Schneider National Inc (SNDR) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Schneider Second Quarter 2024 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫伊恩，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加施耐德 2024 年第二季財報電話會議。（操作員說明）

I will now hand the call over to Steve Bindas, Director of Finance, Investor Relations. You may begin your conference.

我現在將把電話轉給投資者關係財務總監 Steve Bindas。您可以開始您的會議了。

Thank you, operator, and good morning, everyone. Joining me on the call today are Mark Rourke, President and Chief Executive Officer; Darrell Campbell, Executive Vice President and Chief Financial Officer; and Jim Filter, Executive Vice President and Group President of Transportation and Logistics.

謝謝接線員，大家早安。今天和我一起參加電話會議的是總裁兼執行長 Mark Rourke；達雷爾·坎貝爾，執行副總裁兼財務長；吉姆‧菲爾特 (Jim Filter) 執行副總裁兼運輸與物流集團總裁。

Earlier today, the company issued an earnings press release. This release and an investor presentation are available on the Investor Relations section of our website at schneider.com.

今天早些時候，該公司發布了一份收益新聞稿。本新聞稿和投資者簡報可在我們網站 schneider.com 的投資者關係部分取得。

Our call will include remarks about future expectations, forecasts, plans and prospects for Schneider. These constitute forward-looking statements for the purposes of the safe harbor provisions under applicable federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties discussed in our SEC filings, including, but not limited to, our most recent annual report on Form 10-K and those risks identified in today's earnings release. All forward-looking statements are made as of the date of this call, and Schneider disclaims any duty to update such statements, except as required by law.

我們的電話會議將包括有關施耐德未來期望、預測、計劃和前景的評論。這些構成了適用聯邦證券法下安全港條款的前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與目前預期有重大差異。該公司敦促投資者審查我們在 SEC 文件中討論的風險和不確定性，包括但不限於我們最新的 10-K 表格年度報告以及今天的收益發布中確定的風險。所有前瞻性陳述均截至本次電話會議之日作出，施耐德不承擔更新此類陳述的義務，除非法律要求。

In addition, pursuant to Regulation G, a reconciliation of any non-GAAP financial measures referenced during today's call can be found in our earnings release and investor presentation, which includes reconciliations to the most directly comparable GAAP measures.

此外，根據 G 條例，今天電話會議中引用的任何非 GAAP 財務指標的調整表可以在我們的收益發布和投資者演示中找到，其中包括與最直接可比較的 GAAP 指標的調整表。

Now I'd like to turn the call over to our CEO, Mark Rourke.

現在我想將電話轉給我們的執行長馬克洛克 (Mark Rourke)。

Thank you, Steve, and hello, everyone. Thank you for joining the Schneider call this morning. I will start by offering my perspective on our second quarter results in the context with the current business and freight cycle trends and how we are positioning the strengths of our multimodal platform on the path towards growing revenue and financial returns for our shareholders. I will then turn it over to Darrell for his commentary on the second quarter results and free cash generation and the setup for the second half of the year regarding capital allocation and earnings per share guidance. First, I want to thank all the Schneider associates, especially our professional drivers for their contributions to the progress we made in the quarter.

謝謝你，史蒂夫，大家好。感謝您今天早上參加施耐德電話會議。首先，我將結合目前的業務和貨運週期趨勢，闡述我對第二季業績的看法，以及我們如何定位多式聯運平台的優勢，以實現股東收入和財務回報的成長。然後，我將把它交給達雷爾，請他對第二季度業績和自由現金生成以及下半年有關資本配置和每股收益指導的安排進行評論。首先，我要感謝所有施耐德員工，特別是我們的職業車手，感謝他們為我們本季的進步做出的貢獻。

In the second quarter, we delivered solid sequential improvement in earnings and margins across our three primary segments of Truckload, Intermodal, and Logistics by remaining diligently focused on four areas we have the most control. First, delivering an effortless customer experience, which we know resonated based upon a number of customer recognition awards that we recently received. Second, navigating the 2024 shipper freight allocation season with purpose and discipline. Third, optimizing capital allocation opportunities across our tractor rolling stock, chiefly and dedicated intermodal by increasing the ratio of drivers to trucks. And fourth, containing costs across all expense categories. These actions will continue to drive enterprise value, allowing us to seize the opportunities ahead enhanced returns as the freight market recovers.

在第二季度，我們透過繼續努力專注於我們最能控制的四個領域，在卡車裝載、多式聯運和物流這三個主要領域的收益和利潤率上實現了穩健的連續改善。首先，提供輕鬆的客戶體驗，我們知道，我們最近獲得的許多客戶認可獎項引起了人們的共鳴。其次，有目標、有紀律地應對 2024 年托運人貨運分配季。第三，透過提高司機與卡車的比例，優化拖拉機車輛（主要是專用聯運）的資本配置機會。第四，包含所有費用類別的成本。這些舉措將持續推動企業價值，讓我們能抓住貨運市場復甦帶來的回報提升的機會。

Our commercial philosophy is to be more agnostic across our multimodal platform and offer customers the best combination of service, cost, emission reduction and transit performance that meets their needs. While our offerings are constructed to compete and function independently based upon the unique value propositions, there is considerable enterprise commercial leverage which is evident in 46 of our top 50 customers purchasing services in all three segments.

我們的商業理念是在我們的多式聯運平台上更加不可知，為客戶提供服務、成本、減排和運輸性能的最佳組合，以滿足他們的需求。雖然我們的產品是根據獨特的價值主張來競爭和獨立運作的，但我們的 50 名前 50 名客戶中有 46 名在所有三個細分市場購買服務，這表明我們具有相當大的企業商業槓桿。

It is clear that our value is resonating with customers. In the quarter, we received five recognition awards, including Carrier of the Year and partnership and sustainability. We are continuously collaborating with our customers, both during and outside allocation events to ensure that we have a full understanding across our diverse supply chain needs, and we are aligned with what they see ahead. We've been hearing more frequently from customers that they are seeking to secure asset-based capacity and balance their brokerage mix.

很明顯，我們的價值正在引起客戶的共鳴。本季度，我們獲得了五項表彰獎項，包括年度最佳營運商獎以及合作夥伴和永續發展獎。我們在分配活動期間和外部不斷與客戶合作，以確保我們充分了解我們多樣化的供應鏈需求，並與他們的未來願景保持一致。我們越來越頻繁地從客戶那裡聽到，他們正在尋求確保基於資產的能力並平衡他們的經紀組合。

We are now approximately three quarters through the 2024 shipper freight allocation season, so let me offer second quarter highlights that I believe are instructive for the forward positioning of our multimodal platform starting with Truckload. In our truckload network, we achieved another quarter of modest contractual price gains. And for the first time in two years, spot price in June exceeded contract price. Importantly, spot remain above contract for the full month of July as well. However, we are behind the tempo that we expected in our prior guidance, therefore, shifting out the timing of the pricing recovery.

現在，2024 年托運人貨運分配季節已經過去了大約四分之三，所以讓我提供第二季度的亮點，我相信這些亮點對於我們從卡車裝載開始的多式聯運平台的前瞻性定位具有指導意義。在我們的卡車運輸網路中，我們的合約價格又實現了四分之一的小幅上漲。6月現貨價格兩年來首次超過合約價格。重要的是，7 月整月現貨價格也維持在合約上方。然而，我們落後於先前指導中預期的節奏，因此改變了價格復甦的時間。

In Dedicated, truck counts were up 12% year-over-year through a combination of organic and acquisitive growth. Dedicated represents 63% of the total tractors we deploy in truckload. Sequentially, Dedicated truck count was down 1% as new business implementations and existing account growth were offset with targeted asset efficiency actions as well as moderate account churn. Overall Truckload segment margins improved 290 basis points sequentially from the first quarter, and we expect further margin improvement for the second half of the year.

在 Dedicated 領域，透過有機成長和收購成長相結合，卡車數量較去年同期成長 12%。專用拖拉機占我們卡車裝載拖拉機總數的 63%。隨後，專用卡車數量下降了 1%，因為新業務的實施和現有客戶的成長被有針對性的資產效率行動以及適度的客戶流失所抵消。卡車裝載業務整體利潤率比第一季連續提高了 290 個基點，我們預計下半年利潤率將進一步提高。

Moving to our fully asset-based Intermodal segment. Order counts were slightly up year-over-year and up 3% sequentially. Growth in TransCon, Mexico and the West was offset by shrink in the East against the highly competitive truck alternative. While domestic Intermodal has not experienced the full benefit of the higher year-over-year West Coast import levels, we have started to see increased port transload activity.

轉向我們完全基於資產的多式聯運部門。訂單數量同比小幅增長，環比增長 3%。TransCon、墨西哥和西部地區的成長被東部地區競爭激烈的卡車替代品的萎縮所抵消。雖然國內多式聯運尚未充分受益於西海岸進口水準年上升的影響，但我們已經開始看到港口轉運活動增加。

Specific to our recent momentum in Mexico cross-border, we recognized double-digit volume growth with the CPKC delivering freight between Mexico and the Midwest at truck-like transit times. We continue to see significant cross-border Mexico growth opportunities as we move forward, driven by ongoing manufacturing investment, automotive production and shippers continuing to build nearshoring into their supply chains. We recently moved into a new location in Mexico City reinforcing our commitment to build and grow on our long-standing presence, more than three decades worth and the expertise that we have in that market.

具體到我們最近在墨西哥跨境業務的發展勢頭，我們發現 CPKC 在墨西哥和中西部之間以卡車般的運輸時間運送貨物，從而實現了兩位數的貨運量增長。在持續的製造業投資、汽車生產和托運人繼續在其供應鏈中建立近岸外包的推動下，隨著我們的前進，我們繼續看到重要的墨西哥跨境成長機會。我們最近搬進了墨西哥城的新地點，加強了我們對建立和發展我們的長期業務、超過三十年的價值以及我們在城市場所擁有的專業知識的承諾。

Overall, Intermodal margins improved 300 basis points from the first quarter results as we continue to heal the network, which reduced friction cost, enabling drive productivity gains and fewer empty repositioning shipments. We moved more orders year-over-year with 10% fewer dray trucks while maintaining our high ratio of drays executed by our company driver fleet. We expect further improvement in margin performance in the back half of the year.

總體而言，隨著我們繼續修復網絡，聯運利潤率比第一季業績提高了 300 個基點，減少了摩擦成本，從而推動了生產力的提高並減少了空載重新定位發貨。我們的運貨卡車數量比去年同期減少了 10%，從而運送了更多的訂單，同時保持了公司司機車隊執行運貨的高比例。我們預計下半年利潤率表現將進一步改善。

Finally, logistics margins improved 180 basis points from the first quarter's performance as we competed effectively in the quarter, especially considering the highly competitive brokerage market. Brokerage order volumes contracted 4% year-over-year while growing 2% sequentially from the first quarter as asset-based brokers are increasingly favored by shippers at this stage of the freight cycle.

最後，由於我們在本季有效競爭，特別是考慮到競爭激烈的經紀市場，物流利潤率較第一季提高了 180 個基點。經紀訂單量年減 4%，但較第一季環比成長 2%，因為在貨運週期的現階段，基於資產的經紀商越來越受到托運人的青睞。

Power only continued its double-digit percentage growth rate both year-over-year and sequentially as mid- to large shippers prefer the value and flexibility of trailer pools. Power only serves to augment the truckload network needs of our trailer pool shippers. And again, we expect year-over-year volume growth in the back half of the year. We continue to be encouraged by our performance in the brokerage market through these very challenging conditions, driven by our execution and differentiated strategy of our freight power platform, stand-alone freight generation capabilities and power-only offering.

由於大中型托運人更喜歡拖車池的價值和靈活性，電力僅繼續保持兩位數的同比增長率和環比增長率。電力僅用於增強拖車聯營托運人的卡車負載網路需求。我們再次預計今年下半年銷售量將年增。在我們的貨運電力平台、獨立貨運發電能力和純電力產品的執行和差異化策略的推動下，我們在這些非常具有挑戰性的條件下在經紀市場上的表現繼續受到鼓舞。

In summary, the quarter saw positive indicators, including seasonal demand, tightening supply during the annual Roadcheck event, increased spot pricing and modest contract price gains in our truckload network. While we are not calling a market inflection just yet and the sustainability of these trends has not yet proven, there are signs of market improvement, which we anticipate will present opportunities as we move forward.

總而言之，本季出現了積極的指標，包括季節性需求、年度路檢活動期間供應收緊、現貨定價上漲以及我們卡車網絡中的合約價格小幅上漲。雖然我們尚未稱之為市場轉折點，而且這些趨勢的可持續性尚未得到證實，但市場已有改善的跡象，我們預計這將在我們前進的過程中帶來機會。

So let me turn it over to Darrell for his summary comments on the quarter and a look ahead before we get to your questions. Darrell?

因此，在我們回答您的問題之前，讓我將其轉交給達雷爾，以獲取他對本季度的總結評論和展望。達雷爾？

Thank you, Mark, and thanks to each of you for joining us this morning. Our review enterprise and segment financial results and cash flows for the quarter, discuss our capital allocation priorities and provide context on our refined 2024 EPS and net CapEx guidance. You can find summaries on pages 21 to 26 of our investor presentation included on our Investor Relations section of our website.

謝謝你，馬克，也謝謝你們每個人今天早上加入我們。我們審查本季的企業和部門財務表現和現金流，討論我們的資本配置優先事項，並提供有關我們完善的 2024 年每股收益和淨資本支出指導的背景資訊。您可以在我們網站的投資者關係部分找到投資者簡報第 21 至 26 頁的摘要。

Our adjusted income from operations was $52 million for the second quarter compared to $107 million a year ago. Adjusted diluted earnings per share for the second quarter was $0.21 compared to $0.45 in the prior year. Second quarter 2023 include higher gains on equipment sales versus the current period, which represented a $0.04 headwind to EPS. As compared to the first quarter of this year, adjusted income from operations increased $22 million or 74%. Adjusted EBITDA of $153 million was also 70% higher than the first quarter. The sequential improvements in adjusted income from operations and adjusted EBITDA reflect the results of our continued commercial cost and productivity actions and improving market conditions.

第二季調整後的營運收入為 5,200 萬美元，而去年同期為 1.07 億美元。第二季調整後攤薄每股收益為 0.21 美元，去年同期為 0.45 美元。2023 年第二季度，設備銷售收入較同期增加，這意味著每股收益下降 0.04 美元。與今年第一季相比，調整後的營運收入增加了 2,200 萬美元，即 74%。調整後 EBITDA 為 1.53 億美元，也比第一季高出 70%。調整後營運收入和調整後 EBITDA 的連續改善反映了我們持續的商業成本和生產力行動以及市場狀況改善的結果。

Truckload revenues for the second quarter were slightly up as compared to the same quarter last year. Results were driven by a dedicated organic growth and contributions from M&M Transport, our most recent acquisition, partially offset by lower network pricing and volumes. Total earnings for the second quarter were lower on a year-over-year basis, primarily due to lower pricing and volume in our network business and lower gains on the sale of equipment. Within our truckload network, revenue per truck per week grew sequentially at 3%, which was primarily yield driven.

第二季卡車裝載收入與去年同期相比略有成長。業績是由我們最近收購的 M&M Transport 的專門有機成長和貢獻推動的，但部分被較低的網路定價和銷售所抵消。第二季的總收益年減，主要是由於我們的網路業務的定價和銷售下降以及設備銷售收益下降。在我們的卡車運輸網路中，每輛卡車每週的收入環比增長 3%，這主要是由產量驅動的。

Our Dedicated business continued to demonstrate resiliency and delivered solid performance during the quarter. We're excited about our ongoing new account startups, existing account growth and accretive contributions of our acquisitions under new business pipeline. Dedicated saw a 2% year-over-year growth in revenue per truck per week which was largely productivity-driven.

我們的專用業務在本季繼續展現出彈性並實現了穩健的業績。我們對持續的新客戶啟動、現有客戶成長以及新業務管道下的收購所做出的增值貢獻感到興奮。Dedicated 的每輛卡車每週收入年增 2%，這主要是生產力驅動的。

Intermodal revenues for the second quarter decreased 3% compared to last year, primarily driven by lower revenue per order. Second quarter 2024 volumes were favorable compared to the same period a year ago. Intermodal earnings were similarly impacted by lower revenue per order, partially offset by improved dray operations, network efficiencies and cost performance. Volume growth and productivity actions contributed to favorable sequential financial results in the quarter.

第二季多式聯運收入較去年下降 3%，主要是因為每份訂單收入下降。與去年同期相比，2024 年第二季的銷售量良好。多式聯運的獲利同樣受到每份訂單收入下降的影響，但卡車營運、網路效率和成本效益的改善部分抵消了這一影響。銷售成長和生產力提升為本季度的連續財務業績做出了貢獻。

Logistics revenues for the second quarter decreased 7% compared to the same quarter last year, driven by a lower brokerage revenue per order and volumes. Logistics income from operations decreased 13% compared to the same quarter in 2023, primarily due to lower brokers, net revenue per order and volumes. Our strong balance sheet and operating cash flows provide us with the ability to remain committed to our capital allocation strategy.

由於每筆訂單的經紀收入和交易量下降，第二季的物流收入比去年同期下降了 7%。與 2023 年同季相比，物流業務收入下降了 13%，這主要是由於經紀人、每筆訂單淨收入和數量的減少。我們強大的資產負債表和營運現金流使我們有能力繼續致力於我們的資本配置策略。

Our asset productivity actions in the first half of the year and capital discipline have facilitated investment in the sectors of our business that yield the highest returns, facing us on a path toward increased ROIC. These efforts have enabled us to be prudent in managing our net CapEx spend, which was $182 million on a year-to-date basis and combined with our cost containment initiatives, led to a $94 million year-over-year improvement in free cash flow.

我們上半年的資產生產力行動和資本紀律促進了對我們業務領域產生最高回報的投資，使我們走上了提高投資資本回報率的道路。這些努力使我們能夠謹慎管理淨資本支出（年初至今為 1.82 億美元），再加上我們的成本控制舉措，自由現金流同比改善了 9,400 萬美元。

While we remain disciplined in our capital allocation efforts, we continue to execute against our age of fleet objectives and position our businesses for growth. The ongoing focus on these efforts will shape our CapEx plan for the remainder of the year, which is reflected in our guidance of $300 million to $350 million for the full year.

雖然我們在資本配置方面保持嚴格，但我們仍繼續執行我們的機隊目標，並為我們的業務成長做好準備。對這些工作的持續關注將影響我們今年剩餘時間的資本支出計劃，這反映在我們全年 3 億至 3.5 億美元的指導中。

During the second quarter, we continued to advance our share repurchase program with $13 million of opportunistic purchases. We also returned $17 million in dividends to our shareholders, which was 5% above the same period last year. On a year-to-date basis, we have strong operating cash flows and our net debt leverage stood at 0.3 times at the end of the quarter.

第二季度，我們繼續推進股票回購計劃，進行了 1,300 萬美元的機會性購買。我們也向股東返還了 1,700 萬美元的股息，比去年同期成長了 5%。年初至今，我們擁有強勁的營運現金流，季末的淨債務槓桿率為 0.3 倍。

As Mark laid out, during the second quarter, our targeted actions to restore margins as well as improving market dynamics led to sequential progress across each of our segments. We expect to yield the benefits from our ongoing cost and productivity actions and price recovery efforts in the second half of the year as well as modest seasonality.

正如馬克所指出的，在第二季度，我們恢復利潤率和改善市場動態的有針對性的行動導致我們每個細分市場都取得了連續進展。我們預計將從下半年持續的成本和生產力行動以及價格恢復努力以及溫和的季節性因素中獲益。

While we expect both sequential and year-over-year earnings growth in the second half of the year, the effects of lower-than-expected contract price increases in our network businesses and volume impacts of our disciplined approach have shifted the timing of achieving the level of earnings improvement we had previously anticipated. Based on these considerations, we have refined our full year adjusted diluted EPS guidance for 2024 to a range of $0.80 to $0.90 on assuming a full year effective tax rate of 25%.

雖然我們預計下半年盈利將實現連續增長和同比增長，但我們的網絡業務合約價格上漲低於預期的影響以及我們嚴格方法的數量影響已經改變了實現目標的時間我們之前預期的盈利改善水平。基於這些考慮，我們假設全年有效稅率為 25%，將 2024 年全年調整後攤薄每股收益指引細化至 0.80 美元至 0.90 美元的範圍。

With that, we'll open the call for your questions.

至此，我們將開始電話詢問您的問題。

(Operator Instructions) Dan Imbro, Stephens Inc.

（操作員說明）Dan Imbro，Stephens Inc.

Over the last week, we've heard a lot of different accounts for pricing in the truckload market and how that's trending? Could you talk about what you're seeing in like market tightness into July? And how sustainable that is? And give any color around the pricing backdrop that you're expecting for the back half in guidance?

上週，我們聽到了很多關於整車市場定價的不同說法，其趨勢如何？能談談您對七月市場緊張狀況的看法嗎？這有多可持續？並為您期望的後半部分指導的定價背景提供任何顏色嗎？

Yes. I'll try to unpack that a little bit. And I think your question was more on the truckload side of the house network specifically. As we mentioned in our opening Dan, we had modest improvement in contract pricing, which is our second consecutive quarter, but less so than we had initially anticipated as we expected the market to continue to tighten, which we're seeing, particularly as we're seeing with spot pricing now for I think the first time in two years exceed our spot -- our contract pricing in June and also a very solid performance again in the month of July.

是的。我會嘗試稍微解開它。我認為你的問題更多的是關於家庭網路的卡車裝載方面。正如我們在開場丹中提到的，我們的合約定價略有改善，這是我們連續第二個季度，但低於我們最初的預期，因為我們預計市場將繼續收緊，我們看到了這一點，特別是當我們現在我們看到現貨定價，我認為兩年來第一次超過了我們的現貨價格——我們六月的合約定價，而且七月份的表現也非常穩定。

So again, too early to call an inflection, but those are encouraging signs. We have about a quarter of our allocation season left on both our Intermodal and truck network business, so we'll continue to lean into that, in quarters three and four. And we also have other levers that we are mindful of what's available relative to project work, out of spot price play, we're seeing an increased level of mini bids. So there's a series of activities that we think we can continue to adjust and improve the mix of freight across our network businesses in the second half, which is really what's embedded into our guidance.

再說一次，現在說情況出現轉變還為時過早，但這些都是令人鼓舞的跡象。我們的多式聯運和卡車網路業務的分配季節還剩大約四分之一，因此我們將在第三和第四季度繼續關注這一點。我們還有其他槓桿，我們注意到與專案工作相關的可用內容，在現貨價格發揮之外，我們看到迷你投標水平有所增加。因此，我們認為下半年我們可以繼續調整和改善整個網路業務的貨運組合，這確實是我們指導中的內容。

Got it. And on the Intermodal side, how has the pricing backdrop change there? Are you seeing any competitive backdrop stabilized? And you mentioned seeing the freight like, as you just mentioned, the freight market is tightening. How do you expect that to flow through to the Intermodal backdrop going forward as we've seen for volumes pick up and a lot of positive data points on that side of the business?

知道了。在多式聯運方面，定價背景有何變化？您認為競爭環境是否穩定？您提到看到貨運，就像您剛才提到的那樣，貨運市場正在收緊。正如我們所看到的銷售回升以及業務方面的許多積極數據點，您預計這將如何影響多式聯運的背景？

Yes, Dan, this is Jim. You have a lot of questions there. I'll try to answer this. First is we look at that market I think the area to really focus in on is the dray capacity. And as Mark was talking about earlier, is that we've really focused on improving our efficiency there. We've taken out 10% of our trucks with more volume, so we've become more efficient.

是的，丹，這是吉姆。你有很多問題。我會嘗試回答這個問題。首先，我們來看看這個市場，我認為真正關注的領域是拖運能力。正如馬克之前所說，我們確實專注於提高效率。我們已經淘汰了 10% 的卡車，運量更大，因此我們的效率更高。

That really is the most critical asset in that business segment, still have that opportunity to be able to flex up to meet customers' demand, but that's generally going to be with third parties that come at a premium price to be able to surge up and that's something that will be required to get from the market. So that's where I really see the opportunity that we'll see pricing move there. We have seen demand increase. Last quarter, we talked about IPI, the growth there hadn't really transferred over to the domestic side. That started to change late in the second quarter, and we started to see more transport activity, and that's continuing through July.

這確實是該業務領域最關鍵的資產，仍然有機會能夠靈活地滿足客戶的需求，但這通常是與第三方合作，這些第三方以高價提供，以便能夠激增並這是需要從市場獲得的東西。所以這就是我真正看到價格變動的機會的地方。我們看到需求增加。上個季度，我們談到了IPI，那裡的成長並沒有真正轉移到國內方面。這種情況在第二季末開始發生變化，我們開始看到更多的運輸活動，這種情況一直持續到七月。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Jordan, you're either out, or on mute.

喬丹，你要么出局，要么靜音。

Can you hear me?

你聽得到我嗎？

Now we do. If you asked a question, we didn't hear it.

現在我們做到了。如果您提出問題，我們沒有聽到。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Maybe if I could just touch on dedicated here. You said some nice truck additions so far. If you could maybe walk us through the outlook for fleet capacity in the back half and maybe more broadly, what the implications are there for the pipeline and how that's shaping up? And then just any updates on the competitive environment there in the dedicated market.

也許我可以在這裡談談奉獻。到目前為止，您提到了一些不錯的卡車添加物。如果您可以向我們介紹下半年甚至更廣泛的船隊運力前景，這對管道有什麼影響以及它是如何形成的？然後是專門市場競爭環境的任何更新。

Yes. This is Jim. Thanks for the question. And we look at our growth here in Dedicated, I think we've held up very well. And a big part of that is just our customer diversity. We've been working on that for a number of years. No customer portfolio represents more than 5% for enterprise revenue. And we've just been really purposeful and remaining balanced around the verticals that we want to participate in.

是的。這是吉姆。謝謝你的提問。我們看看 Dedicated 的成長，我認為我們保持得很好。其中很大一部分就是我們的客戶多樣性。我們多年來一直致力於此。沒有一個客戶組合佔企業收入的比例超過 5%。我們非常有目標，並在我們想要參與的垂直領域中保持平衡。

Mark also talked about some of the efficiency gains that we've had in our dedicated business. We still believe that we are going to have a couple of hundred of trucks of growth this year. Now some of our fourth quarter startups might get pushed into next year, but it's really a matter of timing there that the new customer acquisitions are still on the same pace. Our pipeline remains strong. I still see a lot of opportunities to grow that.

馬克也談到了我們在專業業務中所取得的一些效率提升。我們仍然相信今年我們將增加數百輛卡車。現在，我們第四季的一些新創公司可能會被推遲到明年，但這實際上是一個時間問題，新客戶的獲取仍保持同樣的速度。我們的管道仍然強勁。我仍然看到很多發展的機會。

And then just as far as any competitiveness that you're seeing, is that starting to abate at all? Or is that more or less consistent with where it's been so far?

然後就你所看到的任何競爭力而言，這種競爭力是否開始減弱？或者這或多或少與迄今為止的情況一致？

Yes. What I'd say in terms of competitiveness, most of our losses aren't to a competitor's dedicated solution, but it's rather going back to some sort of network solution or a private fleet. And if you think about moving from dedicated to network. That's something that might provide a customer a short-term opportunity, but that's not likely to provide value in a stronger market. And so those customers that switch from dedicated to network really provide an opportunity for us to grow with them, but we would approach that differently in a stronger market condition.

是的。我想說的是，就競爭力而言，我們的大部分損失並不是競爭對手的專用解決方案，而是回到某種網路解決方案或私人車隊。如果您考慮從專用網路轉向網路。這可能為客戶提供短期機會，但不太可能在更強勁的市場中提供價值。因此，那些從專用網路轉向網路的客戶確實為我們提供了與他們一起成長的機會，但在更強勁的市場條件下，我們會採取不同的方法。

Yes, Bruce, maybe as it relates to the competitive context, Dedicated is competitive. I guess we wouldn't be a proponent of a narrative that is any more competitive this year than it's been in the last several years. So based upon our targeted audience that we're after on specialty-type dedicated solutions and the mix of freight or the mix of customers that we are pursuing.

是的，布魯斯，也許與競爭環境有關，「專注」是有競爭力的。我想我們不會支持今年比過去幾年更具競爭力的敘事。因此，根據我們的目標受眾，我們追求專業型專用解決方案以及我們所追求的貨運組合或客戶組合。

We're still very, very bullish on its prospects, not only including our legacy dedicated, but the growth opportunities within the unique sectors at our recent acquisitions, deployed. I still think we have some efficiency opportunities, particularly with one of our recent acquired companies that we can grow the business and do it so more efficiently with the capital base. We'll continue to lean into those. But we're not of the opinion that it's had this incredible step level change in competitiveness.

我們仍然非常非常看好它的前景，不僅包括我們專注的傳統，還包括我們最近收購和部署的獨特行業內的成長機會。我仍然認為我們有一些提高效率的機會，特別是對於我們最近收購的一家公司，我們可以發展業務並利用資本基礎更有效地實現這一目標。我們將繼續關注這些。但我們並不認為它的競爭力發生瞭如此令人難以置信的水平變化。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Wanted to see if you could offer some thoughts on how we should model or how we should think about revenue per load in intermodal in 3Q and then revenue per truck per week in network in 3Q relative to 2Q, is there some impact from contract rates lower that caused sequential pressure? Or did you hit the trough in 2Q when it's stable sequentially?

想看看您是否可以提供一些關於我們應該如何建模的想法，或者我們應該如何考慮第三季度多式聯運中每次裝載的收入，以及第三季度相對於第二季度網絡中每輛卡車每週的收入，合約費率較低是否有一些影響這造成了順序壓力？還是在第二季連續穩定的時候就觸底了？

Yes, Tom, it's Mark. I'll open it and Jim has anything to add. I'll let him do so. Certainly, the stabilization of intermodal, we haven't seen as of yet, material changes to contract rates. We've changed our mix. You'll see that in our results. We've been more efficient, healing the network, less of the friction cost that impact our profitability. Our commercial teams and our operations team has done a really nice job of executing, particularly our trade drivers. So that's where we've seen the lift.

是的，湯姆，是馬克。我會打開它，吉姆有什麼要補充的。我會讓他這樣做。當然，在多式聯運的穩定方面，我們尚未看到合約費率發生重大變化。我們改變了我們的組合。您會在我們的結果中看到這一點。我們提高了效率，修復了網絡，減少了影響我們獲利能力的摩擦成本。我們的商業團隊和營運團隊在執行方面做得非常好，尤其是我們的貿易驅動程式。這就是我們看到電梯的地方。

I think contract pricing is more in front of us. There's generally a bit of a lag to truck on that. So we don't obviously guide specific metrics to quarter. So that's kind of really was a setup for the first or the second quarter. We continue to lean in and are encouraged maybe, Jim, with some of the discussions we're planning for the second half of the year with customers that may be a little different than we experienced the last couple.

我認為合約定價更擺在我們面前。一般來說，這方面會有一點延遲。因此，我們顯然沒有指導季度的具體指標。所以這確實是第一季或第二季的準備。吉姆，我們計劃在今年下半年與客戶進行一些討論，這些討論可能與我們過去幾次經歷的有所不同，我們將繼續努力並受到鼓舞。

Yes. Thanks, Mark. Really, the advantage of remaining disciplined through the freight allocation season is that we can flex our capacity to where we have the best opportunities outside of the contract season. And so it just feels like we're well positioned and pivot wherever we see quality demand. We have a really broad portfolio of services, which helps us provide solutions to customers, but we have opportunities to be able to flex to where we see the best profitability.

是的。謝謝，馬克。事實上，在貨運分配季節保持紀律的好處是，我們可以將運力靈活運用到合約季節之外擁有最佳機會的地方。因此，感覺我們已經處於有利位置，並且可以在看到品質需求的任何地方進行轉移。我們擁有非常廣泛的服務組合，這有助於我們為客戶提供解決方案，但我們有機會靈活運用在我們認為獲利能力最佳的領域。

Yes. I just add one other thing, this is Darrell, that I'd add, is, obviously, what we saw in the second quarter was a lot of productivity improvements. Mark talked about tightening of our driver-to-truck ratios. We expect that to carry forward into the second half. So we expect incremental improvement in the second half as it relates to the first half and a lot of the growth that we expect also is volume driven in intermodal.

是的。我只是補充另一件事，這是達雷爾，我要補充的是，顯然，我們在第二季度看到的是生產力的大量提高。馬克談到了收緊我們的司機與卡車的比例。我們預計這種情況將延續到下半年。因此，我們預計下半年將逐步改善，因為它與上半年有關，而且我們預期的大部分成長也是由多式聯運的數量所驅動的。

Okay. Yes, that's great. And just for the follow-up, I think it was about a year ago that you did a nice dedicated acquisition. I think, Darrell, you mentioned the balance sheet leverage, which is very low. So that's nice to sleep well at night. But I'm wondering if you decide to consider using the balance sheet a bit and just thoughts on timing for acquisitions, at this time of the cycle, when there's been a lot of pressure if that gives you more opportunity to find attractive deals or if it's just tougher to find things that you might want to buy. Obviously, it seems like you could do deals if you wanted to.

好的。是的，那太好了。對於後續行動，我認為大約一年前您進行了一次很好的專門收購。我想，達雷爾，你提到了資產負債表槓桿率，它非常低。所以晚上睡個好覺真是太好了。但我想知道您是否決定考慮稍微使用一下資產負債表，只考慮收購的時機，在周期的這個時候，當壓力很大時，這是否會給您更多機會找到有吸引力的交易，或者如果只是更難找到您可能想買的東西。顯然，如果你願意的話，你似乎可以做交易。

Yes. No, good question, Tom. And I'd say this is a good position to be in, right? Just to say, 0.3 times net leverage. So we are conservative and there's a reason that we're conservative because it puts us in a position to be flexible when the opportunity arises. So if the right strategic opportunity comes up or if there's something transformative, we'll obviously look at it. But we intend to remain investment grade.

是的。不，問得好，湯姆。我想說這是一個很好的位置，對吧？簡單來說，0.3倍淨槓桿。所以我們是保守的，我們保守是有原因的，因為這使我們能夠在機會出現時保持靈活性。因此，如果出現正確的策略機會或有變革性的東西，我們顯然會關注它。但我們打算維持投資等級。

I couldn't see us going above 2 times, but there's a big way to go between 0.3 times and 2 times, and we're looking at things all the time. So I think just for reference, every 12 to 18 months, we'd expect to do something from a more programmatic perspective. So we've been doing that over the past several years. So for modeling purposes, you could assume that will continue, but we're always looking in the market for things that add to our strategic portfolio and initiative of dedicated intermodal and logistics.

我不認為我們會超過 2 倍，但在 0.3 倍和 2 倍之間還有很長的路要走，而且我們一直在關注事情。所以我認為僅供參考，每 12 到 18 個月，我們期望從更具程序性的角度做一些事情。所以我們在過去幾年裡一直在做這件事。因此，出於建模目的，您可以假設這種情況將會持續下去，但我們一直在市場上尋找能夠增加我們的策略投資組合以及專門的多式聯運和物流計劃的東西。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Thanks for giving me a second chance. 21st century phone problems. Anyway, on the logistics brokerage side of the equation, actually fared a bit better than we thought. Are you reaching a point where there's a little bit more normalization in brokerage? Curious what you're seeing in your own experience in terms of selling price versus cost of transportation? And is there actually any spot market sort of developing?

謝謝你給我第二次機會。 21世紀的電話問題。不管怎樣，在物流經紀方面，其實表現比我們想像的要好一些。經紀業務是否已經達到了更規範化的程度？想知道您根據自己的經驗在銷售價格與運輸成本方面看到了什麼？實際上有現貨市場在發展嗎？

I think in general, as we talk to customers, as we mentioned in our opening, Jordan, it does feel that the asset-based players period, but also asset-based brokerage, are more in favor and the power-only offering that we also have an additional opportunity there is resonating (inaudible) but the customer community.

我認為總的來說，當我們與客戶交談時，正如我們在開場白中提到的，喬丹，確實感覺基於資產的玩家時期，以及基於資產的經紀業務，更受青睞，而我們只提供權力的產品還有一個額外的機會，那就是與客戶社群產生共鳴（聽不清楚）。

So the spot market, we remain really disciplined, we have our tools that we try not to make that a hobby where we lose money on individual loads. It happens, but it's constantly being calibrated. So we're very comfortable giving up volume for margin as it relates to the spot market and which is generally what we play into our brokerage piece.

因此，在現貨市場上，我們仍然非常自律，我們擁有我們的工具，我們盡量不讓它成為我們在個別負載上賠錢的愛好。它發生了，但它不斷被校準。因此，我們非常樂意放棄交易量以換取保證金，因為這與現貨市場有關，這通常是我們在經紀業務中所扮演的角色。

But I would tell you, it's more stable at this juncture. I wouldn't say it's accelerated, but both on the carrier costing side and the pricing side, it is stabilized. And continue to look forward to producing positive consistent positive earnings results quarter after quarter in our brokerage business.

但我會告訴你，此時此刻它更加穩定。我不會說它在加速，但無論是在運營商成本核算方面還是在定價方面，它都是穩定的。並繼續期待我們的經紀業務每季都能產生持續的正面獲利結果。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Just a couple of follow-ups here. One is, just on the point of you've shifted your timing and the expectation of the inflection in the cycle. Can you just confirm from when to when kind of it is something that's moved to like 1Q '25, 2Q '25, kind of when do you think that happens now?

這裡只是一些後續行動。一是，就在你改變了你的時機和對週期拐點的預期的時候。您能否確認從何時到何時，這種情況會轉移到 25 年第 1 季、25 年第 2 季度，您認為現在會發生這種情況嗎？

And second, just historically, you guys have given us some pretty good color on peak season, how that's shaping up. Any sense of what this year would effect?

其次，從歷史上看，你們在旺季給了我們一些非常好的色彩，這是如何形成的。你知道今年會產生什麼影響嗎？

Ravi, you had a hard time maybe catching all of that first one. I think maybe you were looking for a declaration of when the inflection might occur. We're not declaring that at this juncture, probably a little bit early for us to be projecting out to 2025. So I'll stay away from a prediction there. It's been incredibly difficult to do through this most recent cycle. So we'll stand down on that one.

拉維，你可能很難聽懂第一個。我想也許您正在尋找何時可能發生變化的聲明。我們現在還沒有宣布這一點，對於我們預測到 2025 年來說可能有點早。所以我會遠離那裡的預測。在最近的這個週期中做到這一點非常困難。所以我們將放棄這一點。

As it relates to color towards peak, this is the season that we're in the early stages of working with customers and trying to understand and how they're seeing the world, I think we do believe that customers, in general, will need to have volume for their sales. They've been very successful at price over the last couple of years, but I think volume will come back as -- and increasingly a lever, and we have a bit more discussions this year, Jim, maybe just some context of how that plays out by our most recent discussions.

由於它與色彩達到頂峰有關，這是我們正處於與客戶合作的早期階段，並試圖了解他們如何看待世界，我認為我們確實相信客戶總體上需要有銷售。過去幾年他們在價格上非常成功，但我認為成交量將會回歸，並且越來越成為一種槓桿，吉姆，今年我們有更多的討論，也許只是一些關於如何發揮作用的背景通過我們最近的討論。

Yes. And just a little context when you think about what we went through in the first quarter, there were a couple of pockets of tightness and market dropped off a little bit in between this time those pockets of tightness of Roadcheck and then end of quarter and the holiday, but what you didn't see in between each one of those is necessarily the same degree of tightness.

是的。當您考慮一下我們在第一季經歷的情況時，請稍微了解一下背景，在這段時間 Roadcheck 的緊張情況以及季度末和假期，但你在每個假期之間都看不到一定程度的緊張。

And Mark also mentioned the more mini bids, all these are indications that supply and demand are coming more into balance. And so we are hearing more from customers that want to start talking to us about what is our capability to surge, how would we do that? What options can we bring to the table. And so we're having those discussions. There's nothing definitive yet in terms of how much they're going to ship and days, but we -- just the fact that we're having those discussions this year, and that really wasn't the case last year.

馬克還提到，更多的小額投標，這些都表明供需正在更加平衡。因此，我們聽到越來越多的客戶希望開始與我們討論我們的能力激增，我們將如何做到這一點？我們可以提出哪些選擇。所以我們正在進行這些討論。關於他們將運送多少和天數，目前還沒有明確的消息，但我們——事實上，我們今年正在進行這些討論，而去年的情況確實並非如此。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

So maybe, Jim, you can elaborate a little bit more on the IPI, the international intermodal, it sounds like you're seeing a little bit of spillover into transloading on the domestic side. So I don't know when that would necessarily hit the network, if that's kind of in line with expectations or volume that you're expecting and whether or not that accelerates from here is still kind of a slow and steady progress as opposed to maybe picking up into the peak?

所以，Jim，您也許可以詳細說明 IPI（國際聯運），聽起來您似乎看到了國內轉運的一些溢出效應。所以我不知道什麼時候這一定會進入網絡，這是否符合您期望的預期或數量，以及從這裡開始加速是否仍然是一個緩慢而穩定的進展，而不是可能步入巔峰？

Yes. Thanks, Brian. So we were talking about this last quarter on our call that we were anticipating that we would start to see this just because of some of the tightness with ocean capacity. And it really didn't -- we didn't start feeling it until very late in the quarter, and that is carried through July. We have not seen a drop-off in that. So I'm not sure that I could say that when are we going to see more or a bigger peak. That's difficult to make an assessment of how much more we will see there. But we've definitely seen that change with that tightness of ocean vessel capacity, they're making that decision to switch from IPI to domestic.

是的。謝謝，布萊恩。因此，我們在上個季度的電話會議上談到了這一點，我們預計我們將開始看到這種情況，只是因為海洋容量有些緊張。事實上，我們直到本季末才開始感覺到這一點，而且這種情況一直持續到七月。我們還沒有看到這方面的下降。所以我不確定我是否可以說我們什麼時候會看到更多或更大的高峰。很難評估我們還會在那裡看到多少。但我們確實看到了隨著遠洋船舶運力緊張而發生的變化，他們正在決定從 IPI 轉向國內。

Yes, Brian, as we went through the quarter, solid growth in TransCon, Mexico and the Western region. Unfortunately, we had some offset out these due to the truck capacity. But some of those key intermodal markets, we did see some improvement. And as we get to the busier part of the season, we would expect some -- we're calling a return to more normal seasonality, not peak, not inflection but more normal seasonality.

是的，Brian，在我們整個季度中，TransCon、墨西哥和西部地區實現了穩健成長。不幸的是，由於卡車容量的原因，我們抵消了一些。但在一些關鍵的多式聯運市場中，我們確實看到了一些改善。當我們進入季節最繁忙的部分時，我們會期待一些 - 我們稱之為回歸更正常的季節性，不是高峰，不是拐點，而是更正常的季節性。

Understood. Just to follow up on intermodal then in terms of where the truck market is, it sounds like it's still challenging in the East. Where are the spreads relative to history right now? And are you having shipper conversations where they're looking to do more conversion now that rail service is stabilized and improving. Have you seen anything notable in the quarter so far?

明白了。就卡車市場的情況而言，只是跟進多式聯運，聽起來在東方仍然充滿挑戰。目前價差相對於歷史水準在哪裡？由於鐵路服務已經穩定並得到改善，您是否正在與托運人進行對話，他們希望進行更多轉換？到目前為止，您在本季看到了什麼值得注意的事情嗎？

Yes. This is Jim. Yes, from a service standpoint, that really has not been a barrier here, we've seen great service from all three of our rail partners. So it really is a matter of price relative to over the road. And here more recently, as we are seeing the truckload rates start to slowly increase. It's putting intermodal and positioned to compete there. So that's something I would expect that we'll start to see a little bit of an improvement, especially in those truck competitive lanes.

是的。這是吉姆。是的，從服務的角度來看，這確實不是一個障礙，我們已經看到我們所有三個鐵路合作夥伴提供的優質服務。所以這確實是一個相對於公路的價格問題。最近，我們看到卡車裝載率開始緩慢增加。它正在進行多式聯運並在那裡競爭。所以我希望我們會開始看到一些改進，特別是在那些卡車競爭車道上。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I was wondering if you could dig in a little bit into the July commentary and maybe sort of compare it to what you'd normally expect from a seasonality perspective, some fairly negative macro data out this morning. I guess I'm just kind of curious how you guys compare and contrast what you've seen over the course of the last several weeks in the business? I know you mentioned that spot rates are still above contract. But broadly speaking, from a demand perspective, is it playing out the way that normal seasonality would suggest?

我想知道您是否可以深入研究一下 7 月的評論，也許可以將其與您通常從季節性角度預期的情況（今天早上發布的一些相當負面的宏觀數據）進行比較。我想我只是有點好奇你們如何比較和對比過去幾週在行業中所看到的情況？我知道你提到即期匯率仍然高於合約價格。但從廣義上講，從需求角度來看，它的表現是否符合正常季節性所暗示的方式？

Yes, Chris, from my expectations and normalcy, obviously, it's a little bit of a shorter month coming with a major holiday in it. But I wouldn't say there was anything particularly unusual in either direction. It's been fairly steady, which is, I think, overall, a good sign coming off end of quarter in June. So not spectacular, but not a reversion back to much less lower volumes or pricing changes, as I mentioned, in the spot market. So pretty steady performance.

是的，克里斯，從我的期望和常態來看，顯然，這個月的時間有點短，而且有一個重要的假期。但我不會說這兩個方向有什麼特別不尋常的地方。它相當穩定，我認為總體而言，這是六月季度末的一個好跡象。正如我所提到的，現貨市場的成交量或價格變化並不明顯，但也不會恢復到大幅下降的狀態。所以表現相當穩定。

Okay. That's helpful. And then maybe just putting all of that into the context of the guidance, I think you guys mentioned that you expect sequential improvement in the year-over-year in earnings in the next couple of quarters. Any other sort of shape you can put around that? I guess maybe the direct question is, what will your expectations be around the fourth quarter that can have some more significant seasonality? So just trying to get a sense of maybe how to sort of pace out the rest of the year from an earnings perspective going towards your updated guidance?

好的。這很有幫助。然後，也許只是將所有這些納入指導的背景下，我想你們提到，你們預計未來幾季的收益將比去年同期連續改善。你可以在它周圍放置任何其他形狀嗎？我想也許直接的問題是，您對第四季的預期是什麼，可能會有一些更顯著的季節性？那麼，只是想了解如何從收益角度來了解今年剩餘時間的進度，以實現更新的指導方針？

Chris, I think you've kind of hit on kind of how we're thinking about it. We are talking sequential first half, second half there. And when we used the phraseology of more normal seasonality, again, that would indicate the fourth quarter is generally more favorable in the third quarter, and that's where we would expect normal seasonality to be defined as.

克里斯，我認為你已經切中了我們的想法。我們正在談論連續的上半場和下半場。當我們再次使用更正常季節性的措辭時，這將表明第四季度通常比第三季度更有利，這就是我們預期正常季節性的定義。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Spend a lot of time, I think, on the intermodal side, you've talked through some of the cost initiatives, I think in detail. It's really interesting read to see most of the revenue lines effectively flat sequentially and then a doubling of EBIT in every revenue line -- I'm sorry, in every segment line. So on the TL and maybe the logistics side, too, is there's any more detail you can give around the cost initiatives that you've implemented to enable the margin to expand so much even in a flat revenue backdrop?

我認為，在多式聯運方面，您花費了大量時間，詳細討論了一些成本計劃。看到大部分收入線實際上連續持平，然後每個收入線的息稅前利潤翻倍，這真的很有趣——我很抱歉，在每個部門線。那麼，在 TL 方面，也許還有物流方面，您是否可以提供有關您所實施的成本計劃的更多細節，以便即使在收入持平的背景下也能實現利潤率大幅增長？

Yes, good question. And as we've spoken in our last several calls, and if we baseline ourselves to the fourth quarter of 2022, which is where we've typically discussed this topic, I'm just really proud of the entire organization's ability across multiple expense pools to dig in and look for opportunity to arrest inflation and now in many cases, be able to turn back some of those costs to inflation.

是的，好問題。正如我們在最近幾次電話會議中所說的那樣，如果我們將自己的基線設定為2022 年第四季度（這是我們通常討論此主題的時間），我對整個組織跨多個費用池的能力感到非常自豪深入挖掘並尋找遏制通貨膨脹的機會，現在在許多情況下，能夠將其中一些成本轉回通貨膨脹。

Jonathan, so it really is across the board from our maintenance organization on uptime on equipment to getting the parts and all the things that was inhibiting our ability to be low cost and high uptime. They've done a really good job of getting us back to what we would consider our standard spec, our driver recruiting teams, our head count actions to be more efficient.

喬納森，所以，從我們的設備正常運行時間維護組織到獲取零件以及所有阻礙我們實現低成本和高正常運行時間能力的因素，這確實是全面的。他們做得非常好，讓我們回到了我們所認為的標準規範、我們的司機招募團隊、我們的人員統計行動，以提高效率。

We've talked about capital efficiency by being able to increase ratios. All of those, you're not hitting one bounce double over the fence. You're hitting lots of signals across lots of categories to build momentum. And we're talking about how those are structural improvements. Those don't have to change based upon market. And so really across the board from third-party expense to in-house dollars the team has leaned into, and that's why you see it really prevalent across all three of our operating segments. It isn't in a single or a targeted part of the business is really across the board.

我們已經透過提高比率來討論資本效率。所有這些，你都不會在柵欄上擊中一次彈跳二重球。您在多個類別中發出大量信號來建立動力。我們正在討論這些是如何進行結構性改進的。這些不必根據市場而改變。因此，從第三方費用到內部資金，團隊確實全面投入，這就是為什麼你會看到它在我們所有三個營運部門中非常普遍。它不是在業務的單一或目標部分，而是真正的全面。

Yes, just really is across the enterprise, like Mark said and mentioned all the places we've taken cost out, but the value of remaining disciplined through that allocation season is we've been able to get a better mix of freight, and that better mix of freight helps us reduce some of the friction costs that also plays in. So it really is an enterprise action.

是的，確實是整個企業，就像馬克所說並提到我們已經削減了成本的所有地方，但在分配季節保持紀律的價值在於我們能夠獲得更好的貨運組合，並且更好的貨運組合有助於我們減少一些摩擦成本。所以這確實是一項企業行為。

Jim, that leads right to my follow-up, which was the mix of freight. Are you effectively saying that you're walking away from business that's maybe lower margin or requires greater resources and the return you can get on at this point? And does that change the kind of trajectory that you would see when the freight headwinds do become tailwinds?

吉姆，這直接引出了我的後續行動，即貨運的組合。您實際上是在說您正在放棄利潤可能較低或需要更多資源和此時可以獲得的回報的業務嗎？當貨運逆風變成順風時，這會改變你所看到的軌跡嗎？

Absolutely that we are positioning ourselves to align with freight that generates a return for the organizations that we can reinvest, I would expect that in a different market cycle, those are opportunities that become available again and create opportunities for growth.

當然，我們將自己定位為與貨運保持一致，為我們可以再投資的組織帶來回報，我預計在不同的市場週期中，這些機會會再次出現並創造成長機會。

Yes. There are multiple levers there how we accept freight, how we use the spot freight, giving ourselves the flexibility to go after in the event that it's their more premium project work, all that's behind our decision relative to what we're making commitments and what we mean by discipline through the allocation season, Jonathan.

是的。我們有多種手段來接受貨運，如何使用現貨貨運，如果這是他們更優質的項目工作，我們可以靈活地進行追求，所有這些都是我們做出相對於我們所做的承諾和內容的決定的背後原因。

And I just do want to reinforce the good work our sales and commercial team is doing, and we've used the example here today on intermodal by getting the network in a better position, healing the network, we have less of the accessorial cost. We have less of the repositioning cost, and it's enabled our driver fleet to be more efficient, which has allowed us then to take capital out of the business and the corresponding expense that we save by doing that. So the commercial healing relative to this allocation season has the cost benefits in addition to giving us additional flexibility in the event that we have the opportunity to yield in the second half of the year.

我只是想加強我們的銷售和商務團隊所做的出色工作，我們今天在多式聯運上使用了這個例子，透過讓網路處於更好的位置，修復網絡，我們的輔助成本更少。我們的重新定位成本較低，這使我們的司機車隊更加高效，這使我們能夠從業務中取出資本，並透過這樣做節省相應的費用。因此，與這個分配季節相關的商業復甦除了為我們帶來額外的靈活性（如果我們有機會在今年下半年產生收益的話）之外，還具有成本效益。

Jason Seidl, TD Cowen.

賈森·塞德爾，TD·考恩。

Jim, I wanted to focus a little bit on sort of the back half of the year, what you're hearing about peak season. You mentioned that you kept a lot of capacity to be more flexible. Are we expecting a lot more sort of pop-up business in the back half of the year? What are shippers telling you?

吉姆，我想專注於今年下半年的情況，也就是你所聽到的旺季情況。您提到您保留了很多能力以變得更加靈活。我們是否預期今年下半年會有更多的快閃生意？托運人告訴你什麼？

Well, I'm not sure the definition we've kept a lot of extra capacity. What we've done given ourselves the flexibility to the degree that we can to help our customers who may need that type of support. And we're in some discussions and we have been in discussions trying to understand what that may look like. And so what we're really trying to do is make sure that we can pivot appropriately and have the resources and the aptitude to do that, Jason. So a little early for us to be definitive on that, but that's the point of the planning process that we internally are in and also in conjunction with our customers.

好吧，我不確定我們保留了大量額外容量的定義。我們所做的一切使我們能夠靈活地幫助可能需要此類支援的客戶。我們正在進行一些討論，我們一直在討論試圖了解這可能會是什麼樣子。因此，我們真正想做的是確保我們能夠適當地進行調整，並擁有做到這一點的資源和能力，傑森。因此，對我們來說確定這一點還為時過早，但這就是我們內部以及與客戶合作的規劃流程的重點。

Okay. Fair enough. And on the dedicated side, have you guys seen the more aggressive marketplace in terms of pricing on the contract side? It seems like some of your competitors have taken some trucks out of their dedicated operations as we look at some of the 2Q numbers?

好的。很公平。在專用方面，你們是否看到了合約方面定價較為激進的市場？當我們查看第二季度的一些數據時，您的一些競爭對手似乎已經將一些卡車從其專用業務中撤出？

Well, as in any market, there are a distribution of type of freight that you're hauling even in Dedicated and Customer segments. We are in the more generic dry van type dedicated in certain locations in certain geographies.

嗯，與任何市場一樣，即使在專用和客戶細分市場中，您所運輸的貨物類型也有分佈。我們採用更通用的乾貨車類型，專用於某些地區的某些地點。

But increasingly, what our focus has been, where our growth has been both organically and acquisitively, Jason, is we're trying to certainly position ourselves in the more durable dedicated those that we're providing a specialty even their equipment or additional service that our driver is involved in the supply chain process for the customer. And as such, I wouldn't say there's less competition, there's plenty of competition there, but it's much stickier, harder to replace. And you're really demonstrating your value to your customer every day. And if you do that, your retention levels remain high, and we're still well as we sit here today, a 95% plus through our retention actions this year. So not that we're not immune to some of the behavior that may take place, but it's a much, much smaller portion of our portfolio.

但傑森，我們的重點越來越多，我們的成長既是有機的，也是收購性的，我們正在努力將自己定位於更持久的專業領域，我們提供專業服務，甚至是他們的設備或附加服務，我們的司機參與客戶的供應鏈流程。因此，我不會說競爭減少了，而是競爭很多，但它的黏性更大，更難被取代。您每天都在真正向客戶展示您的價值。如果你這樣做，你的保留率仍然很高，而且我們今天坐在這裡仍然很好，透過今年的保留行動，保留率達到了 95% 以上。因此，並不是說我們不能免受可能發生的某些行為的影響，但它在我們的投資組合中所佔的比例要小得多。

That makes sense and what percent of your accounts in Dedicated would you consider more durable?

這是有道理的，您認為專用帳戶中有多少百分比更持久？

Well, the vast majority, I'd probably put that in the -- (technical difficulty)

好吧，絕大多數，我可能會把它放在——（技術難度）

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

To follow up on Jason's first question. You noted that it's a little early to really know what you have for peak season. Typically, how far into the calendar would it be before you really know what you're dealing with from a price pop-up demand and ultimately, profit perspective for the fourth quarter?

跟進傑森的第一個問題。您指出，現在真正了解旺季的情況還為時過早。通常情況下，要等多久你才能真正從價格彈出需求以及最終第四季度的利潤角度知道你正在處理什麼？

This is Jim. And typically, the processes that where customers come to us. They have a general idea, we start sharing information. It's not until later in August that they're really starting to put together those plans. There are some of those that are actually already completed. But the vast majority, those are getting worked here later in August and some of those actually moved even into September.

這是吉姆。通常是客戶找到我們的流程。他們有了整體想法，我們開始分享資訊。直到八月下旬，他們才真正開始擬定這些計畫。其中一些實際上已經完成了。但絕大多數人是在八月晚些時候在這裡工作，其中一些實際上甚至搬到了九月。

And looking beyond the peak season from this year, as we think about the bridge back in the Truckload segment from, call it, mid-single-digit operating margins today to your 12% to 16% long-term range, is it really just a couple of years of price above inflation that gets us there. Can you kind of walk us through how we get back there without necessarily trying to put a hard cyclical timeline on it? That would be helpful.

展望今年的旺季之後，當我們考慮卡車裝載領域的橋樑時，從今天的中個位數營業利潤率到 12％ 至 16％ 的長期範圍，這真的只是價格高於通貨膨脹率幾年才能讓我們實現這一目標。你能告訴我們如何回到那裡，而不必試圖在上面設定一個嚴格的循環時間表嗎？那會有幫助的。

Yes. Certainly, very important is price recovery. As an industry, we went through a period of inflation around wages, equipment that is part of the business today. And what we've been through, particularly in the network side of the businesses is not getting compensable rates to cover that to include what's expected from acceptance performance, and we're just the industry in that part of the business, particularly truckload network at this juncture is just out of whack.

是的。當然，非常重要的是價格恢復。作為一個行業，我們經歷了一段圍繞工資和設備的通貨膨脹時期，這些都是當今業務的一部分。我們所經歷的，特別是在業務的網絡方面，沒有獲得可補償的費率來覆蓋這一點，包括驗收性能的預期，而我們只是這部分業務的行業，特別是卡車裝載網絡這個節骨眼上完全不正常。

And for us to invest in the future, we have to see some correction there. We're confident that the value is there, and it will take some time. But as we'll start to give guidance later in the year to 2025, we'll be more specific about that bridge, but pricing plays a role, but also all the other actions that we're doing today around productivity, efficiency, cost, all of those things are an important contributor to put us in a position to yield those benefits quickly as price recovery becomes more prominent.

為了讓我們投資未來，我們必須看到一些修正。我們相信它的價值是存在的，但這需要一些時間。但隨著我們將在 2025 年晚些時候開始提供指導，我們將更具體地說明這座橋樑，但定價發揮了作用，而且我們今天圍繞生產力、效率、成本所做的所有其他行動也發揮了作用，所有這些都是重要的因素，使我們能夠隨著價格復甦變得更加突出而迅速獲得這些好處。

David Hicks, Raymond James.

大衛希克斯，雷蒙德詹姆斯。

Congrats on the quarter. We've seen sequential margin improvement across the board, across segments, that outperforms typical seasonality here in 2Q. Is that kind of outperformance that we're seeing? I know you expect sequential improvement but kind of outperformance versus seasonal trends, is that expected for the balance of the year, just kind of as we see kind of seasonality come back and there's still room to attack on the cost side of things?

恭喜本季。我們已經看到各個細分市場的整體利潤率連續改善，第二季的表現優於典型的季節性。我們看到的是這種出色的表現嗎？我知道您預計會出現環比改善，但與季節性趨勢相比，表現會優於季節性趨勢，這是否是今年剩餘時間的預期，就像我們看到季節性回歸併且在成本方面仍有攻擊空間一樣？

Yes, this is Mark. We still have the yield of all the cost actions that we've been -- that will still be -- what we believe is certainly durable through the remaining part of the year. And so there's constant ability to feather those in and certainly part of our outlook.

是的，這是馬克。我們仍然擁有我們一直以來採取的所有成本行動的成果 - 仍然如此 - 我們相信在今年剩餘時間裡肯定會持續下去。因此，我們始終有能力將這些內容納入其中，當然這也是我們前景的一部分。

And we've also, from a commercial standpoint or a freight standpoint, we keep using the word return to some normalcy of seasonality. We're not saying we're going to have the peak of peaks but a normal seasonality after we've seen the end of quarter activity in March, the experience that we had in the second quarter and some of the conditions that we've outlined in our discussion to date would suggest have to play out. We have to see these trends be durable, which we noted in our opening comments, but based upon those data points, it gives us at least some confidence that we have some level of seasonality in front of us, which is generally in our industry, the best part of the year comes through the late third and into the fourth quarter.

而且，從商業角度或貨運角度來看，我們一直使用「回歸季節性常態」這個詞。我們並不是說我們將迎來高峰中的高峰，而是在看到三月份季度末的活動、第二季度的經驗以及我們已經遇到的一些條件之後，這是一個正常的季節性。我們的討論中概述的建議必須予以落實。我們必須看到這些趨勢是持久的，我們在開場評論中指出了這一點，但基於這些數據點，它至少給了我們一些信心，我們面前有一定程度的季節性，這通常是在我們的行業中，一年中最好的時光是從第三季末到第四季。

Okay. That's helpful. And then lastly, I was just kind of curious as to the weakness in the all other segment on the operating income line. First time we've seen that negative in quite a while, while revenues kind of improved sequentially from 1Q. Is this kind of a headwind expected to continue? Or should we get kind of back to that regular cadence of...

好的。這很有幫助。最後，我只是對營業收入線上所有其他部分的弱點感到好奇。我們很長一段時間以來第一次看到這種負面情況，而收入較第一季有所改善。這種逆風預計會持續下去嗎？或者我們應該回到那種正常的節奏...

This is Darrell. So I'll take that. So just as a reminder, was in other is primarily the result of our leasing business. So we leased tractors to owner operators and small carriers. We also have our captive insurance business that's in that bucket, and we have some unallocated corporate expenses there as well. To your specific question on the year-over-year decline, that's mostly in the leasing business. So if you think about the market conditions and the stress that the small carriers are under, we're seeing that come through in those results. So not really surprising.

這是達雷爾。所以我會接受的。提醒一下，其他主要是我們租賃業務的結果。因此，我們將拖拉機租賃給業主經營者和小型承運人。我們還有自保保險業務，也有一些未分配的公司費用。至於你關於同比下降的具體問題，這主要是在租賃業務方面。因此，如果您考慮市場狀況以及小型營運商所面臨的壓力，我們就會在這些結果中看到這一點。所以這並不奇怪。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Can you guys -- I know we talked a lot about normal seasonality. Just remind us, what's normal seasonality Q2 to Q3 just for the various segments?

你們可以嗎——我知道我們談了很多關於正常季節性的問題。請提醒我們，第二季到第三季各細分市場的正常季節性是多少？

Yes. Normal seasonality would suggest a peak season, we sort of return to a level of seasonality. So a little bit nuanced there, Scott. We're not again, calling for an inflection. So again, I want to be incredibly clear about that. The bigger sequential, if you go to history is certainly the third to the fourth quarter. But with the improved performance in the second quarter and what we saw so far in July. We think there is some seasonal improvement second to third. We have to see, again, see those trends play out and the trends that we've seen be sustainable, but the normal seasonality in our business is more third to fourth.

是的。正常的季節性意味著旺季，我們有點回到季節性水平。斯科特，這有點微妙。我們不再呼籲改變。再次強調，我想非常清楚地說明這一點。如果你回顧歷史，更大的連續性肯定是第三到第四季。但隨著第二季業績的改善以及我們在 7 月迄今所看到的情況。我們認為第二到第三季會有一些季節性改善。我們必須再次看到這些趨勢發揮作用，我們看到的趨勢是可持續的，但我們業務的正常季節性更多是第三到第四。

And on the equipment side, can you just talk about any gains in the quarter, expectations for gains? And then on the CapEx side, I think it's the second quarter in a row you've lowered it. Any thoughts on CapEx next year? Are you focused on a prebuy, anything like that?

在設備方面，您能否談談本季的收益以及收益預期？然後在資本支出方面，我認為這是您連續第二季降低了資本支出。對明年的資本支出有什麼想法嗎？您是否專注於預購之類的事情？

Yes. Thanks for the question, Scott. Really, the big difference of our guidance for this quarter versus last is the efficiency actions that we were able to take to lessen the need for new equipment. We're not backing off our age of fleet. It really came down to an efficiency factor in kudos to our equipment team who've been able to prepare and some additional proceeds to get out and sell the equipment.

是的。謝謝你的提問，斯科特。事實上，我們本季的指導意見與上一季的最大差異在於我們能夠採取效率行動來減少對新設備的需求。我們不會放棄機隊時代。這實際上取決於我們的設備團隊的效率因素，他們能夠做好準備並獲得一些額外的收益來出售設備。

That said, we don't expect material gains. We've had very moderate gains. I mean, fairly positive in the second quarter. We're not modeling anything significant at all for the third and fourth quarter. We're moving the equipment, but we're not moving it at a significant gain standpoint. And then as it relates to next year, a little early for us, we're in our planning stages there with our OEMs and what we think makes sense and what, quite honestly, will actually be available. So we're not convinced there's going to be a large pool of capability of prebuy, but it's a little early for us to make any comment on that.

也就是說，我們並不期望獲得物質收益。我們所取得的成果非常有限。我的意思是，第二季相當積極。我們沒有對第三和第四季的任何重要模型進行建模。我們正在移動設備，但我們並沒有從顯著增益的角度移動它。然後，就明年而言，對我們來說有點早，我們正處於與原始設備製造商的規劃階段，以及我們認為有意義的以及實際上將可用的內容。因此，我們不相信會有大量的預購能力，但我們對此發表任何評論還為時過早。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

So really interesting discussion through the morning on kind of peak and just given the consumer weakness, we hear whatever McDonald's, Starbucks, P&G, just so many, but you're saying spot is now above contracts. So Mark, when does that happen, right? When does that occur without an inflection? What else do you need to see to call that?

因此，整個上午的討論非常有趣，考慮到消費者的疲軟，我們聽到了麥當勞、星巴克、寶潔等很多公司的說法，但你說現貨價格現在高於合約價格。馬克，那什麼時候發生，對吧？什麼時候會出現這種沒有變形的情況？您還需要看到什麼才能稱之為？

I guess in the backdrop where it seems like all the major carriers have now finally decided to take out about 10% of the fleet, right, which I don't know, is that the final cleanup that was long needed just to get to this point? And is that the beginning of the inflection?

我想在所有主要航空公司現在最終決定清除大約 10% 的機隊的背景下，對吧，我不知道，是不是為了達到這個目的，長期以來一直需要的最後清理工作觀點？這就是拐點的開始嗎？

Well, not speaking for everybody, but certainly for us, it's been difficult for us to make a case to invest in growth in the network business based upon where it is in the return profile, Ken. So we would not be surprised that that's more of a prevalent theme across the industry, but it's certainly prevalent here. And so spot pricing is really a function of a couple of things.

好吧，這不是代表所有人，而是代表我們，我們很難根據網路業務在回報情況中的位置來投資成長，Ken。因此，我們不會感到驚訝，這是整個行業的一個普遍主題，但它在這裡肯定很普遍。因此，現貨定價實際上是多種因素的函數。

First of all, we're disciplined. We're not playing at 20%, 30% in the spot rate. So it's an important component for us and it gives us flexibility, particularly if it continues to improve, to be an adder to our yield actions in the second half of the year. But I do think generally that is a sign. We have to see these trends sustain themselves before we'd be comfortable enough to say, okay, we're now into a different phase of the market. But it's an encouraging sign nonetheless.

首先，我們遵守紀律。我們不會以 20%、30% 的即期匯率進行交易。因此，它對我們來說是一個重要的組成部分，它為我們提供了靈活性，特別是如果它繼續改善，將成為我們下半年收益行動的補充。但我確實認為總的來說這是一個跡象。我們必須看到這些趨勢能夠持續下去，然後我們才能放心地說，好吧，我們現在進入了市場的不同階段。但這仍然是一個令人鼓舞的跡象。

And Ken, I'll just add on, this is Jim, that this is part of just being very purposeful on the construction of our portfolio as well in terms of the customers we're aligning with. And when we're talking about spot pricing, it really is working directly with customers is primarily where our spot volume comes from in our asset-based business. It's not necessarily the same thing that you're seeing on broker load boards.

肯，我要補充一點，這是吉姆，這是我們在建立我們的產品組合以及與我們合作的客戶方面非常有目的的一部分。當我們談論現貨定價時，它實際上是直接與客戶合作，這是我們基於資產的業務中現貨量的主要來源。這不一定與您在經紀商負載板上看到的相同。

Yes. No, definitely. I think we're hearing maybe more and more of that in terms of load boards, not really being realistic in terms of what's going on, certainly as you went through the contract bid season. I guess switching over to intermodal for a second, just to wrap up, I guess, in my follow-up. Really interesting growth prospects as you gain long-haul share from Mexico, can we see -- or could you see a step change in your revenue per order as you get longer length of haul from Mexico? Or is that just still a small part of the business and it doesn't really impact the overall change?

是的。不，絕對是。我認為我們在負載板方面聽到的可能越來越多，但就正在發生的事情而言並不現實，尤其是在您經歷合約投標季節時。我想暫時切換到聯運，只是為了結束我的後續行動。當您從墨西哥獲得長途航線份額時，成長前景非常有趣，我們能看到嗎？或者這只是業務的一小部分，並沒有真正影響整體變化？

Yes. There's an opportunity there. And one thing we're really looking forward to with Mexico is STB approval of our new Southeast to Southwest and Mexico lane, and we're looking forward to seeing that as early as the next few weeks and that creates a new corridor for their -- absolutely right that has an opportunity to provide a little bit of lift on rate per order as does the UP last time we talked about the change in transit times between L.A. and Chicago, that largest intermodal lane that's out there.

是的。那裡有一個機會。我們真正期待與墨西哥合作的一件事是 STB 批准我們新的東南至西南和墨西哥航線，我們期待最早在接下來的幾週內看到這一點，這將為他們創建一條新的走廊 - - 絕對正確，有機會為每個訂單的價格提供一點提升，就像我們上次討論洛杉磯和芝加哥之間運輸時間的變化一樣，UP 也是如此，芝加哥是那裡最大的聯運通道。

We've seen that improvement in transit times. I think that's an opportunity to be able to grow. So that creates a little bit of opportunity to see a little bit of lift of rate per order, but we're not going to slow down in the East because that is also a great opportunity for us to grow our intermodal assets and believe that as the market starts to change, that's where we would expect to see some growth as well. So it's difficult to say with that entire mix, specifically lift on rate per order because the East is a really large part of our portfolio.

我們已經看到運輸時間的改善。我認為這是一個能夠成長的機會。因此，這創造了一點機會，讓每份訂單的費率略有提升，但我們不會在東部放慢腳步，因為這也是我們發展聯運資產的絕佳機會，並相信隨著市場開始發生變化，我們預計也會出現一些成長。因此，很難說整個組合，特別是每個訂單的價格提升，因為東方是我們投資組合的很大一部分。

Thank you, everyone. This concludes today's conference call. You may now disconnect. Have a good rest of your day.

謝謝大家。今天的電話會議到此結束。您現在可以斷開連線。祝你這一天好好休息。