Schneider National Inc (SNDR) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Schneider National fourth quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Christyne McGarvey, Vice President of Investor Relations. You may begin.

感謝您的耐心等待。我叫喬，今天我將擔任你們的會議接線生。在此，我謹代表施耐德國家電力公司歡迎各位參加 2025 年第四季財報電話會議。（操作員指示）現在我將會議交給投資者關係副總裁克里斯汀·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. 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 will include remarks about future expectations, forecast plans and prospects for Schneider.

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。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。我們的電話會議將包括對施耐德電氣未來預期、預測計畫和發展前景的展望。

These constitute forward-looking statements for the purpose of the safe harbor provisions under applicable federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. 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. 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.

這些構成適用聯邦證券法安全港條款所指的前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與目前預期有重大差異。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。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 over the call 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, and thank you for joining the Schneider call today. I want to begin by acknowledging that the fourth quarter results fell short of our expectations. When we provided our update last quarter, October results and market conditions were supportive of finishing 2025 at approximately $0.70 of earnings per share. However, November and much of December were materially more challenged than our guidance had contemplated, reflecting a very truncated peak season and poor weather conditions throughout the Midwest.

謝謝你，克里斯汀。大家好，感謝各位今天參加施耐德電機的電話會議。首先，我要承認第四季的業績未達到我們的預期。我們在上個季度提供最新業績時，10 月的業績和市場狀況都支持 2025 年每股收益達到約 0.70 美元。然而，11 月和 12 月的大部分時間都比我們的預期更具挑戰性，反映出旺季非常短暫，整個中西部地區天氣狀況惡劣。

We saw momentum as we exited the year, which we believe is a direct result of supply attrition in our industry in the last several months. We believe we're in the early innings of normalizing market conditions, in part due to the various regulatory actions being taken. Importantly, these actions are only driving capacity to exit the market at an accelerated rate, but the ability to backfill new entrants is also increasingly diminished. We expect the full impact will likely be measured in quarters, not months.

我們看到，隨著年底的臨近，市場勢頭強勁，我們認為這是過去幾個月行業供應減少的直接結果。我們認為，由於各項監理措施的推出，我們正處於市場狀況正常化的初期階段。重要的是，這些措施只會加速企業退出市場，但填補新進入者空缺的能力也日益減弱。我們預計其全面影響可能會以季度而非月來衡量。

Still, the last several years have proved to be a challenging backdrop, and we are not satisfied with our results. During this downturn, we made strides in lowering our cost to serve in Network, changes that are structural and will improve our operating leverage going forward.

然而，過去幾年來的環境充滿挑戰，我們對所取得的成績並不滿意。在經濟低迷時期，我們大幅降低了網路服務成本，這些變化具有結構性意義，並將提高我們未來的營運槓桿。

At the same time, we have grown our Dedicated offerings to nearly 70% of our fleet, increasing the durability and resilience of our Truckload segment. We've created true differentiation and value in the marketplace in our Intermodal offering and scaled our flexible asset-light tech-enabled solutions, all of which have been supplemented with our accretive acquisitions. We recognize that an improvement in market conditions as needed for the full benefit of these investments to be evident, but we believe we will exit this down cycle more ready than ever to meet a market correction.

同時，我們的專線運輸業務已發展到車隊規模的近 70%，提高了整車運輸業務的持久性和韌性。我們在多式聯運產品方面創造了真正的市場差異化和價值，並擴大了我們靈活的輕資產技術解決方案的規模，所有這些都得到了我們增值收購的補充。我們意識到，要充分發揮這些投資的效益，市場狀況需要改善，但我們相信，我們將比以往任何時候都更有準備，迎接市場調整，從而走出這次下行週期。

We are not simply waiting for improved cycle dynamics. We enter 2026 with more conviction in the importance of continuing to execute our strategic initiatives to drive structural improvement in our business. We are carrying momentum from our cost savings program, including ramping synergies in our acquired companies, leading Intermodal growth, including the recent launch of our Intermodal Fast Track service, heavy Dedicated start-up activity and Network earnings improvement into this year.

我們並非只是在等待週期動態的改善。進入 2026 年，我們更加堅信繼續執行我們的策略性舉措對於推動業務結構改善的重要性。我們正乘著成本節約計畫的勢頭，包括提高收購公司的協同效應、引領多式聯運成長（包括最近推出的多式聯運快速通道服務）、大量的專用啟動活動以及今年網路收益的改善。

I will provide more commentary on our outlook and expectations for 2026. But first, I'm going to hand the call over to Darrell, who will provide more comprehensive overview of fourth quarter results. Darrell?

我將就我們對 2026 年的展望和預期提供更多評論。但首先，我將把電話交給達雷爾，他將對第四季業績進行更全面的概述。達雷爾？

Thank you, Mark, and good afternoon, everyone. I'll review our enterprise and segment financial results for the fourth quarter, along with our year-to-date cash flow trends and provide a capital allocation update. Summaries of our financial results and guidance can be found on Pages 21 through 26 of our investor presentation available on our Investor Relations website. In the fourth quarter, revenues, excluding fuel surcharge, were $1.3 billion, up 4% year over year. Our fourth quarter adjusted income from operations was $38 million, a decline of 15% compared to a year ago.

謝謝你，馬克，大家下午好。我將回顧我們第四季度的企業和部門財務業績，以及年初至今的現金流量趨勢，並提供資本配置更新。我們的財務表現和業績展望摘要可在我們投資者關係網站上提供的投資者簡報第 21 至 26 頁中找到。第四季度，不計燃油附加費，營收 13 億美元，年增 4%。我們在第四季調整後的營業收入為 3,800 萬美元，比去年同期下降了 15%。

Adjusted diluted earnings per share for the fourth quarter was $0.13 and $0.20 a year ago.

第四季經調整後的稀釋每股收益為 0.13 美元，而去年同期為 0.20 美元。

As Mark referenced, fourth quarter results reflect more challenging market conditions than we previously anticipated in our guidance. October saw steady demand with elements of seasonality, though more subdued than is typical. Our guidance had assumed that trend would persist through the balance of the year, but demand turned sluggish in November, reflecting minimal peak activity as shippers work down inventory, which created a significant volume shortfall versus our expectations. This is exacerbated by the poor weather in the Midwest that brought volume and cost headwinds. However, the sharp reaction of spot rates to the weather disruption demonstrates how the excess of capacity in recent months has brought the market closer to balance.

正如馬克所提到的，第四季業績反映出的市場環境比我們先前在業績指引中預期的更具挑戰性。10月需求穩定，雖有季節性因素影響，但比往年同期略顯疲軟。我們先前的預測是，這一趨勢將持續到年底，但11月份需求變得疲軟，反映出托運人減少庫存導致高峰期活動極少，這造成了與預期相比的大幅缺口。中西部地區惡劣的天氣加劇了這種情況，導致銷售和成本雙雙下降。然而，現貨價格對天氣幹擾的劇烈反應表明，近幾個月來產能過剩如何使市場更接近平衡。

Volumes remained fairly muted until the back end of December when shippers began to feel the inventory drawdown and more actively sought out additional capacity as routing guys became stressed. This enabled us to realize some premium project business. Still, the strength exiting the year was compressed and not enough to offset the tempered demand that characterized much of the quarter. These more challenged market conditions were also compounded by extended and unplanned auto production shutdowns with certain customers in Dedicated, spiking third-party capacity costs in logistics and heightened health care costs. Market dynamics in the quarter have masked our continued progress on our strategic efforts, including those related to improving asset efficiency and lowering our cost to serve.

直到 12 月底，貨運量才開始出現相對低迷的局面。當時，貨運公司開始感受到庫存減少，隨著路線規劃人員壓力增加，貨運公司也更積極地尋求額外的運能。這使我們能夠承接一些高端專案業務。不過，年底的強勁勢頭減弱，不足以抵銷本季大部分時間疲軟的需求。這些更具挑戰性的市場狀況也因某些專用客戶的汽車生產長期且計劃外的停產而加劇，物流方面的第三方產能成本飆升，以及醫療保健成本的增加。本季的市場動態掩蓋了我們在策略努力方面取得的持續進展，包括提高資產效率和降低服務成本等相關努力。

We achieved our targeted $40 million of cost savings, including synergies from the Common Systems acquisition. Our momentum will continue in 2026 with an additional $40 million of cost savings, which Mark will detail in his remarks. From a segment perspective, Truckload revenue, excluding fuel surcharge, was $610 million in the fourth quarter, up 9% year over year. Truckload operating income was $23 million, a 16% increase year over year. Operating ratio was 96.2%, an improvement of 30 basis points compared to last year.

我們實現了節省成本 4,000 萬美元的目標，其中包括收購 Common Systems 帶來的綜效。2026年，我們將繼續保持這一勢頭，並額外節省4000萬美元的成本，馬克將在演講中詳細說明。從業務部門來看，第四季卡車運輸收入（不含燃油附加費）為 6.1 億美元，年增 9%。整車運輸營業收入為 2,300 萬美元，年增 16%。營業比率為96.2%，比去年提高了30個基點。

The impact of the market was most evident in network, which remained unprofitable. Restoring profitability in network remains a key focus and fourth quarter did see modest year over year improvement as our ongoing cost and productivity actions at least partially offset softer conditions and elevated health care costs. These actions include efforts to improve equipment ratios, rationalize nondriver headcount and increase bill miles per tractor.

市場的影響在網路領域最為明顯，該領域一直處於虧損狀態。恢復網路獲利能力仍然是重點，第四季同比略有改善，因為我們持續採取的成本和生產力措施至少部分抵消了疲軟的市場環境和不斷上漲的醫療保健成本。這些措施包括努力提高設備配比、合理化非駕駛員人員數量以及增加每輛牽引車的計費里程。

As market conditions improved, we did see momentum in December in both productivity and realized price. Dedicated operating income grew year over year, benefiting from an additional two months of Cowan versus 2024, but volumes were not immune to market conditions, and we also saw adverse impact from unplanned auto production shutdowns with select customers.

隨著市場狀況的改善，我們在 12 月看到了生產力和實際價格雙雙走強的勢頭。專用營業收入年增，受益於 Cowan 比 2024 年多出兩個月，但銷售量也未能免受市場狀況的影響，我們也看到部分客戶計劃外汽車停產帶來了不利影響。

After two quarters of elevated churn, this moderated in the fourth quarter as expected. Start-ups also picked up as new business wins remain elevated versus the first half of the year, and we finished 2025 with approximately 950 trucks sold. Our fleet count was roughly flat quarter over quarter as productivity enabled us to utilize our existing equipment for implementations. However, start-up activity drove greater-than-expected headwinds to tractor productivity and costs, particularly in driver recruiting. Intermodal revenues, excluding fuel surcharge, were $268 million for the fourth quarter, a 3% decline year over year.

經過兩季的高流失率之後，第四季流失率如預期般有所緩和。與上半年相比，新業務的贏得量仍然較高，新創公司也隨之增加，到 2025 年底，我們售出了大約 950 輛卡車。由於生產效率的提高，我們能夠利用現有設備進行實施，因此我們的車隊數量與上一季基本持平。然而，創業活動為拖拉機生產力和成本帶來了比預期更大的不利影響，尤其是在司機招募方面。第四季多式聯運收入（不含燃油附加費）為 2.68 億美元，年減 3%。

This reflected volume growth of 3%, which was more than offset by mix-related declines in revenue per order. Despite last year's tariff-related pull forward creating a more difficult comp, volumes grew for the seventh quarter in a row. We also continue to outperform the broader market with strength led by Mexico, which grew over 50% year over year. However, demand slowed in December, reflecting an earlier end to peak season after some additional pull forward in the third quarter. Intermodal operating income was $18 million, a 5% increase compared to the same period last year, driven by a solid conversion of our volume growth and the benefit of our cost initiatives, which drove operating ratio to 93.3% or a 50 basis points improvement versus last year.

這反映出銷售量成長了 3%，但這一成長被與產品組合相關的每筆訂單收入下降所抵消。儘管去年關稅相關的提前到期導致年比數據較為困難，但銷量仍連續第七個季度成長。我們的業績也持續優於大盤，其中墨西哥市場表現強勁，較去年同期成長超過 50%。然而，12 月需求放緩，反映出第三季需求提前結束後，旺季也提前結束了。多式聯營運業營收為 1,800 萬美元，比去年同期成長 5%，這主要得益於貨運量成長的穩健轉換以及成本控制措施的成效，使得營業比率降至 93.3%，比去年改善了 50 個基點。

Logistics revenue, excluding fuel surcharge, totaled $329 million in the fourth quarter, up 2% from the same period a year ago, driven by the Cowan acquisition and an increase in gross revenue per order, offsetting ongoing volume pressure. Logistics income from operations was $3 million, down from $9 million last year, while operating ratio was 99.2%, an increase of 180 basis points. While gross revenue benefited from the spike in spot rates in December, we also saw a disproportionate spike in our purchase transportation, especially in certain geographies such as California, which we believe was exacerbated by regulatory pressure on capacity. This resulted in significant compression in the net revenue per order on our contract-rated business, including power only, even as we're able to leverage our spot exposure to accept and serve the higher spot rated business. Some project-related business materialized late in the quarter, but this only partially offset the net revenue margin compression.

第四季物流收入（不包括燃油附加費）總計 3.29 億美元，比去年同期增長 2%，這主要得益於對 Cowan 的收購以及每筆訂單毛收入的增加，抵消了持續的銷售壓力。物流營運收入為 300 萬美元，低於去年的 900 萬美元；而營運比率為 99.2%，上升了 180 個基點。雖然 12 月現貨價格的飆升帶動了總收入的成長，但我們也看到採購運輸量出現了不成比例的飆升，尤其是在加州等某些地區，我們認為這是由於監管壓力加劇了運力問題。這導致我們按合約計費的業務（包括僅電力業務）的每筆訂單淨收入大幅下降，即使我們能夠利用現貨市場敞口來接受和承接更高現貨計費的業務。本季末期出現了一些與專案相關的業務，但這僅部分抵消了淨收入利潤率的下降。

Turning to our balance sheet and capital allocation. As of December 31, 2025, we had $403 million in debt and lease obligations and $202 million of cash and cash equivalents. Our net debt leverage was 0.3x at the end of the quarter, an improvement from 0.5x at the end of the third quarter because of the paydown of $120 million in debt. This also marks continued deleveraging from 0.7x at the end of 2024, enabled by a strong cash flow generation even in a difficult backdrop as we prioritize capital discipline. The strength of our balance sheet gives us ample dry powder to complete additional accretive acquisitions if the right target becomes available while still maintaining an investment-grade profile.

接下來來看看我們的資產負債表和資本配置。截至 2025 年 12 月 31 日，我們有 4.03 億美元的債務和租賃義務，以及 2.02 億美元的現金和現金等價物。由於償還了 1.2 億美元的債務，本季末我們的淨債務槓桿率為 0.3 倍，較第三季末的 0.5 倍有所改善。這也標誌著該公司在 2024 年底繼續降低槓桿率，從 0.7 倍降至更低。即使在困難的環境下，我們仍然能夠保持強勁的現金流，因為我們優先考慮資本紀律。我們雄厚的資產負債表讓我們擁有充足的資金，可以在合適的收購目標出現時完成額外的增值收購，同時也能維持投資等級的績效。

In the fourth quarter, we paid $17 million in dividends and $67 million for the year. During the quarter, we opportunistically repurchased approximately 284,000 shares. On January 26, 2026, the Board of Directors authorized a new stock repurchase program under which $150 million of the company's outstanding common stock may be acquired over the next few years. Under the previous program, we repurchased 4.4 million shares for $110 million. Net CapEx in 2025 was $289 million compared to our guidance of approximately $300 million, primarily due to timing of certain payments.

第四季度，我們支付了 1,700 萬美元的股息，全年股息總額為 6,700 萬美元。本季度，我們抓住機會回購了約 284,000 股股票。2026 年 1 月 26 日，董事會批准了一項新的股票回購計劃，根據該計劃，公司可在未來幾年內回購價值 1.5 億美元的流通普通股。在先前的計畫下，我們以 1.1 億美元的價格回購了 440 萬股股票。2025 年淨資本支出為 2.89 億美元，而我們先前的預期約為 3 億美元，主要原因是某些款項的支付時間。

Free cash flow improved 14% year over year. We expect net CapEx for 2026 to be in the range of $400 million to $450 million. This primarily encompasses the replacement CapEx needed to protect our Asia fleet. We head into 2026 with a continued focus on growing earnings by prioritizing asset efficiency gains over outright equipment growth. Our adjusted earnings per share guidance for the full year 2026 is $0.70 to $1, which assumes an effective tax rate of approximately 24%.

自由現金流年增14%。我們預計 2026 年淨資本支出將在 4 億美元至 4.5 億美元之間。這主要包括為保護我們在亞洲的船隊所需的更換資本支出。進入 2026 年，我們將繼續專注於提高獲利能力，優先考慮提高資產效率，而不是直接增加設備數量。我們對 2026 年全年的調整後每股收益預期為 0.70 美元至 1 美元，假設有效稅率約為 24%。

We expect to see supply-driven market improvement and the benefits of our incremental $40 million in cost savings built through 2026. As a result, we anticipate a stronger second half of the year. However, we remain in an environment that's characterized by both inflationary cost pressure and demand uncertainty. The midpoint of our guidance assumes demand is consistent with what we saw for the first half of 2025 with elements of seasonality but no acceleration. Moving from the low end to the high end of our guide assumes varying degrees of demand with the low end assuming modest softening, especially in the consumer sector and the high end reflecting a slight overall pickup in economic activity.

我們預計到 2026 年，供應驅動的市場將有所改善，我們新增的 4,000 萬美元成本節約也將帶來效益。因此，我們預計下半年業績將更加強勁。然而，我們仍然處於通膨成本壓力和需求不確定性並存的環境中。我們預測的中點假設需求與我們 2025 年上半年所看到的一致，存在季節性因素，但不會加速成長。從指南的低端到高端，我們假設需求程度有所不同，低端假設需求略有疲軟，尤其是在消費領域，而高端則反映出整體經濟活動略有回升。

I will now turn the call back to Mark to share more perspective on 2026 expectations and outlook. Mark?

現在我將把電話轉回給馬克，讓他分享更多關於 2026 年預期和展望的觀點。標記？

Thank you, Darrell. I want to start with my perspective on the freight market as we move into 2026. As outlined earlier, results were marked by conditions that were softer than expected for much of the quarter, though we did experience material tightening in December. The volume follow-through from our customers came primarily towards the very tail end of the quarter. The capacity crunch at year-end caused some of our most transactional customers to push freight into the early days of January.

謝謝你，達雷爾。我想先談談我對2026年貨運市場的看法。如前所述，本季大部分時間市場環境都比預期更為寬鬆，儘管我們在 12 月確實經歷了實質的收緊。客戶的後續訂單量主要集中在季度末。年底運力緊張導致我們一些交易量最大的客戶將貨運推遲到 1 月初。

As the month progressed, conditions reverted to more normal seasonal patterns with spot rates moderating from recent highs. The end of the month also saw severe weather conditions across much of the country, which caused disruption to our operations. However, customers are also feeling the impact and have large backlogs. We are beginning to see premium opportunities to help them work through the disruption. As we look forward, the industry is already feeling the impact of supply rationalization related to regulatory actions in areas such as non-domiciled CDLs, English language proficiency and driver school certifications.

隨著本月的推進，情況逐漸恢復到更正常的季節性模式，現貨價格也從近期的高點回落。月底，全國大部分地區也出現了惡劣天氣，導致我們的營運受到影響。然而，客戶也受到了影響，積壓訂單很多。我們開始看到一些優質機會，可以幫助他們度過這場危機。展望未來，該行業已經感受到與非居民商業駕駛執照、英語語言能力和駕駛員學校認證等領域的監管行動相關的供應合理化的影響。

These actions are both removing capacity outright and importantly, restricting the funnel of new entrants. As a result, we expect capacity attrition to continue to ramp, and we continue to believe the impact is likely to be greater than what we saw from the electronic logging mandate in 2017. From here, demand is the largest swing factor in how the cycle evolves. The trajectory of consumer spending, impacts from the big beautiful Bill and interest rate policy all have the potential to significantly influence the timing and magnitude of improvement in market conditions. We closed 2025 with contract price renewals in our expected ranges.

這些措施既直接取消了產能，更重要的是，限制了新進者的管道。因此，我們預期產能損耗將持續加劇，我們仍然認為其影響可能會比 2017 年電子日誌強制令的影響更大。從這裡開始，需求是週期演變的最大搖擺因素。消費者支出的軌跡、巨額法案的影響以及利率政策都有可能對市場狀況改善的時機和幅度產生重大影響。2025 年末，合約續約價格均在預期範圍內。

We are far from finished and more progress needs to be made on rate restoration across our service offerings. We are very early in the freight allocation season, but it is clear that customers are increasingly cognizant of the growing supply side risk. While network is a smaller portion of our business today than our history, our spot rate exposure is also at historical highs, which will enable us to quickly capitalize when conditions improve. Our spot exposure will stay elevated in the near term and potentially even beyond 2026 if we feel rates have continued upside amid a significant shift in capacity. Beyond network, we also expect improved cycle dynamics to drive outperformance in rate and volume in our traditional brokerage, along with backhaul gains in Dedicated and stronger over-the-road conversion in intermodal.

我們遠未完成，在各項服務的價格恢復方面還需要取得更多進展。雖然目前還處於貨運分配季的初期，但很明顯，客戶越來越意識到供應方風險的增加。雖然如今網路業務在我們業務中所佔比例比以往要小，但我們的現貨價格敞口也處於歷史高位，這將使我們能夠在情況好轉時迅速獲利。短期內，我們的現貨敞口將保持較高水平，如果我們認為在產能發生重大變化的情況下，利率仍有上漲空間，那麼這種敞口甚至可能持續到 2026 年以後。除了網路之外，我們還期望改善的周期動態將推動我們傳統經紀業務在費率和數量方面取得優異表現，同時在專用運輸業務中獲得回程運輸收益，並在多式聯運業務中獲得更強勁的公路運輸轉換率。

We look forward to transitioning to a more supportive market. We also enter 2026 equally as eager to build on the progress we have made in our efforts to drive structural improvement in the business. We will continue to drive growth through differentiation and maintain a disciplined focus on doing more with less. Beginning with our strategic growth initiatives in truckload, network remains a key part of our service offering, but we have made significant progress over the last several years to pivot the portfolio to more of a dedicated configuration. While we are not targeting a specific mix, we will continue to lean into dedicated earnings growth, particularly with specialty equipment solutions, which is now a majority of our pipeline.

我們期待過渡到一個更有利的市場環境。進入 2026 年，我們同樣渴望在推動業務結構改善方面取得更大進展。我們將繼續透過差異化推動成長，並始終專注於以更少的資源創造更多價值。從我們整車運輸的策略性成長計畫開始，網路仍然是我們服務產品的重要組成部分，但在過去幾年中，我們取得了重大進展，將產品組合轉向更專業的配置。雖然我們沒有設定具體的業務組合目標，但我們將繼續致力於實現穩定的獲利成長，特別是專業設備解決方案，目前是我們業務發展的大部分。

We are seeing strength in food and beverage, home improvement and automotive verticals. Our specialty configurations typically have unique equipment or value-added actions by the driver or often both that are not easily replicated, creating durability in the business. We are seeing strong momentum in building the early stages of our pipeline, creating a wide funnel to support continued growth even as new implementations ramped up in the second half of 2025. In Intermodal, while we will not be immune to market conditions, we believe we can continue to drive share gains by leaning into our most differentiated lanes, a direct reflection of our ability to drive win-wins for our customers and for Schneider. We expect Mexico to continue its growth leadership.

我們看到食品飲料、家居裝修和汽車等垂直行業表現強勁。我們的特殊配置通常具有獨特的設備或駕駛員的增值操作，或者兩者兼而有之，這些都不容易複製，從而在業務中保持持久性。我們看到，在建構早期階段的通路方面，我們取得了強勁的勢頭，打造了一個寬廣的管道，即使在 2025 年下半年新實施專案加速推進的情況下，也能支持持續成長。在多式聯運領域，雖然我們無法免受市場狀況的影響，但我們相信，透過專注於我們最具差異化的線路，我們可以繼續推動市場份額的成長，這直接反映了我們為客戶和施耐德電機創造雙贏局面的能力。我們預計墨西哥將繼續保持其成長領先地位。

The launch of our Fast Track offering, where our service reliability is exceptional will drive incremental growth, and we are already seeing customer interest and conversion. Despite the strong growth in 2025, we see a long runway for over-the-road conversion amid more greenfield market opportunities. This includes opportunities from the changing rail landscape, where we remain engaged with both Eastern railroads. Finally, we'll continue to leverage our multimodal offering to meet our customer needs, however they manifest. In 2026, we will optimize volumes between our network and logistics offering based upon market conditions.

我們推出的快速通道服務具有卓越的服務可靠性，這將推動業務成長，我們已經看到客戶的興趣和轉換。儘管 2025 年成長強勁，但我們認為公路運輸改造還有很長的發展空間，因為還有更多新建市場的機會。這包括鐵路格局變化帶來的機遇，我們將繼續與東部鐵路保持聯繫。最後，我們將繼續利用我們的多式聯運服務來滿足客戶的各種需求。2026年，我們將根據市場狀況優化我們的網路和物流服務之間的運能。

In the near term, more volumes will flow toward network, but as conditions strengthen, logistics will enable us to meet increased demand and scale revenue while maximizing network profitability. As we continue to execute our growth plans, we will remain disciplined in our approach, focusing on growing earnings through operational efficiency regardless of market backdrop. As Darrell mentioned, we achieved our 2025 cost savings program. This was comprised of Cowan synergies, which continued to ramp in the fourth quarter and broader productivity-led cost reductions. We expect these to be structural even as we enter a more robust market.

短期內，更多貨物將流向網絡，但隨著情況好轉，物流將使我們能夠滿足不斷增長的需求並擴大收入，同時最大限度地提高網絡盈利能力。在繼續執行成長計畫的過程中，我們將保持嚴謹的態度，專注於透過提高營運效率來增加獲利，而不受市場環境的影響。正如達雷爾所提到的，我們實現了 2025 年的成本節約計畫。這包括 Cowan 的協同效應（在第四季度繼續增強）以及更廣泛的以提高生產力為導向的成本削減。我們預期即使市場環境更加穩健，這些問題仍將是結構性的。

We have reduced our nondriver headcount by 7%, which was primarily achieved in the second half of the year, bringing momentum into 2026. In 2026, we expect to deliver another $40 million in cost savings as we continue to execute our ongoing initiatives, including incremental benefits from reductions in headcount, further tightening of equipment ratios and additional in-sourcing of third-party spend, including maintenance and drayage expenses. We also continue to roll out Agentic AI throughout all our service offerings in a variety of support functions.

我們減少了 7% 的非駕駛員員工人數，這主要是在今年下半年實現的，為 2026 年的發展奠定了基礎。預計到 2026 年，隨著我們繼續執行各項舉措，包括減少員工人數帶來的額外收益、進一步收緊設備比率以及將第三方支出（包括維護和運輸費用）更多地納入內部管理，我們將再節省 4000 萬美元的成本。我們也將繼續在所有服務產品的各種支援功能中推廣智慧人工智慧。

We're already seeing enthusiastic adoption across the enterprise and early payoffs in improving service levels and in lowering our cost to serve. This discipline will also be reflected in our capital spending as we prioritize growing earnings through asset productivity. In Intermodal, even with our market-leading growth in 2025, we believe we can grow up to 20% to 25% without having to add containers. We may add some dray capacity over time, but this will enable us to in-source even more of our drayage capacity, improving productivity and reducing third-party spend. Within Dedicated, we believe we can accommodate much of our growth plans through increased productivity and by reallocating resources away from lower-performing accounts.

我們已經看到企業內部積極採用，並且在提高服務水準和降低服務成本方面取得了早期成效。這種嚴謹的管理方式也將體現在我們的資本支出上，我們將優先考慮透過提高資產生產力來增加收益。在多式聯運領域，即使我們實現了 2025 年市場領先的成長，我們相信在不增加貨櫃的情況下，我們也能成長 20% 到 25%。我們可能會隨著時間的推移增加一些短途運輸能力，但這將使我們能夠將更多的短途運輸能力納入內部，從而提高生產力並減少第三方支出。在 Dedicated 業務範圍內，我們相信可以透過提高生產力並將資源從業績效較差的客戶重新分配，來滿足我們大部分的成長計畫。

We have identified our lowest returning assets and the actions needed to improve them. In many instances, we will work with our customers to drive a win-win. But in instances where we are not, the strength of our new business wins enable us to put our assets to a better and higher use. These actions are already underway, and we expect to have the majority implemented by the second quarter of the year. Taken together, as we noted earlier, we believe the full course of supply rationalization is likely to occur over several quarters and through more than one bid cycle.

我們已經確定了回報率最低的資產以及需要採取哪些措施來改善這些資產。很多情況下，我們會與客戶合作，實現雙贏。但在某些情況下，我們新業務的成功使我們能夠更好地利用我們的資產。這些措施已經在進行中，我們預計大部分措施將在今年第二季完成實施。綜上所述，正如我們之前提到的，我們認為供應合理化的整個過程可能會持續幾個季度，並經歷不只一個招標週期。

We believe 2026 will mark only the beginning of capacity normalization and cyclical recovery, but not in its full breadth. Realizing that full impact as well as the continued execution of our strategy and a more sustained demand inflection marks a clear path to stronger mid-cycle returns beyond 2026. Finally, as you likely saw yesterday, we announced leadership changes. Beginning July 1 of this year, I will assume the role of Executive Chairman of the Board of Directors, and I am pleased Jim Filter will be appointed Schneider's next President and Chief Executive Officer. I am confident in Jim's ability to position the company for its next phase of growth as he brings nearly three decades of Schneider experience and deep operational expertise.

我們認為 2026 年只是產能正常化和週期性復甦的開始，但還遠遠未達到全面復甦的程度。充分認識到這一影響，以及我們策略的持續執行和更持久的需求拐點，標誌著2026年後實現更強勁的中期週期回報的明確途徑。最後，正如您昨天可能看到的，我們宣布了領導層變動。從今年7月1日起，我將擔任董事會執行主席一職，我很高興吉姆·菲爾特將被任命為施耐德電機的下一任總裁兼執行長。我對吉姆有能力帶領公司進入下一個發展階段充滿信心，因為他擁有近三十年的施耐德電機經驗和深厚的營運專業知識。

He's been integral in executing our commercial and operational strategies. And now I'd like to turn the call over to Jim for his remarks. Jim?

他在執行我們的商業和營運策略方面發揮了至關重要的作用。現在我想把電話交給吉姆，請他發言。吉姆？

Thank you, Mark, and thank you to the entire Board of Directors for their trust and support. I am honored to take the helm at Schneider. Despite a challenging market in 2025, our actions throughout the year have strengthened our foundation and positioned us to benefit as conditions continue to improve. We are already seeing early signs of improving market conditions as supply rationalization is underway. We remain disciplined, focused and well aligned to capture the upside of a recovering cycle.

謝謝你，馬克，也謝謝全體董事會成員的信任與支持。我很榮幸能夠執掌施耐德電機。儘管 2025 年市場充滿挑戰，但我們全年的行動鞏固了我們的基礎，並使我們能夠在市場狀況持續改善時受益。隨著供應合理化進程的推進，我們已經看到市場狀況開始出現改善的早期跡象。我們保持自律、專注和協調一致，以掌握復甦週期帶來的機會。

With a strong balance sheet, a resilient portfolio and momentum in our strategic initiatives, we are optimistic about the opportunities ahead and confident in our ability to drive earnings and returns higher. As I look forward to stepping into this role, I'm focused on leading Schneider through this next chapter and driving long-term value for our shareholders.

憑藉強勁的資產負債表、穩健的投資組合以及戰略舉措的良好勢頭，我們對未來的機會充滿信心，並有信心推動盈利和回報不斷增長。展望未來，我將專注於帶領施耐德電機開啟新的篇章，並為我們的股東創造長期價值。

Thank you, Jim. And with that, we will open it up for your questions.

謝謝你，吉姆。接下來，我們將開放提問環節。

(Operator Instructions) Ravi Shanker, Morgan Stanley.

（操作說明）拉維‧尚克爾，摩根士丹利。

Great, thanks, everyone. CEO change at Schneider is not something that happens very often. So I just want to recognize the moment. Mark and Jim, congratulations on the next phases of your career. Maybe kick off with the questions. I think, Mark gave us a sense of what you thought of 2026 so far.

太好了，謝謝大家。施耐德電機更換CEO並不常見。所以我想記住這一刻。馬克和吉姆，恭喜你們開啟職涯的新篇章。或許可以先從提問開始。我認為，馬克讓我們了解了你目前對 2026 年的看法。

Just in your guide, kind of what bid season is kind of priced in at the midpoint and high end? I think you said expected ranges of pricing. What does that look like? And also, I think, Darrell, you walked through some of the demand side moving parts in the guide. What are the supply side assumptions that underpin your guide?

你的指南裡有沒有提到，中高價位的價格已經大致反映了競標季的影響？我想你指的是預期價格範圍。那看起來像什麼？而且，我認為，達雷爾，你在指南中也談到了一些需求方面的動態因素。您的指南是基於哪些供給面假設？

Thank you, Ravi. This is Mark. So maybe we'll just tackle the guide a little bit relative to -- I think your first part of that was price. As we came out of 2025 and really if you break across the portfolio in our network business, even in less constructive, in my view, environment, we were able to get to mid- to low single-digit contract renewals, even if that meant placing some additional capacity in the spot market for the short term. And so we would expect that we're going to continue to lean into price because price recovery is part of what needs to occur to get back to our mid-cycle earnings targets.

謝謝你，拉維。這是馬克。所以，或許我們可以稍微從價格的角度來探討一下這個指南——我認為你提到的第一部分是價格。2025 年之後，如果我們仔細分析我們網路業務的投資組合，即使在我認為不太有利的環境下，我們仍然能夠實現個位數中低段的合約續約率，即使這意味著短期內需要在現貨市場增加一些額外的產能。因此，我們預計我們將繼續重視價格，因為價格復甦是實現中期獲利目標所必需的。

We also would expect that increasingly, we need to see some of that in the truckload space as we normally do before we start to see that transpire in Intermodal. And what I'm really proud about the Intermodal group is that we're growing volumes even with different mixes -- mix relative to the revenue per order, a little higher backhaul, a little shorter length of haul, and we're still able to translate that additional volume into incremental margins into the business. And so I think we have a solid path to continue to lead intermodal growth, focusing on our key differentiation markets and remain very bullish there. But maybe, again, a little more time before we see a price catch up to what we expect in truckload.

我們也預計，在多式聯運領域，我們需要像往常一樣，先在整車運輸領域看到一些這樣的變化，然後再開始看到這種變化發生。我為多式聯運集團感到自豪的是，即使組合方式不同——相對於每筆訂單的收入而言，回程運輸量略高，運輸距離略短——我們仍然能夠將額外的運輸量轉化為業務的增量利潤。因此，我認為我們有一條穩固的道路繼續引領多式聯運的成長，專注於我們的關鍵差異化市場，並對這些市場保持非常樂觀的態度。但或許還需要一段時間，我們才能看到整車價格達到我們預期的水平。

And then, Ravi, as it relates to the supply side, so a pretty wide range, which reflects the uncertainty in the market. But in all points in our guidance, we're expecting supply to continue to exit. There's a lot of momentum as it relates to regulatory enforcement that's driving supply out. We've seen that in 2025, and we expect that to continue into 2026. So one of our baseline assumptions is that capacity will continue to exit.

然後，Ravi，就供應方面而言，範圍相當廣泛，這反映了市場的不確定性。但在我們所有的指導方針中，我們都預期供應將繼續退出市場。監管執法力度加大，導致供應外流，這股動能非常強勁。我們在 2025 年已經看到了這種情況，我們預計這種情況會持續到 2026 年。因此，我們的基本假設之一是產能將繼續退出市場。

Now the degree at which and the pace at which that supply exits will determine how we move along from the low end to the high end of the range. From a demand standpoint, at the low end of the range at $0.70. Just as a reminder, we finished the year at $0.63 of EPS. There is an admission that there is some conservatism that's embedded in $0.70. We're assuming that demand conditions at $0.70 are comparable to what we saw towards the end of 2025, the second half.

現在，供應退出的程度和速度將決定我們如何從區間的低端移動到高端。從需求角度來看，股價處於區間低端，為 0.70 美元。提醒一下，我們今年的每股盈餘為 0.63 美元。我們承認，0.70美元的價格區間內蘊含著一定的保守性。我們假設0.70美元的價格區間內的需求狀況與2025年下半年的需求狀況相當。

So softer market conditions. But as we kind of move up the range, we expect more constructive -- more constructive demand picture. So as it relates to the midpoint of the range, we're focused on a lot of things that are within our control. So all the initiatives that Mark outlined in terms of cost, we completed $40 million of cost savings in 2025. We expect to continue and sign up for another $40 million in 2026.

因此，市場環境較為疲軟。但隨著我們向上調整，我們預計需求前景將更加樂觀。所以，就價格區間的中點而言，我們關注的重點是很多我們能夠控制的事情。因此，馬克提出的所有成本節約措施，我們在 2025 年實現了 4,000 萬美元的成本節約。我們預計將在 2026 年繼續簽署另一項價值 4,000 萬美元的協議。

So that's embedded within the midpoint of our range. We're also focused on growing where we have differentiation, intermodal, specialty dedicated. So midpoint assumes that. We also faced some headwinds towards the end of the year, the unplanned auto shutdowns, the heightened health care costs. We don't expect any of those to recur.

所以它位於我們產品範圍的中點範圍內。我們也專注於在我們具有差異化優勢、多式聯運和專業化專營領域實現成長。所以中點假設了這一點。年底我們也面臨一些不利因素，例如計劃外的汽車停產和不斷上漲的醫療保健成本。我們預計這些情況不會再發生。

So that's all built into our midpoint assumptions.

所以這些都已納入我們的中點假設。

Very good, thank you.

非常好，謝謝。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good afternoon. Mark, I wanted to talk about the dedicated revenue per truck per week for a second. If we look at the sequential move from 3Q to 4Q, it looks like it's the lightest it had been in at least 10 years and minus almost 4% year over year. So it just seemed kind of counter seasonal. And I know our models certainly don't line up the years all the time, but it looks like the biggest area of the shortfall in 4Q EPS. So I know there's start-up costs that hit OR, but maybe help explain the dedicated revenue per truck per week and why that may be lagged so much in 4Q.

謝謝。午安.馬克，我想簡單談談每輛卡車每週的專用收入。如果我們看一下從第三季到第四季的連續變化，就會發現這是至少 10 年來最疲軟的時期，比去年同期下降了近 4%。所以感覺有點反季節。我知道我們的模型肯定不能總是把年份完全吻合，但這似乎是第四季度每股收益缺口最大的方面。我知道俄勒岡州會面臨啟動成本，但或許可以解釋一下每週每輛卡車的專用收入，以及為什麼第四季該收入會落後這麼多。

Sure, Jonathan. Thank you for the question. One of the things that are embedded in there is the automotive shutdowns that occurred because of componentry issues, namely around chips, which really affected Dedicated specifically, but also some of our intermodal business coming in and out of Mexico. And so that was unplanned. That was not forecasted well, and our OEMs had to adapt and adjust to that.

當然可以，喬納森。謝謝你的提問。其中涉及的問題之一是由於零件問題（特別是晶片問題）導致的汽車停產，這不僅對 Dedicated 造成了嚴重影響，也影響了我們進出墨西哥的一些多式聯運業務。所以那是計劃外的。這一點預測不準確，我們的原始設備製造商不得不做出調整以適應這種情況。

And that predominantly hit in the month of November, but it hit most of the month. So unfortunately, that was most prominent in our metrics within Dedicated. And I also mentioned we have three large start-ups, which we anticipated in our guidance relative to the fourth quarter. We have some additional cost issues there relative to capacity and some of the difficulty getting all of that sourced, which also had some impact. So those were the items.

這種情況主要發生在11月份，但幾乎整個11月份都受到了影響。因此，很遺憾，這在我們專用伺服器的各項指標中最為突出。我還提到我們有三家大型新創公司，這與我們先前對第四季業績的預期一致。與產能相關的額外成本問題以及採購所有所需物資的困難也造成了一定的影響。以上就是全部物品。

Again, we don't think those are long term in nature. We always have levels of start-up activity, particularly when you sell 950 units throughout the year, but we have three larger start-ups in the fourth quarter.

我們再次強調，我們認為這些都不是長期性的。我們一直都有一定程度的創業活動，尤其是在全年銷售 950 台設備的情況下，但第四季度我們有三個規模更大的創業項目。

So Darrell. The other thing that is the health care costs that we saw that were heightened in the fourth quarter. Most of that was in Truckload, and the majority of the Truckload wasn't Dedicated.

所以達雷爾。另一件事是醫療保健成本，我們在第四季度看到成本上升。其中大部分是整車運輸，而且大部分整車運輸並非專線運輸。

Okay, thank you. Just as a follow-up, going back to that $40 million of costs that you're targeting again this year, how much of that is volume/revenue dependent? Because if we just add $40 million to kind of the adjusted net income from '25, you get pretty close to the midpoint of the '26 guide. So is that like $40 million if the fundamentals of the business kind of track as you're expecting and maybe something less than that if we're closer to the low end of the range from a volume or a pricing perspective?

好的，謝謝。作為後續問題，回到今年再次設定的 4000 萬美元成本目標，其中有多少是與銷售/收入相關的？因為如果我們把 4,000 萬美元加到 2025 年的調整後淨收入中，就能非常接近 2026 年指引的中點。如果業務基本面如您預期的那樣發展，那麼金額大概是 4000 萬美元；如果從銷售或定價的角度來看，我們更接近預期範圍的下限，那麼金額可能會少一些？

Yes. So I think as I mentioned -- this is Darrell, sorry. As I mentioned in the prepared remarks, the $40 million of cost savings, a lot of it is productivity based. So as volume increases, some of those will be more evident. Especially because they're structural.

是的。所以，正如我剛才提到的——我是達雷爾，抱歉。正如我在準備好的演講稿中提到的，這 4000 萬美元的成本節約，很大程度上是基於生產力的提高。隨著銷量增加，其中一些問題會更加明顯。尤其因為它們是結構性的。

So as volume returns, the costs aren't going to return at the same pace. There is an acknowledgment at least that we're still in an inflationary environment. So while we do expect that the cost savings will offset much of that, it won't offset all of the inflationary pressure, so that's another factor to consider. So, I'm not sure if that answered the question.

因此，隨著銷售量的恢復，成本不會以相同的速度恢復。至少人們已經承認，我們仍然處於通貨膨脹的環境中。因此，雖然我們預期成本節約將抵銷大部分通膨壓力，但無法完全抵銷通膨壓力，所以這是另一個需要考慮的因素。所以，我不確定這是否回答了這個問題。

Yeah, no, that's helpful. Thanks, Darrell, thank you, Mark.

是的，那很有幫助。謝謝達雷爾，謝謝你，馬克。

Thank you, Jonathan.

謝謝你，喬納森。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, good afternoon. Thanks for taking the questions. Now that the merger application has been filed and I guess, will be refiled, I just wanted to see if you could give some comments if you had some time to digest what maybe some of the domestic intermodal commentary within there might mean for Schneider and how you're kind of viewing that? Also one of your peers filed for Chapter 11. So maybe just some broader comments about the land in domestic intermodal with those two big factors out there.

嘿，下午好。謝謝您回答問題。既然合併申請已經提交，而且我猜還會重新提交，我想問您，如果您有時間仔細考慮一下其中一些關於國內多式聯運的評論對施耐德航空可能意味著什麼，以及您對此有何看法，能否發表一些意見？另外，你的一位同儕也申請了破產保護（第11章）。所以，或許可以就國內多式聯運的土地問題，以及這兩個主要因素，做一些更廣泛的評論。

Yes, Brian, thanks. This is Jim. So obviously, all the way through this process, we've been engaged in collaborating with each one of the rails and especially the two Eastern providers. We're very happy with our current provider in the East, but we're continuing to understand information as it emerges. -- there really wasn't any significant new information in the submission.

是的，布萊恩，謝謝。這是吉姆。顯然，在整個過程中，我們一直與各鐵路公司，特別是兩家東部鐵路公司合作。我們對目前在東部的供應商非常滿意，但我們會持續關注並了解最新資訊。 ——提交的資料中實際上並沒有什麼重要的新資訊。

But everything that has come out just reinforces our confidence in that -- our intermodal team, their ability to assess new services, help us navigate through any opportunities that emerge. And in terms of the overall competitive dynamic in intermodal, we feel very good about our position. We've had seven quarters in a row where we've been able to grow, and we're growing into areas of differentiation. And there's a lot of those. So you think about in Mexico, we're delivering service that's one to three days faster, 99.98% claims free.

但所有已經公佈的資訊都增強了我們對此的信心——我們的多式聯運團隊，他們評估新服務的能力，幫助我們把握任何出現的機會。就多式聯運的整體競爭格局而言，我們對自身地位感到非常滿意。我們已經連續七個季度實現了成長，並且正在向差異化領域發展。這樣的事情很多。所以想想在墨西哥，我們提供的服務速度比其他地方快一到三天，而且99.98%沒有索賠。

It's really -- that's a big advantage, not just to other intermodal carriers, but over the road as well. And now we're leveraging some of our differentiation with Fast Track with shippers that have really high service expectations. So we feel really good relative to all of our competitors. And so we're not immune to market conditions, but I feel like we continue to outperform in our intermodal business.

這確實是一個很大的優勢，不僅對其他多式聯運承運商而言如此，對公路運輸也是如此。現在，我們正利用快速通道服務的一些差異化優勢，為那些對服務期望值非常高的托運人提供服務。所以相對於所有競爭對手，我們感覺非常好。因此，我們並非不受市場狀況的影響，但我感覺我們在多式聯運業務方面繼續表現出色。

All right, thank you, Jim. Darrell, maybe a quick follow-up on CapEx. It looks like it's going up a reasonably decent amount next year. So they're subject to market conditions, perhaps, but maybe you can give a little bit more color in terms of what's in there? It sounded like maybe some of that was equipment. Is that for purely replacement? Or is some growth in there?

好的，謝謝你，吉姆。達雷爾，或許可以快速跟進資本支出方面的狀況。看起來明年會有相當可觀的漲幅。所以它們可能受到市場條件的影響，但您能否更詳細地介紹裡面的內容？聽起來其中一些可能是設備。那純粹是為了替換嗎？或是裡面有一些生長？

Yes, sure. Good question. So as it relates to CapEx for the past several quarters, we've been talking about just focusing on growing earnings as opposed to truck count. And we've seen that across Dedicated, Network, Intermodal across the board. So we're focused on doing more with less.

當然可以。問得好。因此，就過去幾季的資本支出而言，我們一直在討論的是專注於提高獲利能力，而不是增加卡車數量。我們已經看到，無論是在專用線路、網路線路或多式聯運中，這種情況都普遍存在。所以我們專注於用更少的資源做更多的事情。

In Dedicated, for example, we're reallocating equipment to higher-yielding business. So our CapEx plan for 2026 is mostly replacement based, just given our focus on keeping our fleet count flat. So we're protecting our age of fleet, and primarily all of the CapEx is replacement.

例如，在專用業務中，我們將設備重新分配給收益較高的業務。因此，鑑於我們致力於保持車隊數量不變，我們 2026 年的資本支出計畫主要以替換為主。因此，我們正在保護我們現有的車隊，而且所有的資本支出主要用於更換新車。

Brian, we also had a little less CapEx this year as we were looking for tariff clarity. That has emerged and clear. And we also had a little bit of timing in the fourth quarter to the first quarter just based upon availability, one facility and some equipment. So that's really the step-up, and it's all, to Daryl's point, virtually in the replacement cycle.

Brian，由於我們一直在尋求關稅方面的明確訊息，因此今年的資本支出也略有減少。這一點已經顯現並很清楚了。此外，由於設施和設備的可用性，我們在第四季度到第一季之間也出現了一些時間上的偏差。所以這才是真正的進步，正如達裡爾所說，這一切其實都屬於人員更替週期。

Okay, thank you and congrats, Mark and Jim.

好的，謝謝，也恭喜馬克和吉姆。

Thank you. Thanks, Brian.

謝謝。謝謝你，布萊恩。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. I'll start off with the same. Mark and Jim, congrats as you each move on to the next phase, well deserved. The auto plant shutdowns, I mean, it seems like such a major differentiation for your business alone. Given that scale, and I guess the last conference you did was in November, was there any thoughts to doing a pre-release or since it's such a change of magnitude to your thoughts on your outcome?

嘿，太好了。我先從同樣的事情開始。馬克和吉姆，恭喜你們進入人生的下一個階段，這是你們應得的。汽車工廠停產，我的意思是，這似乎對貴公司來說是一個非常重大的影響。鑑於這次會議的規模，而且我猜你上次開會是在 11 月，你有沒有考慮過提前發布？或者說，由於規模變化如此之大，你對最終結果的看法又會如何呢？

And then I guess, as you look forward to the operating ratio, right? So typically, you deteriorate about 220 basis points into the first quarter at Truckload. And I know you don't do quarterly rollout, but maybe just given the couple of things you threw out there, Darrell, on the timing of cost savings or as the $40 million rolls in, anything you want to kind of talk about differentiation from normal given where we're leaving off and the different dynamics here?

然後我想，你肯定會期待營運比率，對吧？因此，通常情況下，卡車運輸業務在第一季會惡化約 220 個基點。我知道你們不按季度推出，但鑑於你剛才提到的幾點，達雷爾，關於成本節約的時間安排，或者隨著 4000 萬美元的到位，你有什麼想談談與以往不同的情況嗎？考慮到我們目前的狀況和這裡不同的動態？

Yes, let me take the first one as it related to the automotive. And certainly, one of the items that we've leaned into and diversification of our revenue base is looking for new growth opportunities. Manufacturing was one of those that we had targeted and production part automotive is playing a bigger role in our portfolio, which in many conditions is a very good thing. And there was a lot of uncertainty. Our OEMs didn't know exactly all was going to happen there when that problem occurred.

是的，我先回答第一個問題，因為它與汽車產業有關。當然，我們一直致力於實現收入來源多元化，並尋找新的成長機會。製造業是我們重點關注的領域之一，汽車零件生產在我們的產品組合中扮演著越來越重要的角色，這在許多情況下都是一件非常好的事情。當時有很多不確定因素。當時問題發生時，我們的原始設備製造商並不知道會發生什麼事。

And so we didn't have full understanding clarity as our customers were working through that. But our -- one of our acquisitions and certainly our organic dedicated growth has had success in the production automotive parts. And so in 2026, that's a development that's a bit more of our story, which we think in the long term is a very good thing, particularly as we continue to leverage our strengths in and out of Mexico and the importance of the automotive industry relative to the Mexico base. So -- we would have liked to have clear visibility to that in a whole host of ways, but that was an emerging issue that a number of our OEMs had to work through, and they worked through that to varying degrees of success to keep production up. So that's really what occurred there and from a transparency standpoint, and then we will follow up on his other question.

因此，當我們的客戶遇到問題時，我們並沒有完全了解情況。但是，我們的一項收購以及我們自身的持續成長，在汽車零件生產領域取得了成功。因此，到 2026 年，這將更多地反映我們的發展趨勢，我們認為從長遠來看，這是一件非常好的事情，尤其是在我們繼續利用我們在墨西哥內外的優勢，以及汽車行業相對於墨西哥基地的重要性的情況下。所以——我們本來希望能夠從各個方面清楚地了解這一點，但這卻是一個新出現的問題，我們的許多原始設備製造商不得不努力克服，他們也以不同程度的成功來維持生產。所以，事情的真相就是這樣。從透明度的角度來看，之後我們會跟進他的另一個問題。

Yes. The other question on just timing of cost and cost savings. So a lot of the cost savings, again, are structural, but also relate to productivity. The expectation is that the second half of the year shows more improvement, and that follows through also with cost, similar to what we saw in 2025, where there was a ramp throughout the year. Some of the initiatives are going to be consistent throughout the year, such as the nondriver FTE reductions, but anything productivity based would be more back half weighted.

是的。另一個問題是關於成本和成本節約的時間安排。因此，許多成本節約都是結構性的，但也與生產力有關。預計下半年情況將有所改善，成本方面也會如此，類似於我們在 2025 年看到的情況，當時全年都在穩步增長。有些舉措將在全年持續進行，例如減少非駕駛員全職員工人數，但任何基於生產力的舉措都將在下半年更加突出。

Okay. And then as it relates to Intermodal. We're off to a very interesting start, obviously, with the weather conditions and the disruption that we're feeling, but also our customers are feeling. And so we believe there is a backlog of significance across the supply chain just because of the entire breadth of the weather, it looks like we may have another coming at us this weekend.

好的。然後，就多式聯運而言。顯然，由於天氣狀況以及我們和客戶所感受到的干擾，我們的開局非常有趣。因此，我們認為整個供應鏈都存在嚴重的積壓，這完全是由於惡劣天氣造成的，而且看起來這個週末我們可能還會面臨另一場惡劣天氣。

So I think that comes with opportunity, and it comes with depth of our portfolio that we're going to be able to respond. And I think we'll be able to leverage how we help customers deal with that and be paid reference to the value that we're going to create. And so we're seeing some of that emerge already, Ken, but I think it will come down to what is -- how does that whole quarter play out from the cost, the recovery and the demand catch up. So the company -- and we are poised to take advantage and be there for our customers and -- and it's just -- but it's a really, really disruptive time just based upon the extent of the storm and the impact.

所以我認為這帶來了機遇，也帶來了我們豐富的投資組合，使我們能夠應對這些機會。我認為我們可以利用我們幫助客戶應對這種情況的方式，並根據我們將要創造的價值獲得報酬。所以我們已經看到其中一些跡像出現了，肯，但我認為最終取決於整個季度成本、復甦和需求追趕等方面的進展。所以公司——我們已做好準備，抓住機遇，為我們的客戶提供服務——但是——由於風暴的程度和影響，這確實是一個非常非常具有破壞性的時期。

Yes. If I could just get one clarification, right? So it seemed like the Cowan fleet total stayed fairly consistent through the year. It didn't look like the fleet dropped off. But Intermodal, your loads really dropped off -- had big load wins in second and third quarter, upper single digits that tailed off in fourth quarter.

是的。如果我能得到一個明確的答复，對嗎？因此，考恩船隊的總數似乎在一年中保持相當穩定。看起來艦隊並沒有撤離。但是聯運方面，你們的貨運量確實下降了——第二季度和第三季度貨運量大幅增長，第四季度貨運量也達到了個位數，但之後就逐漸下降了。

Is that the same thing in the auto business on intermodal that you're talking about on the truck rates to John just before?

你剛才跟約翰談卡車運費的時候，說的汽車運輸中的多式聯運是指同一件事嗎？

It feels like a sneaky third question, but we're going to go ahead and let that one go. Go ahead.

感覺像是偷偷摸摸的第三個問題，但我們還是先放過它吧。前進。

Okay. Thanks, Mark. Really, in -- if you look back at the comps for last year and fourth quarter of last year is when we really started seeing across the industry a pickup in demand. And now there was the threat of tariffs, and then that really carried into the first half of 2025, the pull ahead. And so we continue to grow year over year, which actually is much better than the overall industry.

好的。謝謝你，馬克。確實，如果你回顧去年同期的數據，你會發現去年第四季正是整個產業需求開始回升的時候。現在又出現了關稅威脅，而且這種威脅一直延續到 2025 年上半年，進一步加劇了情況。因此，我們繼續保持逐年成長，這實際上比整個行業的情況要好得多。

So from our lens, we really didn't see a drop off. It was really just a matter of tougher comp year over year.

所以從我們的角度來看，我們並沒有看到任何下降。其實只是每年的競爭都越來越激烈而已。

Wonderful. Thanks for the time, guys. Appreciate the thoughts. Okay.

精彩的。謝謝各位抽出時間。感謝你的建議。好的。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Just wanted to come back to demand a little bit. Obviously, you alluded to it a few times, but there's been a lot of puts and takes this past '25 with tariffs pull forward, et cetera. There were some indications that we had seen perhaps that inventory at wholesale and retail had drawn down quite a bit and maybe this dovetails a little bit with your comments on the pickup in demand in December. So do you have any context from customers or what have you, how they're feeling about inventory levels as we move into this year? And is there some sense of optimism perhaps that maybe with the various stimulatory effects, we could see a restock type of event for freight?

我只是想回來提一點要求。顯然，你曾多次暗示過這一點，但在過去 2025 年裡，由於關稅提前生效等原因，市場出現了許多波動。有一些跡象表明，批發和零售的庫存可能已經大幅下降，這可能與您對 12 月需求回升的評論有些吻合。那麼，您有沒有從客戶那裡了解到的情況，例如他們對今年庫存水準的看法？是否有一種樂觀情緒認為，在各種刺激措施的影響下，我們可能會看到貨運市場出現補貨現象？

Yes, Jordan, this is Jim. I'll take that one. And so you're absolutely right. As we're going through November, early part of December, we believe end market consumer demand remains stable, but we are seeing customers starting to work down inventory, and that really changed the last two weeks of December. And so there were some restocking activity that was attempting to take place in the last couple of weeks of December.

是的，喬丹，這是吉姆。我選那個。所以你的說法完全正確。進入 11 月和 12 月初，我們認為終端市場消費者需求保持穩定，但我們看到客戶開始減少庫存，這種情況在 12 月的最後兩週發生了真正的變化。因此，在 12 月的最後幾週，出現了一些補貨活動。

So there were some shippers that were scrambling for capacity and some of that pushed into January, and we are working through some of that backlog with some shippers that had some freight carryover. And I'd say that it was really the most transactional shippers that had that carryover, as Mark was talking about, also generating some premiums and also some additional cost to ship drivers around. We are still working through that when winter Storm Ford came through. And initially, that created some cost for us as we are getting equipment back up. We've been operating through that.

因此，一些貨主爭相尋找運力，其中一些訂單被推遲到了 1 月份，我們正在與一些貨主一起處理一些積壓的貨物，這些貨主有一些貨物結轉。而且我認為，真正產生這種結轉效應的是交易量最大的托運人，正如馬克所說，這也會產生一些溢價，以及一些額外的司機運輸成本。我們也正在努力應對冬季風暴福特帶來的衝擊。最初，由於我們需要恢復設備運行，這給我們造成了一些成本。我們一直都是這樣運作的。

We're not completely clear, and now we have another storm coming through. And so I think some of this carryover is going to continue for a few more weeks as we look out there. And so we have some of those activities taking place. I'd say that impact is going to be disproportionately negative for the most transactional customers. And historically, when we look at these things, the spot rates, it's not just a quick event.

我們目前還不完全清楚情況，而且現在又有一場風暴要來了。因此，我認為這種延續性影響還會持續幾週。所以，我們正在進行一些這樣的活動。我認為，對於交易量最大的客戶而言，這種影響將不成比例地產生負面影響。從歷史角度來看，當我們審視這些事情，例如即期匯率時，它並非只是一個短暫的事件。

It goes up higher over multiple weeks, and it starts in the area that's immediately impacted, but then expands beyond that as capacity is dislocated. And then if we look further out on the horizon, there's a lot of positive catalysts that we see out there, whether it's from capital investments as a result of the One Big Beautiful Bill Act, some strong tax refunds, interest rate cuts that search us for home investment again. And so positives out there. But that being said, we've seen some headaches before. And while we are absolutely seeing supply come out of the market already, we're still waiting a little bit for those demand catalysts to convert before we completely underwrite it.

這種情況會持續數週不斷惡化，最初發生在受影響最嚴重的地區，但隨著產能的錯位，影響範圍會逐漸擴大。如果我們放眼更遠的未來，就會發現有很多積極的催化劑，例如《一項偉大的法案》帶來的資本投資、強勁的退稅、以及再次推動住房投資的降息。所以，正面因素依然存在。但話說回來，我們以前也遇到過一些棘手的問題。雖然我們已經看到市場上的供應減少，但我們仍在等待需求催化劑轉變，然後再完全承銷。

Maybe just to put a bow on that, Jordan, as you look at the Logistics Manager Index, you really did see a precipitous drop in inventories at the latter part of the year, particularly in December, which feels consistent with what our experience was in the month of November. which we saw a drop off really in most demand categories and then it really started to bounce back, as Jim said, late in the year when capacity was tight and it's really carried that concept through here through the first several weeks of January. So absolutely, I think that could lead to a more intense replacement or replenishment cycle. We'll have to see. But we think that's lining up more probability in that direction.

喬丹，最後補充一點，你看物流經理指數，確實發現下半年庫存急劇下降，尤其是在12月份，這與我們11月份的經驗一致。 11月份，我們看到大多數需求類別都出現了下降，然後正如吉姆所說，在年底產能緊張的情況下開始反彈，而且這種趨勢一直延續到1月份的前幾週。所以，我完全認為這可能會導致更頻繁的替換或補充週期。我們拭目以待。但我們認為這更有可能朝著那個方向發展。

Thank you.

謝謝。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yeah, good afternoon. Mark and Jim I also want to add my congratulations to both of you. Mark, certainly a pleasure working with you over the years and wish you the best. And likewise, Jim, I'm sure you'll do a great job in the new leading position. Let's see. So I wanted to get your thoughts on if we don't see improvement in demand, how much rate you think you can get from just the supply side, right?

午安.馬克和吉姆，我也想向你們兩位表示祝賀。馬克，這些年來與你共事非常愉快，祝你一切順利。吉姆，同樣地，我相信你一定能在新的領導職位上做得非常出色。讓我們來看看。所以我想聽聽你們的看法，如果需求沒有改善，你們認為僅從供應方面能獲得多少利率，對吧？

Like you seem pretty optimistic on supply with good reasons, supply reduction. Can you get kind of mid-single digits rate on that with, say, truckload contract rates if you don't get help from demand? Or you think that's going to be -- is that maybe too high a bar?

看來你對供應前景相當樂觀，而且理由充分，供應將會減少。如果需求沒有幫助，你能以卡車運輸合約費率的價格拿到個位數的中等費率嗎？或者你認為這會是──這標準是不是太高了？

Yes, Tom, thanks. This is Jim. So let me just maybe clarify a little bit on capacity and our position on that, and then I'll step into rates. So generally, we subscribe to the fact that this is an efficient market. And when it's working properly, you see an up cycle that lasts about 18 months, followed by a down cycle that lasts about 18 months.

是的，湯姆，謝謝。這是吉姆。那麼，讓我先稍微澄清一下運力以及我們在這方面的立場，然後再談談費率問題。所以總的來說，我們認同這是一個有效市場的觀點。當它正常運作時，你會看到一個持續約 18 個月的上升週期，然後是一個持續約 18 個月的下降週期。

And here we are four years into a down cycle. So something is different, not normal. We've been talking about shadow capacity for quite a while. And that's coming from non-documented workers that are able to get CDLs, CDL mills graduating students without the investment to become safe drivers, drivers that don't meet the English language proficiency, D1 committing cabotage and ELDs that are self-certified improperly. So the step-up in enforcement that we're starting to see -- that's not only removing capacity, but that's starting to constrict the top of the funnel with new drivers entering.

如今我們已經進入經濟下行週期四年了。所以情況有些不同尋常，不正常。我們已經討論影子容量很久了。而造成這種情況的原因包括：無證工人能夠獲得商業駕駛執照 (CDL)；商業駕駛執照培訓機構在沒有投入資金的情況下培養出安全駕駛員；英語水平不達標的駕駛員；從事沿海運輸的 D1 類駕駛員；以及自我認證不當的電子記錄設備 (ELD)。因此，我們開始看到的執法力度加大——這不僅減少了運力，而且開始限制新司機進入管道。

And in particular, the most irrational capacity is what's exiting. And that's what's we believe, creating a condition that will enable the market to adjust. And we're starting to see that when you have a little bit of tightness out there. We also see it in our own business. We see that in our driver recruiting volume moderating and we've had some buyers of our tractors canceling purchases because of their driver pool shrinking.

尤其值得注意的是，最不理性的能力正在湧現。我們相信，創造一個能讓市場進行調整的條件才是關鍵。我們開始看到，當外界出現一些緊張情緒時，就會出現這種情況。我們在自己的企業中也看到了這種情況。我們發現，司機招募量正在放緩，而且由於司機數量減少，一些購買我們拖拉機的買家已經取消了購買訂單。

And we've seen a sharp contraction in our brokerage carrier count, particularly in regions where non-domicile exposure was outsized in places like California. But it's not an event-based situation. There is no cliff. It's going to take time to play out. So we expect that capacity is going to continue to decline even well after the market reaches equilibrium.

我們看到經紀承運商數量急劇減少，尤其是在加州等非居民區風險敞口過大的地區。但這並非由某個事件引發的情況。沒有懸崖。這件事需要時間才能塵埃落定。因此，我們預期即使在市場達到均衡之後，產能仍將持續下降。

And so it's going to take quarters for us to get there, but this cycle might last longer. And so as we're talking to shippers, I think they're starting to understand that as well because what I've been hearing from shippers more recently is they're focused on the supply risk. They're looking for rate assurance. And they saw this in December. They're seeing it through these storms.

所以我們需要幾個季度才能達到目標，但這個週期可能會持續更久。所以，當我們與貨主交談時，我認為他們也開始理解這一點了，因為我最近從貨主那裡聽到的是，他們關注的是供應風險。他們尋求的是利率保證。他們在十二月就看到了這一點。他們正透過這些風暴看到這一點。

So we have more shippers asking us for multiyear deals. We're seeing that, and they're coming with more mini bids, which tells us there's some disruption. As we talk to the most strategic shippers, they understand our cost and the nature of this industry. So they look at the same my data that we do that says our costs are up about 25% since the -- before the pandemic. Meanwhile, rates haven't moved very much.

因此，越來越多的貨運公司向我們諮詢多年期合約。我們看到這種情況，他們提出了更多小型競標，這表明市場出現了一些混亂。當我們與最具戰略眼光的貨運商交談時，他們了解我們的成本和這個行業的性質。所以他們查看了和我們一樣的數據，數據顯示，自疫情爆發以來，我們的成本上漲了約 25%。同時，利率也沒有太大變化。

And 2019 was a pretty low base. And so this is something that's going to take some time and perhaps it's going to take several bid cycles to play out, but that could also mean that there's a potential for several years of upside.

而且2019年的基數相當低。因此，這件事需要一些時間，或許需要幾個競標週期才能塵埃落定，但這也可能意味著未來幾年都有上漲的潛力。

Right. Okay. Yes. I guess given your framework of how you think it plays out, where you -- where are you most optimistic on improvement? I guess, from a margin perspective in 2026, like do you think Brokerage could really kind of move beyond the squeeze and do really well?

正確的。好的。是的。我想，根據你對事情發展走向的設想，你最樂觀地認為哪些方面會有改進？我想，從2026年的保證金角度來看，你認為經紀業務真的能夠擺脫困境並取得非常好的業績嗎？

Do you think Intermodal like shippers start to really kind of give you more volume? Or is it all about rate and truck? Just how do you think about where you might see a stronger opportunity for improvement in '26?

你認為像多式聯運這樣的貨運公司真的能帶給你更多貨運量嗎？或者說，一切只關乎費率和卡車？您認為在 2026 年哪些方面可能會有更大的改進機會？

Yes. Thanks, Tom. So the first place that I would expect that we're going to see that improvement is going to be in our Network business. That's where we have an outsized exposure to the spot market today, higher than what we normally have. So I think there's opportunities to see that move very quickly.

是的。謝謝你，湯姆。因此，我預計我們首先會看到改進的地方將是我們的網路業務。這就是為什麼我們目前在現貨市場的風險敞口過大，高於我們通常的敞口。所以我認為有機會看到這種情況迅速改變。

I mentioned Intermodal. I do believe that we're well positioned to capture some additional upside when that Truckload market improves and inventory levels are starting to be replenished that we'll be able to take opportunities there. And then our Logistics business is very nimble. And so I think there -- when there's disruptions out there in the marketplace and customers are looking for a broad portfolio to solve problems, they really become that glue that jumps in and can provide great service to the customer, but also returns back to the enterprise.

我提到了多式聯運。我相信，當整車運輸市場好轉、庫存水準開始補充時，我們已做好充分準備，能夠抓住額外的上漲機會。而且我們的物流業務非常靈活。所以我認為，當市場出現動盪，客戶尋求廣泛的產品組合來解決問題時，它們就真正成為了黏合劑，能夠迅速介入並為客戶提供優質服務，同時也能為企業帶來回報。

And Thomas, I'd also add on Dedicated, I think one of the underappreciated facts about Dedicated is the value that you can provide as a multimodal platform that we have relative to backhaul efficiencies. With 8,500 trucks operating in various configurations, there is opportunities to drive value back to the shipper, but also to ourselves relative to margin enhancement. And this is one of the really great places of using Agentic AI to talk to other agent AI to garner efficient volumes on our backhauls that can -- it's a very high incremental margin play for us. And so we're really leaning into that. The scale that we have in Dedicated allows us to really take advantage of that.

Thomas，我還想補充一點關於專用線路，我認為專用線路被低估的一個事實是，作為多式聯運平台，它能夠提供相對於回程效率的價值。8500輛卡車以各種配置運營，這既為托運人創造了價值，也為我們自身創造了利潤增長的機會。這是利用 Agentic AI 與其他代理商 AI 進行對話，從而在我們的回程鏈路上獲得高效流量的絕佳機會之一——這對我們來說是一個非常高的增量利潤策略。所以我們正在大力推進這一點。Dedicated 的規模優勢使我們能夠真正利用這一點。

And it's also one of the values of having a logistics offering and a network business is because we can leverage those various channels to achieve that. So I'm very bullish as well that with what we have available to us in Dedicated that we can still drive self-help margin improvement on a whole series of approaches and backhaul being one of them.

擁有物流服務和網路業務的價值之一在於，我們可以利用各種管道來實現這一目標。因此，我也非常樂觀地認為，憑藉我們在專用線路方面所擁有的資源，我們仍然可以透過一系列方法（包括回程線路）來推動自助利潤率的提高。

So do you think you'll see good responsiveness in Dedicated too, I guess, as freight picks up?

所以，隨著貨運量的增加，你認為專用線路也能獲得良好的反應速度嗎？

Yes, I do. Because you look at a couple of things. We had a terrific year of selling 950 units of new business. We didn't see all that obviously translate into the count of the fleet. And that's because we have opportunity now to drive efficiency because some of that churn we experienced last year wasn't true lost business.

是的，我願意。因為你需要考慮幾個面向。我們今年業績斐然，新業務共售出 950 台。顯然，我們並沒有看到所有這些因素都轉化為艦隊的數量。這是因為我們現在有機會提高效率，因為去年我們經歷的一些客戶流失並不是真正的業務損失。

It was current customers not having as much demand and that brought a correction in the number of units that we placed against those contracts. So if there's demand improvement, there's automatic improvement in our account structures because of what kind of went backwards a bit in 2025 when they didn't have the demand and plus the margin-enhancing opportunities I'm talking about here with backhaul.

由於現有客戶的需求量減少，我們不得不調整根據這些合約交付的單位數量。因此，如果需求有所改善，我們的帳戶結構也會自動得到改善，因為在 2025 年，由於需求不足，帳戶結構出現了一些倒退，再加上我在這裡提到的回程運輸帶來的利潤提升機會。

Right. Okay, great. Thanks for the time.

正確的。好的，太好了。感謝您抽出時間。

Thank you.

謝謝。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

Hey, good afternoon, team. This is Andrew on for Bruce. I just wanted to discuss consolidation in Dedicated and how you guys are thinking that's going to affect the competitive dynamic. And what's your expectations for the trend of more consolidation in the industry? And maybe what's you guys' appetite for Dedicated M&A at this juncture versus other capital allocation priorities? Thanks.

嘿，下午好，各位同事。這是安德魯替布魯斯報道。我只是想討論一下專用伺服器領域的整合，以及你們認為這將如何影響競爭格局。您對產業整合加劇的趨勢有何預期？那麼，在目前這個階段，你們對專門的併購活動與其他資本配置優先事項相比，有何偏好呢？謝謝。

Yes. We -- from a capital allocation standpoint, obviously, organic growth is our number one objective there. But we've been a player in the Dedicated consolidation with three primary Dedicated acquisitions over the last three years. Our balance sheet and our deleveraging even further has allowed us ample opportunity and consider something larger than what we've done to date.

是的。從資本配置的角度來看，顯然，內生成長是我們的首要目標。但在過去三年裡，我們一直是 Dedicated 整合的參與者，完成了三項主要的 Dedicated 收購。我們的資產負債表以及進一步的去槓桿化，為我們提供了充足的機會，讓我們能夠考慮比迄今為止所做的事情更大的事情。

So yes, we have not lost appetite. Each of those acquisitions have done very, very well for us. We've really gained our stride relative to getting after synergies, how to assess those things. And so we're not going to take a stretch and a reach for something just to put something on the board. But we have the ability to leverage what we have in our strengths.

是的，我們並沒有失去食慾。這些收購都為我們帶來了非常好的收益。我們在尋求協同效應以及如何評估這些效應方面確實取得了長足的進步。所以，我們不會為了在黑板上寫點什麼而費盡心思、伸手去拿。但我們有能力發揮自身的優勢。

And so very much, we're constantly reviewing. We're leaning in and really more than just Dedicated, but Dedicated has been the place that we saw a really target-rich environment to continue to advance what we believe is a long-term value for our enterprise and long-term value for our shareholders.

所以，我們一直在不斷地審查很多東西。我們正在全力投入，而且實際上不僅僅是 Dedicated，但 Dedicated 一直是我們看到目標豐富的環境的地方，可以繼續推進我們認為對企業和股東都具有長期價值的事情。

Agreed, thank you. If I can follow up maybe with one on the intermodal side. I wanted to know how you guys are thinking about the FMC probe. Would you guys think that an adverse ruling here would negatively affect fluidity, service and potentially the road to rail conversion thesis?

同意，謝謝。如果可以的話，我想跟進一下多式聯運方面的問題。我想知道你們對FMC探針的看法。你們認為如果判決不利，會對交通流暢性、服務以及公路改鐵路的設想產生負面影響嗎？

I'm not sure we caught that front end of that question. Can you do that again, please?

我不確定我們是否理解了這個問題的開頭部分。請您再做一次好嗎？

Sure. Yes, we -- it's about the FMC probe. We're just wondering if an adverse effect -- adverse ruling there would affect fluidity and service?

當然。是的，我們－這與FMC探測有關。我們只是想知道，不利的裁決是否會對流動性和服務產生不利影響？

Yes. I think primarily what that impact would be on the ocean side rather than the -- for domestic carriers.

是的。我認為主要影響體現在海運方面，而非國內航空公司。

Domestic intermodal.

國內聯運。

Yes, for domestic intermodal.

是的，適用於國內聯運。

I'll pass it back to you.

我把它還給你。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Yeah, hey, thanks, good afternoon, guys, and congrats, Mark, and congrats, Jim. Best of luck to you guys. I guess I wanted to ask about network profitability. So I guess, what do you think the steps are or maybe what do you need to see from a market perspective, whether it be pricing, demand, some combination of that to get network back to profitability? And I guess maybe in the range, $0.70 to $1, kind of how do you sort of bookend that at the low end?

是啊，嘿，謝謝，下午好，各位，恭喜馬克，也恭喜吉姆。祝你們好運。我想問的是網路獲利能力方面的問題。所以我想問，您認為需要採取哪些步驟，或者從市場角度來看，您需要看到什麼，無論是定價、需求，還是這兩者的組合，才能使網絡恢復盈利？我猜價格可能在 0.70 美元到 1 美元之間，那麼如何確定這個價格區間的低端呢？

Is sort of network gotten back to profitability at the high end, it is? I guess I'm trying to get a sense of how to think about that within the range as well.

這種網路模式是否已經恢復了高端市場的獲利能力？我想我也想了解一下在這個範圍內應該如何思考這個問題。

Yes, Chris, thank you. And certainly, network has been most impacted by the cycle here and the overcapacity of the market. And there's really two things that we think are paramount for us is what we're working relative to how do we put additional productivity across our assets. In fact, one of the benefits of having just a little bit of recovery in the month of December, we had a multiyear high relative to our billed miles per truck and actually had -- it didn't really make up for the whole quarter of the tepid demand, but just that whole tightening of capacity really led and the demand picture led us to a very solid result there in addition to some price capture, which is really the second thing. We have not adequately recovered in that market, particularly the cost inflation that has occurred that Jim referenced just a couple of minutes ago.

是的，克里斯，謝謝你。當然，網路受到當前經濟週期和市場產能過剩的影響最大。我們認為最重要的兩件事是：我們正在做什麼，以及如何提高我們所有資產的生產力。事實上，12 月的些許復甦帶來的好處之一是，我們每輛卡車的計費里程達到了多年來的最高水平，而且——雖然這並沒有完全彌補整個季度疲軟的需求，但產能的收緊確實推動了需求形勢的發展，使我們取得了非常穩健的業績，此外，價格上漲也是原因之一，這才是第二點。我們在那個市場還沒有充分復甦，特別是吉姆幾分鐘前提到的成本上漲問題。

So it's a combination of those two levers predominantly. We like the size of the business where it's at. We're not after a particular mix. And the other thing that we're looking to do to help it recover here is leverage our logistics capability alongside our network business to optimize across power-only brokerage and our assets. And we believe in an increasingly increasing demand market, we'll be able to take care of the assets first and then leverage some of these other opportunities that we have to scale our business and take additional volume without putting additional capital in, but really focusing on the margin recovery of network.

所以這主要是這兩個因素共同作用的結果。我們喜歡公司目前的規模。我們並沒有追求某種特定的混合比例。我們正在考慮採取的另一項措施是，利用我們的物流能力和網路業務，優化電力經紀業務和我們的資產，以幫助其復原。我們相信，隨著市場需求的不斷增長，我們將能夠先照顧好資產，然後利用我們擁有的其他一些機會來擴大業務規模，並在不投入額外資本的情況下獲得更多業務量，真正專注於網路利潤的恢復。

But it's going to take both productivity and some price recovery.

但這需要生產力提高和價格回升。

And this is Jim. Just to add on to that, what encourages me is that when we saw spot prices increase here multiple times over the last six weeks, we've increased our exposure to spot to take advantage of those opportunities. And to me, that's the start of driving change into that business.

這位是吉姆。補充一點，令我感到鼓舞的是，在過去六週裡，我們看到現貨價格多次上漲，因此我們增加了現貨投資，以抓住這些機會。對我來說，這就是推動該行業變革的開始。

Okay. And any thoughts around the range and how to think about Network profitability for '26?

好的。關於 2026 年的收益範圍以及如何看待網路獲利能力，您有什麼想法？

Yes, this is Darrell. What I would say is that even -- just to add on to Jim's point, even in a softer backdrop in 2025 and even in the fourth quarter of the year, we did see improvement in earnings in network without the benefit of price, right, or significant benefit of price. So as we get more productive and as volume comes through, as Mark said, we do believe that there's an outsized leverage that we'll see, first of all, in network. As it relates to specific guidance, we don't give guidance by sector, but there's an expectation of meaningful improvement given the initiatives that we're after.

是的，這是達雷爾。我想補充的是，即使——就像吉姆的觀點一樣——即使在 2025 年較為疲軟的背景下，甚至在今年的第四季度，我們也看到網絡收益有所改善，而沒有價格上漲帶來的好處，對吧，或者說沒有明顯的價格上漲帶來的好處。因此，正如馬克所說，隨著我們生產效率的提高和業務量的增加，我們相信，首先在網路方面，我們將看到巨大的槓桿效應。至於具體指導，我們不按行業給予指導，但鑑於我們正在推行的舉措，我們期望能夠取得實質性的改進。

Okay. And then just a quick follow-up on the Intermodal side, just the pricing in the fourth quarter. Any, I guess, maybe yield in the fourth quarter, maybe any comment about how you're thinking about bid season might start to be developing as you think about 2026?

好的。然後，再快速跟進多式聯運方面的情況，也就是第四季的定價。我想，或許第四季的收益率會有所變化，或許您在考慮 2026 年的時候，會開始對投標季發表一些看法？

Yes. Thanks. This is Jim. So as we look at last year, our contract renewals remained flat. But by leaning into our areas of differentiation through the allocation season, we're able to continue to grow and grow off of a base where we're already growing, including in a market that has some pretty difficult comps.

是的。謝謝。這是吉姆。回顧去年，我們的合約續約數量維持不變。但是，透過在配售季發揮我們的差異化優勢，我們能夠在現有的成長基礎上繼續成長，即使在一些競爭非常激烈的市場中也是如此。

And so in terms of pricing, there is a little bit of pressure that was driven by doing more backhaul. It's a little bit more mix related. Also, there were fewer instances of premium opportunities in the fourth quarter, given the shorter and earlier peak season that we talked about in the third quarter, so we didn't have that benefit. As we're looking going forward, I expect that we're going to continue to lean into those areas of differentiation and be able to grow through the allocation season.

因此，在定價方面，由於回程運輸量的增加，存在一定的壓力。這跟混音有點關係。此外，由於我們在第三季討論過的旺季時間更短、時間更早，第四季度優質機會的出現頻率也更低，因此我們沒有享受到旺季帶來的好處。展望未來，我預計我們將繼續加強這些差異化領域，並能夠在分配季實現成長。

Yes. So the improvement in Intermodal did not come with -- in an improving market of premiums or a project work in this fourth quarter.

是的。因此，多式聯運的改善並非來自保費市場的改善，也不是第四季的專案工作。

Yes. Just to tack on to that, for the year, we delivered nearly 20% operating income growth for Intermodal with a little help in the market, and that's really because of growing in areas of differentiation.

是的。補充一點，今年我們在市場略有助益的情況下，實現了聯運業務近 20% 的營業收入成長，這實際上是因為我們在差異化領域取得了成長。

Got it thanks so much for the time I appreciate it.

收到了，非常感謝您抽出時間，感激不盡。

Ari Rosa, Citigroup

花旗集團的阿里·羅薩

Hi, good afternoon. So I wanted to ask -- get your thoughts on how you think about normalized mid-cycle earnings potential. There's a lot of moving pieces, obviously, with the cost-cutting initiatives and the acquisitions that you've done that you referenced, especially as I think it was Mark who mentioned it might take a couple of bid cycles to get back there. Just how are you thinking about what mid-cycle earnings could look like for the business? And if it -- if it takes a couple of bid seasons or bid cycles, does that mean we're talking about something beyond '27? Is it really kind of '28 or '29 before we start to see that type of performance from the business? Thank you.

您好，下午好。所以我想問大家——你們如何看待正常化的中期週期獲利潛力？顯然，你提到的削減成本的舉措和收購涉及很多變數，尤其是我認為馬克說過，可能需要幾個競標週期才能重回正軌。您認為公司在周期中期的獲利狀況會如何？如果——如果需要幾個競標季或競標週期，那是不是意味著我們要討論的是 2027 年以後的事情？難道真的要等到 2028 年或 2029 年，我們才能看到公司出現那種業績嗎？謝謝。

Great. Thank you for the question, Ari. Yes, we think -- certainly, we're not guiding out to '28 and '29, but we think we can certainly get traction -- meaningful traction towards our long-term targets across our various sectors. We don't think we'll probably get all the way there, obviously, through one cycle in the 2026 season, but I certainly don't -- I wouldn't want to leave the impression that it's going to take the '28 to '29. We'll provide more updates as we get through the year on how we're progressing in the business.

偉大的。謝謝你的提問，阿里。是的，我們認為——當然，我們不會預測到 2028 年和 2029 年，但我們認為我們肯定能夠取得進展——在各個領域朝著我們的長期目標取得有意義的進展。顯然，我們認為我們可能無法在 2026 賽季的一個週期內完全實現目標，但我肯定不會——我不想給人留下這樣的印象，那就是這需要到 2028 年到 2029 年才能實現。隨著時間的推移，我們將提供更多關於公司業務進展的最新消息。

But we think this market, and I always like to look what's different now than what maybe you came into last year's condition. There's just, in our view, more favorability certainly on the supply side. There appear to be more catalysts on the demand side, and we're experiencing just in these most recent events, the really fragile nature of what happens when you get demand and capacity a little bit closer.

但我們認為這個市場，我總是喜歡看看現在的情況與去年有什麼不同。我們認為，供應方顯然更有優勢。需求方面似乎有更多催化劑，而我們僅僅從最近的這些事件中就體會到了，當需求和產能稍微接近時，局勢的脆弱性。

And so again, how well those things and the speed from which that demand and the capacity hits, I think, will be -- will dictate the speed from which we get back to the mid-cycle returns. We have a lot of self-help items that we have that we can get there and make material improvement without it being just what's going on in the broader market.

所以，我認為，這些因素的進展以及需求和產能恢復的速度，將決定我們何時才能恢復到週期中期的水平。我們有許多自助產品可以幫助我們實現目標，並取得實質的進步，而不僅限於更廣泛的市場動態。

Thank you. We've run out of time. That concludes our Q&A session. This does conclude today's conference call. You may now disconnect.

謝謝。時間不夠了。我們的問答環節到此結束。今天的電話會議到此結束。您現在可以斷開連線了。