Schneider National Inc (SNDR) 2024 Q3 法說會逐字稿

Thank you, for standing by and welcome to the Schneider third quarter 2024 earnings conference call. (Operator Instructions)

感謝您的耐心等待並歡迎參加施耐德 2024 年第三季財報電話會議。（操作員說明）

Thank you. I'd now like to turn the call over to Steve Bindas, Director of Investor Relations. You may begin.

謝謝。我現在想將電話轉給投資者關係總監 Steve Bindas。你可以開始了。

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 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。

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.

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。

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.

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任何責任，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簡報中找到，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 call today. For our prepared remarks this morning, I'll be sharing my perspective on the overall freight market and discuss segment positioning and performance across our multimodal platform of truckload intermodal and logistics. Following that, Darrell will provide a financial overview of third quarter results and share our full year 2024 EPS and net capital expenditures guidance.

謝謝你，史蒂夫，大家好。感謝您今天加入通話。對於我們今天早上準備好的發言，我將分享我對整個貨運市場的看法，並討論我們的卡車多式聯運和物流多式聯運平台的細分市場定位和績效。隨後，達雷爾將提供第三季業績的財務概覽，並分享我們的 2024 年全年每股收益和淨資本支出指引。

Then we will be pleased to take your questions. Last quarter, we outlined a framework designed to drive ongoing structural improvements in our business, deliver increased enterprise value and allow us to seize the opportunities ahead, enhancing financial returns as the freight market recovers.

那麼我們將很樂意回答您的問題。上季度，我們概述了一個框架，旨在推動我們業務的持續結構性改進，提高企業價值，讓我們能夠抓住未來的機遇，隨著貨運市場的復甦提高財務回報。

The framework includes focusing on the customer by delivering an effortless experience, managing the freight allocation process with purpose and discipline, optimizing our capital allocation across our strategic growth drivers, and managing costs across all expense categories.

該框架包括以客戶為中心，提供輕鬆的體驗，有目的和有紀律地管理貨運分配流程，優化我們策略性成長驅動力的資本配置，以及管理所有費用類別的成本。

In the third quarter, the market continued its path towards recovery with seasonality becoming more prevalent, but on trend not yet proven. When we updated our expectations for the second half of 2024 on our last earnings call, we have experienced a solid quarter end in June from a traditional seasonality standpoint, and our visibility into July at that time suggested more of the same.

第三季度，市場繼續走向復甦，季節性因素變得更加普遍，但趨勢尚未得到證實。當我們在上次財報電話會議上更新對2024 年下半年的預期時，從傳統的季節性角度來看，我們在6 月份經歷了穩健的季度末，而我們當時對7 月份的預測也顯示出更多相同的情況。

However, the improved seasonality trend did not sustain mid-August through quarter end and were further impacted by the hurricanes and East Coast port strike in the short term.

然而，季節性改善趨勢並沒有持續到8月中旬至季末，短期內也受到颶風和東海岸港口罷工的進一步影響。

Let me highlight a few key areas that best illustrate the quarter's framing and the set up going into 2025 by segment, starting with truckload. The network truck business is by far the most challenged from a performance and return standpoint as more than 100% of the earnings in the truckload segment are currently in the dedicated sector.

讓我重點介紹幾個最能說明本季框架以及按細分市場進入 2025 年的設置的幾個關鍵領域（從卡車裝載量開始）。從業績和回報的角度來看，網路卡車業務是迄今為止面臨的最大挑戰，因為目前卡車運輸領域超過 100% 的收入都來自專用領域。

We are seeing capacity steadily exiting the industry as our channel checks into the truck lending community are indicating that defaults and repossessions are growing, and in some cases, rivaling the financial crisis levels from 2008 to 2009. Carriers are not being adequately compensated for the value provided and the cost to deliver.

我們看到該行業的產能正在穩步退出，因為我們對卡車貸款界的通路檢查表明違約和收回正在增加，在某些情況下，甚至可以與 2008 年至 2009 年金融危機時的水平相媲美。承運人沒有就所提供的價值和交付成本得到充分的補償。

While we are prepared to pivot quickly, we are minimizing capital allocation to network. Despite the current freight environment, we are not waiting for market correction to improve results. In addition to our cost reduction and productivity actions, there are two other primary focus areas that will drive an improvement in truckload network results rate restoration and growth of owner operator capacity.

雖然我們準備好快速轉型，但我們正在最大限度地減少對網路的資本配置。儘管目前的貨運環境不佳，但我們並不等待市場調整來改善績效。除了我們降低成本和提高生產力的行動之外，還有另外兩個主要重點領域將推動卡車網路結果率恢復和業主營運商能力成長的改善。

The first action is rate restoration where we remain disciplined. As of the end of September, we were 85% through our network contract renewals, with third quarter renewal rate improvements in the mid-single-digit percentage range.

第一個行動是恢復利率，我們仍然保持紀律。截至 9 月底，我們的網路合約續約率達到了 85%，第三季續約率提高了中個位數百分比範圍。

As customers seek to prepare for a market correction and move to asset-based carriers, we anticipate growth opportunities which in turn creates the ability to address the lowest performing freight in our network.

隨著客戶尋求為市場調整做好準備並轉向基於資產的承運商，我們預計會有成長機會，這反過來又創造了解決我們網路中表現最低的貨運問題的能力。

The second self-help opportunity for the truckload network is to grow our owner operator fleet. While we have seen a number of owner operators shrinking for Schneider and in the industry, we believe we have an opportunity to change that trajectory.

卡車運輸網路的第二個自助機會是擴大我們的業主營運商車隊。雖然我們看到許多業主經營者為施耐德和行業收縮，但我們相信我們有機會改變這種軌跡。

We have recently launched Schneider's FreightPower for owner operators an updated consumer grade platform that now provides owner operators visibility to more freight opportunities across the Schneider portfolio of services.

我們最近為業主經營者推出了施耐德 FreightPower，這是一個更新的消費級平台，現在可以讓業主經營者了解施耐德服務組合中的更多貨運機會。

FreightPower provides business owners increased choice and time saving features while delivering a higher level of service to customers, especially in brokerage. Moving now to dedicated, average truck count was down [66%] sequentially, but we exited the quarter with tractor count 17 units higher as a start-up and current account growth activity accelerated through the quarter.

FreightPower 為企業主提供更多選擇和節省時間的功能，同時為客戶提供更高水準的服務，特別是在經紀領域。現在轉向專用卡車，平均卡車數量較上季下降了 [66%]，但隨著本季新創公司和經常帳成長活動的加速，拖拉機數量在本季結束時增加了 17 輛。

Overall, our account churn is down 50% from 2023 levels, and we expect this high-level retention to continue in 2025. Finally, two large greenfield start-ups originally slated for the back half of 2024 have been pushed into 2025 due to customer launch delays. While the exact start-up timing for these awards is to be determined, our new business pipeline is strong with several meaningful opportunities in their latter stages.

總體而言，我們的帳戶流失率比 2023 年的水準下降了 50%，我們預計這種高水準的保留率將在 2025 年持續下去。最後，由於客戶啟動延遲，原定於 2024 年下半年啟動的兩家大型綠地新創公司已被推遲到 2025 年。雖然這些獎項的確切啟動時間尚未確定，但我們的新業務管道很強大，在後期階段有一些有意義的機會。

As of the end of September, dedicated represented 64% of our truckload fleet. We have strategically grown our dedicated fleet on average by 9% per year since our initial public offering through quality organic new business growth and acquisitions.

截至 9 月底，專用車占我們卡車車隊的 64%。自首次公開募股以來，我們透過優質的有機新業務成長和收購，策略性地使我們的專用機隊平均每年增長 9%。

Our dedicated offering serves a wide range of customer verticals and creates differentiated supply chain value. We are confident about the opportunities ahead.

我們的專業產品服務於廣泛的垂直客戶，並創造差異化的供應鏈價值。我們對未來的機會充滿信心。

Moving to the intermodal segment, earnings improved sequentially and grew over 40% compared to last year mostly through execution and structural internal cost improvement actions. All of our intermodal book has gone through the annual renewal process.

轉向多式聯運領域，獲利連續改善，與去年相比成長了 40% 以上，主要是透過執行和結構性內部成本改善行動。我們所有的聯運書籍都經過了年度更新流程。

Third quarter win rates and incumbent lane retention outcomes improved from the second quarter renewal season as we maintain pricing discipline in a highly competitive environment with another quarter of contractual pricing remaining flat.

第三季的勝率和現有車道保留率較第二季續約季節有所改善，因為我們在高度競爭的環境中保持定價紀律，而另一季度的合約定價保持不變。

Year over year, intermodal volume and maintained revenue per order. We experienced double-digit percentage order growth year-over-year in the West and Mexico. However, we experienced offsets in the east and a very competitive truckload intermodal market.

與去年同期相比，聯運量和每份訂單的收入保持不變。我們在西方和墨西哥的訂單比去年同期增長了兩位數。然而，我們在東部經歷了抵消和競爭非常激烈的卡車多式聯運市場。

We remain disciplined in allocation events and use the opportunity to heal the network by improving network flows and balance.

我們在分配活動中保持紀律，並利用這個機會透過改善網路流量和平衡來治癒網路。

Our intermodal offering is differentiated by our asset model, which utilizes owned equipment and company dray drivers and our strong relationships with rail providers focused on mutual growth. As the truckload market rationalizes, we will leverage this differentiation.

我們的多式聯運服務因我們的資產模式而與眾不同，該模式利用自有設備和公司貨車司機，以及我們與專注於共同成長的鐵路供應商的牢固關係。隨著卡車市場的合理化，我們將利用這種差異化。

We are pleased with the STB approval and the connection between the CPKC and CSX creating service between Mexico and Texas, two and from the Southeastern United States. We eagerly await the publication and initiation of this new corridor, which will further advance our intermodal offering.

我們對 STB 的批准以及 CPKC 和 CSX 之間的連接感到高興，在墨西哥和德克薩斯州之間創建了兩個來自美國東南部的服務。我們熱切地等待這條新走廊的公佈和啟動，這將進一步推進我們的多式聯運服務。

Transitioning to our logistics segment, we remain solidly profitable in the very competitive brokerage market by leveraging our differentiated freight power platform for shippers and carriers. We experienced minimal year over year volume shrink of just 1%, while maintaining effective gross margin management as carrier costs increased through the quarter.

過渡到我們的物流領域，我們利用我們為托運人和承運人提供的差異化貨運動力平台，在競爭激烈的經紀市場中保持穩定的盈利。我們的銷量年減幅度僅為 1%，同時由於本季營運商成本增加，我們維持了有效的毛利率管理。

In addition, shippers are increasingly favoring asset-based brokerage in this stage of the freight cycle. The brokerage and spot markets move the fastest and we are well positioned to pivot across both our traditional live load, live unload brokerage business as well as our highly adaptable and flexible power only solution.

此外，在貨運週期的這個階段，托運人越來越青睞以資產為基礎的經紀業務。經紀和現貨市場發展最快，我們處於有利地位，可以在傳統的即時裝貨、即時卸載經紀業務以及高度適應性和靈活的純電力解決方案上進行轉型。

I'll now turn it over to Darrell for his summary comments on the quarter and a look ahead before we get to your questions. Darrell?

現在，我將把它交給達雷爾，讓他對本季進行總結評論，並在回答您的問題之前展望未來。達雷爾？

Thank you, Mark, and good morning, everyone. I'll review our enterprise and segment financial results for the third quarter, along with our year-to-date cash flow trends and capital allocation actions. Additionally, I'll provide insights on our updated full year 2024 EPS and net CapEx guidance.

謝謝你，馬克，大家早安。我將回顧第三季我們的企業和部門財務業績，以及我們今年迄今的現金流趨勢和資本配置行動。此外，我還將提供有關更新後的 2024 年全年 EPS 和淨資本支出指南的見解。

Summaries of our financial results and guidance can be found on pages 21 to 26 of our investor presentation available on our investor relations section of our website.

我們的財務表現和指導摘要可在我們網站的投資者關係部分提供的投資者簡報的第 21 至 26 頁上找到。

As the industry navigate ongoing freight market conditions, I want to reiterate our objective of positioning the business or structural resiliency and being advantaged in the freight market correction. While we're actively invest in the short term, our focus remains on enhancing long-term value. Through all cycles, we remain disciplined on commercial actions cost management and resource optimization across our enterprise.

隨著產業應對持續的貨運市場狀況，我想重申我們的目標，即定位業務或結構彈性，並在貨運市場調整中佔據優勢。雖然我們積極進行短期投資，但我們的重點仍然是提高長期價值。在所有週期中，我們在整個企業的商業行為成本管理和資源最佳化方面始終保持嚴格的紀律。

We continue to implement margin and capital restorative actions, which are positively impacting every segment of our business and position our multimodal platform of services resiliency, growth and long-term value creation. In the third quarter, revenues excluding fuel surcharge, were $1.2 billion, essentially flat year over year.

我們繼續實施利潤和資本恢復行動，這對我們業務的各個部分產生了積極影響，並定位了我們的多式聯運平台的服務彈性、成長和長期價值創造。第三季不含燃油附加費的收入為12億美元，年比基本持平。

Our third quarter adjusted income from operations was $44 million compared to $48 million a year ago. Adjusted diluted earnings per share for the third quarter was $0.18 and $0.20 a year ago. Compared to the third quarter of last year, lower net gains on equivalent sales and equity investments in aggregate represented a $0.04 headwind to earnings per share.

我們第三季調整後的營運收入為 4,400 萬美元，而去年同期為 4,800 萬美元。第三季調整後攤薄每股收益為 0.18 美元，去年同期為 0.20 美元。與去年第三季相比，同等銷售和股權投資的淨收益總計下降，對每股收益造成 0.04 美元的阻力。

Increased auto liability insurance costs year over year were also a $0.04 headwind. Despite our ongoing investments and favorable safety performance, we continue to operate in an environment of increased litigation, higher settlement costs and rising insurance premiums.

汽車責任保險費用年增率也帶來了 0.04 美元的不利影響。儘管我們持續進行投資並取得良好的安全績效，但我們仍然在訴訟增加、和解成本上升和保險費上漲的環境中運作。

From a segment perspective, truckload revenue, excluding fuel surcharge were $532 million in the third quarter, 1% below the same period a year ago. This decline was primarily due to lower network volumes, which were mostly offset by growth in our dedicating sector.

從細分市場來看，第三季整車收入（不含燃油附加費）為5.32億美元，比去年同期下降1%。這種下降主要是由於網路容量下降，而這大部分被我們專用部門的成長所抵消。

Truckload operating income was $24 million down 3% year over year, impacted by the same factors that affected revenues as well as increased insurance costs and lower year over year gains in equipment fees.

卡車裝載營業收入為 2,400 萬美元，年減 3%，受到影響收入的相同因素以及保險成本增加和設備費用同比增幅下降的影響。

Despite lower network volumes, truckload operating ratio was flat to the same period a year ago as our dedicated business continues to show resilience. Intermodal revenues, excluding fuel surcharge, were $265 million in the third quarter, 1% higher than the third quarter of 2023, primarily due to volume growth.

儘管網路運量下降，但由於我們的專用業務繼續表現出彈性，卡車裝載營運率與一年前同期持平。第三季多式聯運收入（不含燃油附加費）為 2.65 億美元，比 2023 年第三季成長 1%，這主要是由於運量成長。

Intermodal operating income was $16 million, a $5 million increase compared to the same period last year. Intermodal operating ratio improved 170 basis points year over year benefiting from volume growth, internal cost actions, network optimization and enhanced trade performance. The dray improvement was supported by an increase in the percentage of our freight in with company assets and improvement in drays per day.

多式聯營運業收入為1,600萬美元，較去年同期增加500萬美元。受惠於運量成長、內部成本行動、網路優化和貿易績效增強，多式聯運營運率較去年同期提高 170 個基點。拖車的改進得益於公司資產中貨運比例的增加以及每日拖車數量的增加。

The logistics revenue exceeding fuel surcharge were $314 million in the third quarter, down 4% year over year, primarily due to lower revenue per order. Logistics operating income was $8 million compared to $9 million a year ago, reflecting lower volume and net revenue per order.

第三季超過燃油附加費的物流收入為3.14億美元，較去年同期下降4%，主要是由於每單收入下降。物流營運收入為 800 萬美元，而去年同期為 900 萬美元，反映出每筆訂單的數量和淨收入下降。

Third quarter 2024 logistics operating ratio was essentially flat compared to the same period a year ago, showcasing our ability to operate profitably through all market cycles.

2024 年第三季的物流營運率與去年同期基本持平，顯示了我們在所有市場週期中實現獲利營運的能力。

Turning to capital allocation. Net CapEx in September was $154 million below the prior year. This reduction is due to enhanced asset productivity and improved driver to tractor ratio, freight network optimization and our ongoing capital allocation discipline. These actions are primarily driven a corresponding $154 million year-to-date improvement in our free cash flow compared to last year.

轉向資本配置。9 月的淨資本支出比去年同期減少 1.54 億美元。這一減少是由於資產生產率的提高、司機與拖拉機比率的提高、貨運網絡的優化以及我們持續的資本配置紀律。這些行動主要是因為我們的自由現金流與去年相比相應增加了 1.54 億美元。

Along with the strength of our balance sheet, this facilitates our continued ability to allocate those dollars to our strategic priorities, including organic and inorganic growth opportunities. As we execute actions to improve our free cash flow conversion, we remain prudent and position interactions for the future while managing our fleet age objectives.

加上我們資產負債表的實力，這有助於我們持續將這些資金分配給我們的策略重點，包括有機和無機成長機會。當我們採取行動改善自由現金流轉換時，我們保持謹慎態度，並在管理機隊年齡目標的同時為未來做好互動準備。

Our full year 2024 updated net CapEx guidance is within our previously communicated range of approximately $330 million. During the quarter, we advanced our share repurchase program with approximately $4 million of opportunistic purchases. At the end of September, we had approximately $54 million remaining on our $150 million share repurchase authorization established in February last year.

我們更新後的 2024 年全年淨資本支出指引在我們先前通報的約 3.3 億美元的範圍內。本季度，我們推進了股票回購計劃，進行了約 400 萬美元的機會性購買。截至 9 月底，我們去年 2 月制定的 1.5 億美元股票回購授權尚剩餘約 5,400 萬美元。

In September, we also returned $50 million in dividends to our shareholders, which is 5% higher than the period a year ago. Finally, our net debt leverage stood at 0.15 times at the end of the quarter. As Mark mentioned, after experiencing more typical seasonality in June and July, market conditions were below our expectations in August and September, primarily impacting our truckload network volumes.

9月份，我們也向股東返還了5,000萬美元的股息，比去年同期成長了5%。最後，截至本季末，我們的淨債務槓桿率為 0.15 倍。正如馬克所提到的，在經歷了六月和七月更典型的季節性之後，八月和九月的市場狀況低於我們的預期，主要影響了我們的卡車網路運量。

In addition, the previously mentioned delays in dedicated implementations will impact fourth quarter results. While we continue to operate in a certain environment and our expectations regarding the timing of a more sustained freight market improvement of safety, we've seen signs of economic and free market stabilization. During the fourth quarter, we expect year over year earnings improvements.

此外，前面提到的專用實施的延遲將影響第四季度的業績。雖然我們繼續在一定的環境下運營，並且我們對貨運市場安全性更加持續改善的預期，但我們已經看到了經濟和自由市場穩定的跡象。在第四季度，我們預計獲利將比去年同期改善。

Our guidance anticipates continued stabilization across most of our businesses as well as improved seasonality, particularly within truckload network and logistics. Based on these factors, we've updated our full year 2024 adjusted diluted earnings per share guidance to $0.66 to $0.72, which assumes a full year effective tax rate of 24%.

我們的指導預計我們的大部分業務將持續穩定，季節性也會有所改善，特別是在卡車網路和物流方面。基於這些因素，我們將 2024 年全年調整後稀釋每股盈餘指引更新為 0.66 至 0.72 美元，假設全年有效稅率為 24%。

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)

（操作員說明）

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Hey, this is Mike Triano one for Tom. I want to ask on the full year guide. So it implies a slight sequential improvement in earnings 3Q to 4Q at the midpoint. Just walk us through your assumptions there based on what you're seeing in the market, your views on peak season? And if there were any pull-forward effects from the container imports off the West Coast that we should be keeping in mind?

嘿，這是麥克·特里亞諾為湯姆準備的。我想問一下全年指南。因此，這意味著第三季至第四季獲利在中點處略有環比改善。請告訴我們您根據您在市場上看到的情況以及您對旺季的看法進行的假設？我們是否應該牢記西海岸貨櫃進口帶來的任何拉動效應？

So I don't know if I caught the very first part of that question. Would you just mind repeating that?

所以我不知道我是否明白了這個問題的第一部分。您介意重複一遍嗎？

Yeah. Just on the -- so the 4Q guide, just kind of the assumptions behind it based on what you're seeing in the market views on peak season and then if there were any pull forward effects from container imports that we should be keeping in mind?

是的。只是關於第四季度指南，它背後的假設是基於您在旺季的市場觀點中看到的，然後我們應該牢記貨櫃進口是否有任何拉動效應？

Sure. From a seasonality standpoint, we do expect improvement from the third quarter to the fourth quarter. We assess that through not only what we expect on typical seasonality for the holiday season, but some of the project work that we have secured, which is at an improved margin performance from an expectation.

當然。從季節性角度來看，我們確實預計第三季到第四季會有所改善。我們不僅透過我們對假日季節典型季節性的預期進行評估，還透過我們已經完成的一些專案工作來評估這一點，這些專案的利潤率表現比預期有所改善。

So while the solutions secured, obviously, demand will drive how much of that actually gets utilized. And so we feel that both in the retail and the e-commerce markets seem to be performing at expectation. And so that's how we see the third to fourth quarter improvement.

因此，儘管解決方案得到了保障，但顯然，需求將決定實際利用的程度。因此，我們認為零售和電子商務市場的表現似乎都符合預期。這就是我們對第三至第四季改善的看法。

Certainly, we -- as we look back on the quarter, there has been some pull forward. Every customer has a slightly different strategy to that but there have been effects certainly in the intermodal business on the West Coast that saw some improved volumes in the third quarter, and we would attribute some of that certainly to some pull forward activity.

當然，當我們回顧本季時，我們發現出現了一些進步。每位客戶的策略都略有不同，但西海岸的多式聯運業務確實受到了影響，第三季的銷售量有所改善，我們將其中部分原因歸因於一些提前活動。

Okay. And then just as a follow-up on the 2Q to 3Q bridge in the trucking segment operating income. Could you just walk us through the moving parts there that drove it down sequentially. There seem to be some puts and takes there with the network fleet count down, higher insurance expense offset by the rate increases that you're getting on the network side?

好的。然後作為第二季到第三季卡車運輸部門營業收入的後續橋樑。您能否向我們介紹一下按順序驅動它下降的移動部件。隨著網路機隊倒數計時，似乎有一些看跌期權和採取的措施，更高的保險費用被網路方面的費率上漲所抵消？

Yeah, I think that's a very good summary of the effect second to third quarter. As we kind of outlined in our prepared comments, we did not see that seasonality sustain the second half of August and through the month of September to the same degree that we experienced at the end of the second quarter of June period and what we experienced from a seasonality which we were very encouraged by through the month of July.

是的，我認為這是對第二季到第三季效果的很好總結。正如我們在準備好的評論中所概述的那樣，我們沒有看到季節性在 8 月下半月和整個 9 月份的持續程度與我們在 6 月第二季度末所經歷的以及我們從整個七月份我們都對這種季節性感到非常鼓舞。

So some of that is moderating quarter tenders, and some of that is on the cost standpoint as noted with increased insurance costs.

因此，其中一些是減少季度招標，另一些是從成本角度考慮，正如保險成本增加所指出的那樣。

Sure. And yeah, this is Darrell. So if you think about truckload in terms of dedicated versus network, as Mark said, we saw some declines in volume sequentially in the network side of the business, what dedicated show resiliency.

當然。是的，這是達雷爾。因此，如果您從專用與網路的角度來考慮卡車裝載量，正如馬克所說，我們看到業務網路方面的數量連續下降，專用顯示了彈性。

So some of that resiliency, obviously, we're looking ahead when we're positioning our guidance for the fourth quarter. So it's kind of the tale of two portions of the segment. Intermodal also showed resiliency, we did see sequential improvement from the second one onto the third which also informs some of our guidance.

因此，顯然，在我們制定第四季度的指導時，我們會展望未來。所以這是該片段的兩個部分的故事。多式聯運也表現出了彈性，我們確實看到從第二個到第三個的連續改進，這也為我們提供了一些指導。

Okay. Thank you.

好的。謝謝。

Ariel Rosa, Citigroup.

阿里爾·羅莎，花旗集團。

Hi. Yeah, good morning. Thanks for taking our questions. This is [Ben Moore] on for Ari. Can you hear me?

你好。是的，早安。感謝您回答我們的問題。這是 [Ben Moore] 為 Ari 主持的節目。你聽得到我嗎？

Yes, absolutely.

是的，絕對是。

Okay. Great. Yes, I wanted to ask for both your dedicated and network segments, you've had two quarters now of sequential decline truck count, but sequential growth in revenue per truck per week and usually pricing lags volumes. But in this case, it looks like you're pricing is leading volumes. What do you think that is? And should we expect this trend over the next few quarters?

好的。偉大的。是的，我想詢問你們的專用和網路部分，你們現在已經有兩個季度卡車數量連續下降，但每輛卡車每週的收入連續增長，而且通常定價滯後於數量。但在這種情況下，您的定價似乎領先於銷售量。你認為那是什麼？我們是否應該預期未來幾季會出現這種趨勢？

Yeah. First, let's attack that from a dedicated standpoint. As we mentioned, on an average, on our external metrics, we were down, I believe, 66 units. We came out of the quarter slightly ahead as current account and start-up activity accelerated through the quarter. So we actually finished up about 17 units.

是的。首先，讓我們從專門的角度來解決這個問題。正如我們所提到的，平均而言，根據我們的外部指標，我們下降了 66 個單位。由於本季經常帳戶和新創企業活動加速，我們在本季略有領先。所以我們實際上完成了大約 17 個單位。

And as noted, we had a couple of fairly large greenfield opportunities in dedicated that we expected to start up in the second half of the year that the customers and their product launch delays has pushed into 2025. So there's some moving parts there.

如前所述，我們有幾個相當大的專門的綠地機會，我們預計將在今年下半年啟動，但客戶及其產品發布已推遲到 2025 年。所以那裡有一些活動部件。

But we do remain disciplined on our pricing and both on contract renewals, obviously, in dedicated, you have some built-in modifiers as contracts renew. But in network, we've had our third consecutive quarter of improved pricing contract renewals with the third quarter being our highest since, I believe, first quarter of 2022.

但我們確實在定價和合約續約方面保持嚴格的紀律，顯然，在專門的合約續約時，你有一些內建的修改器。但在網路方面，我們連續第三個季度的定價合約續約有所改善，我相信第三季是自 2022 年第一季以來的最高水準。

So at some point and some customers, that's trading off for volume, others you're just upgrading the bottom of the portfolio, and that's really our focus on rate restoration is to continue to lean into opportunities to improve our overall yields because we need to do that particularly in the truckload network side.

因此，在某些時候，對某些客戶來說，這是交易量的權衡，而另一些客戶則只是升級投資組合的底部，這實際上是我們對利率恢復的關注點，是繼續尋求提高整體收益率的機會，因為我們需要尤其是在整車網路方面這樣做。

Great. Thanks so much for the insight. Maybe as a follow-up, shifting to the cost side. And Darrell, you had touched this -- touched on this in your prepared remarks, it looks like your operating supplies and insurance line items were kind of the big spots, they both stepped up to what looks like record levels versus historicals as a percentage of revenue with operating supplies at 12.9% versus average 10.5% historically.

偉大的。非常感謝您的見解。也許作為後續行動，轉向成本方面。達雷爾，你在準備好的發言中談到了這一點，看起來你的營運供應和保險項目是重點，它們都達到了看起來創紀錄的水平，與歷史水平相比，佔營運供應收入佔12.9%，而歷史平均為10.5%。

And then for insurance, up to 2.8% versus an average of 2.1% historically. The latter, understandably, we got higher premiums due to the growth in nuclear verdicts. But how should we think about these as a percentage of revenue in terms of a range going forward, should we expect kind of roughly that elevated range for the next year or two on average?

然後是保險，高達 2.8%，而歷史平均為 2.1%。可以理解的是，由於核裁決的增加，我們獲得了更高的保費。但是，我們應該如何將這些視為未來範圍內收入的百分比，我們是否應該預期未來一兩年的平均範圍會大致提高？

Yeah. So good questions. I guess if we start with insurance, I think you laid it out pretty well. From our perspective, the biggest impact that we can have on insurance costs is reducing exposures, right? So we've been focused on investments in our business and processes that have been driving down frequency of incidents over time over the past several quarters.

是的。這麼好的問題。我想如果我們從保險開始，我認為你安排得很好。從我們的角度來看，我們對保險成本的最大影響是減少風險敞口，對嗎？因此，我們一直專注於對業務和流程的投資，這些投資在過去幾季中一直在降低事件發生頻率。

But as you recognize, we're in an environment where there's increased litigation and nuclear verdicts increase in premiums, as you said. So we're seeing some of that come through particularly in the third quarter.

但正如您所認識到的，正如您所說，我們所處的環境是訴訟增加和核裁決導致保費增加。因此，我們看到其中一些進展，特別是在第三季。

But not to lose sight of the fact that our frequency is coming down. As it relates to operating supplies, that's primarily a function of the denominator, right? So we would say that our revenues are not normalized. So we would use our revenue this quarter as a normal baseline.

但不要忽視我們的頻率正在下降的事實。由於它與營運供應相關，因此這主要是分母的函數，對吧？所以我們會說我們的收入沒有正常化。因此，我們將使用本季的營收作為正常基準。

But we did see increases in that line item. That's where our gains on sale and equipment sit so we've had lower year over year gains on equipment sales. And as we've mentioned in the second quarter, our leasing business results, which were driving other down, the cost of goods sold associated with the leasing business is reflected in operating supplies. So just a continuation of the environment that we've seen has pressured owner operators coming through the results.

但我們確實看到該訂單項有所增加。這就是我們的銷售和設備收益所在，因此我們的設備銷售收益比去年同期較低。正如我們在第二季度所提到的，我們的租賃業務業績導致其他業務下降，與租賃業務相關的銷售商品成本反映在營運供應中。因此，我們所看到的環境的延續已經給業主經營者帶來了壓力。

I just want to maybe reinforce the safety and the insurance line. First, our number one, job one is to reduce overall exposure in incidents and as we look at the third quarter of this year, we actually had a 30% reduction in our DOT reportable accidents, which are ones that could have based upon circumstance, the higher severity in cost.

我只是想加強安全和保險。首先，我們的首要任務是減少事故的整體風險，從今年第三季來看，我們的 DOT 可報告事故實際上減少了​​ 30%，這些事故可能會根據具體情況而發生，成本越高。

So job one is just lower the top of the funnel, and we're doing a terrific job, and I'm really proud of our driver community, our operations and safety teams who are really leaning in and improving our overall performance to include a 9% reduction year over year on anything related to injuries of our associate base.

因此，第一項工作只是漏斗的頂部，我們做得非常出色，我為我們的駕駛員社群、我們的營運和安全團隊感到自豪，他們真正致力於並提高我們的整體績效，包括與我們員工受傷相關的任何事情都比去年同期減少9%。

So again, as those trends continue, and that's a multi-quarter trend for us, it ultimately lowers the overall exposure and settlement, anything else that comes with this volatile area.

因此，隨著這些趨勢的持續，這對我們來說是一個多季度的趨勢，它最終會降低整體風險敞口和結算，以及這個波動區域帶來的任何其他東西。

Great. Really appreciate the time and insight. Thank you.

偉大的。非常感謝您的時間和洞察力。謝謝。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Hey, great, thanks, good morning. This is [Christine Gurby] on for Ravi. I want to circle back to the one-way operating seemingly at a loss. It seems like you guys are taking some actions to improve that. But just want to get your thoughts on what the path to profitability looks like, both in terms of magnitude and the slope of that, I imagine the cycle could be more or less helpful, but would just love to get your thoughts on how that can play out over the next couple of quarters.

嘿，太好了，謝謝，早安。這是 Ravi 的 [Christine Gurby]。我想回到看似茫然的單向運作。看來你們正在採取一些行動來改善這一點。但只是想了解您對盈利之路的看法，無論是在幅度還是斜率方面，我想這個週期或多或少都會有幫助，但我很想了解您對如何實現盈利的想法在接下來的幾個季度中發揮作用。

Great. Thank you, Christine. Let me just frame this within our strategic objectives and what we are positioning the company. And certainly, we would expect our network business to be the most commoditized and the most volatile as you look at both sides of a market up or down.

偉大的。謝謝你，克里斯汀。讓我將其納入我們的策略目標和我們對公司的定位。當然，當你觀察市場上漲或下跌的雙方時，我們預期我們的網路業務將是最商品化和最不穩定的。

And so what we're trying to do is minimize the impact of that to growing our strategic growth drivers of dedicated, which we've made great progress on at 64% of our units, and we're continuing to look at both organic with a very strong pipeline and inorganic opportunities to continue that.

因此，我們正在努力做的就是盡量減少這種情況對我們專用策略成長驅動力的影響，我們已經在 64% 的部門中取得了巨大進展，並且我們將繼續關注有機和非常強大的管道和無機機會來繼續這一點。

In addition, as we leverage our differentiators and a recovering truckload market also has great benefit to our intermodal business and bringing more variable capacity to play in our network business with solutions like power only and putting more owner operators at play into that segment.

此外，隨著我們利用我們的差異化優勢，卡車裝載市場的復甦也對我們的多式聯運業務產生巨大的好處，並透過純電力等解決方案在我們的網路業務中發揮更多的可變能力，並讓更多的業主經營者參與該細分市場。

So that's our strategy to isolate and minimize the volatility effects of the network offering. In the short term, though, we need to get a compensable rate and continue to lean in and improve the book of business in the network, and we've made progress in the last three quarters doing that, and we would expect that will continue as we turn the page into 2025 on the rate restoration activities.

這就是我們隔離和最小化網路產品波動影響的策略。不過，從短期來看，我們需要獲得可補償的費率，並繼續努力並改善網路中的業務，我們在過去三個季度中已經取得了進展，我們預計這種情況將繼續下去當我們將利率恢復活動的這一頁翻到2025 年。

We think we have the right amount of core company drivers around our core network and then how do we augment that with some increased owner operator performance there, particularly as you've seen, not only with us, but across the industry, have more shrinks there, I think, almost in any time since the 2008 and 2009 financial crisis.

我們認為，我們在核心網路周圍擁有適量的核心公司驅動程序，然後我們如何透過提高所有者運營商的績效來增強這一點，特別是正如您所看到的，不僅是我們，而且整個行業都有更多的收縮我認為自 2008 年和 2009 年金融危機以來幾乎任何時候都會出現這種情況。

So we're doing that through some additional investments in technology with our owner operator FreightPower application, which ultimately provides more access to freight and more visibility to freight across our portfolio of all the freight generation activities we have as an enterprise. So it has both a top line, a cost and a rate restoration activity to move us to a more sustainable position within the network.

因此，我們正在透過我們的業主營運商 FreightPower 應用程式進行一些額外的技術投資來實現這一目標，最終為我們作為企業擁有的所有貨運生成活動的組合提供更多的貨運管道和貨運可視性。因此，它既有收入、成本又有費率恢復活動，可以使我們在網路中處於更永續的位置。

Great. That's really helpful color. Maybe if I can ask one in a slightly different direction, but obviously, we've had some pull forward related to some supply chain disruption this year, but as we look forward, is there any talk amongst your customer base about another potential pull forward ahead of tariffs in light of the election results and what do you think that might look like has enough capacity come out that, that could be a more structural tightening event? Or how are you thinking through some of those dynamics?

偉大的。這真是有用的顏色。也許我可以從稍微不同的方向問一個問題，但顯然，我們今年已經有一些與供應鏈中斷相關的提前，但正如我們期待的那樣，您的客戶群中是否有關於另一個潛在提前的討論鑑於選舉結果，在關稅之前，您認為如果有足夠的產能，這可能會是更具結構性的緊縮事件？或者您如何思考其中的一些動態？

Yeah. Thanks, Christine. This is Jim. I would say at this point, we haven't had many discussions with our customers about an additional pull forward relative to tariffs, not that won't happen but that would happen at a little bit faster pace than what we would normally see as currently our customers are really operating just on their normal replenishment cycle preparing for this holiday push. So it is something that still could be out there ahead of us.

是的。謝謝，克里斯汀。這是吉姆。我想說，在這一點上，我們還沒有與客戶就關稅方面的額外提前進行太多討論，這並不是不會發生，而是發生的速度比我們通常看到的目前要快一些我們的客戶實際上只是按照正常的補貨週期進行操作，為這次假期促銷做準備。所以這仍然是擺在我們面前的事情。

Great. Appreciate the time, very much.

偉大的。非常珍惜時間，非常感謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, good morning guys. It's Rob on for Chris. Could you -- taking a step back here, like how should we be thinking about the opportunity for margin expansion next year? Obviously, it remains a very competitive environment. It sounds like you guys are getting some rate restoration within the network business. But just curious how you think about the puts and takes given cost inflation to improve margins looking out to next year?

嘿，早上好，夥計們。羅布替補克里斯。您能否退後一步，想想我們該如何考慮明年利潤率擴張的機會？顯然，這仍然是一個競爭非常激烈的環境。聽起來你們的網路業務正在恢復一些費率。但只是好奇，考慮到成本通膨，您如何看待看跌期權和看跌期權，以提高明年的利潤率？

Yeah. We won't have a whole lot of guidance obviously at this juncture for 2025. But on trend, certainly, we continue to believe capacity is exiting the marketplace. It's been a slow grind to do mentioned in our opening comments.

是的。顯然，在這個時刻，我們不會為 2025 年提供大量指導。但從趨勢來看，我們仍然相信產能正在退出市場。在我們的開場評論中提到，這是一個緩慢的過程。

As you look at the lending community and the quality of where the loan portfolio is in perhaps as toughest spot since the financial crisis, which means we're increasing, I think out of levers, and they're out of levers to continue to allow that capacity to continue.

當你觀察貸款界和貸款組合的品質時，貸款組合可能正處於金融危機以來最困難的境地，這意味著我們正在增加，我認為已經沒有槓桿了，而且他們已經沒有槓桿可以繼續允許繼續的能力。

So I think that's a key area to watch, which will help on the supply side of the equation. We -- our most recent customer discussions. I think we've walked away with the sentiment that they're looking towards a market recovery of some sort themselves and being and I think that's why you're seeing some more favorability to asset-based carriers and certainly asset-based brokerage, I think that trend continues. And I think that builds at least in our mind, has a positive contributor to a 2025 scenario.

所以我認為這是一個值得關注的關鍵領域，這將有助於供應方面。我們—我們最近的客戶討論。我認為我們已經擺脫了這樣一種情緒，即他們正在尋求某種形式的市場復甦，我認為這就是為什麼你會看到對基於資產的運營商和當然是基於資產的經紀業務有更多的青睞，我認為這種趨勢仍在繼續。我認為這至少在我們心中是成立的，對 2025 年的願景有正面的貢獻。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

Hey, thanks guys. This is Reed on for Daniel. Kind of a follow-up on the other intermodal questions that we've had earlier. If you could provide some color on your expectations for intermodal pricing going forward, given we had some outperformance in the quarter, at least versus our expectations. What do you -- do you see this as sustainable in the fourth quarter?

嘿，謝謝大家。這是里德為丹尼爾發言。這是我們之前遇到的其他聯運問題的後續行動。鑑於我們在本季度的表現有所出色，至少與我們的預期相比，您能否提供一些關於您對未來多式聯運定價的預期的信息。您認為第四季這種情況可持續嗎？

And are you expecting to be able to grow pricing in 2025? I mean kind of along the same lines, or has been improving. Do you see that as continuing in the fourth quarter and going forward? Just any color there would be helpful.

您預計 2025 年能夠提高定價嗎？我的意思是有點類似，或是一直在改進。您認為這種情況會在第四季持續下去嗎？任何顏色都會有幫助。

Sure, Reed. This is Jim. A little bit early for us to be giving guidance on 2025 pricing. I think what you're seeing right now is that we're remaining disciplined through this allocation season the way that we're managing our network as well that a small amount of price improvement. Sequentially year over year, just as a result of that improvement as well as a little bit of a here from just improved network dynamics of where we're growing our business.

當然，里德。這是吉姆。我們現在就 2025 年定價提供指導還為時過早。我認為你現在看到的是，我們在這個分配季節保持紀律，管理網路的方式以及價格的小幅改善。年復一年，正是這種改進的結果，以及我們業務發展的網路動態的改善。

Got it. Thank you. And just real quick on the CapEx guidance as well. You basically kept it flat with the report while there is some challenging dynamics in the backdrop. If you could just provide some color on your thoughts there.

知道了。謝謝。資本支出指南也非常快速。雖然背景中存在一些具有挑戰性的動態，但您基本上與報告相同。如果你能為你的想法提供一些色彩的話。

Yeah. So as a recap, in the second quarter, we had guided to $300 million to $350 million for the full year. We're coming in at $330 million. So square in the middle of what we had expected a number of actions that we've taken, right, our productivity has improved.

是的。回顧一下，在第二季度，我們的全年目標為 3 億至 3.5 億美元。我們的收入為 3.3 億美元。因此，在我們所採取的一系列行動中，我們的生產力已經提高了。

We've tightened our truck to tractor --- driver to tractor ratios which obviously has an impact on what our CapEx spend has to be with maintain capital discipline in terms of allocating to the sectors that are demonstrated the most growth. So that's been a continuation of an exercise that's been going on for several quarters. So the guidance really confirms a lot of what we've been doing to this point.

我們收緊了卡車與拖拉機——司機與拖拉機的比率，這顯然對我們的資本支出產生了影響，以維持資本紀律，分配給成長最快的行業。因此，這是已經持續了幾個季度的活動的延續。因此，該指南確實證實了我們迄今為止所做的許多工作。

And that's a net CapEx guidance, which also has the proceeds from disposal equipment, and that's moderated a bit. So that still puts us right in the middle of the range. As we look forward, we also believe we're in a position as we grow our business in both intermodal and across our power only network business, we can do so without reinvesting to nearly the same degree we have the last 24 months on trailers.

這是淨資本支出指導，其中還包括處置設備的收益，並且有所調整。所以這仍然使我們處於範圍的中間。展望未來，我們也相信，隨著我們在多式聯運和純電力網路業務方面發展業務，我們可以做到這一點，而無需再投資到與過去 24 個月拖車投資幾乎相同的程度。

And so we think we're in a position to have some incremental margin improvement as well as not having to invest capital to get after those improvements. So we'll be more specific as we get into 2025, but that's an area that I think we can leverage to the benefit of our shareholders.

因此，我們認為我們能夠實現一些增量利潤率的改善，並且無需投資資本來實現這些改善。因此，進入 2025 年，我們將更加具體，但我認為我們可以利用這一領域來為股東謀取利益。

Got it. Appreciate the color guys.

知道了。欣賞顏色的傢伙。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, great, good morning. So Mark, you mentioned earlier that rates were the best level in a few years. I believe that you might throw topping some contract levels, but yet market is still not investable. So I guess one is a little odd, given there were 30,000 net orders placed last month. I'm still trying to wrap my head around why we keep getting those try levels.

嘿，太好了，早安。馬克，您之前提到利率是幾年來的最佳水平。我相信你可能會突破一些合約水平，但市場仍然不可投資。所以我覺得有點奇怪，因為上個月有 3 萬個淨訂單。我仍在努力弄清楚為什麼我們不斷獲得這些嘗試等級。

But what does that tell us about the backdrop in an environment where you're getting spot to improve yet you're still looking and you and Darrell taken that fourth quarter down to basically flat, I guess, to $0.16, $0.22. How do you think about the environment given the spot rates are improving?

但是，這告訴我們什麼關於環境中的背景，你正在改進但你仍在尋找，你和達雷爾將第四季度的收入基本持平，我猜，為 0.16 美元，0.22 美元。鑑於即期匯率正在改善，您如何看待環境？

Yeah. And I believe, Ken, that's mostly a network question. And a couple of things, I think we have taken actions to arrest some of the inflationary impacts, but we still from a rate recovery standpoint for complete margin recovery and the path that we think we need to be on to reinvest in the business.

是的。我相信，肯，這主要是網路問題。有幾件事，我認為我們已經採取行動來遏制一些通膨影響，但我們仍然從利率恢復的角度來看，以實現利潤率的完全恢復，以及我們認為我們需要走上的道路，以對業務進行再投資。

We still have work to do and so certainly encouraged by the last three quarters of at least starting to turn that into the positive category and even more so here in the third quarter renewals from a lift standpoint. Again, that's in front of us, right? Third quarter renewal doesn't mean we've experienced that in the third quarter. It depends when the implementation of those awards are do you get the chance to yield those benefits.

我們仍然有工作要做，因此肯定會受到過去三個季度的鼓舞，至少開始將其轉變為積極的類別，從提升的角度來看，在第三季度的續約中更是如此。再說一遍，它就在我們面前，對嗎？第三季續約並不意味著我們在第三季經歷過這種情況。這取決於這些獎勵何時實施，您是否有機會獲得這些好處。

Spot pricing has improved and certainly, the contract to the project work helps us with that. Those are generally more short-term in nature solutions. And so again, what we want to watch is through this whole fourth quarter, how is the second half, particularly at December play, how far can the e-com trend and the retail trend carried through the quarter.

現貨定價有所改善，當然，專案工作合約對我們有所幫助。這些通常是更短期的解決方案。再說一次，我們想關注的是整個第四季度，下半年，特別是12月份的表現如何，電子商務趨勢和零售趨勢能夠在整個季度中走多遠。

I think that will determine where we are in the range to the high end of the range to the mid part of the range or the lower part of the range is really how strong that last couple three weeks of December are.

我認為這將決定我們在範圍的高端到範圍的中間部分或範圍的下半部分的範圍內的位置，這實際上是12月最後三週的強度。

Yeah. But I guess as a sign, you're starting to see that spot, which does that mean enough capacity is coming out and you're getting a better balance? Is that because of the storms and because of free shipping and potential preshipping out of tariffs. Is there a way to pinpoint it? Or it doesn't matter to you, you're just seeing the backdrop improve?

是的。但我想作為一個跡象，您開始看到那個位置，這是否意味著足夠的容量正在釋放並且您正在獲得更好的平衡？這是因為風暴，還是因為免費送貨和潛在的預發貨關稅。有辦法查明嗎？或者這對你來說並不重要，你只是看到背景有所改善？

I think what we're really trying to assess, Ken, to be more specific on that, it's how we can sustain those trends. We certainly saw that in June, we saw that in July, which were really encouraging. And then mid-August through the end of the quarter, that same trend tempered.

肯，我認為我們真正想要評估的是我們如何維持這些趨勢。我們當然在六月看到了這一點，我們在七月也看到了這一點，這確實令人鼓舞。然後從 8 月中旬到本季末，同樣的趨勢有所緩和。

Now we're back into a more favorable October seasonality piece spot pricing and so how that sustains itself, I think is more instructive to when we feel we can move the dial fast enough and far enough to be investable in our network business.

現在，我們又回到了更有利的10 月份季節性單品現貨定價，因此，當我們覺得我們可以足夠快、足夠遠地調整我們的網絡業務以投資我們的網絡業務時，我認為這種定價方式如何維持下去更具啟發性。

And Mark, just to wrap up for me. The intermodal versus the spot truckload business, is there one versus the other that you start to see that tightening or the improvement impact a little bit first, faster. Obviously, you've got the preshipping that moved the volumes up double digit in the West.

馬克，請為我做個總結。多式聯運與現貨卡車運輸業務相比，您是否開始看到收緊或改進的影響更快一些。顯然，預發貨使西方的銷量增長了兩位數。

But I don't know if that's just a signal of rail service improving? Or is there one that you would look to first? Is it rail or truck on seeing that tightening?

但不知道這是否只是鐵路服務改善的訊號？或者您會先考慮哪一個？是鐵路還是卡車看到收緊？

Yeah. This is Jim, Ken. And part of this also is as market titans that customers comparing an interval contract rate to a spot price. They start to look at a contract to contract to lock in capacity. And so as you see that tightening, there's a little bit different comparison. And we have seen our truck pricing increasing at a little bit faster rate than over the road, and that would really be what will start to tighten and start to change that market.

是的。這是吉姆，肯。其中一部分也是作為市場巨頭，客戶將區間合約價格與現貨價格進行比較。他們開始考慮透過簽訂合約來鎖定產能。所以當你看到收緊時，會有一些不同的比較。我們已經看到我們的卡車價格增長速度比公路上的價格增長速度要快一些，這確實會開始收緊並開始改變該市場。

Historically, truck pricing moves before the intermodal pricing moves.

從歷史上看，卡車定價的變動先於多式聯運定價的變動。

Great. Thanks guys. Appreciate it.

偉大的。謝謝你們。欣賞它。

Thanks, Ken.

謝謝，肯。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Mark, we're seeing the large national network carriers for the most part, do what we would think they need to do to restore balance in the one-way market by walking away from noncompetitory business, raising pricing on what's retained?

馬克，我們看到大多數大型全國性網路營運商都採取了我們認為他們需要採取的措施，透過放棄非競爭性業務、提高保留業務的定價來恢復單向市場的平衡？

And I guess from the brokerage results across the space, it doesn't feel like that business is going into the small carriers aggregated by brokers. So I don't know if you have a strong view on this, but internally, where do you think the people that are walking away from large national carriers in the one-way business are going right now?

我猜從整個領域的經紀業績來看，感覺該業務並沒有進入由經紀商聚集的小型業者。所以我不知道你對此是否有強烈的看法，但在內部，你認為那些在單程業務中放棄大型國家航空公司的人現在會去哪裡？

And ultimately, what does it take to force that segment of the market's hand and really restore a competitor returns-driven framework to the industry? Thank you.

最終，如何迫使該市場部分採取行動並真正恢復該行業由競爭對手回報驅動的框架？謝謝。

Great. Totally understand the question there, Bascome. I think historically, the network business, both on a recovery and on a downturn reacts to fastest. And in our historical perspective, a couple of percentage points of demand increased a few percentage points of supply decrease starts to change the dynamics fairly quickly. And we've just been in this long slog on the slow erosion of supply.

偉大的。完全理解這個問題，巴斯科姆。我認為從歷史上看，網路業務無論是在復甦還是在低迷時期都會做出最快的反應。從我們的歷史角度來看，需求增加幾個百分點，供應減少幾個百分點，就會很快改變動態。我們剛剛經歷了供應緩慢侵蝕的漫長過程。

And I think eventually, when is the timing we're trying not to totally predict that. But it does feel that we are at the bottom or close to the bottom. It allows I think, for those reactionary measures to start happening. I think our customers are also baffled a bit that has taken us longer and particularly the sophisticated shipper that relies on trailer pools.

我認為最終，我們試圖不完全預測這一點的時機是什麼時候。但確實感覺我們正處於底部或接近底部。我認為，它讓那些反動措施開始發生。我認為我們的客戶也有點困惑，這讓我們花了更長的時間，尤其是依賴拖車池的成熟托運人。

It looks at their network for long-term sustainable performance are also trying to hedge. I think that's part of why we're starting to see our ability to move price even ever so slightly because the realization that they're having as well that we're pretty long into the cycle.

它著眼於他們的網路的長期可持續表現，也試圖對沖。我認為這就是為什麼我們開始看到我們有能力稍微改變價格的部分原因，因為他們也意識到我們已經進入了這個週期很長一段時間。

Do you have a sense within the competitive landscape? What type or class of carrier is taking on, flat to down rates at this point in the cycle?

您對競爭格局有了解嗎？在周期的此時點上，哪種類型或類別的承運商正在採取統一或下調費率？

Our view to a third party is really some of our brokerage group. And again, that's a much smaller in general carrier community versus a midsized carriers. So I don't -- I think it's the difficulty of our industry being so fragmented to have terrific visibility into all of those.

我們對第三方的看法實際上是我們經紀集團的一些觀點。再說一遍，與中型業者相比，一般業者群體要小得多。所以我不認為——我認為我們的行業如此分散，很難對所有這些都有很好的了解。

But I think it calls for being disciplined. And really, that's our focus is enough erosion there, we have to start to get rate restoration to be compensable for our cost and to invest in the business.

但我認為這需要遵守紀律。事實上，我們的重點是那裡的侵蝕已經足夠了，我們必須開始恢復利率，以補償我們的成本並投資於業務。

Bascome, this is Jim. I'll just add a little bit of color from the perspective of our customers. As we're starting to approach their allocation season, we're having more strategic discussions with them. And the longer this cycle goes on, they're starting to ask more questions and listening, trying to understand the ability of the financial health of the carriers that they're working with and as they're making those questions, they're trying to put together solutions, looking to companies like us have a broad portfolio, long stability to put those pieces together to they will position their business wherever they need to go.

巴斯科姆，這是吉姆。我將從客戶的角度添加一點色彩。當我們開始接近他們的分配季節時，我們正在與他們進行更多的策略討論。這個週期持續的時間越長，他們就會開始提出更多的問題和傾聽，試圖了解與他們合作的運營商的財務健康狀況，當他們提出這些問題時，他們正在嘗試為了整合解決方案，我們希望像我們這樣的公司擁有廣泛的產品組合和長期的穩定性，將這些部分組合在一起，以便將其業務定位到任何需要的地方。

Thanks, Jim. Thanks, Mark.

謝謝，吉姆。謝謝，馬克。

Thank you.

謝謝。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Hey, thanks and good morning guys. Maybe just coming back to side. I was interested to hear your comments about the volumes in the local East just given that some of your competitors have been growing there. And I imagine that's an intentional decision not to maybe participate in the competitive market.

嘿，謝謝，大家早安。也許只是回到身邊。我很想聽聽您對當地東部銷售的評論，因為您的一些競爭對手一直在當地增長。我認為這是一個有意決定不參與競爭市場的決定。

But maybe any detail there comments around whether there's something inherent in your asset-based strategy that makes the returns there less interesting and I guess, ultimately, why you're seeing the decline there relative to others?

但也許那裡的任何細節都會評論您的基於資產的策略中是否存在某些固有的東西，從而使那裡的回報變得不那麼有趣，我想，最終，為什麼您會看到那裡相對於其他國家的回報下降？

Yeah, Bruce, this is Jim. And really, our strategy is as we talked about this going through the allocation season is to remain disciplined to maintain our profitability and eventually improve there, where I would say the opportunities in the East going forward is really what the STB approval of this new connection between the CSX and CPKC.

是的，布魯斯，這是吉姆。實際上，正如我們所討論的，我們的策略是在整個分配季節中保持紀律，以維持我們的盈利能力並最終提高盈利能力，我想說的是，東部地區未來的機會實際上是STB 批准這一新連結的機會CSX 和 CPKC 之間。

That's exciting for us because we really have an anchor position with both of those railroads. The connection between Texas and the Southeast. It's one of the largest rail opportunities that we have out there in the network. It is competitive with truck but as we've been having discussions with customers, they're excited to have an option that they can start to look at that from an intermodal perspective. So I would say that's where we're expecting that we'll be able to grow the East.

這對我們來說是令人興奮的，因為我們確實在這兩條鐵路中擁有錨定地位。德克薩斯州與東南部之間的聯繫。這是我們網路中最大的鐵路機會之一。它與卡車具有競爭力，但正如我們一直在與客戶討論的那樣，他們很高興有一個選擇，可以開始從多式聯運的角度來看待這個問題。所以我想說，這就是我們期望能夠發展東部的地方。

And we've been using this interim time frame to really understand what that potential is in that marketplace through our insights into the freight and our experience with our shippers over a multiple year period and so that we could hit the ground running and is already prepared once all of that becomes clear, and we're ready to go that we won't have much of a delay to get out in front of our customers on what value we can create by that new opportunity.

我們一直在利用這個臨時時間框架，透過我們對貨運的洞察以及我們多年來與托運人合作的經驗，真正了解該市場的潛力，以便我們能夠立即投入運行並做好準備一旦所有這些都變得清晰，我們就準備好了，我們不會有太多的延遲，向我們的客戶展示我們可以透過這個新機會創造什麼價值。

Okay. And maybe just to continue on that opportunity theme. We've heard about maybe some service disruptions from some of your peers or one of your peers. Wondering if that's anything you're seeing? And then as you think about the potential for PSR at one of the big rail service providers, any thoughts around how the competitive or pricing dynamic maybe changes as you go forward?

好的。也許只是為了延續這個機會主題。我們聽說您的某些同行或您的一位同行可能會出現一些服務中斷的情況。想知道這是不是你所看到的？然後，當您考慮大型鐵路服務提供者之一的 PSR 潛力時，您對未來競爭或定價動態可能如何變化有何想法？

Yeah. I'll start in the East. You think about what they've gone through with a port strike, two massive hurricanes, one that really covered the entire CSX network. It's amazing how quickly they responded and restored service to that rail line really shows the resiliency of their business operating with PSR.

是的。我將從東部開始。你想想他們經歷過的港口罷工、兩次大規模颶風、其中一場真正涵蓋了整個 CSX 網路。令人驚訝的是，他們的響應速度如此之快，並恢復了該鐵路線的服務，這確實顯示了他們透過 PSR 運營的業務的彈性。

And then in terms of potential changes in the West with competing railroad and bringing at [Harris], I think it's a little bit too soon to tell. Clearly, they have some work to do from a margin management that could create opportunities for our partner in the West to Union Pacific.

然後就西部地區與競爭鐵路和引入[哈里斯]的潛在變化而言，我認為現在說還為時過早。顯然，他們在利潤管理方面還有一些工作要做，這可以為我們在西方的合作夥伴到聯合太平洋公司創造機會。

Okay, great. Appreciate that.

好的，太好了。很欣賞這一點。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。