Schneider National Inc (SNDR) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the Schneider first quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加施耐德 2025 年第一季財報電話會議。（操作員指示）

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

謝謝。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.

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首席執行官馬克·魯爾克 (Mark Rourke)、執行副總裁兼首席財務官達雷爾·坎貝爾 (Darrell Campbell) 以及執行副總裁兼運輸和物流集團總裁吉姆·菲特 (Jim Filter)。

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 的投資者關係部分找到。

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。這些構成適用聯邦證券法下安全港條款的前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與目前預期有重大差異。

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作出，除法律要求外，施耐德不承擔更新此類陳述的任何義務。

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 relief 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 財務指標的對帳可以在我們的收益減免和投資者介紹中找到，其中包括與最直接可比較的 GAAP 指標的對帳。

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. Thank you for joining the Schneider call today. For our prepared remarks, I will start by providing an update on our commitment to drive ongoing structural changes in our business to restore margins, improve freight cycle resiliency, enable growth, and enhance financial returns for our shareholders.

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，我將首先介紹我們致力於推動業務持續結構性變革以恢復利潤率、提高貨運週期彈性、實現成長並提高股東的財務回報的最新情況。

Within that context, I will share my perspective on the freight market and positioning and performance across our multi-modal platform of Truckload, Intermodal, and Logistics.

在此背景下，我將分享我對貨運市場的看法以及我們的整車、聯運和物流多式聯運平台的定位和表現。

Darrell will then provide a financial overview of the first quarter results and share our updated 2025 earnings per share and net capital expenditures guidance. Then we'll take your questions.

隨後，達雷爾將提供第一季業績的財務概覽，並分享我們更新後的 2025 年每股盈餘和淨資本支出指引。然後我們會回答您的問題。

Let me start by outlining our actions to structurally improve the business. We are following a framework based on four equally important tenants. The first tenant is to optimize capital allocation across our strategic growth drivers of dedicated Truck, Intermodal, and brokerage and Logistics.

首先，我概述一下我們為從結構上改善業務所採取的行動。我們遵循基於四個同等重要的原則的框架。第一個租戶是優化我們的專用卡車、聯運、經紀和物流等策略性成長動力的資本配置。

In December last year, we acquired Cowan Systems, a dedicated services carrier. The first quarter of 2025 was our first full quarter with Cowan included in our results. Their contributions were immediately accretive, and we expect to achieve between $20 million and $30 million of synergies at maturity.

去年 12 月，我們收購了專業服務業者 Cowan Systems。2025 年第一季是我們將 Cowan 納入業績的第一個完整季度。他們的貢獻立即產生了增值效應，我們預計到期時將實現 2000 萬至 3000 萬美元的協同效應。

Dedicated averaged over 8,500 trucks in service in the quarter, up 27% from over a year ago. Dedicated represents 70% of Truckload segment trucks and 71% of revenue. Truckload earnings improved nearly 70% year over year and 27% sequentially from the fourth quarter of 2024.

本季專用卡車平均投入使用超過 8,500 輛，比去年同期成長 27%。專用卡車佔卡車裝載部門卡車的 70% 和收入的 71%。卡車運輸收益年增近 70%，比 2024 年第四季環比成長 27%。

Looking forward, we have line of sight in the second and third quarters to elevated churn because of select dedicated operations moving to network-based solutions in the current environment and a more competitive landscape. Overall, our dedicated retention rate remains in the low 90s.

展望未來，由於當前環境和競爭更加激烈，部分專用營運將轉向基於網路的解決方案，我們預計第二季和第三季客戶流失率將上升。總體而言，我們的專用保留率仍保持在 90% 左右。

We will also be taking out trucks as a result of our asset efficiency actions to lower our truck to driver ratio even further. Our dedicated new business pipeline is trending to more than replace the churn, but net truck growth is projected to be lower than originally expected.

我們還將採取資產效率措施來減少卡車數量，以進一步降低卡車與司機的比例。我們專用的新業務通路趨勢不僅能取代流失的業務，而且卡車淨成長預計將低於最初的預期。

The second intend is to manage the customer freight allocation process with purpose and discipline. By carefully selecting and managing our freight pool, we can ensure we are serving our customers effectively and profitably.

第二個意圖是，有目的、有紀律地管理顧客貨運分配流程。透過精心選擇和管理我們的貨運池，我們可以確保有效且有利可圖地為客戶提供服務。

As the quarter concluded, we are about one-third through the contractual renewal period in both truck network and intermodal. The market remains highly competitive with truck network achieving low to mid single-digit percentage increases. And to maintain price discipline, we are foregoing volume with some shippers.

截至本季結束時，我們的卡車網路和多式聯運合約續約期已過約三分之一。市場競爭依然激烈，卡車網路實現了低至中等個位數的百分比成長。為了維持價格紀律，我們放棄了與一些托運人的合作。

We are seeing an increase in the number of shipper mini allocation events to address carrier turnbacks or performance issues arising from the initial event outcomes, which gives us confidence in our strategy.

我們看到托運人迷你分配事件的數量增加，以解決承運人退回或初始事件結果引起的性能問題，這使我們對我們的策略充滿信心。

The improvement in revenue per truck per week in both truck network and dedicated was 2%, which is more than 100% price driven as asset productivity was impacted by first quarter weather events.

卡車網路和專用卡車的每週每輛卡車的收入均提高了 2%，其中超過 100% 是由價格驅動的，因為資產生產率受到了第一季天氣事件的影響。

Turning to Intermodal contract renewals, we are pleased with the current trend of increased volume allocations, primarily in geographies where we have positive differentiation that fits well within our network.

談到聯運合約續約，我們對當前運輸量分配增加的趨勢感到滿意，主要是在那些與我們的網路緊密結合、具有正面差異化的地區。

Overall Intermodal rates remained largely flat year over year. The third tenant is delivering an effortless experience by making it easy for customers to work with us by providing optionality and value across our multimodal platform. We have gained market share with new customer rewards by combining elements of our portfolio to sole source facilities and/or geographies.

整體而言，多式聯運費率年比基本持平。第三個租戶透過在我們的多式聯運平台上提供可選性和價值，讓客戶能夠輕鬆地與我們合作，從而帶來輕鬆的體驗。透過將我們的產品組合元素與單一來源設施和/或地理位置相結合，我們獲得了新的客戶獎勵並贏得了市場份額。

This is particularly effective for industry-leading value retail customers, as well as those in the food and beverage industry. The sole source awards dramatically lower operational complexity for shippers while bolstering our network operations through increased freight density.

這對於行業領先的價值零售客戶以及食品和飲料行業的客戶尤其有效。單一來源獎勵大大降低了托運人的營運複雜性，同時透過提高貨運密度增強了我們的網路營運。

Looking forward, there is a bull case based upon generally resilient macroeconomic numbers to date with stable demand and capacity continuing to exit the market. We do know that forward sentiment for customer freight demand and consumer health is less clear, particularly as tariff-driven uncertainty builds. As a result, the continued rising momentum on price recovery is also less certain.

展望未來，根據迄今為止總體具有彈性的宏觀經濟數據，以及穩定的需求和產能繼續退出市場，存在牛市的情況。我們確實知道，客戶貨運需求和消費者健康狀況的前瞻性情緒不太明朗，尤其是在關稅驅動的不確定性加劇的情況下。因此，價格復甦的持續上漲動能也不太確定。

The last tenant 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 and margins.

最後一個租戶包含所有費用類別的成本。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和利潤率。

We have established targets of more than $40 million of additional cost reductions across the enterprise. The cost savings mandate encompasses ongoing investments in AI-based digital assistant technologies and the more transformative digital employee models. These advancements enables us to automate routine tasks, freeing up associates to focus on more meaningful work higher in the value chain.

我們已經制定了在整個企業內額外削減 4000 多萬美元成本的目標。成本節約任務包括對基於人工智慧的數位助理技術和更具變革性的數位員工模型的持續投資。這些進步使我們能夠自動執行日常任務，使員工能夠專注於價值鏈中更高層次的更有意義的工作。

Beyond identified cost savings opportunities, we are evaluating the potentially meaningful impacts of tariffs on the original equipment costing, repair parts availability and cost as well as overall equipment maintenance expense.

除了已確定的成本節約機會之外，我們還在評估關稅對原始設備成本、維修零件可用性和成本以及整體設備維護費用的潛在影響。

Switching now to perspectives on the freight market and on positioning and performance of our multi-modal platform. Our first quarter results were in line with our expectation despite weather impacts and growing economic uncertainty. Each of our primary segments grew revenue, earnings, and margins year over year.

現在轉向對貨運市場以及我們的多式聯運平台的定位和性能的看法。儘管受到天氣影響和經濟不確定性增加，但我們第一季的業績符合預期。我們每個主要部門的收入、收益和利潤都逐年成長。

In Truckload, both network and dedicated, delivered improved earnings year over year and sequentially driven by cost containment actions and improved freight pricing from the second half of 2024 through the first quarter of 2025 contractual renewals.

在卡車運輸方面，無論是網路運輸還是專用運輸，盈利均同比增長，並受到成本控制措施和 2024 年下半年至 2025 年第一季合約續約期間運費價格上漲的推動。

We aim to transition to more variable cost model and network by expanding owner operator relationships to supplement our company driver fleet. This shift is taking longer than expected as operating and financial conditions are prompting more owner operators to exit the industry.

我們的目標是透過擴大業主營運商關係來補充我們公司的司機車隊，從而過渡到更可變的成本模式和網路。由於營運和財務狀況促使更多業主退出該行業，這種轉變所需的時間比預期要長。

Turning to Intermodal, we nearly doubled earnings compared to a year ago on 4% order growth driven by increasing shipping activity in the west of Mexico. We have visibility to a portion of our customers taking freight pull ahead actions in the face of tariff uncertainty. Our year-to-date success in new business awards is expected to reduce the overall future volume variability due to trade policy.

談到多式聯運，受墨西哥西部航運活動增加的推動，訂單增加了 4%，我們的收益與去年同期相比幾乎翻了一番。我們發現，面對關稅不確定性，部分客戶正在採取提前貨運的措施。我們今年迄今在新業務授予方面取得的成功預計將減少因貿易政策而導致的未來整體交易量波動。

Logistics improved earnings 50% year over year as our freight power for shipper and carrier digital technology allows us to remain nimble to changing market dynamics across both less than Truckload and Truckload modes.

由於我們為托運人和承運人提供的貨運能力以及數位技術使我們能夠靈活地應對零擔和整車運輸模式下不斷變化的市場動態，物流收益同比增長了 50%。

Overall, brokerage freight volumes are challenged as shippers continue to favor asset-based solutions. Power Only grew volumes of mid single digits compared to a year ago as shippers and carriers value the simplicity and access of matching qualified small carriers to large trailer pool shippers.

總體而言，由於托運人繼續青睞基於資產的解決方案，經紀貨運量面臨挑戰。由於托運人和承運商重視將合格的小型承運商與大型拖車池托運人進行匹配的簡便性和可訪問性，因此與一年前相比，Power Only 的貨運量僅增長了中等個位數。

In summary, we are focused on the areas we control while maximizing our strategic differentiators. Within our locus of control is containing cost, maintaining price discipline, and outperforming our competition commercially.

總而言之，我們專注於我們控制的領域，同時最大限度地發揮我們的策略差異化。我們的控制範圍包括控製成本、維持價格紀律以及在商業上超越競爭對手。

Our strategic differentiators are unique across our four dedicated brands of Schneider, Midwest Logistics Systems, M&M Transport and now the lightweight equipment solution powerhouse, Cowan Systems.

我們的策略差異化體現在我們的四個專業品牌：施耐德、中西部物流系統、M&M Transport 以及現在的輕量級設備解決方案巨頭 Cowan Systems。

Our asset-based company dray, chassis and container intermodal offering combined with our strong rail relationships with the CSX, Union Pacific, and CPKC creates reliable and valued solutions for Intermodal shippers.

我們以資產為基礎的公司拖車、底盤和貨櫃聯運服務，加上我們與 CSX、聯合太平洋鐵路和 CPKC 的牢固鐵路關係，為聯運托運人創造了可靠且有價值的解決方案。

Plus, our consistently profitable Logistics offering enabled by our freight power platform and market leading power only capability remains a meaningful asset-light strategic contributor to the enterprise.

此外，我們透過貨運電力平台和市場領先的電力能力實現的持續盈利的物流服務仍然是企業有意義的輕資產策略貢獻者。

So let me now turn over to Darrell for his insights on the first quarter and our 2025 guidance. Darrell?

現在請容許我向 Darrell 介紹他對第一季和 2025 年指引的看法。達雷爾？

Thank you, Mark, and good morning, everyone. I'll review our enterprise and segment financial results for the first quarter and provide insights on our updated full year 2025 EPS and net CapEx guidance.

謝謝你，馬克，大家早安。我將回顧我們第一季的企業和部門財務業績，並就我們更新的 2025 年全年每股收益和淨資本支出指引提供見解。

Summaries of our financial results and guidance can be found on pages 24 to 30 of our investor presentation available on the Investor Relations section of our website.

我們的財務表現和指導摘要可在我們網站投資者關係部分提供的投資者簡報的第 24 至 30 頁中找到。

Starting with the first quarter results. Enterprise revenues excluding fuel surcharge were $1.26 billion, up 8% compared to a year ago. Adjusted income from operations was $44 million, a 47% increase year over year.

從第一季的業績開始。扣除燃油附加費後，企業營收為 12.6 億美元，比去年同期成長 8%。調整後的營業收入為 4,400 萬美元，年增 47%。

Enterprise adjusted operating ratio improved 90 basis points compared to the first quarter of 2024. Adjusted diluted earnings per share for the first quarter was $0.16 compared to $0.11 last year.

企業調整後營業比率與 2024 年第一季相比提高了 90 個基點。第一季調整後每股攤薄收益為 0.16 美元，去年同期為 0.11 美元。

Through a combination of our discipline actions that we've taken on revenue management, cost containment, and productivity, we delivered year over year improvement in our enterprise results and across all our reportable segments.

透過我們在收入管理、成本控制和生產力方面採取的一系列紀律措施，我們的企業業績和所有可報告部門的業績都實現了逐年改善。

From a segment perspective, Truckload revenues, excluding fuel surcharge, were $614 million in the first quarter, 14% above the same period last year.

從分部角度來看，第一季卡車運輸收入（不含燃油附加費）為 6.14 億美元，比去年同期成長 14%。

This increase was primarily due to the acquisition of Cowan and higher dedicated and network revenue per truck per week, partially offset by lower network volumes. Truckload operating income was $25 million, up nearly 70% year over year due to the same factors that shape revenues.

這一增長主要歸因於收購 Cowan 以及每週每輛卡車的專用和網路收入增加，但卻被網路容量的減少部分抵消。卡車運輸營業收入為 2500 萬美元，由於影響收入的相同因素，同比增長近 70%。

Operating ratio was 95.9%, an improvement of 130 basis points compared to first quarter of 2024. Truckload network margins improved year by year for the first time since the first quarter of 2022 due to continued improvements in price and ongoing actions to reduce variable input costs.

營業比率為 95.9%，較 2024 年第一季提高 130 個基點。由於價格持續改善以及持續採取措施降低可變投入成本，卡車運輸網路利潤率自 2022 年第一季以來首次逐年提高。

Intermodal revenues excluding fuel surcharge were $260 million for the first quarter, 5% above the first quarter of 2024 due to volume growth and increased revenue per order. Intermodal has grown volumes year over year for four consecutive quarters.

第一季度，不包括燃油附加費的多式聯運收入為 2.6 億美元，由於運輸量增長和每單收入增加，比 2024 年第一季高出 5%。多式聯運業務量連續四個季度年增。

Intermodal operating income was $14 million, an increase of 97% compared to the same period last year due to the same factors driving revenues in addition to enhanced operating leverage from network optimization, great productivity, and internal cost reduction actions.

多式聯營運業收入為 1,400 萬美元，與去年同期相比成長 97%，這歸因於相同的收入驅動因素，以及網路優化、高生產力和內部成本削減措施帶來的營運槓桿增強。

Operating ratio was 94.7%, an improvement of 250 basis points compared to first quarter of 2024. Logistics revenues, excluding fuel surcharge, were $332 million in the first quarter, 2% above the same period a year ago due to our acquisition of Cowan, partially offset by lower revenue per order.

營業比率為 94.7%，較 2024 年第一季提高 250 個基點。第一季度，不包括燃油附加費的物流收入為 3.32 億美元，比去年同期成長 2%，這得益於我們收購了 Cowan，但每筆訂單收入的下降部分抵消了這一增長。

Logistics' trend of profitability continued with operating income of $8 million or 50% compared to first quarter 2024. This was primarily due to effective net revenue management and the continued strength of our Power Only offering.

物流的獲利趨勢持續，與 2024 年第一季相比，營業收入為 800 萬美元，成長 50%。這主要歸功於有效的淨收入管理和我們 Power Only 產品的持續強勁表現。

Operating ratio was 97.6%, an improvement of 70 basis points compared to first quarter 2024. As of March 31, 2025, we had $577 million in total debt and finance lease obligations outstanding, and cash and cash equivalents of $106 million.

營業比率為 97.6%，較 2024 年第一季提高 70 個基點。截至 2025 年 3 月 31 日，我們未償還的債務和融資租賃債務總額為 5.77 億美元，現金和現金等價物為 1.06 億美元。

During the quarter, we use the remaining availability under a delayed draw term loan facility executed in November 2024 to repay current debt maturities. Our net debt leverage was 0.8 times at the end of the quarter.

在本季度，我們將使用 2024 年 11 月執行的延期提取定期貸款額度下的剩餘可用資金來償還當前到期債務。本季末，我們的淨負債槓桿率為 0.8 倍。

Turning to capital allocation. In the first quarter, we paid $17 million in dividends and opportunistically repurchased $8.3 million of shares. We have $46 million remaining on our $150 million share repurchase program that was established in February 2023.

轉向資本配置。第一季度，我們支付了1700萬美元的股息，並適時回購了830萬美元的股票。我們於 2023 年 2 月制定的 1.5 億美元股票回購計畫目前還剩餘 4,600 萬美元。

Net CapEx was $97 million compared to $112 million last year due to reduced purchases of transportation equipment and other property and equipment. Free cash flow increased approximately $9 million compared to the same period in 2024.

由於運輸設備和其他財產及設備的購買減少，淨資本支出為 9,700 萬美元，而去年同期為 1.12 億美元。與 2024 年同期相比，自由現金流增加了約 900 萬美元。

We continue to manage our fleet age within our targeted ranges and invest in technology to drive business insights and associate productivity.

我們將繼續在目標範圍內管理車隊的年齡，並投資技術以推動業務洞察力和員工生產力。

Moving to our updated full year 2025 guidance, our adjusted earnings per share guidance for the full year 2025 is $0.75 to $1, which assumes an effective tax rate of 23% to 24%. We also updated our net CapEx to be in the range of $325 million to $375 million for the full year from $400 million to $450 million previously.

根據我們更新後的 2025 年全年指引，我們對 2025 年全年調整後每股收益的指引為 0.75 美元至 1 美元，假設有效稅率為 23% 至 24%。我們也將全年淨資本支出從先前的 4 億美元至 4.5 億美元更新為 3.25 億美元至 3.75 億美元。

In constructing our revised outlook for the full year, we consider the current trade policy and increased economic uncertainty and the resulting moderating impact on both price and volume. In addition, we considered our continuous efforts across all our segments to restore margins through contract renewal improvements, asset efficiency efforts, ongoing cost containment measures offset by volume and price trends by segment as the quarter progressed.

在製定全年修訂展望時，我們考慮了當前的貿易政策和日益增加的經濟不確定性以及由此對價格和數量的緩和影響。此外，我們還考慮了所有部門的持續努力，透過合約續約改進、資產效率努力、持續的成本控制措施，以及隨著季度進展而按部門劃分的銷售和價格趨勢來恢復利潤率。

The combination of these factors has tempered our expectations regarding the level of earnings improvement for the remainder of the year. Although lower, we expect continued year over year improvement in results throughout 2025.

這些因素的綜合作用降低了我們對今年剩餘時間獲利成長水準的預期。儘管幅度較低，但我們預計 2025 年全年業績將繼續逐年改善。

For our Truckload network business, we continue to deliver year by year pricing improvements as spot price declined through the first quarter. Due to the current environment, we now expect more moderate pricing improvements for the remainder of the year, and lower volumes and capacity growth compared to our expectations in our previous guidance.

對於我們的卡車運輸網路業務，隨著第一季現貨價格的下降，我們繼續逐年改善價格。鑑於當前的環境，我們預計今年剩餘時間內的價格上漲將更加溫和，而且銷售和產能成長將低於我們先前預測的水平。

We anticipate continued resilience of our dedicated business, price is in line with our previous guidance, and while we expect positive net capacity additions in 2025, we have lowered our expectations for fleet growth due to the churn that Mark mentioned.

我們預計我們的專用業務將繼續保持彈性，價格與我們先前的指導一致，雖然我們預計 2025 年淨容量將增加，但由於馬克提到的客戶流失，我們降低了對機隊成長的預期。

Also, as a reminder, our focus on asset efficiency will remove tractors and be reflected in our 2025 net tractor growth.

另外，需要提醒的是，我們對資產效率的關注將不包括拖拉機，這將反映在我們 2025 年的淨拖拉機成長中。

For Intermodal segments, we expect continued volume growth and moderate pricing improvement for the remainder of the year. Our guidance also factors in recent new business wins, which are expected to offset the near-term impact of trade policy on freight volume.

對於多式聯運領域，我們預計今年剩餘時間內運輸量將持續成長，價格將適度改善。我們的指導也考慮了最近的新業務勝利，預計這將抵消貿易政策對貨運量的近期影響。

Our Logistics segment outlook incorporates continued year over year improvements in net revenue per order. And similar to our Truckload network business, we expect the improvements to be less pronounced for the remainder of the year as spot pricing continues to moderate. We also expect lower volumes and more muted seasonality.

我們的物流部門展望包括每筆訂單淨收入的持續逐年改善。與我們的卡車網路業務類似，隨著現貨價格持續放緩，我們預計今年剩餘時間內的改善將不那麼明顯。我們也預期銷量會下降，季節性也會減弱。

Turning to net CapEx, our guidance assumes continued allocation of capital to organic growth in dedicated and Intermodal tractors and also reflects alignment of growth CapEx with current business and economic expectations.

談到淨資本支出，我們的指導假設繼續將資本分配給專用和聯運拖拉機的有機成長，同時也反映成長資本支出與當前業務和經濟預期的一致性。

In addition to the volume effect on our CapEx expectations, the cost of equipment is also impacted by current trade policy. Currently known cost increases are included within our CapEx guidance with a partial offset resulting from improved equipment sale proceeds.

除了產量對我們的資本支出預期的影響之外，設備成本也受到當前貿易政策的影響。目前已知的成本增加已包含在我們的資本支出指引內，但部分抵銷部分來自設備銷售收益的提升。

While not contemplating in our guidance, the strength of our balance sheet also positions us to act opportunistically as we continue to explore inorganic growth opportunities.

雖然我們的指導中沒有考慮到這一點，但我們資產負債表的強勁也使我們能夠在繼續探索無機成長機會時採取機會行動。

In closing, we will continue to execute against our plan to structurally position our business to demonstrate resiliency and growth in all cycles through a commercial cost, asset efficiency, and capital allocation actions. These efforts have allowed us to deliver through uncertainty and to be in a position to capitalize and enhance operating leverage.

最後，我們將繼續執行我們的計劃，透過商業成本、資產效率和資本配置行動，從結構上定位我們的業務，以在所有周期中展示彈性和成長。這些努力使我們能夠克服不確定性，並能夠利用和提高營運槓桿。

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

接下來，我們將開始回答您的問題。

Thank you. (Operator Instructions) Brian Ossenbeck, JPMorgan.

謝謝。（操作員指示）Brian Ossenbeck，摩根大通。

So I guess maybe if you guys could give us a little bit of context considering your unique position in the market, what are you seeing when it comes to the expected deceleration of imports, obviously you don't move international boxes, but that stuff is all connected. So maybe what are you seeing and hearing from customers and what is sort of contemplated in the updated guides? Thanks.

所以我想，如果你們能給我們一些背景信息，考慮到你們在市場上的獨特地位，當談到預期的進口減速時，你們看到了什麼，顯然你們不移動國際箱子，但這些東西都是相互關聯的。那麼，您從客戶那裡看到和聽到了什麼？更新後的指南中又考慮了哪些內容？謝謝。

Yeah, Brian, this is Jim. Thanks for the question this morning. So it's really important that we're staying close to our customers as we go through this and that we're remaining nimble and offering broad solutions. As we look at our -- across our business segments, we look at Truckload and Logistics sectors, it's primarily North America oriented, so difficult to quantify the impact there.

是的，布萊恩，這是吉姆。感謝您今天早上提出的問題。因此，在經歷此過程時，與客戶保持密切聯繫、保持靈活並提供廣泛的解決方案非常重要。當我們審視我們的業務部門時，我們專注於卡車運輸和物流部門，它主要面向北美，因此很難量化那裡的影響。

When we look at Intermodal, it's approximately 15% to 25% of our businesses, is tied to imports. And that's from a variety of different origins, so it's not all related to China. And we do expect that there is going to be some drop off in volume in the Intermodal business, but we expect that our new business wins in Intermodal that Mark spoke of, largely offset what we're anticipating from imports declining.

當我們看多式聯運時，我們發現大約 15% 到 25% 的業務與進口有關。這些說法有多種不同的來源，因此並非都與中國有關。我們確實預期多式聯運業務量會有所下降，但我們預期馬克提到的多式聯運新業務的勝利將在很大程度上抵消我們預期的進口下降的影響。

But we'd also say that we do believe that the conditions are right for a bullwhip. It appears that imports may be dropping faster than consumer demand and a low in shipping could be the catalyst that removes additional capacity from the market. And if there were new trade agreements, there could be an abrupt restart to imports with less capacity than there is today.

但我們也要說，我們確實相信現在的條件已經適合使用長鞭。看來進口量的下降速度可能快於消費者需求的下降速度，而航運量的低迷可能是導致市場運力減少的催化劑。如果有新的貿易協定，進口可能會突然重啟，但進口能力可能會比現在更低。

And so that's not our forecast, but that could be the bull case that Mark spoke of. And so we're going to stay focused on two priorities, staying close to our customers, being nimble, offering those broad solutions. But the second is focusing on what we control within each one of our sectors, the four tenants that Mark spoke of.

這不是我們的預測，但這可能是馬克所說的牛市情況。因此，我們將繼續專注於兩個優先事項：貼近客戶、保持靈活、提供廣泛的解決方案。但第二點是關注我們在每個部門內所控制的東西，也就是馬克所說的四個原則。

This is Darrell. I guess I'll just add some perspective on the outlook, specifically as it relates to Intermodal. So we did look at various scenarios, similar to what Jim was referring to regarding the duration of the trade policy impacts. And also the magnitude of what happens during that uncertainty and also when uncertainty clears.

這是達雷爾。我想我只是想補充一些關於前景的觀點，特別是與多式聯運有關的觀點。因此，我們確實研究了各種情景，類似於吉姆所提到的貿易政策影響的持續時間。以及在這種不確定性期間以及不確定性消除後發生的事情的嚴重程度。

From an Intermodal perspective specifically, there was some impact of the tariff policy on the volumes that we saw, but we have continued to see strength and improvement in volume year over year for the past four quarters now.

具體地從多式聯運的角度來看，關稅政策對我們看到的運輸量產生了一些影響，但在過去的四個季度中，我們看到運輸量逐年強勁增長和改善。

So even though there is some impact of tariffs, and we've contemplated that within our guidance, the new business with that we've had are expected to offset any potential impact in the near term. So that's built into our guidance.

因此，儘管關稅會產生一些影響，並且我們已經在指導範圍內考慮到了這一點，但我們的新業務預計將在短期內抵消任何潛在影響。這已納入我們的指導之中。

As a matter of pricing, we think pricing is going to moderate some, at least in the near term, and that's factored into our guidance even though we expect year by year improvement across the board.

就定價而言，我們認為定價至少在短期內會有所緩和，儘管我們預計價格會逐年全面改善，但這已計入我們的指導中。

Alright, thanks for that. Maybe it's just a follow up on the new business ones within Intermodal. Jim or Mark, can you kind of characterize where those are, what type of volume, when they ramp up, is there something with the cross border with CPKC that seems to be taking off pretty well? And then I guess similar question on the dedicated where maybe it's a little bit more competitive. Where some of that pressure coming from and sort of what are you doing to offset that to the extent you can? Thank you.

好的，謝謝。也許這只是對多式聯運中新業務的後續行動。吉姆或馬克，您能否描述一下這些業務在哪裡，業務量是什麼樣的，當業務量增加時，與 CPKC 的跨境業務是否似乎進展順利？然後我想在專用領域也會出現類似的問題，也許那裡的競爭會更激烈一些。這些壓力來自哪裡？您正在做什麼來盡可能地抵消這些壓力？謝謝。

Brian, I think that's four questions maybe and I need to --

Brian，我想這大概是四個問題，我需要--

Get my mind's worth.

得到我心靈的價值。

First, we think -- we had a very first -- we had a very good first quarter from our view on our commercial success in the market relative to what we call our differentiation in Intermodal with where our strengths really are and fit our network really well.

首先，我們認為 - 我們有一個非常好的第一季 - 從我們在市場上的商業成功來看，相對於我們在多式聯運方面的差異化，我們的優勢真正在於並且非常適合我們的網絡。

Now, of course, awards do not mean freight just yet, the customer has to have the freight and the market has to deliver the volume from those awards and so that's still yet in front of us. So we don't have many of those implemented yet, but we would expect to start implementing here in the second quarter in a more meaningful way. And it's really across the board, Brian.

當然，現在獎項並不意味著運費，客戶必須有運費，市場必須提供這些獎項所提供的數量，所以這仍然擺在我們面前。因此，我們還沒有實施很多措施，但我們預計將在第二季以更有意義的方式開始實施。這確實是全面的，布萊恩。

Certainly, Mexico has been a strength for us, and Jim will give maybe some just additional color relative to what's covered with the tariffs and what's not. So how durable could that volume be? But we're pleased across the board and again, that gives us some confidence that we can withstand perhaps some of the trade lines, but it all come down to magnitude, duration, and timing, which is uncertain for us going forward. But we've tried to give our best assessment and best insight into the market based upon what we see today and that would be the Intermodal.

當然，墨西哥一直是我們的強項，吉姆可能會對哪些產品屬於關稅範圍、哪些產品不屬於關稅範圍給予一些額外的說明。那麼該卷的耐久性如何？但我們對整體情況感到滿意，這再次給了我們一些信心，我們或許可以承受一些貿易線，但這一切都取決於規模、持續時間和時間，這對我們未來的發展來說是不確定的。但我們已盡力根據目前所見的情況對市場做出最佳評估和洞察，那就是多式聯運。

And so to Jim, maybe just some comment relative to tariff in Mexico and see how strength we're seeing there.

所以對於吉姆來說，也許只是一些與墨西哥關稅相關的評論，看看我們在那裡看到的力度有多大。

Two areas where we, in particular, have seen nice growth and Intermodal, Mexico being one of those, and we feel very good about our -- the wins that we've had. There's virtually all the goods that we're shipping across border are compliant with USMCA, which are currently exempt from tariffs, and we have a lot of differentiation in that product. It's having the -- we're aligned to the only railroad that -- it's a single line railroad that brings you up to the -- both the Midwest and to the southeast US that's all asset-based and are -- really excellent execution within Mexico. So that's been a big differentiator for us.

我們在兩個領域看到了良好的成長，其中一個是墨西哥多式聯運，我們對所取得的勝利感到非常高興。我們跨境運輸的幾乎所有貨物都符合 USMCA 的規定，目前這些貨物都免關稅，而且我們的產品有許多差異化。我們擁有唯一的鐵路，這是一條單線鐵路，可以帶您到達美國中西部和東南部，所有鐵路都是基於資產的，並且在墨西哥境內的執行非常出色。所以這對我們來說是一個很大的區別。

And then the second one is really providing broad solutions to customers, and Mark spoke about in the opening, to be able to combine what we do in our Intermodal business along with our Truckload business, dedicated and Logistics to provide a broad solution because customers understand that there's some variability here and you need to have some different outlets and that's really where we've had a lot of strength.

第二個目標是真正為客戶提供廣泛的解決方案，馬克在開場時談到，能夠將我們的多式聯運業務與整車業務、專用物流結合起來，提供廣泛的解決方案，因為客戶明白這裡存在一些可變性，你需要有一些不同的銷售渠道，而這正是我們的優勢所在。

Going to your second or fourth part of your question related to dedicated where we've seen the most competitive environment, would be in more of the standard type of equipment where customers may be taking a little bit more of a short term view. And so we're really focused on where we have the greatest differentiation, which would be areas like private fleet conversions, specialty equipment, refrigerated, and we see all three of those pipelines very strong.

關於您問題的第二部分或第四部分，我們看到最具競爭性的環境是專用設備​​，更多的是標準類型的設備，客戶可能會採取更短期的眼光。因此，我們真正關注的是差異化最大的領域，即私人車隊改裝、專用設備、冷藏等領域，我們認為這三個管道都非常強勁。

Yeah, 53 standard trailer. Most competitive.

是的，53 標準拖車。最具競爭力。

Chris Weatherby, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good morning, guys. Darrell, I think I caught on the guidance conversation you mentioned growth and over the course of the year. I don't know if that's each one of the quarters and specific to -- do you think that you can get EPS growth on a year to year basis for the entire year quarter by quarter?

嘿，謝謝。大家早安。達雷爾，我想我理解了你提到的有關增長以及全年增長的指導性談話。我不知道這是否適用於每個季度，並且具體到——您是否認為您可以逐年逐季度地獲得全年每股收益的增長？

So we typically don't give guidance by quarter, so the comments that I made were in the context of the remainder of the year. So as it relates to the remainder of the year, we expect to have year over year growth in price and in margin, but we don't get to that level in terms of giving quarterly guidance.

因此，我們通常不會按季度提供指導，所以我所發表的評論都是針對今年剩餘時間的。因此，就今年剩餘時間而言，我們預計價格和利潤率將同比增長，但在給出季度指導方面我們還沒有達到那個水平。

Okay, that's helpful. I just want to make sure I understood -- clarified what you said there. And then I guess when you think about the dedicated churn, what you guys were just noting there, obviously some parts of the market is a little bit more competitive. So it might slow down kind of the fleet growth.

好的，這很有幫助。我只是想確保我理解了——澄清了你所說的內容。然後我想，當你考慮專用客戶流失時，你們剛才注意到，顯然市場的某些部分競爭更激烈一些。因此，這可能會減緩船隊的成長。

Can you give us a sense of maybe what you expect over the course of the next several quarters in terms of that net fleet growth, kind of the net of the churns as well as some of these new business wins that you guys are going after?

您能否向我們介紹一下，就未來幾季的淨機隊成長、淨流失量以及您所追求的一些新業務勝利而言，您對未來幾季的預期是什麼？

Yeah, Chris, really, we got a few things that are perhaps moderated from our initial discussion for the full year guidance that we did originally and first of that is the insight to some of the churn. We still have a very good pipeline. We expect to fully cover the churn. But we also -- now with Cowan with the first full quarter and some of the other actions that we've been able to take within our dedicated portfolio or expected to take, that we can drive more efficiency into our various account structures there by -- have more slip seating, more tractor sharing, a number of things that we think we can drive more efficiency. That'll come out of the net tractor, but it'll come out because of efficiency, not because of any negative commercial fallout.

是的，克里斯，實際上，我們從最初對全年指導的初步討論中得到了一些可能有所緩和的事情，其中​​首先是對一些客戶流失的洞察。我們仍然擁有非常好的管道。我們希望完全彌補客戶流失。但是，現在我們與 Cowan 一起度過了第一個完整季度，並且我們已經能夠在專用投資組合中採取或預計採取一些其他行動，從而可以提高各種帳戶結構的效率，包括更多的滑行座位、更多的拖拉機共享，我們認為這些都可以提高效率。這將來自淨拖拉機，但它將因為效率而產生，而不是因為任何負面的商業後果。

So the combination of those two things we believe will be accretive to growth and off our first quarter numbers as it relates to total tractor count in dedicated, but it won't be as pronounced as our original guidance.

因此，我們相信，這兩件事的結合將促進成長，並增加我們第一季的數字，因為它與專用拖拉機的總數有關，但不會像我們最初的指導那樣明顯。

Thanks very much, appreciate it.

非常感謝，感激不盡。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Talk a little bit on the dedicated side about how we should look at margins. I mean, obviously there's some churn going on. You're bringing on some new business. Is this new business that you're bringing on at better margins than the churn?

從專門的角度稍微談談我們該如何看待利潤。我的意思是，顯然存在一些流失的情況。您正在進行一些新業務。您開展的新業務的利潤率是否高於客戶流失率？

Yeah, we have a profile for returns in dedicated, and so we're not necessarily compromising on our expected margin returns there. As we've talked in Truckload, more than 100% of our earnings are coming out of dedicated in the Truckload segment in the short term as we're working to restore profitability in the network side, Jason.

是的，我們對回報有專門的規劃，因此我們不一定會在那裡損害我們預期的利潤回報。正如我們在 Truckload 中談到的那樣，短期內我們的 100% 以上的收益都來自於 Truckload 部門，因為我們正在努力恢復網絡方面的盈利能力，Jason。

So very comparable. We have very consistent methodology that we use relative to the solutions that we bring on behalf of our customers in dedicated. So we wouldn't consider them necessarily margin eroding or materially margin enhancing, it's consistent with our profile.

所以非常具有可比性。我們使用非常一致的方法，針對我們代表客戶提供的解決方案。因此，我們不會認為它們必然會侵蝕利潤率或大幅提高利潤率，這與我們的概況一致。

Okay, that makes sense. And as a follow up on the pricing side, I mean, obviously the expectation is to see pricing moderate. You said before you're getting sort of low to mid single on the Truckload side. If that moderates, I'm assuming we're looking at sort of flat to low single digits somewhere.

好的，這很有道理。作為定價方面的後續行動，我的意思是，顯然預期價格會適中。您之前說過，您在卡車裝載方面得到的是低到中等的單一價格。如果情況緩和，我估計我們會看到某種程度上的持平或低個位數成長。

And I guess my next question is, to get to a more normalized state in Truckload pricing, how many bid cycles will it take now? That -- we're seeing sort of pricing erode and your costs still aren't sort of falling off a cliff, you're still seeing some increased cost whether you look at drivers or whether you look at insurance or anything like that.

我想我的下一個問題是，要讓卡車裝載定價達到更正常的狀態，現在需要多少個投標週期？我們看到價格在下降，但成本並沒有急劇下降，無論是司機成本還是保險成本還是其他類似因素，成本都在增加。

This is Mark. I'll offer some initial thoughts and certainly as it relates to cost, we've been very diligent and virtually every one of our expense pools are looking for opportunity. We've made solid progress, and we have the teams fully aligned on how we can continue to get after improved cost position that enhances both our margin profile but also our competitive positioning.

這是馬克。我會提供一些初步想法，當然就成本而言，我們一直非常勤奮，幾乎我們的每個費用池都在尋找機會。我們已經取得了堅實的進展，我們的團隊已經完全同意如何繼續改善成本狀況，從而提高我們的利潤率和競爭地位。

We've also seen, and I believe we have been through the bottom of the pricing market and have shown consistent improvement even in our network business now for several quarters. And the uncertainty going forward, I think one of the things about tariffs is not only is there some volume of uncertainty. But does that start to impact pricing in the short term, it looks like it may impact spot pricing initially and we'll see what transpires from there. But I still think we have pricing opportunity. We're going to remain disciplined. We've been -- we showed it in the first quarter. I still think we'll continue to have progress as we go through the year and commercially, that's what we're focused on.

我們也看到，我相信我們已經度過了定價市場的底部，並且即使在我們的網路業務中也已經連續幾個季度顯示出持續的改善。至於未來的不確定性，我認為關稅的問題之一不僅僅是存在一定程度的不確定性。但這是否會在短期內開始影響定價？看起來它可能最初會影響現貨定價，我們將拭​​目以待接下來會發生什麼。但我仍然認為我們有定價機會。我們將保持紀律。我們已經——我們在第一季展示了這一點。我仍然認為，隨著時間的推移，我們會繼續取得進步，而從商業角度來看，這就是我們所關注的重點。

This is Jim. I just want to add on. We are seeing a -- additional mini allocation events occurs shortly after we close out other allocations. So it just reinforces the strategy that we're taking, as well as we found that bottom of the market and there's -- it's just not sustainable at rates that are below where we are today.

這是吉姆。我只是想補充一點。我們看到——在我們關閉其他分配後不久，又發生了額外的迷你分配事件。因此，這只是強化了我們正在採取的策略，而且我們發現了市場的底部，低於目前水準的利率是不可持續的。

And are you guys seeing more carriers come out of the marketplace in any increased capacity?

你們是否看到更多業者以更高的運力進入市場？

Yeah, I think it's been a steady drumbeat, and we see it both in the small owner operator, but we also see it through our brokerage business and our channel checks relative to the stress of those who are granting credit in this arena.

是的，我認為這一直是一個穩定的鼓點，我們在小業主經營者身上都看到了這一點，但我們也透過經紀業務和管道檢查看到了這一點，相對於在這個領域發放信貸的人的壓力。

So Jason, if there could be one positive -- I don't know if there can be a positive with all the uncertainty, does that drive and accelerate the exit. But yeah, we haven't seen any signs of stabilization. It's been a slow trend downwards.

所以傑森，如果有一個積極的方面——我不知道在所有的不確定性中是否會有一個積極的方面，這是否會推動和加速退出。但是，是的，我們還沒有看到任何穩定的跡象。這是一個緩慢下降的趨勢。

Appreciate it and sorry for sneaking an extra one in there on you.

非常感謝，很抱歉偷偷地給你多加了一個。

We're off our game this morning on that.

我們今天早上的比賽就因為這個而中斷了。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

I hope the question enforcement doesn't start now, but maybe just to follow up on the pricing commentary there. How do you even have pricing conversations in an environment like this where we're looking at polar opposite outcomes of cliff versus a bullwhip in the next few quarters? I mean, do you need to pull out a pandemic playbook here and maybe even push out bid season or talk about short-term contracts? How do the both sides of the table going to even come together?

我希望問題執行不會現在開始，但也許只是為了跟進那裡的定價評論。在這樣的環境下，我們要如何進行定價對話呢？我們預計未來幾季會出現懸崖效應和牛鞭效應兩種截然相反的結果。我的意思是，你是否需要在這裡拿出一份疫情應對手冊，甚至推遲投標季節或談論短期合約？桌子的兩邊如何才能達成一致呢？

Hey, Ravi, this is Jim. Thanks for the question. It's really important times like this that we're stating our assumptions with our customers as we're going through an allocation event that we're sharing this is the way that we're looking at the market. This is our assumptions. So if if we happen to be wrong, we're positioned well to come back and have a further discussion in terms of how we're positioning our organization as well as the customers able to turn back to their organization and explain the actions that they're taking.

嘿，拉維，我是吉姆。謝謝你的提問。在這樣的時刻，我們向客戶陳述我們的假設非常重要，因為我們正在經歷一個分配事件，我們正在分享這是我們看待市場的方式。這是我們的假設。因此，如果我們碰巧錯了，我們可以回來進一步討論如何定位我們的組織，以及客戶如何回到他們的組織並解釋他們正在採取的行動。

Got it. Understood. And maybe the lack of near term parity potentially could make you look longer term as well. We had Aurora announce this morning that they have started a commercial revenue generation with autonomous trucks on public roads in Texas. Is that something that -- will you take another look at that? Is that an important catalyst, kind of how do you think about potentially taking advantage of this maybe kind of a little bit of air pocket coming to think about long term opportunities here?

知道了。明白了。或許短期內缺乏平價可能會讓你著眼於更長遠的未來。今天早上，Aurora 宣布他們已經開始在德克薩斯州的公共道路上使用自動駕駛卡車創造商業收入。那是什麼——你會再看一眼嗎？這是一個重要的催化劑嗎？您認為如何利用這個可能存在的一點空隙來思考長期機會？

Sure, Ravi, this is Mark. Yeah, we have a great deal of respect for the leadership and the capability that Aurora has built, and we've been engaged with them for a number of years now and are currently hauling a series of lanes in Texas presently with safety driver in. But yeah, that's something that we continue to stay close, be clear what we believe our use cases can be there as that technology continues to develop. But congratulations to them, fine organization and we'll continue to look for those opportunities that make sense for us and our customers.

當然，拉維，這是馬克。是的，我們非常尊重 Aurora 的領導力和能力，我們已經與他們合作多年，目前正在德克薩斯州的一系列車道上進行牽引，並配備安全駕駛員。但是的，這是我們將繼續關注的事情，隨著技術的不斷發展，我們相信我們的用例可以實現什麼。但我還是要祝賀他們，組織得很好，我們將繼續尋找對我們和我們的客戶有意義的機會。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

I wanted to get some stuff. I think when you were talking about -- I'm not sure if it was dedicated, I think it was -- we're talking about like you increasing use of owner operators to make it more asset light. I guess -- I mean it makes sense and I think my understanding is you guys have a very strong system for building the owner operator base and attracting owner operators. But I just wonder if that is a stable enough source of capacity, it seems to me like when you see the downturn, the owner operator capacity is a bit less stable than what you get with the kind of company trucks or company drivers.

我想得到一些東西。我認為當您談論時——我不確定它是否是專用的，我認為是——我們正在談論像您一樣增加業主運營商的使用以使其更輕資產。我想——我的意思是這很有道理，我認為我的理解是你們有一個非常強大的系統來建立業主運營商基礎並吸引業主運營商。但我只是想知道這是否是一個足夠穩定的運力來源，在我看來，當你看到經濟衰退時，業主運營商的運力比公司卡車或公司司機的運力要不穩定一些。

So I don't know, I guess your thoughts on that and is that something that you over time really want to swing it in a big way to owner operator capacity, just thought that was a topic to drill down on a little bit.

所以我不知道，我猜你對此的想法，以及隨著時間的推移，你真的想在很大程度上將其轉變為業主經營者的能力，只是認為這是一個需要深入探討的話題。

Sure. And Tom, the question really -- the response there was more on the network side of our businesses where we deploy a series of capacity types. First, we have a very core company driver capacity that sits at the core of our network offering. But as we look at the current returns and the ability to where we want to put our strategic investments, we are looking to use more asset light supplement to our core drivers, which are core company drivers, which is not only owner operators, but it's also where our Power Only offering, adds great value to the customer as well, which is small companies coming in support of the network business.

當然。湯姆，這個問題的真正答案更多是關於我們業務的網路方面，我們部署了一系列容量類型。首先，我們擁有非常核心的公司驅動能力，它是我們網路產品的核心。但是，當我們考慮當前的回報和我們想要進行策略性投資的能力時，我們希望使用更多的輕資產來補充我們的核心驅動力，即核心公司驅動力，這不僅是業主運營商，也是我們的 Power Only 產品為客戶增加巨大價值的地方，即支持網絡業務的小公司。

So we have the levers to pull across all three of those, and as mentioned in my opening comments that the owner-operator difficulty today, I think it's just a -- represents where the market is and the difficulty they have presently that -- based upon the demand, pricing environment, et cetera. So one of the advantages coming to a company that has quality customers, has quality demand, has the trailer fleet and the ability to help with cost mitigation around fuel, cost mitigation around insurance and other, bobtail insurance and some other items. And so we think we do have a value proposition, although that part of the market is under a good deal of stress. But it's not all in one category or another, it's the complementary nature of company, owner operator and Power Only to serve our network needs.

因此，我們有能力解決這三個問題，正如我在開場白中提到的，今天業主和經營者面臨的困難，我認為這只是——代表了市場現狀以及他們目前面臨的困難——基於需求、定價環境等等。因此，擁有優質客戶、優質需求、拖車車隊並有能力幫助降低燃料成本、保險成本、短尾保險和其他一些專案成本的公司的優勢之一。因此，我們認為我們確實有一個價值主張，儘管該部分市場承受著很大的壓力。但它並非全都屬於某一類別，而是公司、業主經營者和 Power Only 的互補性，以滿足我們的網路需求。

Okay, yeah, that makes more sense inn dedicated. Okay, thank you. Well, when we think about capacity attrition, and I look at some of the results of the big carriers, big really well run carriers like yourself that are not running profitably in network and there's some other big players in the same situation and maybe tougher, it's just -- it's surprising some of the resilience of small carriers or broader industry capacity.

好的，是的，這對於專用旅館來說更有意義。好的，謝謝。好吧，當我們考慮運力損耗時，我觀察了一些大型承運商的結果，像你們這樣運營良好的大型承運商在網絡中沒有盈利，還有一些其他大公司也處於同樣的境地，甚至可能更艱難，只是——一些小型承運商或更廣泛的行業運力的彈性令人驚訝。

So do you think that like the big carrier versus small carrier dynamic has changed that maybe small carriers have reasons they can hang in better than you would think because you normally think big carriers have advantages? Technology obviously recruit driver, recruit various things, but it just seems like we all -- given all the pressure on the big carriers, wouldn't you see a lot more fast, the attrition, with a small guy? So any thoughts on that question?

那麼，您是否認為大型航空公司與小型航空公司之間的動態發生了變化，也許小型航空公司有比您想像的更好的理由堅持下去，因為您通常認為大型航空公司具有優勢？科技顯然會招募司機，招募各種各樣的人，但看起來我們都——考慮到大型運輸公司面臨的所有壓力，你不會看到小公司更快出現人員流失嗎？那麼對這個問題有什麼想法嗎？

Yeah, I think certainly the correction in capacity has been a bit more stubborn this time, but it's occurring and it's occurring just at a slower rate than we have typically seen, Tom. So I do believe still the big carrier has the advantages that you said -- that you mentioned there, particularly with the trailer pool networks and the things that we do on behalf of our customer community. But also, there's more technology available, more price discovery, there's just more information available to all participants across the supply chains. And I think that might be one of the changing dynamics, but the fundamentals of having enough revenue to cover your cost base is still paramount, and I think that's why we continue to see the downward trending capacity.

是的，我認為這次產能調整確實有些頑固，但它正在發生，而且發生的速度比我們通常看到的速度要慢，湯姆。因此，我仍然相信大型承運商具有您所說的優勢——特別是拖車池網絡以及我們代表客戶群所做的事情。但同時，可用的技術也更多了，價格發現也更多了，供應鏈上的所有參與者可以獲得更多資訊。我認為這可能是變化的動態之一，但擁有足夠的收入來涵蓋成本基礎的基本原則仍然至關重要，我認為這就是我們繼續看到產能呈下降趨勢的原因。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So just one more on price. I think what you're saying, low to mid single digit on Truckload and flattish on Intermodal. So I guess why do you think we're seeing that kind of spread? What has to change to get the two more aligned? And then maybe it's too early because bids aren't really in effect yet, but given a better outcome at least for shippers with Intermodal, are you seeing or do you expect to see better compliance with Intermodal bids than Truckload bids?

關於價格，我再說一次。我認為您所說的是，整車裝載量處於低到中等個位數，而聯運量則持平。那麼我想您認為我們為什麼會看到這種傳播呢？需要做出哪些改變才能讓兩者更一致？然後也許現在還為時過早，因為投標尚未真正生效，但至少對於採用多式聯運的托運人來說，結果是更好的，您是否看到或預計多式聯運投標的遵守情況會比整車投標更好？

Yeah, Scott. This is Jim. I think the reason why you're seeing a little bit of a deviation there is probably what we've seen over the last few years that the network bids had dropped faster than Intermodal. Intermodal was more resilient through the downturn than what we had seen in one way network rates and now they're coming back into a little bit more of alignment there, making Intermodal a little bit more attractive going forward.

是的，斯科特。這是吉姆。我認為您看到一點偏差的原因可能是我們在過去幾年中看到的網路投標下降得比多式聯運更快。與單向網路費率相比，多式聯運在經濟低迷時期表現得更具彈性，現在它們正在恢復到稍微一致的狀態，這使得多式聯運在未來變得更具吸引力。

And then on the -- can you just talk about the CapEx cut and is this -- just what you're planning to do with the fleet and tractors and if there's any consideration of redoing anything with the trailer fleet as well? -- and the Intermodal fleet as well.

然後—您能談談資本支出削減嗎？這是—您計劃對車隊和拖拉機做什麼？是否考慮過對拖車車隊進行任何重新處理？ ——以及多式聯運車隊。

Yeah, this is Darrell. So I'll start, Mark will add some color. So the strategy that we're implementing for the first quarter and the rest of the year is really consistent with what we've been doing for the past several quarters, I would say.

是的，這是達雷爾。所以我開始了，馬克會添加一些顏色。因此，我想說，我們在第一季和今年剩餘時間內實施的策略與過去幾季的做法是一致的。

So we're dedicated -- we're dedicating our capital to the areas of strategic growth, right? So Intermodal tractors and dedicated tractors, that's not going to change throughout the cycle. Some of the commentary Mark made around network and the fact that it's not investible given current returns, we're just affirming that our capital allocation reflects that.

所以我們致力於——我們將我們的資金投入到策略成長領域，對嗎？因此，聯運拖拉機和專用拖拉機在整個週期內都不會改變。馬克對網路發表的一些評論以及考慮到當前回報它是不可投資的事實，我們只是確認我們的資本配置反映了這一點。

As volumes have moderated or expected to moderate, our CapEx plan reflects that. It also reflects the fact that the cost per equipment or units of equipment has gone up and in some cases is related to tractors because of the tariffs. But there's a flip side to that, which is that used equipment values are expected to improve and we've seen some of that. So our CapEx guidance does contemplate increased proceeds, which we also see coming through in our game on sale assumptions.

由於交易量已經放緩或預計會放緩，我們的資本支出計劃反映了這一點。這也反映了每台設備或每台設備的成本已經上升，在某些情況下，由於關稅，成本與拖拉機有關。但也有不利的一面，那就是二手設備的價值預計會上升，我們已經看到了一些這樣的情況。因此，我們的資本支出指導確實考慮增加收益，我們也看到這在我們的遊戲銷售假設中得到體現。

But as it relates to our strategy, our strategy is still clear. Our strategic areas of growth will continue to get capital. We're going to continue to invest in technology, but to the extent that there's not a commensurate return, we will not invest in growth.

但就我們的策略而言，我們的策略仍然很明確。我們的策略成長領域將繼續獲得資本。我們將繼續投資於技術，但如果沒有獲得相應的回報，我們就不會投資於成長。

Scott, as it relates to the trailing equipment, we're largely in the replacement cycle there, so we don't -- outside special equipment and dedicated that comes with, some new business awards, it'll be mostly on the trailing side replenishment, and we believe we're well positioned on the mobile front. Although as we continue to grow in Mexico, there could be needs over time to invest further in Intermodal container growth, but we think that 2025 will be largely stable with replacement.

斯科特，就尾隨設備而言，我們基本上處於更換週期，因此我們不會 - 除了特殊設備和專用設備外，還有一些新的業務獎項，它將主要用於尾隨補給，我們相信我們在移動方面處於有利地位。儘管隨著我們在墨西哥的持續發展，隨著時間的推移，可能需要進一步投資於多式聯運貨櫃的成長，但我們認為到 2025 年將基本保持穩定並實現替代。

Yeah, can you just -- really quickly, how much you've changed your gains on sale assumption?

是的，您能否快速說明一下，您對銷售收益假設的改變有多大？

Not material. I'd say, yeah, couple of pennies, a few pennies. Not a couple, few pennies.

非物質。我會說，是的，幾便士，幾便士。不是幾塊錢，而是幾分錢。

David Hicks, Raymond James.

大衛希克斯、雷蒙詹姆斯。

Great, good morning. Thanks for the question. Just wanted to ask about the dedicated growth kind of runway. It's now 70% of the Truckload fleet post the Cowan deal. I know one of your peers is targeting that 70% range. Is that mix approaching kind of a natural feeling, given kind of the competitiveness in that market, current customer demand and kind of network constraints or is there still meaningful kind of room for expansion on the mix side of things for dedicated.

太好了，早安。謝謝你的提問。只是想問一下專用的成長跑道。在與 Cowan 達成交易後，它現在佔據了 Truckload 車隊的 70%。我知道你的一位同事的目標是 70% 這個範圍。考慮到該市場的競爭力、當前客戶的需求和網路限制，這種混合是否是一種自然的感覺，或者在專用混合方面是否仍有有意義的擴展空間。

Yeah, thank you for the question. As it relates to mix, we've said we don't really have any magic number relative to mix of dedicated verses network. We really look at this from a return hurdle standpoint and what adds value to the customer and the durability that we see long term, and the attractiveness of deeper relations with the customer and dedicated.

是的，謝謝你的提問。至於混合，我們已經說過，我們實際上並沒有任何相對於專用網路混合的神奇數字。我們確實從回報障礙的角度來看待這個問題，以及什麼能為客戶增加價值、我們看到的長期持久性，以及與客戶建立更深層關係的吸引力和專注力。

What I would note is that there is value of network helping support dedicated with ebbs and flows of demand across various account structures and verticals that occur within your dedicated portfolio. So there is some synergies that we gain back and forth through that alignment.

我要指出的是，網路有助於支持專用投資組合中跨各種帳戶結構和垂直領域的需求起伏，具有很大的價值。因此，透過這種協調，我們可以獲得一些協同效應。

I would also say that our focus in our Schneider Dedicated, our legacy dedicated, increasingly is in that specialty equipment space, private fleet replacement. As you look at the recent Cowan, very much a lightweight model that attracts shippers that are looking to have additional payload based upon their approach to their equipment spec. We have a multi-stop with M&M and very demanding service requirements.

我還要說的是，我們對施耐德專用產品、我們傳統的專用產品的關注越來越多地集中在專業設備領域和私人車隊更換上。如您所見，最近的 Cowan 是一款非常輕量的模型，它吸引了那些希望根據其設備規格方法獲得額外有效載荷的托運人。我們有多個 M&M 站點，且服務要求非常嚴格。

And then MLS has this terrific relay network that fits so well within the automotive sector. So we have some specialty capability within each of these that have broadened our reach in the various markets that we serve, and we would consider all of those growth potentials and don't feel like we're sitting here because of the competitive situation that we can't continue to take advantage of those various platforms.

MLS 擁有非常適合汽車行業的出色中繼網路。因此，我們在每個領域都擁有一些專業能力，從而擴大了我們在所服務的各個市場的影響力，我們會考慮所有這些成長潛力，並且不會覺得我們因為競爭情況而無法繼續利用這些不同的平台。

And David, just a couple other comments, this is Jim, is that there's a long runway still in dedicated. This is a $400 billion market. We are a very small percentage of that. If you went back just a handful of years ago, about 50% of this market was private fleets. That has grown to 57%. And as we're talking to all of our customers that have private fleets, really none of them have any intention of growing their private fleets at this point, and we've seen a number of them really start to change course and pivot to common carriers here and outsourcing. So you see a lot of opportunities continue to grow dedicated over the coming years.

大衛，我是吉姆，我還有幾點想說的，那就是還有一條很長的跑道是專用的。這是一個價值4000億美元的市場。我們只佔其中很小的一部分。如果回顧幾年前，這個市場大約有 50% 是私人車隊。這一比例已增長至 57%。當我們與所有擁有私人車隊的客戶交談時，我們發現他們目前實際上都沒有擴大私人車隊的意圖，而且我們已經看到他們中的許多人開始真正改變方向並轉向公共承運人和外包。因此，您將看到未來幾年將有大量機會持續成長。

Great, thanks, Mark and Jim. And then just as a follow up, you kind of outlined $40 million targeted cost reductions from digital tools, automation, et cetera, how much of that has kind of been realized at this point and should that be kind of a linear production throughout the year or is it more back half weighted?

太好了，謝謝馬克和吉姆。然後作為後續問題，您概述了透過數位工具、自動化等實現 4000 萬美元的成本削減目標，目前已經實現了多少，這應該是全年的線性生產還是後半部分加權？

Yeah. So, yeah, I think you outlined some of the things that we're looking at, but we're looking at essentially every cost category. I'm thinking mark to marks, you just highlighted a few of the things that we're seeing. Just to reiterate, for the past several quarters, actually four quarters in a row, we've been able to manage our variable costs within a very tight band, and that is just a manifestation of all actions that we've taken.

是的。是的，我認為您概述了我們正在研究的一些事項，但我們基本上正在研究每個成本類別。我認為，你剛剛強調了我們看到的一些事情。需要重申的是，在過去幾個季度，實際上是連續四個季度，我們已經能夠將變動成本控制在一個非常嚴格的範圍內，這只是我們所採取的所有行動的一個體現。

Kind of hard to give guidance in terms of linear versus not, but the $40 million is the full year annualized impact. Given the seasonality trends of our business, the cost would not be exactly linear, and again, we don't give quarterly guidance. The $40 million, we think is achievable, including some of the productivity actions that we have taken. The addition of Cowan, the synergistic effects there of bringing that into the portfolio. Those are all the things that are in the mix -- come up with a $40 million but we're not going to break it down by quarter.

很難給出線性或非線性方面的指導，但 4000 萬美元是全年的年化影響。考慮到我們業務的季節性趨勢，成本不會完全呈線性變化，而且我們不會提供季度指導。我們認為 4000 萬美元是可以實現的，其中包括我們已採取的一些生產力行動。考恩的加入，將其納入投資組合將產生綜效。這些都是需要考慮的因素——總計 4000 萬美元，但我們不會按季度進行細分。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, good morning. That's a new one. It's Ken Hester. Good morning, Mark, Jim, Darrell. Just if I could follow up on (multiple speakers) Yeah, we're not going to make that mistake.

嘿，早安。這是一個新的。他是肯·海斯特。早安，馬克、吉姆、達雷爾。如果我可以跟進的話（多位發言者）是的，我們不會犯那個錯誤。

So maybe to follow up on Chris's timing question, and I get it, you're not going to give us quarterly guidance, but to understand near term, maybe talk to seasonality, given timing of -- it sounds like you've got some timing of lost contracts. You've got startups that offset that. Do they balance each other? Talk about taking trucks out to improve utilization.

因此，也許可以跟進克里斯的時間問題，我明白了，你不會給我們季度指導，但要了解短期，也許可以談談季節性，考慮到時間 - 聽起來你已經掌握了一些丟失合約的時間。有一些新創公司可以彌補這一缺陷。它們互相平衡嗎？談論如何將卡車運出去以提高利用率。

There's the normal seasonality versus the air pocket of this huge air pocket of tariff volumes coming. Maybe if you step back from -- I'd love some guidance on the 2Q, but if you could frame the bull-bear case of the $0.75 to $1 outlook. Thanks.

這是正常的季節性，與即將到來的大量關稅量形成對比。也許如果你退一步——我希望得到一些關於第二季度的指導，但如果你能構建出 0.75 美元到 1 美元前景的牛市和熊市情況。謝謝。

I don't know, Ken, we're going to satisfy your request on various quarterly guidance. But again, we recognize there's uncertainty. We recognize that we -- there's a lot of, obviously, business of our size and the services that we provide across those segments that there are various moving parts, but we've tried to be thoughtful relative to various scenarios. We've tried to take into account of those scenarios on magnitude, the timing, when they could occur. We've looked at our allocation season to date here. Now that we're three, almost four months into the year, you see the guidance and the range being a little bit wider to recognize, I think, some of that uncertainty.

我不知道，肯，我們會滿足你對各種季度指導的要求。但我們再次承認存在不確定性。我們認識到，顯然，我們規模的業務和我們在這些領域提供的服務有很多不同的活動部分，但我們已經嘗試針對各種情況進行深思熟慮。我們試著考慮這些情景的規模、時間以及它們可能發生的時間。我們在此回顧了迄今為止的分配季節。現在我們已經進入今年的三到四個月了，你會看到指導和範圍有點擴大，我認為，這是為了認識到一些不確定性。

And we've done a number of things on the structural front relative to our costs where we sit with renewals, our asset efficiency efforts, all the things that we've kind of just talked about, and we've tried to be thoughtful to give our best insight of what we can see and know today and recognize that that could change based upon the macro.

我們在結構方面做了很多事情，涉及我們的成本，包括續約、資產效率努力以及我們剛才談到的所有事情，我們試圖深思熟慮，對我們今天所看到和知道的情況給出最好的見解，並認識到這可能會根據宏觀情況而改變。

The things that are most in our control, we have obviously the most confidence in that and the things that kind of sit outside that, whether that be trade policy or consumer health, things that could ultimately end up driving the demand and supply and pricing equation, is a bit more cloudy. But that's -- the timing, magnitude, and duration, that gets us on the lower end of that and things that are -- as Jim mentioned, things can change rapidly. They could give us a little bit of a bathtub effect of those who stop and start supply chains and they have to restart, generally puts chaos into the market and that could be a more favorable scenario. But -- so as we sit here today, we try to take all of that into account in providing that range.

我們最能控制的事情，顯然我們對此最有信心，而那些超出我們控制範圍的事情，無論是貿易政策還是消費者健康，最終可能推動供需和定價方程式的事情，則有些模糊。但那是 — — 時間、幅度和持續時間，使我們處於低端，而且正如吉姆所提到的那樣，事情可能會迅速改變。他們可能會給我們帶來一點浴缸效應，那些停止和啟動供應鏈的人必須重新啟動，這通常會給市場帶來混亂，這可能是一個更有利的情況。但是——所以今天我們坐在這裡，我們會嘗試將所有這些都考慮進去，以提供這個範圍。

Knowing that in the near term, would there be an air pocket possibly here, particularly in the Intermodal import area? Could happen absolutely based upon what you see sailings. And the question is, how does our new business timing and magnitude of new business startups help cover some of that volatility? So that was our approach and that's what we tried to do with that guidance range.

知道在短期內，這裡是否可能出現氣穴，特別是在多式聯運進口區域？根據您所看到的航行情況，這絕對有可能發生。問題是，我們的新業務時機和新業務啟動規模如何幫助彌補部分波動？這就是我們的方法，也是我們嘗試透過該指導範圍來實現的。

Awesome, thanks for the insight. The -- how do you think about the -- a lot of this is about supply and demand, right, trying to find that balance over long term. JB Hunt was talking about having 30% excess capacity on Intermodal. How do you sit there and look at your fleet and the ability or desire to keep the fleet, shrink the fleet? What do you think on Intermodal to drive improved performance profitability utilization?

太棒了，謝謝你的見解。您如何看待這個問題？很大程度上，這都與供給和需求有關，試圖在長期內找到平衡。JB Hunt 談到多式聯運的過剩運力為 30%。您如何看待您的艦隊以及保留艦隊、縮小艦隊的能力或意願？您認為多式聯運如何推動績效獲利能力利用率的提升？

Yeah, Ken, this is Jim. And as we look at our trailing fleet there, we're able to adjust and make some adjustments by stacking the equipment right now, there's a little less than 10% that we have on stack. We would say that easily we could grow 25% without adding any trailing equipment. And if I look back to our previous high points in terms of container turns, we'd be able to grow up to 35%. So there's still plenty of opportunities there, but it's -- as we're looking at growth, we're staying disciplined and growing where we have areas of differentiation, locations that we can take cost out of our network and just continue to improve that business.

是的，肯，這是吉姆。當我們查看那裡的尾隨車隊時，我們能夠透過堆疊設備進行調整並做出一些調整，目前我們堆疊的設備略少於 10％。我們可以這麼說，無需添加任何拖曳設備，我們就可以輕鬆實現 25% 的成長。如果回顧我們先前貨櫃週轉量的高點，我們的成長率將達到 35%。因此，那裡仍然有很多機會，但是 - 當我們著眼於成長時，我們會保持紀律並在我們具有差異化的領域、我們可以從網路中降低成本的地點進行成長，並繼續改善該業務。

So with -- I mean so with 40 -- so just to put that math together, right? 25% excess capacity growth, 35% in turns, I don't know, 50% excess capacity, do you get rid of boxes or I mean doesn't that extend the downturn and constrain ability to get (multiple speakers)

所以 — — 我的意思是 40 — — 所以只是把這些數學知識放在一起，對吧？25% 的過剩產能成長，35% 的過剩產能，我不知道，50% 的過剩產能，你會擺脫困境嗎？或者我的意思是，這是否會延長經濟衰退並限制獲得（多位發言者）

We have very long life and obviously, Ken, there's a mixed implication there where you're growing on length of all. We feel that the work that we've done to put together our capability relative to how we execute on The Street, but also the partners that we've chosen have chosen us, but between the UP, the CSX, and the CPKC, gives us differentiation in a very difficult place at times to get differentiation. And we're going to exploit those strengths and we're -- and so I don't think we need to eliminate boxes to get margins. We have to lean into our differentiation and on trend, I think we're still very, very favorably positioned to perform very well in this market over time. Obviously we're in some difficult periods presently, but doesn't shake our confidence going forward.

我們的壽命很長，顯然，肯，這其中有著複雜的意義，你的壽命不斷增長。我們認為，我們所做的工作不僅整合了我們在華爾街的執行能力，而且我們選擇的合作夥伴也選擇了我們，但在 UP、CSX 和 CPKC 之間，有時，在一個非常困難的地方，我們也能實現差異化。我們將利用這些優勢——所以我認為我們不需要消除盒子來獲得利潤。我們必須依靠我們的差異化和趨勢，我認為我們仍然處於非常有利的位置，能夠在這個市場上長期表現良好。顯然，我們目前正處於一些困難時期，但這並不會動搖我們前進的信心。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Mark, correct me if I'm wrong, but did you insinuate that maybe there's some business you're walking away from now during this mini bid process and some of the price pressure? And if that's the case, are you doing more maybe partial Truckload, which plays a role in the efficiency of the network fleet?

馬克，如果我錯了，請糾正我，但你是否暗示也許在這個小型競標過程中你會放棄一些業務，並且會承受一些價格壓力？如果是這樣的話，您是否會做更多的部分卡車運輸，這對網路車隊的效率有影響嗎？

Jonathan, thank you for the question. I think my -- in my prepared remarks, I mentioned that staying disciplined on price means in certain situations that we will take less volume under those circumstances with an individual shipper. And what's reinforcing that strategy across the network is that we're seeing, on a regular basis, more and more mini allocation events that come back out after the fact because of something not working right on behalf of the customer or new business or whatever is going on relative to the customer's network.

喬納森，謝謝你的提問。我認為——在我準備好的發言中，我提到保持價格紀律意味著在某些情況下，我們與單一托運人簽訂的托運合約的數量會減少。在整個網路中強化這項策略的是，我們經常會看到越來越多的小型分配事件，這些事件在事後再次出現，原因是客戶或新業務出現了問題，或者客戶網路出現了任何問題。

And by not committing our capacity at rates that we believe don't recognize the value we're providing or what's the commensurate return allows us then to say yes to these newer opportunities that are more attractive. And so that's the discipline that I was referencing and that was mostly in the network business and mostly in the truck network business, even more so than Intermodal.

透過不以我們認為不能體現我們所提供的價值或相應回報的價格投入產能，我們可以對這些更具吸引力的新機會說「是」。這就是我所參考的學科，它主要涉及網路業務，主要涉及卡車網路業務，甚至比多式聯運更為重要。

Okay, got it. And then, as a follow up, to try to simplify Hoexter's question partially because I just want this Hoexter thing to stick. You're at the tail end of earning season, and I think we've seen a bunch of guidance provisions for obvious reasons. And I think some have implemented tempered seasonality, which is May is better than April, June's better than May, but not at the typical magnitude. And I think some have incorporated kind of flat bridges from a weak March to the second half and the uncertainty that's incorporating in the second half.

好的，明白了。然後，作為後續，我試著簡化 Hoexter 的問題，部分原因是我只是想讓這個 Hoexter 的事情持續下去。現在正處於獲利季節的尾聲，我認為我們已經看到了一系列指導條款，原因顯而易見。我認為有些國家已經實施了溫和的季節性調整，即 5 月份的情況比 4 月份好，6 月份的情況比 5 月份好，但幅度並不像往常那麼大。我認為，有些人已經考慮到了從疲軟的三月到下半年的平穩過渡以及下半年出現的不確定性。

Would you consider yours more of the former, the temperate seasonality, or just kind of almost writing off the second quarter at this flat line, March, April, and then the second half is kind of up for our interpretation?

您是否認為您的情況更屬於前者，即溫和的季節性，或者只是將第二季度、三月、四月和下半年的走勢視為持平線，以供我們解讀？

I think if I understand your question correctly, Jonathan, I think what Darrell laid out is recognizing kind of where we came out of the second -- out of the first quarter and there was a tempering certainly seasonality wise at the end of the quarter and taking into account some more temperate expectations on price and volume going forward. These are prior guidance. So however that is defined in the way you describe those two conditions, is what we try to communicate there.

喬納森，如果我理解正確的話，我認為達雷爾所闡述的是認識到我們在第二季度——第一季度——的表現，並且在本季度末肯定存在季節性的緩和，並考慮到對未來價格和銷量的一些更為溫和的預期。這些是事先的指導。因此，無論如何定義您描述這兩種情況的方式，我們都試圖在那裡傳達這一點。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Maybe to follow up on an earlier conversation around Intermodal and and Intermodal pricing, just curious, I think rates on a per load basis were up a little bit year over year. I'm guessing that's maybe a positive mix coming out of Mexico. Can you talk about where you're seeing that strength on Intermodal pricing and then how are you seeing price develop through bid season? We've heard others say, bid season's getting a little more competitive. Just curious how bid seasons progress on the pricing side?

也許是為了跟進之前關於多式聯運和多式聯運定價的討論，只是好奇，我認為按每批貨物計算的費率同比略有上漲。我猜這也許是來自墨西哥的正面組合。您能否談談您認為聯運定價的優勢在哪裡，以及您認為投標季節價格是如何發展的？我們聽到其他人說，競標季節的競爭變得更激烈了。只是好奇競標季節在定價方面進展如何？

Yeah, Daniel, this is Jim. So as we've gone through and what Mark shared, obviously, it's been flattish as the way we would describe it as we've gone through the bid season and that's really the core renewals. As you're looking at rate per order, you're correct, it's been three quarters of -- in a row that we've seen improvement in our revenue per order.

是的，丹尼爾，這是吉姆。因此，正如我們所經歷的以及馬克所分享的，顯然，正如我們所描述的那樣，我們已經度過了競標季節，這確實是核心的續約。正如您所看到的，每筆訂單的費率是正確的，我們已經連續三個季度看到每筆訂單的收入有所提高。

Just as we're looking going forward though, I do anticipate that there are going to be some mixed changes here as we go through the remainder of the year, so it's difficult to just align what we're seeing in our core renewals to actually into rate per order.

正如我們展望未來一樣，我確實預計，在今年剩餘時間內，這裡將會出現一些混合變化，因此很難將我們在核心續約中看到的情況與每個訂單的實際費率進行匹配。

Okay, that's helpful.

好的，這很有幫助。

That was the Intermodal and truck side, we loaded mid single digits -- have been our experience through the first part of the allocation season this year, but again, building upon those increases that we've had really since the second half of 2024.

這是聯運和卡車方面，我們的裝載量達到了中等個位數——這是我們今年分配季節前半段的經驗，但同樣，這是建立在 2024 年下半年以來的實際增長基礎上的。

Got it. And then maybe a follow up on the previous discussion on Intermodal capacity. I think you said, you netted that for 40%, 50% excess capacity in the network, I guess if we're in a 5.3% margin now, your long term targets [10% to 14%]. Are we really just multiple pricing cycles away, just trying to figure out what needs to happen other than obviously the industry tightening from the demand side to actually get back towards high singles or into your long-term margin range? Just curious kind of what the actual building blocks are to get there?

知道了。然後也許可以跟進之前關於多式聯運能力的討論。我想你說過，你把網路容量過剩 40% 或 50% 算進去了，我想如果我們現在的利潤率為 5.3%，你的長期目標[10% 至 14%]。我們真的只是經過多個定價週期，只是試圖弄清楚除了需求方面的行業緊縮之外，還需要發生什麼才能真正回到高單價或長期利潤範圍？只是有點好奇要達到這個目標的實際基礎是什麼？

Yeah. Dan, we're just -- Jim and I are fighting for clarity here. If we take everything, again, mix dependent, longer length of haul, mix, all have more box consumption depending upon your mix, but we have stated and still believe that we have that 20% to 25% ability through our efficiency actions relative to our dray, how well the railroads are performing, our customers are unloading the container. Again, there's lots of inputs to that that we could grow our order volume in that 20% to 25% without investing in additional boxes and chassis.

是的。丹，我們只是——吉姆和我正在努力尋求清晰的答案。如果我們再次考慮所有因素，那麼取決於混合情況、更長的運輸距離、混合情況，所有這些都會消耗更多的箱子，具體取決於您的混合情況，但我們已經聲明並且仍然相信，透過相對於我們的貨車的效率行動，我們有 20% 到 25% 的能力，鐵路的表現如何，我們的客戶正在卸載貨櫃。再次強調，我們需要投入大量資金，才能將訂單量提高 20% 到 25%，而無需投資額外的箱子和底盤。

To get back to what we target our long-term ranges, all the things I just said there, but certainly, price is part of that equation and the truck alternative as that becomes more favorable, that brings more pricing capability back into the Intermodal arena as well. So it's kind of an all of the above and not one single thing will drive that. But the underlying execution of our capability and the railroad's capability gives us confidence that we can get back to that, particularly through the asset efficiency of our boxes.

回到我們的長期目標，我剛才說了所有的事情，但當然，價格是這個等式的一部分，而卡車替代品隨著變得更加有利，也會為多式聯運領域帶來更多的定價能力。所以，這是一種上述所有情況綜合作用的結果，沒有任何單一因素能夠推動這一進程。但是，我們能力和鐵路能力的根本執行使我們有信心回到那種狀態，特別是透過我們箱子的資產效率。

Yeah. This is Jim. Just to clarify that we're talking about -- we see 25% as the opportunity to growth. What I was -- it wasn't additive in terms of what I was discussing getting back to long-term container turns. That was from our current point to our long term would be 35%.

是的。這是吉姆。只是為了澄清我們正在談論的——我們將 25% 視為成長機會。我當時討論的是關於長期貨櫃週轉的問題，這並不是附加問題。從我們目前的觀點來看，長期來看這一比例是 35%。

And then just one other key point, I think, on restoring profitability, it's growing, it's growing in areas where we have differentiation. And then our dray capacity, so we did use a little bit more third-party capacity here in the quarter than what we typically do. So we have an opportunity through these bids to -- we've been able to optimize our dray capacity, and that will be a big part of getting ourselves back to our long-term margin.

然後，我認為，在恢復獲利能力方面還有一個關鍵點，那就是獲利能力正在成長，在我們具有差異化的領域，獲利能力正在成長。然後是我們的運輸能力，因此我們在本季度確實使用了比通常更多的第三方運輸能力。因此，透過這些投標，我們有機會——我們已經能夠優化我們的運輸能力，這將是我們恢復長期利潤的重要部分。

Got it. But no change in where you think the margin can get to, even with this excess capacity in the industry?

知道了。但是，即使產業產能過剩，您認為利潤率不會改變嗎？

That's correct.

沒錯。

(Operator Instructions) Bruce Chan, Stifel.

（操作員指示） Bruce Chan，Stifel。

All right. I hate to kind of flag right off the bat here, but I've got kind of a two-parter on Intermodal versus Truckload. And just on the shorter term, you talked about the volume strength and resiliency in Intermodal. Wondering, if it's fair to say, that there's been maybe less of an inventory pause there versus Truckload due to, I don't know, less elasticity or maybe more consumer nondiscretionary exposure there in the end markets.

好的。我不想在這裡一開始就發表意見，但我對聯運和整車運輸有兩個看法。從短期來看，您談到了多式聯運的運量強度和彈性。我想知道，是否可以公平地說，與 Truckload 相比，那裡的庫存暫停可能較少，因為我不知道，可能是由於終端市場的彈性較小，或者可能是消費者非自由支配支出較多。

And then kind of big picture, maybe asking what's been discussed in a different way, the past 5 years since the pandemic have been very, let's call it, dynamic. So if I think about the original road-to-rail conversion thesis and what's happened with relative pricing and service disruption and maybe less of a mandate from ESG, do you still feel as confident in that conversion thesis as you did in maybe, say, 2018 or 2019?

然後從大局來看，也許可以換個方式來問一下討論的內容，自疫情爆發以來的過去五年可以說是非常動態的。因此，如果我考慮最初的公路轉鐵路理論，以及相對定價和服務中斷的情況，以及 ESG 的授權可能減少的情況，您是否仍然像在 2018 年或 2019 年那樣對該轉換理論充滿信心？

Yeah. This is Jim, Bruce. Thanks for the question. And to answer that, yes, we're still confident of that thesis of conversion from over-the-road to Intermodal. Really, what's really changed over the last couple of years that has driven more conversions from the rail to over-the-road has been the pricing dynamic that we were speaking about. And as we were talking about just what we're seeing going through this bid season that our over-the-road rates that we're seeing, not only with us but in the industry, have been rising a little bit faster than Intermodal, and that's really what it's going to take to get back to that long-term mix between over-the-road and Intermodal.

是的。這是吉姆，布魯斯。謝謝你的提問。答案是肯定的，我們仍然對從公路運輸轉變為多式聯運的論點充滿信心。事實上，過去幾年真正發生的變化，推動了更多運輸方式從鐵路轉向公路，就是我們所謂的定價動態。正如我們所討論的，我們在這個投標季節所看到的情況是，我們看到的公路運輸費率，不僅在我們內部，而且在整個行業中，都比多式聯運的費率上漲得更快，而這正是恢復公路運輸和多​​式聯運的長期組合所需要的。

And Bruce, I hate to say it, I think I forgot the first part of your question.

布魯斯，我不想這麼說，我想我忘了你問題的第一部分。

Yeah. I was just trying to identify where the relative volume strength in Intermodal is coming from and maybe that's just been less of an inventory pause.

是的。我只是想確定多式聯運的相對運輸量強度來自哪裡，也許這只是庫存暫停的原因。

Yeah. I think overall sentiment going forward has moderated. If you look at the current -- the freight environment we've experienced from the fourth quarter through the first quarter, I think we would characterize that as being more stable.

是的。我認為未來的整體情緒已經緩和。如果你看一下當前——我們從第四季度到第一季經歷的貨運環境，我認為我們會將其描述為更加穩定。

And it's been the forward-looking sentiment, whether that be because of tariffs or consumer or the forward-looking, that hasn't -- haven't really felt it yet is where the concern or the uncertainty lies. And so maybe that's what you're referencing there is that overall, it's been -- the consumer has been fairly resilient to this date, supply chains have been fairly stable to this date, and so the business has been stable as a result.

這是一種前瞻性的情緒，無論是因為關稅、消費者或前瞻性，人們都還沒有真正感受到擔憂或不確定性所在。所以也許這就是您所指的，總體而言，到目前為止，消費者的適應能力相當強，供應鏈也相當穩定，因此業務也比較穩定。

So we'll have to see what the future quarters unfold. But we wouldn't say we felt a great deal. We did see a little bit of tempering certainly at the end of March, but not dramatic. We haven't seen any of these dramatic shifts that feel like in some quarters or some experts feel is ahead of us.

因此我們必須觀察未來幾季的情況。但我們不會說我們感覺很好。我們確實在三月底看到了一些緩和的跡象，但並不劇烈。我們還沒有看到某些方面或某些專家認為即將發生的重大轉變。

And we have reached the end of our question-and-answer period. This does conclude today's conference call. Thank you for your participation. You may now disconnect.

我們的問答環節已經結束。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。