Schneider National Inc (SNDR) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Schneider's second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加施耐德 2025 年第二季財報電話會議。（操作員指示）

I'd now like to turn the call over to Christine McGarvey, Vice President of Investor Relations. You may begin.

現在我想將電話轉給投資人關係副總裁 Christine McGarvey。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, forecast plans and prospects for Schneider. These constitute forward-looking statements for the purposes of the safe harbor provisions under applicable federal securities laws.

我們的電話會議將包括對施耐德未來預期、預測計畫和前景的評論。這些構成適用聯邦證券法中安全港條款規定的前瞻性聲明。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties discussed in our SEC filings, including, but not limited to, our most recent annual report on our 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.

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。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，施耐德不承擔更新此類陳述的任何義務，除非法律要求。

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

此外，根據 G 條例，今天電話會議中引用的任何非 GAAP 財務指標的對帳可以在我們的收益報告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, Christine, and hello, everyone. Thank you for joining the Schneider call today. I want to welcome Christine to the Schneider team and look forward to her contributions as we go forward. For our prepared remarks, I will start by providing an update on our commitment to drive ongoing structural improvements in our business.

謝謝你，克里斯汀，大家好。感謝您今天參加施耐德電話會議。我歡迎克莉絲汀加入施耐德團隊，並期待她為我們未來的發展做出貢獻。對於我們的準備好的發言，我將首先介紹我們致力於推動業務持續結構性改進的最新情況。

First, we are restoring margins while positioning the business to maximize through cycle returns. Second, we are leaning into our areas of differentiation to create our own growth opportunities. And third, we are compounding organic growth with accretive M&A.

首先，我們正在恢復利潤率，同時將業務定位為透過週期回報來實現最大化。其次，我們正致力於利用差異化領域來創造自己的成長機會。第三，我們透過增值型併購實現有機成長。

Within that context, I will share my perspective on the freight market as well as the positioning and performance across our multi-mobile platform. Darrell will then provide a financial overview of the sum-quarter results and share our updated 2025 earnings per share in net capital expenditure guidance. Then we'll take your questions.

在此背景下，我將分享我對貨運市場的看法以及我們多移動平台的定位和性能。隨後，達雷爾將提供本季業績的財務概覽，並分享我們更新後的 2025 年每股淨資本支出指引。然後我們會回答您的問題。

I will begin our efforts to restore margins and maximize through cycle returns. Second quarter benefited from the cumulative effects of our actions we have taken to lift our business through a challenging backdrop and importantly, demonstrate our ability to capitalize on the modest seasonality that did materialize through strong operating leverage. We are approaching this several ways, through a disciplined and purposeful customer freight allocation process, by containing costs across the enterprise and by executing on initiatives to improve the resiliency of our truckload earnings.

我將開始努力恢復利潤率並透過週期回報來實現最大化。第二季受益於我們採取行動的累積效應，我們在充滿挑戰的背景下提升了業務，更重要的是，展示了我們利用強勁的經營槓桿實現的適度季節性的能力。我們正透過多種方式來實現這一目標，包括透過嚴格且有目的的客戶貨運分配流程、透過控制整個企業的成本以及透過實施提高卡車運輸收入彈性的措施。

Regarding customer allocations, we remain disciplined throughout the second quarter, focused on serving our customers effectively and doing so profitably. We are now roughly 3/4 through the contractual renewal period, both in Truckload Network and Intermodal. We remain on track to deliver low to mid-single-digit percentage increases in our Truckload Network pricing renewals, while Intermodal pricing has remained stable as expected.

關於客戶分配，我們在整個第二季度保持紀律，專注於有效地服務客戶並實現盈利。目前，我們的卡車網路和多式聯運合約續約期已過約四分之三。我們的卡車裝載網路定價更新仍有望實現低至中等個位數百分比的成長，而多式聯運定價則如預期般保持穩定。

Within Network, we continue to believe maintaining rate discipline is the right course of action. Given that rates do not adequately reflect our costs and service levels. As a result, our spot exposure remains elevated to historical norms. That said, we believe second quarter results underpin the importance of extracting contract rate increases.

在網路內部，我們始終相信維持利率紀律是正確的做法。鑑於費率不能充分反映我們的成本和服務水準。因此，我們的現貨曝光率仍維持在歷史高點。儘管如此，我們認為第二季的業績凸顯了提高合約費率的重要性。

Our team has successfully capitalized on pockets of market strength as they have emerged leading to sequential and year-over-year low single-digit improvement in revenue per truck per week. While elevated spot exposure was a pricing mix headwind in the quarter, it positions us for greater operating leverage when the market turns, whether through rising spot rates or increased capacity to secure accretive contract rates.

我們的團隊成功地利用了市場優勢，使每輛卡車每週的收入連續和同比均實現了低個位數增長。雖然現貨風險敞口的增加是本季定價組合的不利因素，但它使我們能夠在市場轉向時獲得更大的經營槓桿，無論是透過提高現貨價格還是增加產能以確保增值合約價格。

In Dedicated, pricing improved for the third consecutive quarter as we remain disciplined on both renewals and new business wins. In Intermodal, pricing has been in line with our expectations. We are further encouraged by the positive trends we are seeing in customer allocations and win rates the latter of which are at a level not seen since 2022, and I will elaborate on that shortly.

在專用領域，由於我們在續約和新業務方面保持紀律，價格連續第三個季度有所改善。在多式聯運方面，定價符合我們的預期。我們進一步受到鼓舞的是，我們看到客戶分配和贏率呈現積極趨勢，後者達到了 2022 年以來從未見過的水平，我將很快對此進行詳細說明。

These gains are driven by our focus on areas we have real differentiation, enabling us to deliver meaningful value to our customers while remaining steadfast in our focus on sustainable operating earnings growth.

這些收益源自於我們對真正差異化領域的關注，這使我們能夠為客戶提供有意義的價值，同時堅定不移地專注於可持續的營業利潤成長。

Next, we remain focused on containing costs across the enterprise continuing to execute on our established cost reduction target above $40 million. This includes synergies from recently acquired Cowan Systems with full run rate benefits anticipated in 2026. The remainder of targeted savings is largely driven by efficiency actions. We believe these (inaudible) will not only help sustain performance to the extent this challenging environment persists, but they also position us to accelerate earnings as conditions improve.

接下來，我們將繼續致力於控制整個企業的成本，繼續執行我們既定的 4,000 萬美元以上的成本削減目標。這包括最近收購的 Cowan Systems 的協同效應，預計 2026 年將實現全面運作效益。剩餘的目標節約主要由效率行動推動。我們相信，這些（聽不清楚）不僅有助於在這種充滿挑戰的環境下維持業績，還能讓我們隨著條件的改善而加速獲利。

Finally, we're improving the earnings resilience of the Truckload segment. Dedicated represents 70% of our truckload fleet, a materially higher percentage than several years ago, driven by organic growth and supported by our three acquisitions to date.

最後，我們正在提高卡車運輸部門的獲利彈性。專用車輛占我們卡車車隊的 70%，這一比例比幾年前大幅提高，這得益於有機成長以及迄今為止的三次收購。

As noted on our first quarter call, we anticipated some churn in the second and third quarters. While a portion of this churn materialized earlier than expected, it was largely in line with our projections. Importantly, the team has offset the vast majority of this churn with new business wins, keeping fleet count consistent with the first quarter.

正如我們在第一季電話會議上所指出的，我們預計第二季和第三季會出現一些客戶流失。雖然部分客戶流失發生的時間比預期早，但整體而言還是符合我們的預測。重要的是，該團隊透過贏得新業務抵消了絕大部分的流失，使機隊數量與第一季保持一致。

Looking forward, we will continue to see the impact of this churn in the short term but we expect gross wins to pick up, supported by the strength of our pipeline.

展望未來，我們將繼續看到這種客戶流失在短期內的影響，但我們預計，在我們強大的通路支援下，總收益將會增加。

Some of this growth will be offset by continued improvements in tractor productivity, resulting in highly efficient revenue growth. Overall, though, we anticipate sequential growth in our net fleet count for the remainder of the year.

部分成長將被拖拉機生產率的持續提高所抵消，從而帶來高效的收入成長。總體而言，我們預計今年剩餘時間內我們的淨船隊數量將環比增長。

Meanwhile, we saw an increase of 70 owner-operators compared to the first quarter marking the first instance of net growth since the second quarter of 2023. We were also able to net up over 200 company drivers in network without increasing truck count demonstrating our ability to act opportunistically near the bottom of the cycle and reflecting the impact of our productivity initiatives around drivers for tractor.

同時，與第一季相比，業主經營者增加了 70 家，這是自 2023 年第二季以來首次出現淨成長。我們還能夠在不增加卡車數量的情況下在網路中吸收超過 200 名公司司機，這證明了我們能夠在周期底部附近採取機會行動的能力，並反映了我們圍繞拖拉機司機的生產力舉措的影響。

Truckload earnings improved nearly 60% sequentially and over 30% year-over-year, underscoring the strong operating leverage inherent in the business and the progress we've made in restoring margins. The long-term strategy of shifting the business toward Dedicated and variable cost capacity in the Network will help to improve the resilience of our earnings stream through cycles. In the near term, we see ample opportunity to grow Network operating earnings without acting to grow truck count or deploy significant capital.

卡車運輸收益較上季成長近 60%，年成長超過 30%，凸顯了業務固有的強大營運槓桿以及我們在恢復利潤率方面取得的進展。將業務轉向網路中的專用和可變成本容量的長期策略將有助於提高我們的獲利流在周期中的彈性。短期內，我們看到了充足的機會來增加網路營運收益，而無需增加卡車數量或部署大量資本。

Our second area of structural improvements is to lean into our areas of differentiation to drive growth ahead of what the market sends our way. In fact, many of our forward indicators such as Dedicated pipeline, Intermodal win rates, and new customers growth are all matching or exceeding levels that we have seen when the market was magnitude stronger. That is due in large part to our multimodal portfolio, which allows us to meet shipper demand and utilize our areas of strength to capture available volume even in a tepid environment.

我們的第二個結構性改進領域是依賴我們的差異化領域來推動領先於市場的成長。事實上，我們的許多前瞻性指標，如專用管道、聯運中標率和新客戶成長，都達到或超過了市場大幅走強時的水平。這在很大程度上歸功於我們的多式聯運組合，這使我們能夠滿足托運人的需求，並利用我們的優勢領域，即使在不溫不火的環境中也能獲取可用的運量。

For example, shippers continued preference for asset-based offerings is supporting network and power-only demand, offsetting the impact of our traditional brokerage volumes.

例如，托運人繼續偏好基於資產的產品，這支持了網路和電力需求，抵消了我們傳統經紀量的影響。

In fact, Power Only set an all time high for second quarter volumes growing year-over-year for the sixth second quarter. In Dedicated, our pipeline is at a point that has historically translated into fleet growth in subsequent quarters. We continue to leverage the strategic differentiators unique across our four Dedicated brands with a focus on specialty equipment offerings where we see ample runway for growth and retention rates that are -- 400 basis points higher than standard equipment.

事實上，Power Only 第二季度銷量年增第六個季度，創下了歷史新高。在專用領域，我們的管道處於歷史性的時刻，這將轉化為隨後幾季的車隊成長。我們繼續利用四個專用品牌獨有的策略差異化優勢，專注於專業設備產品，我們認為這些產品具有充足的成長空間和保留率——比標準設備高出 400 個基點。

In Intermodal, we understand that the changing real landscape will be of interest to all participants. We have strong rail relationships, and we look forward to the continued engagement and creating additional value for our customers. Historically, we have demonstrated our ability to adapt to changing dynamics in the underlying intermodal landscape by leading into the unique elements of our service, namely our asset-based dray, chassis and container offering.

在多式聯運中，我們了解不斷變化的現實景觀將引起所有參與者的興趣。我們與鐵路部門有著密切的關係，我們期待繼續合作並為我們的客戶創造更多價值。從歷史上看，我們透過引入我們服務的獨特元素，即基於資產的拖車、底盤和貨櫃服務，證明了我們適應底層多式聯運格局不斷變化的動態的能力。

For example, through our relationship with the CPKC, Schneider is the intermodal provider of choice in Mexico, offering service that is one to three days faster than the competitors and advantage that is clearly resonating with shippers. Mexico was a key driver of our second quarter volume growth, which rose 30% year over year.

例如，透過與 CPKC 的合作關係，施耐德成為墨西哥首選的多式聯運供應商，其提供的服務比競爭對手快一到三天，其優勢明顯得到了托運人的認可。墨西哥是我們第二季銷售成長的主要推動力，年增 30%。

Looking forward, we see strong momentum. In Mexico specifically, we are benefiting from being in our second allocation season with the CPKC with a full year of service performance behind us to sell into. The momentum is broad-based and year-to-date win rates on our most accretive lanes are trending at nearly double last year's levels.

展望未來，我們看到強勁的勢頭。特別是在墨西哥，我們受益於與 CPKC 的第二個分配季，我們有整整一年的服務表現可供銷售。這種勢頭是廣泛的，今年迄今為止，我們增值最多的航線的獲勝率幾乎是去年水準的兩倍。

Pricing recovery remains a key lever to returning to our long-term targets. However, ability to create these enterprise growth opportunities is helping our results today and the benefits of this approach will become more evident in a strong market environment. We will be able to convert in many instances, on a historically large pipeline and be increasingly selective with the freight that we take on.

價格恢復仍然是我們回歸長期目標的關鍵槓桿。然而，創造這些企業成長機會的能力正在幫助我們取得今天的業績，而這種方法的好處將在強勁的市場環境中變得更加明顯。在許多情況下，我們將能夠對歷史上規模最大的管道進行改造，並越來越有選擇性地選擇我們承接的貨物。

Third and finally, in addition to our organic growth, our recent acquisitions, including our largest Cowan Systems, contributed to income from operations growth this quarter. We are pleased with their performance, and we continue to evaluate how we best unlock additional value from these strong brands.

第三，也是最後一點，除了我們的有機成長之外，我們最近的收購，包括我們最大的 Cowan Systems，也為本季的營業收入成長做出了貢獻。我們對他們的表現感到滿意，並將繼續評估如何最好地從這些強勢品牌中釋放額外的價值。

Starting in October, Cowan Logistics will be integrated into Schneider Logistics to leverage our enterprise tools and eliminate redundancies and effort we expect will drive improved margins in this segment. Switching now to perspectives on the market.

從十月開始，Cowan Logistics 將併入 Schneider Logistics，以利用我們的企業工具並消除冗餘，我們預計這些努力將提高該部門的利潤率。現在轉向市場視角。

We expect the economic uncertainty that characterize the second quarter to persist into the back half of the year with trade policy continuing to evolve. In addition, the timing and impact of regulatory enforcement such as requirements around English language proficiency and the use of B1 drivers, along with the recent legislative developments remain unclear. Even so, we believe the most likely path forward is for the freight environment to continue its movement towards recovery, with capacity continuing to exit the market at a slow but steady drumbeat.

我們預計，隨著貿易政策的不斷演變，第二季的經濟不確定性將持續到下半年。此外，有關英語語言能力的要求和 B1 駕駛員的使用等監管執行的時間和影響以及最近的立法發展仍不明確。即便如此，我們認為最有可能的未來道路是貨運環境繼續走向復甦，運能繼續以緩慢但穩定的節奏退出市場。

As we noted earlier, we are seeing the effects of this progress in driver recruiting, which saw pockets of strength during the quarter, likely reflecting (inaudible) to quality among drivers. Declining capacity in conjunction with some seasonal demand patterns continue to drive the market closer to equilibrium.

正如我們之前提到的，我們看到了司機招募方面取得的進展的效果，本季度司機招募出現了一些強勁勢頭，這可能反映出（聽不清楚）司機素質的提高。運力下降與一些季節性需求模式相結合，繼續推動市場接近平衡。

While customer reactions and strategies have varied, we have seen a growing number of (inaudible) concerned about capacity and as a result, are funneling more freight our way. Altogether, we believe strong execution on our efforts to drive strong improvement in our financial returns, deliver above-market organic growth, and accretive M&A to drive earnings higher in 2025. Let me now turn it over to Darrell for his insight on the second quarter and our guidance.

雖然客戶的反應和策略各不相同，但我們看到越來越多（聽不清楚）客戶擔心運力的問題，因此，他們正在向我們輸送更多的貨物。總而言之，我們相信，透過強而有力的執行，我們將推動財務回報的強勁提升，實現高於市場的有機成長，並透過增值性併購來推動 2025 年的獲利成長。現在，讓我將話題交給達雷爾，請他談談對第二季和我們指導的看法。

Darrell?

達雷爾？

Thank you, Mark, and good morning, everyone. I'll review our enterprise and segment financial results for the second quarter and provide insights on our updated full year 2025 EPS and net CapEx guidance. Summaries of our financial results and guidance can be found on pages 24 to 30 of our investor presentation available on our Investor Relations section of the website.

謝謝你，馬克，大家早安。我將回顧我們第二季度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。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 second quarter results. Enterprise revenues, excluding fuel surcharge, were $1.3 billion, up 10% compared to one year ago. Adjusted income from operations was $57 million, a 9% increase year-over-year. Enterprise adjusted operating ratio was roughly in line with the second quarter of 2024. Adjusted diluted earnings per share for the second quarter was $0.21.

從第二季的業績開始。不包括燃油附加費，企業收入為 13 億美元，比一年前成長 10%。調整後的營業收入為 5,700 萬美元，較去年同期成長 9%。企業調整後的營業比率與2024年第二季大致相當。第二季調整後每股攤薄收益為 0.21 美元。

The disciplined actions we've taken on revenue management, cost containment and productivity enabled over-year improvement in our Enterprise income from operations for the third consecutive quarter, including double-digit improvement in our asset-intensive businesses despite what remains a challenging market. We're gaining traction on our previously announced structural cost savings targets with execution to be directly contributing to our second quarter performance.

我們在收入管理、成本控制和生產力方面採取的嚴格措施使我們的企業營業收入連續第三個季度實現同比增長，其中，儘管市場依然充滿挑戰，但我們的資產密集型業務仍實現了兩位數的增長。我們正在逐步實現先前宣布的結構性成本節約目標，而這些目標的執行將直接影響我們第二季度的業績。

However, the industry continued to see inflation in key areas such as accident claims and equipment-related costs, and we remain focused on identifying additional savings opportunities to offset these pressures.

然而，該行業在事故索賠和設備相關成本等關鍵領域繼續出現通貨膨脹，我們仍然專注於尋找額外的節省機會來抵消這些壓力。

From a segment perspective, Truckload revenue, excluding fuel surcharge, was $622 million in the second quarter, up 15% year-over-year. This growth was primarily due to the common acquisition and modestly higher revenue per truck per week, partially offset by lower network volumes and dedicated churn. Truckload operating income reached $40 million, a 31% increase year over year, reflecting the same revenue drivers as well as cost and productivity efforts.

從分部角度來看，第二季卡車運輸收入（不含燃油附加費）為 6.22 億美元，年增 15%。這一增長主要歸因於共同收購和每週每輛卡車略高的收入，但被較低的網路容量和專用客戶流失部分抵消。卡車運輸營業收入達到 4000 萬美元，年成長 31%，反映了相同的收入驅動因素以及成本和生產力努力。

Operating ratio was 93.6%, an improvement of 70 basis points compared to last year, and approximately 230 basis points better than the first quarter. Network margins improved sequentially by 150 basis points, supported by improved revenue per truck week and ongoing actions to reduce variable input costs. These efforts include reducing unbilled miles, improving tractor-to-driver ratios and implemented targeted head count actions. Collectively, these initiatives drove double-digit sequential earnings growth in Truckload despite revenue increasing just 1% quarter over quarter.

營運比率為93.6%，較去年同期增加70個基點，較第一季提高約230個基點。受每卡車週收入增加和持續降低變動投入成本的推動，網路利潤率環比提高了 150 個基點。這些努力包括減少未計費里程、改善拖拉機與駕駛者的比例以及實施有針對性的人員統計行動。總體而言，儘管收入環比僅增長 1%，但這些舉措推動 Truckload 的盈利實現了兩位數的連續增長。

Intermodal revenues, excluding fuel surcharge, were $265 million for the second quarter up 5% year-over-year, driven entirely by volume growth as yields remained roughly flat. This marks the fifth consecutive quarter of year-over-year volume growth in the segment.

第二季聯運收入（不含燃油附加費）為 2.65 億美元，年成長 5%，這完全是由運量成長推動的，收益率基本上持平。這是該領域銷量連續第五個季度同比增長。

Intermodal operating income was $16 million a 10% increase compared to the same period last year, reflecting solid operating leverage on volume growth, as we continue to see the benefits from our network optimization and dray productivity, including ongoing efforts to fill empty lanes, reduce friction costs at the ramp and improve freight mix.

多式聯營運業收入為 1,600 萬美元，比去年同期成長 10%，反映了運量成長帶來的穩固營運槓桿，因為我們繼續看到網路優化和貨運生產力的好處，包括持續努力填補空車道、降低坡道摩擦成本和改善貨運組合。

Operating ratio was 93.9%, an improvement of 30 basis points compared to second quarter 2024. Logistics revenue, excluding fuel surcharge, totaled $340 million in the second quarter, up 7% from the same period one year ago, driven by the Cowan acquisition and continued growth in Power Only volumes. This was partially offset by lower volumes in traditional brokerage as shippers continue to favor asset-based solutions.

營業比率為 93.9%，較 2024 年第二季提高 30 個基點。受收購 Cowan 和 Power Only 銷售持續成長的推動，第二季物流收入（不包括燃油附加費）總計 3.4 億美元，比去年同期成長 7%。由於托運人繼續青睞以資產為基礎的解決方案，傳統經紀業務量下降部分抵消了這種影響。

Logistics income from operations was $8 million near first quarter levels, but down 29% from last year's high watermark. Operating ratio was 97.7%, an increase of 120 basis points compared to prior year, primarily due to softness in brokerage volumes, partially offset by productivity initiatives. Second quarter operating ratio was essentially flat sequentially.

營運物流收入為 800 萬美元，接近第一季的水平，但比去年的最高水平下降了 29%。營業比率為 97.7%，比前一年增加 120 個基點，主要由於經紀業務量疲軟，但被生產力措施部分抵銷。第二季的營業比率與上一季基本持平。

Turning to capital allocation. We paid $17 million in dividends in the second quarter and $34 million year-to-date. Net CapEx was $150 million compared to $182 million last year due to reduced purchases of transportation equipment. Free cash flow increased approximately $10 million compared to the same period in 2024. We continue to expect net CapEx to be in the range of $325 million to $375 million for the full year.

轉向資本配置。我們在第二季支付了 1700 萬美元的股息，今年迄今支付了 3,400 萬美元。由於運輸設備採購減少，淨資本支出為 1.5 億美元，去年同期為 1.82 億美元。與 2024 年同期相比，自由現金流增加了約 1,000 萬美元。我們繼續預計全年淨資本支出將在 3.25 億美元至 3.75 億美元之間。

We're monitoring economic and volume expectations as well as the effects of our asset productivity initiatives, and we have the ability to move to the low end of the range in a more subdued environment.

我們正在監測經濟和產量預期以及資產生產力措施的效果，並且我們有能力在更低迷的環境中轉向低端範圍。

We also continued to (inaudible) the impact of tariffs on the cost of equipment and a range of scenarios is included in our guidance. Our priorities remain organic growth in Dedicated and Intermodal tractors and investing in technology to drive business insights and (inaudible) productivity.

我們也持續（聽不清楚）關稅對設備成本的影響，並且一系列情境都包含在我們的指導中。我們的首要任務仍然是專用拖拉機和多式聯運拖拉機的有機成長，並投資技術來推動業務洞察力和（聽不清楚）生產力。

In the second quarter, we began deploying free cash flow to reduce leverage, including a $50 million repayment of our revolving credit facility. As of June 30, 2025, we had $526 million in total debt and lease obligations and $161 million of cash and cash equivalents. Our net debt leverage was 0.6x at the end of the quarter an improvement from 0.8x at the end of the first quarter.

在第二季度，我們開始部署自由現金流來降低槓桿率，包括償還 5,000 萬美元的循環信貸額度。截至 2025 年 6 月 30 日，我們的債務和租賃債務總額為 5.26 億美元，現金和現金等價物為 1.61 億美元。本季末，我們的淨債務槓桿率為 0.6 倍，較第一季末的 0.8 倍有所改善。

Moving to our updated full year 2025 earnings guidance. Our adjusted earnings per share guidance for the full year 2025 is $0.75 to $0.95, which assumes an effective tax rate of 23% to 24%. As we review our revised full year outlook, we continue to consider a range of outcomes tied to trade policy and broader economic uncertainty, while also incorporating the potential impacts of fiscal and regulatory policy changes since our last update.

轉向我們更新的 2025 年全年獲利預測。我們對 2025 年全年調整後每股盈餘的預期為 0.75 美元至 0.95 美元，假設有效稅率為 23% 至 24%。在回顧修訂後的全年展望時，我們繼續考慮與貿易政策和更廣泛的經濟不確定性相關的一系列結果，同時也考慮到自上次更新以來財政和監管政策變化的潛在影響。

We continue to believe that a steady march toward a more balanced market supported by elements of seasonality and capacity attrition is the most liked path forward and what serves as the foundation of our guidance, and trimming the high end of our previous guidance, we're incorporating a lack of resolution of trade policy uncertainty and the retreat in spot rates through July following the positive seasonal movement in May, neither of which are consistent with the highest end of our previous range.

我們仍然相信，在季節性和產能損耗等因素的支持下，穩步邁向更加平衡的市場是最受歡迎的前進道路，也是我們指引的基礎，並且削減了我們之前指引的高端，我們納入了貿易政策不確定性的缺乏解決和現貨價格在 5 月份積極的季節性變動之後在 7 月份的回落，這兩者都不符合我們之前範圍的最高端。

Should a stronger market materialize from consumer resilience, early benefits of fiscal stimulus and greater impacts from regulatory enforcement and capacity, we are well positioned to capitalize on the improvement. We will do this through our network-based offerings, particularly in light of our elevated spot exposure, productivity enhancements and latent capacity in intermodal.

如果消費者的復原力、財政刺激措施的早期效益以及監管執法和能力的更大影響能夠促成更強勁的市場，那麼我們就有能力利用這種改善。我們將透過基於網路的服務來實現這一目標，特別是考慮到我們提高的現貨曝光率、提高的生產力和多式聯運的潛在能力。

That said, we continue to operate in an uncertain environment especially regarding the consumer outlook. At the same time, the industry continues to grapple with select areas and inflation, such as equipment-related costs and accident in claims, the former of which stands to face inflationary impact from tariffs and the latter remains challenging to predict, but stubborn on net, given the difficult litigation environment.

儘管如此，我們仍然在不確定的環境中運營，尤其是在消費者前景方面。同時，該行業仍在努力應對特定領域和通貨膨脹，例如與設備相關的成本和索賠事故，前者將面臨關稅帶來的通膨影響，而後者仍然難以預測，但考慮到艱難的訴訟環境，其淨值將難以改變。

A flatter second half weighed down by elevated inflation would align with the lower end of our guidance. In terms of what this means for the most likely scenario of segments, our Truckload Network business, we expect to remain on a trajectory of low to mid-single-digit price renewals through the remainder of [bid] season. (inaudible) agree to a spot rates modest [headwind will] become a tailwind will depend on how market conditions evolve from here.

受高通膨拖累，下半年經濟表現較為平緩，這與我們的預期下限相符。就這對最有可能出現的細分市場情景而言，我們的卡車網絡業務，我們預計在剩餘的[投標]季節中，價格續約將保持在低到中等個位數的軌跡上。 （聽不清楚）同意現貨價格適中[逆風將]變成順風，將取決於市場狀況如何發展。

We expect volume trends to be supported by elements of positive seasonality to likely below typical seasonal magnitude. Dedicated earnings are expected to remain resilient, with prices in line with prior guidance and a pickup in organic growth. That said, the churn realized this quarter will continue to be evident in the second half of the year. Given our focus on asset efficiency and opportunities we see to add volume without increasing tractor count, net tractor growth may be tempered, but this will be constructive to operating earnings growth.

我們預期成交量趨勢將受到正面季節性因素的支持，可能低於典型的季節性幅度。專用收益預計將保持彈性，價格與先前的指導一致，並且有機成長將回升。話雖如此，本季實現的客戶流失仍將在下半年持續顯現。鑑於我們關注資產效率和在不增加拖拉機數量的情況下增加產量的機會，淨拖拉機成長可能會受到抑制，但這將有利於營業利潤成長。

For our Intermodal segment, we continue to expect flat to slightly higher pricing for the remainder of the year. Additionally, we expect the momentum in our allocations and wins to drive above market growth -- though the degree of absolute volume improvement will be market dependent. Our disciplined focus on operating earned dollar (inaudible) through customer allocation is expected to drive solid operating leverage even without much benefit of price.

對於我們的多式聯運部門，我們預計今年剩餘時間內的價格將持平或略有上漲。此外，我們預計我們的分配和獲勝勢頭將推動高於市場的成長——儘管絕對交易量改善的程度將取決於市場。我們嚴格關注透過客戶分配賺取的美元（聽不清楚），預計即使沒有太多的價格優勢，也能帶來穩固的經營槓桿。

Our Logistics segment outlook reflects lower volumes in traditional brokerage, given the ongoing shift toward more asset-based solutions, such as Power Only. We see strong potential for our productivity initiatives to help support operating earnings, though we acknowledge there will be more evident as volume will strengthen.

鑑於市場正在轉向更多基於資產的解決方案（例如 Power Only），我們對物流部門的展望反映出傳統經紀業務量將會下降。我們看到，我們的生產力措施具有巨大的潛力，有助於支持營業利潤，但我們也承認，隨著產量的增加，這種潛力將更加明顯。

In closing, our confidence in unlocking the benefits of the actions within our control is bolstered by the momentum we've seen in our results in recent quarters. The extended down cycle has been challenging, but the actions we're taking are enhancing our earnings power and positioning the business to benefit from our operating leverage as market conditions improve.

最後，最近幾季的業績表現增強了我們對釋放可控行動效益的信心。延長的下行週期充滿挑戰，但我們正在採取的行動正在增強我們的獲利能力，並使業務在市場狀況改善時能夠從我們的經營槓桿中受益。

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

接下來，我們將開始回答您的問題。

(Operator Instructions) Daniel Imbro, Stephens.

（操作員指示）丹尼爾·伊姆布羅，史蒂芬斯。

This is Joe Enderlin on for Daniel. Looking at your long-term -- just looking to your long-term Truckload target of 12% to 16%. Could you maybe break down the current Dedicated versus network run rates? And then how close do you think you can get to that long-term target? Assuming we continue along this trend of subs seasonal movements in spot rates through year-end?

喬恩德林 (Joe Enderlin) 代替丹尼爾 (Daniel)。從長遠來看——只關注您的長期卡車裝載量目標 12% 至 16%。您能否細分一下目前專用和網路運作率？那麼，您認為您距離這個長期目標還有多遠？假設我們在年底前繼續維持現貨價格這種季節性變動趨勢？

Thanks, Joe. I've indicated, we believe our Dedicated business is and has been performing very resiliently, which is part and parcel to our strategy. And we've also indicated that it is performing at a time, achieving the low end of our long-term guidance, where we have work to do and where we're most price-sensitive and price recovery sensitive centers around our network business.

謝謝喬。我之前說過，我們相信我們的專用業務現在和過去一直表現得非常強勁，這是我們策略的重要組成部分。我們還指出，它正在實現我們長期指導的低端，我們還有很多工作要做，我們對價格最為敏感，價格恢復最為敏感，這些都集中在我們的網路業務上。

And so while we don't publicly break down margin differentials we've been fairly clear that we continue to look for opportunities and where our operating leverage really is to change results in a much faster cadence once we get some market lift relative to the pricing, and we've been leaning into that for several quarters, and we maintain a great deal of discipline to get after that.

因此，雖然我們沒有公開細分利潤差異，但我們已經相當清楚，我們將繼續尋找機會，一旦我們獲得相對於定價的一些市場提升，我們的經營槓桿實際上就會以更快的節奏改變結果，我們已經傾向於這樣做幾個季度了，並且我們保持著嚴格的紀律來做到這一點。

So but we will need some rate recovery in our Network business, particularly to get back to our long-term target. So -- and that's really the place that we've been in for several quarters and it sits around our entire execution strategy right now.

因此，我們的網路業務需要恢復一些費率，特別是為了回到我們的長期目標。所以 — — 這確實是我們幾個季度以來一直處於的狀態，它影響著我們目前的整個執行策略。

And this is Darrell. So the only thing I would add is that we're encouraged by what we've been seeing over the past several quarters. So Mark did mention that from a Network perspective, price is the most important in terms of getting back to our longer-term targets. So for several quarters in a row, we've seen year-over-year pricing improvement. We've also seen pricing improvement in our Dedicated space, which we know is more resilient.

這是達雷爾。因此，我唯一想補充的是，過去幾季的表現令我們感到鼓舞。因此，馬克確實提到，從網路角度來看，價格對於恢復我們的長期目標是最重要的。因此，連續幾個季度，我們看到價格同比有所改善。我們也看到專用空間的定價有所改善，我們知道專用空間的定價更有彈性。

From an Intermodal standpoint, volumes continue to increase year-over-year, we've seen 5 consecutive quarters where trending in the direction of getting to the lower end of our longer-term targets. And then from a Logistics standpoint, obviously, we're squaring and striking distance of that.

從多式聯運的角度來看，貨運量持續逐年增加，我們已經看到連續五個季度的趨勢朝著達到長期目標的低端方向發展。然後從物流的角度來看，顯然我們正在平衡並打擊這一距離。

Just as a follow-up, on the Truckload side, there's been debate about what peak will look like this year. I think some of the rails mentioned a pull forward into June, July. Other think as peak is ahead of us. Just how do you think peak is developing and what's making your guidance from a demand standpoint?

作為後續行動，在卡車運輸方面，人們一直在爭論今年的高峰會是什麼樣子。我認為有些評論提到將時間提前至六月和七月。其他人認為高峰已經到來。您認為高峰是如何發展的？從需求角度來看，您的指導是什麼？

Thanks. This is Jim. So there's really a wide range of behaviors as we look at our customer base, and there's some form factors are taking some capacity out of the market as well. So depending on how customers played their hands as they went through allocations, they're in a little different spot.

謝謝。這是吉姆。因此，當我們觀察我們的客戶群時，會發現他們的行為範圍非常廣泛，而且有些形式的因素也會佔用一些市場容量。因此，根據客戶在分配過程中採取的行動，他們所處的位置會略有不同。

But as it relates to our Intermodal business, we already have Intermodal peak surcharges in place with most of our large customers, which is about six to eight weeks ahead where we normally are.

但就我們的多式聯運業務而言，我們已經與大多數大客戶實施了多式聯運高峰附加費，比通常情況提前了大約六到八週。

In Truckload, we're starting to have those conversations -- and we do have a higher percentage of our business, as Mark talked about, in the spot market, the normal that's going to enable us to pivot quickly. But that part of the peak season that happens a little bit later here in the year, more in the fourth quarter.

在 Truckload 業務中，我們開始進行這些對話——正如馬克所說，我們的業務在現貨市場中確實佔有更高的比例，這種常態將使我們能夠快速轉變。但旺季的這一部分發生在一年中的晚些時候，更多地發生在第四季度。

Yes, Joe, this is Mark. It's difficult to qualify what is the pull forward. What happened in the second quarter, what happened in the third quarter. We know there is certainly evidence of certain customers doing that, but we also experienced that in the second quarter, and we still had elements of seasonality play out at certain junctures of the quarter, and we would anticipate and we would expect that despite certain strategies that may have pulled some freight forward that we'll have those same opportunities, if not a little bit more elevated in the second half of the year.

是的，喬，這是馬克。很難明確指出什麼是向前拉。第二季發生了什麼，第三季又發生了什麼。我們知道確實有證據表明某些客戶這樣做，但我們在第二季度也經歷過這種情況，並且在本季度的某些時刻我們仍然受到季節性因素的影響，我們預計，儘管某些策略可能已經提前了一些貨運量，但我們仍將擁有同樣的機會，甚至在下半年還會有更多機會。

Dan Moore, RW Baird.

丹摩爾、RW 貝爾德。

Christine, welcome on board, excited to work with you guys. A couple of questions. Just to kind of follow up. When I'm looking at the P&L here, there are a couple of line items that really stick out. Insurance, obviously, other general expense, salaries and wages.

克里斯汀，歡迎加入，很高興與你們合作。有幾個問題。只是為了跟進。當我查看這裡的損益表時，有幾個項目確實很突出。顯然還有保險、其他一般費用、薪水和薪水。

I know you guys are very focused on reducing costs. You have a number of internal initiatives targeting cost reductions if we were to break down kind of the opportunity set to get returns back to where you want them, back to where investors expect you to be long term. I think of kind of a three-legged stool, rates, costs and volume.

我知道你們非常注重降低成本。如果我們要分解各種機會，讓回報回到你想要的水平，回到投資者對你的長期期望水平，那麼你有許多旨在降低成本的內部舉措。我想到了一種三條腿的凳子：價格、成本和數量。

Could you contextualize a little bit more around those three opportunity sets as you see them both in the near term and then the long term and kind of what you -- how much you feel like you need to get from each one of those, again, rates, costs and volume to secure kind of level of return that's more in line with historical levels?

您能否更詳細地介紹這三個機會集，從短期和長期來看，您認為需要從每個機會集獲得多少利率、成本和數量才能確保獲得更符合歷史水平的回報？

So this is Darrell. So I'll start. So as it relates to our segments, there's varying degrees of each one of those legs of the stool -- that's required. So from a Network perspective, most of the recovery towards the long-term margins will be driven by price. And as I said earlier, we are encouraged by the direction of the pricing improvements in terms of contractual rate renewals that we can control for fourth quarter in a row now.

這就是達雷爾。那我就開始了。因此，就我們的部分而言，凳子的每個腿都有不同的程度——這是必需的。因此，從網路角度來看，長期利潤率的復甦主要將由價格推動。正如我之前所說，我們對合約費率續約方面的定價改善方向感到鼓舞，現在我們已經可以連續第四個季度控制合約費率續約。

From a Dedicated standpoint, Dedicated is more resilient, less dependent on price, though price is important and their upside as it relates to price, especially on the backhaul.

從專用的角度來看，專用更具彈性，不太依賴價格，儘管價格很重要，並且與價格相關的優勢，特別是在回程方面。

From an Intermodal standpoint, volume clearly is most important. We've seen even in the past several quarters, our ability to drive earnings growth with minimal growth in terms of price. And then from a Logistics standpoint, again, volume and market conditions similar to Network or where most of that benefit resides.

從多式聯運的角度來看，運輸量顯然是最重要的。即使在過去幾個季度中，我們也已經看到，我們有能力以最小的價格成長來推動獲利成長。然後從物流的角度來看，數量和市場條件與網路類似，或大部分利益所在。

Now we've been very thoughtful in terms of the actions that we've taken and the actions that we've taken to restore margin have been multipronged, controlling what we can in the freight allocation season as it relates to price, but as you mentioned, there are a lot of cost initiatives that we've taken on.

現在，我們已經非常認真地考慮了我們所採取的行動，我們為恢復利潤而採取的行動是多管齊下的，在貨運分配季節盡可能地控制與價格相關的因素，但正如您所提到的，我們已經採取了很多成本舉措。

From our perspective, those cost initiatives are structural and sustainable, but very thoughtful. So we're making sure that things that we're doing are positioning us for increased leverage on the upside. So from a Truckload perspective, we're very focused on productivity and asset efficiency goals, right.

從我們的角度來看，這些成本措施是結構性的、可持續的，但非常周到。因此，我們要確保我們所做的事情能夠讓我們獲得更大的優勢。因此，從卡車裝載的角度來看，我們非常關註生產力和資產效率目標，對吧。

So we talked about reducing unbilled miles, we talked about a lot of the head count actions that were taken. So those actions have come through in our results, as you can see year-over-year and sequentially significant earnings growth despite softer spot market backdrop.

因此，我們討論了減少未計費里程，並討論了已採取的許多人員清點行動。因此，這些行動已經體現在我們的業績中，儘管現貨市場背景疲軟，但你可以看到，我們的利潤同比和環比都有顯著增長。

From an Intermodal standpoint, we're also very focused on productivity actions around dray productivity, filling empty lanes, again, we're seeing those come through the results. So the actions that we're taking are structural in nature, and that's kind of all the legs of stool.

從多式聯運的角度來看，我們也非常注重圍繞貨運生產力、填補空車道的生產力行動，同樣，我們也看到了這些行動帶來的成果。因此，我們採取的行動本質上是結構性的，這就是凳子的全部腿。

Mark, I'm not sure if there's anything that you want to add there?

馬克，我不確定您是否還有什麼要補充的嗎？

Yes. Just, Dan, as you look at that income statement, just a reminder, we have Cowan in our results this year, which we didn't have in last year. So just at the absolute category level, you'll see that flowing through. But we've really been focused and we've kind of -- I think, a reasonable job of keeping our variable contribution our direct contribution dollars consistent and improving despite the market that isn't quite yet given us the lift that we believe is in front of us on both volume and price. And so that -- we're managing that.

是的。丹，當你查看損益表時，需要提醒的是，我們今年的業績中出現了考恩，而去年沒有。因此，僅在絕對類別級別，您就會看到它的流動。但我們確實一直很專注，而且我認為，儘管市場還沒有為我們帶來我們認為在數量和價格上都存在的提升，但我們還是合理地保持了可變貢獻和直接貢獻美元的一致性和不斷提高。所以——我們正在管理它。

It's a variable contribution line, I think, fairly effectively. And that's why I think we can really get some operating leverage once we do start to see some improvement in both price and volume, and I think our incremental margins is based upon the work that we've done here position us favorably to do that. (inaudible) in the pudding, and we're focused on it and we have to demonstrate that to you and others. But that's our complete focus.

我認為，這是一條相當有效的可變貢獻線。這就是為什麼我認為，一旦我們開始看到價格和銷售都有所改善，我們就能真正獲得一些經營槓桿，而且我認為我們的增量利潤率是基於我們在這裡所做的工作，這讓我們處於有利地位。 （聽不清楚）在布丁方面，我們專注於此，我們必須向您和其他人證明這一點。但這正是我們的重點。

Yes. This is Jim. Just one more thing to add that I don't think we look at cost and volume as completely discrete items. A lot of the actions that we've taken have prepared us to and are resulting in of this improvement and variable contribution really position us well for when there is volume upturn that we'll see more in the cost improvement as well.

是的。這是吉姆。還有一點要補充，我認為我們不應該將成本和數量視為完全獨立的項目。我們採取的許多行動都為我們做好了準備，並帶來了這種改進和可變貢獻，這確實使我們在產量上升時處於有利地位，我們也將在成本改善方面看到更多改善。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

A couple of questions here. How would you characterize the competitive environment in each of your segments? So one way TL, Intermodal, Dedicated, Logistics. Is there even an unthinkable scenario where the rate of change on deal capacity is actually better than some of the other segments?

這裡有幾個問題。您如何描述每個細分市場的競爭環境？因此，單向 TL、聯運、專用、物流。是否存在一種難以想像的情況，即交易容量的變化率實際上比其他一些領域更好？

Rate of change similar to -- just wanted to make sure we capture what you're --

變化率類似於——只是想確保我們能捕捉到你--

Wondering if capacity is exiting the TL space when you potentially have more competitive actions, in Dedicated and Intermodal kind of maybe the rate of change on capacity exits in TL, it could even be better than Intermodal Dedicate, et cetera?

想知道當您可能採取更多競爭行動時，容量是否會退出 TL 領域，在專用和多式聯運中，TL 中容量退出的變化率可能甚至可能比多式聯運專用更好，等等？

Yes. Robbie, thanks for the question. This is Jim. I think you might be right. We are seeing some midsized competitors exiting the market.

是的。羅比，謝謝你的提問。這是吉姆。我想你可能是對的。我們看到一些中型競爭對手正在退出市場。

Other thing that we're seeing right now with English language proficiency enforcement. We appreciate that. We're now enforcing the existing regulations. And we look at -- it's a slow bleed out, but on trend that has the opportunity to be a meaningful amount of capacity that's exiting the market.

我們現在看到的另一件事是英語語言能力的執行。我們對此表示感謝。我們現在正在執行現有的規定。我們看到，雖然流失速度緩慢，但從趨勢來看，大量產能有可能退出市場。

I think the other thing that it's not completely evident that as we talk to our underlying carriers in Logistics business, we're seeing carriers self-regulate, both by removing drivers that don't speak English, but also implementing language proficiency tests for new driver candidates similar to what Schneider does.

我認為另一件事並不完全明顯，當我們與物流業務中的底層承運商交談時，我們看到承運商進行自我監管，既通過解僱不會說英語的司機，也對新司機候選人實施類似施耐德所做的語言能力測試。

And so if you -- you put those two things together, we're talking about really a meaningful amount of capacity. And that doesn't directly address B1 drivers as well, which we would still say that there's an opportunity there. And if there were any changes that would be perhaps not necessarily a slow bleed, but something that would be a more meaningful change.

所以如果你把這兩件事放在一起，我們談論的就是真正有意義的容量。這並沒有直接解決 B1 駕駛員的問題，但我們仍然認為這其中有機會。如果有任何變化，也許不一定是緩慢的流血，而是更有意義的變化。

So Robbie, maybe as it relates to the competitive nature, we've noted some churn in Dedicated. And we've looked at that and studied what we're really seeing there is in our standard equipment business. And I think anytime you get into a market that has as much drag and duration on the down cycle, those parts of the portfolio are more vulnerable to other type solutions that customers may be looking for opportunity to ratchet cost down at the expense, perhaps of the service equation.

因此，羅比，也許這與競爭性質有關，我們注意到 Dedicated 領域出現了一些客戶流失。我們已經對此進行了研究，並調查了我們在標準設備業務中真正看到的情況。我認為，任何時候進入一個在下行週期中受到很大拖累和持續時間很長的市場時，投資組合的這些部分就更容易受到其他類型解決方案的影響，客戶可能正在尋找機會以犧牲服務等式為代價來降低成本。

And so that is not so much that the competitive landscape has (inaudible) true dedicated level. And that's why we're so focused across our four Dedicated brands on the specialty equipment side.

因此，競爭格局並沒有（聽不清楚）真正專注的程度。這就是為什麼我們如此專注於四個專用品牌的專用設備。

That doesn't mean that it's irrational competition in Dedicated. It just means that there's a different solution being pursued by a certain element of the customer base. And -- and that's where we've seen our churn and we also believe that, that's largely behind us and that our new business wins and our implementation, which has a little bit of a drag in the short term, and we also see that because we don't -- we have dislocated equipment that you have to get from the old to the new, and that plays out in your -- out of new per truck per week metrics.

這並不意味著 Dedicated 領域的競爭是不合理的。這僅僅意味著客戶群中的某個部分正在追求不同的解決方案。這就是我們看到的客戶流失的地方，我們也相信，這基本上已經過去了，我們的新業務取得了成功，我們的實施在短期內有一些阻力，我們也看到，因為我們沒有——我們的設備錯位，你必須從舊的換到新的，這輛體現在你的——每週每輛卡車的新車用量指標上。

But I believe as we come out of the second quarter, we got a little bit of hangover on that in the third. But we'll largely then start -- we expect start to see traction there and the Dedicated numbers as we kind of get further into the year.

但我相信，當我們走出第二節時，我們會在第三節中感受到一些後遺症。但我們基本上會開始——我們預計，隨著今年的進一步推進，我們將開始看到那裡的牽引力和專用數字。

As it relates to Intermodal, we think obviously, it's a much different competitive dynamic based upon concentration and capability there with the players that can bring real scale to the market. And as always, our biggest competition there is over-the-road truck. And so we also feel that we're seeing great traction in really the volume first and generally, pricing come second, as is typically plays between Truck and Intermodal and the Network side, highly competitive, right?

就多式聯運而言，我們認為，顯然，這是一個非常不同的競爭態勢，基於集中度和能力，參與者可以為市場帶來真正的規模。像往常一樣，我們最大的競爭對手是公路卡車。因此，我們也感覺到，我們看到了巨大的牽引力，實際上首先是數量，一般來說，價格排在第二位，就像卡車和多式聯運以及網絡方面之間通常發揮的作用一樣，競爭非常激烈，對吧？

And so we've decided to lean into our value -- and in the short term, that means putting more capacity into the spot market also gives us operating leverage, and there's no place in our portfolio that has more operating leverage right now as we continue to focus on the things we're doing on the self-help, but also when the market gives us some lift both price and volume that we can quickly and most quickly turn that into improved results.

因此，我們決定依靠我們的價值——在短期內，這意味著將更多的產能投入現貨市場也會給我們帶來經營槓桿，而現在我們的投資組合中沒有哪個地方擁有更大的經營槓桿，因為我們繼續專注於我們正在做的事情自助，但當市場在價格和數量上給我們一些提升時，我們可以迅速、最快地將其轉化為更好的結果。

So still probably in front of us a little bit, but we're going to see how we perform and how the market plays out in the second half of the year, I think we'll be more constructive as we get into 2026.

所以可能我們面前還有一點事情要做，但我們會看看我們的表現以及下半年市場的表現，我認為當我們進入 2026 年時，我們會更有建設性。

Got it. That is incredibly helpful. Maybe as a quick follow-up. Can you remind us again just how nimble you can be pivoting between spot and contract and also Dedicated asset cycle picks up? Not asking you to share your secret sauce, but broad strokes.

知道了。這非常有幫助。也許作為快速的後續行動。您能否再次提醒我們，您在現貨和合約之間轉換的靈活性如何，以及專用資產週期的回升如何？不是要求您分享您的秘訣，而是大致的解說。

Yes, Ravi. I would give us very capable high marks and our ability to pivot our tools, our technologies allows us to give real good and real direct pricing guidance and acceptance guidance, and I also don't discount the value that it hasn't dedicated because just about every one of our conditions, we find some level to bring value back to the customer, through backhaul and eliminating empty miles, and we have more choice there at better price points that is accretive to not only to a solution to the customer, but it's accretive to our bottom line in Dedicated. And so we will move with extreme prejudice to go fast and pivot to where our capacity is being valued in the network.

是的，拉維。我會給我們非常高的評價，我們有能力調整我們的工具，我們的技術使我們能夠提供真正好的和真正的直接定價指導和接受指導，而且我也不會低估它沒有專用的價值，因為幾乎在我們的每一個條件下，我們都找到了某種程度上通過回程和消除空載因此，我們將以極端的偏見快速行動，轉向網路中我們的能力受到重視的地方。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

So just I want to ask, I guess Mark and Jimmy has been around for a few freight cycles. And just your view on your role on (inaudible). I'm catching that pretty quick. I think these -- the big question with the TransCon on the board now, what are your -- what sort of initial take in terms of what that means from a growth and a partnership perspective, long-term intermodal growth, I would assume, has to be a selling point here, so that would be on the plus side, but maybe for the long term.

所以我只是想問一下，我想馬克和吉米已經參與了幾個貨運週期。以及你對自己所扮演角色的看法（聽不清楚）。我很快就明白了。我認為這些 — — 目前 TransCon 董事會面臨的最大問題是 — — 從增長和合作的角度來看，這意味著什麼，您最初的看法是什麼，我認為長期聯運增長必須是一個賣點，所以這將是積極的一面，但也許對長期而言是這樣。

Are there any things you're a little more cautious or taking a harder look at? Obviously, the service disruption recently that affected your network is that on your mind. So some perspective as we all start to digest what might be the end game here.

有哪些事情您會更謹慎或更認真地考慮？顯然，您擔心的是最近影響您網路的服務中斷。因此，當我們開始消化可能出現的最終結果時，我們會得出一些觀點。

Yes, Brad. I think I'm tracking with your question there. And obviously, with all the news and the UP being one of our key underlying partners and feel really good about where we stand with them. But as you know, there's a process to everything. And this has a very detailed process that we believe is likely to evolve as it moves through its -- all the assessments, to be to take place from here.

是的，布拉德。我想我正在追蹤你的問題。顯然，根據所有新聞報道，UP 是我們的主要基礎合作夥伴之一，我們對與他們的關係感到非常滿意。但正如你所知，凡事都有一個過程。這是一個非常詳細的過程，我們相信，隨著所有評估的進行，這個過程可能會不斷演變。

And as we think about our strategy and the intermodal network, details really matter, right? And it's a detail dependent as how we think about these things. And so as we think about our intermodal strategy, we're very cognizant that everything that we do has to be in the best interest of Schneider, has to be the best interest of our shareholders and our customers.

當我們考慮我們的策略和多式聯運網絡時，細節真的很重要，對嗎？這取決於我們如何看待這些事情的細節。因此，當我們考慮我們的多式聯運策略時，我們非常清楚，我們所做的一切都必須符合施耐德的最佳利益，必須符合我們股東和客戶的最佳利益。

And from our view, to achieve that, we're always assessing new opportunities, new ways of doing business that bring value to the customer. And so -- and I think we've demonstrated over the long haul here that we can adapt and we can bring new services and -- and so we're so new at just a week into this. We really probably don't have a lot to share a lot to say at this point. But this is places that we're comfortable. We have a very solid team.

從我們的角度來看，為了實現這個目標，我們一直在評估新的機會、新的經營方式，為客戶帶來價值。所以 — — 我認為我們已經透過長期的努力證明了我們能夠適應並且能夠提供新的服務 — — 所以我們才剛開始做這件事一周。目前我們可能確實沒有太多東西可以分享，也沒有太多東西可以說。但這是我們感到舒適的地方。我們擁有一支非常堅實的團隊。

Jim's background and experience here, throughout his career is going to be paramount as we look at the playing field and look at the opportunities and position this intermodal product to thrive in the future.

當我們審視競爭環境、尋找機會並定位這種多式聯運產品在未來蓬勃發展時，吉姆的背景和整個職業生涯的經驗將至關重要。

Understood. Experience will definitely Maybe, Jim, just a quick follow-up. When you talk about peak season surcharges a little bit earlier than normal, I guess, was the comment. I don't know what normal is anymore. But if you could put a little more context to that? And is that just earlier than normal just to kind of cover the uncertainty? Or is there something more demand-driven that we should read into there?

明白了。經驗肯定會的，也許，吉姆，只是一個快速的跟進。我想，當您談到旺季附加費比平時稍微早一點時，這就是您的評論。我不知道什麼是正常了。但你能不能再多介紹一下背景？這是否只是為了比平常更早掩蓋不確定性？或者我們應該從中了解一些更符合需求的內容？

Yes. Thanks, Brian. Yes, it's driven by demand when customers are starting to surge up and we're seeing some of that surge right now, and our (inaudible) there is really to be able to manage our operations so that we're putting costs were incremental cost is being incurred and to make sure that one or a small number of customers don't completely disrupt our network.

是的。謝謝，布萊恩。是的，這是由需求驅動的，當客戶開始激增時，我們現在已經看到了一些激增，並且我們的（聽不清楚）確實能夠管理我們的運營，以便我們將成本投入到增量成本中，並確保一個或少數客戶不會完全破壞我們的網路。

And so it's really a matter ensure that we're maintaining efficiency in our business. And we are starting to see that right now. And so that's why we want to make sure we have those in place.

因此，這確實是一個確保我們保持業務效率的問題。我們現在就開始看到這一點。這就是為什麼我們要確保這些措施到位。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

I had two kind of numbers questions, just quick ones, and then I had a more strategic one. But Darrell, what was the impact of (inaudible). What was the impact of gain on sale in Truckload in 2Q? And then I think on the other operating line, the loss was a bit higher, and just want how to forecast that maybe for 3Q, 4Q and then i've got more strategic ones for Mark and Jim.

我有兩種數字問題，都是簡單的問題，然後我還有一個更具策略性的問題。但是 Darrell，（聽不清楚）。第二季卡車銷售成長有何影響？然後我認為在另一條營運線上，損失有點高，只是想預測第三季、第四季的情況，然後我可以為馬克和吉姆提供更多策略性的建議。

Yes. This is Darrell. As a reminder, in the first quarter, we did mention that we saw some improvement from proceeds on the sale of equipment. So in the first half of the year, there's probably $3 million or so year-over-year improvement. So for the second half of the year, we also expect some level of improvement, consistent with what we previously forecasted. No change in that guidance, but year-over-year some modest impact on results.

是的。這是達雷爾。提醒一下，在第一季度，我們確實提到過，設備銷售收益有所改善。因此，今年上半年的銷售額可能比去年同期成長 300 萬美元左右。因此，對於下半年，我們也預期會出現一定程度的改善，與我們先前的預測一致。該指導意見沒有變化，但與去年同期相比，對結果產生了一定的影響。

As it relates to Other. So the Other segment can be uneven in certain quarters, and we certainly did see that. As a reminder, what's in other segments, small carrier, leasing business, which we've mentioned before, our captive insurance company results is also in there and then select unallocated corporate expenses.

因為它與其他相關。因此，其他部分在某些方面可能不平衡，我們確實看到了這一點。提醒一下，我們之前提到的其他部門，小型承運商，租賃業務，我們的自保保險公司的業績也在其中，然後選擇未分配的公司費用。

As it relates to looking forward, we'd expect that for the third and fourth quarters the results will be consistent with the second quarter. So for your modeling, you can assume pretty much the same as 2Q.

展望未來，我們預期第三季和第四季的業績將與第二季一致。因此，對於您的建模，您可以假設與 2Q 幾乎相同。

Yes. And Jim and Mark, you got a question on the Intermodal -- I guess, the intermodal related to the potential rail consolidation. It seems to me that you've been very careful and strategic and crafting your service and your partners in intermodal such that you're not just going toe to toe in all the business and lowest price always, but getting some differentiation, what you can offer, right?

是的。吉姆和馬克，你們對多式聯運有一個問題——我想，多式聯運與潛在的鐵路整合有關。在我看來，您一直非常謹慎和有策略地設計您的服務和您的多式聯運合作夥伴，這樣您不僅在所有業務中都處於領先地位並且總是提供最低價格，而且還獲得了一些差異化，您可以提供什麼，對嗎？

And I guess the Mexico is a good example of that. Maybe how much of your business do you think is like East-West would run on both railroads and something that if the kind of consolidation does -- you're not on both sides to date, you might get hurt a little or have some disadvantage?

我想墨西哥就是一個很好的例子。也許您認為您的業務中有多少是像東西方鐵路一樣在兩條鐵路上運行的，如果這種整合確實發生——到目前為止，您還沒有同時參與到兩邊，您可能會受到一點傷害或處於不利地位？

And how much do you think there is -- it's either local traffic or this kind of some way that it's more differentiated. I don't know maybe just like how much of the volume is such as two railroads. I don't know if there was a way you can frame it so we can think about that?

您認為有多少——要么是本地流量，要么是某種更具差異化的方式。我不知道也許只是兩條鐵路的運量有多少。我不知道您是否可以採取某種方式來構思它以便我們可以思考這個問題？

Yes. This is Jim. I'll take a crack at that one because -- and Mark said that well, that the details are what really matters as you go through this and you guys have seen some of the bigger changes we made, and you talked about what we've done with Mexico and how that's benefited us. I'd also say that there's a lot of small tweaks that go on with the network. And of course, you don't see all the decisions that we don't make.

是的。這是吉姆。我會嘗試這一點，因為——馬克說得很好，細節才是真正重要的，當你經歷這一切時，你們已經看到了我們所做的一些更大的改變，你們談到了我們對墨西哥所做的事情以及這些事情如何使我們受益。我還想說，網路上還有很多小的調整。當然，你看不到我們沒有做出的所有決定。

And the way we get there, it's a very deliberate process that we use to evaluate any new rail service that's really played out very well for us, both commercially and operationally for Schneider and for our customers. And so as this plays out, we'll be applying that same recipe to how we think about this going forward.

我們實現這一目標的方式是一個非常慎重的過程，我們用它來評估任何對我們非常有利的新鐵路服務，無論是在商業上還是在營運上，對施耐德和我們的客戶而言都是如此。因此，隨著這一進程的推進，我們將採用同樣的方法來思考未來的發展。

Which is also the way that we don't really break down East versus Western and some of those different components. So -- but thanks for the questions, Tom.

這也是我們實際上沒有細分東方與西方以及其中某些不同組成部分的方式。所以——但謝謝你的提問，湯姆。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

I guess I wanted to talk a little bit about the guidance and try to understand a couple of things. So the downside, I think when we talked in the second quarter during the second quarter, I think there was a sense that maybe the downside of the guidance assumes some -- an environment that was a pretty bad outcome maybe that didn't materialize although that's still there as we think about the back half of the year.

我想談談指導並嘗試理解一些事情。因此，我認為，當我們在第二季度談論時，我認為有一種感覺，也許指導中的下行因素假設了一些 - 一個相當糟糕的結果的環境可能沒有實現，儘管當我們考慮下半年時這種情況仍然存在。

So maybe just a little bit of perspective of what you think is kind of (inaudible) what's evolved? Where the risk sort of lies here. And I guess maybe as a follow-up to that, when you think about the shape of the back half is 4Q is still probably a bigger quarter than 3Q from an earnings perspective?

那麼也許您只是從一點角度來思考（聽不清楚）發生了什麼變化？風險就在這裡。我想也許作為後續問題，當您考慮下半年的情況時，從盈利角度來看，第四季度可能仍然比第三季度更大？

Or maybe there's a little bit of a pull forward of peak, so it's really 3Q is better and maybe the risk lies in 4Q? Just a little thought on that would be helpful.

或者可能高峰會稍微提前一點，所以第三季確實更好，而風險可能在於第四季？只要稍微思考一下就會有幫助。

Yes, sure. So this is Darrell. I'll start. So as you mentioned, the worst case that was kind of being floated around, did not materialize, but just to clarify that the low end of our guidance was not tied to the worst case. So there is still some risk as it relates to cost in select areas that I mentioned before and also just the overhang of trade policy uncertainty.

是的，當然。這就是達雷爾。我先開始。因此，正如您所提到的，所流傳的最壞情況並沒有實現，但需要澄清的是，我們指導的低端與最壞情況無關。因此，仍然存在一些風險，因為它與我之前提到的特定領域的成本有關，也與貿易政策不確定性有關。

We're certainly not immune to that. From a high-end perspective, in my prepared remarks, I did mention that we trimmed the high end of the guidance by $0.05. That is tied to some of the trade policy overhang that continues to impact just the general economy.

我們當然也無法倖免。從高端角度來看，我在準備好的發言中確實提到過，我們將指引的高端下調了0.05美元。這與部分貿易政策的不確定性有關，這些不確定性持續影響整體經濟。

Also from a spot rate market perspective, we did see some seasonality throughout the quarter, but in order to have gotten to the higher end of our previous range of $1, that inflection would have had to be higher and more sustained. So there are varying degrees of conditions that could happen, and that's built into the scenarios that we've built and coming up with the high and the low end.

此外，從現貨價格市場的角度來看，我們確實在整個季度看到了一些季節性，但為了達到我們之前 1 美元區間的高端，這種拐點必須更高、更持久。因此，可能會發生不同程度的情況，這些情況都已納入我們建造的場景中，並提出了高端和低端的方案。

There are many things that factor in the level of seasonality and the persistence the degree of spot price movement, the implementation of new business wins, both in dedicated and intermodal the timing of that new business wins as well as inflationary impacts on cost. So depending on how some of those market forces evolve, you'll get to kind of varying degrees of the outcomes within the range. There some of the things that we thought about.

有許多因素會影響季節性水準和現貨價格變動的持續程度、新業務的實施（包括專用和多式聯運）、新業務的時機以及通膨對成本的影響。因此，根據某些市場力量如何演變，您將獲得不同程度的範圍內的結果。這是我們思考過的一些事情。

We also thought about regulatory and fiscal policy. Those things are obviously evolving the big, beautiful bill and also some of the things that Jim talked about in terms of regulatory enforcement could have a direct impact that's on a net positive but the timing of that also is uncertain and yet to be played out.

我們也考慮了監管和財政政策。這些事情顯然正在推動這項宏大而美麗的法案的發展，而且吉姆在監管執法方面談到的一些事情可能會產生直接的影響，這種影響是淨積極影響，但其時機還不確定，還有待確定。

Yes, Chris. I think as it relates to the second quarter, I think you've played out fairly close to what our expectations were. And just to reiterate, all at the time of, I guess, this last call, we were writing the hardest paranoia around the tariffs and all the things that could go from a negative standpoint.

是的，克里斯。我認為就第二季而言，你們的表現已經相當接近我們的預期。我想重申的是，在最後一次通話時，我們對關稅以及所有可能產生負面影響的事情產生了最嚴重的恐懼。

Our guidance never took the worst-case scenario there to Darrell point, we thought a reasonably position range on both the downside and the upside, although wider than is typical for us just because of that uncertainty.

我們的指導從未考慮過最壞的情況，就達雷爾的觀點而言，我們認為下行和上行的倉位範圍都比較合理，儘管由於這種不確定性，這個範圍比我們通常的倉位範圍要寬。

As it relates to the third versus the fourth quarter, there could be different impacts by our segments. The question is, what is the import volumes that will materialize in the fourth quarter in Intermodal might be a little bit more uncertain at this point. and the truck could be a bit stronger just based upon us being in the last mile versus the first mile that our intermodal positions in. So we try to be thoughtful to our best assessment of that, and that's not only by quarter but also by segment. So that's how we would position the range.

由於第三季與第四季度相關，因此我們的各個部門可能會受到不同的影響。問題是，第四季多式聯運的進口量究竟會是多少，目前可能還不太確定。而且，由於我們處於多式聯運的最後一英里，而不是第一英里，卡車的表現可能會更強一些。因此，我們會盡力對此進行最佳評估，不僅按季度進行，而且按細分進行。這就是我們定位範圍的方式。

Yes. The only thing -- this is Darrell again. So despite all the uncertainty, continues to linger. We have demonstrated the ability to grow earnings through that uncertainty. And we've seen that several quarters in a row just based on the structural actions that we've taken for things within our control.

是的。唯一的問題是──這又是達雷爾。因此，儘管存在種種不確定性，但這種不確定性仍然存在。我們已經證明有能力在這種不確定性中增加收益。我們已經連續幾個季度看到這種情況，這僅僅基於我們為控制範圍內的事情採取的結構性行動。

Okay. I appreciate the color around that. And maybe just as a quick follow-up. The dedicated pipeline. So can you just expand a little bit on sort of what you're seeing there and maybe how we think about that and sort of what hits in 3Q, maybe what hits in 4Q?

好的。我很欣賞周圍的色彩。或許只是作為一個快速的後續行動。專用管道。那麼，您能否稍微詳細說明一下您所看到的情況，以及我們對此的看法，以及第三季和第四季可能出現的情況？

Sure, I'll give you -- and I'll let Jim maybe fill in some additional color here. But as we talked about, I think on our first quarter call, we were adding some additional resources to get after what we felt were growing pipeline, and we feel really solid and as I did in my opening comments, our pipeline is at a position now by size and by configuration that if we use any level of historical assessment, that portends that we are in a position of future growth.

當然，我會給你——我會讓吉姆在這裡填充一些額外的顏色。但正如我們討論過的，我想在我們的第一季電話會議上，我們增加了一些額外的資源來獲得我們認為正在增長的管道，我們感覺非常穩固，正如我在開場白中所說的那樣，我們的管道現在按規模和配置處於一個位置，如果我們使用任何級別的歷史評估，這預示著我們處於未來的增長位置。

And so we feel that the additional resources are focused around specialty and the targets that we've laid out in addition, not only to our legacy but also our three other brands that we've acquired has put us a pretty darn good position towards the future. And so we always use the word robust.

因此，我們認為，額外的資源集中在專業領域以及我們制定的目標上，不僅對我們的傳統品牌，而且對我們收購的其他三個品牌，都使我們在未來處於相當有利的地位。因此我們總是使用「強大」這個詞。

But I would say, certainly, based upon any historical context, we feel really good about where we are in the pipeline. Yes, so we got to close. We've got to implement all the things that need to occur. But we need to have where we are in the pipeline, and we have several large late stages that we should be hearing about soon.

但我想說，當然，基於任何歷史背景，我們對我們所處的位置感到非常滿意。是的，所以我們必須結束。我們必須實施所有需要發生的事情。但我們需要了解我們的進展情況，我們還有幾個重要的後期階段，很快就會聽到消息。

Yes, we're late stage and then at the same time, very well prepared to implement efficiently. And so some of those will be able to add without actually adding trucks as well. So we feel really good about our position.

是的，我們處於後期階段，但同時，我們已經做好了有效實施的充分準備。因此，其中一些將能夠添加，而無需實際添加卡車。所以我們對我們的地位感到非常滿意。

Jonathan Chappell, Evercore.

喬納森·查佩爾（Jonathan Chappell），Evercore。

Mark, on the Logistics front, it sounds like -- sounds like Power Only is doing pretty well. Traditional brokerage is struggling as to be expected. I thought we -- I mean I felt that the long-term logistics guidance range margin guidance range increase some years back was driven by the thought that (inaudible) can retain stronger margins.

馬克，在物流方面，聽起來——聽起來 Power Only 做得相當不錯。傳統經紀業務陷入困境，這是意料之中的事。我認為我們 - 我的意思是我覺得幾年前長期物流指導範圍利潤率指導範圍的增加是由（聽不清楚）可以保持更高利潤率的想法驅動的。

So can you just help us understand the margin continues to be around this low 2%. It seems like Power Only is moving up the chain, lower margin business moving down. What kind of drives that closer to the range? Is it just truly a cycle? Or is Power Only maybe not as through cycle resilient as we may have thought?

那麼，您能否幫助我們了解利潤率為何仍維持在 2% 左右的低點？看起來，Power Only 正在向上游移動，而利潤較低的業務則在向下游移動。什麼樣的驅動器可以更接近該範圍？這真的只是一個循環嗎？或者 Power Only 可能不像我們想像的那樣有週期彈性？

Yes, Jonathan, thank you for the question. Yes, we do have a bit of a mix going on there and our most under stressed part of our traditional brokerage centers around the Truckload mode and LTL and some of the other modes are taking a higher set of our overall mix, which also comes with a different contribution per order play and configuration.

是的，喬納森，謝謝你的提問。是的，我們確實有一些混合業務，我們傳統經紀業務中最緊張的部分集中在整車運輸模式和零擔運輸模式上，而其他一些模式在我們的整體業務組合中所佔比例更高，這也意味著每個訂單的發揮和配置都有不同的貢獻。

So really, our focus is getting as efficient as we can get with the new tools, some AI work, feel really good at how the brokerage team is adopting and getting in front of some emerging technologies that I think can drive real value not only there, but in other elements and starting to play in other elements of our business across the portfolio.

因此，我們的重點實際上是利用新工具和一些人工智慧工作盡可能提高效率，對經紀團隊如何採用和領先於一些新興技術感到非常滿意，我認為這些技術不僅可以在那裡創造真正的價值，而且可以在其他要素中創造真正的價值，並開始在我們投資組合中的其他業務要素中發揮作用。

Clearly, we're really positive about our performance on Power Only and that not only counts top line, but bottom line performance as well. And we do expect and do require higher returns in that because we're putting a trailing asset and capital against that power only.

顯然，我們對 Power Only 的表現非常樂觀，這不僅影響到營收表現，也影響利潤表現。我們確實期望並且確實要求更高的回報，因為我們只針對這種權力投入了尾隨資產和資本。

And so it's achieving not only the volume expectations and the customer value that we anticipated through cycles, whether it's up or down, it's also performing financially. And so where we leaning into as our productivity initiatives and growth in our traditional brokerage and still profitable. I mean there's others that aren't profitable, we're not satisfied where we are there, and we think we have improvement opportunities.

因此，它不僅實現了我們在整個週期中預期的銷售預期和客戶價值，無論是上升還是下降，而且在財務上也表現出色。因此，我們傾向於依靠生產力措施和傳統經紀業務的成長，並且仍然獲利。我的意思是，其他一些公司沒有獲利，我們對現狀不滿意，我們認為我們有改進的機會。

This is Jim. I'll just add on. I do feel like we've done a good job in terms the capability that we're building into the business, and that's why we're integrating the Cowan resources onto this platform. The other thing i just shares that we are seeing comers prefer asset-based solutions right now. And so when that does reach, and as there's market tightness, we're really going to be able to leverage our investments there.

這是吉姆。我僅補充一點。我確實覺得我們在業務能力建構方面做得很好，這就是我們將 Cowan 資源整合到這個平台上的原因。我剛才分享的另一件事是，我們看到現在人們更喜歡基於資產的解決方案。因此，當這一目標實現時，由於市場緊張，我們真的能夠利用我們在那裡的投資。

Just a quick follow-up here. I don't want to read too much into this. But to Tom's question, that other loss at $9.1 million in the second quarter, I think, you were unofficially or officially looking for like $4 million. So it's $5 million higher. We're looking -- you said 3Q and 4Q at a similar level.

這裡只是快速跟進一下。我不想對此進行過多解讀。但對於湯姆的問題，第二季的另一筆 910 萬美元的損失，我認為，你非正式或正式預期的損失是 400 萬美元。所以高出了 500 萬美元。我們正在尋找 - 您說第三季和第四季處於相似的水平。

So if we add that all off, it's like maybe $15 million higher, and yet you did keep the guidance range effectively, which is the top end coming down. So were you already anticipating kind of that level of other loss? Or is maybe the core business holding up a bit better in this stub, so to speak, is kind of dragging down back to the original thought range?

因此，如果我們將所有這些加起來，可能會高出 1500 萬美元，但您確實有效地保持了指導範圍，即最高限額下降。那麼，您是否已經預料到這種程度的其他損失？或者也許核心業務在這個存根中表現得更好一些，可以這麼說，有點回到最初的想法範圍？

Yes. So the $3 million to $4 million that you said officially or unofficially that was not embedded within our guidance. So what we've seen was within the range of what we expected. So going forward, we expect a similar run rate just given the position of what's in Other?

是的。因此，您正式或非正式地提到的 300 萬至 400 萬美元並不在我們的指導範圍內。所以我們看到的結果都在我們的預期範圍內。那麼展望未來，我們預計僅根據其他情況的位置，運行率就會相似嗎？

Yes, that will be -- we don't obviously give a long-term guidance there. But as it relates to the year, that's what we would inform you, but we're working on those businesses. And to get that back that we believe is what we would target as our sustainable level there, (inaudible) to make a big change in the remaining 2 quarters of the year.

是的，我們顯然不會在那裡提供長期指導。但就今年而言，這就是我們要通知您的，但我們正在進行這些業務。為了恢復這一水平，我們相信這是我們永續發展的目標，（聽不清楚）將在今年剩餘的兩季做出重大改變。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

I hear you on the points about capacity tightening, and I think that's encouraging. But I'm curious how you interpret some of the weakness that we've seen in July related to spot rates and kind of that post July period. I understand, obviously, some of that is seasonality.

我聽到了您關於產能緊縮的觀點，我認為這令人鼓舞。但我很好奇您如何解讀我們在 7 月看到的與現貨匯率以及 7 月後期相關的一些疲軟現象。我明白，顯然，其中有些是季節性的。

But talk to me about kind of how you see that capacity tightening playing out? Because it seems like the overall tone from some of your peers has been maybe a little bit more incrementally cautious, I would say, on the demand outlook and the pace of tightening. So I'm just curious to see kind of how you see back half playing out into 2026?

但請跟我談談您如何看待產能緊縮的後果？因為我認為，在需求前景和緊縮步伐方面，一些同行的整體基調似乎更加謹慎。所以我只是好奇地想看看您如何看待 2026 年下半年的發展？

Yes. Thank you, Ari. I think what we were laying out what is the case for tightening of capacity. We've been careful not to predict because I don't think any of us have done a good job of predicting when there's an inflection there. But there are elements that are different and new that as we have surveyed, a broad set of carriers and that we're not just doing that border carriers.

是的。謝謝你，阿里。我認為我們正在闡述的是收緊產能的情況。我們一直很小心，不去預測，因為我認為我們沒有人能夠很好地預測何時會出現拐點。但正如我們調查的那樣，存在著不同且新的因素，涉及廣泛的運營商，而且我們所做的不僅僅是邊境運營商。

We're doing that across certain pockets in the upper Midwest, the Southeast where there are other opportunities for English language proficiency to have an impact. And so as we've done our survey work there, there's a cohort is doing nothing. There's a cohort that's taking more aggressive action, and what we believe, and particularly we've seen a little bit of the B1 and others is the mere (inaudible) enforcement has a deterrent effect or has changes to how people operate.

我們正在中西部北部和東南部的某些地區開展這項工作，因為在這些地區，英語能力有發揮影響力的機會。當我們在那裡進行調查工作時，發現有一群人甚麼也沒做。有一群人正在採取更積極的行動，我們相信，特別是我們看到 B1 和其他一些國家採取的一些行動，僅僅是（聽不清楚）執法就具有威懾作用或改變了人們的行為方式。

And as Jim mentioned, we're seeing small carriers, midsized carriers implement testing on the front end. We're seeing people take action to mitigate their risk because with this remedy of an out of service, it means that you're out recovering cargo, you're out recovering equipment.

正如吉姆所提到的，我們看到小型業者、中型業者在前端實施測試。我們看到人們採取行動來降低風險，因為這種停止服務的補救措施意味著你要回收貨物，你要回收設備。

You're not just fixing a tire or fixing a brake. And so there's more implications to having an out-of-service call here. And so we're trying to -- again, that all has to play out prove, but we're seeing evidence by the people that we know and trust and what they're doing to adapt their business to the new reality.

您不僅僅是在修理輪胎或煞車。因此，此處的停用呼叫具有更多意義。因此，我們正在嘗試——再說一次，一切都必須證明，但我們正在從我們認識和信任的人那裡看到證據，以及他們正在做的事情，以使他們的業務適應新的現實。

So Again, we're not trying to predict. We're just trying to set the case for what could occur. So and then from a demand standpoint, I don't know if we're being overly optimistic. We're just talking about in the individual segments, what we believe is the most likely scenario and the evidence that we have in front of us. So I wouldn't characterize us as being overly optimistic there.

所以再說一遍，我們並不是想預測。我們只是想預測可能發生的事情。因此，從需求的角度來看，我不知道我們是否過於樂觀。我們只是在各個部分討論我們認為最有可能發生的情況以及我們面前的證據。因此，我不會認為我們對此過於樂觀。

Well, I'd say we're hopefully optimistic. So I would love to see some better conditions here in second half. Switching gears a little bit, just I wanted to return back to this subject of the TransCon Rail merger proposal. It sounds like you're broadly optimistic in terms of the upside to grow Intermodal volume if that were to go forward.

嗯，我想說我們充滿希望，充滿樂觀。所以我希望看到下半場的情況有所改善。稍微轉換一下主題，我只是想回到 TransCon Rail 合併提案這個主題。聽起來，如果繼續發展的話，您對多式聯運量的成長前景持樂觀態度。

But obviously, I recognize there are a lot of complex allegiances that you guys have, given your relationship with CP and also given your relationship with the Union Pacific. I'm curious just how you're thinking about kind of the net opportunity to grow intermodal volume if that were to move forward? And then if there are like essentially how you would position yourself in terms of seeking any concessions or commitments or kind of how you're thinking about your role in this going forward?

但顯然，考慮到你們與太平洋鐵路公司的關係以及你們與聯合太平洋鐵路公司的關係，我認識到你們之間存在著許多複雜的聯盟關係。我很好奇，如果繼續推進的話，您如何看待增加聯運量的淨機會？那麼，從本質上講，您會如何定位自己以尋求任何讓步或承諾，或者您如何考慮自己在未來的角色？

Great. Thank you, Ari. Let me again take an opportunity to clarify. We have not taken a position of optimism or we're taking the position -- obviously, we have relationships that we value across three partners -- but what we also said details matter and details dependent for us to have any position on anything. And we just, at this juncture (inaudible) weekend, we are not in a position to make comment.

偉大的。謝謝你，阿里。讓我再藉此機會澄清一下。我們並沒有採取樂觀的立場，或者說我們正在採取這樣的立場——顯然，我們重視與三個合作夥伴之間的關係——但我們也說過，細節很重要，細節取決於我們對任何事情的立場。而我們只是，在這個時刻（聽不清楚）週末，我們無法發表評論。

We're not in a position to take any pro or negative side to like, ultimately solutions -- ultimately that improve transit and improve the customer experience that allow us to compete with pro competition and we're a pro customer. And to the degree that any of this helps us achieve those that's kind of where we'll come down, but we don't have enough information at this time to take an official position. So if we came across overly optimistic on that, then that was not our intent -- or negative. We're not negative. We're just in the learning mode.

我們不能採取任何贊成或反對的態度，最終的解決方案是改善交通和改善客戶體驗，這使我們能夠與專業競爭對手競爭，而且我們是專業客戶。這一切在多大程度上有助於我們實現這些目標，這就是我們要討論的，但目前我們還沒有足夠的資訊來表明官方立場。因此，如果我們對此表現得過於樂觀，那麼這並不是我們的本意——或者說是消極的。我們並不持消極態度。我們正處於學習模式。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Christine, hopefully, one day, we can jump over Ravi. We'll have to work beyond that. 2Q to 3Q margins. Maybe you can talk about what's normal at Truckload. If we should see 100 basis points deterioration like normal, is there anything that would drive -- I know you don't do quarterly outlooks, but if there's anything normal or abnormal as you move on, just given the gyrations in volumes of tariffs and the like.

克莉絲汀，希望有一天，我們能夠超越拉維。我們必須做出更大的努力。第二季至第三季的利潤率。也許您可以談談 Truckload 的正常情況。如果我們看到像正常情況一樣惡化 100 個基點，那麼有什麼因素會推動——我知道你不做季度展望，但如果有什麼正常或不正常的情況，只要考慮到關稅數量和類似因素的波動。

And then dedicated revenue per truck decelerated, it was flat year over year. Just wanted any thoughts on pricing, why we would see that? And then thoughts on the fleet size of network. So three numerical questions, hopefully, it's pretty soon.

然後每輛卡車的專用收入下降，與去年同期持平。只是想了解一下定價方面的情況，為什麼我們會看到這種情況？然後考慮網路的車隊規模。所以有三個數字問題，希望很快就能出來。

Stacking them on over time. Ken we generally give guidance obviously directly on quarter-to-quarter. And I think you've actually kind of assessed that as you look at historic performance between second and third quarter, there are years that it's better. There's years that it's slightly worse. And so I think actually, in our experience, that's about half and half, depending upon the circumstances of the year.

隨著時間的推移，將它們堆疊起來。肯，我們通常會直接按季度給予指導。而且我認為，當你回顧第二季和第三季的歷史表現時，你實際上已經評估過這一點，有些年份的表現更好。有些年份情況稍微糟糕一些。因此我認為，實際上，根據我們的經驗，這個比例大約是一半一半，這取決於當年的情況。

as we came in through the July 4 holiday, we've obviously seen some of that seasonality that we would typically see. And to your comment, particularly in the spot casing arena that did not sustain itself. But we would also say that July hasn't necessarily been deploying from it played out in the back half of the month, both to some of our wins and some of the things that we're seeing across both Truck and Intermodal.

隨著 7 月 4 日假期的到來，我們顯然看到了一些通常會看到的季節性現象。對於您的評論，特別是在現場套管領域，它未能持續發展。但我們也要說，從下半月的表現來看，7 月份的表現並不一定會有所好轉，無論是我們取得的一些勝利，還是我們在卡車和多式聯運方面看到的一些情況。

So -- it's obviously way too early to discuss what full quarter is going to look like or be feeling reasonably good where second half of the month at least from a volume and a health standpoint. Played.

因此，現在討論整個季度的狀況或至少從銷售和健康角度來看下半月的狀況會如何還為時過早。玩過。

Yes. And then this is Jim. I'll take your question on network capacity. So we did see some growth of owner operators, which and we'd say is a little bit counter to what we're seeing in the overall market there, and that's really driven by -- we have some traction with our freight power for owner-operator applications, which we implement in Q1. And that's giving our owner operators just more visibly including to our (inaudible) freight that they now have the opportunity to weave into our network business.

是的。這是吉姆。我將回答您關於網路容量的問題。因此，我們確實看到了業主運營商的一些增長，我們可以說這與我們在那裡看到的整體市場情況有點相反，而這實際上是由——我們在第一季度實施的業主運營商應用的貨運能力方面取得了一些進展。這使得我們的業主經營者能夠更明顯地將我們的（聽不清楚）貨運納入我們的網路業務。

And then also with company drivers, we're being a little bit opportunistic here. We're kind of in the part of the cycle, we're able to do that very economically, and it gives us leverage against all of those other cost initiatives that we talked about.

然後對於公司司機，我們在這裡也有點機會主義。我們處於週期的一部分，我們能夠非常經濟地做到這一點，並且它使我們能夠對抗我們談到的所有其他成本措施。

And I believe as you have company drivers, when the markets does inflect upwards, it's an opportunity then to also grow our owner-operators as well -- they'll have more opportunities there.

我相信，有了公司的推動力，當市場確實向上發展時，這也是一個發展我們業主經營者的機會——他們會在那裡擁有更多的機會。

And we're looking to drive efficiency first, which centers around what's the ratio of drivers to trucks, and that should manifest itself in the revenue per truck per week as much as it does in actual truck count.

我們首先要提高效率，這主要圍繞著司機與卡車的比例，這應該體現在每輛卡車的每週收入上，就像體現在實際卡車數量上一樣。

And that concludes our question-and-answer period and also concludes today's conference call. We thank you for your participation, and you may now disconnect.

我們的問答環節到此結束，今天的電話會議也到此結束。感謝您的參與，您現在可以斷開連接了。