Schneider National, Inc. (SNDR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Schneider National's second quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加施奈德國家（Schneider National）2026 年第二季財報電話會議。（接線員指示）

I will now hand the conference over to Christyne McGarvey, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Christyne McGarvey。請開始。

Thank you, operator, and good afternoon, everyone. Joining me on the call today are Jim Filter, President and Chief Executive Officer; and Darrell Campbell, Executive Vice President and Chief Financial Officer. Earlier today, the company issued an earnings press release. This release and 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，各位下午好。今天與我一同參與電話會議的有總裁兼執行長 Jim Filter，以及執行副總裁兼財務長 Darrell Campbell。公司今天稍早已發布財報新聞稿。該新聞稿與投資人簡報可於 schneider.com 網站的投資人關係專區取得。本次電話會議將包含對施奈德未來預期、預測計畫與前景的說明。

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

上述內容依適用之聯邦證券法之安全港條款，構成前瞻性陳述。前瞻性陳述涉及風險與不確定性，可能導致實際結果與目前預期存在重大差異。公司敦促投資人檢視我們向美國證券交易委員會（SEC）申報文件中所討論的風險與不確定性，包括但不限於我們最近一期的 Form 10-K 年報，以及今日財報新聞稿中所識別的風險。

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 non-GAAP financial measures referenced during today's call can be found directly in our earnings release and investor presentation, which includes reconciliations to the most directly comparable GAAP measures.

所有前瞻性陳述均以本次電話會議日期為準；除法律要求外，施奈德不承擔更新該等陳述之任何義務。此外，依據 Regulation G，今日電話會議中提及之非 GAAP 財務衡量指標的調節表，可直接於我們的財報新聞稿與投資人簡報中查閱，其中包含與最直接可比之 GAAP 指標的調節。

Now I'd like to turn the call over to our CEO, Jim Filter.

現在我想把電話會議交給我們的執行長 Jim Filter。

Thank you, Christyne. Hello, everyone. Thank you for joining the Schneider National today. I will start by offering my perspective on the freight cycle and how we are positioning the enterprise for success in this dynamic market. I will then turn it over to Darrell for his commentary on second quarter results, capital deployment and our full year earnings per share guidance. After that, we'll open up the call for questions.

謝謝你，Christyne。各位好。感謝各位今天加入施奈德國家。我將先分享我對貨運景氣循環的看法，以及我們如何在這個動態市場中為企業成功進行布局。接著我會把時間交給 Darrell，請他就第二季業績、資本配置，以及我們全年每股盈餘（EPS）指引發表看法。之後我們將開放提問。

Looking at our performance in the quarter, we believe we are seeing the initial benefits of the actions we took to structurally improve enterprise and position us to quickly and effectively capitalize on better market fundamentals. This includes effective revenue management, enhancements to asset efficiency and productivity, execution on our $40 million cost savings program and our differentiated multimodal model. We continue to see meaningful opportunity ahead, but we want to thank our associates, especially our professional drivers for their hard work, which helped drive earnings to more than double sequentially, representing the strongest quarter-over-quarter improvement in the last decade.

回顧本季表現，我們相信已開始看到我們為結構性改善企業體質、並使我們能快速且有效把握更佳市場基本面所採取行動的初步成效。這包括有效的營收管理、資產效率與生產力提升、落實 4,000 萬美元的成本節省計畫，以及我們具差異化的多式聯運模式。我們仍看到前方有顯著機會，但也要感謝我們的同仁，尤其是專業駕駛員的辛勤付出，協助推動獲利較前一季增加逾一倍，創下過去十年最強的季對季改善。

Many cycle indicators that showed signs of life in the first quarter gained momentum through the second quarter. Spot rates are already testing prior cycle highs, turndowns remain elevated, and utilization has increased meaningfully. Underlying demand trends were largely stable with some modest seasonal activity. As a result, we believe the market improvement to date has been supply led.

第一季已出現回溫跡象的多項循環指標，在第二季進一步加速。現貨運價已在測試前一輪循環高點，拒載率仍維持高檔，且設備利用率顯著提升。基礎需求趨勢大致穩定，僅有些許季節性活動。因此，我們認為迄今為止的市場改善主要由供給端帶動。

Regulatory action and enforcement on noncompliant supply, including in areas such as nondomiciled CDL usage, English language proficiency, illegal cabotage, entry-level driver training and ELD tampering, all gained traction through the second quarter.

針對不合規供給的監管行動與執法在第二季持續升溫，涵蓋領域包括非居住地 CDL 使用、英語能力、非法沿岸運輸（cabotage）、入門級駕駛訓練，以及 ELD 篡改等。

Supply attrition has been faster than we initially expected and is removing the most irrational capacity from the marketplace. We will now categorize the market as driver constrained. The long-haul driver population in the US sits well below long-term averages and near the lowest levels seen over the last decade. However, we believe roughly half of the noncompliant capacity is left with the remaining impact of supply expected to exit through next year.

供給出清速度比我們原先預期更快，正將市場中最不理性的運能移除。我們現在將市場歸類為「駕駛員受限」。美國長途駕駛員人數遠低於長期平均，接近過去十年所見的最低水準。不過，我們認為約仍有一半的不合規運能尚未退出，剩餘供給退出的影響預期將延續至明年。

Against that backdrop, we believe we are only in the early stages of rate recovery and are maintaining a discerning approach to customer allocation events. We are balancing customer commitments with the need for rates that will support our strong service recouped multiple years of significant cost inflation and drive returns back to a level that is supportive of growth.

在此背景下，我們認為運價復甦仍處於早期階段，並對客戶運能分配事件維持審慎的策略。我們在履行客戶承諾與取得可支撐我們強勁服務水準、回收多年顯著成本通膨、並使報酬回到支持成長之水準的運價之間取得平衡。

Importantly, spot rates now exceed contract rates at a level that has historically preceded more meaningful contract rate improvement. While the pace of supply attrition is supporting price increases, it is also creating challenges in driver recruiting and retention, which is putting upward pressure on the cost of capacity. We remain an employer of choice, and we will be disciplined in investments to add capacity, focusing on where we see clear demand, strong productivity and returns that meet our expectations.

重要的是，現貨運價目前已高於合約運價，且達到歷史上通常會引領更明顯合約運價改善的水準。供給出清的速度雖支撐了漲價，但也對駕駛招募與留任造成挑戰，進而推升運能成本。我們仍是首選雇主，並將在擴增運能的投資上保持紀律，聚焦於我們看到明確需求、強勁生產力，以及符合我們預期報酬的領域。

We have aligned our pay structure to reward our hardest working drivers to support retention, while surgically reinforcing recruiting efforts, including growing the number of recruiters, expanding our AI capabilities and enhancing starting driver pay in the most constrained geographies. Altogether, our second quarter results underscore the importance of price and productivity.

我們已調整薪酬結構，以獎勵最努力的駕駛員、支持留任，同時精準強化招募作為，包括增加招募人員數量、擴大 AI 能力，以及在最受限的地理區域提高新進駕駛起薪。整體而言，我們第二季的結果凸顯了價格與生產力的重要性。

Changing supply conditions are most acute in the over-the-road segment of the market where irrational capacity has persisted. This, in turn, is creating the strongest initial opportunities in our network and Logistics solutions and we have responded rapidly.

供給條件的變化在長途公路運輸（over-the-road）市場區隔最為明顯，該處過去一直存在不理性的運能。這也在我們的網路與物流解決方案中創造了最強的初期機會，而我們已迅速做出回應。

In the second quarter, these segments captured premium opportunities as we support customers through a quickly tightening marketplace. We expect Dedicated and Intermodal to see increasing benefits as we move further into the up cycle through contract renewals and freight allocation events. This flexibility is the benefit of offering a scaled, sophisticated multimodal portfolio.

第二季，隨著市場快速收緊、我們協助客戶因應，這些業務區隔把握了溢價機會。我們預期隨著景氣上行循環進一步推進，Dedicated 與 Intermodal 將透過合約續約與貨量分配事件獲得愈來愈多的效益。這種彈性正是提供具規模且成熟的多式聯運產品組合所帶來的優勢。

Digging into our business segments in more detail. In Truckload, we more than doubled earnings sequentially on 2% revenue growth, only possible through the organization's hard work on executing price, productivity and cost reductions. Network price grew high-single digits year-over-year in the quarter. We are quickly leveraging all our tools to extract price, including historically high spot exposure, advanced freight selection and acceptance technology and a growing number of mini bids, among others.

更深入說明各業務區隔。在整車運輸（Truckload）方面，我們在營收成長 2% 的情況下，獲利較前一季增加逾一倍；這只有透過組織在價格、生產力與成本降低上的努力執行才得以實現。本季網路價格年增達高個位數。我們正快速運用所有工具以取得更佳價格，包括歷史高水準的現貨曝險、先進的貨運篩選與承接技術，以及日益增加的迷你標案（mini bids）等。

Spot rates became increasingly accretive through the quarter and June saw levels of contribution that were on par with March of 2021. Network price renewals also accelerated with average price increases in the quarter, up double digits, which we achieved while also improving incumbent retention. Tractor count was impacted by driver availability, but we were able to more than offset the reduction with improved productivity, which grew high-single digits year-over-year. The asset efficiency gains we have made are now being compounded by better freight selection, and we actively managed truck count in the quarter to reduce unseated tractors.

現貨運價在本季期間對獲利的增益（accretive）愈發明顯，6 月的貢獻水準與 2021 年 3 月相當。網路價格續約也加速推進，本季平均漲價幅度達雙位數，同時我們也提升了既有客戶留存率。牽引車數量受到駕駛可用性影響，但我們透過生產力提升（年增高個位數）足以抵銷該減少。我們在資產效率上的提升，如今又因更佳的貨運選擇而進一步放大；本季我們也主動管理車輛數量，以降低無人駕駛的牽引車（unseated tractors）。

Turning to our Dedicated business. We saw modest year-over-year price improvement in the quarter, supported by our self-help actions on portfolio quality. We remain disciplined in adding durable Dedicated solutions with returns in our targeted ranges as that discipline is what drives earnings resiliency through the entire cycle.

接著談我們的 Dedicated 業務。本季我們看到溫和的年對年價格改善，主要受惠於我們針對產品組合品質所採取的自助改善措施。我們在新增具持久性的 Dedicated 解決方案方面仍維持紀律，確保報酬落在我們目標區間；正是這份紀律，驅動我們在整個循環中維持獲利韌性。

Proactively addressing pricing now is allowing us to get ahead of the increased cost of capacity and position the portfolio for higher quality growth. As we highlighted on our last call, these actions are creating some near-term churn. While productivity gains also contributed to the year-over-year tractor count decline, they helped drive margins higher in the quarter.

現在主動處理定價，使我們得以提前因應運力成本上升，並讓投資組合定位於更高品質的成長。如同我們在上次電話會議中強調的，這些行動在短期內造成了一些流失。雖然生產力提升也促成了拖車數量年對年下降，但它們有助於推動本季利潤率走高。

Dedicated remains a key pillar of our long-term growth strategy and the consistency and resiliency of earnings is a feature, not a defect. We continue to advance our sales initiatives with more than 500 new trucks sold year-to-date in 2026. We believe constrained driver supply, inflationary pressure in areas such as insurance and emerging liability concerns all support long-term Dedicated growth. We are also increasingly confident in our focus on specialty equipment where our retention remains highest.

Dedicated 仍是我們長期成長策略的關鍵支柱，而獲利的穩定性與韌性是一項特色，而非缺陷。我們持續推進銷售計畫，2026 年迄今已售出超過 500 輛新卡車。我們認為，受限的駕駛供給、保險等領域的通膨壓力，以及新興的責任風險疑慮，皆支持 Dedicated 的長期成長。我們也對聚焦於專用設備愈發有信心，因為該領域的留存率仍然最高。

At the same time, the benefit of our diverse portfolio of solutions is that it gives us flexibility to meet customer needs as they evolve. As cycle conditions shift, network will be most responsive to market improvement, especially in an up cycle that remains primarily driven by supply attrition in the over-the-road segment of the market.

同時，我們多元解決方案組合的優勢在於，能在客戶需求演變時提供彈性以滿足其需求。隨著景氣循環條件轉變，Network 將對市場改善最為敏感，尤其是在上行循環中，而該循環仍主要由市場中長途（over-the-road）運輸分項的供給出清所驅動。

As a result, in the near term, we may shift some capacity into our network configuration. However, we do expect Dedicated to benefit as those conditions translate through contract renewals and customer allocation decisions. As improvement accelerates, we will have the line of sight and capability to quickly return that capacity to capture these opportunities. This is the multimodal strategy working as intended.

因此，在短期內，我們可能會將部分運力轉移至 Network 配置。然而，我們確實預期 Dedicated 將受惠於這些條件，並透過合約續約與客戶配置決策逐步反映出來。隨著改善加速，我們將具備清晰的能見度與能力，迅速把運力調回以掌握這些機會。這正是多式聯運策略按預期運作的結果。

In Intermodal, second quarter results underscore the efforts we have made and continue to make to prioritize profitable growth. Over-the-road conversion opportunities expanded in the quarter, but as expected, drayage has become the primary constraint. Realizing nine consecutive quarters of volume growth, we remain disciplined in the second quarter. We elected not to chase growth that would have required expensive third-party dray when pricing was not yet supportive of the incremental cost.

在 Intermodal 方面，第二季結果凸顯了我們已採取並持續採取的努力，以優先追求具獲利性的成長。本季長途（over-the-road）轉換機會擴大，但如預期，短駁（drayage）已成為主要限制。在連續九個季度實現運量成長後，我們在第二季仍維持紀律。當定價尚不足以支撐新增成本時，我們選擇不追逐需要昂貴第三方短駁的成長。

We are growing in areas where returns are commensurate with our service and cost as evidenced by the strong growth in Mexico and in the East, where there are the most significant over-the-road conversion opportunities, and we have clear differentiation. Altogether, the segment delivered earnings growth despite some revenue pressure, reflecting our differentiators in lanes and service, containers and chassis asset control, effective network and revenue management and the optimization of third-party costs.

我們在報酬與服務及成本相匹配的領域擴張，這可由墨西哥與東部地區的強勁成長看出；這些地區擁有最顯著的長途（over-the-road）轉換機會，且我們具備明確差異化。整體而言，儘管營收承壓，該事業群仍實現獲利成長，反映出我們在路線與服務、貨櫃與底盤資產控管、有效的網路與營收管理，以及第三方成本最佳化方面的差異化優勢。

Looking forward, we have seen success with select targeted investments in company dray capacity, which net up through the quarter. At the same time, pricing renewals accelerated in Intermodal. Importantly, we are seeing even stronger out-of-cycle increases, a signal that the market is beginning to turn faster. We expect these efforts to gain traction through the third quarter, positioning us to profitably capitalize on the trifecta over-the-road conversion tailwinds as we move forward, including elevated fuel costs, rising Truckload prices and strong rail service. We are pleased with our performance in this allocation season, which we expect to translate into volume growth in the second half.

展望未來，我們在自有短駁運力方面進行了部分精準投資並已見成效，且在本季持續累積。同時，Intermodal 的續約定價加速。重要的是，我們看到更強勁的非例行（out-of-cycle）調價上升，顯示市場轉向的速度正在加快。我們預期這些努力將在第三季逐步發揮效果，使我們在未來能以獲利方式把握長途（over-the-road）轉換的三重順風，包括燃料成本居高不下、Truckload 價格上升，以及強勁的鐵路服務。我們對本次配額季（allocation season）的表現感到滿意，並預期將在下半年轉化為運量成長。

In Logistics, we extended the momentum from the first quarter, delivering double-digit year-over-year growth in both revenue and earnings. Brokerage net revenue per order improved both year-over-year and sequentially, supported by revenue management and premium project business. While we are addressing out-of-market contractual pricing, we are also leaning into expanded spot opportunities. Our spot exposure increased year-over-year and sequentially.

在 Logistics 方面，我們延續第一季動能，營收與獲利皆實現年對年雙位數成長。每筆訂單的經紀（Brokerage）淨營收不論年對年或季對季皆有所改善，受惠於營收管理與高毛利專案業務。在處理非市場水準的合約定價之際，我們也加大把握擴大的即期（spot）機會。我們的即期曝險年對年與季對季皆增加。

Revenue management actions were amplified by productivity initiatives, especially those supported by our ongoing technology investment and leadership in Agentic AI solutions. The projects that began in the first quarter extended through much of the second quarter, though have now largely concluded. We expect the expertise we have built into these new verticals to remain a meaningful growth driver for Logistics even as the project-based nature of the work may create some quarter-to-quarter variability.

營收管理行動在生產力計畫的加乘下更為放大，尤其是受惠於我們持續的科技投資，以及在 Agentic AI 解決方案上的領先地位。第一季啟動的專案延續至第二季的大部分時間，但目前多已告一段落。我們預期在這些新垂直領域所建立的專業能力，將持續成為 Logistics 的重要成長動能，即使專案型工作的特性可能造成季度間一定的波動。

Altogether, we are encouraged by how the business has responded to the early innings of supply normalization and market improvement. Darrell will provide more detail on our earnings expectations shortly, and we are confident that 2026 will be a year of meaningful earnings growth supported by an improving rate backdrop and our enhanced ability to drive operating leverage.

整體而言，我們對業務在供給正常化與市場改善初期階段的反應感到鼓舞。Darrell 稍後將更詳細說明我們對獲利的預期；我們有信心 2026 年將是獲利顯著成長的一年，受惠於運價環境改善，以及我們提升後的營運槓桿推動能力。

With that, I'll hand the call over to Darrell to discuss our results and guidance in more detail. Darrell?

接下來，我把電話交給 Darrell，請他更詳細討論我們的業績與展望指引。Darrell？

Thank you, Jim, and good afternoon, everyone. I'll review our enterprise and segment financial results for the second quarter and provide insights into our full year 2026 earnings per share and net CapEx guidance. Summary of our financial results and guidance can be found in our investor presentation available on the Investor Relations section of our website.

謝謝你，Jim，各位下午好。我將回顧我們第二季的企業整體與各事業群財務結果，並就 2026 全年每股盈餘與淨資本支出（net CapEx）指引提供觀點。我們的財務結果與指引摘要可在本公司網站投資人關係專區的投資人簡報中查閱。

Starting with the second quarter results. Enterprise revenues, excluding fuel surcharge, were $1.3 billion, up 4% compared to a year ago. Adjusted income from operations was $73 million, a 29% increase year-over-year. Enterprise adjusted operating ratio improved 110 basis points compared to second quarter 2025. Adjusted diluted earnings per share for the second quarter was $0.29 compared to $0.21 for the second quarter of 2025.

先從第二季結果開始。企業營收（不含燃油附加費）為 13 億美元，較去年同期成長 4%。調整後營業利益為 7,300 萬美元，年對年增加 29%。企業調整後營業比率較 2025 年第二季改善 110 個基點。第二季調整後稀釋每股盈餘為 0.29 美元，對比 2025 年第二季的 0.21 美元。

Earnings grew year-over-year across each of our business segments, supported by continued progress on the strategic initiatives Jim outlined earlier and execution against our $40 million cost savings target, where we remain on track. We're seeing meaningful progress from our ongoing technology initiatives, which are helping automate and streamline workflows, reduce headcount, improve driver productivity and lower third-party spend.

我們各業務事業群的獲利皆年對年成長，受惠於 Jim 先前概述的策略性計畫持續推進，以及我們 4,000 萬美元成本節省目標的執行（目前仍按計畫進行）。我們持續的科技計畫正帶來顯著進展，協助自動化並簡化工作流程、降低人力、提升駕駛生產力，並減少第三方支出。

From a segment perspective, Truckload revenues, excluding fuel surcharge, were $628 million in the second quarter, up 1% year-over-year. This growth was driven by improvements in revenue per truck per week, which grew 5% year-over-year and more than offset lower truck count, which have been impacted by a more constrained driver environment.

從事業群角度來看，第二季 Truckload 營收（不含燃油附加費）為 6.28 億美元，年對年成長 1%。此成長主要來自每車每週營收的改善，年對年成長 5%，且足以抵銷車隊數量下降的影響；車隊數量受到更為吃緊的駕駛環境所影響。

Network revenues, excluding fuel surcharge, grew 8% year-over-year, driven by productivity and price with revenue per truck per week up 16% year-over-year. Dedicated revenue per truck per week was up modestly year-over-year, reflecting ongoing portfolio upgrade actions.

Network 營收（不含燃油附加費）年對年成長 8%，主要由生產力與價格帶動，其中每車每週營收年對年成長 16%。Dedicated 每車每週營收年對年小幅成長，反映我們持續進行的投資組合升級行動。

Truckload operating income was $51 million, a 28% increase year-over-year. Operating ratio was 91.8%, an improvement of 180 basis points compared to last year. This marks the strongest profitability for our Truckload segment since the second quarter of 2023. Earnings were positively impacted by our revenue management efforts that were supported by an improved Truckload backdrop. We're also seeing the benefits from our cost savings program, where we're gaining traction in areas such as headcount and trailing asset efficiency.

Truckload 營業利益為 5,100 萬美元，年對年成長 28%。營業比率為 91.8%，較去年改善 180 個基點。這是自 2023 年第二季以來，我們 Truckload 事業群的最強獲利表現。獲利受到我們營收管理努力的正面影響，而這些努力也受惠於 Truckload 環境的改善。我們也看到成本節省計畫的效益，並在如人力與既有資產效率等領域逐步取得進展。

Intermodal revenues, excluding fuel surcharge, were $262 million for the second quarter, down 1% year-over-year. Revenue per order declined 2%, reflecting mix changes that drove a lower length of haul. Volumes grew modestly year-over-year, marking the ninth consecutive quarter of order growth.

聯運營收（不含燃油附加費）第二季為2.62億美元，年減1%。每筆訂單營收下降2%，反映組合變化導致平均運輸里程縮短。運量年增小幅成長，為連續第九季訂單量成長。

Intermodal operating income was $18 million, a 14% increase compared to the same period last year and a strong sequential improvement supported by headcount actions and gains in tractor asset efficiency. Operating ratio was 93%, 90 basis points improved compared to last year.

聯運營業利益為1,800萬美元，較去年同期增加14%，且在採取人力編制措施與牽引車資產效率提升的帶動下，較前一季亦有顯著改善。營業比率為93%，較去年改善90個基點。

Logistics revenue, excluding fuel surcharge, totaled $376 million in the second quarter, up 11% from the same period a year ago. We saw improvement in price, supported in part by opportunistic premium project business. Logistics income from operations was $12 million, up $4 million year-over-year. Operating ratio was 96.8%, an improvement of 90 basis points from last year due to top line growth noted earlier and effective management of net revenue per order, including capitalizing on spot opportunities. Productivity gains, including those from reduced headcount and power-only trailer efficiency improvements also contributed to strong performance.

物流營收（不含燃油附加費）第二季合計3.76億美元，較去年同期成長11%。我們看到價格有所改善，部分受惠於機會性高溢價專案業務。物流營業利益為1,200萬美元，年增400萬美元。營業比率為96.8%，較去年改善90個基點，主因為前述營收成長，以及對每筆訂單淨營收的有效管理（包括把握即期機會）。生產力提升（包括人力縮減帶來的效益，以及僅動力牽引之拖車效率改善）亦促成強勁表現。

Turning to our balance sheet and capital allocation. Net CapEx in the quarter was $84 million compared to $53 million last year, primarily reflecting our efforts to improve the age of tractor fleet. As a result, free cash flow declined $35 million year-over-year in the quarter. Year-to-date, we've delivered nearly $35 million back to our shareholders in the form of dividends. Looking forward, our strategic priorities for capital are unchanged, and we remain focused on disciplined deployment, including supporting organic growth that's aligned with our areas of differentiation, accretive M&A and robust shareholder returns.

接著談我們的資產負債表與資本配置。本季淨資本支出為8,400萬美元，去年為5,300萬美元，主要反映我們改善牽引車車隊車齡的努力。因此，本季自由現金流較去年同期減少3,500萬美元。年初至今，我們已透過股利形式回饋股東近3,500萬美元。展望未來，我們的資本策略重點不變，仍聚焦於紀律性的資本投放，包括支持與我們差異化領域一致的有機成長、具增益性的併購，以及穩健的股東報酬。

The strength of our balance sheet allows us to be nimble and execute on all three. As of June 30, we had $397 million in debt and lease obligations and $293 million in cash and cash equivalents. As a result, our net debt leverage was 0.2 times at the end of the quarter.

我們資產負債表的強健使我們能保持靈活，並同時推進這三項目標。截至6月30日，我們的債務與租賃義務為3.97億美元，現金及約當現金為2.93億美元。因此，季末淨負債槓桿為0.2倍。

For 2026, we're revising our net CapEx guidance to the range of $350 million to $400 million, down from $400 million to $450 million. As noted earlier, our plan continues to reflect the use of CapEx to improve our age of fleet. The reduction from our previous outlook is driven by a lower need for trailing equipment and consistent with our ongoing focus on asset efficiency.

針對2026年，我們將淨資本支出指引下修至3.5億至4.0億美元區間，先前為4.0億至4.5億美元。如先前所述，我們的計畫仍反映運用資本支出來改善車隊車齡。相較先前展望的下調，主要來自對拖曳設備需求降低，並與我們持續聚焦資產效率一致。

Our areas of investment will continue to support growth across Intermodal, especially dray capacity and in dedicated, particularly in specialty equipment. We're raising our 2026 earnings per share guidance to $0.90 to $1.10 from our previous range of $0.70 to $1. Our guidance assumes an effective tax rate of approximately 24%.

我們的投資領域將持續支持聯運的成長（尤其是短途接駁運能），以及專屬運輸（特別是特殊設備）。我們將2026年每股盈餘指引上調至0.90至1.10美元，先前區間為0.70至1.00美元。我們的指引假設有效稅率約為24%。

Second quarter results reinforce our confidence that the actions we've taken to lower cost to serve, enhance productivity and prepare for this up cycle are delivering meaningful operating leverage. Based on our year-to-date performance, we're raising the top and bottom end of the full year earnings per share guidance to reflect the progress we're seeing across the business. Our outlook continues to assume that supply attrition remains supportive of freight conditions for the balance of the year and that we continue to make progress against our $40 million cost savings target.

第二季結果強化了我們的信心：我們為降低服務成本、提升生產力並為此一景氣上行週期做準備所採取的行動，正在帶來顯著的營運槓桿。基於年初至今的表現，我們上調全年每股盈餘指引的上緣與下緣，以反映我們在各業務看到的進展。我們的展望仍假設供給出清在今年剩餘期間持續有利於貨運環境，且我們持續朝4,000萬美元的成本節省目標推進。

At the same time, our guidance incorporates a range of outcomes for demand and the availability of driver capacity in the second half of the year. Demand has tracked largely in line with our base case to date. Looking forward, stronger demand could drive additional upside while softer demand may moderate some of the benefits from supply rationalization.

同時，我們的指引也納入今年下半年需求與駕駛運能可得性之不同情境範圍。截至目前，需求走勢大致符合我們的基本情境。展望未來，若需求更強，可能帶來額外上行空間；若需求較弱，則可能削弱供給合理化帶來的部分效益。

As we think about the remainder of 2026, we're bringing momentum from contract implementations and successful allocation events. It's important to note that we're anticipating a loss of a large Dedicated customer, which will be more evident in the second half of the year.

在思考2026年剩餘期間時，我們正延續合約導入與成功配置事件所帶來的動能。需要注意的是，我們預期將流失一位大型專屬運輸客戶，這在下半年會更為明顯。

Additionally, our business mix has evolved over the past several years, including the addition of three dedicated acquisitions and greater exposure to food and beverage and home improvement end markets. As a result, seasonal demand is typically stronger in the second quarter than in the third. Altogether, we expect earnings to grow meaningfully year-over-year at every point in our updated guidance range.

此外，過去幾年我們的業務組合已演變，包括新增三項專屬運輸併購，並提高對食品飲料與居家修繕終端市場的曝險。因此，季節性需求通常在第二季強於第三季。綜合而言，在我們更新後指引區間的任何位置，我們都預期獲利將較去年同期顯著成長。

Now I'll turn the call over to Jim for closing remarks. Jim?

接下來我把電話交給Jim做結語。Jim？

Thanks, Darrell. Before we open the call for questions, I want to reinforce why we're encouraged by the direction of the business. We are a stronger, more efficient company than we were in the last up cycle with a more resilient Dedicated solution, differentiated Intermodal service and scalable capacity across network and Logistics.

謝謝你，Darrell。在我們開放提問之前，我想再次強調為何我們對業務走向感到鼓舞。相較上一個景氣上行週期，我們已成為更強、更有效率的公司，擁有更具韌性的專屬運輸解決方案、差異化的聯運服務，以及橫跨網路與物流的可擴展運能。

These improvements are being further supported by technology innovation, our cost savings program and a proven acquisition playbook. Second quarter results show that the actions we have taken to structurally improve the enterprise are working. The freight backdrop is improving, capacity rationalization is progressing and pricing momentum is building.

這些改善也進一步受到科技創新、我們的成本節省計畫，以及經驗證的併購作戰手冊所支持。第二季結果顯示，我們為結構性改善企業所採取的行動正在奏效。貨運環境正在改善、運能合理化持續推進，且定價動能正在建立。

Across the portfolio, we are seeing benefits from revenue management actions, productivity gains, a lower cost to serve and a multimodal platform that helps us methodically capture opportunities. While uncertainty remains, particularly around demand and driver capacity, our confidence in the earnings trajectory has strengthened.

在整體組合上，我們正看到營收管理措施、生產力提升、更低的服務成本，以及多式聯運平台所帶來的效益，這些有助於我們有系統地掌握機會。儘管不確定性仍在，特別是需求與駕駛運能方面，但我們對獲利走勢的信心已增強。

We are maintaining a strong balance sheet, investing where we see clear returns and continuing to execute against an unchanged strategy, earn customer loyalty through consistent execution, grow profitably where we create differentiation, improve on our low-cost operating model and maintain disciplined capital allocation.

我們將維持強健的資產負債表，在看到明確報酬之處投資，並持續執行不變的策略：透過一致的執行贏得客戶忠誠、在能創造差異化之處獲利成長、精進我們的低成本營運模式，並維持紀律性的資本配置。

With that, we will open the call for questions.

接著，我們將開放提問。

(Operator Instructions)

（接線員指示）

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

Yes, I was wondering, obviously, the supply side has been the big factor. I was wondering if you give a little more color on what you're hearing, seeing from your customer base, their thoughts on perhaps demand looking ahead. And maybe a little bit on the fleet.

是的，我在想，顯然供給端一直是最大的因素。我想請你們多補充一些細節：你們從客戶群那邊聽到、看到什麼？他們對未來需求可能的看法如何？另外也想請談一點車隊方面。

Interesting on perhaps moving some more trucks into network. But can you maybe talk about your thoughts for fleet growth as we look ahead over the next year or so?

例如可能把更多卡車調入網路業務這件事很有意思。但你們能否談談，展望未來一年左右，你們對車隊成長的想法？

Yes. Thanks, Jordan. I think you've got a few questions in there for us to start. So let me just start with what we're hearing from customers related to demand and what we're seeing really macro there, and then I'll touch a little bit on what we're thinking about here for fleet growth as well. And so first of all, as it relates to demand, demand is playing out largely as expected.

好的。謝謝你，Jordan。我想你在裡面問了幾個問題，讓我們先從這裡開始。我先談談我們從客戶那邊聽到的、與需求相關的訊息，以及我們在宏觀面看到的情況，接著也會稍微談一下我們對車隊成長的思考。首先，就需求而言，需求的發展大致如我們預期。

Underlying demand is largely stable. We saw a little bit of seasonal activity in the quarter related to both summer holidays and the World Cup. And so our customers that are in areas like food and beverage definitely saw a little bit of a lift up.

基本需求大致穩定。本季我們看到一些季節性活動，與暑假及世界盃都有關。因此，我們在食品與飲料等領域的客戶確實看到些許帶動。

And looking forward, what we're hearing is the consumer has been resilient through all the macro noise that's been going out there, but there are some risks that are not completely behind us. There's inflationary pressure primarily due to higher energy costs. Interest rates are continuing to weigh on some of the key end markets in places like housing and that's why we're really focused on a broad portfolio of customers that provides us a bit of a cushion here.

展望未來，我們聽到的是，儘管外部總體經濟雜音不斷，消費者仍具韌性，但仍有一些風險尚未完全消除。通膨壓力主要來自較高的能源成本。利率持續對住房等部分關鍵終端市場造成壓力，這也是為什麼我們非常專注於廣泛的客戶組合，以便在此提供一些緩衝。

And the reality of the market that we're in here, though, is that this is really being driven by supply. And even with just a little bit of a ripple in demand, it was enough to make a market move here. And there's just no excess supply and our customers recognize that the market has changed, that there isn't excess supply out there.

不過，就我們所處的市場現實而言，這其實主要是由供給所驅動。即使需求只出現一點點波動，也足以推動市場在此發生變化。而且根本沒有多餘供給，我們的客戶也認知到市場已經改變，外面並不存在過剩供給。

And if there's any disruption, it will result in a really rapid change in the market because there's no way to absorb the shocks. That being said, as we're looking at our fleet, the way we're looking at it, we're excited about the supply exiting the driver market tightening. In Dedicated, we already highlighted that we're continuing to see strong sales, the 500 year-to-date, offset by a little bit of churn in the near term.

如果出現任何干擾，市場就會非常快速地變動，因為沒有辦法吸收衝擊。話雖如此，從我們檢視自有車隊的角度來看，我們對於供給退出、使得司機市場收緊感到振奮。在 Dedicated（專屬運輸）方面，我們已指出持續看到強勁銷售，年初至今新增 500（項/台/合約），但短期內有些許流失（churn）抵銷。

But at the same time, this is a great opportunity for us to be able to continue and restore profitability in that area. And then as it relates to the network, we haven't been satisfied with our performance in the network. And we know we need to restore some margins there. That's our first priority before we start to look at growing that driver fleet again.

但同時，這也是我們能夠持續並恢復該領域獲利能力的絕佳機會。至於網路業務（network），我們對自身在網路業務的表現一直不滿意。我們知道需要在那裡恢復一些利潤率。在我們開始考慮再次擴大那支司機車隊之前，這是我們的第一優先事項。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

If we look at the public data that we can follow, 2Q was a sea of frenetic activity and spot rates and tender rejection rates escalating at pretty much unprecedented levels despite the stable demand drop you talked about.

如果我們看可追蹤的公開數據，第二季是一片高度躁動的活動海洋；即便如你所說需求下滑仍相對穩定，即期運價（spot rates）與投標拒收率（tender rejection rates）仍以幾乎前所未見的幅度攀升。

But since then, at least in the data that we can follow, it's been kind of sideways and maybe even walked back a bit. And I just want you guys' perspective from looking at your own internal metrics, whether it's turn down rates or what you're hearing from customers, is the market leveling out and even cooling off a bit? Or is this just a sign of seasonality that's kind of consolidating after a pretty challenging period? Thank you.

但自那之後，至少就我們能追蹤的數據而言，走勢有點橫盤，甚至可能回落了一些。我想請教你們從自家內部指標（不論是拒載率/turn down rates，或你們從客戶那裡聽到的情況）來看，市場是否正在趨於平穩，甚至稍微降溫？還是這只是季節性因素的訊號，在一段相當具挑戰的期間後正在整理？謝謝。

Yes. Thanks, Bascome. We looked at this very similar last year. I think we had the same discussion that when you get late into July, you see spot rates change a little bit. And I would say this really mirrors what we saw a year ago.

是的。謝謝你，Bascome。我們去年也以非常類似的方式看待這件事。我想我們當時也有同樣的討論：當你進入七月下旬時，會看到即期運價有些變化。我會說這確實反映了我們一年前看到的情況。

So very similar seasonality here, and it hasn't changed what we're seeing out there in the marketplace. And it's not just spot rates aren't the only way that we're able to extract price. It's one of those areas. And even though it's moving sideways, we would still say spot rates are still about 15% higher than contract price. And so that enables us to have a number of ways to go out there and extract price.

所以這裡的季節性非常相似，而這並未改變我們在市場上看到的狀況。而且即期運價並不是我們能夠取得價格（提價）的唯一方式。它只是其中一個面向。即便它橫盤，我們仍會說即期運價大約比合約價高 15%。因此，這讓我們有多種方式可以在市場上取得價格。

And the number 1 area, obviously, is through normal allocation events. But outside those events, we're seeing post-allocation opportunities that are growing. We're also improving price through freight selection. And even though spot is moving a little bit sideways, still positive opportunities there. And our customers are increasingly realizing that this is not a temporary situation when you see a little bit of a sideways movement here.

而第 1 個領域，顯然，是透過正常的配載/分配事件（allocation events）。但在那些事件之外，我們看到配載後（post-allocation）的機會正在增加。我們也透過貨運選擇（freight selection）來改善價格。即便即期略為橫盤，仍有正向機會。而我們的客戶也越來越意識到，當你看到這裡出現一些橫盤走勢時，這並不是暫時性的狀況。

And so we've been really comfortable staying with elevated spot exposure because there's that 15% delta between spot and contract. And we continue to think we're still in the early innings of a rate recovery with -- overall, it's elevated spot exposure, and we'll keep that elevated spot exposure until the book closes between -- the gap between spot and contract.

因此，我們一直很放心地維持較高的即期曝險，因為即期與合約之間有 15% 的價差。我們仍認為運價復甦還在早期階段——整體而言，即期曝險偏高；我們會維持這樣的即期曝險，直到帳本收斂——也就是即期與合約之間的差距收斂。

And just to follow-up on one -- (technical difficulty)

再追問一個--（技術問題）

I think we miss you here.

我想我們這裡聽不到你。

(Operator Instructions)

（接線員指示）

Ravi Shanker, Morgan Stanley.

Ravi Shanker，Morgan Stanley。

Great, thanks. Good afternoon, everyone. Jim, just on IM, obviously, you're a significant player in both asset-based trucking as well as IM, and we're seeing significant rotation from TL to IM at the moment. Do you get a sense that this is sort of a permanent structural move? Or do you think this is kind of opportunistic for the moment given that volumes aren't there yet and TL pricing is high and share might shift back to TL? Or do you think this is like the new normal for IM?

很好，謝謝。各位下午好。Jim，關於 IM（多式聯運/鐵路聯運），顯然你們在資產型卡車運輸以及 IM 都是重要參與者，而我們目前看到顯著的貨量從 TL（整車）轉向 IM。你是否覺得這是一種永久性的結構性轉移？還是你認為這只是當下的機會性行為，因為貨量尚未回來、TL 定價偏高，市占之後可能又會回到 TL？或者你認為這就是 IM 的新常態？

Yes. Thanks, Ravi. Appreciate the question here because definitely, you're absolutely right. We're seeing that trifecta of opportunities here between fuel, seeing the impact with underlying Truckload rates. But also, I think what's structurally different right now is the rail service. It's giving us an opportunity to get into more opportunities and customers are seeing those benefits.

是的。謝謝你，Ravi。感謝這個問題，因為你說得完全正確。我們看到這裡有三重機會的組合：燃油因素、整車（Truckload）運價的底層影響。但我認為目前在結構上不同的地方也在於鐵路服務。它讓我們有機會切入更多機會，客戶也看到了這些好處。

I think the other part is as you look at where our growth is coming, we now have 17 consecutive quarters of growth in Mexico. Our customers have wanted to make a change there for a long time. And it really took that change of us operating with the CPKC to unlock that. We're also growing the local East with over-the-road conversion. Partly that's being driven by what you're seeing with Truckload rates with fuel, but also the service is really good and customers are understanding that.

我想另一部分是，當你看我們的成長來源時，我們在墨西哥已連續 17 個季度成長。我們的客戶長期以來一直希望在那裡做出改變。而真正促成解鎖的是我們與 CPKC 合作營運所帶來的改變。我們也透過長途轉換（over-the-road conversion）在東部本地市場成長。部分是由你所看到的整車運價與燃油所驅動，但同時服務確實非常好，客戶也理解這一點。

But they also -- when they make that change to use Schneider and local East, I believe part of the reason why they're doing that is because of our multimodal strategy because they know that we have other capacity options, whether it's with one of our trucks or it's using one of our Logistics solutions to make sure that we have them covered through it. So yes, I do believe that we're going to -- we have opportunities to continue to grow. And this has been two years, nine quarters of growth. So we've been able to grow through some relatively weak times.

但他們也——當他們改用 Schneider 與東部本地（local East）時，我相信他們這麼做的部分原因是因為我們的多式聯運（multimodal）策略，因為他們知道我們還有其他運力選項，不論是使用我們自家的卡車，或是使用我們的物流解決方案之一，以確保我們能在整個過程中提供保障。所以是的，我確實相信我們將——我們有機會持續成長。而這已經是兩年、九個季度的成長。因此，即使在一些相對疲弱的時期，我們仍能成長。

That's helpful. Maybe as a follow-up here, I'm sorry if I missed the detail here, but I think you mentioned a large upcoming Dedicated loss. Can you shed some more light on that? Just maybe quantify how much an impact could be, so we know what the net guide increase looked like and also maybe some color around that loss?

這很有幫助。也許作為這裡的追問，若我漏掉了細節先說聲抱歉，但我記得你提到即將出現一筆較大的 Dedicated 虧損。你能再多說明一下嗎？也許可以量化一下可能的影響幅度，讓我們了解淨指引上調看起來是什麼樣子，並且也提供一些關於該虧損的背景說明？

Yes. And overall, Ravi, the way to think about that, that's contemplated in what we're expecting going forward. And Dedicated, like we said earlier, it's designed to be more consistent and resilient. And over the four-year down cycle, Dedicated has remained remarkably resilient. But at the same time, performance isn't where it needs to be.

是的。Ravi，整體來看，理解這件事的方式是：這已經納入我們對未來的預期之中。而 Dedicated，如同我們先前所說，它的設計目標是更一致、更具韌性。在四年的下行週期中，Dedicated 一直展現出相當驚人的韌性。但同時，表現仍未達到我們需要的水準。

And as the conditions are improving, that is giving us the opportunity to proactively address the bottom performing agreements in the portfolio and reallocate those resources towards higher-performing opportunities.

隨著環境改善，這也給了我們機會主動處理投資組合中表現最差的合約，並將那些資源重新配置到表現更好的機會上。

Obviously, as a byproduct of those actions, it can create some near-term churn, which is what we've been experiencing in the last couple of quarters. And so our focus here is the revenue per truck per week improvement. It's our priority at this point in the cycle and expect you're going to start seeing more pronounced improvement in that metric going forward because of the momentum we're seeing in contract renewals and productivity actions. And then after we've worked through these, then there's an opportunity to begin growing with deals that are durable. I feel really good about our ability to go out there and sell trucks in this area that's giving us the confidence to restore margins.

顯然，這些行動的副作用可能會在短期內造成一些流失（churn），這也是我們在過去幾個季度所經歷的。因此，我們目前的重點是提升每卡車每週收入。在這個週期階段，這是我們的優先事項；而且基於我們在合約續約與生產力措施上看到的動能，我們預期你將在未來看到該指標更明顯的改善。等我們把這些處理完之後，就有機會開始透過具持久性的交易來成長。我對我們在這個領域外出銷售卡車的能力感到非常有信心，這也讓我們有信心恢復利潤率。

And Ravi, this is Darrell. The only thing I would add is our pipeline is robust, right? So one of the reasons that we have a pipeline is can absorb shocks. The reason why we kind of highlighted that on the call in our prepared remarks is really that in the third quarter, it's going to be more evident as we implement some of those wins.

Ravi，我是 Darrell。我唯一想補充的是，我們的案源（pipeline）很強勁，對吧？所以我們之所以有案源，是因為它能吸收衝擊。我們在電話會議的事先準備稿中特別強調這點，主要是因為到了第三季，當我們落實其中一些勝出案（wins）時，這會更明顯。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good afternoon. Jim, a little surprising to see Logistics EBIT almost doubling sequentially, up over 50% year-over-year in a quarter where it feels like most Logistics companies were squeezed by a par block move in spot pricing. So is this Schneider-specific cost? Is this your power-only model? Is there something special that went into this in a quarter where it seemed to be one of the worst laggards for most peers?

謝謝。各位下午好。Jim，在一個感覺大多數物流公司都因現貨價格的平行下移而受到擠壓的季度裡，看到物流（Logistics）EBIT 連續季幾乎翻倍、年增超過 50%，有點令人意外。所以這是 Schneider 特有的成本因素嗎？是你們的純牽引（power-only）模式嗎？還是說在這個季度、對多數同業而言似乎是表現最落後的領域之一時，你們有什麼特別因素推動？

Yes. Thanks for the question. And we talked a little bit about this last quarter because we were already seeing some of the benefits in Logistics come through last quarter. And once again, it's shining through. And we're no different than the rest of the industry.

是的。謝謝你的問題。我們上季也稍微談到這點，因為上季我們已經開始看到物流業務的一些效益顯現。而這次又再次展現出來。而且我們和產業其他公司並沒有不同。

In the second quarter, we still had some impact from rising third-party carrier costs that weighed on our contract-rated business, including power only, which you mentioned, but there's just been really strong execution on the premium project business. We had that in the first quarter. We developed trust with our customer, and that created additional wins in the second quarter. But it wasn't just the project business.

在第二季，我們仍受到第三方承運商成本上升的一些影響，這拖累了我們的合約計價業務，包括你提到的純牽引（power-only）；但我們在高端專案業務（premium project business）上的執行非常強。第一季我們就有這樣的表現。我們與客戶建立了信任，這在第二季帶來了更多勝出案（wins）。但不只是專案業務而已。

We continued focusing our revenue management efforts to address net revenue pressures, including leading into our spot opportunities. And so we had to address some out-of-market contract rates. And at this point, right now, we're about 60-40 contract versus -- I'm sorry, 60-40 spot versus contract a year ago and historically, we run at about 50-50. And it's not just all of those commercial actions, there's some cost actions here. We've been working on developing AI, especially in this area.

我們持續聚焦於收益管理（revenue management）工作，以因應淨營收壓力，包括在切入現貨機會之前的準備。因此，我們必須處理一些偏離市場的合約費率。而目前，相較於一年前大約是現貨對合約 60-40——抱歉，是現貨 60、合約 40；而歷史上我們大約是 50-50。而且不只是這些商務面的行動，這裡也有一些成本面的措施。我們一直在推動 AI 的開發，特別是在這個領域。

And those tech investments have resulted in our frontline productivity improving 17% year-over-year in the second quarter, which is also enabling great results here. So it's really all the way through from commercial activity, how we're managing revenue management and then how we're executing the loads.

而這些科技投資使我們第二季第一線生產力年增 17%，也促成了這裡的優異成果。所以這確實是從商務活動、我們如何進行收益管理，到我們如何執行運載（loads），全鏈條共同作用的結果。

Got it. And then just quickly, you specifically called out gains on equipment sales in both the Truckload and the Intermodal EBIT in the press release. It feels like those might have been a bit more outsized than normal. Is there any way to quantify that, especially as it helps us kind of consider the 2Q, 3Q bridge?

了解。另外很快問一下，你們在新聞稿中特別點出整車（Truckload）與聯運（Intermodal）EBIT 都有設備出售收益（gains on equipment sales）。感覺這些可能比平常更突出一些。有沒有辦法量化一下，尤其是這能幫助我們思考第二季到第三季的銜接（bridge）？

Yes. So this is Darrell. So in the second quarter, we did see a bit more in terms of gain on sale. We did see pricing improvements in terms of those sales, and we did also sell more units. Nothing that's that material, but there's definitely a step-up from the first quarter to the second quarter. For the remainder of the year, we do expect some robustness in the market to remain as it relates to the price.

是的。我是 Darrell。第二季我們確實看到出售收益稍微多一些。我們在這些出售的價格上看到改善，同時也賣出了更多台數。沒有到非常重大，但從第一季到第二季確實有一個上台階的提升。今年剩餘期間，就價格而言，我們預期市場仍會維持一定的強勁度。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Yeah, thanks, and good afternoon, everyone. Maybe just a question here on the Intermodal revenue per order pressure. Jim, I think you talked about the mix impact there, which makes a lot of sense with the local conversion. But wanted to maybe get a sense for what core yields look like there.

是的，謝謝，各位下午好。我想問一下聯運（Intermodal）每筆訂單收入（revenue per order）承壓的問題。Jim，我記得你談到那裡的組合（mix）影響，考量到本地轉換（local conversion）這很合理。但我想了解一下核心收益率（core yields）大概是什麼樣子。

And I know you generally don't comment on what the number looks like by region, but just maybe directionally, how should we think about that yield trajectory on the shorter haul versus the longer haul lanes? Thank you.

我知道你們通常不會評論各區域的數字，但就方向性而言，我們該如何看待短程與長程路線（lanes）的收益率走勢？謝謝。

Yes. Thanks, Bruce. And you're right. We don't comment on pricing by region here, but I can give you some color that I think will be helpful to help you think about this going forward. So you're right.

是的。謝謝你，Bruce。你說得對。我們不會在這裡評論按區域劃分的定價，但我可以提供一些背景，我想這會有助於你思考未來的走向。所以你說得對。

In second quarter, the rate per order impacts were really just a matter of length of haul and mix, because our contract renewals have been increasing each of the last four quarters. And we had expected that Intermodal would lag Truckload, but we are seeing tightness now in the drayage market.

第二季，每筆訂單費率（rate per order）的影響主要只是運距（length of haul）與組合所致，因為我們的合約續約價格在過去四個季度每一季都在上升。我們原本就預期聯運會落後於整車（Truckload），但我們現在看到短駁（drayage）市場開始吃緊。

And really, we've been talking about this for quite a while that the catalyst in Intermodal to move price is that drayage market. And so our contract renewals were low single digits in the second quarter, and now we're trending towards mid-single digits, which is what we really need to be able to invest in growing dray or utilizing third-party capacity, which is at a higher price point than company drivers.

而且我們其實談這件事談了很久：推動聯運價格上調的催化劑就是短駁（drayage）市場。因此，我們第二季的合約續約幅度是低個位數百分比，而現在正朝向中個位數百分比趨勢發展；這正是我們需要的水準，才能投資擴大短駁業務，或使用第三方運能——其價格水準高於公司自有司機。

And so what we are focused on here is getting to a price point where we could start to accept more loads. And as we're getting to that pricing that we're beginning to see, that's going to enable us to start growing not just in the East and Mexico, but really throughout all of our markets.

因此，我們在這裡專注的是把價格拉到一個水準，讓我們可以開始承接更多載貨量。而當我們逐步達到、也開始看到那樣的定價時，這將使我們不僅能在美東與墨西哥成長，而是真正在我們所有市場全面擴張。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great. Good afternoon. So Jim, congrats, first of all, on your first call leading here. We've also gotten the driver ads in Westchester, so it's clearly working. But looking at your guide and your outlook. Look, my wife looks at me every time they come on the radio.

很好。下午好。所以 Jim，首先恭喜你第一次主導這場電話會議。我們也在 Westchester 看到徵駕駛的廣告，所以顯然是有效的。不過看你們的指引和展望。你看，我太太每次在收音機上聽到那個廣告都會看我一眼。

So looking at your guide and your outlook, thoughts on progress, Darrell, I don't know if you want to -- if you can walk through, I know you don't do quarterly forecasting, but is 2Q the strongest? Is fuel going to aid more into 3Q? I don't know if there's delay real time, if you want to talk about that. You threw out thoughts on driver pay. Is there anything we should think about costs coming into play. So just maybe give us some parameters as you raise the range.

所以看你們的指引和展望，對進展有什麼想法？Darrell，我不知道你是否想——或你是否能帶我們走一遍；我知道你們不做季度預測，但第二季是最強的嗎？燃油會不會在第三季帶來更多助益？我不知道是否有即時性的延遲，你若願意也可以談談。你提到對駕駛薪酬的看法。成本面還有沒有什麼我們應該留意、可能開始發酵的因素？所以當你們上調區間時，或許給我們一些參數。

Yes, sure. I think you hit on a lot of the things that we're considering. But I think let's just start with framing the guide. So we've said that the guide will assume that we have more supply attrition, right? We said that in January, we said that three months ago, and we're continuing to expect supply to exit the market.

是的，當然。我想你提到了我們正在考量的很多事情。不過我想先從指引的框架談起。我們說過，指引會假設供給端會有更多退出（供給流失），對吧？我們在一月說過，三個月前也說過，而我們仍然預期供給會退出市場。

We've also talked about all the things that are within our control, including our cost savings initiatives, our productivity actions, our revenue management actions. And with two quarters behind us, we're seeing the signs of all of those efforts kind of come to fruition. So we've also seen driver capacity exiting faster than we initially thought.

我們也談過所有我們可控的事項，包括成本節省計畫、生產力提升行動、收益管理行動。而在走過兩個季度之後，我們看到這些努力開始逐步開花結果。我們也看到駕駛運能退出的速度比我們原先想的更快。

And year-over-year, all of our segments grew, which is remarkable. We're taking up the bottom end and the top end of our guidance based on all those facts. But it's not only the year-over-year growth that we've seen, we've seen very, very strong sequential growth. So quarter-over-quarter from the first quarter to the second quarter, we saw a doubling of our earnings, and that does not happen by accident, right? Those are all the things that are within our control with a little bit of help on the market. But as we go into the second half of the year, we're bringing all that momentum that we've seen not only as it relates to price.

而且以年對年來看，我們所有事業部門都成長了，這相當了不起。基於這些事實，我們把指引區間的下緣與上緣都往上調。但不只是年對年的成長，我們也看到非常、非常強勁的季對季成長。所以從第一季到第二季，季對季我們的獲利翻倍，而這不是偶然發生的，對吧？這些都是我們可控的事情，再加上一點市場面的助力。但當我們進入下半年，我們會把目前看到的這股動能帶進去，不僅僅是在價格方面。

So Logistics, for example, and network, those are the areas where most of the irrational capacity came in, and that's where we've seen it come out the fastest. So we're seeing the more ready impact in terms of pricing there. But areas such as Dedicated and Intermodal, which are more contract-based, we expect there to be a benefit in the second half as a result of all that.

例如物流（Logistics）與網路（network），這些領域是先前最多非理性運能進入的地方，也是在那裡我們看到它退出得最快。因此我們在那裡看到定價影響更快、更直接。但像 Dedicated 與 Intermodal 這些較偏合約型的業務，我們預期下半年也會因此受益。

Now we have two quarters left in the year. So we're thinking about things that are balancing that optimism. And I think you hit on some of them. So as capacity has exited the market, which is good for price, there are certainly constraints on driver capacity, right? So in terms of our scenarios, we're putting in scenarios as it relates to driver cost and availability and we've talked about demand, right, demand being a swing factor. We think that's particularly important as it relates to peak and what happens in the fourth quarter. But obviously, we have a lot of confidence that based on our preparedness, we're ready to execute once -- if and when that freight becomes available.

現在今年還剩兩個季度。所以我們也在思考一些會平衡這份樂觀的因素。我想你也提到其中一些。當運能退出市場（這對價格有利）時，駕駛運能確實也會出現限制，對吧？因此在我們的情境分析中，我們會納入與駕駛成本與可得性相關的情境；我們也談到需求，對吧，需求是一個擺盪因素。我們認為這點在旺季、以及第四季會發生什麼事上尤其重要。但顯然，我們非常有信心，基於我們的準備程度，一旦——如果且當貨量出現時，我們已準備好執行。

Now you asked the question as it relates to momentum and progress throughout the year. In my opening remarks, I talked about seasonality. So our business has evolved over time. We've made three very significant acquisitions over the last five years. And with that comes a shift in the portfolio.

你問到的是關於全年動能與進展的問題。在我開場致詞中，我談到了季節性。我們的業務隨時間演進。過去五年我們做了三筆非常重要的併購。而這也帶來投資組合的轉變。

So we talked about exposure to food and beverage end markets, home improvement end markets, and that's driving more seasonality into the second quarter as opposed to the third. We've seen that over the past several years, and that's something that we kind of continue -- expect to continue kind of going forward. There are some other things that are unique in our guide kind of going forward.

所以我們談到對食品飲料終端市場、居家修繕終端市場的曝險，這使得季節性更多地落在第二季，而不是第三季。過去幾年我們都看到這種情況，而我們也預期未來大致會持續如此。在我們接下來的指引中，還有一些其他較為特殊的因素。

There was a question on Logistics and the performance of our Logistics business relative to the market. We've been very focused on developing our areas of strength in terms of specialty project business. That came through in the first half of the year, very evident in the second quarter. We think that in the third quarter, even though we're going to have some project business, it's not going to be as pronounced as it was in the second quarter for Logistics.

有人問到物流（Logistics）以及我們物流業務相對於市場的表現。我們一直非常專注於發展我們的強項，也就是專案型（specialty project）業務。這在上半年已經反映出來，第二季尤其明顯。我們認為第三季即使仍會有一些專案業務，但對物流而言，其顯著程度不會像第二季那麼高。

And then we did talk about the loss of the large Dedicated customer, which will also impact what the third quarter looks like. So all those things are in the mix in terms of kind of how we develop the guide for the rest of the year.

另外我們也談到失去一個大型 Dedicated 客戶，這也會影響第三季的樣貌。因此，這些因素都會納入我們在制定今年剩餘期間指引時的考量。

Great. Very helpful, Darrell. If I just follow up, you mentioned in the prepared remarks, moving trucks back and forth. I think it was from Dedicated to network, if I've got that right. And so maybe can you talk scale, capacity, time frame? I don't know, any kind of parameters you can put on that to see if we can scale that in our models?

很好。非常有幫助，Darrell。我再追問一下，你在事先準備的講稿裡提到把卡車來回調度。我想是從 Dedicated 調到 network，如果我理解沒錯的話。那麼你能否談談規模、運能、時間範圍？我不知道你能否給一些參數，讓我們可以在模型裡做出規模化的假設？

Yes. So the way that we're thinking about that, Ken, is where we have the best market opportunities. And so that's the value of having this multimodal approach is that we're able to move drivers from one opportunity to another. And so it's not that I'm being evasive. There's just -- we're going to take that opportunity as it plays out.

可以。Ken，我們的思考方式是看哪裡有最好的市場機會。這就是採用多式聯運（multimodal）策略的價值：我們能把駕駛從一個機會移到另一個機會。所以並不是我在迴避。只是——我們會在機會出現並逐步展開時把握它。

Right now, what we're seeing with price in the market would suggest that there's just going to be more opportunities there in network that we might want to move some trucks over.

就目前而言，我們看到市場上的價格走勢顯示，在 network 那邊會有更多機會，因此我們可能會想把一些卡車調過去。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Alright, thanks for taking the question. Maybe Jim, start with you. Can you just clarify the comment on the dray drivers? It sounded like you're getting to the point where maybe pricing is support enough to be able to expand capacity or maybe fill in some of the gaps you might have in the network or want to add to the network. So maybe you can clarify those comments for me.

好的，謝謝讓我提問。也許 Jim 先回答。你能否釐清一下你對短途接駁（dray）駕駛的評論？聽起來你們正接近一個點：也許定價的支撐已足以讓你們擴充運能，或補上你們在網路中可能存在的一些缺口，或想要增加網路運能。所以你能否幫我釐清一下那些評論？

And then it also sounded like you're getting more out of bids -- out-of-cycle bids rather allocations in Intermodal, if I heard you correctly. So if you can put some context around that, it would be helpful, like do you have absolute terms how to compare it or maybe it's better compared to like a prior cycle in terms of what strength or activity you're seeing there?

然後聽起來如果我沒聽錯的話，你們在聯運（Intermodal）方面，更多是從投標——也就是非週期性的投標（out-of-cycle bids）——而不是從配額分配（allocations）中獲得更多業務。所以如果你能就此提供一些背景脈絡會很有幫助，例如你們是否有絕對數字可以用來比較，或是也許更適合拿來跟先前一個週期相比，看看你們在那裡看到的強度或活動程度？

Yes. Thanks, Brian. So just to start on our dray capacity and what we're seeing is we had opportunities to grow much faster if we had wanted to in the quarter, but we remain disciplined and specifically because we want to look at some of the opportunities that were coming in were noncommitted freight that would have driven our network out of balance or required third-party capacity. And even though we would have moved more freight, it would not have been accretive.

是的。謝謝你，Brian。我先從我們的短途拖運（dray）運能以及我們看到的情況談起：本季如果我們想要，其實有機會成長得更快，但我們仍保持紀律；特別是因為我們看到一些進來的機會屬於非承諾貨量（noncommitted freight），這會讓我們的網路失衡，或需要動用第三方運能。即使我們能運更多貨，但那不會帶來增值（accretive）。

And so we're -- at the same time, we want to be able to take advantage of these opportunities. And so we're leaning in to grow our dray capacity, and we've already had some success here. But most of that growth in our dray capacity occurred at the end of the quarter, and we're continuing to grow that capacity now that we're seeing some improvement in market rates.

因此我們——同時也希望能夠把握這些機會。所以我們正積極投入以擴增短途拖運（dray）運能，而且在這方面已經取得一些成果。但我們短途拖運運能的大部分成長發生在季末，而在我們看到市場運價有所改善之後，我們現在也持續擴增該運能。

And that's the second part is going back to customers and because they understand they need to be able to fund our ability to grow capacity or to be able to use third-party capacity. And so we're seeing both of those take place right now and gives us some confidence that we can continue to grow from there. And you're right, customers when they're seeing some turndown activities, they're willing to sit down and have some discussions, and that's where we're seeing some out-of-cycle activity.

第二部分是回到客戶端，因為他們理解：他們需要能夠支應我們擴增運能的能力，或支應我們使用第三方運能。所以我們現在同時看到這兩件事正在發生，這也讓我們更有信心可以從這裡持續成長。而你說得對，當客戶看到一些拒載（turndown）情況時，他們願意坐下來談一談，而這正是我們看到一些非週期性（out-of-cycle）活動的地方。

Understood. As a quick follow-up, the comments on the B1 and the cabotage, it seems like there's some pretty significant activity. Have you seen that translate to any sort of opportunity in your network?

了解。快速追問一下，關於你提到的 B1 和沿岸运輸（cabotage）的評論，看起來活動相當顯著。你們有看到這轉化成你們網路中的任何機會嗎？

Yes, absolutely, Brian, as we think about what's going on with capacity, and just take a step back before I jump into specifically cabotage that this has been a matter of public safety. And if you go back to -- since 2016, the number of trucks involved in injury crashes has increased 18%. At the same time, companies like Schneider have been investing in safety and reducing accident frequency, yet crashes are growing because not all companies are following these existing regulations.

是的，絕對有，Brian。當我們思考運能正在發生的事——在我特別談沿岸运輸（cabotage）之前先退一步說——這一直是公共安全的議題。如果回顧自 2016 年以來，涉及造成傷害事故的卡車數量增加了 18%。同時，像 Schneider 這樣的公司一直在安全方面投資並降低事故頻率；然而事故仍在增加，因為並非所有公司都遵守現有法規。

You mentioned cabotage, and we're starting to see some impact there. And you can see it on specific lanes because we've all seen the data that there's approximately 30,000 drivers whose visas were revoked, not enabling them to even cross the border and commit cabotage, that has an impact. Same thing with a number of other activities, non-domiciled drivers, the entry-level driver training is starting to be impacted.

你提到沿岸运輸（cabotage），我們開始看到一些影響。你可以在特定路線上看到，因為我們都看過數據：大約有 30,000 名司機的簽證被撤銷，使他們甚至無法跨境、也無法從事沿岸运輸，這會造成影響。其他一些措施也是同樣情況，例如非本國居住（non-domiciled）司機、入門級司機訓練（entry-level driver training）也開始受到影響。

At the same time, we'd say all these factors that are going on. And while cabotage was much faster than we expected, non-CDL drivers was much faster than we expected. There's still about half of the capacity we're expecting to leave hasn't been impacted yet. And we know that capacity is exited because even that real modest increase in seasonal demand triggered a market correction here in the quarter.

同時，我們會說這些因素都在發生。而且沿岸运輸（cabotage）的影響來得比我們預期快得多，非 CDL 司機（non-CDL drivers）的影響也比我們預期快得多。但我們預期將退出的運能中，仍大約有一半尚未受到影響。我們也知道運能正在退出，因為即便只是非常溫和的季節性需求增加，也在本季觸發了市場修正。

And so when we look forward, we know that there's still about one-third of the non-domiciled drivers remaining that we would expect to be removed. The first two-third came out faster than we anticipated. But if the Lilah's Law is enacted, we could see that capacity exit abruptly. And now we have the end of the broker preemption. That may remove some carriers with unsatisfactory conditional ratings. That's a few percent of capacity.

因此往前看，我們知道仍約有三分之一的非本國居住（non-domiciled）司機尚存，我們預期他們會被移除。前面三分之二退出得比我們預期更快。但如果《Lilah’s Law》獲得通過，我們可能會看到運能突然退出。另外，經紀商豁免（broker preemption）的終止也已發生。這可能會移除一些評等為「不滿意／有條件」（unsatisfactory conditional ratings）的承運商。那大概是幾個百分點的運能。

And then ELD enforcement is another action that I'd say is largely in front of us. And it's also the one that I believe would have the biggest impact on public safety because there's a lot of ELDs out there that were improperly certified. And with those, it's tampering is a feature, not a bug, and they're using offshore back-office staffs that enable and course drivers to exceed the 11-hour rules. And so the current highway bill is seeking to address that as well.

接著，ELD（電子行車紀錄器）執法是另一項我認為大多仍在前方的措施。而且我相信它對公共安全的影響會最大，因為市面上有很多 ELD 是不當認證的。對於那些產品而言，「篡改」是一項功能而不是缺陷；他們還使用離岸後台人員，讓司機得以、甚至被引導去超過 11 小時規定。因此，目前的公路法案也正試圖處理這個問題。

And so when you take not just what's behind us, but what's in front of us, it's going to be a dramatic change, and this also changed the top of the funnel. And so it's structurally different than what it was in the past. And so capacity won't grow as fast as it did after the pandemic, and that's why this recovery could last longer than other recoveries.

所以當你把不只是已經發生的、也把即將發生的因素一起納入考量，這將是一個劇烈的變化，也會改變漏斗頂端（top of the funnel）。因此它在結構上與過去不同。因此運能不會像疫情後那樣快速成長，這也是為什麼這次復甦可能會比其他復甦持續更久。

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

Yeah, good afternoon. You had pretty strong growth in revenue per truck per week in network. I'm just wondering how -- do you think like how big a move can you see in 3Q? Or did you kind of -- I mean, you already saw a good move, but I would assume you didn't get everything repriced and so there's more to go. So just maybe a high-level thought how we could -- how much further gain we could see revenue per truck per week in 3Q in network.

是的，下午好。你們在網路業務（network）中，每卡車每週收入（revenue per truck per week）成長相當強勁。我想請教，你認為在第三季（3Q）可能還能看到多大幅度的變動？或者你們——我的意思是，你們已經看到不錯的提升，但我猜你們還沒有把所有項目都重新定價，所以應該還有上行空間。所以想請你從高層次談談，在第三季網路業務的每卡車每週收入，還可能再提升多少。

And then in Dedicated, I know, obviously, it's a different business with multiyear contract, but how might we think about the relationship across the cycle? So if network rates were to go up 15%, 20% across two years, pretty strong cycle. That -- would that translate to kind of half of that gain in Dedicated? Or how would you think maybe about that relationship just so we can kind of contemplate what to put in the model as you look out in Dedicated?

另外在專屬運輸（Dedicated）方面，我知道這顯然是不同的業務，因為是多年期合約，但我們該如何看待它在景氣循環中的關係？例如如果網路運價在兩年內上漲 15%、20%，這是相當強的循環。那是否會在專屬運輸中轉化為大約一半的增幅？或者你會如何看待這種關係，好讓我們在展望專屬運輸時，能在模型中放入合適的假設？

Yes. Thanks, Tom, for those questions. So let me just start with the network revenue per truck per week, 16% growth year-over-year, really strong performance, and that's why network has just always been a part of our multimodal approach. Even though we weren't pleased of the performance during the down cycle, and we didn't sit around during the downturn and wait for the market improvement. But our improvements were primarily on productivity and cost, and those were all being masked by price.

是的。謝謝你，Tom，提出這些問題。我先從網路業務每卡車每週收入談起：年增 16%，表現非常強勁，這也是為什麼網路業務一直是我們多式聯運（multimodal）策略的一部分。即使在下行週期期間我們對表現並不滿意，我們也沒有在低迷期坐等市場改善。但我們的改善主要在生產力與成本，而這些都被價格所掩蓋。

And now that price is starting to move, I think it's just more apparent of what we've been working on. And so -- and now that we're getting price, we're just ready more than ever to take advantage of the cycle shift, and you're starting to see that in the second quarter.

現在價格開始上行，我認為我們一直在做的事情就更明顯了。因此——而且既然我們現在開始拿到價格，我們比以往任何時候都更準備好把握景氣循環的轉折，而你也開始在第二季看到這一點。

So let me just talk about some of those factors here. We don't get price just through allocation events. We're seeing that through elevated spot exposure, mini bids, freight acceptance, and that's why we're already seeing high single-digit price improvement hit this business. But also productivity is also a high single-digit improvement.

那我就來談談其中一些因素。我們不是只透過配載事件才取得價格。我們看到這是透過較高的即期市場曝險、小型競標、運費承攬等方式實現的，這也是為什麼我們已經看到這項業務出現高個位數的價格改善。此外，生產力也同樣有高個位數的提升。

And that's being driven by a combination of asset efficiency, removing unseated tractors and then higher driver utilization from both freight selection and then optimization. And so -- and then the cost reductions that we've been talking about across this entire enterprise for multiple years. This is the first time that you're able to look at a business and say, oh, I can see that coming through the business. And so we're always optimizing for earnings. And in tougher markets, you just have more leverage with productivity and cost.

這是由多項因素共同驅動，包括資產效率提升、移除未配置駕駛的牽引車，並且透過貨源選擇與最佳化，提高駕駛利用率。另外，還有我們在整個企業層面談了好幾年的成本降低。這是第一次你能看著一個業務說，喔，我看得到這些正在在業務中反映出來。因此我們一直都是以獲利為最佳化目標。而在較艱困的市場裡，你在生產力與成本方面就有更大的槓桿。

And now as the market turns, we have opportunities across not just productivity and cost, but also price, and that's where that leverage is starting to come through. In terms of price between network and Dedicated, and it's a little bit difficult. There isn't necessarily a number you can map to, to be able to say, well, this is going to change during this cycle because I think it would have been different.

而現在隨著市場轉向，我們不僅在生產力與成本上有機會，在價格上也有機會，這就是那個槓桿開始逐步反映出來的地方。就網路型（Network）與專屬運輸（Dedicated）之間的價格而言，這有點難。不一定有一個你可以對應的數字，能夠說，嗯，這在這個循環中會改變多少，因為我認為情況本來可能就會不同。

We're going to be focused on having margins in Dedicated that are going to be resilient. You sign a contract for multiple years, and we're going to look for a price that's going to be fair for both sides and be durable. And so that is the plan now, I'd say, over the last couple of years, especially you got later into the cycle. There was a little bit of pressure on Dedicated and some of those contracts are the ones that needed to be renewed.

我們會專注於讓專屬運輸（Dedicated）的利潤率具備韌性。你簽的是多年的合約，我們會尋求一個對雙方都公平、且具有持久性的價格。所以這就是目前的計畫；我會說在過去幾年，尤其是進入循環後段時。專屬運輸（Dedicated）有一些壓力，而其中一些合約正是需要續約的。

I mean maybe just on timing, like when do you think we'll start to see the strength in revenue per truck effectively in price show up? Does that start to show up in 3Q? Or there's a little longer lag on it?

我的意思是也許就時間點而言，你認為我們何時會開始看到每卡車收入（實質上就是價格）的強勢反映出來？會在第三季開始顯現嗎？還是會有更長的落後期？

Yes. I think in Dedicated, we're expecting that we should start seeing improvement in revenue per truck per week in Dedicated immediately here already in third quarter.

會的。我認為在專屬運輸（Dedicated）方面，我們預期每卡車每週收入的改善應該會在第三季就立刻開始出現，現在其實已經在發生了。

Chris Wetherbee, Wells Fargo.

Wells Fargo 的 Chris Wetherbee。

Yeah, hey, thanks. Good afternoon, guys. So Darrell, I guess just maybe to be a little bit more direct, you said a lot about the third quarter and the difference between 3Q and 2Q seasonality. I guess I'm just a little confused. I want to make sure I understand, can 3Q earnings or however you want to sort of measure the profitability of the business be higher than 2Q? Or should we assume that 2Q is higher than 3Q?

是的，嗨，謝謝。各位下午好。Darrell，我想更直接一點，你談了很多第三季，以及第三季和第二季季節性的差異。我有點困惑。我想確認我理解正確：第三季的獲利（或你想用來衡量業務獲利能力的方式）會比第二季高嗎？還是我們應該假設第二季會高於第三季？

Yes. Good question, and I guess, unsurprising. So we tried to give a little bit more color to clarify. We don't guide by quarter, but just trying to be helpful. So I think the seasonality point was just to kind of underpin some of the thoughts that we've seen.

是的。好問題，而且我想也不意外。所以我們試著提供更多說明來釐清。我們不按季度提供指引，但只是想提供一些協助。所以我認為提到季節性，主要是為了支撐我們所看到的一些想法。

So if you just look at history over the last 5 years and kind of how our seasonality has shifted, I just want to make the point that given the transformation of our business, typically in the recent past, more seasonality has shifted into the second quarter. We also talked about just the dynamic of the Logistics specialty project business and the loss of the Dedicated customer.

如果你回顧過去 5 年的歷史，以及我們的季節性如何轉移，我只是想指出，鑑於我們業務的轉型，在最近的過去，通常更多的季節性已經轉移到第二季。我們也談到物流（Logistics）專案型業務的動態，以及失去專屬運輸（Dedicated）客戶的影響。

I mean with all that said, where I did lead off is that we're seeing a lot of momentum going into the second half of the year. So all the things that I mentioned as it relates to capacity exiting the market and the impact on price, you've seen what price and productivity together can do just even in network as an example. So we do expect that, that momentum carries forward.

不過話說回來，我一開始就提到，我們看到進入下半年有很強的動能。所以我提到的所有事情，包含運能退出市場及其對價格的影響；你也看到以網路型（Network）為例，價格與生產力結合起來能帶來什麼效果。因此我們確實預期這股動能會延續下去。

And then Jim mentioned the gap between contracts and spot we do believe that not only in Network and Logistics, but also in Dedicated and Intermodal, we are going to get the benefit of price, and that's also going to come through in the second half, right? So it's not as if we don't think that there's improvement. Actually, at every point in our guide, if you look on a year-over-year basis, we do expect to see improvement in our segments.

另外 Jim 提到合約價與即期價之間的落差，我們確實相信，不僅在網路型（Network）與物流（Logistics），也在專屬運輸（Dedicated）與聯運（Intermodal），我們都會受惠於價格，而這也會在下半年反映出來，對吧？所以並不是我們不認為會有改善。事實上，在我們指引的每一個點上，如果你看年對年，我們確實預期各事業部門都會看到改善。

Okay. I appreciate the clarification there. And then maybe just a bigger picture one here as we're thinking about some of the dynamics going on with drivers and in particular, what's happening here in a post-Montgomery world around the brokerage businesses. I guess, can you maybe sort of refresh us on how you guys think about carrier vetting.

了解。感謝你的釐清。接著可能是一個更宏觀的問題：當我們思考與駕駛相關的一些動態，特別是在 Montgomery 事件之後，經紀業務（brokerage businesses）所發生的情況。我想，你能否幫我們再更新一下，你們如何看待承運商審核（carrier vetting）？

Have you made any changes post Montgomery, the way you think about it, probably going to be maybe on the higher tier of carrier vetting discipline in the industry. But I just want to get a sense of some thoughts around that and how it might impact available capacity and how you see sort of the potential opportunity for you in Logistics going forward?

在 Montgomery 事件之後，你們有做任何調整嗎？你們可能本來就是業界在承運商審核紀律上較高標準的一群。但我想了解你們對此的看法，以及這可能如何影響可用運能，還有你們如何看待物流（Logistics）未來的潛在機會？

Yes. Thanks, Chris here. I'll start by talking about the capacity impacts, and then I'll dive in a little bit into our brokerage business. And you're right, I think it's likely to further constrain capacity from a couple of aspects. First, there's many brokers that are likely to avoid carriers that have conditional or unsatisfactory ratings from the FMCSA.

是的。Chris，謝謝。我先談談對運能的影響，接著再深入說明我們的經紀業務。你說得對，我認為這很可能會從幾個面向進一步收緊運能。第一，許多經紀商可能會避開在 FMCSA（美國聯邦汽車運輸安全管理局）評等為「有條件」或「不合格」的承運商。

That's probably a few percentage of the market. And while the drivers might go to work for another carrier, it's likely that they're going to be held to a higher safety standard. So even transfers to a new company potentially reduces capacity.

這大概占市場的幾個百分點。而即使駕駛可能轉去另一家承運商工作，他們很可能會被要求符合更高的安全標準。因此，即便轉到新公司，也可能降低運能。

And then you have brokers like Schneider that have some standards that go beyond the carrier safety rating. And within Schneider, we only qualify approximately 60% of the carriers that apply. Now don't interpret that as 40% of the carriers on the road are unsafe.

接著像 Schneider 這樣的經紀商，還有一些超出承運商安全評等的標準。在 Schneider 內部，我們只核准大約 60% 申請的承運商。但不要把這解讀為路上有 40% 的承運商不安全。

Some of these carriers are chameleon carriers, so we might disqualify them many times. And there are also carriers that are safe but lack enough time in the industry to meet our standards. But I also believe this creates an opportunity for our Logistics segment. We're already seeing some shippers that are pivoting away from the small or medium-sized brokers.

其中一些承運商是「變色龍承運商」（chameleon carriers），所以我們可能會多次將其取消資格。也有一些承運商其實很安全，但在業界的年資不夠，無法符合我們的標準。但我也相信，這為我們的物流（Logistics）事業部創造了機會。我們已經看到一些託運人正從小型或中型經紀商轉向其他選擇。

And there are some shippers that are requiring minimum insurance levels that are well out of reach for most pure-play brokers and even for some small asset-based companies and so our position, the standards that we put in, we implemented these several years ago, and we've moved our carrier count from 60,000 to less than 14,000 carriers. And we did that primarily under the vein of improving cargo security, but many of the filters that we apply to cargo security also apply to safety.

而且有些託運人要求的最低保險額度，對多數純經紀商（pure-play brokers）而言遠遠達不到，甚至對一些小型資產型公司也是如此；因此以我們的定位、我們所建立的標準——這些標準是我們幾年前就導入的——我們已將合作承運商數量從 60,000 家降到不到 14,000 家。我們這麼做主要是為了提升貨物安全（cargo security），但我們用於貨物安全的許多篩選條件，同樣也適用於安全（safety）。

And so overall, I think this is an opportunity for Schneider. But I also believe that litigation is a risk to supply chains. We're investing heavily in safety, training, technology, compliance, and it's resulting in reducing accident frequency, but accidents still happen. And we believe that companies that do the right thing should be held accountable based on the facts and not exposed to disproportionate outcomes driven by the current litigation environment.

總體而言，我認為這對施耐德來說是一個機會。但我也相信，訴訟對供應鏈而言是一項風險。我們在安全、訓練、技術與合規方面投入大量資源，這確實降低了事故發生頻率，但事故仍然會發生。我們相信，做對事情的公司應該依據事實承擔責任，而不應暴露在由當前訴訟環境所驅動、失衡且不成比例的結果之下。

And that's why we believe tort reform is really important, not to avoid responsibility, but to ensure that the outcomes are fair, they're predictable and aligned with actual conduct. And so I believe that this is a big impact to the overall industry.

這也是為什麼我們認為侵權改革非常重要；不是為了逃避責任，而是為了確保結果公平、可預測，並且與實際行為相一致。因此我認為，這會對整體產業造成重大影響。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks. Two questions. We're at the hour, so I'll just lump into one. So you talked about, Jim, the trifecta for Intermodal conversion. volumes were flat in the quarter, like where you think like the growth goes? And then Darrell, there's been a lot of talk about like the seasonality of the mix of the business like 2Q, 3Q.

嗨，謝謝。兩個問題。時間差不多到一小時了，所以我就合併成一個來問。你提到過，Jim，聯運轉換的三要素。本季運量持平，你認為成長會從哪裡來？另外，Darrell，大家談了很多關於業務組合在第二季、第三季的季節性。

Like maybe more importantly, does like the mix -- the changing mix of the business like change ultimately like where the annual margins can go, meaning if this was an 85%, 86% OR last cycle, does that change because you have more Dedicated or more food and beverage? Or does that not change? Is this just a seasonal shift within quarters?

也許更重要的是，業務組合——也就是組合的變化——是否最終會改變年度利潤率能達到的水準？意思是，如果上一個景氣循環的 OR 是 85%、86%，那因為 Dedicated（專屬運輸）或食品飲料占比更高而改變嗎？還是不會改變？這只是季度之間的季節性移動嗎？

Yes, Scott, I'll start and then Darrell will jump in on the long-term margin questions here. So first of all, on Intermodal volumes, I think I talked a little bit about this earlier. We could have grown double digits if we wanted to, but we wouldn't have made any more money.

好的，Scott，我先回答，然後 Darrell 會接著談長期利潤率的問題。首先，關於聯運運量，我想我先前已稍微提到。如果我們想要，其實可以做到兩位數成長，但我們不會因此多賺任何錢。

And so that's why we're a little bit more discerning about which orders we're accepting. And you're able to do that when you've grown 9 consecutive quarters, and we've had some really big growth in certain areas. And we said we don't have to go out there and take every single opportunity.

所以這就是為什麼我們在接受哪些訂單上更為審慎。當你已經連續 9 個季度成長，且在某些領域有非常大的成長時，你就有能力這麼做。我們也說過，我們不必出去把每一個機會都接下來。

And so now that we are starting to grow that dray capacity, we're getting price that will enable us to use some third party in certain area. We set up our peak season programs with shippers very early on because we're seeing those opportunities as well. That enables us to use third party a little bit more today. So we expect that there's opportunities to start growing really in high single digits.

因此，現在我們開始擴增短途拖運（dray）運力，我們也拿到能讓我們在某些區域使用部分第三方的價格。我們很早就與貨主建立旺季方案，因為我們也看到了那些機會。這讓我們今天能稍微更多地使用第三方。所以我們預期，確實有機會開始以高個位數的速度成長。

Yes, Darrell.

好的，Darrell。

Yes, this is Darrell. So the seasonality commentary was really just to frame the guide, right? It doesn't change anything that we think about our business in the long term. And actually, the actions that we've taken have been purposeful. So we purposely targeted the three targets that we acquired over the last few years, and we knew what came with that, and we welcomed what came with that. So we've been taking actions to structurally improve the business during the downturn, right? We've not been wasting time.

是的，我是 Darrell。關於季節性的評論，主要只是為了說明指引的背景，對吧？它不會改變我們對長期業務的看法。而且，我們採取的行動其實是有目的的。我們刻意鎖定過去幾年收購的三個標的，我們也知道隨之而來的影響，並且樂於接受。所以在景氣下行期間，我們一直在採取行動，從結構上改善業務，對吧？我們沒有浪費時間。

The Dedicated portfolio, our Truckload is more Dedicated skewed Jim talked about our differentiation in Intermodal in network and Logistics, we've invested in being scalable and flexible. We've been investing in technology. So all of those things make us stronger today as we're coming out of the downturn. And we're already seeing that, right? So if you just look at our year-over-year improvement, you look at our sequential improvement in earnings, it's all a result of all the things that we've done.

Dedicated 組合方面，我們的整車（Truckload）更偏向 Dedicated；Jim 談到我們在聯運的差異化、網路與物流；我們也投資讓業務具備可擴展性與彈性。我們一直在投資技術。所有這些都讓我們在走出低迷時更強。而我們已經看到了這一點，對吧？如果你看我們年對年的改善、以及獲利的季對季改善，這些都是我們所做一切的成果。

But when we think about our long-term margin targets, Truckload, 12% to 16%, Intermodal, 10% to 14%, Logistics, 3% to 5%, those are meant to be in normal market conditions, right? So we -- I think everybody would acknowledge Scott that we have not been in a normal situation.

但當我們思考長期利潤率目標時：整車 12% 到 16%，聯運 10% 到 14%，物流 3% 到 5%，這些都是以正常市場狀況為前提，對吧？所以——我想大家都會同意，Scott，我們一直都不在正常狀況之下。

So as capacity has exited, we're seeing the benefit, and we're seeing it initially in those segments of our business that were most impacted. But we expect to see improvement across the board, including in our contract-rated businesses. So the pricing improvement that we saw in Logistics and network, I think that's just the beginning.

隨著運力退出市場，我們正在看到其帶來的好處，而且一開始是在那些受影響最嚴重的業務板塊上體現出來。但我們預期各方面都會改善，包括我們以合約費率計價的業務。因此，我們在物流與網路看到的定價改善，我認為那只是開始。

Jim talked about where we are in terms of all the capacity actions that are being taken. So when we sit here today at the end of the second quarter, Truckload margin is already at 8%. Intermodal at 7%. Logistics is already within our long-term ranges. So we have line of sight to get to our longer-term margin ranges and the evidence of all the actions that we've taken prove that.

Jim 談到了我們在各項運力調整行動方面所處的位置。所以當我們在第二季末坐在這裡時，整車利潤率已經達到 8%。聯運為 7%。物流已經落在我們的長期區間之內。因此，我們對達成更長期的利潤率區間有清晰的可見度，而我們採取的所有行動所呈現的證據也證明了這一點。

All right. We appreciate everybody joining the call today. Have a great day.

好的。感謝各位今天加入電話會議。祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。