Schneider National Inc (SNDR) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待，歡迎參加施耐德電機2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資人關係副總裁克莉絲汀麥加維。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有：總裁兼執行長馬克·魯克；執行副總裁兼財務長達雷爾·坎貝爾；以及執行副總裁兼運輸和物流集團總裁吉姆·菲爾特。

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. Our call includes remarks about forward 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.

今天早些時候，該公司發布了盈利新聞稿。本次新聞稿和投資人簡報可在施耐德電氣官網 schneider.com 的投資者關係欄位中查閱。我們的電話會議內容包括對施耐德電機未來預期、預測計畫和發展前景的展望。根據適用的聯邦證券法中的「安全港」條款，這些構成前瞻性陳述。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties discussed in our SEC filings, including, but not limited to, our most recent annual report on Form 10-K and those risks identified in today's earnings release. 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。公司敦促投資者仔細閱讀我們在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新的 10-K 表格年度報告以及今天發布的收益報告中確定的風險。所有前瞻性聲明均截至本次電話會議之日，除法律要求外，施耐德電氣不承擔更新此類聲明的任何義務。

In addition, pursuant to Regulation G, 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，今天電話會議中提及的任何非 GAAP 財務指標的調整表都可以在我們的收益報告和投資者簡報中找到，其中包括與最直接可比較的 GAAP 指標的調整表。

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

現在我想把電話交給我們的執行長馬克·魯爾克。

Thank you, Christyne. Hello, everyone. Before Darrell provides a financial overview of the third quarter results and shares our updated 2025 guidance, I will start by sharing my perspective on the freight market as well as the ongoing structural improvements we are making in the business. After we'll answer your questions.

謝謝你，克里斯汀。大家好。在達雷爾對第三季業績進行財務概述並分享我們更新後的 2025 年業績指引之前，我將首先分享我對貨運市場的看法，以及我們正在對業務進行的持續結構性改進。之後我們會回答您的問題。

One item I'd like to address before I turn to the broader market is claims-related costs. During the third quarter, we recorded roughly $16 million more in these costs than we had previously expected. This was also higher than we had incorporated into our previous guidance even at the low end. This was driven primarily by unfavorable developments on three claims from the 2021 and 2023 policy years. We do not expect the costs associated with these developments to repeat in the fourth quarter.

在討論更廣泛的市場之前，我想先談談與理賠相關的成本。第三季度，我們記錄的這些成本比我們之前預期的要多出約 1,600 萬美元。即使是最低限值，這也高於我們之前預期的水平。這主要是由於 2021 年和 2023 年保單年度的三起索賠案件出現了不利進展。我們預計與這些發展相關的成本不會在第四季度重現。

Now with regard to the freight market. When we updated our expectations for the second half during our last earnings call, we experienced a solid uptick in market conditions in the back half of July that gave us some cause for optimism as we moved further into 2025. However, that strength faded as the quarter progressed with August and September market trends largely sub-seasonal. This was evident through pockets of softer volumes with existing customers, retreating spot rates, modest peak activity to date and an overall softer September versus typical patterns that would see strength into quarter end.

現在來說說貨運市場。我們在上次財報電話會議上更新了對下半年的預期，7 月下半月市場狀況出現了穩步好轉，這讓我們對 2025 年的前景感到樂觀。然而，隨著季度的推進，這種強勁勢頭逐漸減弱，8 月和 9 月的市場趨勢大多低於季節性水平。從現有客戶的交易量疲軟、現貨價格回落、迄今為止的交易高峰活動較為溫和以及9月份整體交易量較往常疲軟（通常情況下，季度末交易量會走強）等現像中可以明顯看出這一點。

Looking forward, these conditions are likely to persist into the balance of the year. Despite this, we continue to see traction in several of our key initiatives, which I will discuss in more detail shortly. Though this down cycle has been extended, several new dynamics have been introduced over the last few months that are definitive catalysts for the removal of excess capacity after several years of expecting, but not seeing more significant supply rationalization.

展望未來，這些情況可能會持續到今年剩餘時間。儘管如此，我們的幾項關鍵舉措仍然取得了進展，我稍後將詳細討論這些舉措。儘管這一一下行週期已經延長，但在過去幾個月中引入了一些新的動態，這些動態無疑是消除過剩產能的催化劑，此前幾年人們一直期待著更顯著的供應合理化，但卻沒有看到這種情況。

This includes dynamics such as English language proficiency enforcement and the impact of non-domicile CDL renewals. But importantly, it also reflects self-regulation driven by the mere threat of enforcement. At the same time, we are seeing a pickup in carrier bankruptcies and the industry is now approaching a year of Class 8 production below replacement levels, a trend that may accelerate given tariff dynamics.

這包括英語語言能力執行情況以及非居民商業駕駛執照續約的影響等動態因素。但更重要的是，它也反映了僅依靠強制執行的威脅就能產生的自我監管。同時，我們看到航空公司破產數量增加，而且該行業目前已接近一年 8 級卡車產量低於替換水平，鑑於關稅動態，這一趨勢可能會加速。

Collectively, we believe these have the potential to drive more supply rationalization than the impact we saw in 2017 from requiring electronic logging devices for hours of service enforcement. Against this backdrop, we continue to press on our efforts to drive structural improvements in our business, especially in three main areas:

我們認為，這些措施有可能比 2017 年要求使用電子記錄設備來執行工時規定所帶來的影響，帶來更大的供應鏈合理化。在此背景下，我們將繼續努力推動業務結構性改進，尤其是在以下三個主要領域：

First, when it comes to our revenue strategy, we saw further traction on our continued efforts to lean into our areas of differentiation.

首先，就我們的收入策略而言，我們看到，我們繼續努力發揮自身差異化優勢，並取得了進一步的成效。

Second, we are also continuing to execute on our productivity actions, which are driving asset efficiency and lowering our cost to serve in any cycle dynamic.

其次，我們也持續推動提高生產力的措施，以提高資產效率，降低我們在任何週期動態下的服務成本。

Relatedly and, third, capital discipline is driving our focus on doing more with less, which leaves us well positioned for strategic investment and the ability to act opportunistically on ways to add shareholder value.

第三，資本紀律促使我們專注於以更少的資源做更多的事情，這使我們能夠進行策略性投資，並有機會採取行動來增加股東價值。

I'll provide a bit more detail about each of these efforts, starting with the progress we have made on our revenue strategy by leaning into our areas of strength. In doing so, we are creating growth opportunities and it has the added benefit of enabling us to stay more broadly disciplined. More specifically, Dedicated experienced some sub-seasonal demand in select areas such as consumer products and food and beverage, which weighed on volumes.

我將更詳細地介紹這些努力，首先從我們透過發揮自身優勢在收入策略方面取得的進展說起。這樣做，我們創造了成長機會，還有一個額外的好處，那就是使我們能夠保持更廣泛的自律性。更具體地說，Dedicated 在消費品、食品和飲料等特定領域經歷了一些非季節性需求，這影響了銷售量。

However, wins from new and existing customers were realized at a rate 3 times the level we've seen in the first half of the year. We ended the quarter with our fleet count in line with the end of the second quarter as implementations are ongoing, and we continue to see productivity gains.

然而，新舊客戶的成交速度是上半年的 3 倍。本季末，我們的車隊數量與第二季末持平，因為各項實施工作仍在進行中，而且我們持續看到生產力提升。

Looking forward, our dedicated pipeline remains robust with a strong skew to our targeted areas of specialty equipment, which has historically been sticky and required a high level of execution and equipment capability.

展望未來，我們專屬的管道依然強勁，並強烈偏向我們目標領域的專業設備，這些設備歷來具有很強的黏性，需要高水準的執行力和設備能力。

The strength of this pipeline will add accretive business in the coming quarters, and we plan to leverage this growth into upgrading the overall portfolio by moving away from select lower-yielding operations as the new start-ups come online. This shift plus continued traction on our productivity efforts will be reflected primarily in revenue per truck per week gains as opposed to just fleet growth, and it will contribute to our efforts to restore truckload margins.

該業務線的強勁發展將在未來幾季帶來增值業務，我們計劃利用這一成長來升級整體投資組合，隨著新創企業的上線，逐步淘汰部分收益率較低的業務。這一轉變，加上我們在提高生產力方面取得的持續進展，將主要體現在每週每輛卡車的收入成長上，而不僅僅是車隊規模的成長，這將有助於我們恢復整車運輸利潤率。

Within Network, while we finished the bid season achieving low to mid-single-digit contractual rate increases, we continue to believe the rates are not yet at a level that supports the service we deliver and the cost needed to achieve it. As a result, our spot exposure remains elevated to historical norms. While this was a headwind to our mix, having continued price discipline will position us to maximize our leverage as market trends improve.

在 Network 內部，雖然我們在投標季結束時實現了個位數低到中等的合約費率增長，但我們仍然認為這些費率還沒有達到能夠支持我們提供的服務以及實現該服務所需的成本的水平。因此，我們的現貨敞口仍然高於歷史平均水平。雖然這對我們的投資組合構成了不利因素，但保持價格紀律將使我們能夠在市場趨勢改善時最大限度地發揮我們的優勢。

We continue to see a wide range of approaches to the market from our customers, but retention rates of incumbent business jumped 10 points quarter-over-quarter. In Intermodal, the strength of our win rates throughout 2025 is translating to market share gains, which was a driving force behind our 10% volume growth in the quarter, several times the industry rate. In Mexico, a solid track record for our service offering that is one to three days faster than our competitors continues to resonate with customers.

我們繼續看到客戶採取各種各樣的市場策略，但現有客戶的留存率環比增長了 10 個百分點。在多式聯運領域，我們2025年全年的高成交率轉化為市場份額的成長，這是我們本季銷量成長10%的驅動力，是產業平均的數倍。在墨西哥，我們比競爭對手快一到三天的服務，這份可靠的業績記錄持續受到客戶的認可。

Third quarter volumes grew over 50% in the region, and we've also seen the highest growth rate in the East since 2022. This volume strength allows us to effectively navigate the choppiness of the environment in the third quarter. Rate renewals were flat in the quarter with revenue per order negatively impacted by mix. The mix reflected softer outbound volumes from the West Coast, shorter length of haul and relatedly more modest peak surcharges.

第三季該地區銷量成長超過 50%，東部地區的成長率也達到了 2022 年以來的最高水準。這種成交量優勢使我們能夠有效地應對第三季市場環境的波動。本季費率續約情況持平，單筆訂單收入受到產品組合的負面影響。這種組合反映了西海岸出境貨運量疲軟、運輸距離縮短以及相應的高峰附加費較為溫和。

This was intentional as we chose not to chase incremental transcon volume when rates were not commensurate for the service. By continuing to lean into areas of differentiation, we were able to grow operating income and even modestly improve margins while overcoming select cost headwinds, which I will discuss shortly.

這是有意為之，因為當運費與服務不相稱時，我們選擇不去追求增加的跨大陸貨運量。透過持續深耕差異化領域，我們得以提高營業收入，甚至在克服某些成本不利因素的同時，略微提高利潤率，我稍後會討論這些不利因素。

In Logistics, Power Only revenues grew for the sixth quarter in a row, driven by resilient volumes, which remain at 98% of peak levels. Net revenue per order also showed high single-digit percentage improvement year-over-year, and this strength is helping to offset continued pressure in our traditional brokerage volumes as shippers remain inclined towards asset-based solutions as they anticipate a cycle turn.

在物流領域，僅電力業務的收入連續第六個季度增長，這得益於穩定的銷量，銷量仍保持在峰值水平的 98%。每筆訂單的淨收入也實現了高個位數百分比的同比增長，這一強勁勢頭有助於抵消我們傳統經紀業務量持續面臨的壓力，因為托運人預計週期將發生轉變，仍然傾向於基於資產的解決方案。

While we look forward to transitioning to a more supportive market, we are, as I mentioned, continuing to press on productivity actions, which will improve asset efficiency and lower our cost to serve. These actions will help drive the enterprise back to our long-term margin targets faster and in a wider range of market conditions.

雖然我們期待過渡到一個更有支持性的市場，但正如我所提到的，我們將繼續推動提高生產力的措施，這將提高資產效率並降低我們的服務成本。這些措施將有助於推動企業在更廣泛的市場條件下更快地恢復到我們的長期利潤率目標。

Third quarter saw progress on our established cost reduction target of over $40 million, including synergies from Cowan Systems, which will continue to ramp into 2026. Beyond synergies, the bulk of our savings will be driven by productivity enhancements. This includes targeted headcount reductions, though the full benefit is likely to be more pronounced next year as the run rate builds. Since the start of the year, we have reduced nondriver headcount by 6%.

第三季度，我們在既定的成本削減目標上取得了進展，目標超過 4,000 萬美元，其中包括 Cowan Systems 的協同效應，該協同效應將持續到 2026 年。除了協同效應之外，我們的大部分節省將來自生產力的提高。這包括有針對性的裁員，不過隨著業務量的成長，明年其全部益處可能會更加明顯。今年以來，我們已將非駕駛員員工人數減少了 6%。

In Truckload, we saw Cowan margins improve even with revenues remaining roughly flat as synergies continue to ramp. Network represents the bulk of our productivity initiatives. These include reducing unbilled miles and improving tractor-to-driver ratios. The majority of headcount actions to date were concentrated in Truckload. The quarter saw short-term noise related to the timing gap associated with the previously highlighted Dedicated churns and start-ups.

在整車運輸業務方面，儘管收入基本上持平，但隨著協同效應的持續增強，Cowan 的利潤率有所提高。網路是我們提高生產力措施的主要組成部分。這些措施包括減少未計費里程和提高牽引車與駕駛的比例。迄今為止，大部分人員調整行動都集中在整車運輸部門。本季出現了與先前重點提到的專用客戶流失和新創企業相關的時序差造成的短期波動。

For Intermodal, third quarter saw impact from aforementioned claims-related costs and headwinds in third-party maintenance costs associated with trailing equipment. As it relates to the latter, actions are already underway to address this, and these challenges were combated by ongoing efforts to balance the network and reduce repositioning costs. Logistics has a long history of being testing ground for our latest technology applications and AI is no exception.

對於多式聯運而言，第三季受到了上述索賠相關成本以及與拖車設備相關的第三方維護成本不利因素的影響。至於後者，目前已採取措施應對，並透過持續努力平衡網路和降低重新定位成本來應對這些挑戰。物流業長期以來一直是最新技術應用的試驗場，人工智慧也不例外。

For example, our overall orders per day per broker in the third quarter were up double digits from levels seen in 2023. And in areas where we have more actively deployed our AI tools, productivity is several times better. This technology is helping our brokers move away from routine less fruitful workloads and enabling them to spend more time on value-added activities.

例如，我們第三季每位經紀商每天的總訂單量比 2023 年的水準成長了兩位數。在我們更積極部署人工智慧工具的地區，生產力提高了數倍。這項技術正在幫助我們的經紀人擺脫例行的、效率較低的工作，使他們能夠將更多的時間用於增值活動。

As we have seen success in our logistics offerings, we are also rolling out Agentic AI to all of our other service offerings in a variety of support functions. These efforts dovetail the ongoing use of our decision science platform, which has been deployed for some time, which enables automated decision-making and enhanced productivity while effectively balancing customer and network needs.

由於我們在物流服務方面取得了成功，我們也正在將 Agentic AI 推廣到我們所有其他服務產品的各種支援功能中。這些努力與我們持續使用的決策科學平台相輔相成，該平台已部署一段時間，能夠實現自動化決策和提高生產力，同時有效地平衡客戶和網路需求。

Finally, we will remain disciplined but nimble in our capital allocations as we look forward. Darrell will discuss in more detail in a moment, but I'll say that our continued efforts to do more with less, the strength of our balance sheet and the tactical decisions we have made related to our fleet equipment leave us with ample firepower to execute our strategic initiatives.

最後，展望未來，我們將維持資本配置的嚴謹性和彈性。Darrell 稍後會詳細討論，但我要說的是，我們不斷努力以更少的資源做更多的事情，我們穩健的資產負債表以及我們在車隊設備方面做出的戰術決策，使我們擁有充足的火力來執行我們的戰略舉措。

Let's now turn it over to Darrell for his insights on the third quarter and our 2025 guidance. Darrell?

現在讓我們把麥克風交給達雷爾，聽聽他對第三季和我們2025年業績展望的見解。達雷爾？

Thank you, Mark, and good morning, everyone. I'll review our enterprise and segment financial results for the third 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 the Investor Relations section of our website.

謝謝你，馬克，大家早安。我將回顧我們第三季的企業和業務部門財務業績，並就我們更新後的 2025 年全年每股收益和淨資本支出預期提供見解。我們的財務表現和業績展望摘要可在我們網站投資者關係部分的投資者簡報第 24 至 30 頁中找到。

Starting with the third quarter results. Enterprise revenues, excluding fuel surcharge, were $1.3 billion, up 10% compared to a year ago. Adjusted income from operations was $38 million, a 13% decrease year-over-year. Enterprise adjusted operating ratio increased 80 basis points compared to the third quarter of 2024. Adjusted diluted earnings per share for the third quarter was $0.12 compared to $0.18 for the third quarter of 2024.

首先來看第三季業績。不含燃油附加費，企業營收為 13 億美元，較上年同期成長 10%。調整後的營業收入為 3,800 萬美元，年減 13%。與 2024 年第三季相比，企業調整後營業比率上升了 80 個基點。第三季調整後稀釋每股收益為 0.12 美元，而 2024 年第三季為 0.18 美元。

Third quarter results also include the impact of claims-related costs that were $16 million more than anticipated, which, as Mark referenced, was primarily as a result of unfavorable developments of three prior year claims. Regardless, we remain committed to our ongoing investments in safety performance, including recently enhancing the camera technology we deployed with AI-enabled features, not just because frequency remains a lever most in our control to combat these costs, but also because it's the right thing to do.

第三季業績還包括與索賠相關的成本，比預期高出 1,600 萬美元。正如馬克所提到的，這主要是由於前一年三起索賠案的不利進展所致。儘管如此，我們仍然致力於持續投資於安全性能，包括最近增強了我們部署的、具有人工智慧功能的攝影機技術，這不僅是因為頻率仍然是我們控制這些成本的最有效手段，而且也是因為這樣做是正確的。

We previously announced a $40 million structural cost savings target, which will continue to build in the fourth quarter, and we're focused on pursuing additional opportunities that will structurally lower our cost to serve to improve our performance in all stages of the cycle going forward.

我們先前宣布了 4000 萬美元的結構性成本節約目標，該目標將在第四季度繼續實現，我們將專注於尋求更多機會，從結構上降低我們的服務成本，從而在未來各個週期階段提高我們的業績。

From a segment perspective, Truckload revenue, excluding fuel surcharge, was $625 million in the third quarter, up 17% year-over-year. This growth was primarily due to the Cowan acquisition as well as modest growth in network truck count, partially offset by dedicated churn and network spot rate headwinds. Truckload operating income was $20 million, a 16% decline year-over-year. Operating ratio was 96.8%, an increase of 130 basis points compared to last year.

從業務部門來看，第三季卡車運輸收入（不含燃油附加費）為 6.25 億美元，年增 17%。這一增長主要歸功於對 Cowan 的收購以及網路卡車數量的適度增長，但部分被專用車輛的流失和網路現貨價格的不利因素所抵消。卡車運輸業務營業收入為 2,000 萬美元，較去年同期下降 16%。營業比率為96.8%，比去年同期成長130個基點。

The majority of claims-related costs discussed earlier were reflected in our Truckload segment. Restoring profitability in Network remains a key focus of our cost initiatives, including efforts to improve equipment ratios, consolidate facilities, streamline nondriver headcount and reduce unbilled miles. Dedicated operating income benefited from the addition of Cowan, but was also adversely impacted by the claims-related costs as well as churn that was highlighted in the second quarter.

前面討論的大部分理賠相關成本都反映在我們的整車運輸業務板塊中。恢復網路獲利能力仍然是我們成本控制措施的重點，包括努力提高設備比率、整合設施、精簡非駕駛員人員數量和減少未計費里程。專案營業收入受惠於 Cowan 的加入，但也受到第二季突出的索賠相關成本和客戶流失的不利影響。

The latter dynamic was exacerbated in the short term as a result of retaining equipment in areas where we had line of sight to new start-ups, though this was partially offset for the segment as a whole by deploying some equipment into network. Intermodal revenues, excluding fuel surcharge, were $281 million for the third quarter, up 6% year-over-year. This reflected volume growth of 10%, which more than offset the mix impact in revenue per order.

由於我們在能夠看到新創企業的區域保留了設備，後一種動態在短期內加劇了，儘管透過在網路中部署一些設備，這在一定程度上抵消了整個部門的這種影響。第三季多式聯運收入（不含燃油附加費）為 2.81 億美元，較去年同期成長 6%。這反映出銷售量成長了 10%，足以抵銷產品組合對每筆訂單收入的影響。

The third quarter marks the sixth consecutive quarter of year-over-year volume growth in the segment. Intermodal operating income was $17 million, a 7% increase compared to the same period last year, reflecting the strong volume growth, which more than offset headwinds from claims-related costs and maintenance expense. Operating ratio was 94%, an improvement compared to the third quarter of 2024.

第三季是該細分市場連續第六個季度實現年增長。多式聯營運業收入為 1,700 萬美元，比去年同期成長 7%，這反映了強勁的貨運量成長，足以抵銷索賠相關成本和維護費用帶來的不利影響。營業比率為 94%，比 2024 年第三季有所改善。

Logistics revenue, excluding fuel surcharge, totaled $332 million in the third quarter, up 6% from the same period a year ago, driven by Cowan acquisition and growth in Power Only. Logistics income from operations was $6 million, down 16% year-over-year. Operating ratio was 98.1%, an increase of 50 basis points, primarily due to lower brokerage volumes, partially offset by productivity gains.

第三季物流收入（不含燃油附加費）總計 3.32 億美元，比去年同期成長 6%，這主要得益於 Cowan 的收購和 Power Only 業務的成長。物流營運收入為 600 萬美元，年減 16%。營業比率為 98.1%，上升了 50 個基點，主要原因是經紀業務量下降，部分被生產力提高所抵銷。

Turning to our balance sheet and capital allocation. As of September 30, 2025, we had $522 million in debt and lease obligations and $194 million of cash and cash equivalents. Our net debt leverage was 0.5 times at the end of the quarter, an improvement from 0.6 times at the end of the second quarter. In the third quarter, we paid $17 million in dividends and $50 million for the year.

接下來來看看我們的資產負債表和資本配置。截至 2025 年 9 月 30 日，我們有 5.22 億美元的債務和租賃義務，以及 1.94 億美元的現金和現金等價物。本季末，我們的淨債務槓桿率為 0.5 倍，較第二季末的 0.6 倍有所改善。第三季度，我們支付了 1,700 萬美元的股息，全年股息總額為 5,000 萬美元。

Net CapEx was $108 million compared to $93 million last year due to the timing of purchases of transportation equipment. As a result, free cash flow declined in the quarter. As we continue to grapple with macro uncertainty, disciplined capital allocation remains our focus. Our organic growth aligned with our strategic initiatives is our first priority, but our asset productivity efforts enables us to execute on this growth in a capital-efficient way.

由於運輸設備採購時間的緣故，淨資本支出為 1.08 億美元，而去年為 9,300 萬美元。因此，本季自由現金流下降。在我們持續因應宏觀經濟不確定性之際，審慎的資本配置仍是我們的重點。與我們的策略舉措一致的有機成長是我們的首要任務，但我們透過提高資產生產力，能夠以資本高效的方式實現這一成長。

In Dedicated, we have the bandwidth to meet new demand by leveraging our productivity initiatives and reallocating resources away from lower-performing operations. In Intermodal, our investments to date have left us well positioned to grow up to 25% with our current trailing equipment. We now expect net CapEx to be approximately $300 million for the full year compared to $325 million to $375 million previously.

在 Dedicated 業務中，我們有足夠的資源來滿足新的需求，透過利用我們的生產力提升計劃，並將資源從績效較低的業務中重新分配。在多式聯運領域，我們迄今為止的投資使我們處於有利地位，憑藉我們現有的拖車設備，我們能夠實現高達 25% 的成長。我們現在預計全年淨資本支出約為 3 億美元，而此前預計為 3.25 億美元至 3.75 億美元。

The reduction was primarily related to our decision to pause tractor orders originally planned for November and December builds, which had been included in our previous capital plans. This decision was driven by the actions we outlined related to productivity and asset efficiency, and it allowed the enterprise to manage the impact of new tariffs as we reevaluate our total cost of ownership model.

此次減產主要與我們決定暫停原計劃於 11 月和 12 月生產的拖拉機訂單有關，這些訂單已納入我們先前的資本計劃。這項決定是受我們提出的與生產力和資產效率相關的措施所驅動的，它使企業能夠在重新評估總擁有成本模型的同時，應對新關稅的影響。

This will drive higher free cash flow without placing an undue burden on our fleet age. We continue to be well positioned to act opportunistically to enhance shareholder value, including through accretive acquisitions and share repurchases.

這將提高自由現金流，而不會對我們的車隊年齡造成過大負擔。我們將持續保持良好的發展態勢，抓住機遇，提升股東價值，包括透過加值收購及股票回購等方式。

Moving to our updated full year 2025 guidance. Our adjusted earnings per share guidance for the full year 2025 is now approximately $0.70, which assumes an effective tax rate of approximately 24%. The new guidance incorporates the impact of higher-than-expected claims-related costs in the third quarter, the majority of which we assume will not repeat in the fourth quarter, though insurance remains inflationary overall.

接下來，我們將更新2025年全年業績指引。我們對 2025 年全年的調整後每股盈餘預期約為 0.70 美元，假設有效稅率約為 24%。新的指導意見考慮了第三季高於預期的理賠相關成本的影響，我們假設其中大部分成本不會在第四季度重現，儘管保險業整體上仍呈現通膨態勢。

As such, excluding this impact, the new guidance is aligned with the low end of our previous range, which had assumed more tempered seasonality in the second half of the year. For our Truckload network business, we expect volume trends to remain sub-seasonal and spot rate conditions will be an important swing factor. Dedicated earnings are expected to benefit from the pickup in new business implementations, though start-up friction costs will be felt as they ramp up.

因此，排除此影響，新的預期與我們先前預期範圍的下限一致，先前預期的假設下半年季節性波動會較為緩和。對於我們的整車運輸網路業務，我們預計貨運量趨勢將保持非季節性波動，現貨運價狀況將是一個重要的波動因素。預計專案收益將受惠於新業務實施的增加，但隨著業務規模的擴大，啟動摩擦成本也會顯現。

For our Intermodal segment, we continue to expect roughly flat pricing for the remainder of the year, which assumes minimal peak surcharges. Similarly, we believe there was some degree of pull forward in the third quarter, which could drive an earlier end to peak season than is typical, but we continue to expect our volume growth to be above market. Our Logistics segment outlook reflects continued pressure on Truckload volumes, which is likely to continue to weigh on operating income despite solid execution in managing net revenue per order.

對於我們的多式聯運業務，我們預計今年剩餘時間價格將基本保持不變，前提是高峰期附加費極低。同樣，我們認為第三季出現了一定程度的提前結束，這可能會導致旺季比往常提前結束，但我們仍然預計我們的銷售成長將高於市場平均水平。我們的物流業務展望反映了整車運輸量持續承壓，儘管我們在管理每筆訂單的淨收入方面執行穩健，但這仍可能繼續對營業收入造成壓力。

In closing, while market conditions have yet to materially improve, there are clear catalysts on the supply side that have emerged, which have the potential to significantly shift market dynamics. Regardless, we're not standing idly by. We're offsetting certain areas of tepid market conditions by leaning into our areas of strength, which is helping to drive incremental volume opportunity and enabling us to remain disciplined on our broader strategies.

總之，雖然市場狀況尚未得到實質改善，但供應方面已經出現了明顯的催化劑，這些催化劑有可能顯著改變市場動態。無論如何，我們不會袖手旁觀。我們正在利用自身優勢領域來抵消某些疲軟的市場狀況，這有助於推動銷售成長，並使我們能夠堅持執行更廣泛的策略。

At the same time, we continue to execute on our acquisition synergies while looking to do more with less across the enterprise, a reflection of capital discipline and our efforts to lower cost to serve in any market condition.

同時，我們繼續發揮收購協同效應，力求在整個企業範圍內以更少的資源做更多的事情，這體現了我們的資本紀律以及在任何市場條件下降低服務成本的努力。

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

接下來，我們將開始接受大家的提問。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

（操作員指示）Jordan Alliger，高盛。

I wanted to ask about Dedicated. You said that the win rate, I think, had accelerated 3 times or considerably versus the first half. And I'm just sort of curious, would you say those wins are sort of Schneider-specific taking business from other carriers? Or is it more industry-driven demand, such as private fleets deciding they want to move back to Dedicated et cetera?

我想問一下關於Dedicated的問題。你說過，我認為，勝率比上半季提高了3倍或大幅提高。我很好奇，您認為這些得標是否是施耐德電機從其他業者搶走業務的獨有舉措？或者，這更多是行業驅動的需求，例如私人車隊決定重新採用專用線路等等？

Jordan, thank you for the question. The vast majority of those wins were in our pipeline. And so our pipeline started to convert at a more accelerated rate in the second half, which we're really pleased about because it really does set us up well against our strategic intent, which is to grow predominantly in the Specialty segment, which is what we consider to be our most favored target because of its characteristics of durability and unique special services that we can bring with the strength of our dedicated offering, our balance sheet, et cetera.

喬丹，謝謝你的提問。絕大多數的成功都源自於我們的專案儲備。因此，我們的銷售管道在下半年開始以更快的速度轉化，我們對此感到非常高興，因為它確實為我們實現戰略目標奠定了良好的基礎，即主要在特種產品領域發展，我們認為這是我們最喜歡的目標，因為它具有耐用性和獨特的特殊服務的特點，我們可以憑藉我們專業的產品、資產負債表等優勢來提供這些服務。

It's where we can really offer our most differentiation. So we're pleased. Now of course, when you have some churn that we outlined in the second quarter and when you have the new start-ups, you have some friction that goes on because all those things don't perfectly sync up between some accounts that are going away and the new ones that are coming onboarded.

這正是我們能夠真正展現自身最大差異化優勢的地方。所以我們很高興。當然，正如我們在第二季度概述的那樣，當出現一些客戶流失，以及新創公司出現時，就會出現一些摩擦，因為所有這些事情在一些流失的客戶和新加入的客戶之間無法完美同步。

And we expect that we'll still have some of that in the fourth quarter, but are looking at least at this juncture that we'll have that largely behind us as we go into 2026. But our pipeline remains strong. We expect that we'll still have a great opportunity to continue our momentum in Dedicated, which is at the heart of our truckload strategy.

我們預計第四季仍會有一些這種情況，但至少目前來看，到 2026 年，這種情況將基本消失。但我們的人才儲備依然強勁。我們預計，我們仍將有很大的機會繼續保持我們在專線運輸領域的成長勢頭，而專線運輸正是我們整車運輸策略的核心。

Yes. And then just a follow-up. The friction you mentioned in the start-up costs, it sounds like that will be behind you, I guess, you just said in '26, but is there a sense for timing? I know you've mentioned also you'll start to see gains in revenue per truck per week. Can you maybe talk about the timing of the friction easing and the ramping?

是的。然後還有一個後續問題。你提到的啟動成本方面的摩擦，聽起來你打算在 2026 年解決這個問題，但你對具體時間有什麼想法嗎？我知道您也提到過，您會看到每輛卡車每週的收入開始成長。能否談談摩擦力減少和增大的時機？

When you're growing Dedicated, Jordan, you're always having some element of start-up and friction associated with that. And we also have identified how we can best serve our margin restoration actions, which will also include working on some of our lower operating performing margin accounts. And our primary objective there is to work with the customer to come up with a collaborative way for both organizations to win.

Jordan，當你發展 Dedicated 時，總是會遇到一些創業初期的因素和摩擦。我們也確定瞭如何才能最好地開展利潤率恢復行動，其中還將包括改善一些營運績效較差的利潤率帳戶。我們的主要目標是與客戶合作，找到雙方都能從中獲益的合作方式。

But when that's not possible either because the business changed or strategy changed or it's just not possible, then we're going to look to upgrade and use that capital to redeploy to more favorable margin profile business, which is what's in our pipeline. So we'll always have some level of that.

但是，當由於業務變化、策略變化或其他原因而無法實現時，我們將尋求升級，並將這些資金重新部署到利潤率更高的業務中，而這正是我們正在籌劃的項目。所以，這種情況總是會存在一定程度。

We just had an extraordinary amount in the third quarter just because of the magnitude of the new business start-up and the timing sometimes of when you exactly expect the timing of the startup and exactly expect the ramp down is not always perfectly predictable, but we had an inordinate amount of that in the third quarter.

第三季我們遇到了異常多的新業務啟動，這主要是因為新業務啟動的規模龐大，而且啟動和停止的時間安排有時並不總是能完全預測，但我們在第三季度確實遇到了異常多的新業務啟動。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

So let's see. I guess, one quick follow-up on the Dedicated and then I wanted to ask you about kind of broader truckload market view. Mark, I think you mentioned -- (multiple speakers)

好，我們來看看。我想，關於專線運輸，我還有一個後續問題想請教您，然後我想問您對更廣泛的整車運輸市場的看法。馬克，我想你有提到過（多位發言者）

You're follow-up is going to be qualified on Jordan's question, Tom?

湯姆，你的後續問題要針對喬丹的問題嗎？

No.

不。

Just kidding, go ahead.

開玩笑啦，你繼續。

So on specialized, so I guess, I think, like trailers being specialized and maybe some of you got what you got from Cowan that is -- it's like sticky. How do you think -- and you highlighted that, right, like the sticky Dedicated business. How much of the current book of Dedicated is specialized trailing equipment or whatever other kind of dimensions you would use to say, oh, it's really specialized.

所以，說到專業化，我想，我覺得，就像拖車是專業化的，也許你們有些人從 Cowan 那裡得到了一些東西——它就像粘性物質。你覺得——你強調了這一點，對吧，就像棘手的專用業務一樣。目前《Dedicated》這本書中有多少是關於專用拖車設備的，或是其他任何你用來形容它是否真正專業的指標。

Can you give us a sense of just how much of that is in the kind of stickier category? And I don't know if that evolves over time or just how you think about that?

你能大概說說其中有多少屬於比較黏稠的那一類嗎？我不知道這是會隨著時間推移而改變，還是只是取決於你的想法？

Yes. Well, certainly, that's our focus around our pipeline and the things that we're most targeted towards, Tom. But we do and we always think that standard equipment will have a place in our portfolio. Some of it is not only our standard equipment, but it might be what the customer brings to bear. So there's a spectrum of Dedicated solutions across the board, and they're all important.

是的。當然，湯姆，這正是我們圍繞產品線所關注的重點，也是我們最著重關注的目標。但我們確實有這樣的產品，而且我們始終認為標準設備在我們的產品組合中佔有一席之地。其中一些不僅是我們的標準設備，也可能是客戶帶來的設備。因此，專用解決方案涵蓋範圍很廣，而且它們都很重要。

But what we're really focused on is we want over time more percentage of our book, which we believe is, again, more sticky and the renewal rates are much, much higher because you're getting into more specialty services beyond just delivering products from point A to point B.

但我們真正關注的是，隨著時間的推移，我們希望我們的圖書中，有更大比例的客戶會繼續保持活躍，續訂率也會高得多，因為你提供的不僅僅是將產品從 A 點送到 B 點，而是更多的專業服務。

So our new business and our portfolio is skewed to specialty equipment, but we still have and we will always have standard equipment solutions as well, particularly around the retail support, DC to store and some of those operations that are critical to our customer base.

因此，我們的新業務和產品組合偏向於專業設備，但我們仍然擁有並將始終擁有標準設備解決方案，尤其是在零售支援、從配送中心到商店以及對我們的客戶群至關重要的一些營運方面。

And Tom, this is Jim. Just one add-on to that as we've made acquisitions, specifically, we've been focusing in on our growth there and acquiring companies that have more of a specialty lens, something that they are able to help us differentiate out there in the market, and it's just become a larger percentage of our total pipeline.

湯姆，這位是吉姆。此外，隨著我們進行收購，我們尤其專注於這方面的成長，收購那些擁有更專業視角、能夠幫助我們在市場上脫穎而出的公司，而這在我們整體業務拓展中所佔的比例也越來越大。

So, if you say skewed, I guess it implies maybe over half would be specialty, something like that. I don't know. I don't want to parse words too much, but --

所以，如果你說“有偏差”，我猜意思是說可能超過一半是專業性很強的，諸如此類。我不知道。我不想過度分析詞語，但是--

Yes, well over half. Well over half, yes.

是的，超過一半。是的，超過一半。

Well over half. Okay. And just on broader truckload market, I mean, I think this topic has been coming up across for the different providers, and you obviously have a great look -- a broad look on the market. The regulatory actions seem like they could have a really large impact, right? And so you've got that, but then you got kind of October freight seems poor, worse than normal seasonality.

超過一半。好的。就更廣泛的整車運輸市場而言，我認為這個主題已經引起了不同供應商的關注，而你們顯然對市場有著非常全面的了解。這些監管措施看起來可能會產生非常大的影響，對吧？所以，情況就是這樣，但十月的貨運量似乎很差，比正常的季節性貨運量還要糟糕。

You said August, September sub-seasonal. So it's like you got two factors to supply/demand and which is the more visible or more dominant driver when you look into '26? So I don't know how you kind of set those up. If you get 200,000 trucks out of the market and freight demand is still poor, is the market a lot tighter? Or how do you think about those pieces and kind of how much we should focus on one or the other when we look at the truckload market in '26?

你說八月、九月是次季節性季節。所以，供需關係有兩個因素，那麼在研究 2026 年的情況時，哪一個因素比較明顯或更占主導地位呢？所以我不知道該如何設定這些東西。如果從市場上減少 20 萬輛卡車，貨運需求仍然疲軟，那麼市場是否更加緊張？或者，您如何看待這些因素，以及在展望 2026 年的整車運輸市場時，我們應該在多大程度上關注其中一個或另一個因素？

Sure, Tom. Won't have full discussion about 2026 just yet, but I guess I would look at where we're going to finish this year, and let's maybe look back a year ago to this time. We do believe that the supply picture is much more constructive going into 2026 for all the notes that you just related there. We can see obvious impacts in our Power Only business. We can see obvious impacts to non-domiciled CDL in some of our brokerage carriers. We can see it really across the spectrum, and it's real, and it's having an impact now.

當然可以，湯姆。現在還不宜全面討論 2026 年的問題，但我認為應該先看看我們今年的最終目標是什麼，然後再回顧一下一年前的這個時候。我們相信，就您剛才提到的所有因素而言，2026 年的供應狀況將更加樂觀。我們可以明顯看出，我們的純電力業務受到了影響。我們看到，我們的一些經紀承運商的非本地居民 CDL 受到了明顯的影響。我們可以在整個領域看到這種現象，它是真實存在的，而且現在正在產生影響。

And we only think that, that's going to continue to ramp. So the constructive nature of the supply side going into next year is, in our view, much different than what came into 2025, which also wasn't necessarily overly robust demand environment. So I think we have different factors at play. You throw in the lack of new Class 8 builds, the pipeline there, the tariff impacts that are yet to come and be felt.

我們認為這種情況還會繼續加劇。因此，我們認為，明年供應方面的建設性性質與 2025 年的情況大不相同，而 2025 年的需求環境也未必十分強勁。所以我認為有不同的因素在起作用。再加上缺乏新的 8 級列車建造、相關項目儲備以及尚未到來和感受到的關稅影響。

I just think all of that puts more pressure on the supply side. So a dynamic that we really haven't had for a number of years, which I think is going to be quite constructive. Of course, the wildcard is the demand side, harder to predict that.

我認為所有這些都會給供應方帶來更大的壓力。所以，我們多年來都沒有出現過這種動態，我認為這將是非常有建設性的。當然，最大的變數是需求面，這部分更難預測。

But I think I'm confident that Schneider is going to be able to better handle those dynamics across our portfolio with our optionality of offering and services. And I think that's going to be a more positive setup for the Schneiders of the world heading into 2026.

但我相信，憑藉我們產品和服務的多樣性，施耐德電機能夠更好地應對我們產品組合中的這些動態變化。我認為這對像施耐德這樣的公司來說，在2026年將是一個更積極的局面。

And Mark, just -- this is Jim. Just one add on to that. This is something our customers are already talking to us about this because they are concerned about the mix of carriers that they're running with running -- coming into this changing marketplace and seeking to get ahead of this.

還有馬克，這位是吉姆。再補充一點。我們的客戶已經開始向我們談論這個問題了，因為他們擔心他們目前合作的營運商組合——進入這個不斷變化的市場，並試圖搶佔先機。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Great. Thanks for the comments on the supply side here. How is that influencing your bid rate conversations for 2026, the early conversations you're having? Kind of if customers are concerned, kind of can you try to be opportunistic here and maybe go for mid- to high single digits?

偉大的。感謝您就供應方面提出的意見。這會對您目前進行的關於 2026 年競價率的早期討論產生什麼影響？如果客戶比較在意價格，你能不能試著把握機會，爭取個位數中高段的價格？

Thanks, Ravi. Thanks for the question. As you look at 2025, even without some of those factors, we were able to achieve mid- to low single-digit increases in our network business -- truck business in 2025. And so we do believe we need to have and the industry needs to have more rate recovery in 2026.

謝謝你，拉維。謝謝你的提問。展望 2025 年，即使沒有上述一些因素，我們仍然能夠在 2025 年實現網路業務（卡車業務）的中低個位數成長。因此，我們認為我們需要，整個產業也需要在 2026 年實現更高的利率回收率。

At this juncture with customers, we're predominantly just in the kind of the strategy phase of the allocation season for 2026. So we're in a series of discussions, just where their priorities are, what their strategies are and how we might best align with those.

目前，我們與客戶的溝通主要處於 2026 年分配季的策略階段。所以我們正在進行一系列討論，探討他們的優先事項是什麼，他們的策略是什麼，以及我們如何才能最好地與這些策略保持一致。

And so I don't have a lot to report yet on what 2026 renewals look like. But we do believe that the environment, as I mentioned, because of the supply side is more constructive as we go into next year.

因此，關於 2026 年的續約情況，我目前還沒有太多消息可以報告。但正如我之前提到的，我們相信，由於供應方面的因素，明年環境將更加有利。

Understood. And maybe a follow-up there. Obviously, a very weird environment with demand continuing to remain reasonably soft, but then supply maybe tightening up a little bit. How does that influence Power Only, in particular, on the Logistics side going into next year? And kind of do you think supply alone will be able to drive kind of rates and market tightening next year? Or do you really need to see the demand side also pick up?

明白了。或許還需要後續報道。顯然，這是一個非常奇怪的環境，需求持續疲軟，但供應可能略有收緊。這對 Power Only 明年的物流有何影響？你認為光靠供應就能在明年推動利率上升和市場趨緊嗎？還是你真的需要看到需求端也出現回升嗎？

Yes. I think we have to ultimately see both. But again, being more constructive on the supply side, I think, will help. I think there will likely be a more flight to quality from a customer standpoint. We are seeing impacts in certain elements of our Power Only carrier base, who may have more reliance on some of those capacity types that are most under fire here based upon the increased regulation -- regulatory enforcement.

是的。我認為我們最終必須兩者都看到。但我認為，在供應方面採取更具建設性的做法會有所幫助。我認為從消費者的角度來看，人們可能會更加重視產品品質。我們看到，部分僅提供電力服務的營運商受到了影響，他們可能更依賴某些容量類型，而這些容量類型由於監管力度加大而受到衝擊——監管執法。

But so far, we've been able to adapt and adjust with others and continue to see that being a very viable part of our Truckload Network offering to our customer base, Ravi. So -- but there are going to be challenges there, and that's why we're confident that this is kind of a real effort. And what we're going to lean into is how we just help ourselves become more productive with our assets, how we use emerging tools and AI and others to help us be more effective in our cost to serve our people costs and our investments there.

但到目前為止，我們已經能夠與他人一起適應和調整，並且繼續看到這是我們為客戶群提供的整車運輸網路服務中非常可行的一部分，Ravi。所以——但其中肯定會遇到挑戰，正因如此，我們才相信這是一項真正的努力。我們將著重研究如何提高資產利用效率，如何利用新興工具、人工智慧等技術來提高服務成本、降低人員成本、優化投資。

So we'll continue to adapt to the environment. But overall, I do think the supply side issue is real. We've been talking about it on this call for several quarters that I thought it was an underappreciated fact. And now I think it's becoming more visible to more players throughout the industry, particularly our customers.

所以我們會繼續適應環境。但總的來說，我認為供應方面的問題是真實存在的。我們已經在電話會議上討論這個問題好幾個季度了，我認為這是一個被低估的事實。現在我認為，這一點正逐漸被業內越來越多的參與者所認識到，尤其是我們的客戶。

Jonathan Chappell, Evercore.

喬納森·查佩爾，Evercore。

Jim, as it relates to Intermodal, obviously, really strong load growth or order growth. But the sequential move in revenue per load is down, which kind of bucked the trend of most IMCs and the rails themselves. So just wondering if that's a mix and kind of a shorter haul issue?

吉姆，就多式聯運而言，顯然是貨運量或訂單量大幅成長。但每趟貨運收入的環比下降，這與大多數IMC和鐵路公司本身的趨勢背道而馳。所以我想知道這是否是多種因素混合造成的，而且屬於短程運輸問題？

And you mentioned -- or I think Darrell mentioned kind of flat RPU through the rest of the year. Are you trying to manage for volume throughput and potentially efficiency at this point of the cycle and kind of worry about the price element of it later?

你提到過——或者我想達雷爾提到過——今年剩餘時間的 RPU 值會比較平穩。您是否正在努力提高生產週期中的產量和效率，而將價格因素放在以後再考慮？

Yes, John, first of all, we'd say that if you adjust for mix, our rate didn't change. We were no different than anyone else. We were flat as we went through renewals this year. And the growth that we're seeing, it's really a function of the strategic actions we've taken over these last couple of years that's differentiating our business. We've been able to expand in new verticals like automotive, improve service levels.

是的，約翰，首先，我們想說，如果根據產品組合進行調整，我們的費率並沒有改變。我們和其他人沒什麼不同。今年續約時，我們遇到了困難。我們所看到的成長，實際上是我們過去幾年採取的策略行動的結果，這些行動使我們的業務脫穎而出。我們已成功拓展到汽車等新的垂直領域，並提高了服務水準。

And that's what really drove the larger allocations as we went through the first half of the year that we have been talking about. And then this quarter, what you're really seeing is the realization of those awards that we had in the first half of the year. And we think that really positions us well when the market starts to recover that we'll grow that business even further. But yes, it's not just a reflection of price.

而這正是我們一直在談論的，在今年上半年推動更大幅度撥款的真正原因。那麼，本季你們真正看到的，就是我們上半年所獲得的那些獎項的兌現。我們認為，當市場開始復甦時，這將使我們處於非常有利的地位，我們將進一步發展這項業務。但沒錯，這不僅僅反映了價格。

Yes. Year-over-year, Jonathan, the impact on mix is less transcon and more East and more Mexico, where the growth overcame some of the contraction in the West just because of some of the -- we expect some of the pull forward was most prominent there, but also trying to stay disciplined not to overextend our repositioning costs beyond how we could adequately have yields in the business. So we tried to be smart about how we allocated our resources and that more Mexico and more East.

是的。喬納森，與去年相比，業務組合受到的影響是跨大陸運輸減少，東部和墨西哥的運輸增加，這些地區的增長抵消了西部地區的一些萎縮，這主要是因為——我們預計一些提前交付的因素在那裡最為突出，但我們也努力保持自律，避免過度增加重新定位成本，以免超出我們業務收益的合理範圍。所以我們努力明智地分配資源，把更多的資源投入墨西哥和東部地區。

Okay. Yes, that makes complete sense and 100% related. A lot of talk this quarter about moving [chest] pieces as it relates to share shift in Intermodal, I guess, particularly in the Southeast. You mentioned, Jim, some of these are wins that you had before that are starting to come through now. But are you also a beneficiary of some of the disruption around the potential merger that seems to be happening among the rail partners?

好的。是的，這完全說得通，而且百分之百相關。本季有很多關於移動（胸板）部件的討論，這與多式聯運的份額轉移有關，我想，尤其是在東南部地區。吉姆，你剛才提到，其中一些是你以前取得的勝利，現在開始顯現成效了。但是，鐵路合作夥伴之間似乎正在發生潛在的合併，而由此產生的一些混亂是否也讓您受益？

Yes. I think it's still a little bit soon to say that there's a bunch of disruption related to the merger. I think really what you're saying is what I talked about earlier that we've had this differentiation, and we've been able to leverage that differentiation to grow our business.

是的。我覺得現在就斷言合併會帶來很多混亂還太早。我認為你真正想表達的正是我之前提到的，那就是我們擁有這種差異化優勢，並且我們能夠利用這種差異化優勢來發展我們的業務。

David Hicks, Raymond James.

David Hicks，Raymond James。

I wanted to follow up on Intermodal. Yes, it's obviously been three months since you announced -- (technical difficulty) acquisition. At the time you were taking a wait-and-see approach, kind of where we sit today? Are you positioning the network any differently kind of ahead of any potential combination? Kind of what have your customers been saying kind of on the subject?

我想跟進一下多式聯運的情況。是的，距離您宣布收購已經過去三個月了—（技術難題）當時你們採取的是觀望態度，這跟我們今天所處的位置有點像？在任何潛在組合出現之前，您是否會以某種不同的方式部署網路？您的客戶對這個主題都說了什麼？

Yes, David, this is Jim. Really, it's still very early in this process, and we're very engaged with the rails as the process is evolving. There's still a lot more details that need to reveal themselves. And when they do, we'll be able to start saying more about that. But we're really confident in our Intermodal team, our customers have a lot of confidence in our team. We've navigated two of these changes over the last couple of years. And obviously, we came out of it stronger than we went into those, and that's what really enabled our market share growth.

是的，大衛，這是吉姆。實際上，這個過程還處於非常早期的階段，隨著流程的推進，我們將密切關注各個環節的發展。還有很多細節尚待揭曉。等他們真的這麼做了，我們就可以開始談論更多相關事宜了。但我們對我們的多式聯運團隊非常有信心，我們的客戶也對我們的團隊充滿信心。在過去的兩年裡，我們已經經歷了其中兩項變化。顯然，我們從這些挑戰中走出來時比挑戰開始時更加強大，這才是真正促成我們市場份額增長的原因。

Great. And then the box turns obviously inflected up pretty sharply here in 3Q, and you're also taking containers out of the intermodal network. Kind of where do you see that -- those box turns ultimately going as we kind of launch into '26? And obviously, you have a lot of excess growth potential. So do you see any need for investment in your container fleet from here?

偉大的。然後，到了第三季度，箱體明顯出現了非常急劇的上揚，而且你還在將貨櫃從多式聯運網絡中移除。你覺得這些盒子最終會在哪裡出現——隨著我們進入 2026 年，這些盒子會如何變化？顯然，你們還有很大的成長潛力。那麼，您認為從現在開始還有必要對您的貨櫃船隊進行投資嗎？

Yes. We really don't see a need to make additional investments into our trailing equipment. It was a nice improvement here in the quarter based on the volume growth. The reduction in trailing equipment is really just a function of normal salvages coming out of our business, but there's nothing planful of reducing that any further.

是的。我們實在看不到對拖車設備進行額外投資的必要性。本季銷售成長顯著，這是一個不錯的進步。拖掛設備的減少實際上只是我們業務中正常回收的結果，但目前沒有任何進一步減少拖掛設備的計劃。

But in terms of where box count or container turns go, it's really just a function of our ability to continue to onboard more customers, get greater allocations going forward, growing our areas of differentiation. And then with a more supportive truckload market, I believe that will enable growth in terms of intermodal.

但就箱數或貨櫃週轉率而言，這實際上取決於我們能否繼續吸引更多客戶，在未來獲得更多分配，並擴大我們的差異化領域。我相信，隨著整車運輸市場的更強勁發展，多式聯運也將隨之成長。

But ultimately, we're seeing better and better performance from the rails. That's also -- our company dray is very effective. And that tells me we can get back to container turns that we've had historically or even better. And that's where Darrell had mentioned 25% volume growth with this current trailing equipment.

但最終，我們看到鐵路的表現越來越好。還有一點——我們公司的貨車非常有效。這說明我們可以恢復到以往的貨櫃週轉率，甚至更高。而達雷爾之前提到過，使用目前的拖曳設備，銷售量可以成長 25%。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Two ones on, -- I guess, the strategy and how you're balancing the assets during these times. So Mark, first for you in terms of the spot exposure, you mentioned there's still a little bit more of that than, I guess, you'd normally like or plan to have in the network business. So maybe you can put a little bit more context around where that is, how it's trended through the year? And if you think you're kind of at the high point of that spot exposure or if there's other things you might need to do to address that heading into next year?

有兩個問題——我想，就是策略以及你如何在這段時間平衡資產。所以馬克，首先就廣告曝光度而言，你提到這方面仍然比你在電視網絡業務中通常想要或計劃要多一些。所以，您能否再補充一些背景訊息，例如它在哪裡，以及它在過去一年中的趨勢如何？如果你認為你目前面臨的風險敞口已經達到頂峰，或者在明年到來之際，你還需要採取其他措施來應對這種情況？

On the network side, we, historically and typically because of our contract focus, have been in the 5% to 6% range just on repositioning normal market imbalances, et cetera. This has been a bit more purposeful as we've gone through allocation and looking at where we can get operating leverage as we do not sign up for business that we don't think in the long term is in our best interest.

在網路方面，由於我們歷來專注於合同，因此我們通常只在重新定位正常的市場失衡等方面投入 5% 到 6% 的資金。這樣做更有目的性，因為我們一直在進行資產分配，並尋找可以獲得經營槓桿的地方，因為我們不會承接我們認為從長遠來看不符合我們最佳利益的業務。

And so we really have two options at that point in an improving -- leaning into an improving spot market because of some of the other items that we made -- we've talked about here earlier or we redeploy it on future better contract business.

因此，在現貨市場不斷改善的情況下，我們實際上有兩個選擇——因為我們之前討論過的其他一些因素，現貨市場正在改善；或者，我們可以將資金重新部署到未來更好的合約業務中。

And so as we sit here today, Brian, we're probably double what we typically are because we want to make sure that we leave ourselves optionality and leverage into the business to redeploy in the -- where the returns will be more favorable. And so double what we would historically be is where we're presently at. And we'll likely carry that into 2026.

所以，布萊恩，今天我們坐在這裡，我們的資金可能是平時的兩倍，因為我們希望確保我們給自己有選擇權和槓桿，以便在回報更有利的地方重新部署。因此，我們現在所處的位置是歷史上我們原本應該達到的位置的兩倍。而且我們很可能會將這種情況延續到2026年。

Okay. And then, Jim, I guess, a similar question on intermodal network balance. I think you made some comments about the focus on where the growth was and I guess, where it wasn't. Again, was that purposeful from a rate and return perspective? Or was that more of a network balance when you think about East and West and balancing out some of the lanes across the network?

好的。然後，吉姆，我想，關於多式聯運網路平衡，可能也存在類似的問題。我認為你曾就成長的重點領域以及成長停滯的領域發表過一些評論。那麼，從殖利率的角度來看，這是有意為之嗎？或者，從東西方角度考慮網路平衡，以及平衡網路中某些車道的情況來看，這更多的是一種網路平衡？

Yes. Thanks, Brian. It was intentional in terms of growing into our areas of strength, growing into Mexico, where we have a lot of differentiation, both in terms of our velocity and really superior claims ratio there. So we want to be able to grow there. In terms of what's going on with the West, we had an opportunity to take more backhaul freight and earn more backhaul freight.

是的。謝謝你，布萊恩。這是有意為之，目的是為了發展我們的優勢領域，發展墨西哥市場。我們在墨西哥擁有很大的差異化優勢，無論是在賠付速度還是理賠率方面，我們都表現出色。所以我們希望能夠在那裡發展壯大。就西方的現狀而言，我們有機會承接更多回程貨運，並賺取更多回程貨運收入。

So that also had an impact in terms of our overall pricing as it shows here in our results. And then in the East, we were able to work with some customers that we knew we'd be able to provide a superior service and that enabled us to grow as well.

因此，這也對我們的整體定價產生了影響，正如我們的結果所示。然後在東部，我們能夠與一些我們知道可以為其提供優質服務的客戶合作，這也使我們得以成長。

Yes. I would highlight on the intermodal margin business with not only growing the volume 10%, but having some of the headwinds that associated with the claims expense and what we would anticipate more short-term setup issues on maintenance of the trailing equipment, we still improved margins.

是的。我想重點介紹多式聯運利潤業務，雖然貨運量增長了 10%，但考慮到索賠費用以及我們預計在拖車設備維護方面會出現更多短期設置問題等不利因素，我們仍然提高了利潤率。

And so I think we continue to lean into having an effective balanced network playing to our differentiators, again, should allow us then to accelerate our margin performance in an improving truck market. As we're already starting to see some over-the-road conversion, but we think there's much more ahead of us relative to what we can adequately and effectively serve for our customers that is presently moving over the road.

因此，我認為我們將繼續致力於建立一個有效的、平衡的網絡，發揮我們的差異化優勢，這將使我們能夠在不斷改善的卡車市場中加快利潤率的成長。雖然我們已經開始看到一些公路運輸的轉型，但我們認為，相對於我們目前能夠充分有效地為公路運輸客戶提供的服務而言，我們還有更大的發展空間。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

Mark, early on in your prepared remarks, you made a somewhat provocative comment about the supply side rationalization, not just the English language and immigration enforcement, but also what's happening with new truck orders could be more impactful to the market than the ELD saga of 2017, '18.

馬克，在你準備好的發言稿開頭，你發表了一番頗具挑釁性的評論，談到了供給側合理化，不僅是英語和移民執法，而且新卡車訂單的情況可能比 2017 年和 2018 年的 ELD 事件對市場的影響更大。

Can you high level, walk us through looking back what Schneider's view on how much capacity exit the market because of the ELD mandate at the time? And maybe if you're willing to bottoms up from these two or three factors affecting the market into next year, just help us size those up in a really sort of succinct way.

能否簡單回顧一下施耐德電機當時對因 ELD 強制令而退出市場的產能的看法？如果您願意從影響明年市場的這兩三個因素著手，幫助我們簡潔明了地評估這些因素。

Sure, Bascome. I'll try to do my best at a very, very high level. We would assess back in '17 that the ELD or electronic logging device had somewhere in the 3% to 4% impact on capacity coming out of the industry. And as we look at the confluence of factors that we're talking about presently that we outlined that we think it's north of that.

當然，巴斯科姆。我會盡我所能，爭取達到非常非常高的水準。早在 2017 年，我們就評估認為 ELD（電子記錄設備）對產業產能的影響在 3% 到 4% 之間。當我們審視我們目前正在討論的各種因素的匯合點時，正如我們之前概述的那樣，我們認為它高於這個水平。

So how far north, it's hard for us to predict. But when we can see it already evident in certain parts of our business and our trade partners, I can -- it's our belief that it is real and it's manifesting and it should only accelerate from here.

所以究竟會北移到多遠，我們很難預測。但是，當我們在自身業務和貿易夥伴的某些方面已經看到這種趨勢時，我就可以肯定——我們相信這是真實存在的，它正在顯現，而且只會加速發展。

Reed Seay, Stephens.

里德·西伊，史蒂芬斯。

This is Joe Enderlin on for Reed. It sounds like you have a more positive outlook on the supply side for 2026, given the regulatory changes. Could you maybe just give some additional thoughts on the demand environment, be it for the Network business, Dedicated or Specialized? Are you seeing any green shoots of better demand from those customers, as more pivot to asset-based offerings and your value proposition?

這是喬恩德林代表里德報道。鑑於監管政策的變化，你對 2026 年的供應前景似乎持較為樂觀的態度。您能否就網路業務、專用網路或專業網路的需求環境再補充一些看法？隨著更多企業轉向以資產為基礎的產品，並認可您的價值主張，您是否看到這些客戶的需求出現改善的跡象？

And then looking to next year, what do you view as the biggest potential demand catalysts? Or are you more so just expecting more stable demand with capacity rationalization to drive an acceleration from here?

展望明年，您認為最大的潛在需求催化劑是什麼？或者，您更預期產能合理化後需求將更加穩定，推動經濟成長加速？

Sure. We would obviously characterize the demand picture as being fairly steady, if unspectacular. And so I think the consumer has held in there very well. All the metrics that you see associated with the consumer has been fairly steady. What has been -- what has not been much of a catalyst to date for us has been the industrial side of the economy.

當然。顯然，我們可以將需求情勢描述為相當穩定，儘管並不十分引人注目。所以我認為消費者們表現得非常好。所有與消費者相關的指標都相當穩定。到目前為止，對我們來說，經濟的工業面並沒有起到多大的催化作用。

As you look at the ISM and other indexes, we've been in the contraction phase there for a very, very long time. Can the Big Beautiful Bill, some of the rate cut activity, the project work that's going on in the building side of the industrial economy, can that be something that finally turns into a demand catalyst in 2026?

從ISM指數和其他指數來看，我們已經處於收縮階段很久了。2026 年，《宏偉法案》、一些減稅措施以及工業經濟建築領域的專案工作，能否最終轉化為需求催化劑？

We think it's, again, a more constructive environment for that. But then the question is how firm is the consumer and how does that portend for next year. And we are obviously in conversations with our customers. They're in various levels of optimism and concern based upon which segment of the economy that they serve. So it's a little bit of a mixed bag.

我們認為，這又是一個更有利於這類事情發生的建設性環境。但問題是，消費者的意願有多堅定，這對明年的市場走勢又意味著什麼。我們顯然正在與客戶溝通。根據他們所服務的經濟領域不同，他們的樂觀和擔憂程度也各不相同。所以情況有點喜憂參半。

And so we don't have a great prediction at this juncture about the demand picture yet, but it's been incredibly steady. And even though it's sub-seasonal, it's increased in the third quarter a little bit. We see some improved demand as compared to September here in October, but we would still consider it less than what would typically be a building period for a peak holiday season.

因此，目前我們還無法對需求前景做出準確的預測，但需求一直非常穩定。雖然並非季節性變化，但第三季略有成長。我們看到10月份的需求比9月有所改善，但我們仍然認為它低於假日高峰期的正常建設期。

So that's -- as we look in the short term, next year, Jim, I don't know maybe some other comments you have as our recent conversations with customers, but --

所以，展望短期，明年，吉姆，我不知道你最近和客戶交流時還有什麼其他看法，但是…--

Yes, this is Jim. And the first thing we think about is having a really broad portfolio of customers that we're operating with within each one of these segments. And then we're specifically targeting who are those customers and those segments that are most likely to grow. And so that's where we've been allocating our assets just to prepare us for any market change that's ahead of us.

是的，這是吉姆。我們首先考慮的是在每個細分市場中擁有非常廣泛的客戶群。然後，我們會具體鎖定那些最有可能成長的客戶群和細分市場。因此，我們一直在這方面配置資產，為應對未來可能出現的任何市場變化做好準備。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Mark, Darrell, Jim, Christyne, maybe following up on that, talk about the speed of change, right? So what's happened? You've cut estimates a couple of times this year, but it sounded like you were building into July and then into the second half and then August, September, things really changed. And it sounds like you're still talking sub-seasonal into October. Maybe just to understand the backdrop here with the fading demand being sub-seasonal.

馬克、達雷爾、吉姆、克莉絲汀，或許可以接著說說變化的速度，對吧？到底發生了什麼事？今年你們已經幾次下調了預算，但聽起來你們的計畫一直持續到7月，然後是下半年，到了8月、9月，情況就真的改變了。聽起來你好像一直到十月還在談論次季節性的東西。或許只是為了理解這裡的需求減弱是季節性因素造成的背景。

Yes. This is Darrell. I'll start here. So if you recall, when we gave our guidance in July, we talked about varying levels of seasonality that could play out. So on the low end of the range, which was $0.70, $0.75 at the time, we described that as a scenario where we saw subdued demand. That's largely how the third quarter played out.

是的。這是達雷爾。我就從這裡開始。所以，如果你還記得的話，我們在7月份給出指導意見時，我們談到了可能會出現的各種程度的季節性因素。因此，在價格區間的低端，也就是當時的 0.70 美元、0.75 美元，我們將其描述為需求疲軟的情況。第三節比賽的進程大致如此。

So if you adjust for the claims-related cost, that was a $0.07 headwind that I talked about in my prepared remarks, we're pretty much aligned with the low end of our previous range. So it's really a function of what did seasonality look like, which was more subdued, which was one of our scenarios in terms of a downside.

因此，如果將與索賠相關的成本（我在準備好的發言稿中提到的 0.07 美元的不利因素）進行調整，我們基本上就達到了先前預期範圍的下限。所以這實際上取決於季節性變化的程度，而季節性變化較為溫和，這是我們預測的不利情況之一。

So it's -- you're not -- again, if you add the $0.07 back and you get closer to the bottom end, you're not saying things are deteriorating faster in October. It's just a little sub -- I just want to understand the magnitude of your comment there.

所以，你並不是——再說一遍，如果你把 0.07 美元加回去，更接近底部，你並不是說 10 月情況惡化得更快。這只是個小貼文——我只是想了解你那則評論的意義所在。

Yes. Absolutely.

是的。絕對地。

Absolutely. It's improving from September, but still at a sub-seasonal level to a typical October is what we would frame it as Ken. So not suggesting it's getting worse in October.

絕對地。情況比九月有所好轉，但仍然低於往年同期水平，我們姑且稱之為十月份的正常水平吧，肯。所以並不是說十月情況會變得更糟。

And Mark, maybe or Darrell, just digging into that, right? So like normally, at this point, you're seeing some project business. Is that what you're talking about kind of sub-seasonal, still not -- I think you mentioned that in the opening comments, right? So still delayed on those conversations? Or I just want to understand how peak season kind of pans out from here, the pre-shipping versus that just it's not happening.

馬克或達雷爾，也許正在深入研究這個問題，對吧？所以像往常一樣，在這個階段，你會看到一些專案業務。你說的就是那種非季節性的東西嗎？ ——我想你在開場白裡提到過，對吧？所以那些對話還在進行中嗎？或者我只是想了解一下旺季接下來的發展情況，例如出貨前的準備工作和最終取消出貨的情況。

Yes. Peak season, a component of that generally is project work, specialty seasonal business. It's not the entire definition of seasonality because there's a number of customers that ship additional volumes that aren't necessarily project-based. But we've had a series of discussions with customers. We have a series of structures in place with customers to address seasonal project work.

是的。旺季期間，通常會有專案工作、特殊季節性業務等環節。這並非季節性的全部定義，因為有很多客戶會額外出貨，而這些出貨量不一定是基於專案的。但我們已經與客戶進行了一系列討論。我們與客戶建立了一系列機制來應對季節性專案工作。

The question is how prominent will they actually have to have the demand to utilize those structures. And so we're prepared. We're ready to pivot. We have the capacity, particularly in our network business ready to go to those type of yield opportunities. So our -- so the question just becomes how prevalent are they through the season and which customers find themselves in a position to deploy them.

問題是，他們究竟需要有多大的需求才會去利用這些設施。所以我們已經做好準備了。我們已做好轉型準備。我們有能力，尤其是在我們的網路業務方面，已經準備好抓住這類收益機會。所以，問題變成了：它們在整個銷售季的普及程度如何？哪些客戶能夠部署它們？

And then just totally big picture, if I can step back for a sec. Autonomous is not something we've heard about much yet we've got now two companies in the public market. What's your relationship and your testing phase? Where are you? And where do you think it's developing at this point?

然後，如果我可以稍微退後一步，從更宏觀的角度來看這個問題。雖然我們以前很少聽到「自動駕駛」這個詞，但現在已經有兩家公司在公開市場上銷售自動駕駛產品了。你們的關係以及測試階段是什麼？你在哪裡？你認為它目前的發展方向是什麼？

All right. You're breaking our rules here. We did really well on the three question rule today, Ken.

好的。你違反了我們的規則。肯，我們今天在三問規則方面做得非常好。

I'll take it offline.

我會把它下線。

But -- so real quickly on the autonomous vehicle, yes, we've been aligned really since the get-go with -- and looking at and assessing who we think the winners are going to be ultimately in this space. And our belief continues to be those who are best aligned with OEMs who are engineering from the ground up, have the best mousetrap. And presently, we are testing actively with both Aurora and Torc, are our two primary. And those are the folks that we've aligned to and continue to advance the process with.

但是——所以關於自動駕駛汽車，是的，從一開始我們就一直與——並且一直在觀察和評估我們認為最終會在這個領域獲勝的人是誰。我們始終認為，那些與從零開始進行工程設計的原始設備製造商 (OEM) 合作最緊密的人，擁有最好的捕鼠器。目前，我們正在積極測試 Aurora 和 Torc，它們是我們兩個主要的測試平台。我們已經與這些人建立了合作關係，並將繼續與他們一起推進這一進程。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I guess, I just wanted to ask a question about sort of the current environment. So have you guys seen the spot market in October get stronger sequentially? I think there's been a little bit of debate around that. We see the load boards and what they tell us. But when you talk to companies, you can get sort of different answers about what they're seeing. So maybe some perspective on what you're seeing actually in the spot market in the month of October.

我想問的是關於當前環境的一些問題。你們有沒有註意到10月現貨市場上季走強？我認為圍繞這個問題存在一些爭議。我們查看貨運資訊板以及它們告訴我們的資訊。但是當你與企業交談時，你可能會得到一些不同的答案，以了解他們所看到的情況。所以，或許您可以從一些角度來看待您在10月現貨市場實際看到的情況。

Yes. Thanks, Chris. This is Jim. You're absolutely right. You're seeing a lot of variety here across different markets. And part of that relates back to what we were just talking about. There's parts of the country where there are carriers avoiding those states where there is additional enforcement. We've seen some bankruptcies that creates pockets of demand that are popping up.

是的。謝謝你，克里斯。這是吉姆。你說得完全正確。您可以看到不同市場之間存在很大的差異。這其中一部分與我們剛才討論的內容有關。在某些地區，由於某些州執法力度較強，一些業者會避開這些州。我們看到一些企業破產，導致一些新的需求出現。

And -- but at the same time, we mentioned that while there's some seasonality, it's a little bit normal than what we normally feel or what we normally experience here. So you put those in, it's a little bit choppy out there right now. And so we're focused on deploying our assets to where we get the best returns.

但同時，我們也提到，雖然存在一些季節性因素，但這與我們通常在這裡感受到的或通常經歷的相比，還是比較正常的。所以你把那些東西放進去，現在外面有點顛簸。因此，我們專注於將資產部署到能夠帶來最佳回報的地方。

Okay. So it sounds like maybe geographically isolated, there are some pockets, but not widespread in terms of improvement sequentially.

好的。所以聽起來可能是地理位置上的孤立現象，有一些零星的改善區域，但就持續改善而言，這種改善並不普遍。

Market by market.

逐一市場分析。

Okay. Super helpful. And then just really quick on the Dedicated side, revenue per truck per week. I think you talked about a little disruption. Just wanted to get a sense of the drivers of the sequential decline in that number.

好的。非常有用。然後，簡單看一下專用線路方面，每輛卡車每週的收入。我想你剛才提到了會有一些小混亂。我只是想了解一下導致該數字連續下降的驅動因素。

And then I think, Mark, you noted that, that probably gets better as we move. Is that a fourth quarter comment? I just want to understand some of the moving parts in revenue per truck per week in Dedicated.

然後我想，馬克，你也提到了這一點，隨著我們前進，情況可能會好轉。這是第四季的評論嗎？我只是想了解一下專線運輸中每輛卡車每週收入的一些影響因素。

Yes, Chris, part of it when you were in the state of flux of a ramp down or ramp up, you had just underutilized assets. So the truck count is in the denominator, but the revenue isn't as clean because you're in various stages of ramp up and ramp down. So it's an inefficient period.

是的，克里斯，部分原因是，當你處於減產或增產的過渡階段時，你的資產沒有被充分利用。因此，卡車數量在分母中，但收入並不那麼清晰，因為你處於不同的成長和下降階段。所以這是一個效率低下的時期。

And so that really gets manifested in the revenue per truck per week. It's not so much a pricing element as there -- there are some elements of price, obviously, in revenue per week. But when we're talking about the friction, it's just the underutilized asset because of that gaseous state, as I call it.

因此，這最終會體現在每輛卡車每週的收入上。與其說是價格因素，不如說是每週收入中的一些價格因素——當然，每週收入中也包含一些價格因素。但當我們談論摩擦時，正如我所說的，這只是由於這種氣態而導致的資源未被充分利用。

Yes, we have clear visibility -- this is Jim, clear visibility to these new businesses that we're ramping up. We want to make sure that we have that equipment available, ready to go. And it's just not perfect timing between when we're taking equipment off of one operation and then moving it over to another. And so I expect that as we go through Q4 that we'll have that business starting up. And that's ultimately what's going to enable us to drive margin improvement.

是的，我們對這些正在加速發展的新業務有著清晰的了解——我是吉姆，我對這些新業務有著清晰的了解。我們希望確保設備齊全，隨時可用。而且，從一項作業中取出設備到將其轉移到另一項作業中，時間安排總是不盡人意。因此，我預計到第四季度，這項業務將會啟動。而這最終將使我們能夠提高利潤率。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

Maybe I want to touch on your productivity improvements and especially some of the early efforts in AI that you talked about, certainly a lot of discussion about that this earnings season. You mentioned the $40 million cost opportunity. How much of that is assumed for this year? How much do you have budgeted for next year?

我想談談你們在提高生產力方面所做的努力，特別是你們提到的在人工智慧領域的一些早期嘗試，當然，在本財報季，這方面有很多討論。你提到了4000萬美元的成本機會。其中有多少是針對今年的預期？你明年的預算是多少？

And maybe just some general thoughts around how you're thinking about the incremental opportunity from there, especially in an up cycle. I imagine it's a little bit more pronounced in logistics. Maybe you've got some routing and utilization opportunities in Dedicated. So any color there would be great.

或許還可以談談你對未來發展機會的一些整體看法，尤其是在上行週期。我想在物流領域這種情況會更明顯一些。或許您在專用線路方面有一些路由和利用方面的機會。所以任何顏色都行。

Sure. This is Darrell. So I'll start. So the $40 million is an annual target, but it includes synergies, including Cowan. So in our opening remarks, we talked about just the sequential improvement in margins for Cowan. So that's just the impact of the synergies coming through in the numbers. But a big part of that $40 million is productivity based, as you mentioned, not just people productivity, but also asset productivity.

當然。這是達雷爾。那我先來。因此，4000萬美元是年度目標，但其中包括協同效應，包括科萬。所以，在開場白中，我們只談到了考恩公司利潤率的持續改善。所以，這就是協同效應在數據中反映出來的影響。但正如您所提到的，這 4000 萬美元中很大一部分是基於生產力的，不僅是人員生產力，還有資產生產力。

So from a people standpoint, Mark mentioned some headcount reductions that were targeted in the nondriver side. From an asset perspective, we're tightening asset ratios. So as it relates to tractor-to-driver ratios, continue to tractor ratios as well. And that's coming through also in our CapEx spend. We're reducing unbilled miles. We're looking at third-party spend. We're looking at facilities.

從人事角度來看，馬克提到了一些針對非駕駛者職位的裁員計畫。從資產角度來看，我們正在收緊資產比率。所以，關於曳引機與駕駛的比例，也繼續討論曳引機的比例。這一點也體現在我們的資本支出上。我們正在減少未計費里程。我們正在關注第三方支出。我們正在考察場地。

So we're on track for that $40 million. We said previously that those costs are expected to ramp throughout the year, and we're seeing that more back half weighted.

所以，我們有望實現4000萬美元的目標。我們之前說過，這些成本預計將在今年全年持續增加，而且我們看到這些成本更集中在下半年。

Savings.

節省。

Savings, right. The savings would ramp. but we're not done, right? So everything that we're doing here is structural in nature to lower cost to serve. We've seen that coming through. We talked about intermodal improving margin. So we're always looking for incremental ways to add to those savings targets. So a lot of that is continuing on the asset productivity front, continuing on the people productivity front and just looking at things that are sustainable in nature going forward.

省錢，對吧。節省的金額會大幅增加，但我們還沒完，對吧？因此，我們在這裡所做的一切本質上都是結構性的，目的是為了降低服務成本。我們已經看到這種情況發生了。我們討論了多式聯運如何提高利潤率。因此，我們一直在尋找逐步增加節約目標的方法。因此，許多工作都在資產生產力方面繼續進行，在人員生產力方面繼續進行，並且著眼於未來可持續發展的事物。

Yes. Certainly, the AI, the Agentic AI, in particular, we think holds great promise. As we mentioned, our logistics business and brokerage generally becomes a great test bed for us to deploy new technologies, very, very encouraged by it. We believe it's going to be a key driver of our ability to grow our business at a much different rate than we have to grow our people to achieve that growth.

是的。當然，我們認為人工智慧，特別是智能體人工智慧，具有巨大的發展前景。正如我們所提到的，我們的物流業務和經紀業務通常會成為我們部署新技術的絕佳試驗場，我們對此感到非常非常鼓舞。我們相信，這將成為我們業務成長速度的關鍵驅動力，而我們實現業務成長所需的人員成長速度則要快得多。

And we are presently deploying across multiple work streams in our business, both on the support function, but our line of services that support either drivers that support customers or supports our third-party carriers. And ultimately, just taking the work that's less value-added that we can get in a much more efficient way as opposed to deploying people resources against it, helped us with certainly some of the numbers of the headcount performance that we've had this year, but we think it has great promise, and we're continuing to lean in. And it's a combination of what we're doing in-house and what we're collaborating with others on.

目前，我們正在業務的多個工作流程中部署這項技術，包括支援職能部門以及為支援客戶的司機或支援第三方承運商的服務線。最終，與其投入人力資源去做那些附加價值較低的工作，不如以更有效率的方式去做，這無疑對我們今年的人員績效數據有所幫助，我們認為它很有前景，我們將繼續加大投入。這既包括我們內部所進行的工作，也包括我們與他人合作進行的工作。

Okay. Got it. That's very clear. So just to follow up, any thoughts on how to quantify the tech-based productivity benefit beyond the $40 million synergy target?

好的。知道了。這一點很清楚。那麼，為了進一步說明，除了4000萬美元的綜效目標之外，還有什麼方法可以量化基於技術的生產力提升效益呢？

Yes. It's -- what we said double-digit productivity on the people side. In some quarters, it's several fold that on very effective AI can -- we've experienced 50% to 60% improvement. So there's a lot of leverage and operating leverage in our cost structure there, and we -- increasingly, we'll be looking to leverage that further.

是的。正如我們所說，人員方面的生產力實現了兩位數的成長。在某些方面，人工智慧可以帶來數倍的提升——我們已經體驗到了 50% 到 60% 的改進。因此，我們的成本結構中存在大量的槓桿和營運槓桿，而且我們將越來越多地尋求進一步利用這些槓桿。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

I wanted to go back, Mark, to your comments as you sort of compare this future capacity issue to back to the ELDs because I think that's probably the only really comparable event. But it was a much different event, right?

馬克，我想回到你之前的評論，你把未來的產能問題與電子記錄設備 (ELD) 進行了比較，因為我認為這可能是唯一真正可比的事件。但這是一件截然不同的事，對吧？

Because people were able to find workarounds with the ELDs that are still in existence to this day. Is the capacity that we're expecting to come out, could that actually last maybe a little bit longer and give us more of an up cycle for the truckload sector?

因為人們能夠找到應對電子記錄設備（ELD）的變通方法，而這些設備至今仍然存在。我們預期即將推出的運力，是否能夠持續更長時間，並為整車運輸業帶來更強勁的成長週期？

And also, are there anything that you're starting to see in conversations with insurance companies and/or clients around non-domicile drivers that could maybe accelerate this a little bit beyond the norm?

另外，在與保險公司和/或客戶就非居民駕駛員進行的對話中，您是否開始注意到一些可能會加速這一趨勢發展到超越常規水平的現象？

Jason, it's Mark. It's very insightful, and we're soon to be on our insurance circuit here. So I might have more to discuss about that next time we get together. But it's a very logical extension of the issue relative to some of the very pronounced headline activity around this issue as it relates from a safety perspective.

傑森，我是馬克。它很有見地，我們很快就會在這裡進行保險業巡迴演講。所以下次見面的時候，或許可以就此多談談。但就安全角度而言，這與圍繞這一問題的一些非常引人注目的新聞報道密切相關，因此這是一個非常合乎邏輯的延伸。

But I think you're right, this is not just adapting and changing. This is actually taking capacity out of the industry, not only what's in it, but it also stems the flow of backfill because it just changes the dynamic of the entire pool that gets associated with being a professional driver. And so credentials are important.

但我認為你是對的，這不僅僅是適應和改變。這實際上會減少行業的產能，不僅是現有的產能，還會阻礙人才的補充，因為它改變了與職業駕駛員相關的整個人才庫的動態。因此，資質證書很重要。

We do think safety can be -- is impacted by the quality of training, the quality of the infrastructure at a carrier. And so we think this is, a, the right thing to do, but also certainly, we think has a staying power relative to the overall capacity pool that's available for professional truck driving.

我們認為安全會受到培訓品質和航空公司基礎設施品質的影響。因此，我們認為這樣做是正確的，而且，相對於專業卡車駕駛的整體運力而言，我們也認為這樣做具有持久性。

Maybe one more add here, Jason, was when you go back to the ELD implementation that was implemented and carriers were onboarding these a matter of months or sometimes just weeks ahead of the requirement. And then everything was stabilized after that. This is something that's going to play out over the next two years.

Jason，或許還可以補充一點，那就是回顧一下 ELD 的實施情況，當時營運商往往在要求生效前幾個月甚至幾週就開始採用這些設備。之後一切都穩定下來了。這件事將在未來兩年逐漸明朗。

So just because we get to a level of equilibrium, capacity will continue to come out. There isn't a spot where it starts to regrow. And that's why it's really important that we're having our discussions with our customers. Customers are being strategic, not just about what the market is right now, but through the lifetime of the allocation event.

所以即使我們達到了某種平衡狀態，產能仍會繼續釋放。沒有哪個地方可以重新長出來。所以，與客戶溝通討論非常重要。客戶採取的策略不僅著眼於當前的市場狀況，而且著眼於整個配額活動的生命週期。

That makes sense. And so for my follow-up question, I promise I'll keep it at two. I just wanted to talk about sort of the near-term weakness that most companies are sort of calling out here in the marketplace because it doesn't feel like the industrial market got that much worse.

這很有道理。所以，我的後續問題，我保證只問兩個。我只是想談談大多數公司在市場上提到的短期疲軟現象，因為工業市場似乎並沒有變得更糟。

Is some of this related to the government shutdown? And then in that light, when you look at your food and beverage exposure, is there a potential exposure for the SNAP benefits running out to you guys?

這其中有些與政府停擺有關嗎？那麼從這個角度來看，當你審視你的食品和飲料支出時，是否有 SNAP 福利發放給你們的潛在風險？

Yes. We're not probably versed enough to understand the entire government impact here or seeing it. We do -- and we have seen a trade down from our customer base relative to a big box retail perhaps down to the discount retail is really a very healthy part of the segment base now of our distribution of retail customers. And so I think that possibly could be related, Jason.

是的。我們可能知識儲備不足，無法完全理解或看到政府在此問題上的全部影響。確實如此——而且我們已經看到，相對於大型零售商，我們的客戶群正在轉向折扣零售，而折扣零售現在確實是我們零售客戶分銷領域中非常健康的一個細分市場。所以我覺得這可能與此有關，傑森。

But again, I would just caution, I think the demand level has been relatively stable. It just hasn't fallen typical seasonal patterns. And so I think maybe that's -- at least that's our view. It's the kind of the lift that you would normally see in September in the quarter that the lift that you would normally see perhaps to start peak season here in October. It doesn't mean that it's eroding. It just means it's not growing at the kind of historic levels, which we've been in the last couple of years, quite frankly.

但我還是要提醒一句，我認為需求水準一直相對穩定。它只是沒有遵循典型的季節性規律。所以我覺得這或許是──至少這是我們的看法。這是你在九月通常會看到的纜車，而這種纜車通常是你在十月旺季開始時才會看到的。但這並不意味著它正在被侵蝕。坦白說，這只意味著它的成長速度沒有達到過去幾年我們所經歷的歷史水準。

So maybe before more supply driven, this one, perhaps maybe more demand driven, but I wouldn't interpret everything to mean that it's going -- that it's eroding.

所以，也許以前是供應驅動型的，現在可能是需求驅動型的，但我不會把所有情況都解讀為它正在消失——正在瓦解。

And we've reached the end of our question-and-answer session, and this does conclude 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。