TFI International Inc (TFII) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's third-quarter 2025 earnings call.

女士們、先生們，大家好。感謝您的耐心等待。歡迎參加 TFI International 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

Please be advised that this conference call may contain statements that are forward-looking in nature and subject to a number of risks and uncertainties that could cause actual results to differ materially.

請注意，本次電話會議可能包含一些前瞻性陳述，這些陳述受到許多風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。

I would also like to remind everyone that this conference call is being recorded on October 31, 2025.

我還要提醒大家，本次電話會議將於 2025 年 10 月 31 日錄音。

Joining us on today's call are Alain Bedard, Chairman, President, and Chief Executive Officer; and David Saperstein, Chief Financial Officer.

今天參加電話會議的有董事長、總裁兼執行長 Alain Bedard 和財務長 David Saperstein。

I'll now turn the call over to Alain Bedard. Please go ahead, sir.

現在我將把電話交給阿蘭貝達爾。請繼續，先生。

Well, thank you for the introduction, operator. Welcome, everyone, to this morning's call.

好的，謝謝您的介紹，接線生。歡迎各位參加今天上午的電話會議。

Last evening, we reported our quarterly results that shows additional progress with operating margins, especially for our US LTL. In fact, across our entire company, the men and women of TFI International doubled down on our core operating principle, which is setting us up nicely for the eventual rebound in freight volumes.

昨晚，我們公佈了季度業績，顯示營運利潤率取得了進一步進展，尤其是我們在美國零擔運輸業務的利潤率。事實上，在整個公司範圍內，TFI International 的全體員工都加倍堅持我們的核心營運原則，這為我們最終迎來貨運量的反彈做好了充分的準備。

I'm also pleased with our free cash flow performance, as this is always one of our top priorities. At more than $570 million year to date, this was slightly above the nine-month results from 2024. We use our strong free cash flow to strategically invest in the long term and, whenever possible, return the excess to shareholders.

我對我們的自由現金流表現也感到滿意，因為這始終是我們的首要任務之一。今年迄今已超過 5.7 億美元，略高於 2024 年前九個月的業績。我們利用強勁的自由現金流進行長期策略投資，並在可能的情況下將盈餘回饋給股東。

Speaking of which, as you may have seen in our press release, yesterday, our Board approved a 4% increase in our quarterly dividend to $0.47 per share, suggesting a yield of close to 2%. Equally important, during and subsequent to the quarter, we repurchased additional shares, which I'll speak to in a moment; and while maintaining a very solid balance sheet.

說到這裡，正如您可能在我們的新聞稿中看到的那樣，昨天，我們的董事會批准將季度股息提高 4%，至每股 0.47 美元，這意味著收益率接近 2%。同樣重要的是，在本季及之後，我們回購了更多股票，我稍後會談到這一點；同時，我們保持了非常穩健的資產負債表。

With that, let's review our overall third-quarter results. We generated total revenue before fuel surcharge of $1.7 billion. That compares to $1.9 billion in the year-ago quarter. In aggregate, we produced $153 million of operating income or a margin of 8.9%. We've recorded adjusted net income of $99 million as compared to $134 million in the third quarter of 2024; and an adjusted EPS of $1.20 is relative to $1.58 in the year-ago quarter.

接下來，讓我們回顧一下第三季的整體業績。我們未計入燃油附加費的總收入為 17 億美元。相比之下，去年同期為 19 億美元。我們總共實現了 1.53 億美元的營業收入，利潤率為 8.9%。我們錄得調整後淨收入 9,900 萬美元，而 2024 年第三季為 1.34 億美元；調整後每股收益為 1.20 美元，去年同期為 1.58 美元。

Rounding out our consolidated results, our net cash from operating activities came in at $255 million, up sequentially but down from $351 million in the same quarter last year. Finally, our free cash flow from the third quarter was nearly $200 million, also up sequentially. In addition, as I mentioned, this brought our year-end-to-date free cash flow to just over $570 million.

綜合來看，我們經營活動產生的淨現金流為 2.55 億美元，較上季成長，但低於去年同期的 3.51 億美元。最後，我們第三季的自由現金流接近 2 億美元，環比也有所成長。此外，正如我之前提到的，這使我們截至年底的自由現金流略高於 5.7 億美元。

Overall, when I look at our consolidated performance, first and foremost, I recognize the hard work of our team, with everyone across our segments working to make the most out of a subdued freight environment and, most importantly, setting us to capitalize on the next cycle.

總的來說，當我審視我們整體的業績時，首先也是最重要的是，我認可我們團隊的辛勤工作，我們各個部門的每個人都在努力利用低迷的貨運環境，最重要的是，為我們抓住下一個週期做好準備。

How do they do this? Well, they focus on long-held core operating principle, ensuring that quality of revenue and aiming for constantly improving efficiencies. Additionally, as we make meaningful progress on service improvement in US LTL, it's gratifying to see the team recognized in this regard by leading third-party customer research firms. So we very much appreciate their hard work.

他們是怎麼做到的？他們專注於長期堅持的核心經營原則，確保收入質量，並致力於不斷提高效率。此外，隨著我們在美國零擔運輸服務改進方面取得實質進展，令人欣慰的是，團隊在這方面得到了領先的第三方客戶研究公司的認可。因此，我們非常感謝他們的辛勤工作。

Now, let's take a closer look at each of our three business segments, beginning with LTL. This quarter, our LTL operation represented 40% of segmented revenue before fuel surcharge, which was down 11% versus a year ago to $687 million. Notably, our US LTL operation showed additional progress on margin for a second quarter in a row, producing a 92.2% OR, which matched the performance of a year earlier. Total LTL operating income of $78 million was up sequentially from the second quarter but compared to $96 million a year earlier. Our combined operating ratio for LTL was 88.8%. That's also improved sequentially, in fact, for the second quarter in a row but still compared to 87.3% in the prior-year third quarter. Our return on invested capital for LTL was 11.9%.

現在，讓我們仔細看看我們的三個業務部門，首先從零擔運輸開始。本季度，我們的零擔運輸業務佔分部收入（不含燃油附加費）的 40%，比去年同期下降 11%，至 6.87 億美元。值得注意的是，我們的美國零擔運輸業務連續第二個季度在利潤率方面取得了進一步進展，利潤率達到 92.2%，與去年同期的業績持平。零擔運輸總營業收入為 7,800 萬美元，較第二季環比成長，但與去年同期的 9,600 萬美元相比有所下降。我們的零擔貨運綜合營運比率為 88.8%。事實上，這一數字也連續第二季環比有所改善，但與去年同期第三季的 87.3% 相比仍有差距。LTL的投資報酬率為11.9%。

Turning to Truckload, it was 39% of segmented revenue before fuel surcharge at $684 million, which compared to $723 million in the year-ago quarter, with tariff impacts on steel and other commodities still waiting on freight volumes. Operating income of $53 million compares to $70 million last year. Our Truckload OR came at 92.3% versus 90.6%. Lastly, our Truckload return on invested capital was 6% for the quarter.

再來看整車運輸，在扣除燃油附加費之前，其占分部收入的 39%，為 6.84 億美元，而去年同期為 7.23 億美元，關稅對鋼鐵和其他大宗商品的影響仍在等待貨運量的變化。營業收入為 5,300 萬美元，而去年為 7,000 萬美元。我們的整車運輸率達到 92.3%，而對手為 90.6%。最後，本季我們的整車運輸投資報酬率為 6%。

Our third and final segment to discuss is Logistics, which produced $368 million of revenue before fuel surcharge or 21% of segmented revenue. This compared to $426 million in the third quarter of 2024. Operating income came in at $31 million versus $49 million last year. This represents a margin of 8.4% versus 11.4%. Our Logistics return on invested capital was 14.6%.

我們要討論的第三個也是最後一個部分是物流，該部分在扣除燃油附加費之前創造了 3.68 億美元的收入，佔分部收入的 21%。相比之下，2024 年第三季為 4.26 億美元。營業收入為 3,100 萬美元，而去年同期為 4,900 萬美元。這意味著差距為 8.4% 對 11.4%。我們的物流投資報酬率為 14.6%。

Next, I'll move on to our balance sheet, which remains very strong, benefiting from a free cash flow I mentioned of nearly $200 million during the quarter and more than $570 million year to date, which is stronger than last year. We end up September with a funded debt-to-EBITDA ratio of 2.4 times.

接下來，我將介紹我們的資產負債表，該負債表依然非常強勁，這得益於我之前提到的本季度近 2 億美元的自由現金流，以及今年迄今為止超過 5.7 億美元的自由現金流，這比去年同期要好得多。截至9月底，我們的融資債務與EBITDA比率為2.4倍。

From this position of strength, we are able to not only pay our dividend, which I mentioned, the Board agreed to raise today; but we also repurchased a total of $67 million worth of shares during the quarter. That brought our total return of capital to shareholders to more than $100 million during the third quarter alone.

憑藉這種強大的實力，我們不僅能夠支付股息（正如我今天提到的，董事會已同意提高股息），而且我們在本季度回購了總計價值 6700 萬美元的股票。光是第三季度，我們就向股東返還了超過 1 億美元的資本。

As I mentioned at the outset, this is one of our key business principles: to return excess cash to shareholders, whenever possible. I should add that, subsequent to Q3, we also have repurchased an additional $17 million worth of share, as we continue to effectively reduce our share count.

正如我一開始提到的，這是我們的關鍵商業原則之一：盡可能將多餘的現金回饋給股東。我還要補充一點，繼第三季之後，我們還回購了價值 1700 萬美元的股票，我們繼續有效地減少了我們的股票數量。

Before we turn to Q&A, I'll provide a fourth-quarter outlook. We expect fourth-quarter adjusted diluted EPS to be in the range of $0.80 to $0.90. We now expect full-year net CapEx, excluding real estate, to be $100 million to $175 million compared to $200 million earlier.

在進入問答環節之前，我將先提供第四季的展望。我們預計第四季調整後攤薄每股收益將在0.80美元至0.90美元之間。我們現在預計全年淨資本支出（不包括房地產）為1億美元至1.75億美元，而此前預計為2億美元。

Similar to last quarter, I'll note that our outlook assumes no significant change, either positive or negative, in the actual operating environment.

與上個季度類似，我要指出的是，我們的展望假設實際經營環境不會發生重大變化，無論是正面的還是負面的。

With that, operator, David and I would be happy to take questions; if you could please open the lines.

好了，接線生，我和大衛很樂意回答問題；請您接通電話。

(Operator Instructions)

（操作說明）

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Alain, I would love your overall thoughts on the state of the LTL market today. Obviously, macro still remains pretty depressed. But you guys are taking idiosyncratic actions, as well.

阿蘭，我很想聽聽你對目前零擔貨運市場狀況的整體看法。顯然，宏觀經濟仍然相當低迷。但你們也採取了一些特立獨行的行動。

If you just could address where do you think volumes are going; what do you think the pricing environment is like, that would be great.

如果您能談談您認為銷售將走向何方，以及您認為當前的定價環境如何，那就太好了。

Yeah. Well, very good question, Ravi.

是的。拉維，問得好。

I think that like most of our peers, so far, we're off to a very slow start in Q4, with all kinds of reasons. We have this special situation in the US, with the government shutdown and things like that.

我認為，和大多數同業一樣，到目前為止，我們在第四季的開局非常緩慢，原因有很多。美國目前面臨特殊情況，例如政府停擺等等。

We anticipate that, probably -- in our guidance, what we have in there is Q4 versus Q3, okay? We'll probably see a deterioration of the OR between 200 basis points to 300 basis points, okay, because of this slow volume environment.

我們預計，可能——在我們的指導下，我們提到的是第四季與第三季的對比，好嗎？由於目前交易量低迷，我們可能會看到OR值下降200個基點到300個基點。

Now, going into '26, we're starting to have a feeling that after three years of very, very hard, difficult freight recession, we believe that, finally, all the effect of that Big Beautiful Bill's and the fact that the consumer will probably get some tax refund, et cetera, et cetera, the investment, okay, that will probably take place in the industrial sector in the US, we feel way, way, way better about '26 than what we went through about 2025.

現在，展望 2026 年，我們開始感覺到，在經歷了三年非常非常艱難的貨運衰退之後，我們相信，最終，所有那些「宏偉法案」的影響，以及消費者可能會獲得一些退稅等等，還有投資，好吧，這些投資可能會發生在美國的工業領域，我們對 2026 年的感受比對 2025 年的感受要好得多。

Now, what we were able to do with TForce Freight, I think it's a confirmation that the new team is really all hands on deck. We've been working on our costs. We've also been working and improving our service. That's been confirmed by the famous Mastio report. We are improving. We still have a lot of work to do but, still, we're heading in the right direction.

現在，我們與 TForce Freight 的合作成果，我認為這證實了新團隊確實全力以赴。我們一直在努力控製成本。我們一直在努力改進我們的服務。這一點已得到著名的馬斯蒂奧報告的證實。我們正在進步。我們還有很多工作要做，但是，我們正朝著正確的方向前進。

I'm very happy with the team, with what the guys are working on, right now. We're looking at '26. We need to do some major investment in AI, okay, to help us reduce our costs and be more efficient, provide a better service. In that regard, we have some projects that should take place in '26.

我對團隊以及隊員們目前正在進行的工作非常滿意。我們正在關注「26」。我們需要在人工智慧領域進行大量投資，以幫助我們降低成本、提高效率、提供更好的服務。在這方面，我們有一些項目應該在 2026 年進行。

Q4 '25, difficult all over for us, I believe. But I think that, finally, the sun is going to start coming up in '26.

我認為，2025年第四季對我們來說處處都​​很艱難。但我認為，最終，2026年太陽將會升起。

Understood. That's really helpful. Just, you very quickly addressed that, as well.

明白了。這真的很有幫助。只是，你也很快就提到了這一點。

But if you can just talk about the progress you made with fixing some of the internal initiatives in the LTL business, how far along are you? What do you think are the next few steps you can expect in the next quarter or two?

但如果您只談談您在解決零擔運輸業務的一些內部舉措方面取得的進展，您認為進展如何？您認為未來一、兩個季度內可能會有哪些新的措施？

Yeah. Well, one of the first things that we did, Ravi, with Kal and his team there, is we fixed the small- and medium-sized business, where we were way -- we've lost too much of that in '24. When Kal took it over with Chris and the rest of the team there, they said, well, we definitely need to change that, right?

是的。嗯，Ravi，我們和Kal以及他的團隊做的第一件事就是修復中小企業，我們在2024年失去了太多這方面的業務。當 Kal 和 Chris 以及其他團隊成員接手時，他們說，嗯，我們肯定需要改變這一點，對吧？

What you see there, okay, in Q3 and also, the improvement in Q2, some of that is the improved quality of revenue, quality of freight that we do. That's basically step number one.

您在第三季以及第二季看到的改善，部分原因是收入品質的提高，以及我們貨運品質的提高。這基本上就是第一步。

Step number two is we were a little bit too relaxed on some aspect of our business. For instance, our approach [us] with temp account was you deliver the freight and hope to get paid, okay, when an account does not exist with you. Well, I don't think no one is doing that, right? We were an exception in the US. We fixed that in Q2 and for the rest of the year.

第二步是我們在業務的某些方面過於放鬆了。例如，我們採用的臨時帳戶模式是，你負責運送貨物，然後希望能夠收到貨款，但實際上你並沒有帳戶。嗯，我覺得應該沒有人這麼做吧？我們在美國是個例外。我們在第二季以及今年剩餘的時間都解決了這個問題。

Now, if you order at TForce Freight and you have a ship and we don't know who's going to be paying the bill, we hold on to the freight until we know who actually is going to be paying that bill. That's also another improvement. Because of past procedures, we were losing a lot of dollars because of that negligence of our process at the time.

現在，如果您在 TForce Freight 下訂單，並且您有一艘船，但我們不知道誰來支付賬單，我們將保留貨物，直到我們知道實際誰來支付賬單為止。這也是一項改進。由於過去的程序疏忽，我們當時損失了很多錢。

Now, also, we've hired a guy to run our fleet management team. I'll give you just a small example.

此外，我們還聘請了一位負責人來管理我們的車隊管理團隊。我舉個小例子給你聽。

Last meeting, we had -- the other day in Dallas, it used to be that a truck, a TForce Freight, get into a shop and that truck is stuck there for 85 hours. Well, now we're down to about 45 hours. It's still too much. But that helps, okay, the cost because now, the truck is available so you don't have to rent a truck for five days or six days because now, instead of being stuck there for, like, two weeks; now, the truck is stuck there for now a week, right?

上次會議，我們前幾天在達拉斯開會，當時一輛 TForce Freight 的卡車開進修車廠，然後這輛卡車就被困在那裡 85 個小時。現在我們只剩下大約 45 個小時了。這還是太多了。但這樣確實有助於降低成本，因為現在卡車可用了，所以你不必租用卡車五到六天，因為現在，卡車不會像以前那樣被困在那裡兩週，而是被困在那裡一周，對吧？

These are all the small details that Kal and the team there are looking at.

這些都是Kal和他的團隊正在關注的細節。

We have a new team, also, that's focusing on claims because our claim ratio at 0.7% of revenue is not good. It's never been good. So we have to do something.

我們也組建了一個新的團隊，專門負責理賠工作，因為我們目前的理賠率（佔收入的 0.7%）並不理想。從來就不好。所以我們必須採取行動。

If you look at our claim ratio in Canada, we're always in that 0.2% of revenue, which is normal, right? But we're at 0.7%. Now, we have a team that focus on that day in, day out in trying to get that 0.7% down to a more normal level, right?

如果你看一下我們在加拿大的索賠率，我們始終保持在收入的 0.2% 以內，這很正常，對吧？但我們現在只有 0.7%。現在，我們有一個團隊日復一日地專注於將這 0.7% 降到一個更正常的水平，對吧？

These are all small things that the guys are doing. We'll be announcing, also, Ravi, very soon -- probably next week -- that now, within TForce Freight, we have one executive that's going to be a Chief Commercial Officer for all of our LTL operation in the US.

這些都是他們正在做的小事。Ravi，我們很快也會宣布——可能就在下週——TForce Freight 將任命一位高階主管擔任我們在美國所有零擔貨運業務的首席商務長。

Again, this is because our focus is on quality of revenue, growing the number of shipments. This is what I think that we will start to see in '26.

這再次證明，我們關注的是收入質量，即增加出貨量。我認為我們將在 2026 年開始看到這種情況。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Maybe just following up on that, it sounds like real progress is being made, which is great. Hopefully, next year will be better, in terms of the underlying demand.

或許可以補充一點，聽起來確實取得了一些進展，這很好。希望明年潛在需求會有所改善。

In the context of that, now that maybe it's getting to that point, how do you think either incremental margins or where LTL OR in the US could ultimately get to? Do you have any updated thoughts on that? Because, clearly, what you've done has improved the company versus the last time we had strength in the LTL market.

在此背景下，既然現在可能已經到了那個階段，您認為美國的零擔貨運或零售業的增量利潤最終會達到什麼水準？您對此有任何最新的想法嗎？因為很明顯，你所做的一切讓公司比上次我們在零擔貨運市場佔據優勢時有了很大的進步。

Yeah. Yeah. Absolutely, Jordan.

是的。是的。當然，喬丹。

If you look at our US LTL versus our Canadian LTL, in Canada, we have a deep bench and we've been at it for a long time. In the US, don't forget, we're in that business since we bought UPS Freight.

如果你看看我們美國的零擔運輸和加拿大的零擔運輸，你會發現，在加拿大，我們擁有強大的後備力量，而且我們已經在這個行業耕耘了很長時間。別忘了，我們在美國也是從收購 UPS Freight 開始涉足這個行業的。

Now, we're beefing up our talent team. That's going to help go through that period that, hopefully, is going to be some tailwinds for the LTL industry, in general. We'll be, I think, well positioned to take advantage of that.

現在，我們正在擴充人才團隊。這將有助於度過那段時期，希望那段時期能為零擔運輸業帶來一些利多因素。我認為，我們將處於有利地位，能夠充分利用這一點。

But the focus at TFI, with every business unit, has always been do more with less, okay? This is why, like I said earlier to Ravi, we are really focused, in '26, what implementation we could do with the new AI tools that are available to be in a position to do a better job, provide better service at a better cost for all of our customers.

但TFI的每個業務部門始終秉持著「用更少的資源做更多的事」的理念，懂嗎？這就是為什麼，就像我之前跟拉維說的那樣，我們在 2026 年真正關注的是，如何利用現有的人工智慧工具，以便更好地為所有客戶提供更好的服務，並降低成本。

There, I'm not just talking about TForce Freight or LTL, I'm talking about our Package in Canada, our P&C business in Canada, I'm talking, also, about our Truckload operation in the US. This is really going to be a big focus of ours in '26 because now, contrary to '24, this AI thing there is really something that's going to change a lot of stuff.

我說的不僅僅是 TForce Freight 或 LTL，而是我們在加拿大的包裹運輸業務、我們在加拿大的財產和意外傷害業務，我還說的是我們在美國的整車運輸業務。這將會是我們 2026 年的重點，因為與 2024 年不同，人工智慧現在真的會改變很多事情。

We know that down the road -- I don't know if it's 10 years from now, okay -- you'll be probably able to drive a truck without a driver, right? So when you think about that, all the edge that a non-union carrier has versus a union carrier, well, that edge, down the road, will probably disappear, right? But this is 10, 15 years from now. I don't know.

我們知道，將來──我不知道是不是10年後──你可能就能自己開卡車了，對吧？所以仔細想想，非工會承運人相對於工會承運人所擁有的所有優勢，從長遠來看，這些優勢很可能會消失，對吧？但這都是10年、15年後的事了。我不知道。

But one thing is for sure is that us, we are embracing AI, big time. We'll be investing on that. That's a big focus of ours in '26. This market has been difficult for us for the last three years, okay?

但有一點可以肯定，那就是我們正在大力擁抱人工智慧。我們將對此進行投資。這是我們2026年的工作重點之一。過去三年，這個市場對我們來說一直很艱難，懂嗎？

Hopefully, the market turns in '26. We don't control that. But what we can control is our cost and our focus. This is something that I'm reviewing the plan for '26, as we speak, next two weeks. So it's a big focus of ours, Jordan.

希望市場在2026年出現轉機。我們無法控制這一點。但我們可以控制的是成本和重點。這是我目前正在審查的 2026 年計劃，就在接下來的兩週內。所以，喬丹，這是我們重點關注的問題。

Okay. Great. Suffice it to say, without necessarily putting a number then and a timeframe, I would suspect, given what you've done, when we do get to a positive volume environment, you'd expect fairly quick reaction to the operating ratio to the improvement.

好的。偉大的。總之，雖然不一定給出具體的數字和時間範圍，但鑑於你們所做的一切，我估計，當我們真正迎來積極的銷售環境時，營運比率的改善應該會很快得到回應。

Yeah. Yeah, for sure. Because, don't forget, you know what, [Jord], if you look at what we were able to do, with, sadly, 10% less top line, okay, in our US LTL -- and we maintained the same OR as the previous year at 92.2% -- that tells you the heavy lifting that our guys are doing today, okay, and becoming more process-oriented.

是的。是的，當然。因為，別忘了，你知道嗎，[Jord]，如果你看看我們在美國零擔運輸業務中，在收入減少了 10% 的情況下，仍然保持了與上一年相同的出勤率（92.2%），這說明我們的員工現在付出了多麼巨大的努力，並且變得更加註重流程。

I'll give you another example: Shippers loading count, okay? You get a trailer and the load and count is from the shipper. But if you don't check, maybe there's a mistake.

我再舉個例子：貨運公司的裝載量，好嗎？你拿到一輛拖車，裝載貨物和數量由發貨人提供。但如果你不檢查，可能就會出錯。

But we were too relaxed on that. Now, Kal and the team says no more, no more. We get a full trailers from the shipper, we have to check, okay? If there's a shortage, well, we have to tell the customer right away and not wait and get a claim three months down the road because there was a shortage.

但我們在那方面太放鬆了。現在，Kal 和他的團隊表示，夠了，夠了。我們從托運人那裡收到滿載的拖車，我們需要檢查一下，好嗎？如果出現短缺，我們必須立即告知客戶，而不是等到三個月後才收到索賠通知。

This is just being professional in our business, right?

這是我們行業應有的專業精神，對吧？

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

I wanted to see if we can dig into the fourth-quarter guidance a little bit. I think I heard you say, Alain, the US LTL margins, 200 basis points to 300 basis points worse. It's hard to get all the way to your guidance, unless like, the rest of the business is doing particularly badly. Maybe -- I don't know, you or David -- just walk us through some of, like, the segment expectations, that could be helpful.

我想看看我們能否深入探討一下第四季的業績指引。阿蘭，我好像聽你說，美國零擔貨運利潤率下降了 200 到 300 個基點。除非公司其他部門的業績特別糟糕，否則很難完全達到你的指導水準。或許——我不知道，你或大衛——可以給我們介紹一下，比如，各個細分市場的預期目標，這可能會有所幫助。

You know what, Scott, that's a very good question. I've got David next to me. He's the CFO. I think I'm going to let that to David. He's the numbers guy.

史考特，你知道嗎，你問的這個問題非常好。大衛就在我旁邊。他是首席財務官。我想我會把這件事交給大衛處理。他是搞數字的。

Scott, yeah, embedded in that guidance is a US LTL OR in Q4 of 96%. Specialized Truckload, between 93% and 94%. Logistics, also between 93% and 94%. That Logistics piece is down substantially. When you run the numbers on what that suggests year over year, operating income contribution in Logistics is down by about half.

Scott，是的，該指南包含了美國零擔貨運第四季 96% 的預期。特種整車運輸，佔比在 93% 到 94% 之間。物流方面，也達到了 93% 到 94%。物流業務大幅下滑。如果按年計算，物流業的營業收入貢獻下降了約一半。

Right. Logistics, Scott, as you know, we move all the trucks that are being manufactured in North America for PACCAR and Freightliner. These guys are down, like, 40%. That's a huge effect on us.

正確的。史考特，如你所知，物流部門負責運輸所有在北美為 PACCAR 和 Freightliner 生產的卡車。這些傢伙跌了大概 40%。這對我們影響巨大。

Also, globally, our Logistics operation in the US is also down. The Canadian ones are on plan, doing better. But in the US, we're also down. We're running about 92% of plan, right now.

此外，我們在美國的整體物流營運也已中斷。加拿大的那些計畫進展順利，而且做得更好。但在美國，我們也處於低迷狀態。目前我們的計劃執行率約為 92%。

This is what we are showing there.

這就是我們在那裡展示的內容。

I'll give you another example: Because of government shutdown, DoD is dead, Department of Defense. One of our divisions, 30% of the revenue comes from the Department of Defense, right? This is out of our control.

我再舉個例子：由於政府停擺，國防部（DoD）已經名存實亡。我們其中一個部門，30%的收入來自國防部，對吧？這不在我們的控制範圍內。

The same thing with the OEM, okay, selling less trucks. This is something that is out of our control. But we know it's short term. It could be two quarters, three quarters. Those guys will be selling trucks soon.

OEM廠商的情況也一樣，卡車銷量下降了。這是我們無法控制的事情。但我們知道這只是短期的。可能是兩季度，也可能是三季。那些傢伙很快就要開始賣卡車了。

That's why we're also keeping the staff. We're keeping the team because we'll be suffering for a few quarters because of that situation, okay? But we know that this freight is going to come back.

所以我們才決定保留這些員工。我們保留這支隊伍是因為這種情況會讓我們在接下來的幾個季度受到影響，明白嗎？但我們知道這批貨物還會運回來。

It's the same thing with our Truckload operation that service the Department of Defense. We know that this shutdown will stop at one point.

我們為國防部提供服務的整車運輸業務也是如此。我們知道這次停擺終會結束。

Yeah. And then, in terms of rounding out the rest, P&C and Canadian LTL, we see those in the 82%, 83% range; and Canadian Truckload, around 90%.

是的。然後，就其餘部分而言，財產和意外傷害運輸以及加拿大零擔運輸，我們看到它們的佔比在 82% 到 83% 之間；而加拿大整車運輸，則在 90% 左右。

Okay. Very helpful. And then, Alain, it feels like on the US LTL side, one of the messages in the last year or so is we got to get service better before we can start focusing on price. Where are we in terms of the ability to start getting a little bit more focused on price?

好的。很有幫助。阿蘭，感覺在美國零擔運輸領域，過去一年左右的時間裡，我們聽到的一個聲音是，我們必須先改善服務，才能開始關注價格。就目前而言，我們是否具備了更重視價格的能力？

And then, maybe just with that, it feels like we're seeing some stabilization in the GFP business, is there any potential to start growing that business again?

然後，或許就此而言，我們感覺到 GFP 業務正在趨於穩定，那麼該業務是否有可能再次開始成長？

Yeah. Yeah. You're absolutely right, Scott. GFP, finally, is -- we got some stability. Now, we could start growing again because the business we get from GFP comes mostly from the small- and medium-sized accounts. Once you start going back -- the small- and medium-sized account, normally, you should have a benefit to your GFP.

是的。是的。斯科特，你說得完全正確。GFP終於穩定下來了。現在，我們可以再次開始成長了，因為我們從 GFP 獲得的業務主要來自中小客戶。一旦你開始回流——中小帳戶，通常情況下，你的 GFP 就會受益。

In terms of the service, what I would say is that, right now, about 21% of our linehaul miles are on the rail versus 30% or 35%, like it used to be. For sure, our four-day service has improved tremendously, right? Because we use less rail today than we were using about a year ago. That's number one.

就服務而言，我想說的是，目前我們約有 21% 的干線運輸里程是透過鐵路運輸的，而過去這一比例為 30% 或 35%。當然，我們的四天送達服務已經有了巨大的改進，對吧？因為我們現在使用的鐵路大約比一年前少了。這是第一點。

Next-day service, we're up to par. If we compare our next-day service to our peers, we're there.

隔日送達服務，我們完全符合標準。如果將我們的次日達服務與同行進行比較，我們就能勝任。

Where we still have issues is second-day and third-day service. The guys are working actively on that. We are improving. We're not where we should be. But that is really -- the goal is to get this up to our peers on the second- and third day service. And then, slowly in '26 -- and I think we'll get there -- we can start being seen as a professional carrier that respect, okay, the commitment that they give to customers and get a price that is closer to the market versus -- right now, we're still a discounter, okay, versus the market.

我們目前仍有問題的是隔日達和三日達服務。他們正在積極努力。我們正在進步。我們還沒有達到應有的水準。但實際上──我們的目標是讓第二天和第三天的服事對像也能做到這一點。然後，慢慢地，到 2026 年——我認為我們會實現的——我們可以開始被視為專業的承運商，尊重客戶的承諾，並提供更接近市場價格的價格，而不是——現在，我們仍然是折扣商，而不是市場價格。

Yes. To follow up on what Mr. Bedard said on service, I think one of your peers pointed out that we were the most improved carrier in Mastio in this year's survey. I can tell you that that's underpinned by real data that we're seeing.

是的。關於貝達德先生剛才提到的服務問題，我想你們的一位同行指出，在今年的調查中，我們是馬斯蒂奧進步最大的航空公司。我可以告訴你，這一點有我們所看到的真實數據支撐。

Our small-, medium-sized percent of revenue is higher than it was last year. We're at 27.4%, relative to 26.7% last year, this quarter.

我們的中小規模業務收入佔比高於去年。本季我們佔比為 27.4%，去年同期為 26.7%。

Then, on service, we've improved 340 basis points in terms of our on time. Our missed pickups year over year, they're down 60%; and then, our reschedules are down 34%.

在服務方面，我們的準點率提高了 340 個基點。與去年同期相比，我們錯過的取貨量下降了 60%；此外，我們的重新安排取貨量也下降了 34%。

These are facts, Scott. This is going to help us, like you've asked the question, to get better profitability from the top line.

史考特，這些都是事實。正如您所問，這將有助於我們提高營收，從而獲得更高的獲利能力。

And more freight.

還有更多貨物。

And more freight, sure.

當然，還有更多的貨物。

Better retention.

更好的吸收效果。

Yeah. Less turnover.

是的。人員流動率較低。

Less turnover.

人員流動率較低。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

Alain, on 2026, you said the sun is coming up. You've been very pragmatic; very, very clear about when you see things that are poor and when you things that are turning. And so that's very interesting for you to say and to hear you say.

阿蘭，你曾說過，到了2026年，太陽會升起。你一直都很務實；對於何時看到糟糕的事情以及何時看到正在好轉的事情，你都非常清楚。所以，你這麼說，聽你這麼說，都很有趣。

I'm just curious, is that a commentary on price? Is it a commentary on demand? Specifically, are you seeing any real evidence, either from the CDL restrictions and English language proficiency requirements, that are now being mandated?

我只是好奇，這是在評論價格嗎？這是應觀眾要求而作的評論嗎？具體來說，您是否看到任何實際證據，例如目前強制執行的 CDL 限制和英語語言能力要求？

Are you seeing that impact today on price? Are you seeing any light at the end of the tunnel, in terms of overall demand, as you go into 2026?

今天看到價格受到這種影響了嗎？展望2026年，就整體需求而言，您是否看到一絲曙光？

Okay. Walter, let me be a little bit more specific. When I see the sun coming out, it's mostly the US. I think Canada, okay, because we still don't have a deal with the US, it's going to be probably the same in '26, like we have been going through in '25, right?

好的。沃特，讓我說得更具體一點。當我看到太陽升起時，那大多是美國。我認為加拿大的情況還好，因為我們仍然沒有與美國達成協議，所以 2026 年的情況可能和 2025 年一樣，對吧？

But on the US side, if you look at our Truckload operation in the US, our velocity is down. Our miles are down. But our revenue per mile is up until now, right? So what we're starting to see is maybe a little bit of contraction in the offer. That could be, like you just said, Walter, this thing about the CDL, okay? Those permits are not being renewed, okay?

但就美國而言，如果你看我們在美國的整車運輸業務，你會發現我們的運輸速度下降了。我們的里程數減少了。但到目前為止，我們的每英里收入還是很高的，對吧？所以我們開始看到的可能是供應量略為收縮。就像你剛才說的，沃特，那可能就是關於CDL（商業駕駛執照）的事，好嗎？這些許可證不會續簽，懂嗎？

The same is true of the English proficiency thing.

英語程度也是如此。

The early stage, okay? But I believe that, okay, this is going to help us correct the imbalance between the offer and the demand, okay?

還處於早期階段，好嗎？但我相信，這將有助於我們糾正供需之間的不平衡，好嗎？

Also, the fact that the truck sales are down, like, 40%. That's also something that tells you that some capacity is running out of the system, right?

此外，卡車銷量也下降了約 40%。這也說明系統的某些容量正在耗盡，對吧？

Now, for us, Canadian, I'm sure you saw what Champagne was saying about his new budget that he's going to be talking about soon, okay? Hopefully, in Canada, we'll have something similar with those Driver Inc., thing there, okay, where, finally, we were able to convince the federal government to say, if you're a trucker, you have to issue either a T4 as an employee or a T4A as a subcontractor, right, Walter?

現在，對於我們加拿大人來說，我相信你們都看到了香檳總統關於他即將公佈的新預算的講話，好嗎？希望在加拿大，我們也能像Driver Inc.一樣，最終說服聯邦政府規定，如果你是卡車司機，你必須以僱員身份簽發T4表格，或者以分包商身份簽發T4A表格，對吧，沃爾特？

So the Canadian, finally, also could be a help for us in '26, maybe not on the volume but the offer could reduce. As a matter of fact, we just saw one of the Driver Inc., up for sale, okay? We're not going to buy a Driver Inc., company but just to say that those guys are starting to feel, woah, things are changing in Canada.

所以，加拿大最終也可能在 2026 年對我們有所幫助，也許在數量上不會，但報價可能會減少。事實上，我們剛剛看到Driver Inc.的一家公司正在出售，好嗎？我們不會收購 Driver Inc. 公司，只是想說，那些傢伙開始感覺到，哇，加拿大正在改變。

I think that, globally, the Canadian situation is going to be difficult in '26 because we don't have a deal with the US yet. I think we'll have one. But we don't have one yet. Maybe it's going to go all the way to the summer '26.

我認為，從全球範圍來看，加拿大在 2026 年的情況將會很艱難，因為我們還沒有與美國達成協議。我想我們會有一個。但我們目前還沒有。或許會持續到 2026 年夏天。

But I think that the US, okay, that's going to change. That's going to change with all the benefit of this OBB; the Big Beautiful Bill; and everything that's going on -- the reinvestment, okay, trying to bring those jobs back into the -- all of this, to me is, guys, let's get ready, okay?

但我認為美國的情況將會改變。這一切都將隨著這項 OBB（《宏偉法案》）以及所有正在進行的措施（例如再投資、努力將這些工作帶回國內）而改變。對我來說，夥計們，讓我們做好準備吧！

I think, after three years of a freight recession that has been really, really bad, we're starting to see some capacity out. As a matter of fact, even, we have one of our peers in Alabama, 500 trucks. The guy is out.

我認為，在經歷了三年非常非常嚴重的貨運衰退之後，我們開始看到一些運力恢復。事實上，我們在阿拉巴馬州的一家同行甚至擁有 500 輛卡車。他出局了。

They're in bankruptcy. Yeah. Exactly. We're seeing those come across our desk more and more now.

他們破產了。是的。確切地。我們現在越來越多地收到這類郵件。

Exactly. We also have a freight guy, a freight broker, okay, closing shops.

確切地。我們還有一位貨運經紀人，一位貨運代理，好吧，他要關門大吉了。

As you become a bit more optimistic on '26 then, does that change, at all, your strategy on M&A? Do you pull that forward at all? Is it contingent on the seller?

那麼，隨著你對 2026 年的情況變得更加樂觀，這是否會改變你在併購方面的策略？你會把它往前拉嗎？這取決於賣家嗎？

Just curious your update on what -- and I'm talking, not the tuck-ins, a larger platform acquisition.

我只是好奇你那邊有什麼最新進展——我指的是，不是那些小規模的收購，而是更大的平台收購。

Yeah. Yeah. You know what? This takes time, right? We've been at it for quite a while.

是的。是的。你知道嗎？這需要時間，對吧？我們已經為此努力了相當長一段時間了。

Because we don't have a deal, what we're doing is we're buying back TFI, right? That's what we've been doing.

因為我們沒有達成協議，所以我們現在做的就是回購TFI，對吧？我們一直在做這件事。

I think that in '26, hopefully, we could have -- it's always difficult to do a deal when the target doesn't want to sell, right? This is not easy to do, right? Sometimes, you're better off to say, you know what, let's wait, okay; and let's work on a different file where, at least, you got a seller that's motivated, right?

我認為，如果目標公司不想出售，那麼在 2026 年，我們或許可以達成交易——當然，如果目標公司不想出售，達成交易總是很困難的，對吧？這可不容易做到，對吧？有時候，你最好說，你知道嗎，我們等等；我們先處理另一個文件，至少在那裡你有一個積極的賣家，對吧？

To me, I'm still convinced that '26, probably mid-'26, later into '26, we could do something of size. We have the capacity. We have the potential. We have the target, okay, to do that.

我仍然堅信，在 2026 年，可能是 2026 年年中，或者 2026 年下半年，我們可以做一些規模較大的事情。我們有能力做到。我們擁有這種潛力。我們已經設定了目標，好的，要做到這一點。

But there, again, TFI stock is so cheap that when we talk to our Board, they say, hey, Alain, why would you invest $1 billion, $2 billion, $3 billion, okay? Why don't you just buy back TFI, okay? We've been doing that slowly.

但是，TFI 股票又太便宜了，當我們和董事會談起這件事時，他們會說，嘿，阿蘭，你為什麼要投資 10 億美元、20 億美元、30 億美元？為什麼不直接把TFI買回來？我們一直在循序漸進地推進這項工作。

But now, things could change with this macro environment and maybe it's best to put the buyback on hold for now, although we have our Board -- and the TSX approved the renewal of our NCIB. But maybe put that on hold for now, depending on the stock valuation and get ready for the next step, the next chapter of our life on M&A.

但現在，宏觀環境可能會發生變化，也許最好暫時擱置股票回購計劃，儘管我們有董事會——而且多倫多證券交易所也批准了我們NCIB的續約。但或許現在應該暫時擱置此事，這取決於股票估值，並為下一步，我們併購生涯的下一個篇章做好準備。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Getting back to your comments about a potential trade deal with the US -- and I share your hopes that it's sooner versus later but if it is later, have you given any thoughts to maybe some further cost reductions that you might have to take, given that you saw CN out there the other day laying off about 400 people?

回到您之前關於與美國達成潛在貿易協議的評論——我也希望它能盡快達成，但如果時間緊迫，考慮到您前幾天看到加拿大國家鐵路公司裁員約 400 人，您是否考慮過可能需要進一步削減成本？

Yeah. Well, you know what, Jason, I don't know that. What I could tell you, though, is that because we're so embracing AI, I think that with this tool, we'll be in a position to do more with less. I think that to do some layoff, right now, of quality people that are part of our team -- the same story is true of our Logistics, right?

是的。嗯，傑森，你知道嗎，我不知道。不過我可以告訴你的是，正因為我們如此擁抱人工智慧，我認為有了這個工具，我們將能夠用更少的資源做更多的事情。我認為現在裁掉我們團隊中一些優秀的人才——物流部門的情況也是如此，對吧？

As I was saying, Jason, about our truck-moving operation, we know that this is just a few quarters. So we are suffering because we're keeping our people, right? Because these are good people. They're doing a good job. We'll be suffering on that.

正如我剛才跟傑森說的，關於我們的卡車運輸業務，我們知道這只是幾個季度的事。所以，我們因為留住自己的人民而遭受苦難，對嗎？因為他們都是好人。他們做得很好。我們會因此遭受損失。

We are still suffering on the Canadian side in our Truckload sector. As an example: steel, okay? Well, steel is dead for us. But we are a big steel hauler. So what do you do? Now, we have those trucks parked and we have those drivers at home because that's the only thing we could do. But then, we have to protect our staff because the problem is, when this business gets back on track, you don't want have to rehire drivers and, at the same time, also rehire the staff.

在加拿大，我們的整車運輸業務仍然面臨困境。舉個例子：鋼鐵，好嗎？鋼鐵對我們來說已經過時了。但我們是一家大型鋼鐵運輸公司。那你該怎麼辦？現在，那些卡車都停在那裡，那些司機也待在家裡，因為這是我們唯一能做的。但是，我們必須保護我們的員工，因為問題是，當這項業務恢復正常時，你不想既重新僱用司機，又要同時重新僱用員工。

This is why by investing more in technology through this AI thing there we'll be able to be better positioned to be fast; to react much faster to market condition.

這就是為什麼透過增加對人工智慧等技術的投資，我們將能夠更好地掌握機遇，更快地對市場狀況做出反應。

Well, Alain, as a follow-up there, as we think about JHT, can you give us some numbers in terms of how much of a drag it's placing on the margins at Logistics? In terms of the AI, how quickly do you think some of your investments are going to bear fruit that we can see, as we move throughout '26?

好的，Alain，作為後續問題，當我們考慮 JHT 時，你能否提供一些數據，說明它對物流部門的利潤率造成了多大的拖累？就人工智慧而言，您認為隨著我們進入 2026 年，您的一些投資多久才能產生我們可以看到的結果？

Yeah. I'll give you an example, Jason, about the AI. When I'm talking to Kal and his team at TForce Freight, I'm saying, you know what, guys, we have to find a solution, if Waymo can run taxi in Austin, Texas without a driver, how can we not run shunters in our yard without a driver, right? Is there a way, guys?

是的。傑森，我給你舉個關於人工智慧的例子。當我和 TForce Freight 的 Kal 和他的團隊交談時，我說，夥計們，我們必須找到一個解決方案，如果 Waymo 可以在德克薩斯州奧斯汀運營出租車而無需司機，那麼我們怎麼能不在我們的場內運營調車機車而無需司機呢？各位，有什麼辦法嗎？

Let's wake up and smell the coffee. Let's open our mind that we have to change. If Waymo is able to run cab in Austin, in a city, okay, why can't we run shunters in a yard, okay, without the drivers?

醒醒吧，好好想想。讓我們敞開心扉，認識到我們必須做出改變。如果 Waymo 能夠在奧斯汀這樣的城市裡運作計程車，那為什麼我們不能在車場裡運作調車機，而不需要司機呢？

These are all things that we're looking at, Jason, to be more efficient, right?

傑森，這些都是我們正在研究如何提高效率的事情，對吧？

Sales augmentation, as well, increasing the productivity massively of salespeople, in terms of effecting; in terms of identifying targets that fit not just names. It's -- okay, what's their business look like? How does that fit with our network?

銷售成長，也大大提高了銷售人員的生產力，具體體現在：識別出符合條件的目標，而不僅僅是名字。好吧，他們的業務情況如何？這與我們的網路有何關聯？

The solutions can do a lot of that work and then, increase the velocity of the contacts and the outreach and the back and forth. It's remarkable. That's another important application that we're looking at, right now; and we're rolling, out right now.

這些解決方案可以完成許多這類工作，然後提高聯繫、推廣和互動的速度。真是不可思議。這是我們目前正在研究的另一個重要應用；我們正在立即推出。

That's some good color. The margin hit from JHT?

這顏色真好看。JHT造成的利潤損失？

Well, JHT, the margin at JHT is probably -- depending on what you talk about, if you're talking about trucks that move from Mexico, okay, to the US or Canada, the margin is not the same because we use a Mexican partner to move that truck from Mexico into the US or Canada.

嗯，JHT 的利潤率可能——這取決於你談論的是什麼，如果你談論的是從墨西哥運往美國或加拿大的卡車，那麼利潤率就不同了，因為我們使用墨西哥的合作夥伴將卡車從墨西哥運往美國或加拿大。

Also, don't forget that we have experienced drivers in there.

另外，別忘了我們那裡有經驗豐富的司機。

We also have a Logistics division. So when the volumes are down, our Logistics division, okay, is very small, okay, because the Logistics gets the overflow. Right now, there's no overflow. This is why -- and as you know, Jason, in our Logistics, the margins are really good, okay, on the overflow. This is a little bit of a complex story.

我們還有一個物流部門。所以當業務量下降時，我們的物流部門規模就很小，因為物流部門要處理溢出的業務。目前還沒有溢出。這就是為什麼——而且你也知道，傑森，在我們的物流部門，溢出部分的利潤真的很好。這事兒有點複雜。

But what I can tell you is that JHT is a diamond for us because it's very well run. The guys -- and this is why we're suffering so much, right now, because the volumes are down but we probably have 50% too much staff for the volumes we have. But we're keeping those guys, right, because when the things go back to normal volume with Freightliner and PACCAR, we want to be there. We want to be there to be able to service them, right?

但我可以告訴你的是，JHT 對我們來說是一顆璀璨的明珠，因為它的運作非常出色。夥計們——這就是為什麼我們現在如此艱難的原因，因為業務量下降了，但我們的人員配置可能比實際業務量多出 50%。但我們會留住這些人，對吧？因為當 Freightliner 和 PACCAR 的業務恢復正常時，我們希望能夠參與其中。我們希望能夠到場為他們提供服務，對嗎？

Konark Gupta, Scotia Capital.

科納克·古普塔，豐業資本。

Alain, you mentioned about AI quite a lot on this call -- and technology. I'm pretty sure I think that's the next evolution for you guys and everybody in the industry.

阿蘭，你在這通電話中多次提到人工智慧和技術。我非常肯定，我認為這是你們以及整個產業發展的下一個階段。

I think, though, you reduced the CapEx guidance for this year. I'm just curious, when you think about the year or years ahead to invest for technology and for eventual rebound in volumes, how do you see the capital planning for those things? Should you see a significant increase in CapEx for that?

不過，我認為你們降低了今年的資本支出預期。我只是好奇，當您考慮未來一年或幾年在技術方面的投資以及最終銷售的反彈時，您是如何看待這些方面的資本規劃的？為此，資本支出是否應該大幅增加？

On the AI, no. These are licenses. It might be $30 per person per month, $35. It depends on what exactly we're talking about, what -- but these are light, very nimble tools that we add on.

關於人工智慧，不。這些是許可證。可能是每人每月 30 美元，也可能是 35 美元。這取決於我們具體在討論什麼，什麼——但這些都是我們添加的輕量級、非常靈活的工具。

Like in sales, you'll add it on to your CRM. So I wouldn't -- first of all, that's not going to be CapEx, that would be expense. It will not be noticeable. We're not building data centers and that kind of thing. We're just customers and adopters of the technologies that are out there.

就像在銷售中一樣，你會把它加到你的客戶關係管理系統中。所以我不會——首先，那不是資本支出，那是費用。不會被注意到。我們不建造資料中心之類的東西。我們只是現有技術的客戶和採用者。

As it relates to regular CapEx on trucks, there's no question that this is a very, very light year, right? At the outset of this year, we set out to do $200 million of net CapEx. Normal for this business would be more around $300 million.

就卡車方面的常規資本支出而言，毫無疑問，今年是支出非常非常少的一年，對吧？今年年初，我們設定了2億美元的淨資本支出目標。該行業的正常營業額應在3億美元左右。

But the volumes are so low. We're driving so few miles that we -- and we had excess equipment from the Daseke acquisition that we're able to reduce the CapEx without really meaningfully aging the fleet. And so that's fine.

但是銷量太低了。由於我們行駛的里程非常少，而且我們從收購 Daseke 時獲得了多餘的設備，因此我們能夠在不真正意義上使車隊老化的情況下減少資本支出。這樣就沒問題了。

But you should think about a more normal net CapEx number for us to be around $300 million. But that also will take place in a year where there's more normal earnings, right? So free cash flow would be higher than it is this year, even with that increased CapEx.

但你應該認為我們更正常的淨資本支出數字應該在 3 億美元左右。但那一年收入也會比較正常，對吧？因此，即使資本支出增加，今年的自由現金流也會高於今年的水準。

The other thing, too, is that our CapEx has been delayed at TForce Freight because the supplier was not sure.

另外，由於供應商不確定，我們在 TForce Freight 的資本支出也因此被推遲了。

Because the trucks, they are assembled in Mexico, right? All this tariff-thing situation, the trucks have been delayed by about three months. Right now, we're getting trucks in October, November that were supposed to come in Q3, right? Some of trucks, also, will come in Q1 '26 that were supposed to be part of '25.

因為這些卡車是在墨西哥組裝的，對吧？由於關稅問題，貨車運輸延誤了大約三個月。現在，我們收到的卡車原本應該在第三季到貨，但直到十月、十一月才到貨，對吧？另外，一些原本應該在 2025 年交付的卡車，將在 2026 年第一季交付。

This is why this revised CapEx that you see is -- it's exceptional that we're so low in a year like '25. We should -- if things come back, like we think they will in the US, we should get back to a more normal environment, okay, of activity, miles, and freight.

這就是為什麼你看到的這份修訂後的資本支出——在像 2025 年這樣的年份，我們的資本支出如此之低，實屬罕見。如果情況像我們認為美國的情況那樣好轉，我們應該恢復到更正常的狀態，例如活動、里程和貨運量。

For sure, we'll be back to normal CapEx.

當然，我們的資本支出將會恢復正常水準。

Makes sense. Just quickly, to follow up: You mentioned Daseke, in terms of access equipment you got there. Where is the integration process on Daseke now? Like, it's been a while, right?

有道理。再補充一點：你剛才提到了 Daseke，關於你們那裡的作業設備。Daseke的整合流程目前進展如何？好像已經過去很久了，對吧？

You had Daseke in the system. I'm sure, obviously, the volumes are soft and all that. But what you can control, from a self-help perspective, like, are you fully done there? Or there's more to do?

系統裡有達塞克這個名字。當然，音量肯定比較柔和等等。但從自助的角度來看，你能控制的是什麼呢？例如，你是否已經完全完成那件事了？或者還有更多的事情要做？

You know what, on the Daseke, on the financial side, okay, we're done, okay? By the end of '25, we're done, okay? Fleet management, financial, they run MIR now, okay, like Contrans. They also run on Infineon for financial like Contrans, okay, which is our Truckload division, right? So this is done.

你知道嗎，關於 Daseke，關於財務方面，好了，我們完成了，好嗎？到 2025 年底，我們就完成了，好嗎？車隊管理、財務，他們現在經營 MIR，好的，就像 Contrans 一樣。他們也使用英飛凌的金融技術，像是 Contrans，好的，Contrans 是我們的整車運輸部門，對吧？事情就此完成。

In terms of the day-to-day TMS, okay, there, we're still working on McLeod and TMW, okay, updating those systems; and ,also making sure that we have visibility across all the divisions because Daseke was more of a siloed companies, okay? That is going to change during the course of '26.

就日常的TMS而言，好的，我們仍在努力改進McLeod和TMW系統，好的，更新這些系統；並且，還要確保我們能夠了解所有部門的情況，因為Daseke以前更像是一個各自為政的公司，好的？這種情況將在 2026 年改變。

Sales is also something that we're working on at our US Truckload operation. This is something I'm still discussing with my friend, Steve, okay, how we're going to go about the commercial operation in '26. This is still something that needs to be ironed out.

銷售也是我們美國整車運輸業務正在努力的方向。這是我仍在和我的朋友史蒂夫討論的事情，好吧，我們要在 2026 年如何進行商業運營。這個問題仍需進一步解決。

But, for sure, we need to invest more on the commercial side of our US Specialty Truckload because I believe that with everything that's going on in the US, we need a sales team that are aggressive because there's going to be more business.

但可以肯定的是，我們需要加大對美國特種整車運輸業務的商業投入，因為我相信，鑑於美國目前的情況，我們需要一支積極進取的銷售團隊，因為業務量會更大。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Can you address the start in October on volumes, relative to the down 7% tonnage in the fourth quarter, 11% shipments?

能否談談10月份的貨運量狀況，與第四季貨運量下降7%、出貨量下降11%的情況相比？

Yeah. The start to October -- we're not in the habit of giving monthly data, as you know. But the start to October is soft, like the industry leader pointed out on -- when they reported recently.

是的。十月初—如您所知，我們沒有提供月度數據的習慣。但正如行業領導者最近在報告中指出的那樣，10 月的開局較為疲軟。

I just want to understand if it accelerates because David, just to clarify, right, when Alain said LTL, 200 basis points to 300 basis points deterioration, you said [96], which would be a 380 basis points sequential deterioration, I just want to -- was there anything in there that's getting worse? Or I didn't know if the volumes were accelerating the downside, just understanding what was in the numbers there.

我只是想了解它是否會加速，因為大衛，為了澄清一下，對吧，當阿蘭說 LTL 惡化 200 到 300 個基點時，你說 [96]，也就是連續惡化 380 個基點，我只是想——這裡面有什麼情況正在惡化嗎？或者我當時並不知道成交量是否加速了下跌，只是了解這些數字背後的意義。

No. Listen, the 96 is what's embedded in the guidance. That's what our current forecast says. That is driven by our observation of the first month of the quarter. So yes, October was weaker than it usually is; weaker than expected.

不。聽著，96 這個數字是明確寫在指引裡的。我們目前的預測就是這樣。這是根據我們對本季第一個月的觀察得出的結論。是的，10月份的經濟表現比往年疲軟，也比預期弱。

Yeah. Ken, because, me, I'm always being optimistic. This is why me -- that's the target, when I talk to Kal. But David is the CFO. He's the numbers guy.

是的。肯，因為我總是很樂觀。這就是為什麼我——這就是我和卡爾談話時的目標。但大衛是財務長。他是搞數字的。

Sometimes, we have different perspective. But you got to trust -- probably, better -- David because he's the numbers guy.

有時，我們的看法會有所不同。但你最好還是信任大衛，因為他是懂數字的人。

Okay. And then, just following up on that. The Logistics, similarly, right, the OR deterioration. You mentioned the JHT. Is that getting more expensive or deteriorating OR because of what's going on, in terms of reduced capacity availability from ELP and the CLs you're talking about? Just want to understand the negative mix. Was it really just on the top line, like you're talking about with LTL and the volumes? Or is it the cost side kicking in, as well?

好的。然後，就此做個後續說明。同樣，物流也出現了問題，手術室狀況惡化。你提到了JHT。是因為成本增加或品質下降，還是因為您提到的 ELP 和 CL 導致的產能可用性降低？只是想了解負面因素的影響。真的只是像你提到的 LTL 和銷售量那樣，只專注於頂層資料嗎？或者，成本因素也扮演了角色？

No. It's not the cost side. It's not like it's harder for us to get capacity. It's a combination of -- we -- remember, our Logistics broker -- the brokerage portion of our Logistics, most of it is LTL. So if LTL is off to a slow start in Q4, the same is going to be true for our LTL brokerage, in terms of demand.

不。問題不在於成本。這並不是說我們獲取產能更難。這是多種因素的結合——我們——記得嗎，我們的物流經紀人——我們物流的經紀部分，大部分是零擔運輸。因此，如果零擔運輸在第四季度開局緩慢，那麼就需求而言，我們的零擔運輸經紀業務也將面臨同樣的情況。

And then -- but the majority of the drag in that segment is coming from the truck-moving business and the dynamic that we've talked about, in terms of holding on to our people during that period.

然後——但該領域的大部分拖累來自卡車運輸業務以及我們之前討論過的動態，即在此期間如何留住我們的員工。

And then, Alain (multiple speakers) --

然後，阿蘭（多位發言者）——

Excuse me, I was just going to add, Ken, that this is -- the old red is killing us at JHT because like David is saying, we're keeping the staff. We're keeping the team because we know this is short term.

不好意思，肯，我正要補充一點，那就是——老紅正在毀了我們在 JHT 的工作，因為就像大衛說的那樣，我們留不住員工。我們保留這支隊伍，因為我們知道這只是短期措施。

Excuse me. Please go ahead.

打擾一下。請繼續。

No. Exact same issue, right, which is short term on that because you mentioned the government shutdown, it's surprising because it seemed like a lot of companies were avoiding that thing. We don't really move that stuff. But it sounds like you're seeing not only direct business where, particularly, for the DoD customer -- but the derivative of that.

不。沒錯，問題完全一樣，而且就短期而言，正如你提到的政府停擺，這很令人驚訝，因為似乎很多公司都在避免這種情況。我們其實不怎麼搬運那些東西。但聽起來你不僅看到了直接業務，特別是針對國防部客戶的業務，還看到了由此衍生的業務。

Is that having another flow-through on other -- or derivative customers increasing that demand or not necessarily at this point, too early?

這是否會透過其他管道（或衍生客戶）增加需求，或目前是否為時機成熟？

Yeah. Yeah. Well, one thing is for sure, Ken, is that everything is slow, right now, because think about the fact that some people are not being paid or delayed in the payment of their salaries. For sure, the demand is slow, right now. It w1ill correct itself, as soon as there's a deal in the US. We don't know when. I think it's going to be soon.

是的。是的。肯，有一件事可以肯定，那就是現在一切都很緩慢，因為想想有些人沒有拿到薪水或薪水被拖欠的事實吧。目前來看，需求確實比較疲軟。一旦美國達成協議，情況就會自行改善。我們不知道具體時間。我覺得應該很快就會發生了。

DoD, it's a big part of our Specialty Truckload, Ken. 30% of our business normally is moving freight for the Department of Defense. It's just one example that this is why our guidance for Q4 is exceptionally low.

肯，國防部是我們特種整車運輸業務的重要組成部分。通常情況下，我們30%的業務都是為國防部運輸貨物。這只是一個例子，說明為什麼我們對第四季的業績預期異常低。

This is not normal for us. But it's like a perfect storm where our Logistics has been affected badly, okay? Our Truckload, the same. So -- and also, the fact that in Canada, it's pretty difficult, as we speak, right, because of the trade between the two countries. So it's like a perfect storm for us.

這對我們來說不正常。但現在的情況就像一場完美風暴，我們的物流受到了嚴重影響，懂嗎？我們的整車貨物也是一樣。所以——而且，正如我們所說，在加拿大，情況相當困難，對吧，因為兩國之間存在貿易往來。對我們來說，這簡直是一場完美風暴。

But $0.80 to $0.90 EPS for us is not normal. It's exceptionally low, okay? But we have to give guidance that is proper.

但對我們來說，每股盈餘0.80美元到0.90美元並不正常。這個數值非常低，好嗎？但我們必須給予適當的指導。

Yeah. One more on that real temporary question but -- and I don't want to talk about the government shutdown on the post office but the post office is threatening to make drastic changes of changing how many days you get deliveries and things like that.

是的。關於那個真正的臨時性問題，還有一個問題——我不想談論政府停擺導致郵局關閉的事情，但是郵局威脅要做出重大改變，例如改變郵件遞送的天數等等。

Is that a huge potential for P&C? Or is that a cost issue? I just want to understand if that's longer term, not just the takeaway of the strike minimal volumes. I'm thinking bigger picture, long term, does that change the structure for your P&C business?

這對財產和意外傷害產業來說是否蘊藏著巨大的潛力？還是這是成本問題？我只是想了解這是否是長期趨勢，而不僅僅是罷工帶來的最低交易量。我從更宏觀、更長遠的角度來看，這會改變你們財產和意外保險業務的結構嗎？

Well, for sure, Ken. If, finally, these guys in Ottawa decide to -- because you're talking about Canada, right, Ken?

當然，肯。如果最終渥太華的那些人決定——因為你說的是加拿大，對吧，肯？

Yeah, just Canada. Yeah. Yeah.

對，只有加拿大。是的。是的。

Yeah. Yeah. You're talking about Canada. For sure. I think that the guys in Ottawa now wake up and they see that things have to change. Things have to change. We are way more efficient than them, okay? So whatever change they do, okay, it should help us on the longer term, Ken, in Canada.

是的。是的。你說的是加拿大。一定。我認為渥太華的人現在醒悟過來了，他們意識到情況必須改變。情況必須改變。我們比他們效率高很多，懂嗎？所以無論他們做出什麼改變，好吧，從長遠來看，這對我們加拿大人來說都是有益的，肯。

(multiple speakers)

（多位發言者）

You know what, I'll give you an example of what's going on, credit cards, okay? Credit cards from financial institution used to be with Canada Post. Now, it's mostly us, right?

你知道嗎，我舉個例子來說明現在的狀況，信用卡，好嗎？金融機構發行的信用卡以前是由加拿大郵政發行的。現在，主要就是我們了，對吧？

A year ago, there was another strike. So we did that. Then, they went back to Canada Post. But now, the discussion we're having with them, this is going to be a permanent change because I think the financial institutions are sick and tired of back and forth.

一年前，也發生過一次罷工。於是我們就這麼做了。然後，他們又回到了加拿大郵政。但現在，我們正在與他們進行討論，這將是一個永久性的改變，因為我認為金融機構已經厭倦了這種來回拉鋸戰。

Cameron Doerksen, National Bank Capital Markets.

卡梅倫·多爾克森，國家銀行資本市場。

A question on the Canadian LTL shipments, down quite a bit there, I think 12%; but revenue per shipment was nicely positive. Just wondering if you could describe what you're seeing in the Canadian LTL space? Are you just being more selective in the business that you're chasing there?

關於加拿大零擔貨運量的問題，下降幅度相當大，我認為下降了 12%；但每次貨運的收入卻相當可觀。請問您能否描述一下您在加拿大零擔運輸領域觀察到的情況？你是不是在選擇目標客戶時更加挑剔了？

No, no, Cameron. It's just our customers -- the weight per shipment is down, right? They're less busy. Us, we're not losing customers, major customers. One that I think of -- we've lost one customer that I'm thinking of, yes, okay? But, in general, there's no churn in customers, unusual. It's just, like, lower activity, Cameron.

不，不，卡梅隆。只是我們的客戶——每次發貨的重量都下降了，對吧？他們沒那麼忙了。我們並沒有失去客戶，尤其是大客戶。我想到的一件事是──我們失去了一位客戶，是的，好的？但總的來說，客戶流失率並不高，這很不尋常。卡梅倫，就是活動量減少了而已。

Okay. Just on -- going back to your comments around the Driver Inc., and, hopefully, this change in the government will actually result in some change as we look ahead to next year. If that does happen, what does that impact on your business?

好的。回到您之前對 Driver Inc. 的評論，希望政府的這次變動能真正帶來一些改變，讓我們對明年有所展望。如果這種情況真的發生，會對您的業務產生什麼影響？

Is this something where you just expect that some of these driver in carriers will just not be able to be in the market at all and so there's a volume-positive for you? Or is it more just that they're are underpricing in the market and this will just lift the pricing across all carriers, if they don't have that benefit anymore?

您是否預期部分運輸公司的司機將無法繼續從事運輸工作，因此這對您來說是一個業務量成長的機會？或者，更確切地說，是他們在市場上定價過低，如果他們不再享有這種優勢，這將推高所有業者的價格？

Yeah. Yeah. Well, we know these guys have been cheating all along. We know that now, if they have to issue T4A, the cheating is going to disappear. So if you look at the evolution of our OR in Canada, the Canadian Truckload, it's just a disaster because we used to run 80 to 85 OR. Now, we're running a 90 OR.

是的。是的。我們早就知道這些人一直在作弊。我們現在知道，如果他們必須簽發 T4A 表格，作弊行為就會消失。所以，如果你看看我們在加拿大的 OR 的發展歷程，加拿大整車運輸業，那簡直就是一場災難，因為我們過去每天能跑 80 到 85 輛 OR。現在，我們正在運行一台90小時的手術室。

Why is that? Well, because we have to be more competitive, et cetera, et cetera. This was always unfair competition to us. So we think that now with this new issues, okay, you're going to start to see some change.

這是為什麼？因為我們必須更有競爭力，等等等等。這對我們來說始終是不公平的競爭。所以我們認為，隨著這些新問題的出現​​，情況將會開始改變。

Another thing, also, that's important to notice is the safety record of those guys is not good. So people are starting to understand. We've got customers now that are stating, we don't want to deal with those Driver Inc., anymore, right?

還有一點要注意的是，這些人的安全記錄並不好。所以人們開始明白了。現在有些客戶表示，他們不想再和 Driver Inc. 這家公司打交道了，對吧？

We have won a paper guy big in Quebec that said, hey, you know what, you have to certify that you're not a Driver Inc., because more and more, there's also -- not just the cost, but the safety of these guys, okay, has been questioned now, right?

我們在魁北克贏得了一位大報業人士的青睞，他說：“嘿，你知道嗎，你必須證明你不是一家‘司機公司’，因為越來越多的人——不僅僅是成本，還有這些人的安全，好吧，現在也受到了質疑，對吧？”

This is like, to me, in '26, when I look at Canada, the market is going to be probably a little bit more difficult but the supply is going to be also much less.

對我來說，這就好比 2026 年，當我展望加拿大市場時，市場可能會更加艱難，但供應也會減少很多。

So we'll probably be in a better position in '26 than we were in '25 because slowly, okay, those drivers will have to adjust. They will have to adjust the rates. They cannot cheat because, right now, a Driver Inc., guy is not paying any taxes. Now, he gets a T4A, whoops, Revenue Canada is aware of him. If he doesn't pay his taxes, then he's going to end up with a little bit of an issue.

所以，到 2026 年，我們的處境可能會比 2025 年更好，因為慢慢地，好吧，那些車手們不得不做出調整。他們將不得不調整利率。他們無法作弊，因為目前 Driver Inc. 的某位員工沒有繳納任何稅金。現在，他收到了一份 T4A 表格，糟糕，加拿大稅務局已經注意到他了。如果他不繳稅，那他最終會遇到一些麻煩。

Brian Ossenbeck, J.P. Morgan.

Brian Ossenbeck，摩根大通。

Just going back to the Mastio survey and the big improvement you noted, when do you start to get credit for that? Is that something that you do at once? Obviously, it's continuous but you get some credit the first time you make a couple of big steps; and then, they start to give you more volume; and then, maybe, more price later.

回到 Mastio 的調查以及您提到的顯著改進，您什麼時候才能因此獲得認可？那是你一次完成的事嗎？顯然，這是一個持續的過程，但當你第一次取得一些重大進展時，你會獲得一些獎勵；然後，他們會開始給你更多的交易量；然後，也許以後會給你更高的價格。

And then, just related to that, I'm trying to understand how you can be pretty good on four-day service and next-day but not necessarily two- to three-day. What's the part I'm missing there?

還有一點，與此相關，我想了解一下，為什麼你們在四天送達和隔天送達方面做得很好，但在兩到三天送達方面卻不一定做得很好。我漏掉了哪一部分？

Okay, Brian. I'll let David talk about the Mastio report.

好的，布萊恩。我讓大衛來談談馬斯蒂奧的報告。

But what I can tell you is that the four-day, okay, where we were able to make some changes is that we move freight from rail to road, right? When you do that, you are in control, right? This is why we're doing really well on four-day versus what we used to do.

但我可以告訴你們的是，在這四天裡，我們做了一些改變，那就是將貨物從鐵路運輸轉移到公路運輸，對吧？那樣做，你就掌握了主動權，對嗎？這就是為什麼我們現在四天賽程比以前做得好得多的原因。

Next-day, because we come from the UPS environment where everything was next-day, these guys have always been good on next-day. We're just -- it's just a continuation of what these guys have done all along.

因為我們之前在 UPS 工作，那裡所有東西都是隔天送達，所以這家公司一直都能做到隔天送達。我們只是──這只是這些人一直以來所做的事情的延續。

The second-day and the third-day, this has been the issue, okay, where we're not acting as being professional. We don't monitor. We just let the other guy do the job. Now, it's a focus of ours because this is a big issue because you have a commitment that you give to a customer that is going to be there in three days. But it's not there in three days, it's there in five days.

第二天和第三天，問題就出在這裡，我們表現得不夠專業。我們不進行監控。我們只是讓對方去做這件事。現在，這是我們關注的重點，因為這是一個大問題，因為你向客戶做出了三天內到場的承諾。但三天後不會到，五天後才會到。

Well, that doesn't work, right? So you've got to be having process in place that you manage that. This is something where in the old days, there was no real focus. Now, through this new focus of the team, it has been a major focus of ours.

這行不通，對吧？所以你必須制定相應的流程來管理這件事。過去，這方面並沒有得到真正的重視。現在，透過團隊的這一新方向，這已成為我們的主要關注點。

We know that second-day and third-day, okay, we were not as good as our peers, right? But we're getting there because we're making a lot of changes and a lot of improvements.

我們知道第二天和第三天，好吧，我們不如我們的同伴們，對吧？但我們正在朝著目標前進，因為我們正在進行很多改變和改進。

That's the difference between four days, two days, three days, Brian.

布萊恩，這就是四天、兩天、三天之間的差別。

In terms of how you get credit, in our experience, so far, we would expect to see the impact, first, on volumes, right? Your turnover and your churn comes down. You're able to retain more business that you get. Then, you start to get more wallet share from the same customer.

就獲得信貸的方式而言，根據我們目前的經驗，我們預計首先會受到銷售的影響，對嗎？你的營業額和客戶流失率都會下降。你能夠留住的業務比你獲得的業務更多。然後，你就能從同一客戶身上獲得更多的錢包份額。

Because remember, our customers -- a lot of the big customers use all of us, right? They use lots of carriers. It's just a question of how much they're allocating to each one. And so you do a good job, start to get a little bit more.

因為別忘了，我們的客戶－很多大客戶都會使用我們所有的服務，對吧？他們使用多種承運商。問題只在於他們給每個人多少資金。所以，當你做得好的時候，你就會開始得到更多。

The first place that we would expect to see it is on volume. Pricing will come later.

我們首先預期會在成交量上看到它。定價稍後公佈。

Pricing, frankly, is going to be a little bit of a function of the supply-demand imbalance correcting itself or, at least, normalizing; and the market being a little bit more balanced, right? When the market is more balanced and our service is improving and we're getting more freight from people, then we could start to see pricing.

坦白說，定價在某種程度上取決於供需失衡能否自我糾正，或至少能否恢復正常；以及市場能否更加平衡，對吧？當市場更加平衡，我們的服務不斷改進，我們從人們那裡獲得更多的貨運量時，我們就可以開始看到價格上漲了。

The other thing I'll point out on this is that the beauty is that we've made big improvements but there's still a long way to go, right? We're not best-in-class yet. We've still got another hundreds of basis points to improve on time.

關於這一點，我還想指出一點，好消息是我們已經取得了很大的進步，但還有很長的路要走，對吧？我們目前還不是業界最佳。我們在時間方面還有幾百個基點需要改進。

We can drive our missed pickups way down further; reschedules way down further. Our claims can come down way further. So we're still in the early stages. There's a lot more value for us to create for our customers in the form of better service; and, ultimately, for our shareholders, when that plays through to the numbers.

我們可以進一步減少錯過的取貨次數；進一步減少重新安排取貨的次數。我們的索賠金額還可以進一步降低。所以我們仍處於早期階段。我們可以透過提供更好的服務為客戶創造更多價值；最終，當這些價值體現在財務數據上時，也會為我們的股東帶來更多價值。

And then, just the relative size of the two to three days, it sounds like that's probably the bigger chunk of the market or the opportunity, relative to maybe the four and the next-day.

而且，就兩三天的交易規模而言，聽起來這似乎佔據了更大的市場份額或更大的機會，相比之下，四天甚至更長的交易可能更具吸引力。

Yes. Absolutely, Brian. Because I would say that next-day for us is about -- not even 20% of our volume today; and 4 days is probably about the same. The big chunk of our business is between two and three days.

是的。當然，布萊恩。因為我覺得，對我們來說，隔日達的訂單量甚至不到現在的 20%；而 4 天達的訂單量可能也差不多。我們的大部分業務都是在兩到三天內完成的。

This is where we are the weakest today. This is where our focus is is, guys, this is where we have to work on, right? So we made some major improvement in the four days there. We're good. We're good on the next-day service; fine. But let's do the job on the two and three days.

這是我們目前最弱的環節。這就是我們關注的重點，夥計們，這就是我們必須努力的方向，對吧？所以，我們在那裡的四天裡取得了重大進展。我們很好。隔日送達服務沒問題；很好。但我們可以在兩三天內完成這項工作。

We are improving. Absolutely.

我們正在進步。絕對地。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Alain, I wanted to get your thoughts on just the size of the terminal network for US LTL and where you would want to be for shipments. I think that was something where you inherited some or you bought something that had over 30,000 shipments a day -- I don't know, 33,000, whatever it was -- a wind down on your own initiatives. The cycle went down.

阿蘭，我想聽聽你對美國零擔貨運終端網路規模的看法，以及你希望貨物運輸的地點。我想那可能是你繼承了一些資產，或者你買了一些每天出貨量超過 3 萬件的資產——我不知道，3.3 萬件，不管是多少——然後你主動逐步減少了出貨量。週期下降了。

I think that has been a component that you're like, well, we can't be a [90%] or mid-[80%s] OR company, if we're just way underutilized. How do you think about where the network is and how much volume is a piece of ultimately getting to the goals? Like, maybe how large that gap is? Because that seems like a factor that would ultimately matter, as well.

我認為，這其中就包含著這樣的因素：如果我們沒有充分利用資源，我們就無法成為一家達到 90% 或 80% 左右的營運效率公司。您如何看待網路現況以及流量在最終實現目標中的作用？比如，這個差距到底有多大？因為這似乎也是一個最終會起作用的因素。

You're absolutely right, Tom.

湯姆，你說得完全正確。

As a matter of fact, in Q4, we will probably swap three terminals with one of our peers to readjust the size of our terminal, okay, versus those guys, right? This is an ongoing thing, okay, that we continue to do.

事實上，在第四季度，我們可能會與我們的一家同行交換三個終端，以調整我們終端的規模，好嗎？和他們相比，對吧？這是一件一直在做的事情，我們會繼續做下去。

Cash-wise, probably, in our Q4, between what we're buying and what we're selling, we should see a net positive between USD40 million and USD50 million in Q4. But, still, even with that, going into '26, I would say that -- we probably have another 2,000 doors too many, okay?

就現金流而言，我們第四季的淨收入（包括買入和賣出）應該會在 4,000 萬美元到 5,000 萬美元之間。但是，即便如此，到了 2026 年，我想說——我們可能還有 2000 扇門太多了，好嗎？

Now, the challenge that we gave our team is that the network was probably built to support 40,000 shipments a day. We're doing half of that, right? So organically, it's going to take us some time. But can we go organically from 20,000 shipments a day to 40,000 shipments a day? That takes a long time. So this is for sure.

現在，我們給團隊的挑戰是，該網路的設計容量可能是每天 4 萬件貨物的運輸量。我們完成了其中的一半，對吧？所以，自然而然地，這需要一些時間。但我們能否自然地將每天的出貨量從 2 萬件增加到 4 萬件呢？那需要很長時間。這一點可以肯定。

There's more to go. There's more to come into adjusting our network, okay, to today's reality. We'll keep doing that.

還有更多路要走。為了適應當今的現實，我們的網路還需要進行更多調整。我們會繼續這樣做。

We're talking to all of our peers all the time. What's the number of doors that we would need today? Probably more like 5,000 to 6,000 to 7,000 doors. But these doors have to be in the right location, right?

我們一直都在和同行們交流。今天我們需要多少扇門？可能更像是 5000 到 6000 到 7000 扇門。但是這些門的位置必須合適，對吧？

That's the other thing that we're working on. In some areas, I'll give you an example. Dallas, I don't have too many doors in Dallas because we're doing well in Dallas and we are increasing our volume in Dallas. Chicago, the same, right? So we got areas that we are growing, okay?

那是我們正在努力的另一件事。在某些方面，我會舉個例子。達拉斯，我在達拉斯的門市不多，因為我們在達拉斯的生意很好，而且我們在達拉斯的業務量還在不斷增長。芝加哥也一樣，對吧？所以，我們有一些正在發展的領域，好嗎？

Now, you say, well, your volume is down, yes, because in other areas, we are losing, right? But we were working on balancing the network, absolutely, like everything else, Tom.

現在，您可能會說，嗯，您的銷量下降了，是的，因為在其他方面，我們正在失去優勢，對嗎？但是，湯姆，我們確實在努力平衡網絡，就像其他所有事情一樣。

Is that an issue on service that if you rationalize or it's not -- it's size of terminal for you, it's not necessarily, like, reach of the network?

這是否是一個服務問題，如果你理性地分析一下，或者說這不是問題——對你來說，這是終端的大小，不一定是網路覆蓋範圍之類的問題？

No, it's not an issue for service, Tom. No.

不，這不是服務方面的問題，湯姆。不。

Benoit Poirier, Desjardins Capital Markets.

Benoit Poirier，Desjardins Capital Markets。

Thanks, Alain, for the great comments about the impact of regulation, both sides of the border.

謝謝阿蘭，你對監管對邊境兩側的影響提出了很好的見解。

Obviously, you mentioned some color about 2026 being more of a sunny picture, especially on the US LTL. I'm just curious what OR could you produce in a flat volume environment in 2026?

顯然，你提到了一些關於 2026 年前景更加光明的預測，尤其是在美國零擔貨運方面。我只是好奇，在 2026 年產量保持穩定的環境下，您能生產出什麼樣的維運產品？

Maybe another scenario where you see a more bullish stance, in terms of volume?

或許在另一種情況下，成交量會呈現更看漲的態勢？

Well, I think if everything stays the same, I think that in this kind of an environment where the volumes are light, et cetera, et cetera, if you look at our Q2, if you look at our Q3 -- for sure, last year's Q1 was a disaster for us at [99]. I don't think that we'll be in that position.

嗯，我認為如果一切保持不變，在這種業務量較小的環境下，等等等等，如果你看看我們的第二季度，看看我們的第三季度——當然，去年第一季度對我們來說是一場災難——[99]我不認為我們會陷入那種境地。

So can we say no volume growth, okay, for '26 versus the same environment, '26, that we've been seeing in '25, with the investment that we're doing in our cost management and all that? Probably a 200 basis points, globally, improvement; 200 basis points to 300 basis points versus what we are delivering in '25 into '26.

那麼，考慮到我們在成本管理等方面所做的投資，我們是否可以說，2026 年的銷售不會成長，而 2025 年的情況與 2026 年相同？在全球範圍內，可能會有 200 個基點的改善；與我們 2025 年至 2026 年的業績相比，可能會有 200 至 300 個基點的改善。

Okay. That's very great color. Just with respect to the Chief Commercial Officer role, is it fair to say that the candidate has already been identified and is coming from the outside? I'm just curious to see how it will change the jobs performed by Kal and the team, overall.

好的。這個顏色真好看。就首席商務官這一職位而言，是否可以說候選人已經確定，並且來自外部？我只是好奇這會對 Kal 和團隊的整體工作產生怎樣的影響。

No. The guy comes from the family. The guy is within TFI.

不。這人來自這個家族。這個人是TFI的成員。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

This is actually Pernille Buhl, on for Bruce. I appreciate all the color here.

這位其實是佩妮勒·布爾，她代替布魯斯上場。我喜歡這裡豐富的色彩。

A quick one. I wanted to ask about CapEx. In terms of CapEx budget from here, how would you expect it to trend, going forward? What investments of needed, as far as maintenance and, potentially, growth?

簡單問一下。我想諮詢一下資本支出方面的問題。就目前的資本支出預算而言，您預期其未來發展趨勢為何？維護和潛在的成長需要哪些投資？

Yeah. For this year, we've updated our guidance to $150 million to $175 million net CapEx for '25. In normal years, it would be more, like, $300 million, okay? That's all maintenance CapEx. The way that we think about CapEx is really about maintaining the fleet that we need.

是的。今年，我們將淨資本支出預期更新為 2025 年 1.5 億美元至 1.75 億美元。正常年份的話，大概會是 3 億美元左右，好嗎？以上均為維護性資本支出。我們對資本支出的理解實際上是為了維護我們所需的車隊。

We're not seeking to grow the fleet organically when volumes turn, we just use that opportunity to get more productivity out of our assets; use that opportunity to take the highest paying freight. We get the operating leverage that way.

我們並不追求在貨運量變化時自然擴大船隊規模，我們只是利用這個機會提高現有資產的生產力；利用這個機會承接利潤最高的貨運業務。我們透過這種方式獲得經營槓桿。

Ariel Rosa, Citigroup.

Ariel Rosa，花旗集團。

I wanted to ask about tariff impacts and what you're seeing there. To what extent do you think tariffs are holding back business, whether it's cross-border or in Canada versus how much of the volume weakness is related to cyclical factors or underlying economic factors that would be independent of the tariffs?

我想問一下關稅的影響以及你們觀察到的情況。您認為關稅在多大程度上阻礙了跨境貿易或加拿大國內貿易的發展？與此相比，貿易量疲軟有多少是由於週期性因素或與關稅無關的潛在經濟因素造成的？

And then, to the extent that we get a little bit more tariff clarity, do you see that as a positive or an incremental positive into 2026?

那麼，如果我們能獲得更清晰的關稅訊息，您認為這對 2026 年來說是積極的還是漸進式的正面影響？

Well, one thing is for sure: If you don't know the rules, everybody sits on the sideline, right? The problem we have, right now, is that we don't have a deal. Mexico or Canada, both countries, big traders in the US, we don't have a deal, right? This is why it's so important that in '26, at one point, okay, there has to be a deal between the three countries, right?

有一點可以肯定：如果你不知道規則，每個人都只能袖手旁觀，對吧？我們現在面臨的問題是，我們還沒有達成協議。墨西哥或加拿大，這兩個國家都是美國的貿易大國，我們卻沒達成協議，對吧？這就是為什麼在 2026 年，三個國家之間必須達成協議如此重要的原因，對吧？

In the meantime, okay, in terms of not knowing where we're going, right, for sure, it's a big effect, right? If you take the aluminum, okay, I was reading what the President of Rio Tinto is saying, aluminum is not affecting them, okay, the tariff, okay? But what they're doing is they're shipping some of their aluminum from Canada to the Europe. Well, it's affecting me because I don't have any ships, right?

同時，好吧，就我們不知道要去哪裡而言，對吧，這肯定會產生很大的影響，對吧？如果你以鋁為例，好吧，我讀了力拓總裁的話，鋁對他們沒有影響，好吧，關稅，好吧？但他們正在做的，是將部分鋁材從加拿大運往歐洲。這對我有影響，因為我沒有船，對吧？

But down the road, okay, this is temporary. For sure, this will change, as soon as we have clarity on tariffs, finalized all that. That product will go back to the US, right?

但從長遠來看，好吧，這只是暫時的。當然，這種情況會改變，一旦關稅問題明朗化，所有細節都敲定之後。那個產品會運回美國，對吧？

So it's just -- we need to have a deal between the three countries. Once we have that, whatever it is, okay, then we know what to do and what adjustment will be needed. And then, it's going to be clear sailing.

所以關鍵在於──我們需要這三個國家達成協議。一旦我們有了那個東西，不管它是什麼，好吧，那麼我們就知道該怎麼做以及需要做出哪些調整。然後，一切都會一帆風順。

Yeah. Well, let's hope we get some clarity on that in the months ahead.

是的。希望未來幾個月內能對此有更清晰的了解。

And then, just as a follow-up, Alain, I wanted to ask about how you're thinking about the dynamics between LTL and Truckload, right now. Do you think there's a lot of LTL volume that's slipped into the Truckload market? Obviously, if we get some tightening here because of some of these enforcement actions, how positive of an effect can that have for the LTL market?

然後，阿蘭，作為後續問題，我想問你目前是如何看待零擔運輸和整車運輸之間的動態關係的。你認為有很多零擔貨運量轉移到了整車貨運市場嗎？顯然，如果因為這些執法行動而導致市場收緊，這對零擔貨運市場會產生多大的正面影響呢？

Well, that's for sure. When you think about that, you're a Truckload guy, you're stuck, okay? What do you do? You try to get the good, heavy 5, 10 pallets of LTL; and you give the shipper a good rate, right?

沒錯，那倒是真的。仔細想想，如果你是卡車運輸工人，你就進退兩難了，懂嗎？你做什麼工作？你會盡量爭取那些品質好、重量重的 5 到 10 個托盤的零擔貨物；並且給托運人一個優惠的價格，對吧？

Right now, what's happening in the LTL industry is that there's lots of freight that has been moved to the Truckload guys. This is good rates, good freight for LTL. So we'll see what happens.

目前零擔運輸業的情況是，許多貨物都轉移到了整車運輸公司。這是不錯的運費，適合零擔運輸。所以，我們拭目以待。

When the Truckload guys get busier, okay, are they going to walk away from that freight because now, they don't need to do that? Probably. Experience tells us that this is what happens, okay? But we'll probably see that sometimes in '26, hopefully, okay? But who knows when, right?

當整車運輸公司業務繁忙時，他們會因為現在不需要運輸貨物而放棄這批貨物嗎？大概。經驗告訴我們，事情就是這樣發生的，好嗎？但我們或許會在 2026 年的某個時候看到這種情況，希望如此，好嗎？但誰知道什麼時候會發生呢？對吧？

Okay. Appreciate the thoughts.

好的。感謝你的建議。

At this time, Mr. Bedard, we have no other questions registered, please proceed.

貝達德先生，目前我們沒有其他問題，請繼續。

Well, thank you, operator. We appreciate everyone joining us today. Thank you for your interest in TFI International.

好的，謝謝接線生。感謝今天所有到場的朋友。感謝您對TFI International的關注。

We look forward to finishing the year strong; and are confident we'll be entering '26 in a position of strength. I look forward to seeing many of you at several investors conference. We'll be attending before year end.

我們期待以強勁的勢頭結束今年；並且有信心以強大的姿態進入 2026 年。我期待在幾場投資者會議上見到你們中的許多人。我們將在年底前參加。

As always, please don't hesitate to reach out with any further questions.

如有任何疑問，請隨時與我們聯繫。

Have a terrific Halloween. Have a great weekend, guys. Thank you.

祝你萬聖節快樂！祝各位週末愉快！謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。

Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.

再次感謝各位的出席。此時，請您斷開線路。