Schneider National Inc (SNDR) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Schneider's Fourth Quarter 2024 Earnings Conference Call.(Operator Instructions) I'd now like to turn the call over to Steve Bindas, Director of Investor Relations. You may begin.

感謝您的支持，歡迎參加施耐德 2024 年第四季財報電話會議。現在我想將電話轉給投資者關係總監史蒂夫·賓達斯 (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. 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.

謝謝接線員，大家早安。今天與我一起參加電話會議的還有總裁兼執行長馬克魯爾克 (Mark Rourke)； Darrell Campbell，執行副總裁兼財務長；以及運輸和物流執行副總裁兼集團總裁 Jim Filter。今天早些時候，該公司發布了一份盈利新聞稿。本新聞稿和投資者介紹可在我們網站 schneider.com 的投資者關係部分查閱。

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.

我們的電話會議將包括對施耐德未來期望、預測、計劃和前景的評論。這些構成了適用聯邦證券法中安全港條款規定的前瞻性聲明。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。

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.

公司敦促投資者審查我們提交給美國證券交易委員會的文件中討論的風險和不確定性，包括但不限於我們最近的 10-K 表年度報告以及今天的收益報告中確定的風險。所有前瞻性陳述均截至本次電話會議之日，施耐德不承擔更新此類陳述的任何義務，除非法律另有要求。

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 規則，今天電話會議中引用的任何非 GAAP 財務指標的對帳表均可在我們的收益報告和投資者報告中找到，其中包括與最直接可比較的 GAAP 指標的對帳表。

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魯爾克 (Mark Rourke)。

Thank you, Steve, and hello, everyone. Thanks for joining the Schneider call today. For our prepared remarks, I will provide an overview of our framework to drive structural improvements in our business, enable us to seize the opportunities ahead. Then I will share insights on our recent dedicated acquisition of Cowan Systems, offer my perspectives on the freight market and discuss our results and positioning across our multimodal platform of Truckload, Intermodal and Logistics.

謝謝你，史蒂夫，大家好。感謝您今天參加施耐德電話會議。在我們的準備好的演講中，我將概述我們的框架，以推動我們業務的結構性改進，使我們能夠抓住未來的機會。然後，我將分享我們最近對 Cowan Systems 的專案收購的見解，提供我對貨運市場的看法，並討論我們的整車、聯運和物流多式聯運平台的成果和定位。

Darrell will then provide a financial overview of our fourth quarter results and discuss our assumptions for 2025 full year earnings per share and net capital expenditures guidance. Then we'll take your questions.

然後，Darrell 將提供我們第四季度業績的財務概述，並討論我們對 2025 年全年每股收益和淨資本支出指引的假設。然後我們會回答你們的問題。

Let me begin by emphasizing that we remain committed to driving ongoing structural improvements in our business by restoring margins, improving resiliency, enabling growth and enhancing financial returns. To accomplish that, we continue to follow a framework that includes four tenets, all equally important. Our first tenet is optimizing capital allocation across our strategic growth priorities, which include dedicated, intermodal and logistics.

首先我要強調的是，我們將繼續致力於透過恢復利潤率、提高彈性、促進成長和提高財務回報來推動我們業務的持續結構性改善。為了實現這一目標，我們繼續遵循包含四項原則的框架，所有原則都同等重要。我們的首要原則是優化策略成長重點的資本配置，其中包括專用、聯運和物流。

The second tenet is managing the customer freight allocation process with purpose and discipline. By carefully selecting and managing our freight, we can ensure that we are serving our customers effectively and profitably. Next is delivering an effortless customer experience. We aim to make it easy for customers to work with us by providing optionality and value across our multimodal portfolio.

第二個原則是目的明確、紀律地管理客戶貨運分配流程。透過精心選擇和管理我們的貨運，我們可以確保有效且有利可圖地為客戶服務。接下來是提供輕鬆的客戶體驗。我們的目標是透過在我們的多式聯運產品組合中提供可選性和價值，使客戶能夠輕鬆地與我們合作。

The fourth tenet is containing costs across all expense categories. Cost containment is critical to our overall business strategy as it enables us to reinvest in growth initiatives and enhance our competitive position.

第四個原則是控制所有支出類別的成本。成本控制對於我們的整體業務策略至關重要，因為它使我們能夠重新投資於成長計劃並增強我們的競爭地位。

Turning to the fourth quarter. Programmatic acquisitions complement our organic growth objectives. And on December 2, we were pleased to announce the completion of our acquisition of Cowan Systems. Cowan is our third and largest dedicated acquisition in as many years and aligns with our long-term strategic objective of providing customer-centric dedicated solutions as the cornerstone of our Truckload segment while broadening our vertical market reach to provide greater value to our customers and shareholders.

展望第四季。程序化收購補充了我們的有機成長目標。12 月 2 日，我們很高興地宣布完成對 Cowan Systems 的收購。Cowan 是我們多年來第三次也是最大的一次專門收購，它符合我們的長期戰略目標，即提供以客戶為中心的專用解決方案作為我們貨車運輸部門的基石，同時拓寬我們的垂直市場範圍，為我們的客戶和股東提供更大的價值。

With the acquisition of Cowan, 70% of our truckload fleet is now in dedicated contract configurations. This compares to 33% in 2017, our first year as a public company. Cowan fits our acquisitive profile as a successful, well-run family-owned enterprise with a highly compatible culture and a track record of providing excellent customer experience that drives deep loyalty.

隨著對 Cowan 的收購，我們 70% 的貨車車隊現在都採用專用合約配置。相較之下，2017 年（我們上市第一年）的成長率為 33%。Cowan 符合我們的收購形象，是一家成功的、經營良好的家族企業，具有高度相容的文化，並有著提供卓越客戶體驗、贏得深度忠誠度的良好記錄。

In keeping with our proven acquisition playbook, Cowan will retain its brand, operating independence and leadership. As primarily a dedicated contract carrier with a portfolio of complementary services, including brokerage, port and intermodal drayage and warehousing, Cowan utilizes a 100% lightweight equipment model and serves the attractive end markets of specialty retail, food and beverage and construction building supplies, all of which take advantage of the increased payload capability.

按照我們行之有效的收購策略，Cowan 將保留其品牌、營運獨立性和領導地位。作為專業的合約承運商，Cowan 提供一系列互補服務，包括經紀、港口和多式聯運短途運輸以及倉儲，它採用 100% 輕型設備模型，服務於專業零售、食品和飲料以及建築材料等具有吸引力的終端市場，所有這些市場都充分利用了增加的有效載荷能力。

The transaction price was $421 million, including $31 million of related real estate. In 2024, its pro forma operating revenues were $629 million, primarily composed of Dedicated, which operates approximately 1,900 trucks and 7,600 trailers. Cowan was accretive to earnings per share in December. We expect between $20 million and $30 million of annual synergies after year one.

交易價格為4.21億美元，其中包括價值3,100萬美元的相關房地產。2024 年，其預計營業收入為 6.29 億美元，主要由 Dedicated 組成，該公司營運約 1,900 輛卡車和 7,600 輛拖車。考恩 12 月每股收益增加。我們預計第一年後每年的綜效將達到 2,000 萬至 3,000 萬美元。

The synergies are largely from the integration of administrative and support functions, including equipment purchasing, maintenance and fuel.

協同效應主要來自於行政和支援職能的整合，包括設備採購、維護和燃料。

We expect to benefit from these synergies as early as the first half of 2025 with the benefits accelerating in the second half of the year. With the Cowan acquisition, we see ample opportunities for growth across multiple verticals and geographies, and we will allocate capital to organically grow the business and enhance returns to shareholders.

我們預計最快將在 2025 年上半年受益於這些綜效，並在下半年加速顯現。透過收購 Cowan，我們看到了多個垂直領域和地區的充足成長機會，我們將分配資本來有機地發展業務並提高股東回報。

Now let me give you my perspective on the freight market and what we are seeing from our vantage point here at the end of January. The fourth quarter largely played out to our expectations. Seasonality, which began in the second quarter was even more evident in the fourth. Carriers are still not being adequately compensated for the value provided and the cost to deliver, resulting in continued attrition of supply.

現在，讓我向您介紹我對貨運市場的看法以及從 1 月底的角度來看我們看到的情況。第四季的表現基本上符合我們的預期。季節性現象始於第二季度，在第四季更為明顯。承運商仍然沒有得到與其提供的價值和運送成本相適應的充分補償，導致供應持續減少。

Declining capacity across current demand that more closely aligns to seasonal expectations is bringing the supply and demand condition closer to equilibrium. In the quarter, we experienced solid retail and consumer product-driven volumes that were partially offset by extended seasonal auto production shutdowns. While there were pockets of pull forward import volumes to address concerns with tariffs and potential port labor strikes, this was not universal across our customer base, so the impact this will have in 2025 is difficult to quantify.

目前需求與季節性預期更吻合，產能下降使供需狀況更接近平衡。在本季度，我們經歷了零售和消費品驅動的穩健銷售，但因季節性汽車生產停工延長而部分抵消了這一增長。雖然有些地區為了解決關稅和潛在港口工人罷工的擔憂而提前進口量，但這並不適用於我們的客戶群，因此很難量化這對 2025 年的影響。

Starting around Thanksgiving, spot price exceeded contract price and accelerated through the end of the year and into 2025. While the trend is encouraging, we are far from satisfied with our results. We continue to take actions to restore performance within our long-term margin targets. These actions include executing the allocation season with purpose and discipline for profitable growth, reducing our cost to serve and growing our variable cost network capacity.

從感恩節前後開始，現貨價格就超過了合約價格，並在年底至 2025 年加速上漲。雖然趨勢令人鼓舞，但我們對結果還遠遠不滿意。我們將繼續採取行動，在長期利潤目標範圍內恢復業績。這些行動包括有目的、有紀律地執行分配季，實現獲利成長，降低服務成本，並增加可變成本網路容量。

We are very early in the freight allocation season, but we are finding that customers are more receptive to rate restoration than they have been in the last two years. In addition to recovering market conditions, the fourth quarter benefited from the cumulative effects of the action we have taken throughout the year to expand margins, which resulted in a year-over-year improvement in earnings across all reportable segments for the first time since the second quarter of 2022. Our actions also position us for outsized leverage in an improving freight market.

我們正處於貨運分配季節的早期階段，但我們發現客戶對於運費恢復的接受程度比過去兩年更高。除了市場狀況回升之外，第四季還受益於我們全年為擴大利潤率所採取行動的累積效應，導致所有報告部門的收益自 2022 年第二季以來首次實現同比增長。我們的行動也使我們在不斷改善的貨運市場中佔據了巨大的優勢。

Turning to our segment results, and I'll start with dedicated in our Truckload segment. Our dedicated business has demonstrated resilient earnings profile over freight cycles is an important part of our strategy to create enduring shareholder value. As we expected, there was limited organic start-up activity in the fourth quarter. We have line of sight to several hundred trucks of new business awards slated for start-up in the first half of 2025. Our new business pipeline remains strong, and we are adding additional commercial resources to advance the opportunities we have in front of us.

談到我們的分部業績，我將先介紹我們的貨車裝載量分部。我們專注的業務已證明貨運週期內具有彈性的獲利狀況，這是我們創造持久股東價值策略的重要組成部分。正如我們預期的那樣，第四季度的有機啟動活動有限。我們預計 2025 年上半年將有數百輛卡車的新業務獎勵啟動。我們的新業務管道依然強勁，我們正在增加額外的商業資源來推進我們面前的機會。

In addition to overall truck growth, we expect enhanced dedicated revenue per truck per week due to two separate influencing factors. The first is that, we are tightening our truck to driver ratios in our three acquired companies in redeploying the underutilized capital to new startups. Second, we had trucks at the ready for a few large start-ups that were customer delayed from 2024 into 2025, which we can now effectively deploy.

除了卡車整體成長之外，由於兩個獨立的影響因素，我們預計每輛卡車每週的專用收入也會增加。首先，我們正在收緊我們收購的三家公司的卡車與司機的比例，以便將未充分利用的資本重新部署到新的新創公司。其次，我們為一些大型新創公司準備了卡車，這些企業被客戶從 2024 年推遲到 2025 年，現在我們可以有效地部署這些卡車。

Our truck network business continues to be challenged. We are on a path to restore profitability of this business through internal cost control and productivity actions, adding variable cost capacity and rate restoration that aligns the value we provide and the cost to deliver our exceptional service.

我們的卡車網路業務繼續面臨挑戰。我們正在透過內部成本控制和生產力行動來恢復該業務的盈利能力，增加可變成本能力和費率恢復，以使我們提供的價值與提供卓越服務的成本保持一致。

In the quarter, we achieved sequential earnings improvement driven by cost reductions and rate performance that was at expectations, as we continue to work to attract more variable cost capacity. This improvement was achieved, while overcoming the impact of insurance expense, which I'll talk to you in a moment.

在本季度，由於我們繼續努力吸引更多的可變成本產能，我們實現了連續的獲利成長，這得益於成本降低和符合預期的費率表現。這項改善是在克服保險費用的影響的同時實現的，這個我稍後會和大家講。

Looking forward, as freight conditions recover, our network business, which is more sensitive to market cycles will benefit from supportive pricing environment and enhanced asset productivity.

展望未來，隨著貨運條件的復甦，對市場週期更敏感的網路業務將受益於支援性的定價環境和增強的資產生產力。

Enterprise results for the quarter included $7 million of prior year accident reserves, an impact of $0.03 per share most of which resides in truckload. In 2024, Schneider achieved significant reductions in our DOT reportable accidents attaining an all-time low accident frequency.

企業本季的業績包括 700 萬美元的上年事故準備金，影響為每股 0.03 美元，其中大部分用於卡車運輸。2024年，施耐德的 DOT 報告事故顯著減少，事故頻率達到歷史最低。

At the same time, the industry has seen a surge in litigious activity, including litigation funding, nuclear verdicts and inflated settlements, which have increased the cost and volatility of claim reserves as well as insurance premiums.

同時，該行業的訴訟活動激增，包括訴訟融資、核判決和虛高的和解金額，這增加了索賠準備金和保險費的成本和波動性。

Our number one goal is to lower the frequency as this is the first line of defense against rising settlement costs. I am proud of our driver community, our operations and safety teams whose actions continue to reduce frequency of claims, therefore, lowering our overall risk profile.

我們的首要目標是降低頻率，因為這是防止結算成本上升的第一道防線。我為我們的司機社群、營運和安全團隊感到自豪，他們的行動不斷減少索賠的頻率，從而降低了我們的整體風險狀況。

In our Intermodal segment, we hit the trifecta with year-over-year growth in orders, revenue per order and improved productivity. Year-over-year, intermodal orders up 3%, revenue per order was up 2% and margin improved 380 basis points. Our disciplined and balanced approach during our customer search period drove enhanced operating leverage into our business, and it resulted in an exceptional service experience for our customers.

在我們的多式聯運領域，我們實現了三連勝：訂單量、每筆訂單收入和生產力的提高都比去年同期成長。與去年同期相比，聯運訂單成長 3%，每筆訂單收入成長 2%，利潤率提高了 380 個基點。我們在客戶搜尋期間採取的嚴謹而平衡的方法增強了我們業務的營運槓桿，並為我們的客戶帶來了卓越的服務體驗。

Continued intermodal cost reductions, network optimization, and improved trade productivity, all positively impacted the quarter and our position as we enter 2025. In the quarter, hurricanes created sporadic service interruptions in the east.

持續降低聯運成本、優化網路和提高貿易生產力，都對本季以及我們進入 2025 年的地位產生了積極影響。本季度，颶風造成東部地區偶爾出現服務中斷。

In the West, the Union Pacific experienced disruption for a few weeks early in the quarter. However, we were pleased with their recovery and ability to surge volumes with improved service consistency.

在西部，聯合太平洋鐵路在本季初遭遇了數週的中斷。然而，我們對他們的恢復情況以及透過提高服務一致性來增加業務量的能力感到滿意。

Turning to our Logistics segment. We delivered another profitable quarter. Logistics continues to manage net revenue effectively, while conditions in brokerage market are challenged from an overall available volume and carrier cost perspective, and order volume count contraction of only 5% was mitigated in part to our Schneider Freight Power platform and our people. Our power-only offering continues to resonate with customers and our industry-leading technology has allowed us to lower our cost to site.

轉向我們的物流部門。我們又實現了一個季度的獲利。物流繼續有效管理淨收入，而經紀市場狀況從整體可用量和承運人成本的角度受到挑戰，訂單量僅收縮 5%，部分歸功於我們的施耐德貨運動力平台和我們的員工。我們的純電力產品繼續引起客戶的共鳴，我們領先業界的技術使我們能夠降低現場成本。

In summary, the freight market is continuing its path towards recovery, and we are playing the long game. We are committed to driving structural improvements across our enterprise by restoring margins and enhancing financial returns. In 2024, we took a balanced and disciplined approach towards positioning our business for through-cycle leverage, growth and resiliency, and our actions gained traction as the year progressed. Following our framework and focusing on our strategic priorities, enables us to drive improvements in our business and seize the opportunities ahead.

總而言之，貨運市場正持續走向復甦，我們正在進行一場長期博弈。我們致力於透過恢復利潤率和提高財務回報來推動整個企業的結構性改進。2024 年，我們採取了平衡而嚴謹的方法，定位我們的業務，以實現整個週期的槓桿率、成長和彈性，並且隨著時間的推移，我們的行動獲得了動力。遵循我們的框架並專注於我們的策略重點，使我們能夠推動業務改進並抓住未來的機會。

Let me now turn it over to Darrell to discuss fourth quarter financial results and our 2025 guidance.

現在，我請 Darrell 討論第四季的財務表現和我們的 2025 年指引。

Thank you, Mark, and good morning, everyone. I'll review our Enterprise and segment financial results for the fourth quarter, lower with our year-to-date cash flow trends and capital allocation actions. Additionally, I'll provide insights on our full year 2025 EPS and net CapEx guidance. Summaries of our financial results and guidance can be found on pages 21 to 26 of our investor presentation available on our Investor Relations website.

謝謝你，馬克，大家早安。我將回顧我們企業和部門第四季的財務業績，並介紹我們年初至今的現金流趨勢和資本配置行動。此外，我還將提供有關我們 2025 年全年每股收益和淨資本支出指引的見解。我們的財務表現和指引摘要可在我們投資者關係網站上的投資者介紹第 21 至 26 頁中找到。

I want to reiterate our objective of positioning the business for structural resiliency and profitable growth in cycles. While we are actively addressing the short term, our focus remains on positioning our multimodal platform and services for enhanced financial returns and long-term value creation.

我想重申我們的目標，即使業務定位於結構彈性和週期性獲利成長。雖然我們正在積極應對短期問題，但我們的重點仍然是定位我們的多式聯運平台和服務，以提高財務回報並創造長期價值。

Through all cycles, we remain disciplined on commercial actions, cost management and resource optimization across our enterprise and these ongoing actions are positively impacting every segment of our business.

在所有週期中，我們始終嚴格遵守企業的商業行動、成本管理和資源最佳化規定，這些持續的行動對我們業務的每個部分都產生了積極影響。

In the fourth quarter, revenues excluding fuel surcharge, were $1.2 billion, up slightly year-over-year. Our fourth quarter adjusted income from operations was $45 million, an increase of 40% compared to a year ago. Adjusted diluted earnings per share for the fourth quarter, was $0.20 and $0.16 a year ago. Our common acquisition was immediately accretive to EPS in the quarter.

第四季度，扣除燃油附加費的收入為12億美元，較去年同期略有成長。我們第四季的調整後營業收入為 4,500 萬美元，比去年同期成長了 40%。第四季調整後每股攤薄收益為 0.20 美元，去年同期為 0.16 美元。我們的共同收購立即增加了本季的每股盈餘。

As Mark mentioned, refinement of reserve estimates primarily related to three accident claims from prior years, resulted in $0.03 per share of expense during the fourth quarter. While our ongoing investments and favorable safety performance continue to favorably impact frequency, we're operating in an inflationary litigation environment.

正如馬克所提到的，準備金估算的細化主要與前幾年的三起事故索賠有關，導致第四季度每股費用為 0.03 美元。雖然我們正在進行的投資和良好的安全表現繼續對頻率產生積極影響，但我們是在通貨膨脹的訴訟環境中運作的。

From a segment perspective, truckload revenues, excluding fuel surcharge, were $560 million in the fourth quarter, 2% above the same period a year ago. This increase was primarily due to dedicated organic new business growth, the acquisition of Cowan and higher network revenue per truck per week, partially offset by lower network volumes.

從分部角度來看，第四季不包括燃油附加費的貨車運輸收入為 5.6 億美元，比去年同期成長 2%。這一增長主要歸因於專門的有機新業務增長、對 Cowan 的收購以及每週每輛卡車的網路收入增加，但被網路容量的下降部分抵消。

Truckload operating income was $20 million, up 5% year-over-year due to the same factors that shaped revenues and was partially offset by increased fees to reserve estimates. Truckload's operating ratio of 96.5% was essentially effect to the same period a year ago. Intermodal revenues, excluding fuel surcharge, were $276 million in the fourth quarter, 6% higher than the fourth quarter of 2023, primarily due to volume growth and higher revenue per order.

貨車運輸營業收入為 2,000 萬美元，年增 5%，成長原因與影響收入的因素相同，但被儲備估算費用的增加部分抵銷。Truckload的營運率為96.5%，與去年同期大致持平。第四季度，不包括燃油附加費的聯運收入為 2.76 億美元，比 2023 年第四季高出 6%，這主要歸因於運輸量成長和每筆訂單收入增加。

Intermodal operating income was $17 million, an $11 million increase compared to the same period last year due to both volume and revenue per order growth in addition to enhanced operating leverage due to the internal cost reduction actions and improved trade productivity. Intermodal's operating ratio improved to 93.8% compared to 97.6% a year ago.

多式聯營運業收入為 1,700 萬美元，比去年同期增加 1,100 萬美元，這得益於訂單量和每筆訂單收入的增加，以及內部成本削減措施和貿易生產率提高帶來的經營槓桿率的提高。多式聯運的營運比率從一年前的 97.6% 提高到 93.8%。

Logistics revenues, excluding fuel surcharge, were $324 million in the fourth quarter, down 5% year-over-year, primarily due to lower brokerage revenue or order and volumes.

第四季物流收入（不包括燃油附加費）為 3.24 億美元，年減 5%，主要原因是經紀收入或訂單和數量下降。

Despite lower year-over-year revenues, Logistics trend of profitability continued with operating income of $9 million, up nearly 40% compared to the fourth quarter of 2023. This was primarily due to the effect of net revenue management. Fourth quarter 2024 Logistics operating ratio was 97.4% and 80 basis point year-over-year improvement.

儘管營收年減，但物流獲利趨勢仍在繼續，營業收入為 900 萬美元，比 2023 年第四季成長近 40%。這主要是由於淨收入管理的影響。2024年第四季物流營運率為97.4%，年增80個基點。

Turning to capital allocation. We paid $67 million in dividends during 2024, which was 5% above 2023, and we continue to strategically repurchase shares with total activity of $30 million for the year. We recently announced that we will maintain our quarterly dividend at $0.095 per quarter, which represents a commitment to returning value to our shareholders.

轉向資本配置。我們在 2024 年支付了 6,700 萬美元的股息，比 2023 年高出 5%，並且我們繼續策略性地回購股票，全年總回購金額達到 3,000 萬美元。我們最近宣布，我們將把季度股利維持在每季 0.095 美元，這代表著我們向股東回報價值的承諾。

We ended 2024 with net CapEx of $38 million, which is above our most recent guidance of $330 million. This was due to a real estate purchase and replacement equipment CapEx, both in connection with our recently acquired Cowan Systems business.

截至 2024 年，我們的淨資本支出為 3,800 萬美元，高於我們最近預期的 3.3 億美元。這是由於購買房地產和更換設備資本支出所致，這兩項支出都與我們最近收購的 Cowan Systems 業務有關。

Net CapEx for 2024 was $194 million below the prior year, primarily due to our efforts to enhance asset productivity, as well as focusing on growth CapEx solely in our strategic Dedicated and Intermodal businesses. These actions translated into a $200 million year-over-year increase in our free cash flow and more than doubling of our free cash flow conversion.

2024 年的淨資本支出比前一年低 1.94 億美元，這主要歸功於我們努力提高資產生產力，以及專注於策略專用和多式聯運業務的成長資本支出。這些措施使我們的自由現金流較前一年增加了 2 億美元，自由現金流轉換率增加了一倍以上。

Along with using our strong balance sheet, we've utilized our free cash flow to further our strategic inorganic growth priorities through the acquisition of Cowan Systems. In November 2024, we executed a $400 million delayed draw term loan facility and used $300 million of the proceeds to partially fund the acquisition of Cowan Systems and related real estate assets.

除了利用我們強大的資產負債表外，我們還透過收購 Cowan Systems 來利用我們的自由現金流來進一步實現我們的策略性無機成長重點。2024 年 11 月，我們執行了 4 億美元的延期提取定期貸款，並使用其中 3 億美元的收益部分資助收購 Cowan Systems 及相關房地產資產。

Our net debt leverage was 0.7 times at the end of the year. While our guidance for 2025 does not contemplate specific inorganic growth, we continue to explore opportunities to further our strategic priorities.

我們的淨債務槓桿率在年底為0.7倍。雖然我們對 2025 年的指導沒有考慮具體的無機成長，但我們仍在繼續探索進一步推進策略重點的機會。

Organic growth continues to be our highest capital allocation priority and our guidance assumes continued growth capital investments in dedicated and intermodal tractors.

有機成長仍然是我們資本配置的最高優先事項，我們的指導假設對專用和聯運拖拉機的資本投資將繼續成長。

We'll also continue to manage our fleet each within our targeted ranges and invest in technology to drive business insights and associate productivity. In addition, we anticipate proceeds from equipment sales to be slightly lower than 2024. As a result of these considerations, we expect net CapEx to be in the range of $400 million to $450 million for the full year of 2025.

我們也將繼續在目標範圍內管理我們的車隊，並投資技術來推動業務洞察力和相關生產力。此外，我們預計設備銷售收益將略低於 2024 年。考慮到這些因素，我們預計 2025 年全年淨資本支出將在 4 億至 4.5 億美元之間。

Moving to our earnings guidance. Our adjusted earnings per share guidance for the full year 2025 is $0.90 to $1.20, this assumes an effective tax rate of 23% to 24%. Based on what we would consider our normalized fourth quarter 2024 EPS run rate of approximately $0.23, the lower end of our range suggests that similar conditions to those in the fourth quarter of 2024 would persist throughout 2025.

轉向我們的獲利預測。我們對 2025 年全年調整後每股盈餘的預期為 0.90 美元至 1.20 美元，假設有效稅率為 23% 至 24%。根據我們認為的 2024 年第四季標準化每股盈餘運行率約為 0.23 美元，我們範圍的下限表明，與 2024 年第四季類似的情況將持續到 2025 年。

The upper end of our range considers enhanced freight market conditions starting in the second quarter and building throughout the year. This upper range also factored in incremental costs associated with incentive compensation.

我們預期範圍的上限考慮了從第二季度開始並全年不斷增強的貨運市場狀況。此上限也考慮了與激勵薪酬相關的增量成本。

In 2025, we anticipate returning to Truckload network to profitability in the second half of the year by improving price, growing variable cost capacity and continuing to execute cost and asset efficiency actions.

2025 年，我們預計透過提高價格、增加變動成本能力以及繼續執行成本和資產效率行動，使 Truckload 網路在下半年恢復盈利。

For Truckload Dedicated, we look forward to top line and earnings growth driven by a strong new business, increasing the number of tractors on existing accounts and the accretive impact of Cowan, including synergies.

對於 Truckload Dedicated 而言，我們期待透過強勁的新業務、現有帳戶的拖拉機數量的增加以及 Cowan 的增值影響（包括協同效應）推動營業收入和盈利增長。

For Intermodal, our expertise in its volume growth, particularly where Schneider differentiated from competitors, and we anticipate increased over the conversion, along with a modest increase in net price from the first half to the second half of the year.

對於多式聯運而言，我們在其運量增長方面的專業知識，特別是施耐德與競爭對手的不同之處，我們預計在轉換過程中也會有所增加，同時淨價格也會從上半年到下半年適度上漲。

In the Logistics segment, we expect to continue capitalizing on digital automation investments, and leveraging our leading our only offering to augment our truckload network business. Our guidance also considers minimal net cost inflation year-over-year and similar equipment gains based on a stable used equipment market.

在物流領域，我們希望繼續利用數位自動化投資，並利用我們領先的唯一產品來增強我們的貨車網路業務。我們的指導也考慮了同比最低淨成本通膨和基於穩定的二手設備市場的類似設備收益。

We believe that our actions to arrest inflationary costs and lower cost to serve will benefit our 2025 results, along with increased price and volume. As these efforts have taken hold, we remain vigilant in identifying incremental opportunities across the business through 2025.

我們相信，我們採取的抑制通膨成本和降低服務成本的措施將有利於我們 2025 年的業績，同時提高價格和銷售量。隨著這些努力取得成效，我們將繼續保持警惕，在 2025 年前尋找整個業務的增量機會。

Let me close by providing an update on our long-term strategic targets by segment. For the Truckload segment, our dedicated business delivers resilient results through all cycles. As we continue to grow our dedicated business organically and through strategic acquisitions, combined with the actions we've outlined to restore truckload network business to profitability, we are maintaining our long-term margin target range of 12% to 16%.

最後，請容許我按部門介紹我們的長期策略目標的最新情況。對於貨車運輸領域，我們專注的業務在所有周期內都能提供穩定的業績。隨著我們繼續透過有機方式和策略性收購來發展我們的專用業務，並結合我們為恢復卡車網路業務盈利而採取的行動，我們將維持 12％至 16％的長期利潤率目標範圍。

For the Intermodal segment, volumes continued to show strength, with total orders for the fourth quarter of 2024 at the highest level since the third quarter of 2022. Considering our volume outlook, ability to grow around 30% without additional investments in containers and chassis, and our differentiated real partnerships, we're maintaining our long-term target of 10% to 14%.

對於多式聯運領域，運輸量持續表現強勁，2024 年第四季的訂單總量達到了 2022 年第三季以來的最高水準。考慮到我們的銷售前景、在不對貨櫃和底盤進行額外投資的情況下實現約 30% 的成長的能力以及我們差異化的實際合作夥伴關係，我們將維持 10% 至 14% 的長期目標。

As it relates to our Logistics segment, two years ago, we updated our long-term target range of 5% to 7% from the previous range of 4% to 6%, primarily due to the record growth of our pool offering, which is a higher margin profile than traditional brokerage.

就我們的物流部門而言，兩年前，我們將長期目標範圍從之前的 4% 至 6% 更新為 5% 至 7%，這主要是由於我們的池化產品創下了成長記錄，其利潤率高於傳統經紀業務。

While we continue to grow our Power Only earnings contribution, overall margin weight has shifted to our traditional brokerage, including the Cowan growth operations. We consider this weighting as well as the current brokerage market landscape and refining our long-term margin target to 3% to 5%.

在我們繼續增加 Power Only 獲利貢獻的同時，整體利潤權重已轉移到我們的傳統經紀業務，包括 Cowan 成長業務。我們考慮了這項權重以及目前的經紀市場格局，並將我們的長期利潤率目標調整為 3% 至 5%。

With that, we will open the call for your questions.

現在，我們將開始回答你們的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Daniel Imbro, Stephens.

丹尼爾伊姆布羅、史蒂芬斯。

Yes. Hey, good morning, everybody. Thanks for taking our questions.

是的。嘿，大家早安。感謝您回答我們的問題。

Hey, Daniel.

嘿，丹尼爾。

Maybe squeeze one in here. I guess I sort of the broader truck backdrop, revenue per truck per week did increase a bit sequentially. And Mark, I think you mentioned, customers are more receptive to rate restoration more so than any time in the last couple of years.

也許在這裡擠一個。我想，從更廣泛的卡車背景來看，每輛卡車每週的收入確實比去年同期增加。馬克，我想你提到過，客戶對利率恢復的接受程度比過去幾年的任何時候都要高。

I guess with the market tightening, when would you expect organic truck count to begin to grow, again, on both maybe the network side and the dedicated, if we back out the Cowan growth, it still looks like dedicated trucks maybe step down a little bit.

我想，隨著市場收緊，您認為什麼時候有機卡車數量會開始增長，再說一次，無論是在網絡方面還是在專用方面，如果我們放棄 Cowan 的增長，那麼看起來專用卡車的數量可能會略有下降。

When would you expect that to begin to grow again? And any help when just thinking about the cadence or magnitude of growth as we move through this year with the market that seems to be getting better? Thanks.

您預計什麼時候會再次開始成長？當我們思考今年市場似乎正在好轉時，成長的節奏或幅度有什麼幫助嗎？謝謝。

Daniel, thank you. As we've talked throughout the year, we started to see some positive contract renewals on contract pricing starting as early as the second quarter. And we have increased conviction that we're going to be more successful as we head into 2025, as you indicated in your question.

丹尼爾，謝謝你。正如我們全年所談論的那樣，早在第二季度，我們就開始看到合約定價方面的一些積極續約。正如您在問題中指出的那樣，我們更加堅信，在邁向 2025 年時，我們將會取得更大的成功。

Our focus in the network side of the business is to place our growth into variable cost capacities in more owner-operators and then augmented through power only. We're happy where we are in the company driver side. We've been quite stable there now for several quarters. And our growth -- and we are pursuing that growth in network presently with that variable cost capacity, so we would expect to start to see that in 2025 and particularly as we get into the second quarter.

在業務的網路方面，我們的重點是將我們的成長放在更多業主-營運商的可變成本容量上，然後僅透過電力來增強。我們很高興能成為公司司機。到目前為止，我們在那裡已經相當穩定了幾個季度了。我們目前正在透過可變成本容量追求網路的成長，因此我們預計在 2025 年，尤其是進入第二季時，將會開始看到這一成長。

As it relates to Dedicated, very much feel confident that our new business pipeline, the start-up activity that we have already on the docket it will start to show increases in truck count. But also very importantly, as we outlined in our prepared comments, Daniel, we expect to see more growth in revenue per truck per week, as we can get tighter on capital allocation and taking higher ratios and getting some underutilized equipment redeployed more effectively within Dedicated and particularly coming out of our acquisitive companies, and Cowan is a great opportunity for that, because one of our synergies is our maintenance infrastructure that allows them not to have as much safety stock equipment because how quickly we can turn equipment, how we can keep equipment up more effectively. So it's going to be a combination next year and dedicated to both growth of units but also, I think, accelerated growth of net revenue per truck per week.

就專用車輛而言，我們非常有信心，我們的新業務管道和已列入日程的啟動活動將開始顯示卡車數量的增加。但同樣非常重要的是，正如我們在準備好的評論中所概述的那樣，丹尼爾，我們預計每週每輛卡車的收入將有更多的增長，因為我們可以更加嚴格地配置資本，採取更高的比率，並在 Dedicated 內部更有效地重新部署一些未充分利用的設備，特別是來自我們收購的公司，而 Cowan 是一個很好地維護設備地保持設備的正常運作。所以明年我們會採取綜合措施，不僅致力於銷售量的成長，而且我認為也會加速每輛卡車每週淨收入的成長。

Got it. I appreciate that. Thanks.

知道了。我很感激。謝謝。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great. Thanks. Morning everyone. Just a follow-up on that point. Can you help quantify what you are seeing in those rate renewals right now, one of your peers spoke about mid-single digits with high single is in some pockets, are you seeing something similar?

偉大的。謝謝。大家早安。這只是對這一點的後續跟進。您能否幫助量化您現在看到的這些費率更新情況，您的一位同行談到中等個位數，有些地區的費率為高個位數，您是否看到了類似的情況？

And also, I guess kind of how would you quantify, or how do you qualify some of the strength in the data points you've been seeing in the last few weeks? Do you think it's transitory because of a noisy January? Or do you think that can be sustained through 1Q? Thank you.

而且，我想您會如何量化或如何限定過去幾週您看到的數據點中的一些優勢？您是否因為一月份的喧鬧而認為這只是暫時的？或者您認為這種狀況能持續到第一季嗎？謝謝。

Ravi, as it relates to renewal discussions, we're very, very early in that process. But as is typical, we through the fourth quarter and early part of the year; we start to have early discussions, particularly around our large strategic customers around preparing for the forward periods. And so we again, don't have any -- a great deal in the barn yet, but those discussions, I think, have been very constructive and been different than what we've experienced the last couple of years.

拉維，就續約討論而言，我們還處於這一進程的非常早期的階段。但正如通常情況那樣，我們會度過第四季度和年初；我們開始進行早期討論，特別是圍繞我們的大型策略客戶為未來做好準備。因此，我們再次強調，目前我們還沒有達成任何重大協議，但我認為，這些討論非常有建設性，與我們過去幾年經歷的有所不同。

As you look at the spot pricing, which is, I think sometimes we get overemphasized as an industry on. But clearly, as we mentioned in our prepared comments that we had a step-level change there, starting in Thanksgiving, all the way through really until very recently here in January increased year-over-year dramatically and we got above contract quite handsomely for that period. So I think all of those things in combination with the rightsizing of capacity puts I think the entire pricing mechanism or the pricing environment in a more constructive state into 2025.

當你看到現貨定價時，我認為有時候我們作為一個行業被過度強調了。但顯然，正如我們在準備好的評論中提到的那樣，我們有一個階梯式的變化，從感恩節開始一直到最近 1 月份，同比大幅增長，並且我們在那段時間的合同收入相當可觀。因此，我認為所有這些因素加上適當的產能調整，將使整個定價機製或定價環境在 2025 年處於更建設性的狀態。

Yes, Ravi, this is Jim Filter, I'll add on a little bit here in terms of what we're seeing and why those discussions with customers are a little bit more constructive this year. On a baseline where -- like Mark said, we were taking increases each quarter as we went through last year. But customers understand that we have attacked the inflationary cost and arrested almost all of those.

是的，拉維，我是吉姆·菲爾特，我將在這裡補充一點我們所看到的情況，以及為什麼今年與客戶的討論更具建設性。正如馬克所說，在基線上，我們去年每個季度都在增加。但客戶明白，我們已經攻克了通膨成本，幾乎控制住了所有成本。

The ones that we haven't been able to arrest our costs like insurance and customers understand the need to be able to assist us to be able to continue to provide great service and then ultimately to start to regrow our fleets. And so -- they understand what's required there. And our -- as we're going through these, they're actually locking in some incumbency with increases and understand there's just really only one direction to go from here.

那些我們無法控製成本（如保險費）的客戶明白，他們需要幫助我們繼續提供優質的服務，並最終開始重新發展我們的車隊。所以——他們了解那裡需要什麼。而且，當我們經歷這些時，他們實際上正在透過增加工資來鎖定一些在職人員，並且明白從現在開始實際上只有一個方向可走。

Great. Thank you.

偉大的。謝謝。

Brian Ossenbeck, JPMorgan.

摩根大通的布萊恩‧奧森貝克。

Hey, good morning. Thanks for taking the question. So I just want to ask a little bit more about capacity and what you're seeing actually leave the market? And if you got any view maybe on the brokerage side in terms of what the small fleets are doing. But some comments around that would be helpful. And then also, just maybe, Jim, your view on intermodal boxes and how many of them are stacked and I'm sure there's been a bit of reconfiguration that needs to be done here for the network into next year.

嘿，早安。感謝您回答這個問題。所以我想多問一些關於產能的問題，以及您看到的實際退出市場的情況？如果您對經紀方面小型船隊的做法有什麼看法，請告訴我們。但一些有關此的評論將會很有幫助。然後，也許，吉姆，你對聯運箱的看法以及它們中有多少是堆疊的，我相信這裡需要對明年的網路進行一些重新配置。

So maybe you can comment on box capacity as well? And then what do you kind of expect the net impact from what I assume would be a more normalized imports into the Galvan East Coast after this big search West. Thank you.

那麼您可能也會對箱子容量做出評論？那麼，您認為在這次大規模西部搜索之後，加爾萬東海岸的進口將更加正常化，這會產生什麼樣的淨影響？謝謝。

Definitely done on a multitude of questions under single risk, thank you, Brian.

肯定已經解決了單一風險下的大量問題，謝謝你，布萊恩。

Yes. So Brian, this is Jim. I'll take each one of those here. So in terms of what we're seeing from capacity, especially as we're looking at those small fleets, those individual units, we have seen continued reduction.

是的。布萊恩，這是吉姆。我將在這裡介紹其中的每一個。因此，就我們所看到的運力而言，特別是當我們觀察那些小型船隊、那些單一單位時，我們看到運力持續減少。

And as you look across the landscape, there aren't a lot of carrier -- large carriers that are exiting, but you also don't see anybody expanding their capacity. And that's the challenges our shippers are looking at that. And have some expectations that they're going to see some small amount of growth and capacity is still exiting the marketplace here.

縱觀整個形勢，並沒有太多大型航空公司退出，但你也沒有看到任何人擴大其運力。這就是我們的托運人面臨的挑戰。並且他們預計會看到少量的成長，但產能仍在退出市場。

In terms of our box capacity, we have about 10% of our boxes that are stacked right now. We have the capacity to move 30% more volume than what we did here in the fourth quarter, about 30% more, Darrell had mentioned that. So we feel like we're in a really great position to be able to grow that business. And we did see growth in a couple of the markets. We saw very nice growth in Mexico. Our Mexico growth was -- exceeded 30%. We saw very nice growth in the West.

就我們的箱子容量而言，目前我們大約有 10% 的箱子處於堆放狀態。“與第四季度相比，我們有能力運輸更多貨物，大約多 30%，Darrell 曾提到過這一點。”因此，我們覺得我們處於一個非常有利的位置來發展這項業務。我們確實看到了一些市場的成長。我們看到墨西哥的成長情況非常好。我們的墨西哥成長率超過了 30%。我們看到西方出現了非常好的成長。

And that was impressive, because as we went through the rails were at really all-time levels. And so there was a quick blip in the West with some service. They recovered very quickly. We're impressed by that and able to provide great service all the way through -- and as we look at that, the opportunity here is really in the east, and we took a little bit of a step back there.

這令人印象深刻，因為當我們通過時，鐵軌的高度確實達到了歷史最高水準。因此，西方的一些服務很快就出現了故障。他們恢復得很快。我們對此印象深刻，並且能夠自始至終提供優質的服務——而且我們認為，這裡的機會實際上在東部，而我們在那裡稍微退後了一步。

That's where we're competing most strictly with over the road. We'd expect that as that market begins to tighten, we're going to see more opportunities there and especially with our differentiation, we want to be able to grow where we had that differentiation and continue on our growth path.

這是我們公路領域競爭最激烈的地方。我們預計，隨著市場開始收緊，我們將看到更多的機會，特別是憑藉我們的差異化，我們希望能夠在擁有差異化的基礎上實現成長，並繼續我們的成長道路。

In terms of imports, I think Mark covered this, that this is pretty wide in terms of just the different types of actions that shippers are taking. We have a very diversified portfolio, as you feel very good about that position. And what we'd say is that the supply chains are really complex. They're difficult to unwind. We don't make dramatic changes there. Any opportunity to see more domestic manufacturing. That's absolutely a great thing for Schneider.

在進口方面，我認為馬克已經涵蓋了這一點，就托運人採取的不同類型的行動而言，這一範圍相當廣泛。我們的投資組合非常多樣化，您對這個職位感覺非常滿意。我們要說的是，供應鏈確實非常複雜。它們很難被放鬆。我們不會在那裡做出重大改變。有沒有機會看到更多國內製造業。對施耐德來說，這絕對是件好事。

Alright, thanks for all that, Jim. Appreciate it.

好的，謝謝你，吉姆。非常感謝。

You bet.

當然。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thank you, operator. Good morning, gentlemen. Just two quick ones here. I guess one clarification, one question. On the question side, on the Cowan acquisition, obviously, they're differentiated using a lightweight fleet. Is this something that you could adopt elsewhere?

謝謝您，接線生。先生們，早安。這裡僅簡單介紹兩個。我想需要澄清一個問題。問題方面，在收購 Cowan 時，顯然他們使用輕量級艦隊來進行區分。您可以在其他地方採用這種方法嗎？

Or is that more geared towards some of the end markets that Cowan serves Also, they have a distinct use of a bunch of owner operators, which I don't think you guys really utilize much in your legacy dedicated, and I was wondering if that's something that you thought over the long-term that you could turn to where it might fit.

或者這是否更適合 Cowan 服務的一些終端市場？

And on the clarification side, you guys took down your long-term margin guide for logistics. I think you said it was mostly due to Cowan. I'm just making sure that there's no changes in your outlook for sort of the Power Only margin side. It's just like a shift in a different type of businesses that you're bringing in?

在澄清方面，你們取消了物流的長期保證金指南。我認為您說這主要是由於考恩 (Cowan) 所致。我只是想確保你對電力純利潤的展望沒有改變。這就像您引入的不同類型的業務的轉變？

Great. Thank you, Jason. Maybe just a correction, Cowan is -- Truckdown is predominantly and the Dedicated almost exclusively company driver. We do have owner-operator and intermodal dray in a separate part of their logistics business. So as it relates to the opportunity that we see in front of us, they do have a terrific lightweight model that resonates with customers who are looking to take advantage of payload.

偉大的。謝謝你，傑森。也許只是一個更正，考恩是——Truckdown 主要是 Dedicated 公司的司機。我們確實在其物流業務的獨立部分中擁有業主經營者和聯運貨運車輛。因此，就我們面前看到的機會而言，他們確實擁有出色的輕量級模型，可以引起那些希望利用有效載荷的客戶的共鳴。

Consistent with our other acquisitions, what we're able to do is really just unlock potential for them in other geographies because they're concentrated predominantly in the Northeast and the Mid-Atlantic, and access to capital that they could take those great capabilities and apply them in different geographies and against different verticals.

與我們的其他收購一致，我們能夠做的實際上只是為他們在其他地區釋放潛力，因為他們主要集中在東北部和大西洋中部地區，並且獲得資本，使他們能夠利用這些強大的能力並將其應用於不同的地區和不同的垂直行業。

And so we're excited about what that lightweight expertise provides. And we think we can organically do that across multiple geographies and help them achieve their full potential, which is absolutely our priority one for them.

因此，我們對輕量級技術所提供的功能感到非常興奮。我們認為，我們可以在多個地區有機地做到這一點，並幫助他們充分發揮潛力，這絕對是我們為他們提供的首要任務。

Secondly, as it relates to -- and I'll turn it over to Darrell for his commentary, we're still incredibly bullish on the non-asset portion of our portfolio. And as mentioned, our Power Only now who's been through both up cycle and the down cycle, it's been quite resilient, terrific customer acceptance and third-party carrier acceptance. So what we're really talking about here, it's such a high return on invested capital model because of the limited capital we put in there.

其次，就此而言——我將把它交給達雷爾進行評論，我們仍然非常看好我們投資組合中的非資產部分。如同前面所提到的，我們的 Power Only 現在已經經歷了上升週期和下降週期，它具有很強的彈性，並且獲得了客戶和第三方運營商的極高認可。所以我們在這裡真正談論的是由於我們投入的資本有限，所以投資資本回報率很高的模式。

We want to put more growth objectives against that and grow our return on invested capital by growing and not have to have so much margin to do that, more consistent growth is what we're looking for there. And I think it's a recognition in the short-term. We have some synergy opportunities we could do at Cowan to help improve overall results. So they're going to be a little bit of a drag in the short-term. But long-term, we're still very bullish on the platform and what we can accomplish in concert with our assets.

我們希望制定更多的成長目標，透過成長來提高投資報酬率，而不必擁有太多的利潤空間，更持續的成長才是我們所追求的。我認為這是一種短期的認可。我們可以在 Cowan 實現一些協同機會，以幫助提高整體績效。因此，短期內它們會造成一些拖累。但從長遠來看，我們仍然非常看好該平台以及我們能夠利用我們的資產所取得的成就。

This is Darrell. So as it relates to your question on Logistics long-term margin targets, just as a recap, two years ago, we're at 4% to 6% in terms of our range. We're up that range of 5% to 7%, primarily due to the growth in Power Only. We're still excited, obviously, about the Power Only offering results for this year would indicate the strength of that offering.

這是達雷爾。關於您關於物流長期利潤率目標的問題，回顧一下，兩年前，我們的利潤率範圍是 4％ 到 6％。我們將這一範圍提高了 5% 到 7%，這主要歸功於 Power Only 的成長。顯然，我們仍然對 Power Only 的產品感到興奮，今年的業績將表明該產品的實力。

But as you said, this is more of a mix consideration. So we have more of our mix is in traditional brokerage and that was obviously amplified with the Cowan acquisition. So as we think about the weighting that's more skewed towards traditional brokerage that has a lower margin profile, we thought it was just prudent to refine that mix and the margin weight to 3% to 5%.

但正如你所說，這更多的是一種混合考慮。因此，我們的業務組合更集中在傳統經紀業務上，而收購 Cowan 後，這一比例顯然得到了擴大。因此，當我們考慮權重更偏向利潤率較低的傳統經紀業務時，我們認為謹慎的做法是優化這種組合，並將利潤率權重調整為 3% 至 5%。

That makes sense. Appreciate the color, gentlemen.

這很有道理。先生們，請欣賞顏色。

Thank you, Jason.

謝謝你，傑森。

David Hicks, Raymond James.

大衛希克斯、雷蒙詹姆斯。

Good morning, and thanks for taking the questions. I actually want to kind of hit on what you guys are seeing in retail inventories from your customers. We've kind of seen those grow quite a bit above kind of the historical trend line here in recent months. I would just love to hear how kind of they're positioning themselves ahead of kind of any potential tariff for us?

早上好，感謝您回答問題。我實際上想了解你們從客戶那裡看到的零售庫存情況。近幾個月來，我們已經看到這些數字大幅高於歷史趨勢線。我只是想聽聽他們如何應對我們可能面臨的任何關稅？

Yeah. I'll let Jim take this just on an overall kind of mix of our exposure here. We're highly diversified within the retail sector for everything from the extreme value retail to home improvement, big box retail. And so we really touched on everything probably except for department store type retail, Jim. So I don't think we've seen any massive trend up in inventories from our customers' perspective.

是的。我將讓吉姆就我們在這裡的整體曝光情況進行綜合分析。我們的零售業高度多元化，涵蓋從超值零售到家居裝修、大型零售等各種業務。因此，我們確實觸及了一切，除了百貨公司類型的零售，吉姆。因此，我認為從客戶的角度來看，我們沒有看到庫存大幅上升的趨勢。

No massive trend up, correct, Mark. What did see here that the -- there were some customers that were bringing -- it was a relatively small amount of freight in advance of a potential port disruption on the East Coast just being prepared. That largely has worked itself out, really not much of a disruption, small amount of pull ahead out of Mexico, but nothing really substantial there. Generally, as we talk to customers, they feel like their inventories are appropriate for the demand that they expect in front of them.

沒有大規模的上升趨勢，正確，馬克。這裡確實看到了一些情況——有一些客戶正在為東海岸可能出現的港口中斷做準備，他們帶來了相對較少的貨物。這個問題基本上已經解決，並沒有造成太大的干擾，墨西哥的領先優勢很小，但並沒有什麼實質的進展。一般來說，當我們與客戶交談時，他們認為他們的庫存適合他們預期的需求。

Great. Appreciate it. Thanks guys.

偉大的。非常感謝。謝謝大家。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great. Good morning. Busy earnings morning. Maybe, Darrell, any thoughts on seasonality and margin shifts from fourth quarter to first quarter? Maybe can you provide historical averages for each of the three segments, just as we flip in 4Q, 1Q, just wondering if there's anything you think would stand out here different than normal.

嘿，太棒了。早安.早上忙著賺錢。達雷爾，您對從第四季度到第一季的季節性和利潤率變化有什麼看法？也許您能否提供這三個部分各自的歷史平均值，就像我們在第 4 季和第 1 季翻轉一樣，只是想知道您認為這裡是否有與正常情況不同的地方。

And then, Mark, on Intermodal, interestingly, CP actually talked a lot about you, in particular, yesterday in terms of Schneider about growing lanes from Mexico to the US, Southeast on Intermodal. So any thoughts on the cross-border opportunity in particular, with kind of tariff potential over the next couple of days, your thoughts on growth and the sustainability of that growth in that lane even without -- with or without the tariffs.

然後，馬克，關於多式聯運，有趣的是，CP 實際上談了很多關於你的事情，特別是昨天施耐德關於增加從墨西哥到美國、東南多式聯運的航線。因此，您對跨境貿易機會有何看法，特別是未來幾天的關稅潛力，您對該航線的增長及其可持續性的看法，即使沒有關稅，也無論有沒有關稅。

Yeah. So this is Darrell. So I'll start on the seasonality question. I think probably the most important thing to note is that we did see some return of seasonality in the fourth quarter, which is something that we've all been looking forward to.

是的。這就是 Darrell。因此我將開始討論季節性問題。我認為可能需要注意的最重要的事情是，我們確實看到第四季度出現了一些季節性的回歸，這是我們一直期待的事情。

So that started in the second quarter. I think we all know what happened in the third, but the persistence in the fourth quarter was encouraging, particularly in our network businesses where we saw more project seasonal work and also in intermodal where we did see some premium there.

這件事從第二季就開始了。我想我們都知道第三季度發生了什麼，但第四季度的持續表現令人鼓舞，特別是在我們的網路業務中，我們看到更多的專案季節性工作，並且在聯運中我們確實看到了一些溢價。

So with the return of seasonality, you would expect that from the fourth quarter going into the first quarter, you would see more of that seasonality adjustment or decline, which we would normally see. So when we're talking about our guidance for the full year, we talked about improvement going throughout the year, we did say starting in the second quarter because there's some recognition that with the return of seasonality, the first quarter obviously would be seasonally adjusted as it relates to the fourth.

因此，隨著季節性的回歸，您可以預期從第四季度進入第一季度，您會看到更多的季節性調整或下降，這是我們通常會看到的。因此，當我們談論全年指引時，我們談論的是全年的改善，我們確實說從第二季度開始，因為人們認識到，隨著季節性的回歸，第一季顯然會與第四季度進行季節性調整。

Yes. This is Jim. I'll just touch on what we're seeing in Mexico here. Obviously, I already talked about our growth here in the fourth quarter, but we really have seen that continue on here into the first quarter. And the growth that we're seeing, it's a lot of conversion, and we're taking share in that space as we feel we have a really competitive product there working with the CPKC. And now we have this additional service lanes that are connecting the Southeast to Mexico and to the Southwest. Both of those are performing very well, and we'll continue to grow on both of those.

是的。這是吉姆。我只想談談我們在墨西哥看到的情況。顯然，我已經談到了我們第四季的成長，但我們確實看到這種成長持續到了第一季。我們看到的成長是大量的轉化，我們正在該領域佔據一定份額，因為我們覺得與 CPKC 合作我們擁有真正有競爭力的產品。現在我們擁有連接東南部、墨西哥和西南部的額外服務航線。這兩項業務的表現都非常好，我們將繼續在這兩方面取得發展。

And just as we look at what's being produced in Mexico, I talked earlier about supply chains being complex and difficult to online. A lot of these products are really products that we don't necessarily see being produced anywhere else, except Mexico, and so we expect to see continued growth there.

正如我們看看墨西哥生產的產品一樣，我之前談到供應鏈很複雜，很難上線。這些產品中有很多實際上是除了墨西哥以外其他地方不一定能生產的產品，因此我們預計墨西哥的產量將繼續增長。

And we're looking forward to the first full allocation season to have the new service between the Southeast and Mexico, and the Southwest. So we've been priming the pump with most to discussions through the back half of the year in anticipation of that. And as usual, the execution of our partner down there is just first rate. So I think we have a great service product, and we have a great opportunity to convert from over the road to rail, and that's what we've been talking to our customers about really in the last four to five months.

我們期待第一個完整的分配季節，開闢東南航空與墨西哥以及西南航空之間的新服務。因此，為了應對這一情況，我們在今年下半年已經做好了大部分討論的準備。和往常一樣，我們合作夥伴的執行力是一流的。所以我認為我們擁有出色的服務產品，並且我們擁有從公路運輸轉變為鐵路運輸的絕佳機會，這也是我們在過去四到五個月中一直與客戶討論的內容。

If I can just clarify one thing with Darrell. Maybe just picking one category, right, truckload. Just because we've had COVID, we've had so many different things if we look back the last 5, 10 years. Is it a normal seasonal increase like a 400 basis point OR increase just looking back at your history and avoiding some of those one-timers?

如果我可以向 Darrell 澄清一件事。也許只選擇一個類別，對的，卡車。只是因為我們患有 COVID，如果我們回顧過去 5 年、10 年，我們就經歷了很多不同的事情。這是正常的季節性成長，例如 400 個基點，還是只是回顧歷史並避免一些一次性事件？

Yes. So it's difficult to give specific quantification, but I would say we're seeing more of a trend towards normal seasonality, but we're not back to kind of pre-COVID, I guess, a pre-COVID normal level. So somewhere in between where we are now and I guess what you would define as normal is probably what we'd see -- when we compare the fourth quarter to the first. So, we go all the way back to --

是的。因此很難給出具體的量化，但我想說，我們看到的是一種向正常季節性靠攏的趨勢，但我們還沒有回到疫情之前的正常水平。因此，當我們將第四季度與第一季進行比較時，我們可能會看到介於當前狀況和你定義的正常狀況之間的情況。因此，我們回到--

Yes, we don't provide quarterly guidance. But Ken, I think we would sit here suggesting, as we here at the end of January that the truck volumes have been what we would have expected and maybe where we're seeing a little bit of more positive than typical, Intermodal has been very strong coming out of the fourth quarter, and it's maintained unseasonal strength, at least in my view, for the first few weeks of January.

是的，我們不提供季度指導。但是肯，我想我們坐在這裡會建議，因為我們在 1 月底看到的卡車數量已經達到了我們的預期，也許我們看到的情況比平時更積極一些，多式聯運在第四季度表現非常強勁，並且至少在我看來，在 1 月的頭幾週，它保持了非季節性的強勁勢頭。

Great, appreciate the thoughts guys. Thanks.

太好了，感謝大家的想法。謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, good morning, guys. It's Rob on for Chris. Appreciate you taking our questions. Could you give us a little bit more of a sense of what you have built into the full year guidance from a rate perspective at the low end and at the high end of the range?

嘿，大家早安。羅布 (Rob) 替換克里斯 (Chris)。感謝您回答我們的問題。您能否從利率範圍的低端和高端的角度，向我們進一步介紹一下您對全年指引的內容？

As we kind of laid out in our early comments that we do believe we're entering a more constructive pricing market and building upon some of the progress, although, modest progress that we had in 2024. So -- and I do believe that's what's necessary to get to the various elements of our range. Price will play an important part. We believe we've done a very good job of arresting the inflationary costs, and we don't believe that we'll have a lot of inflation into next year -- excuse me, into 2025 here.

正如我們在早期評論中所述，我們確實相信我們正在進入一個更具建設性的定價市場，並在 2024 年取得的一些進展的基礎上再接再厲。所以 — — 我確實相信這正是獲得我們產品範圍的各個要素所必需的。價格將發揮重要作用。我們相信我們在控制通膨成本方面已經做得很好了，而且我們認為明年——對不起，到 2025 年——不會出現太多通膨。

And so what's important from a margin restoration standpoint is the price line, and we're going to pursue that consistent with the value that we provide in the marketplace. So I don't have a number I'm going to share with you, but it is the difference between where we find ourselves in the range that we provided.

因此，從利潤恢復的角度來看，重要的是價格線，我們將追求與我們在市場上提供的價值一致的價格線。因此，我沒有可以與你們分享的數字，但這是我們在所提供的範圍內所處的差異。

At least as it relates to the low end of our guidance, we try to give some perspective with reference to the fourth quarter of 2024. So we adjusted that rate obviously for some of the seasonality or premiums, I should say, that we saw. So if you kind of strip out the premium and look at the fourth quarter on a normalized basis, that will give you some indication of the low end. But the high end includes everything that we talked about in terms of restoring margin.

至少就我們的指導低端而言，我們嘗試參考 2024 年第四季提供一些觀點。因此，我們應該說，顯然我們根據看到的一些季節性或溢價因素調整了該費率。因此，如果你去掉溢價並以標準化的方式看待第四季度，你會得到一些低端的跡象。但高端包括了我們在恢復利潤方面所討論的所有內容。

And then just, as we think about over the course of the cycle, you've grown dedicated quite a lot. How should we think about your truckload margin performance looking out, given Dedicated is now 70% of the mix. Like how much of an improvement do you guys see as rates begin to recover here?

然後，正如我們在整個週期中所思考的那樣，你已經變得相當專注了。鑑於專用卡車目前佔卡車總銷量的 70%，我們該如何看待您的卡車利潤率表現？隨著利率開始回升，你們認為會有多大的改善？

Yes. We believe we can continue to advance and improve our margins across the board, including dedicated. One of the great opportunities we have in an improving freight market is in just about all of our configurations that we do in support of customers that there is a backhaul component that we can have a better choice and better paying freight that fits better, anything that gives us more options there and an improving marketplace benefits dedicated.

是的。我們相信，我們可以繼續全面推進並提高我們的利潤率，包括專用利潤率。在不斷改善的貨運市場中，我們面臨的最大機會之一就是，在我們為支持客戶而進行的所有配置中，都有一個回程組件，這樣我們可以有更好的選擇，並且可以支付更合適的運費，任何能給我們提供更多選擇和不斷改善的市場利益的東西，都是我們應盡的義務。

So that's a margin enhancer. We've also talked about improving our asset productivity and our capital allocation thereby improving our ratios between trucks and drivers. And so there's a number of initiatives within there, both market-driven and self-help driven that can drive margin improvement.

所以這可以提高利潤。我們也討論了提高資產生產力和資本配置，從而改善卡車和司機之間的比例。因此，其中有許多舉措，既有市場驅動的，也有自助驅動的，可以提高利潤率。

Jim, surprised that in come up yet, but your intermodal revenue per load up sequentially, pretty meaningfully seeming to bucking the trend across the industry, and that obviously translates better margin as well. The volume part of it all makes sense. But can you help us kind of explain what's driving the revenue per load and how you kind of think that transpires from here?

吉姆，我很驚訝這一點，但你的每批貨物的多式聯運收入連續上升，這似乎相當有意義，似乎逆轉了整個行業的趨勢，這顯然也意味著更好的利潤率。這一切的音量部分都是有意義的。但是您能否幫助我們解釋一下是什麼推動了每批貨物的收入，以及您認為接下來會發生什麼？

Yes. Thanks, John. So yes, as we went through the quarter, there was obviously a lot of demand out of our headhaul markets, and we remain disciplined. Absolutely, our objective is to grow this business. And I talked about the capacity to be able to grow, but we're not going to grow just to grow.

是的。謝謝，約翰。是的，隨著我們度過這個季度，我們的主貨運市場顯然出現了很大的需求，而我們仍然保持紀律。當然，我們的目標是發展這項業務。我談到了成長的能力，但我們不會為了成長而成長。

And so we anticipate that we're going to continue to see that price improve as the over-the-road market increases. But really that the price that you saw in the fourth quarter, a good deal of that was due to project work that we were involved in and all of the head of all markets.

因此，我們預計，隨著公路運輸市場的成長，價格將繼續上漲。但實際上，您在第四季度看到的價格，很大一部分是由於我們參與的專案工作和所有市場的負責人。

So just to clarify, do we think of that as a new starting point off of which to build '25? Or do we think of more of an average of '24 for normalized price in --

因此，需要澄清的是，我們是否認為這是建造 25 年的新起點？或者我們是否認為平均 24 是標準化價格--

Yes. Thanks, Jon. I would think of it as normal seasonality as what we saw in the fourth quarter for Intermodal.

是的。謝謝，喬恩。我認為這是正常的季節性現象，就像我們在第四季看到的多式聯運一樣。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks, good morning guys. Let me try that a little different -- so as we approach bid season, whatever increases you're trying to get in truckload or you think you'll get in truckload, do you think the intermodal increases keep pace and are similar -- where do you think intermodal lags on price relative to whatever truckload is going to get this year?

嘿，謝謝，大家早安。讓我嘗試稍微不同一點——所以當我們接近投標季節時，無論您試圖獲得多少卡車裝載量或您認為您將獲得多少卡車裝載量，您是否認為聯運的增長速度保持同步並且相似——您認為與今年卡車裝載量相比，聯運的價格落後多少？

Yes, Scott, this is Jim. I'll take that. And just looking at historically, Intermodal generally tends to trail. And so that's exactly what we've seen so far. I'd anticipate that we're not likely to see the same rate of increases for intermodal that we'll see within the truckload market. Truckload is where we need to see the largest increase because that's also where we still have the largest decline in the industry.

是的，斯科特，這是吉姆。我接受。從歷史來看，多式聯運通常處於落後狀態。這正是我們目前所看到的。我預計，我們不太可能看到聯運市場的成長率與貨車運輸市場的成長率相同。我們需要看到卡車裝載量出現最大成長，因為這也是我們產業中下降幅度最大的領域。

Are you saying it like -- I know I get that it lags by a quarter or two, but you're saying even on the lag, like the increases will be less. Is that what you're trying to say?

您是說——我知道它會滯後一兩個季度，但您是說即使滯後，增幅也會較小。這就是你想說的話嗎？

I'd expect that we'd see bigger increases in over-the-road market than intermodal as we go through the course of the year.

我預計，隨著時間的推移，我們會看到公路運輸市場比聯運市場有更大的成長。

Okay. And then if I can --

好的。如果我可以--

2024, we mostly -- in 2024, we have relatively flat pricing in intermodal and our renewals while we were increasing on the network side. So, I think consistent with our experience there. We have an improved efficiency, cost position and I think we'll grow our margins more through volume early in the year, particularly.

2024 年，我們主要——在 2024 年，我們的聯運和續約定價相對平穩，同時網路方面的定價有所增加。所以，我認為這與我們在那裡的經驗一致。我們的效率和成本狀況都有所提高，我認為，尤其是在今年年初，我們的利潤率將透過銷售進一步提高。

Okay. And then if I can -- just one more thing. I think last quarter, you talked about mid-single-digit renewals and network. Can you talk about what they were in Q4?

好的。如果可以的話——還有一件事。我認為上個季度您談到了中等個位數的續約和網路。能談談第四季的情況嗎？

Very little activity in the fourth quarter, Scott. So, nothing to really highlight there. A lot of discussions in preparation for 2025 is really the focus there. But we were virtually through both intermodal and truck completely done with renewals at the end of the third quarter.

斯科特，第四季的活動很少。因此，沒有什麼可特別強調的。為 2025 年做準備的許多討論確實是重點。但我們實際上在第三季末就已完全完成了多式聯運和卡車運輸的續約。

Excellent. Thank you guys. Appreciate the time.

出色的。謝謝你們。珍惜時間。

[Bascome Majors], Susquehanna.

[巴斯科姆少校]，薩斯奎哈納。

Thanks for taking my questions. If we hear from a lot of players in the industry, Dedicated has a particular challenge with this extended down cycle. And you guys' commentary and outlook has been and it sounds like it continues to be a bit more positive.

感謝您回答我的問題。如果我們聽很多業內人士說，Dedicated 在這個延長的衰退週期中面臨著特殊的挑戰。而你們的評論和觀點聽起來似乎仍然更加正面。

Can you talk a little about either how you're targeting the market or your mix of customers that is generating that perceived outcome and -- is that something that you think can continue into a greater up cycle as well on a relative basis? Thank you.

您能否談談您如何瞄準市場或產生這種感知結果的客戶組合？謝謝。

Yes. Thanks Bascome. And this is Jim, I'll take that one. So, really, it's -- we're not seeing competition between dedicated providers as much as dedicated solutions turning over and becoming really network solutions as customers were seeking a lower cost options.

是的。謝謝 Bascome。這是吉姆，我接受這個。因此，實際上，我們並沒有看到專用供應商之間的競爭，而是看到專用解決方案轉變並成為真正的網路解決方案，因為客戶正在尋求更低成本的選擇。

And so specifically, what we've done to be able to depend against that is just ensuring that when we're putting together a Dedicated solution, it's truly Dedicated that it is a multiyear agreement. It's structured in a way that has teeth in it for both sides that we're providing great service, that it's not going to be able to be easily replicated with a network type solution and certainly not something that is going to be replaced by lower cost spot pricing.

因此具體來說，為了能夠依靠這一點，我們所做的就是確保當我們制定專用解決方案時，它是真正的專用解決方案，並且是多年期協議。它的結構對雙方都有好處，我們提供優質的服務，它不能被網路類型的解決方案輕易複製，當然也不能被低成本的現貨定價所取代。

And then specifically, there's verticals where we have differentiation, where we've built some specific skills to be able to grow into specialty Dedicated into refers much broader than just the standard dry band.

具體來說，在垂直領域我們有差異化，我們建立了一些特定的技能，能夠發展成為專業化的專用領域，其範圍比標準的乾式帶要廣泛得多。

And one of the things we're most excited about with the targeted acquisitions that we made the last three years, they introduced us each one of those two different verticals. For example, we have more exposure now to the automotive production side, particularly through the Asian transport and overseas manufacturers, different specialty retail now with Cowan and the more of the lightweight space.

而對於我們過去三年進行的有針對性的收購，最讓我們興奮的事情之一是，他們為我們引入了兩個不同的垂直領域。例如，我們現在更多地接觸汽車生產方面，特別是透過亞洲運輸和海外製造商，現在與Cowan合作的不同專業零售店以及更多的輕量化空間。

And so it gives us just a much more diversified play in the marketplace. We've never been more diversified as it relates to our dedicated positioning. And as such, I think we've been a bit more resilient than some in the industry as it relates to what Jim was referencing there. We haven't seen the overall churn because of that focus.

因此，它使我們在市場上的競爭更加多元。就我們專注的定位而言，我們的多元化程度從未如此高。因此，我認為，正如吉姆所提到的那樣，我們比業內的某些人更有韌性。由於這項重點，我們並未看到整體的客戶流失。

Thank you.

謝謝。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hi. Good morning, team. This is Andrew Cox on for Bruce. I wanted to follow-up on the kind of capacity and rate questions from earlier. We are seeing some signs, either through some of the data and the channel checks that there may be early signs that a backlog and disruption is occurring kind of on a regional or a local market level. We just kind of wanted to I understand if you're seeing any of that, if you're seeing any backlog or disruptions regionally if you've seen a localized tightness in the spot market and how that's maybe shifted over the past couple of weeks? Thanks.

你好。早安，各位同事。這是安德魯考克斯 (Andrew Cox) 代替布魯斯表演的。我想跟進一下之前提出的有關容量和費率的問題。透過一些數據和管道檢查，我們看到了一些跡象，表明在區域或本地市場層面可能出現了積壓和中斷的早期跡象。我們只是想了解您是否看到了其中的任何情況，是否看到區域性積壓或中斷，是否看到現貨市場出現局部緊張，以及這種情況在過去幾週可能發生了怎樣的變化？謝謝。

Yes. Thanks. This is Jim. I'll take that one. So certainly, we've seen some different weather events as we've gone through the fourth quarter and then into January. So in fourth quarter, obviously, we had a series of hurricanes and we have wildfires and now we've had snow in parts of the country that don't typically get snow.

是的。謝謝。這是吉姆。我要那個。因此，我們確實在進入第四季和一月時看到了一些不同的天氣事件。因此，在第四季度，我們顯然遭遇了一系列颶風和野火，現在我們在一些通常不會下雪的地區也下雪了。

And so there were some disruptions, especially with the snow events to our operations, but also to our customers. And so you have this displaced capacity and demand that needs to work itself out, especially in those markets, we've seen some capacity that just wasn't available and of course, the corresponding market impact.

因此出現了一些幹擾，尤其是降雪天氣對我們的營運和我們的客戶造成了影響。因此，您需要解決這種取代的產能和需求問題，特別是在那些市場，我們已經看到一些產能無法滿足，當然還有相應的市場影響。

Okay. Thank you. If I can just quickly follow-up. Have you seen anything that may be related to pre-inventory buildings pre-tariff or potentially on the supply side with changes in immigration and changes at the border? Thanks.

好的。謝謝。如果我可以快速跟進的話。您是否看到任何可能與關稅前的庫存建築物有關的事情，或者可能與供應方面有關的變化和邊境的變化有關的事情？謝謝。

Yes, I don't think we have anything to really report of any significant changes in trends. So as most of our customers and at least the ones we've been in dialogue with here the last several weeks of the year and in part in the 2025 field almost to a customer about where they want to be from an inventory standpoint. And so -- we do have cases where certain customers have done some action to pull forward, but that's not consistent or representative all across the customer base. So it's been very specific and not universal.

是的，我認為我們沒有什麼可以真正報告的趨勢的任何重大變化。因此，正如我們的大多數客戶以及至少今年最後幾週我們一直在這裡進行對話的客戶以及部分在 2025 領域的客戶一樣，幾乎從庫存的角度向客戶詢問他們希望達到什麼水平。因此，我們確實遇到過某些客戶採取某些行動來推動進展的情況，但這並不一致，也不具代表性。因此，它非常具體，並不具有普遍性。

Okay, appreciate the insights and the time.

好的，感謝您的見解和時間。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hi. Good morning, guys. Thanks for taking the question. This is [Ben Mohr] on for Ari. It looks like a key driver of your operating expense growth sequentially was an insurance on the cost that you mentioned related to elevated nuclear verdicts, insurance expense looks like it stepped up in the quarter from 2.8% of revenue to 3.8% of revenue. Do you think that's the new norm? Or should it trend back down to between 2.5% to 3% of revenue or perhaps go higher?

你好。大家早安。感謝您回答這個問題。這是 [Ben Mohr] 為 Ari 主持的。看起來，您營業費用連續增長的一個關鍵驅動因素是您提到的與核裁決上升相關的成本保險，保險費用看起來在本季度從收入的 2.8％ 上升到了收入的 3.8％。您認為這是新常態嗎？或者它應該回落至收入的 2.5% 至 3% 之間甚至更高？

Yes. This is Darrell. So in our prepared remarks, we did talk about through prior year accident claims that were driving the increase, I guess, of $7 million or $0.03 in the quarter. So we wouldn't characterize that activity as normal. I think as Mark said in his remarks, we've been very active in reducing our frequency, right, which is the number one line of defense. And if you look at our frequency by any measure, we've been at record levels in terms of the ability to manage that.

是的。這是達雷爾。因此，在我們準備好的評論中，我們確實談到了前幾年的事故索賠，我猜這導致了本季度 700 萬美元或 0.03 美元的增長。所以我們不會將該活動視為正常活動。我認為正如馬克在演講中所說的那樣，我們一直非常積極地減少我們的頻率，對吧，這是第一道防線。無論以何種標準來衡量我們的頻率，我們管理頻率的能力都達到了創紀錄的水平。

Outside of that, there are things that we don't directly control. But in the quarter, I would say the refinement of those reserves is not something that would expect to happen every quarter.

除此之外，還有一些我們無法直接控制的事情。但在本季度，我想說這些儲備的完善並不是每個季度都會發生的事情。

Yes. Those are older claims that we felt was prudent to refine the reserve and we largely in the truckload sector.

是的。這些都是較早的索賠要求，我們認為完善儲備是明智之舉，而且我們主要在卡車運輸領域。

Great. Appreciate that. And maybe as a follow-up, back to the dedicated truck count question, just for clarification. You ended 3Q at about 60 to 100, adding Cowan at 1,900, that should be about 8,500 after maybe we model slightly step down from 8,500 from the step-down from your legacy truck count. You mentioned earlier that you see a line of sight to several hundred trucks of new business and first half?

偉大的。非常感謝。也許作為後續問題，回到專用卡車數量問題，只是為了澄清。第三季結束時，您的卡車數量約為 60 到 100 輛，加上 Cowan 的 1,900 輛，那應該約為 8,500 輛，也許我們可以將其從 8,500 輛稍微下降一些，這是由於您原來的卡車數量有所下降。您之前提到，您看到了上半年新業務和數百輛卡車的前景？

And then last quarter, you mentioned a large customer that's pushed to greenfield new product launch from second half of 2024 into 2025. So should we expect maybe that 8,500 to quickly approach 9,000 in the middle of 2025?

上個季度，您提到一個大客戶，該客戶將綠地新產品的發佈時間從 2024 年下半年推遲到 2025 年。那麼，我們是否應該預期到 2025 年中期，這個 8,500 人的數量將迅速接近 9,000 人呢？

Trying to unpack all that in there succinctly. So what's in our number, obviously, is one month of the quarter on an average basis with the Cowan addition. So we exited the year roughly at 8,500 Dedicated units. And some of those, we are -- had stage for start-ups to your point, that delay from fourth quarter to end to -- or second half into 2025 here. So we can get, which is my comments about getting higher revenue per truck per week when we get those underutilized assets deployed against revenue in 2025.

嘗試簡潔地解釋其中的所有內容。因此，我們的數字顯然是加上 Cowan 後該季度一個月的平均數據。因此，我們今年的專用單位數量約為 8,500 台。對於其中一些，我們已經為新創公司設定了階段，從第四季度推遲到 2025 年底或 2025 年下半年。因此，我們可以得到，這就是我的評論，當我們在 2025 年部署這些未充分利用的資產時，每輛卡車每週的收入將更高。

So we won't see one-for-one truck count growth there, but we will see improved results because we'll be putting that capital to play. So coming into the year, around 8,500, and we would expect to obviously build through our commercial success throughout the year.

因此，我們不會看到卡車數量有一對一的成長，但我們會看到業績有所改善，因為我們將投入資本。因此，進入今年，我們的銷售額將達到約 8,500 億美元，我們預計這一數字將透過全年的商業成功得以實現。

Really appreciate that. Thanks so much.

真的很感激。非常感謝。

Jordan Alliger, Goldman Sachs.

高盛的喬丹·阿利格（Jordan Alliger）。

Hey, thanks for squeezing us in here. This is Andre on for Jordan. I just want to clarify a little bit on the truckload operating ratio comment into the first quarter. Just given that we're coming from the elevated level, the 96.5%, I know historically, margins do deteriorate, but could we hold the OR sequentially into the first quarter?

嘿，謝謝你讓我們擠在這裡。這是安德烈代替喬丹上場。我只是想稍微澄清一下第一季的卡車裝載營運比率評論。鑑於我們處於 96.5% 的高位，我知道從歷史上看，利潤率確實會下降，但我們能否將 OR 連續保持到第一季？

Again, we don't guide by segment, and we don't guide by quarter. But certainly, because we had some return to seasonality and some of the project work, there was some enhanced, it was great to see the seasonality. We won’t probably experience that to the same degree in the first quarter, but it doesn't mean that we don't have other opportunity to improve the business in other ways.

再說一遍，我們不會按分部提供指導，也不會按季度提供指導。但可以肯定的是，由於我們回歸了季節性，並且一些專案工作得到了一些加強，所以看到季節性是件好事。我們在第一季可能不會經歷同樣程度的這種情況，但這並不意味著我們沒有機會透過其他方式改善業務。

So we're not going to give guidance to that. But rest assured we're leaning into every opportunity to continue to advance our margin profile. We've talked about pricing, we've talked about asset utilization, and we've talked about cost containment.

因此我們不會對此提供指導。但請放心，我們會抓住一切機會繼續提高我們的利潤率。我們討論了定價，討論了資產利用率，討論了成本控制。

And this is Darrell. Just also keep in mind that the seat to reserve refinement that we did talk about primarily impacted the truckload segment. So I wouldn't expect that in the first quarter either.

這是達雷爾。還要記住的是，我們討論過的座位預訂細化主要影響了貨車運輸部分。所以我也不認為第一季會出現這種情況。

Got it. Thanks.

知道了。謝謝。

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。