than 25 others.

作為該策略的一部分，我們持續在整個網路進行投資以強化業務。自 2022 年初以來，我們新增了 45 個場站，並搬遷或擴建了超過 25 個場站。

Those investments have increased our operational door count by approximately 32%, and tractor and trailer capacity by more than 35%. As our network continues to mature and density builds, we are better positioned to create more solutions for existing customers, attract new customers and further improve network efficiency.

這些投資使我們的作業月台門數約增加 32%，牽引車與拖車運能增加超過 35%。隨著我們的網路持續成熟、密度提升，我們更有能力為既有客戶創造更多解決方案、吸引新客戶，並進一步提升網路效率。

Today, Saia is serving customers with a national solution. Our expanded footprint, combined with technology investments and network optimization, has improved efficiency, reduced freight handling and enhanced service levels across the network. In June, we introduced our REV initiative, which marked another step toward improving the customer experience through faster trended times, expanded capabilities and greater shipment visibility.

目前，Saia 以全國性解決方案服務客戶。我們擴大的服務版圖，結合科技投資與網路最佳化，已提升效率、降低貨物處理次數，並強化整體網路的服務水準。6 月，我們推出 REV 計畫，這是透過更快的運輸時效、擴大的能力與更高的貨件可視性來改善客戶體驗的又一步。

Among other improvements, REV improved transit times in more than 2,000 lanes across our network. While implementation remains in an early stage, the results of the initial phase of the REV initiative are encouraging, with lanes benefiting from improved transit times expanding -- experiencing outsized volume growth.

在其他改善項目中，REV 使我們網路中超過 2,000 條路線的運輸時間獲得改善。雖然導入仍處於早期階段，但 REV 計畫第一階段的成果令人鼓舞；受益於運輸時間改善的路線正在擴大——並出現顯著高於平均的貨量成長。

As we continue to gain traction with both new and existing customers, density continues to build across our national network. In Q3, handling or touches improved 1.3% compared to the second quarter and improved over 2% compared to the third quarter last year.

隨著我們在新舊客戶兩端持續取得進展，全國網路的密度也持續提升。第三季的處理次數（或觸點）較第二季改善 1.3%，較去年第三季改善超過 2%。

Our operational improvements continue to be supported by our investments and optimization technology, which helped drive efficiencies as our network scales. Our pricing and mix management efforts continue to gain traction as our broader network strengthens the value we provide to customers. In a changing freight environment, shippers value reliable service, and our expanded network allows us to serve more of their needs.

我們的營運改善持續受惠於投資與最佳化科技，隨著網路規模擴大，進一步推動效率提升。隨著更廣泛的網路強化我們提供給客戶的價值，我們的定價與組合管理工作也持續取得成效。在變動的貨運環境中，託運人重視可靠的服務，而我們擴大的網路使我們能滿足他們更多需求。

We continue to see improvements across several key service metrics. Our cargo claims ratio was a company record 0.3% in the quarter, improving more than 40% from the third quarter of last year. Consistent execution on service and claims supported a 10.8% contractual renewal rate in the third quarter. Our network investments have continued to move us closer to the customer, with over 60% of ZIP codes now within a 50-mile radius of a sired terminal, which compares to about 35% in 2017.

我們在多項關鍵服務指標上持續看到改善。本季貨損理賠比率為 0.3%，創公司紀錄，較去年第三季改善超過 40%。在服務與理賠方面的一致執行，支撐了第三季 10.8% 的合約續約調價率。我們的網路投資持續讓我們更貼近客戶，目前超過 60% 的郵遞區號位於距離某個 Saia 場站 50 英里半徑內，相較之下 2017 年約為 35%。

Our proximity to customers supports our ability to exceed their expectations, which is represented by our internal Net Promoter Score improving 15% compared to the third quarter of 2025. Those improvements reflect better scheduling, pick up reliability, delivery quality and effective problem resolution.

我們與客戶的距離更近，有助於我們超越其期待；這也反映在我們的內部淨推薦值（Net Promoter Score）較 2025 年第三季提升 15%。這些改善反映出更佳的排程、提貨可靠性、交付品質以及有效的問題解決。

Our network investments are translating into tangible results, helping us meet customers' evolving needs while supporting market share gains and improved service. The operating benefits of these investments, together with the scale of our network, are contributing to strong free cash flow generation.

我們的網路投資正轉化為具體成果，協助我們滿足客戶不斷演變的需求，同時支持市占率提升與服務改善。這些投資帶來的營運效益，加上我們網路的規模，正促成強勁的自由現金流創造能力。

We believe we're just beginning to see the benefits of our investments as the network matures and density builds. Year-to-date, we've generated more than $240 million in free cash flow and ended the quarter with over $200 million of cash on hand. With a stronger network and operating platform in place, we are well positioned to continue strengthening Saia's position as a leading national LTL carrier, while improving profitability and delivering returns on our investments.

我們相信，隨著網路成熟與密度提升，我們才剛開始看到投資效益的顯現。年初至今，我們已創造超過 2.40 億美元的自由現金流，並在季末持有超過 2.00 億美元的現金。在更強健的網路與營運平台到位後，我們已具備良好條件，持續強化 Saia 作為領先全國性 LTL 承運商的地位，同時提升獲利能力並為投資帶來報酬。

As part of our ongoing capital allocation strategy, we are pleased to announce that our Board has authorized the repurchase of up to $250 million of Saia common stock. This new authorization provides an additional means of returning capital to stockholders when repurchases represent an attractive use of capital, subject to market conditions and our other investment priorities.

作為我們持續資本配置策略的一部分，我們很高興宣布董事會已授權回購最多 2.50 億美元的 Saia 普通股。在市場狀況與我們其他投資優先事項的前提下，當回購代表具吸引力的資本運用時，這項新授權提供了另一種向股東返還資本的方式。

With the majority of the foundational network build-out behind us, capital expenditures are beginning to moderate relative to the recent investment cycle. That transition, together with stronger free cash flow and low leverage, provides flexibility to continue funding high-return growth investments while repurchasing shares when valuation and market conditions makes doing so attractive.

隨著大部分基礎網路建置已完成，資本支出相較近期投資週期正開始趨於緩和。這項轉變，加上更強勁的自由現金流與較低的槓桿水準，使我們在持續投入高報酬成長投資的同時，也能在估值與市場條件具吸引力時回購股份，具備更大的彈性。

Reinvesting in the business to support long-term growth and maintaining a strong balance sheet remain our priorities. Those disciplined execution through the past several years, we have created significant financial flexibility. That flexibility allows us to continue to invest in the opportunities ahead while returning excess capital to stockholders when appropriate.

將資金再投入業務以支持長期成長並維持強健的資產負債表，仍是我們的優先事項。透過過去幾年的嚴謹執行，我們已建立顯著的財務彈性。這種彈性使我們得以持續投資於未來的機會，同時在適當時機向股東返還多餘資本。

As part of our long-term strategy to support sustained performance for stockholders, we continue to strengthen the Board's composition and oversight. Earlier today, we announced the appointment of Todd Fowler as an Independent Director. Todd brings extensive expertise to transportation, logistics, supply chain, technology and capital markets, and we are pleased to welcome him to our Board.

作為支持股東長期持續表現之長期策略的一部分，我們持續強化董事會的組成與監督職能。今天稍早，我們宣布任命 Todd Fowler 擔任獨立董事。Todd 在運輸、物流、供應鏈、科技與資本市場方面具備豐富專業，我們很高興歡迎他加入董事會。

Before I hand it over to Matt for more details on the quarter, I'd like to highlight that we remain focused on disciplined execution while navigating a mixed freight environment.

在我把時間交給 Matt 進一步說明本季細節之前，我想強調，我們在面對景氣好壞參半的貨運環境時，仍專注於嚴謹執行。

We are improving service, deepening customer relationships and converting the scale of our network into greater density, utilization and profitability. These actions position us to deliver profitable growth and stronger returns over time while preserving additional operating leverage as freight conditions improve.

我們正在改善服務、深化客戶關係，並將我們網路的規模轉化為更高的密度、使用率與獲利能力。這些行動使我們得以在貨運景氣改善時，保留額外的營運槓桿，同時隨時間推進實現獲利成長與更強的報酬。

Matt?

Matt？

Thanks, Fritz. Third quarter revenue increased 17% to $982.5 million. Shipments per workday increased 0.8%. Tonnage per workday increased 8.9%, and average length of haul decreased 1% to 885 miles, all compared to the third quarter of 2025.

謝謝，Fritz。第三季營收成長 17%，達 9.825 億美元。每個工作日的出貨量增加 0.8%。每個工作日的噸位增加 8.9%，平均運距下降 1% 至 885 英里，以上皆與 2025 年第三季相比。

Revenue per shipment, excluding fuel surcharge, increased 5.8% year over year and 2.7% sequentially from the second quarter. Fuel surcharge revenue represented 22.5% of total revenue compared with 15.2% a year ago. Including fuel surcharge, revenue per shipment increased 16.1%.

每票營收（不含燃油附加費）年增 5.8%，且較第二季季增 2.7%。燃油附加費營收占總營收 22.5%，高於一年前的 15.2%。若包含燃油附加費，每票營收增加 16.1%。

Weight per shipment increased 8.1% year over year and 1.2% sequentially from the second quarter, reflecting our continued efforts around mix optimization. As a reminder, higher weight per shipment typically reduces yield.

每票重量年增 8.1%，且較第二季季增 1.2%，反映我們持續推動組合（mix）最佳化的努力。提醒一下，每票重量較高通常會降低單位收益（yield）。

As a result, yield, excluding fuel surcharge, declined 2.2% compared with the third quarter of 2025, while yield including fuel surcharge increased 7.4%. Importantly, yield, excluding fuel surcharge, increased 1.5% sequentially from the second quarter despite the increase in weight per shipment.

因此，單位收益（不含燃油附加費）較 2025 年第三季下滑 2.2%，而包含燃油附加費的單位收益則上升 7.4%。重要的是，儘管每票重量增加，單位收益（不含燃油附加費）仍較第二季季增 1.5%。

We continue to see progress across recently opened terminals. Compared to the third quarter of 2025, the operating ratio in terminals opened in 2023 and 2024 improved by 40 basis points, while operating income from these terminals improved 22%.

我們持續看到近期新開站點的進展。與 2025 年第三季相比，2023 與 2024 年開設之站點的營運比率改善 40 個基點，而這些站點的營業利益提升 22%。

Notably, these terminals revenue per shipment, excluding fuel surcharge, improved year over year at a higher pace than our legacy terminals. We are pleased with the continued improvement across these facilities. While they remain early in their ramp towards greater scale and density, they are already delivering tangible results, including enhancing our ability to provide better service to customers.

值得注意的是，這些站點的每票營收（不含燃油附加費）年增幅度高於我們既有站點。我們對這些設施持續改善的表現感到滿意。雖然它們在擴張至更大規模與更高密度的爬坡期仍屬早期，但已帶來可衡量的成果，包括提升我們為客戶提供更佳服務的能力。

Turning to expenses. Salaries, wages and benefits increased $46.7 million or 11.6% compared to the third quarter of 2025. The increase primarily reflected wage increases and higher compensation associated with improved company performance.

接著談費用。薪資、工資與福利較 2025 年第三季增加 4,670 萬美元或 11.6%。增加主要反映薪資調升，以及公司績效改善所帶來的較高薪酬。

Total head count increased 0.4% year over year, while head count, excluding linehaul drivers, decreased 0.6%. Removing the impacts from the five terminals opened in the second quarter, head count is down 0.5% compared to the third quarter last year. Group health insurance costs also increased $2.3 million from the third quarter last year, reflecting the continued impact of the inflationary cost of claims.

總員工人數年增 0.4%，而不含幹線（linehaul）司機的員工人數年減 0.6%。若排除第二季新開五個站點的影響，員工人數較去年第三季下降 0.5%。團體健康保險成本亦較去年第三季增加 230 萬美元，反映理賠成本通膨的持續影響。

Truck and rail purchase transportation miles represented 15.7% of total linehaul miles compared to 12% a year ago. Compared to 2025, our usage of rail as a percent of purchase transportation increased, now representing nearly 39% of our total purchase transportation miles. Our usage of rail remains cost advantage on a per mile basis, and we will continue to leverage our growing scale and technology investments to optimize our network.

卡車與鐵路外購運輸里程占總幹線里程的 15.7%，高於一年前的 12%。與 2025 年相比，我們以鐵路作為外購運輸的使用占比提高，目前約占外購運輸總里程的 39%。我們使用鐵路在每英里成本上仍具優勢，並將持續運用不斷擴大的規模與科技投資來最佳化我們的網路。

Across the entire purchase transportation spend, the underlying rate per mile, excluding fuel surcharge, increased about 4% compared to the third quarter of 2025. Fuel expense increased 55.2% compared to the prior year, reflecting a 48.1% year-over-year increase in the national average diesel price. Company linehaul miles increased 2.4%.

就整體外購運輸支出而言，扣除燃油附加費後的每英里基礎費率較 2025 年第三季約上升 4%。燃油費用較去年增加 55.2%，反映全國平均柴油價格年增 48.1%。公司自營幹線里程增加 2.4%。

Claims and insurance expense decreased 10% year over year, reflecting a decline in preventable accidents and favorable claims experience. Depreciation expense was $64.1 million, essentially flat with the prior year. Higher depreciation from ongoing investments in revenue equipment, real estate and technology was offset by owned assets becoming fully depreciated during the year.

理賠與保險費用年減 10%，反映可預防事故下降以及理賠經驗有利。折舊費用為 6,410 萬美元，與去年基本持平。持續投資於營收設備、不動產與科技所帶來的較高折舊，被年度內部分自有資產折舊提列完畢所抵銷。

Total operating expenses increased 16.9% compared with the adjusted operating expenses in the third quarter last year. With revenue growth of 17%, our operating ratio was 87.6%, unchanged from the adjusted operating ratio in the third quarter of 2025.

總營運費用較去年第三季的調整後營運費用增加 16.9%。在營收成長 17% 的情況下，我們的營運比率為 87.6%，與 2025 年第三季的調整後營運比率持平。

Order tax rate was 24.7% compared to 24.8% in the third quarter last year. Diluted earnings per share were $3.41, up from -- up 21.4% from adjusted diluted earnings per share of $2.81 in the third quarter of 2025. We ended the quarter with $203 million of cash on hand and $100 million of total debt outstanding.

本季有效稅率為 24.7%，去年第三季為 24.8%。稀釋每股盈餘為 3.41 美元，較 2025 年第三季調整後稀釋每股盈餘 2.81 美元成長 21.4%。季末現金餘額為 2.03 億美元，未償還總負債為 1 億美元。

I will now turn the call back to Fritz for some closing comments.

接下來我把電話交回 Fritz，請他做一些結語。

Thanks, Matt. As we begin the fourth quarter, the momentum exiting September gives us confidence in the business while we remain focused on navigating the broader freight environment. I'm proud of our team's continued focus on servicing our customers through daily execution, and pleased with the progress we're seeing across the business. We're seeing stronger service performance, including a company record low cargo claims ratio, improved time delivery and continued progress in customer satisfaction.

謝謝，Matt。進入第四季之際，9 月份結束時的動能讓我們對業務更有信心，同時我們仍專注於因應更廣泛的貨運環境。我為團隊持續透過每日執行來服務客戶的專注感到自豪，也很高興看到公司各方面的進展。我們看到服務表現更強，包括公司創紀錄的最低貨損理賠比率、準時交付改善，以及客戶滿意度持續進步。

The early results from the REV initiative also reinforced the opportunity to use faster transit time to greater visibility to serve more customers and build density across the network. Broader network is improving our ability to support existing customers, attract new customers and compete nationally.

REV 計畫的初步成果也再次印證：我們有機會透過更快的運輸時間與更高的可視性來服務更多客戶，並在網路中建立更高密度。更廣泛的網路正在提升我們支援既有客戶、吸引新客戶並在全國範圍競爭的能力。

As the network matures, we remain focused on pricing and mix optimization, productivity, utilization and cost discipline. These priorities are helping us convert national scale of the strong operating performance while preserving additional opportunities as freight conditions improve.

隨著網路日益成熟，我們仍專注於定價與組合最佳化、生產力、使用率以及成本紀律。這些優先事項正協助我們把全國規模轉化為強勁的營運表現，同時在貨運景氣改善時保留更多機會。

We also remain committed to executing our disciplined capital allocation approach. There are significant opportunities ahead, and reinvesting in the business and maintaining a strong balance sheet remain our top priorities, while a newly authorized share repurchase program provides additional flexibility to return excess capital to stockholders.

我們也持續致力於執行嚴謹的資本配置方針。未來存在顯著機會；在新核准的庫藏股回購計畫提供額外彈性、可在適當時機向股東返還多餘資本的同時，將資金再投入業務並維持強健的資產負債表仍是我們的首要優先事項。

We have strengthened the business, improved our operating platform and created a clear path for further growth. While there's still work ahead, we continue to focus on the factors within our control and executing consistently for our customers, employees and stockholders.

我們已強化業務、改善營運平台，並建立進一步成長的清晰路徑。雖然前方仍有工作要做，但我們將持續專注於可控因素，並為客戶、員工與股東一致且持續地執行。

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

接下來，我們準備開放提問，接線員。

(Operator Instructions) Scott Group, Wolfe Research.

(接線員指示) Scott Group，Wolfe Research。

Can we just start with the tonnage update? And then maybe -- I know you always give the color on Q4 OR.

我們可以先從噸位的最新情況開始嗎？然後也許——我知道你們一向會提供第四季營運比率（OR）的補充說明。

Sure, Scott. And first of all, just to kick off, we apologize for the -- getting disconnected. If anyone has any items that need clarification, certainly, just let us know.

當然可以，Scott。首先，作為開場，我們為——通話中斷一事致歉。如果任何人有需要釐清的事項，請務必告訴我們。

Scott, to your question, I'll go ahead and give the full slate of the months. I know the mid-quarter update was out there, but just to recap. For July, shipments per day were up 0.8%, tonnage per day was up 7.8%. August shipments per day were up 1.1%, tonnage per day was up 8.7%. And September shipments per day were up 0.4%, and tonnage per day, up 10.3%.

Scott，針對你的問題，我先把各月份的完整數據都說明一下。我知道先前已經有期中季度更新，但我再簡要回顧。7月，每日出貨量成長0.8%，每日噸位成長7.8%。8月，每日出貨量成長1.1%，每日噸位成長8.7%。9月，每日出貨量成長0.4%，每日噸位成長10.3%。

If I look at where we are, month to date of October, still a few days left, obviously, shipments are up about 2% year over year, tonnage is up about 10% year over year, which is -- well, it's in line with seasonal expectations.

如果看我們目前的狀況，10月截至目前（本月還剩幾天，顯然），出貨量年增約2%，噸位年增約10%，這——嗯，符合季節性預期。

When I think about the OR, typically, what you'd see in history from Q2 to -- excuse me, Q3 to Q4 sequentially is an increase of about 250 to 300 basis points. Based on what we're seeing so far with October trending seasonally, we feel like we can keep that in the 200 basis points or so range, which would represent OR improvement year over year of over 200 basis points.

談到OR（營運比率），通常從歷史來看，從Q3到Q4按季會上升約250到300個基點。依照我們目前看到的10月走勢符合季節性，我們認為可以把這個增幅控制在約200個基點左右，這代表OR年對年可改善超過200個基點。

So we feel good about where that's tracking right now, but obviously, a long way to go. But we feel pretty good about being able to outperform what we typically see on the Q3 to Q4 sequential.

所以我們對目前的追蹤狀況感覺不錯，但顯然還有很長的路要走。不過我們相當有信心，能在Q3到Q4按季變化上，表現優於我們通常看到的水準。

Okay. That's helpful. And then I know you don't tend to give lots of mid-quarter update color on yields and pricing, but maybe -- I think pricing trajectory is pretty important right now. So I don't know, maybe some color you can give on what you're seeing and what you're expecting on yield trends for Q4?

好的，這很有幫助。另外我知道你們通常不會在期中季度更新時，對收益率與定價提供太多細節，但也許——我認為目前定價走勢非常重要。所以不確定你能否分享一些你們看到的情況，以及你們對Q4收益率趨勢的預期？

Sure. We've -- we put a GRI in place in July, as you know, and we continue to see great results from that. Obviously, there's always a lot of business that moves around in the early stages of that.

當然。我們——如你所知，我們在7月實施了GRI（一般費率調整），而且我們持續看到非常好的成效。當然，在這種調整的初期，總會有不少業務在不同承運商之間移動。

But when I look at our take on the rate on that, over the past couple of years and even this year, that's gotten even better, which, in our view, is directly correlated to the ability to service more customers and do things for them in different lanes, the REV initiative that Fritz talked about is certainly part of that.

但如果我看我們在該項費率調整上的實際落地幅度，過去幾年、甚至今年都變得更好；在我們看來，這與我們能服務更多客戶、並在不同路線為他們提供服務的能力直接相關。Fritz提到的REV計畫當然也是其中一部分。

We implemented the GRI last year in October, so you lap that at this point, but we've been working hard on pricing mix optimization. I think you see that in our weight per shipment trends. We're very focused on driving rate and finding the customers that value the service that we provide. So we're pleased with the progress, but we've got to keep pushing on that.

我們去年10月也實施了GRI，因此到這個時間點已經進入同比基期（lap），但我們一直在努力做定價組合最佳化。我想你可以從我們每票重量的趨勢看出來。我們非常專注於推動運價，並找到重視我們所提供服務的客戶。所以我們對進展感到滿意，但仍必須持續推進。

Yes. We were pleased with what we've seen in Q3. I should point out that that L.A. region, which historically has been a really important region for us, really is bouncing around, we haven't seen that recover yet. So that 5.8% revenue per shipment improvement includes a headwind from that region not being where we'd like it to be. So we're particularly pleased with what we saw in the third quarter.

是的。我們對Q3看到的結果感到滿意。我也要指出，洛杉磯（L.A.）地區——歷來對我們而言是非常重要的區域——目前波動很大，我們還沒看到那邊復甦。因此，每票營收提升5.8%這個數字，包含了該地區未達我們期望所帶來的逆風。所以我們對第三季的表現尤其感到滿意。

I guess what I'm trying to figure out is like revenue per shipment is up 5.8% in Q3, yields down [2 2]. Do you think that we see sequential improvement on those metrics in Q4? Do we stay static, take a step back? Any just directional thought?

我想弄清楚的是：Q3每票營收年增5.8%，收益率下降[2 2]。你認為Q4這些指標會按季改善嗎？會維持不變、還是會退一步？有沒有任何方向性的看法？

No. Sequential increase, certainly our approach. We've got to keep driving that forward. The year over year number, Scott, that you're talking through on the yield side, certainly has the impact from that heavier weighted shipment. Even with heavier weighted shipments Q2 to Q3, yield was still up.

會按季上升，這當然是我們的做法。我們必須持續推動向前。Scott，你提到的收益率年對年數字，確實受到單票重量較重的影響。即使Q2到Q3單票更重，收益率仍然是上升的。

So that gives a view of the core pricing approach, the metrics in there. But no, we expect to continue to drive that improvement sequentially. We're critically focused on it.

所以這反映了核心定價策略，以及其中的相關指標。但總之，我們預期會持續按季推動改善。我們對此高度聚焦。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

Kind of good color on the new terminals. I'm just curious, is there -- can you maybe talk a little bit more color around the density fill that you're experiencing on those new terminals?

你們對新場站的說明很有幫助。我只是好奇——你能否再多談一些關於你們在這些新場站所看到的密度填充（density fill）情況？

I'm assuming it's probably accelerating given you're seeing that year-over-year OR improvement and good EBIT lift off. So maybe talk a little bit about some of the key -- maybe some key metrics or so that -- to ascertain perhaps as that excess capacity been diminishing, how much, versus, let's say, last year or even at the start of this year?

我猜這可能正在加速，因為你們看到OR年對年改善，以及EBIT明顯提升。所以也許可以談談一些關鍵——例如一些關鍵指標，用來判斷那些多餘產能是否正在消化、消化了多少，相較於去年或甚至今年年初？

Jordan, that's something that we pay particularly close attention to, the performance of the new facilities. And to date, we've been pleased with it. I think based on our historical experience with openings, frankly, the environment that we open these facilities, it has been a little bit softer than it was historically in terms of what the performance we've seen.

Jordan，這是我們特別密切關注的事項：新設施的營運表現。截至目前，我們對表現感到滿意。我認為以我們過去開站的歷史經驗來看，坦白說，我們開設這些設施時所處的環境，在表現上相較以往歷史水準略為疲弱一些。

Now although they improved year over year, they're still below the company average in total, but we're continuing to make progress there. So I think that, that is part of what you're going to see in the, frankly into Q4 and into next year is the continued improvement in those markets.

雖然它們年對年有所改善，但整體仍低於公司平均水準，不過我們持續在那裡取得進展。所以我認為你將會在——坦白說，在Q4以及明年看到的其中一部分，就是這些市場持續改善。

As we develop maturity, develop those customer relationships, customers experience the service we'll provide out of the newer facilities. So I think that I would -- from here, we continue to expect that to accelerate. We're pleased with the growing profitability in those terminals for sure.

隨著我們逐步成熟、建立客戶關係，客戶也會體驗到我們在較新設施所提供的服務。因此我認為——從現在起，我們仍預期那會加速。我們確實對這些場站獲利能力的提升感到滿意。

It -- there's still runway there for us. So they're not where they need to be.

我們在那方面仍有很大的提升空間。所以它們還沒有達到應有的水準。

The other thing we track with that, Jordan, is on the revenue, the way that we're able to improve those 2,000 transit lanes and those -- that's just the first batch. We're going to continue to do that. But that's density build in the network.

另外我們也會追蹤的，是營收面：我們如何改善那2,000條運輸路線（transit lanes）以及那些——那只是第一批。我們會持續推進。但那就是網路中的密度建置。

At the beginning, when you open these facilities, you often don't have enough freight to move direct and to a destination. So it's got to go back to a break, get offloaded and aggregated with more freight.

一開始，當你開設這些設施時，往往沒有足夠的貨量可以直接運送到目的地。因此必須回到分撥點（break），卸貨後再與更多貨物彙整。

When you've got density and that starts to build, you're able to run that more directly. So you see that in the handling in the touches. You see that in the revenue per shipment, we're able to charge more because part of it is being applicable or faster on the transit time.

當你有了密度、而且密度開始建立起來，你就能更直接地運行。所以你會在裝卸處理與接觸次數（touches）上看到改善。你也會在每票營收上看到改善——我們能收取更高費率，部分原因是運輸時間更具競爭力或更快。

So it's all encompassing. And like Fritz said, those aren't where they need to be yet. They're not where our legacy markets are, but that's part of the journey. We're pleased to see it.

所以這是全方位的。而且如Fritz所說，這些還沒到它們應有的水準。它們還沒達到我們既有成熟市場的水準，但這是成長旅程的一部分。我們很高興看到這些進展。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Great. Maybe just turning to the pricing question here. I'd love to get your update here on how we should think about the opportunity for you guys to further just narrow the pricing gap versus peers. And then obviously, with contractual renewals accelerating here that you called out, I think you said double-digit renewal. How much of that is being driven by your own specific actions?

很好。也許先回到定價這個問題。我想請你更新一下，我們應該如何看待你們進一步縮小與同業之間定價差距的機會。另外，顯然你提到合約續約正在加速，我記得你說續約是雙位數成長。其中有多少是由你們自身的具體行動所驅動的？

And if so, what are you guys doing behind the scenes? And then also, how much of this is just being driven by just a more supportive pricing environment?

如果是的話，你們在幕後做了哪些事情？另外，這當中又有多少只是因為整體定價環境更有利所帶動的？

So we -- our internal organization focus is strictly around the customer, right? So our -- it's all about service. Service is about improving. If you look at our claims number that we highlighted, 40% improvement year over year. You see the new terminals, the introduction of the improved transit times and 2,000 lanes.

所以我們——我們內部組織的重點完全是以客戶為中心，對吧？所以我們——一切都圍繞服務。服務就是持續改善。如果你看我們強調的理賠數據，同比改善了40%。你也看到新場站、導入更快的運輸時效，以及2,000條路線。

All of those give us an opportunity to provide better service and a better experience to our customers. Those things all lead to supportive pricing opportunities.

所有這些都讓我們有機會為客戶提供更好的服務與更佳的體驗。而這些因素都會帶來有利的定價機會。

Certainly, the environment that's out there, I think, is positive, but customers are also more demanding than ever because they're dealing with inflationary costs, they're dealing with their own supply chain challenges and those sorts of things. So they need somebody that's got higher levels of reliability, and we -- I think we can deliver that for them.

當然，我認為外部環境是正面的，但客戶也比以往更挑剔，因為他們正面臨通膨成本，也在處理自身供應鏈挑戰等問題。因此他們需要可靠性更高的合作夥伴，而我們——我認為我們能為他們做到這一點。

And that puts us in a position that when our team gets in front of the customer, they've got something that they can sell. They can sell a network that is much closer to the customer than it's ever been performing at a very high level, record low claims, all those things add up to supporting the pricing thesis.

這也讓我們處於一個位置：當我們的團隊面對客戶時，他們有東西可以賣。他們可以銷售一個比以往更貼近客戶、且表現非常出色的網路——理賠創新低，等等；這些加總起來都支撐了我們的定價論點。

And if I look across the landscape, and you can see what -- where the national market is for all the national players, and you can see that size is doing a great job and -- but there's an opportunity for us to continue to push the pricing. And frankly, the service levels that we've been providing, I think, support that.

如果我放眼整個市場，你可以看到全國性市場對所有全國型業者的狀況，也可以看到規模型業者做得很好——但我們仍有機會持續推動定價。坦白說，我認為我們所提供的服務水準足以支撐這一點。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

I guess maybe I wanted to talk a little bit about optimizing the mix and as we think about it, the weight per shipment. So you guys obviously had been bringing that up quite a bit.

我想也許談談優化組合，尤其是我們在思考每票貨件的重量（weight per shipment）時。你們顯然一直提到這點很多。

It looks like it's also trending up well in the fourth quarter, at least in October so far. So can you talk about where you are? And I don't know if that -- maybe you're talking about the new terminals versus the old terminals and just get a sense of bringing that mix to where it needs to be.

看起來第四季這個指標也持續走高，至少到目前為止10月是如此。所以你能談談你們目前的狀況嗎？我不確定這是否——也許你們在談新場站相對於舊場站，想了解一下你們如何把這個組合調整到需要的狀態。

Just wondering a sense in how much more you might need to see weight per shipment move up before you guys feel like you've got the right balance?

也想請教一下，在你們覺得達到適當平衡之前，你們還需要看到每票貨件重量再上升多少？

Yes. That's a good question, Chris. I mean when we think about it, our focus is really on -- there isn't the ideal shipments. Certainly, a higher weight per shipment, as we all know, delivers greater demands on our network in terms of greater space utilization, fill-up trailers, greater difficulty around handling it. So it's really critical that we find the customers.

是的。這是個好問題，Chris。我的意思是，當我們思考這件事時，我們的重點其實在於——並不存在所謂「理想的貨件」。當然，每票貨件重量較高，如大家所知，會對我們的網路帶來更高的要求，例如更高的空間利用率、把拖車裝滿，以及在搬運上的更高難度。所以找到合適的客戶非常關鍵。

We know there are increased costs that comes along with all those things. But it's critically important that we find customers and say, look, we need to have an LTL partner that is going to be able to deliver on time with -- damage-free.

我們知道，這些事情都會伴隨成本上升。但更重要的是，我們要找到客戶並告訴他們：我們需要一個能夠準時、且——無損（damage-free）交付的LTL合作夥伴。

And those customers are the ones that are really going to support our value proposition. Now certainly, that can be a higher weight per shipment customer. It can also be customers that have very, very high demands and have low weight per shipment, maybe one- and two-day service. But it's critically important in those businesses that they have a partner that delivers on time damage free, right?

而這些客戶才是真正會支持我們價值主張的客戶。當然，那可能是每票貨件重量較高的客戶。也可能是需求非常、非常高但每票重量較低的客戶，例如需要一到兩天的服務。但在這些業務中，關鍵在於他們必須有一個能準時且無損交付的合作夥伴，對吧？

So those things are, in that scenario, that customer values that. So I don't know that there is a perfect mix of business in the sense of what's the length of haul or what the weight per shipment is. It's the customer that says, Saia is doing a great job. That's the partner we need to have and that's who they -- that's the customer that is willing to pay for that service.

所以在那種情境下，客戶重視的就是這些。因此我不確定是否存在一個「完美的業務組合」，例如運距多長或每票重量是多少。而是客戶會說：Saia做得很棒。那就是我們需要的合作夥伴——而這樣的客戶也願意為這種服務付費。

So it can come from a range of customers. And I point that out because I think that's critically important. As we have been able to shift and evolve this network, and we're adding the improving transit times for 2,000 lengths, certainly, that benefits the higher weight per shipment customer, but that also benefits the one- and two-day service customer who absolutely needs to have something done on time.

所以它可能來自各種類型的客戶。我特別指出這點，是因為我認為這非常重要。隨著我們能夠調整並演進這個網路，而且我們正在為2,000條路線改善運輸時效，當然，這會讓每票重量較高的客戶受益，但也同樣讓需要一到兩天服務、且絕對需要準時完成的客戶受益。

And maybe their weight per shipment's only 500 or 700 pounds weight per shipment, but they say, I value that investment in network because we can provide performance for them, and that is a customer who's willing to pay for that service.

也許他們每票貨件重量只有500或700磅，但他們會說：我重視你們在網路上的投資，因為你們能為我們提供績效表現；而這樣的客戶也願意為這種服務付費。

So there isn't a perfect mix, case study around what it's going to look like. It's more about once the customers say, Hey, I need to partner with somebody that's providing a very high level of service.

所以並不存在一個關於它會長什麼樣子的完美組合或案例研究。更重要的是，當客戶說：嘿，我需要和一個提供非常高服務水準的夥伴合作。

Okay. That's super helpful color. I appreciate that. And maybe a big picture, if we just zoom out a little bit. Now that you feel like you're making some progress on the yield front.

好的。這些補充說明非常有幫助。謝謝你。也許從更宏觀的角度，如果我們把視野拉遠一點。既然你們覺得在收益率（yield）方面已經取得一些進展。

As we look at '27 or maybe just bigger picture longer term, what do you think the greater -- the incremental margins of this business will be assuming we're in a positive tonnage environment like you guys are putting off? What can we expect the incremental profitability to look like?

當我們看向2027年，或更長期的大方向時，如果我們處在像你們所暗示的那種正向的貨量（tonnage）環境，你認為這個業務的增量毛利率——增量利潤率會是多少？我們可以期待增量獲利能力呈現什麼樣貌？

Well, I mean, our expectation is that it continues to improve. I mean, if you think about even just the guide we just gave for the fourth quarter, we're looking at -- we think there's an opportunity to grow OR year over year by over 200 basis points, and I think that continues.

嗯，我們的預期是它會持續改善。我的意思是，如果你只看我們剛給出的第四季指引，我們認為營業比率（OR）有機會同比改善超過200個基點，而且我認為這種趨勢會延續。

And I think that opportunity for us to drive profitability in the business is pretty compelling, right? And as we have the opportunity to scale the network, the incremental margins in the facilities that are, what we call ramping, the incrementals there should continue to improve. Those are all beneficial.

而且我認為，我們推動業務獲利能力的機會相當吸引人，對吧？隨著我們有機會擴大網路規模，那些我們所謂正在爬坡（ramping）的設施，其增量利潤率應該會持續改善。這些都是正面的。

I think this is all the path to that sub-80 OR. Timing, the external markets, all those things are -- those are some things that we can't control, but I do know that as I look at close in, our execution is pretty high. The service is very high, and we're getting some traction around pricing. So that leads to what looks like a pretty good fourth quarter for us and into next year.

我認為這一切都是通往OR低於80的路徑。時點、外部市場等因素——有些是我們無法控制的，但我知道，從近端來看，我們的執行力相當高。服務水準非常高，而且我們在定價方面也取得了一些進展。因此，這讓我們第四季看起來會相當不錯，並延續到明年。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Fritz, sorry about the BYU loss and good luck in Miami. I know you're looking to fill out density. Is that the phase post the Northeast? Is this like the phase post the Northeast expansion where you've made upfront commitments and now you should look for CapEx to fill in density on a nationwide basis? I'm just wondering how we should think about CapEx on a -- is it going to be lumpy? What your needs are going forward?

Fritz，很遺憾BYU輸球，也祝你在邁阿密好運。我知道你們正在尋求把密度補齊。這是否是東北擴張之後的階段？也就是說，在東北擴張後你們已做出前期承諾，接下來應該會看到資本支出（CapEx）用於在全國範圍內補足密度？我只是想了解我們應該如何看待資本支出——它會不會呈現不均勻（lumpy）的型態？以及你們未來的需求是什麼？

Thanks for the support, Ken. Keep in mind, Miami has got to go to South Bend, and it's going to be cold. With respect to our total network, I mean, I think what you think about from here is that if you go back to the days of the Northeast expansion, we built out, put terminal leadership, regional leadership in place.

謝謝你的支持，Ken。請記住，Miami 得去 South Bend，而且會很冷。就我們整體網路而言，我的意思是，我認為你接下來要思考的是：如果你回到當年東北擴張的時期，我們把網路建起來，並且把場站主管、區域主管配置到位。

And as we develop those markets, we were able to drive some really strong robust returns. I think the environment that we've been operating in with the facilities that we've opened, we haven't had the the stronger backdrop to drive those returns. But nonetheless, we had to put in leadership in these new facilities, the appropriate driver and support teams in place to take care of the customer because that's part of it.

而當我們開發那些市場時，我們能夠帶來一些非常強勁、穩健的報酬。我認為在我們已開設的這些設施所處的營運環境下，我們並沒有那麼強的外部背景來推動那些報酬。但即便如此，我們仍必須在這些新設施中配置領導團隊，並建立適當的司機與支援團隊來照顧客戶，因為這是其中的一部分。

Now I think what you're seeing, and Matt pointed it out in his remarks, about the improvements in those facilities, and I think we see the incrementals on the facilities start to approach what we saw in the Northeast.

現在我認為你所看到的——Matt 在他的談話中也指出了——是這些設施的改善，我想我們看到這些設施的增量表現開始接近我們在東北看到的水準。

And then I think, frankly, over time, that the rate of improvement in those should accelerate. And we like what we've been able to -- the performance is there. We think the customer experience has been good and continues to improve. So I think all those things portend to improve incremental performance out of those facilities.

然後我認為，坦白說，隨著時間推移，這些改善的速度應該會加快。而我們喜歡我們所能做到的——績效已經展現出來。我們認為客戶體驗一直不錯，且持續改善。所以我認為所有這些都預示著這些設施的增量績效將會提升。

Great. I was talking -- maybe a little adjustment, but I was talking more about the thoughts on CapEx needs, right, given you're driving free cash flow for buyback, but --

很好。我剛剛在談——也許需要稍微調整一下——但我更多是在問資本支出（CapEx）需求方面的想法，對吧？因為你們在推動自由現金流用於回購，但——

Yes. No problem, Ken. I left that part out. Yes. Listen, at this stage, as we continue to drive profitability in the business, we're going to generate cash flow.

是的。沒問題，Ken。我剛才漏掉那一段。是的。聽著，在這個階段，隨著我們持續提升業務獲利能力，我們將會產生現金流。

And I think anybody who's run the model around where Saia is, understands that there's the ability for us to generate cash flow is really positive. I think that we've done a good job managing the balance sheet.

我想任何跑過 Saia 目前所處位置的模型的人都明白，我們產生現金流的能力是非常正面的。我認為我們在管理資產負債表方面做得不錯。

There are investments that we're going to have to make in the business. But we're in a position now where the appropriate utilization of the shareholders' capital here is we got to make decisions around, right, it's an attractive market.

我們確實需要在業務上做一些投資。但我們現在所處的位置是：股東資本在此的適當運用，是我們必須就一些事情做決策，對吧？這是一個具吸引力的市場。

Those are ones that get us incremental returns that help us filling the network from here. Certainly, we're going to make those investments. But as we drive profitability, we're generating cash, and there's an opportunity where appropriate that we can make the necessary returns to shareholders.

那些是能帶來增量報酬、並幫助我們從這裡把網路填滿的投資。我們當然會做那些投資。但隨著我們推動獲利能力，我們正在產生現金；在適當的情況下，我們也有機會向股東提供必要的回報。

So we think that's part of the developing profitability of the business. And I think that is something that we knew that was a big potential of the business for a while now.

所以我們認為這是業務獲利能力發展的一部分。而我認為這也是我們早就知道、這項業務很大潛力的一個面向。

And we just feel like at this point, we're in a position we can make the announcement we did. That's not to say we don't have investment opportunities, but I think we've got the opportunity now where we're better positioned to make all the choices to allocate the capital appropriately.

我們只是覺得在此刻，我們已經處於可以做出我們所做公告的位置。這並不是說我們沒有投資機會，但我認為我們現在有機會、也更有條件做出所有選擇，以適當地配置資本。

And then, Fritz, just a follow-up on -- you got some mixed questions before on pricing and impacts and talked about weight per shipment, but how about the customer type, whether you -- from your peers, we hear a lot about going after SMBs or local customers, maybe different end markets. Can you talk about that and if that's having an impact on your pricing or if that's part of the process at this point? Or just still focus on national accounts as you enter new markets?

另外，Fritz，我再追問一下——你之前被問到一些關於定價與影響的混合問題，你也談到每票貨的重量，但那客戶類型呢？我們從同業那邊常聽到要去爭取中小企業（SMB）或在地客戶，或許是不同的終端市場。你能談談這點嗎？以及這是否正在影響你們的定價，或這是否是目前流程的一部分？或者你們在進入新市場時仍然主要聚焦於全國性客戶？

I think we're focusing broadly across the entire network -- across the national network now. And I think that's important. That can be a regional account. That can be a national account, can be a partner in a 3PL. But most importantly, these are all customers that say, understand the value of that 219 terminal network.

我認為我們現在是廣泛地聚焦於整個網路——也就是全國網路。我認為這很重要。這可以是區域型客戶。也可以是全國型客戶，也可以是 3PL 的合作夥伴。但最重要的是，這些客戶都理解那個 219 個場站網路的價值。

And that's really important. And it's -- they understand the value of the service they're getting, what we can provide for them.

而這點非常重要。而且——他們理解他們所獲得服務的價值，以及我們能為他們提供什麼。

And so that can agnostic to industry. Certainly, there are industries that we have benefited from, I mean, you see the data center business, I think we're exposed there a bit. We've got -- that's helped drive some profitability. But frankly, the one consistency when you go across all industries is that people that really value an LTL partner that can provide a high level of service. And that can be any number of industries.

因此這可以不受產業別限制。當然，有些產業我們確實受益，例如你看到資料中心業務，我想我們在那方面有一些曝險。我們也有——那幫助推動了一些獲利能力。但坦白說，跨所有產業唯一一致的是：人們真正重視一個能提供高水準服務的 LTL 合作夥伴。而這可以是任何數量的產業。

But we're pleased to see that it's been a national success.

但我們很高興看到這已經在全國層面取得成功。

Being in the market is critical. And I think it might have been Chris's question earlier where we talked about that. At 219 facilities today, we get more seats at the table with customers. We get the opportunity to solve more problems in the conversation around, well, you can't do this for me, but that's less now than it's ever been. So every day it's, Saia has an opportunity to have a better discussion with the customer about what problems we can solve for them.

在市場中佈局是關鍵。我想這可能是 Chris 先前的問題，我們當時談到這點。以今天 219 個設施而言，我們在客戶端能獲得更多上桌的席位。我們在對話中有機會解決更多問題；像是「你不能替我做這個」這類的情況，現在比以往任何時候都更少。所以每天 Saia 都有機會與客戶進行更好的討論，談我們能替他們解決哪些問題。

And that's why Fritz gave the stats in his comments about the door capacity and the terminals that we've opened, not just opened, but relocated and expanded over the past number of years. That's capacity for a customer. That's our ability to service them. So being in the market really matters, and we're getting the chance to be on equal footing with everybody else, which we're really excited about.

這也是為什麼 Fritz 在他的評論中提供了關於門位容量以及我們過去幾年所開設的場站的統計數據——不只是新開，還包括搬遷與擴建。那就是給客戶的產能。那就是我們服務他們的能力。所以在市場中佈局真的很重要，而我們正獲得機會與其他所有人站在同等基礎上，這讓我們非常興奮。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So first, I just wanted to get some clarification on the OR outlook, just curious what you've assumed for November, December, is it normal seasonality? And from a year-over-year perspective, would that mean something similar to the 10% in October or maybe lower? I know your comp gets tougher. And then I would love to understand what's also -- assume for fuel and that thing.

首先，我想釐清一下營運比率（OR）的展望，只是好奇你們對 11 月、12 月的假設是什麼？是正常的季節性嗎？從年對年角度來看，這是否意味著會類似於 10 月的 10% 左右，或可能更低？我知道你們的比較基期會變得更具挑戰。另外我也想了解你們對燃油以及那方面的假設。

Sure. From a seasonality standpoint on the shipment side, from here, we're expecting normal seasonality. Typically, what you'd see is obviously, as you get into the holiday months, things slow into November and then again into December. But the guide implies and expects normal seasonality.

好的。就出貨量端的季節性而言，從現在開始我們預期是正常季節性。通常你會看到的是，顯然進入假期月份後，11 月會放緩，然後 12 月又會再放緩一次。但指引所隱含與預期的是正常季節性。

On the fuel side, where the guide embeds fuel that's on October average is how I'd frame that. So fuel hanging into October average shipment levels at seasonality. You're right on the comps, they move around a little bit into November and December, but broadly from a sequential basis, what we're expecting in the guidance seasonality -- normal seasonality.

在燃油方面，指引中所內含的燃油是以 10 月平均水準來描述。所以燃油維持在 10 月平均水準，而出貨量則按季節性變化。你說得對，年對年的比較在 11 月與 12 月會有些變動，但大致上從序列（逐月）角度來看，我們在指引中預期的是季節性——正常季節性。

Okay. On headcount, I wanted to clarify. So I think you said it was down, tonnage is up a lot, very impressive. I guess how are you doing that? How much excess capacity do you have?

好的。關於人頭數，我想再確認一下。所以我想你說人頭數是下降的，但噸位大幅上升，非常令人印象深刻。我想問你們是怎麼做到的？你們有多少閒置產能？

How long does that algo work that way before you probably need to start adding more headcount? And then longer term, I guess this plays into -- Fritz, I think you said over 200 basis points of margin expansion. I know that's the guide for Q4, but it was also implied that this could be something that occurs for 2027. Is that a preliminary view? Or what were you trying to say there?

這種演算法能以這種方式運作多久，才可能需要開始增加更多人頭數？然後更長期來看，我想這也牽涉到——Fritz，我想你提到超過 200 個基點的利潤率擴張。我知道那是第四季的指引，但也暗示這可能是到 2027 年會發生的事情。那是初步看法嗎？或者你當時想表達的是什麼？

I'll start with the head count part. So that's right. If you -- we've made a lot of investments in our network and linehaul drivers. So if you exclude that, the head count number's down a little bit. Same thing if you exclude the impact from the five new terminals that we opened in Q2.

我先從人頭數的部分開始。沒錯。如果你——我們在我們的網路與幹線（linehaul）駕駛方面做了很多投資。所以如果把那部分排除，人頭數會小幅下降。同樣地，如果排除我們在第二季開設的五個新場站所帶來的影響，也是如此。

But part of building a network in density is scale opportunity. So you have the people in the new markets before the volume comes, what you -- you have to be in the market and you have to provide great service. But a new market is not as dense on the pickup side as a legacy facility would be. So over time, you get the opportunity to scale and leverage those investments that you always have to make when you open a facility. You can't open them without people, you have to provide service for our customers.

但在建立具備密度的網路時，規模本身就是一個機會。所以在貨量進來之前，你必須先在新市場配置人力；你——你必須在市場裡，並且提供優質服務。但新市場在取貨端的密度，不會像既有據點那麼高。因此隨著時間推進，你就有機會擴大規模並槓桿化那些你在開設據點時必須投入的投資。你不可能在沒有人的情況下開站，你必須為客戶提供服務。

So we're making strategic investments depending on what the volume environment looks like as we get into next year. There's probably going to be some adds. We've got more opportunities to continue to optimize our network. But we are very diligent on what that looks like. We've been pretty restrictive on that for the number of quarters.

因此，我們會依據進入明年時的貨量環境，進行策略性投資。可能會有一些增補。我們也有更多機會持續優化我們的網路。但我們對於具體樣貌會非常審慎。過去好幾個季度我們在這方面一直相當克制。

But service is important, and we're going to continue to make those investments. But we'll see what the environment deals in the early part of next year to see where head count goes.

但服務很重要，我們會持續做這些投資。不過我們會觀察明年初的環境變化，再看人頭數會走向哪裡。

And I would just add just on the comments about next year. I mean, look, I think we're going to see continued improved performance in Q4. I think the incrementals will be good year over year. I'm expecting that to continue into next year.

我也補充一下關於明年的評論。我的意思是，你看，我認為我們在第四季會看到持續改善的表現。我認為增量（incrementals）年對年會不錯。我預期這個趨勢會延續到明年。

Can we hit that our long-held goal of 200 OR improvement -- point OR improvement on an annual basis. Depending on what the environment deals is, I think we could, frankly, I think we could do better than that.

我們能否達成我們長期以來的目標：每年營運比率（OR）改善200個基點——也就是2個百分點的OR改善。取決於環境如何發展，我認為我們可以；坦白說，我覺得我們甚至可能做得比這更好。

But at the same time, I think there's a fair amount, let's see how it develops. I know close in, I like what we're seeing from a core execution perspective for the customer. I like the trends that we're seeing around our revenue per shipment. That's important.

但同時，我認為還有相當多的不確定性，讓我們看看它如何演變。就近端來看，從為客戶執行核心作業的角度，我喜歡我們目前看到的狀況。我也喜歡我們在每票收入（revenue per shipment）方面看到的趨勢。那很重要。

And put those things together and I look at these facilities that we've invested in, we're able to generate returns and we're seeing growing operating income and improving OR there. Those all portend to next year OR expansion. So I think I like the trends that we're on right now. I think those are all positive.

把這些因素放在一起，再看我們投資的這些據點，我們能夠產生報酬，並且看到營業利益成長、OR在那裡改善。這些都預示著明年OR會擴張。所以我喜歡我們現在所處的趨勢。我認為這些都是正面的。

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

So I wanted to ask you a little bit on the cost side. I know you've got, obviously, with capacity expansion, you're going to add cost and add capacity. But I guess if you look at a like-for-like basis, how -- what does inflation look like in terms of -- I guess you got probably some wage inflation, some group health, that type of thing, but maybe some incentive comp that's stepping up as well. So just if you have some thoughts on that? And then would you expect that level of inflation to decrease when you go to next year?

我想在成本面向問你一些問題。我知道你們顯然在擴充產能時，會增加成本並增加產能。但我想如果用同口徑（like-for-like）的基礎來看，通膨大概是什麼樣子——我猜可能有一些薪資通膨、團體健康保險之類的，另外也可能有一些獎酬（incentive comp）在上升。所以想聽聽你對這方面的看法？以及你是否預期到明年時，這個通膨水準會下降？

And then I think the second question, another important element would be, you talked a little bit about purchase transportation and outsourced linehaul miles. That's something where -- it seems like that's been reasonably well controlled, but obviously, truckload rates are going up a lot or have gone up a lot.

然後我想第二個問題，另一個重要元素是，你提到一些關於外購運輸（purchased transportation）以及外包幹線里程（outsourced linehaul miles）。這看起來一直控制得相當不錯，但顯然整車（truckload）運價正在大幅上升，或已經上升很多。

And I'm just wondering, timing of your reprice of that or your contracts, is that something we ought to -- we should contemplate in terms of there might be a step change for you in the future? Or is that different? So a couple of things there, but also just like rail versus truck in PT, it sounded like there were some nuance there.

我想問的是，你們對這部分重新議價（reprice）或合約的時點是什麼？我們是否需要把它納入考量：未來你們可能會出現一個成本的「跳升」（step change）？還是情況不同？所以這裡有幾個點，另外就像在外購運輸（PT）中鐵路相對於卡車的使用，你剛才聽起來也有一些細微差異。

So yes, overall inflation, how we ought to look at it? And then just more impacting on PT.

所以，整體通膨我們應該怎麼看？然後再談談對外購運輸（PT）的影響。

Sure. I'll start with the inflation aspect of it. I mean, look, every line in this business is expensive. If you had to provide great service, you got to have a best-in-class team. You've got to have equipment facilities, have best-in-class benefits.

好的。我先從通膨的部分開始。我的意思是，你看，這個業務裡每一個成本項目都很昂貴。如果你要提供優質服務，你就必須有同級最佳（best-in-class）的團隊。你必須有設備與場站，並提供同級最佳的福利。

All of those are expensive. So we're going to continue to work hard on efficiency, productivity, optimization, every single piece of that, in the hopes that we can mitigate the cost inflation.

這些都很昂貴。所以我們會持續在效率、產能生產力、最佳化等每一個環節努力，希望能夠緩解成本通膨。

But the nature of this business is inflationary. It is a high asset-intensive business that requires investment. So I'd expect cost inflation to continue. I don't see a reprieve on things like health insurance and benefits. Those are part of our strategic investments in our people to provide great service.

但這個產業的本質就是通膨性的。這是一個高度資產密集、需要投資的業務。所以我預期成本通膨會持續。我不認為像健康保險與福利這些會有緩解。這些是我們對員工的策略性投資的一部分，目的是提供優質服務。

So we're going to continue to work hard on that, but I'd expect cost inflation, wage increases, those are just part of part of the ongoing nature of the LTL business.

所以我們會持續努力，但我預期成本通膨、薪資調升——這些都只是LTL（零擔）業務持續運作本質的一部分。

From a purchased transportation side, so the underlying rate per mile increase ex fuel, if I just look across the entire base, was about 4%. So obviously, that's really well controlled compared to what you're hearing out in the environment. The way that we use PT is strategically. We are not in the spot market. The way that we use it as an extension of our network.

就外購運輸（purchased transportation）而言，如果我看整體基礎，在不含燃油（ex fuel）的情況下，每英里基礎運價的上升大約是4%。所以相較於你在外部環境聽到的情況，這顯然控制得非常好。我們使用PT是有策略性的。我們不在現貨市場（spot market）操作。我們使用它的方式，是把它當作我們網路的延伸。

We won't use it if it doesn't make service. That's the number one gating factor for us. And we do use rail. We held very cost advantage. And over the years, if you look, we've had the opportunity to use more of that with a wider network. As a percentage of the PT miles, that's approaching 40% of miles.

如果無法達成服務水準，我們就不會使用。這是我們第一個、也是最重要的門檻因素。而且我們確實使用鐵路。我們保有非常大的成本優勢。多年來，如果你看，我們隨著網路變得更廣，有機會使用更多鐵路。以PT里程的占比來看，鐵路已接近40%的里程。

As the network builds density and we get the opportunity, if you look at our map, we have double-digit market share in our Houston markets in Texas, where we've been the longest. As that expands and we build more density, we'll have opportunities to in-source some of that.

隨著網路密度提升、我們獲得更多機會，如果你看我們的版圖，在我們經營最久的德州休士頓市場，我們有兩位數的市占率。隨著這些市場擴張、密度更高，我們會有機會把其中一部分內製化（in-source）。

But we believe that we use it effectively, and PT is part of how we operate our network. But I like to use rail where we can. We've been able to use that more over the past several years, and you saw that in this quarter as well.

但我們相信我們使用PT是有效的，而PT也是我們營運網路方式的一部分。不過在可行的地方，我更傾向使用鐵路。過去幾年我們能使用更多鐵路，你在本季也看到了。

And I would just add on top of that, Tom, is that the optimization model you're running, Matt walked through exactly how we think about this.

另外我再補充一點，Tom，你們所看到我們在跑的最佳化模型，Matt 已經完整說明了我們如何思考這件事。

But in our prepared remarks, we noted that we actually increased the number of head count in our linehaul team. And the reality, what that is, is the optimization model said that basis external using truck PT or rail, we found it was cost optimal in some lengths to actually hire more people internally to insource that.

但在我們事先準備的講稿中，我們提到其實我們增加了幹線團隊的人頭數。而實際上，那是因為最佳化模型顯示：以外部使用卡車PT或鐵路為基準，在某些運距上，實際上改為內部增聘人力、把那部分內製化（insource），在成本上是最優的。

So that equation around, all right, is the service match and then what's the optimal cost structure, that will continue to evolve over time, and that's an important part of how we manage the cost structure. We don't -- when we look at our cost structure, and I think we're pleased with how we performed on managing cost in the quarter.

所以把那個等式放在一起來看，好的，就是服務要匹配，然後什麼是最佳的成本結構；這會隨著時間持續演變，而這也是我們如何管理成本結構的重要一環。我們不會——當我們檢視自身的成本結構時，我想我們對本季在成本管理上的表現感到滿意。

If you look at our weight per shipments up, handling the complexity of the freight that we're handling has increased, all those things would lead to higher levels of cost. And I think we've managed it pretty well, in part because we know how to use PT and run the optimization models around that.

如果你看我們每票貨運的重量上升，我們所處理貨物的複雜度也提高了，這些因素都會導致成本水準上升。而我認為我們管理得相當不錯，部分原因是我們知道如何使用 PT，並圍繞它運行最佳化模型。

So just -- I guess, just to make sure I understand that. So there's not an intention really to vary meaningfully the outsourced linehaul miles from where you are? You're comfortable with that. And then I guess on the contractual piece, if your truckload is contractual and well controlled to 4%, would also imply contracts would expire at some point? So I don't know if they're just mixed through the year.

所以——我想只是確認我理解正確。所以你們其實沒有意圖要在目前水準上，對外包的長途幹線里程做有意義的調整？你們對此感到安心。然後我想在合約那一塊，如果你們的整車運輸（truckload）是合約制且控制在 4% 左右，也意味著合約在某個時間點會到期？所以我不確定它們是不是分散在全年。

So you don't really see a bigger impact or if there is a time frame that they tend to expire that you might see a little greater step up?

所以你們不太會看到更大的影響？或者如果有一個它們通常到期的時間窗，你們可能會看到稍微更明顯的跳升？

They're mixed through the year, Tom, but I would tell you that our focus, and it always has been, is that we need to get the OR in this business below 80, so we're going to take the cost optimal way to get us there, and that's going to require us to figure out ways to best manage our network cost, moving freight between the 219 facilities.

它們分散在全年，Tom，但我會告訴你，我們的重點——而且一直都是——是我們必須把這個業務的 OR（營運比率）降到 80 以下，所以我們會採取成本最優的方式達成這點；這將要求我們找出最佳方式來管理我們的網路成本，在 219 個設施之間移動貨物。

So if we find that the contractual environment for PT partners is increasing at a rate that doesn't make sense for us, our solution to that or the way we would manage that is we probably in-source with more of our own drivers in certain markets, maybe tap rail in certain markets we can. And that's all part of the equation.

所以如果我們發現 PT 合作夥伴的合約環境上漲的速度對我們而言不合理，我們的解法、或我們會如何管理，就是在某些市場用更多自有司機把它內部化（in-source），也可能在某些可行的市場改用鐵路。而這些都是整個等式的一部分。

So if I look at the opportunity around what Saia has is it's continued to use -- leverage that cost structure to do a great job servicing customers. But the real value driver in the business is really getting the pricing and mix where it needs to be. And I think that's what gets us to the low 80s OR and beyond.

所以如果我看 Saia 的機會，它一直在——運用並槓桿化那個成本結構，來把客戶服務做得很好。但這個業務真正的價值驅動因素，其實是把定價與組合（mix）調整到應有的位置。而我認為這才是讓我們把 OR 拉到 80 出頭甚至更好的關鍵。

Okay. Yes. Great. And nice to see the share buyback program too and the capital discipline.

好的。是的。很棒。也很高興看到股票回購計畫以及資本紀律。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Maybe you can put a little finer point on the difference in the performance of the legacy and the ramping terminals, how that gap has changed throughout the year, where we expect it to be in the fourth quarter? But it still seems like there's quite a bit of improvement there. And I don't know if that's going to be something that improves ratably. And I guess, frankly, how big that gap is right now between the two?

也許你可以更精準地說明一下，既有（legacy）與正在爬坡（ramping）的場站在表現上的差異；這個差距在今年以來如何變化，以及我們預期第四季會是什麼樣子？但看起來那邊仍有相當大的改善空間。我不確定這會不會是按比例、循序改善。坦白說，目前兩者之間的差距到底有多大？

Yes. We're certainly pleased to see the progress. Year over year, those newer or ramping facilities, they improved 40 basis points year over year. They're operating in the low 90s and they're making progress. But importantly, they're starting to build density.

是的。我們當然很高興看到進展。以年對年來看，那些較新或正在爬坡的設施，年對年改善了 40 個基點。它們目前的營運比率在 90 出頭，並且正在進步。但更重要的是，它們開始建立密度（density）。

A uplift helps those a lot. Like I mentioned before, you've got the natural cost, and that's part of opening a facility. You have to have a terminal manager. You have to have a sales stack. You have to have people that can service the customer.

景氣回升（uplift）對它們幫助很大。如我先前提到的，你有自然的成本，那是開設一個設施的一部分。你必須有一位場站經理。你必須有一個銷售團隊配置。你必須有人能夠服務客戶。

And those facilities are generally not as dense. They're generally not as efficient in their pickups early on because they're in newer markets. So there's still a bit of a gap to be expected, but they're going to continue to march themselves forward.

而這些設施通常密度沒那麼高。因為是在新市場，初期的提貨效率通常也沒那麼好。所以仍然會有一些差距是可預期的，但它們會持續往前推進。

I would point to a few things that are extremely important for us. Those are going to continue to march their way. But those facilities also benefit the legacy facilities. We've seen countless examples. Number one, we're getting more seats at the table, but we've seen countless examples of a customer being willing to give us business in a legacy market, areas that we've covered for years, because we can also cover a new market.

我會指出幾件對我們極其重要的事情。那些會持續往前推進。但這些設施也會讓既有設施受益。我們看過無數例子。第一，我們在談判桌上拿到更多席位；但我們也看過無數例子：客戶願意在既有市場——我們多年來一直覆蓋的區域——把業務交給我們，因為我們也能覆蓋一個新市場。

So that's eased to the customer. That's the ability to say, You know what, Saia, you can handle all these locations for me. I'm going to give you a shot at this business. So we look at them and we measure them independently and they're going to continue to drive strong incrementals. But the opportunity is in the remainder of the business as well.

所以這對客戶來說更省事。這讓我們能說：你知道嗎，Saia，我可以替你處理所有這些據點。我會讓你試做這筆業務。所以我們會獨立衡量並評估它們，它們也會持續帶來強勁的增量（incrementals）。但機會也同樣存在於業務的其他部分。

And I think you're seeing that in the outsized revenue per shipment growth, the volume growth and the lanes that we improve transit times. The more that we get like-for-like and have the ability to compete on a real basis, that's critical. So they're going to continue to march their way, but they also impact the legacy facilities as well.

而我認為你也在一些指標上看到了：每票收入的超常成長、貨量成長，以及我們改善運輸時效（transit times）的那些路線（lanes）。我們越能做到同口徑（like-for-like），並具備在真正基礎上競爭的能力，這就越關鍵。所以它們會持續往前推進，但也會影響既有設施。

So would that be more of a step change when you hit, I don't know, a critical mass or critical density. Just trying to figure out how that could look in the future?

所以當你達到——我不知道——某個臨界規模或臨界密度時，會更像是一個階躍式變化（step change）嗎？只是想理解未來可能會呈現什麼樣子。

And then maybe just a follow-up on, Fritz, you mentioned, I guess relatedly, there's still some mix shift bouncing around in the West Coast area. Just wanted to understand what that was because it feels like it's been out there for quite some time and still seems like it had been --

然後也許再追問一下，Fritz，你提到——我想也是相關的——西岸地區仍有一些組合轉移（mix shift）在波動。想了解那是什麼，因為感覺這個情況已經存在一段時間了，而且看起來仍然——

Yes. What I would just point out is, Brian, with the West Coast, it was just still down. L.A. region was still down a bit year over year, low single digits. So that's a higher revenue per shipment for us.

是的。我想指出的是，Brian，就西岸而言，它仍然是下滑的。洛杉磯地區年對年仍然小幅下滑，約低個位數。而那對我們來說是每票收入較高的區域。

So that's a bit of a mix headwind. I think it's just the nature of that market right now, at least as it relates to what freight that we think makes sense in our network and the customers that we're -- that might be interested in working with us. So that's probably part of it there. So I think that over time, what I'm excited about is that the rest of the business is doing pretty well. So that's a continued opportunity for us.

所以那會帶來一些組合上的逆風（mix headwind）。我認為這只是目前那個市場的特性，至少就我們認為在我們網路中合理的貨量，以及可能有興趣與我們合作的客戶而言是如此。所以那大概是其中一部分原因。所以我認為隨著時間推進，讓我感到振奮的是，業務的其他部分表現相當不錯。因此這對我們來說仍是持續的機會。

That's right. On the other piece, Brian, on a step change, a stronger backdrop certainly helps those, right? Where you've got a driver in a new market that may be going out and getting seven or eight shipments every time he goes out on a route, a legacy facility may be 12 to 15 and very market dependent. So an uplift certainly helps that, but we're going to continue to push our way there. There's -- it's just work, right?

沒錯。至於另一部分，Brian，關於階躍式變化，更強的景氣背景當然會幫助那些場站，對吧？在新市場，一位司機每次跑一條路線可能只能拿到七、八票貨；而既有設施可能是 12 到 15 票，而且非常取決於市場。所以景氣回升確實有幫助，但我們會持續推進。這——就是工作，對吧？

It's execution. It's the opportunity to get in front of a customer and get the opportunity to do a great job, handle their freight and get a second shipment the next day. So it's execution that's really going to drive that.

是執行力。是有機會站到客戶面前，爭取到把事情做好、處理好他們的貨，並在隔天拿到第二票貨的機會。所以真正會驅動那一切的是執行力。

David Vernon, Bernstein.

David Vernon，Bernstein。

I wanted to ask about the rev per bill focus. I mean, obviously -- I mean, I think I understand the more revenue you get per stop and cost, the same to make a stop. You should be getting some leverage out of that. But I'm just wondering whether the heavier freight is priced for the extra work it's adding.

我想問一下每張帳單收入（rev per bill）的重點。我的意思是，顯然——我是說，我想我理解每一站（stop）你拿到的收入越多，而做一次停靠的成本是差不多的。你應該能從中取得一些槓桿效益。但我只是想知道，較重的貨物是否已針對它所增加的額外作業量來定價。

The lack of margin leverage, I guess, to the tonnage number is really what I'm trying to get at, whether there were any temporary or transitory things getting in between the tonnage growth and actual margins in the quarter? Or how we should think about that relationship maybe for 2027?

我想說的是，噸位數字並沒有帶來毛利槓桿（margin leverage）的情況——是否在本季噸位成長與實際利潤率之間，有任何暫時性或過渡性的因素在干擾？或者我們應該如何看待這種關係，也許放到2027年？

Well, like Fritz talked about earlier, we're interested in finding the customers that are willing to pay for the service that we provide. The tonnage shift and the heavier-weighted shipments, they often come with more handling units and having to do different things to service that for our customer. But over time, we feel like finding the right mix of business in our network is going to drive the incremental margin opportunity, the OR opportunity for us.

嗯，就像Fritz先前談到的，我們有興趣找到願意為我們提供的服務付費的客戶。噸位結構的轉移以及偏重的貨件，往往伴隨更多的處理單元，並且需要做不同的事情來為客戶提供服務。但隨著時間推進，我們認為在我們的網路中找到合適的業務組合，將推動增量利潤（incremental margin）的機會，以及我們的營運比率（OR）改善機會。

All else equal, on a heavier weighted shipment, you get paid more for it. But keep in mind that a heavier-weighted shipment that's in a one- and two-day market is different than one that may have been coming out of the LA market that Fritz just talked about that's still down a little bit.

在其他條件相同的情況下，較重的貨件，你會因此拿到更高的報酬。但請記住，一個位於一到兩日市場的偏重貨件，和可能來自Fritz剛提到、目前仍略為下滑的洛杉磯（LA）市場的貨件，是不同的。

So there is extra costs associated with handling them, but it's also an opportunity for us to be more embedded with a customer and have the message of, we're willing to continue to do this for you, but we also want an opportunity to handle your heavier weighted shipments as well. So there's increased costs associated with it, but we're finding the right mix of business that works best in our network.

所以處理它們確實會有額外成本，但這同時也是一個機會，讓我們能更深度地嵌入客戶端，並傳達這個訊息：我們願意持續為你做這些事，但我們也希望有機會處理你更重的貨件。因此它伴隨成本上升，但我們正在找出最適合我們網路的業務組合。

I think there is opportunity to continue to drive the incrementals even on the higher -- heavier-weighted shipments. Part of that is getting additional density with the customers. That's -- part of it is there. I think in the third quarter, the cost headwinds that we highlighted in there, and that the discrete period, that was a bit of -- that was -- those were all headwinds to us into the incrementals there.

我認為即使在較高——較重的貨件上，我們仍有機會持續推動增量表現。其中一部分是與客戶建立更高的密度（density）。這——其中一部分在這裡。我認為在第三季，我們提到的成本逆風，以及那個特定期間的因素，確實——那對我們的增量表現都是逆風。

If you look at what we're thinking about or what we've guided to in the fourth quarter, we really haven't -- we're expecting the mix of business that we have presently to continue on a seasonal basis. And with the OR improvements that we're expecting in Q4, that's going to drive -- those are reflective of incrementals there.

如果你看我們對第四季的思考或我們給出的指引，我們其實沒有——我們預期目前的業務組合會以季節性方式延續。而我們在第四季預期的OR改善，將會帶動——這些也反映了增量表現。

So I think you're going to see some better leverage performance out of that in the fourth quarter and into next year. So that's something we're very monitoring closely and closely attuned to because that -- certainly, heavier weighted shipments, although there are a lot of things you like about that, that also adds network complexity, and you got to make sure that you've got that priced accordingly. So we like how it lays out for us in Q4 and beyond.

所以我認為你會在第四季以及進入明年看到更好的槓桿表現。因此這是我們非常密切監控、也高度關注的事情，因為——當然，較重的貨件雖然有很多你會喜歡的地方，但也會增加網路複雜度，你必須確保定價是相符的。所以我們喜歡它在第四季以及之後的展開方式。

All right. And then I guess, with hiring, the labor market is obviously very tight right now. Is that maybe adding to incremental cost pressure? I'm sure it is in purchase trends. I was just wondering as far as the expansion that you're having, the marginal costs that you're adding, is that coming in at a higher rate that's also maybe contributing in the short term here?

好的。然後我想，關於招募，勞動市場現在顯然非常緊俏。這是否可能正在增加增量成本壓力？我確定在採購趨勢上是有的。我只是想問，就你們正在進行的擴張而言，你們新增的邊際成本是否以更高的速度進來，短期內也可能在這裡造成一些影響？

I think that's pretty minor in the whole scheme of things where we are having added hiring costs. I think that the one nice thing about the -- some of these newer markets, we are scaling in some -- in those markets as we're adding volume.

我認為就整體而言，我們因招募而增加的成本其實相當有限。我想其中一個好處是——在一些較新的市場，我們會隨著量的增加，在那些市場逐步擴大規模（scaling）。

But we've got to continue to drive the incrementals in those in the newer facilities. I think that's probably going to really deal -- help us address with the incrementals over time as we continue to leverage those facilities.

但我們必須持續在那些新設施中推動增量表現。我認為隨著我們持續槓桿運用那些設施，這大概會——在時間推移下，幫助我們改善增量表現。

Eric Morgan, Barclays.

Eric Morgan，Barclays。

I just had one on service. Great to see the tangible improvements in claims ratio over the last couple of quarters. And I think you saw lower claims in insurance expense in the P&L as well. So I was just wondering, with the Mastio results coming out recently, if you have any new insights into where you have further opportunities to make progress or just where you think it should be focused to take that next leg up on service outcomes?

我只有一個關於服務的問題。很高興看到過去幾季理賠比率（claims ratio）有明顯改善。我想你們在損益表（P&L）上也看到保險費用中的理賠支出下降。所以我想問的是，最近Mastio結果出爐之後，你們是否有任何新的洞見：在哪些地方還有進一步改善的機會，或你們認為應該把重點放在哪裡，才能讓服務成果再上一個台階？

Yes. I think all the investments that we're focused on right now, whether it be the REV initiative that we talked about -- and the REV initiative certainly provides -- it's an interesting opportunity for us because improving transit times and predictability are all things that customers really value. As you build density, you're able to do that, which also has a cost benefit as well.

是的。我認為我們目前專注的所有投資，不論是我們談到的REV計畫——而REV計畫確實提供——對我們而言是一個很有意思的機會，因為改善運輸時間（transit times）與可預測性，都是客戶非常重視的事情。當你建立起密度時，你就能做到這點，而這在成本面也有好處。

So also a little bit helping -- highlighting some of the leverage opportunity from the last question. As we continue to develop those, it does two things, right? It certainly provides great value to the customer because they have got a more predictable service that they like to see. They also -- on the cost side, that's a benefit.

所以也稍微呼應——並凸顯上一題提到的一些槓桿機會。當我們持續推進這些工作時，它會帶來兩件事，對吧？它當然為客戶提供很大的價值，因為他們得到更可預測、也更喜歡看到的服務。同時——在成本端，這也是一項好處。

We track very, very closely our internal service performance. Our Net Promoter Score is up 15%. And those are with customers that we do a lot of business with, right? So that -- I feel like that's great feedback. And I also think we look at the markets where we'll be able to grow and grow both volume and our shipments and tonnage, and that's reflective of customer acceptance, which I think is also an important measure of what customers think about what they're getting for us.

我們非常、非常密切地追蹤內部的服務表現。我們的淨推薦值（Net Promoter Score）上升了15%。而這些是我們往來量很大的客戶，對吧？所以——我覺得這是很好的回饋。另外我也認為，我們會看哪些市場能夠成長，並同時提升量、提升我們的出貨件數與噸位；這反映了客戶的接受度，我認為這也是衡量客戶對我們所提供價值觀感的一個重要指標。

Now with all that said, we're very, very intentional about how do we continue to drive our claims performance, drive that lower. I think there certainly are opportunities to continue to improve in those areas. We want to make sure we're easy to do business with.

話雖如此，我們在如何持續推動理賠表現、把它再降低方面，是非常、非常有意識地在做。我認為在那些領域確實還有持續改善的機會。我們希望確保與我們做生意是容易的。

Part of that is getting -- establishing and getting the appropriate pricing in place. You do that, and then that becomes less of a conversation with customers. They understand where we are.

其中一部分是建立——並落實適當的定價。你做到這點之後，這就比較不會成為與客戶之間的對話焦點。他們會理解我們的立場。

So those are all part of the experience. I mean how can we -- any interaction with the customers make that a positive experience. In the last year alone, we've redeployed all of our customer service functions to our field organization. And the chief benefit of that are the people that need -- that may tap in and want to understand what's going on at their freight. Well now they can talk to people actually in the field.

所以這些都是體驗的一部分。我的意思是，我們如何——讓與客戶的任何互動都成為正向體驗。光是在過去一年，我們已把所有客服職能重新部署到我們的前線組織。而這樣做的主要好處是，那些需要——可能會來詢問、想了解他們貨物狀況的人，現在就能直接和實際在現場的人對話。

So we've made those investments over time, and it just takes time for us to develop that, continue to develop that with the customer. They understand the value in all that. So it's an ongoing opportunity, but really pleased with the success that we've had, not only this quarter but this year.

所以我們隨著時間做了這些投資，而這需要時間讓我們去建立、並持續與客戶一起深化。他們理解這一切的價值。所以這是一個持續的機會，但我們對目前取得的成果非常滿意，不只是這一季，而是今年整體。

Appreciate that. And just a quick follow-up on the buyback program. I know you mentioned still needing to make investments. So I was just wondering if you had any early thoughts on where CapEx could shake out for '27 and also just how you're thinking about any debt on the balance sheet?

感謝說明。另外快速追問一下庫藏股回購計畫。我知道你提到仍需要進行投資。所以我想問，你們對於2027年的資本支出（CapEx）可能落點是否已有一些初步想法？以及你們如何看待資產負債表上的任何負債？

Yes. Obviously, a great opportunity for us to announce that and -- really driven by all the work and execution over the past number of years. On the CapEx side, we're still working through the final pieces of our plan in the next month or so, but probably a 13% to 14.5% of revenue type number is fair.

是的。顯然，這對我們而言是個很好的機會來宣布這件事，而且——確實是由過去幾年所有的工作與執行所推動。在資本支出（CapEx）方面，我們仍在接下來一個月左右把計畫的最後幾個部分敲定，但以營收的13%到14.5%這樣的數字來看，應該是合理的。

The -- like Fritz said in the comments, I mean, the big investment years from a real estate standpoint are behind us. There's obviously still some strategic investments that we need to make and the flexibility and the opportunities ahead of us are still there.

就像Fritz在評論裡說的——我是說，從不動產的角度來看，那些大型投資年份已經在我們身後了。當然，我們仍然需要做一些策略性投資，而我們前方仍然有彈性與機會。

So that's probably a fair number. Longer term in the business, we feel like it's a 12% to 15% of revenue type number. Obviously, very little debt on the balance sheet right now. We've got -- we want to make sure that we have flexibility to take advantage of strategic investments that may come our way.

所以那大概是個合理的數字。從更長期來看，我們認為以營收的12%到15%這樣的水準是合理的。顯然，目前資產負債表上的負債非常少。我們希望確保自己具備彈性，以便把握可能出現的策略性投資機會。

But we feel like we're in a really good spot to be able to execute on both, and that's the main driver of the announcement or one of the main drivers of the announcement. But we feel like we're in a great spot.

但我們覺得我們處在一個非常好的位置，能同時把兩者都執行到位，而這也是這次公告的主要驅動因素——或其中之一。總之，我們覺得我們的位置非常好。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Fritz, two big board level announcements with the buyback and adding Todd Fowler to the Board. Can you talk a little bit about how long you've been deep in discussions of both those moves? And what brought them over the finish line today?

Fritz，董事會層級有兩項重大公告：回購以及新增Todd Fowler加入董事會。你能談談你們就這兩項動作深入討論了多久嗎？以及是什麼讓它們在今天正式拍板？

Sure. The capital allocation conversation is one that, that good fiduciary view of that, that's something is an ongoing conversation. I mean if you go back to -- all the way back to 2017, when we decided to do the organic expansion in the Northeast, that was a capital allocation decision. Do you look for an opportunity to buy a business and bolt it on or you do it organically? And then we got into that, felt like that was a pretty efficient use of capital to develop our skills around organic expansion, and we've done that.

當然。資本配置的討論——以良好的受託責任觀點來看——這是一個持續進行的議題。我的意思是，如果你回顧到2017年，當我們決定在東北地區進行有機擴張時，那就是一個資本配置的決策。你是尋找收購一家企業並把它併入，還是選擇有機成長？接著我們投入其中，覺得以資本來看，發展我們在有機擴張方面的能力是相當有效率的運用，而我們也確實做到了。

We think the -- leading into the generational real estate opportunity that the bankruptcy -- industry bankruptcy presented with us, at that point in time, certainly, we were looking at potential, how do we allocate capital because if you look at the balance sheet at that point in time, we were performing very well at ample liquidity. We had a position that probably a shareholder return made sense then.

我們認為——在那次由產業破產所帶來、堪稱世代級的不動產機會之前——在那個時間點，我們當然也在看：資本該如何配置？因為如果你看當時的資產負債表，我們表現非常好、流動性充裕。我們當時的狀況，可能進行股東回饋是合理的。

But the industry bankruptcy got there and that was a generational opportunity so the appropriate deployment of capital clearly was there. And since then, it's been about how do we get the industry or get our balance sheet back to where it has plenty of flexibility, high-quality balance sheet.

但產業破產發生了，那是一個世代級的機會，因此資本的適當投放顯然就在那裡。而從那之後，重點一直是：如何讓產業——或讓我們的資產負債表——回到具有充足彈性、且高品質的狀態。

And when we look at our performance right now, and you've assessed that, and now is a good time for a buyback -- introduce the buyback program as we look at what the capital deployment opportunities are and where the profitability of the business is. So I think that this is a long been a Saia how we approach these -- our deployment of capital.

當我們看目前的營運表現，而你也已經評估過了——現在是個適合回購的時點——我們在檢視資本投放機會，以及公司獲利能力所在之後，決定推出回購計畫。所以我認為，這長期以來一直是Saia在資本投放上採取的方式。

With respect to the Board, I mean, listen, I think part of any good business over time, you're going to look for opportunities to continue to refresh the Board or refresh the leadership of the company, either developing people internally or whatever it might be. I mean we all operate in a very dynamic environment.

至於董事會，我的意思是，聽著，我認為任何一家好的企業，隨著時間推進，都會尋找機會持續為董事會注入新血，或更新公司的領導層，不論是內部培養人才或其他方式。我們都在一個非常動態的環境中運作。

So having the opportunity to bring somebody of Todd's skill and background and add that to a strong Board, that only seem to make sense for us. And over time, you're always looking for opportunities as you think about where the Board needs to be and how you refresh the Board. And people aren't going to be on the Board forever, right?

因此，有機會把Todd這樣具備技能與背景的人加入一個本來就很強的董事會，對我們而言只會是合理的。而且隨著時間推進，當你思考董事會需要到什麼樣的狀態、以及如何更新董事會時，你總是在尋找機會。而且人不可能永遠都在董事會裡，對吧？

So you want to be in a position to have a good transition. And for us, these are things that don't come up in a matter of days. These are things that you look at over a period of time as part of your planning.

所以你希望自己處在一個能夠順利交接的狀態。對我們來說，這些事情不是幾天之內就會發生的。這些都是你在一段時間內、作為規劃的一部分去觀察與推進的事情。

And Matt, if you could maybe add -- we've talked about funding the buyback and how you have capacity to do that and meet your capital needs. But do you look at this as opportunistic, valuation-based or excess cash flow based? Will there be a matrix? Just any thoughts on like how you deploy that tactically would be helpful.

Matt，如果你可以補充一下——我們談過回購的資金來源，以及你們如何有能力同時支應回購並滿足資本需求。但你們看待這件事是偏機會型、以估值為基礎，還是以超額現金流為基礎？會有一個決策矩陣嗎？任何關於你們在戰術上如何部署這件事的想法都會很有幫助。

Sure. Yes. I mean it's a combination of both. We're going to be opportunistic with this and do it where it makes sense. I mean, number one, I think it's a signal of the long-term potential that we see in the business that we've long discussed and the execution over a number of years, but it certainly is our view of what the long-term potential in the business is.

當然。是的，我的意思是，兩者兼具。我們會以機會型方式來做，在合理的時點執行。我的意思是，第一，我認為這是一個訊號，反映我們長期以來所討論、以及多年執行所支撐的——我們對這項業務長期潛力的看法；而這確實就是我們對業務長期潛力的觀點。

But we're going to be disciplined. We're going to be opportunistic around this. We've still got strategic investments to make in the business, and we want to have flexibility to do that. So we're going to be disciplined around this and do it where it makes sense and provide ourselves the opportunity to where there's good real estate investments to make.

但我們會保持紀律。我們會以機會型方式來推進。我們在業務上仍有策略性投資要做，也希望保有彈性來完成這些投資。因此我們會在這件事上保持紀律，在合理的時點執行，同時也讓自己保有機會，在有好的不動產投資可做時能夠出手。

We want to be able to take advantage of those to build out our network and keep the balance sheet in a good spot to be able to do that. So it's really a combination of all those that you mentioned.

我們希望能把握那些機會，擴建我們的網路，同時讓資產負債表維持在良好狀態，以便能做到這些事。所以基本上就是你提到的那些因素的綜合。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，Morgan Stanley。

Just a quick one here. Obviously, we are now lapping the cycle inflection and going into the second year of big rate increase on the PL side. I'm just trying to get a sense of where you have a better idea of how much that correlates to LTL pricing as well? And given that some PLs are talking about double digits and double, double digits kind of, do you feel like you should see a little more traction with LTL yields here, just given the rising type?

我這邊一個簡短問題。顯然，我們現在已經跨過景氣循環的拐點，並進入PL端（整車運輸）運價大幅上升的第二年。我只是想了解，你們是否更清楚這與LTL（零擔）定價之間的相關性有多高？另外，考量到有些PL業者在談雙位數、甚至「雙位數中的雙位數」的漲幅，你們是否覺得在LTL收益率（yields）上應該看到更多動能，畢竟運價正在上升？

Yes. I mean, certainly, I think if you look at the overall structure of the TL market and what's going on there, those businesses, industries are focused on TL. So I think the downstream impact of the significantly smaller LTL space is that the players in the business that are handling freight in this mode of distribution are all LTL players.

是的。我的意思是，當然，如果你看整體TL（整車）市場的結構以及那邊正在發生的事情，那些企業與產業是以TL為主。

So I think that, that makes us a competitive LTL environment, so focused LTL players in the space. So you don't see the truckload carrier participation. So I think that's one factor that's out there.

所以我認為，這使得我們所處的是一個競爭性的LTL環境——在這個領域裡是專注於LTL的業者。因此你不會看到整車承運人參與其中。所以我認為這是其中一個因素。

The underlying business in LTL is inflationary. Nothing that -- put fuel aside just for a second. I mean, we all know that's inflationary. But everything else that we touch is inflationary. Asset capital deployment is significant in this business.

LTL的底層業務是通膨性的。先把燃油放一邊不談。我的意思是，我們都知道燃油是通膨性的。但我們接觸到的其他所有項目也都是通膨性的。在這個行業，資產資本投放的規模很大。

So I think that, that bodes well for this sector of the transportation business. So I think that, that structurally, is sound. I still think it's -- over time, we're going to see it develop as the freight market continues to improve broadly. So we like where Saia is positioned and we like where -- what our opportunity and runway is.

所以我認為，這對運輸業的這個子產業是有利的。因此我認為，從結構上來看是健全的。我仍然認為——隨著整體貨運市場持續改善——我們會在時間推移中看到它逐步發展。所以我們喜歡Saia目前的定位，也喜歡——我們的機會以及可延伸的成長跑道。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

So maybe continuing on that line of questioning. I think the last time we spoke, Matt, you mentioned that customers have been a little bit more receptive to pricing actions. Correct me if I'm mistaken on that, but I believe that was what you said.

那麼也許延續這條提問思路。我記得上次我們談到時，Matt，你提到客戶對於調價措施的接受度似乎高了一些。如果我記錯請糾正我，但我相信你當時是這麼說的。

Just wanted to get confirmation on that and understand how much of that you think is unique to Saia and some of the better service levels that you're providing? And how much of that is just a reflection of the broader industry environment? And maybe capacity being hard to find, and especially high service levels being difficult to find?

我只是想確認一下，並了解你認為其中有多少是Saia獨有的、來自你們所提供的一些更佳服務水準？又有多少只是更廣泛的產業環境所反映出來的？以及也許運能難以取得，尤其是高服務水準更難找到？

Sure. Well, I don't know that any customer ever loves a price increase, certainly. But it's -- as we look at the investments that we've made in our business and our ability to provide service to customers, we are able to have better discussions with them about the value that we're providing. And we're able to cover every market. We're able to provide part of that REV initiative as an automated guaranteed 10 a.m. delivery.

當然。嗯，我不認為有任何客戶會喜歡漲價，這是肯定的。但——當我們回頭看我們在業務上的投資，以及我們為客戶提供服務的能力時，我們能夠與他們就我們所提供的價值進行更好的討論。而且我們能覆蓋每一個市場。我們也能提供REV計畫的一部分，也就是自動化的保證上午10點送達。

The first in the industry. We're able to provide solutions for them to meet their needs. And so the discussions, while always challenging and back and forth is all about the value that we're providing and the ability to provide service to them like-for-like with everyone else that's national.

這在業界是第一個。我們能為他們提供解決方案以滿足其需求。因此，這些討論雖然一向具有挑戰、需要來回協商，但核心都在於我們所提供的價值，以及我們能夠以同等水準向客戶提供服務，與所有全國性業者看齊。

So customers want service reliability, they want consistency. And the more that we're able to do that, it puts us on equal foot. Now truckload markets tightened certainly. There's probably some modal switch where things are going into rail as the overall driver capacity tightens, that has an impact and the ability to move LTL.

所以客戶想要服務可靠性，他們想要一致性。而我們越能做到這些，就越能與對手站在同一起跑線上。現在整車（Truckload）市場確實趨緊。隨著整體司機運能收緊，可能會出現一些運具轉換，貨物轉向鐵路，這會影響到LTL的運輸能力。

No one is typically moving something LTL because it's the most cost-effective way to move freight, obviously, but it provides a very important role in the supply chain, and we're able to provide more solutions for customers in markets that we haven't always been in. So customers, I would say, are more receptive because we're able to provide more problem-solving aspects to it, but we've got to continue to drive that.

一般來說，沒有人會因為LTL是最具成本效益的方式而選擇它來運貨，這很明顯；但它在供應鏈中扮演非常重要的角色，而我們也能在一些過去不一定涉足的市場，為客戶提供更多解決方案。所以我會說，客戶更願意接受，是因為我們能提供更多問題解決面的價值，但我們必須持續推動這件事。

Part of the growth strategy in having more terminals is that we're able to build density with customers. And there's a power of incumbency there. When you're handling a bigger portion of a customer's business, a larger share of their wallet, you're harder to change out if you're doing a great job.

成長策略的一部分是擁有更多的場站（terminals），如此我們就能與客戶建立更高的密度。而這裡存在既有供應商的優勢。當你承接某位客戶更大比例的業務、占其錢包份額更高時，只要你做得很出色，客戶就更難把你替換掉。

And we've got that opportunity ahead of us with the more customers that we can be in front of, the more problems we can solve. That's just more value, and it gives us a better chance to be able to drive rates.

而隨著我們能接觸到更多客戶、解決更多問題，我們面前就有這樣的機會。這就是更多的價值，也讓我們更有機會推動運價。

The good news is everyone's focused on that. And that bar continues to climb, and we feel like we've got a lot of runway to continue to do that.

好消息是，大家都專注在這件事上。而那個標準也在持續提高，我們覺得自己還有很長的跑道可以繼續做到這些。

Do you feel like customers have become more receptive at an industry-wide level though to -- you mentioned several times, the inflationary cost pressures that everyone is experiencing. Do you think customers have understood that better? And as a consequence, it's maybe perhaps a bit easier to have those conversations?

不過你是否覺得，在整個產業層面，客戶也變得更能接受——你多次提到大家都在承受的通膨成本壓力。你認為客戶對此理解得更好了嗎？因此，這些對話可能也更容易一些？

I think the conversations go a lot better when you can come in and say, hey, our claims ratio is down 40% year over year. We've added improved transit times in 2,000 lanes. We have invested in customer service in the field to support your -- the customers' initiatives and their programs. I think all those things make for a more palatable conversation.

我認為，當你能進去並說：嘿，我們的理賠比率年對年下降了40%。我們在2,000條路線上改善了運輸時效。我們已在第一線投入並強化客戶服務，以支援你們——客戶的各項倡議與計畫。我認為這些都會讓對話更容易被接受。

But as Matt pointed out, no one is really excited about a rate increase. But if you're delivering a very high level of service, you have an opportunity to be in that conversation.

但正如Matt指出的，沒有人真的會對漲價感到興奮。不過，如果你能交付非常高水準的服務，你就有機會參與這樣的對話。

I mean, listen, if you can be reliable and a customer can count on you in their supply chain to really make money in their business, to drive the returns in their business, you have a shot to participate in that, right? And that -- the customer that comes to you and says, Look, the only way we're going to be profitable is we have cheap LTL. That's probably not a customer that's going to make a lot of sense for Saia.

我的意思是，聽著，如果你能可靠，且客戶在其供應鏈中能夠依賴你，真正幫他們的業務賺錢、推動其業務報酬，你就有機會參與其中，對吧？而——那種跑來跟你說：「你看，我們要獲利的唯一方式就是要有很便宜的LTL。」的客戶，對Saia來說大概不會是很合理的客戶。

Somebody is going to be very demanding. And last week, we had a big national account that awarded us Carrier of the Year. And when they came in and they talked to us and they explained why we won that, they didn't talk about low rates. They talked about we know that we're incredibly demanding and you achieved and exceeded our expectations.

那樣的人會非常苛刻。而上週，我們有一個大型全國性客戶授予我們「年度承運商」。當他們來到我們這裡並說明我們為何獲獎時，他們談的不是低運價。他們談的是：我們知道自己要求極高，而你們達成並超越了我們的期望。

That is an opportunity for us to make sure we're compensated for that significant investment we made to support that customer success. So that conversation is stronger when you've got a national footprint, high level of service, those all help that conversation.

這對我們而言是一個機會，確保我們為了支持該客戶成功所做的重大投資能獲得相應的報酬。因此，當你擁有全國性網路覆蓋、高水準服務時，這些都會讓那樣的對話更有力。

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

我們的問答環節到此結束。我想把電話會議交回給Fritz Holzgrefe，請他做任何結語。

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

謝謝主持人，也感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十分重要，我們也期待在未來的季度與年度中，與各位分享我們將取得的成功。感謝各位的關注。

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。