TFI International Inc. (TFII) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's first-quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，大家好。感謝您稍候。歡迎參加 TFI International 2026 年第一季財報電話會議。（接線員指示）

Please be advised that this conference call will contain statements that are forward-looking in nature and are subject to a number of risks and uncertainties that could cause actual results to differ materially. I would also like to remind everyone that this conference call is being recorded on April 27, 2026.

請注意，本次電話會議將包含前瞻性陳述，並受多項風險與不確定性影響，可能導致實際結果出現重大差異。我也要提醒各位，本次電話會議正在錄音，日期為 2026 年 4 月 27 日。

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

今天與會者包括：董事長、總裁兼執行長 Alain Bedard；以及財務長 David Saperstein。

I would now like to turn the call over to Mr. Alain Bedard. Please go ahead, sir.

現在我想把電話交給 Alain Bedard 先生。先生，請開始。

Well, thank you for the introduction, operator, and welcome, everyone, to today's call. Within the past hour, we reported our quarterly results, including adjusted diluted EPS of $0.69. This performance was driven by the tremendous effort of our talented team members and their relentless focus on efficiency and related operating principles.

好的，謝謝接線員的介紹，也歡迎各位參加今天的電話會議。在過去一小時內，我們已公布本季業績，包括調整後稀釋每股盈餘（EPS）0.69 美元。這項表現來自我們優秀團隊成員的巨大努力，以及他們對效率與相關營運原則的持續專注。

Taking a step back, a long-standing part of our strategy is to maintain a rock-solid balance sheet that allows us to thoughtfully manage through the cycle. And after generating more than $800 million of free cash flow last year, which was over $10 per share, we produced another $124 million during the first quarter, which further benefited our financial position.

退一步來看，我們策略中長期不變的一部分，是維持極為穩健的資產負債表，使我們能夠審慎地穿越景氣循環。去年我們創造超過 8 億美元的自由現金流，折合每股超過 10 美元；而在第一季我們又產生 1.24 億美元，進一步強化了我們的財務狀況。

Most importantly, this allows us to continue to -- our track record of strategic capital allocation investing for the long term regardless of market conditions, while also returning excess capital to shareholders whenever possible. To that point, during the quarter, we paid out $38 million in quarterly dividends.

最重要的是，這讓我們得以持續延續我們的紀錄——無論市場狀況如何，都能以長期為導向進行策略性的資本配置投資，同時也在可能時將多餘資本回饋給股東。就此而言，本季我們發放了 3,800 萬美元的季度股利。

Let's take a closer look at our first-quarter financial results. The total revenue before fuel surcharge of $1.7 billion was consistent with the prior-year quarter. Our consolidated operating earnings of $97 million represented a 5.7% margin, and our net cash from operating activity came in at $122 million.

接著更仔細看看第一季財務結果。扣除燃油附加費前的總營收為 17 億美元，與去年同期一致。我們合併營業利益為 9,700 萬美元，代表 5.7% 的利潤率；營運活動產生的淨現金為 1.22 億美元。

Turning to our business segment performance. I'll first mention that we have streamlined our reporting approach in our quarterly report in an effort to reduce complexity for our investors and better align with our peer practices. Therefore, I'll be primarily speaking to the overall results of each of our three segments, beginning with LTL, which represents 38% of our segmented revenue before fuel surcharge.

接下來談各業務部門表現。我先提到，我們在季度報告中精簡了揭露方式，以降低投資人理解的複雜度，並更貼近同業做法。因此，我將主要聚焦於三個部門的整體結果，先從 LTL（零擔）開始；LTL 佔扣除燃油附加費前分部營收的 38%。

We saw notable improvement during the quarter as weather improved, with shipments per day in March considerably stronger than January and February and this trend continued into April. For the first full quarter, the $656 million of revenue before fuel surcharge was down just 3% year over year, an improvement from the fourth quarter 10% decline.

本季隨著天候改善，我們看到明顯好轉；3 月每日出貨量顯著強於 1 月與 2 月，且此趨勢延續至 4 月。就整個季度而言，扣除燃油附加費前營收 6.56 億美元，年減僅 3%，較第四季年減 10% 有所改善。

Our LTL adjusted operating ratio came in at 95.3% and total operating income of $31 million compares to $47 million one year earlier. Lastly, our return on invested capital for LTL was 11.6%, again with notable improvement through the quarter and into April.

我們的 LTL 調整後營業比率（OR）為 95.3%，營業利益總額 3,100 萬美元，較一年前的 4,700 萬美元下降。最後，LTL 的投入資本報酬率為 11.6%，同樣在本季期間並延續至 4 月呈現明顯改善。

Turning to our Truckload segment, the $673 million of revenue before fuel surcharge was 39% of segmented revenue and grew from $663 million in the prior year first quarter. We were able to grow by 9%, our revenue per truck per week, excluding fuel surcharge, while reducing our truck count to 7% as we increase fleet productivity and shed excess equipment. In addition, we continue to see rapid sequential growth from data center construction, although this today is a small part of overall revenue.

轉到整車（Truckload）部門，扣除燃油附加費前營收 6.73 億美元，佔分部營收的 39%，較去年第一季的 6.63 億美元成長。我們在將車隊數量降低 7% 的同時（透過提升車隊生產力並汰除多餘設備），仍能使每車每週營收（不含燃油附加費）成長 9%。此外，我們持續看到資料中心建設帶來快速的連續成長，雖然目前在整體營收中仍占比不大。

Truckload is also a segment for which our past acquisition, including Daseke, have increased our exposure to industrial truckload end markets, helping us to overcome industry fundamentals recently characterized by tariff and economic uncertainty as well as our industry overcapacity.

整車也是一個我們過去的併購（包括 Daseke）提高了我們對工業整車終端市場曝險的部門，這有助於我們克服近期因關稅與經濟不確定性，以及產業運能過剩所造成的產業基本面壓力。

Our quarterly Truckload operating income of $56 million was up from $49 million in the prior year and OR was 92.7%, improved by 100 basis points. Lastly, our Truckload return invested capital came in at 6%.

本季整車營業利益為 5,600 萬美元，高於去年同期的 4,900 萬美元；營業比率（OR）為 92.7%，改善 100 個基點。最後，整車的投入資本報酬率為 6%。

To round out our segments, Logistics accounted for 23% of segmented revenue of $388 million, which was up slightly from the prior-year figure of $385 million and also up 8% sequentially. Our Logistics operating income of $34 million was also up year over year from $31 million and was up from the December quarter as well. This equates to a margin of 8.9%, which was also up both year over year and sequentially. Our Logistics return on invested capital was $12.4 million.

最後是物流（Logistics）部門，佔分部營收的 23%，營收為 3.88 億美元，略高於去年同期的 3.85 億美元，且較前一季成長 8%。物流營業利益為 3,400 萬美元，也較去年同期的 3,100 萬美元增加，並且也高於 12 月季度。這相當於 8.9% 的利潤率，無論年比或季比皆上升。我們物流的投入資本報酬為 1,240 萬美元。

Moving on to our balance sheet. Our strong financial foundation continues to benefit from our free cash flow, another $124 million during the quarter, as I mentioned. And we end up month of March with our funded debt-to-EBITDA ratio at 2.6.

接著談資產負債表。如我所提，我們強健的財務基礎持續受惠於自由現金流，本季再增加 1.24 億美元。而截至 3 月底，我們的有息負債對 EBITDA 比率為 2.6。

Wrapping up my remarks in terms of our updated outlook for the second quarter of 2026, we expect adjusted diluted EPS to be in the range of $1.50 to $1.60, and net CapEx, excluding real estate for the full year, we're expecting a range of $225 million to $250 million, unchanged from previous expectations. As always, our outlook range assumes no significant change, either positive or negative, in the operating environment.

最後就我們更新後的 2026 年第二季展望而言，我們預期調整後稀釋 EPS 將落在 1.50 至 1.60 美元區間；全年淨資本支出（CapEx），不含不動產，預期為 2.25 億至 2.50 億美元區間，與先前預期一致。一如既往，我們的展望區間假設營運環境不會出現顯著變化，無論是正面或負面。

And with that, operator, David and I, we'd be happy to take questions, if you could please open the lines.

以上，接線員，David 和我很樂意回答問題，麻煩您開放電話線。

(Operator Instructions) Ravi Shanker, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Ravi Shanker。

Alain, obviously, a lot has changed since your previous call with the cycle and the current environment. I would just love to get a sense of what you're seeing out there in terms of the TL market tightening up, direct impacts on you, secondary in LTL, et cetera?

Alain，很明顯自從你上次電話會議以來，景氣循環與目前環境已經改變很多。我很想了解你們在外部看到的情況：例如整車（TL）市場是否正在收緊、對你們的直接影響，以及在零擔（LTL）方面的次級影響等等？

That's a very good question, Ravi. So what we're seeing really in the Truckload sector is that it's the offer that's been reduced, right? With everything that's going on in the US, with this new administration, the tightening of CDL, okay, the closing of all those driving schools, right, that make any sense. I mean the offer has been reduced month after month. And now slowly, okay, we're getting closer to a balance in the industry where, for a long time, this industry was very on balance where the offer was way more than the demand.

這是個非常好的問題，Ravi。我們在整車領域看到的，主要是供給正在縮減，對吧？在美國目前發生的各種事情之下，隨著新政府上任、CDL（商業駕照）要求收緊，好嗎？還有關閉了那些駕訓學校，對吧，這些其實都說得通。我的意思是，供給一個月接一個月地在減少。現在慢慢地，好嗎？我們正接近產業供需平衡；而在很長一段時間裡，這個產業是非常失衡的，供給遠遠大於需求。

Now if you look at our Truckload operation in Canada and in the US, I mean, we're focused on industrial freight, right? We're not a carrier of retail freight in our Truckload world. We are really industrial, and we feel really, really good about where the US is going and even Canada, where the future is for our flatbed operation, our specialty truckload, okay, et cetera, et cetera.

如果你看我們在加拿大與美國的整車營運，我們聚焦的是工業貨運，對吧？在整車業務裡，我們不是承運零售貨運的承運商。我們真的是以工業為主，而且我們對美國的走向、甚至加拿大，以及我們平板車（flatbed）業務、專業整車（specialty truckload）等未來發展，都感到非常、非常有信心。

We're starting to see a change, okay? Customers now are asking for, hey, can you help me? Customers are saying, can we be partners because it's always the same story. When the markets start to tighten up, shippers want to be partners with truckers, right?

我們開始看到變化了，好嗎？客戶現在會提出需求，例如「嘿，你能幫我嗎？」客戶也在說「我們能不能成為合作夥伴」，因為故事總是相同：當市場開始收緊時，託運人就會希望與卡車運輸業者成為合作夥伴，對吧？

So I mean, we're seeing that we're very happy with what's going on. The investment we've made in Daseke two years ago has been average so far. We were really busy in investing, in technology, in financial system and all that, consolidation. But we're starting to see a little bit of light at the end of the tunnel in terms of the demand, in terms of the future of North America, US and Canada. So I feel really, really good about where we're at.

所以我的意思是，我們看到的情況讓我們非常滿意。我們兩年前對 Daseke 的投資到目前為止表現普通。我們當時真的很忙於投資：技術、財務系統，以及各種整合與合併。但就需求面、以及北美（美國與加拿大）未來而言，我們開始看到隧道盡頭的一點光。所以我對我們目前的位置感到非常、非常樂觀。

Now if you talk about our LTL in North America, I would say that it's been a long time since we have some organic growth in that sector. And I would say that what we're seeing now is, slowly, we're probably going to show up at least no negative, okay, growth in Q2 in our LTL. We believe that organically, our LTL could grow maybe a few points, right, which is going to be a first.

如果談到我們在北美的 LTL，我會說我們在那個領域已經很久沒有看到有機成長了。而我會說，我們現在看到的是：慢慢地，我們在第二季的 LTL 至少可能會呈現不再是負成長，好嗎？我們相信就有機而言，我們的 LTL 可能會成長幾個百分點，對吧？這將會是第一次。

I'm really happy with the commercial team that we have in the U.S. right now led by our guy, Chris Traikos and [Cal] as well. So I mean, we have way more stability in our commercial team. Our service is slowly, again, improving. Customers are starting to see us maybe in a different way that, okay, finally, these guys are getting their act together. We're not perfect. We're far from that yet but we are improving.

我對我們目前在美國的商務團隊非常滿意，由我們的人 Chris Traikos 以及 [Cal] 共同帶領。所以我的意思是，我們的商務團隊穩定性高了很多。我們的服務也在慢慢地、再次改善。客戶開始用不同的角度看我們：好吧，終於，這些人開始把事情做對了。我們並不完美，離那個目標還很遠，但我們正在進步。

I mean, if you remember the MAST report, for the first time, okay, we've shown an improvement, okay? So I mean, I feel in a long time, I mean, the last two, three years have been very difficult for us at TFI. But I think that finally, we're going to turn the corner, turn the page on very difficult '23, '24 and '25, even 25% being the worst of the three. And I think that '26 is the transition year to a much better future for us in the quarters to come.

我的意思是，如果你還記得 MAST 報告，這是第一次，好吧，我們展現出改善了，好吧？所以我的意思是，我覺得很長一段時間以來——過去兩、三年對我們 TFI 來說非常艱難。但我認為終於，我們將要走出困境，翻過非常艱難的 '23、'24 和 '25 這一頁，而且即便 '25 比另外兩年還要糟 25%。我也認為 '26 是過渡年，接下來幾個季度我們將邁向更好的未來。

That's incredibly helpful, and I hope you're right about that. But maybe as a quick follow-up. You said light at the end of the tunnel. Do you have confidence in what the full year is shaping up to be? And when do you think you might address our full-year guidance in the year?

這非常有幫助，我也希望你說得沒錯。不過也許快速追問一下：你說隧道盡頭有光。你對全年目前的走勢有信心嗎？以及你認為你們會在今年的什麼時候更新我們的全年指引？

Ravi, until we have a deal signed between Canada, US and Mexico, we can't come up with a full-year guidance. I mean it's too unstable right now. So until we have that -- and hopefully, we'll have that by the end of the summer, okay?

Ravi，在加拿大、美國和墨西哥之間的協議簽署之前，我們無法提出全年指引。我的意思是，現在太不穩定了。所以在我們有了那個——而且希望我們能在夏末之前拿到，好嗎？

And also with more experience where this market is going, I mean, we have the fuel situation with what's going on in Iran. I mean, this free trade agreement between North America. So this is why David and myself, we feel good about giving a guidance for Q2, but not the rest of the year. There's too many things that we're not sure. We feel good about where we are, and we feel good about where we should be heading. But it's still too early in the game to come up with a year number. right?

而且隨著我們對市場走向有更多經驗，我的意思是，我們還有燃油情勢——伊朗那邊正在發生的事情。我是說，還有北美之間的自由貿易協議。所以這就是為什麼 David 和我覺得，我們可以很有把握地給出第二季的指引，但不是今年剩下的時間。太多事情我們不確定。我們對目前的位置感覺不錯，也對我們應該前進的方向感覺不錯。但現在要給出全年數字仍然太早了，對吧？

So this is why I think that $1.50, $1.60, I think it would be a great accomplishment because it would be better than last year because if you look at my Q1, I'm worse than last year on EPS, right? So this got to change. So I think that Q2 is, for the first time in a long time, okay, that will show better numbers than the prior year, at least.

所以這就是為什麼我認為 1.50 美元、1.60 美元，我覺得會是一個很大的成就，因為它會比去年好，因為如果你看我第一季，我的 EPS 比去年還差，對吧？所以這必須改變。所以我認為第二季是——很久以來第一次，好吧——至少會呈現比去年同期更好的數字。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

So Alain, you mentioned inflecting to hopefully some growth in LTL. Are you still providing break out US versus Canadian LTL? And are you seeing growth both US and Canada within that comment? And I don't know maybe just along those lines, any thoughts on like on the margin outlook for the LTL segment for Q2?

所以 Alain，你提到 LTL 希望開始轉折、帶來一些成長。你們還會提供美國與加拿大 LTL 的拆分嗎？而且在你那段評論裡，你看到美國和加拿大兩邊都有成長嗎？另外也許順著這個方向，對於第二季 LTL 部門的利潤率展望，你有什麼想法？

Yeah. So here's the deal, Scott. I mean, no, we don't separate US and Canada anymore because more and more, what we're saying the same is our Truckload and our Logistics. We are a North American player.

是的。Scott，事情是這樣的。我的意思是，不，我們不再把美國和加拿大分開了，因為越來越多——就像我們對 Truckload 和 Logistics 所說的一樣——我們是一個北美的參與者。

But what I can tell you, though, in terms of organic growth, we're seeing, as we speak, okay, organic growth in the US year over year in April. And what we've seen so far -- on the Canadian side, we're starting to see also some improvement there.

不過我可以告訴你的是，就有機成長而言，我們目前看到——就在我們說話的此刻——美國在四月的年對年有機成長。而我們到目前為止看到的——在加拿大那邊，我們也開始看到一些改善。

So that's why we feel pretty good that organically, in our sectors, Truckload the same, okay. Logistics the same. We feel that we're going to show some organic growth in Q2 '26 versus $25 million year over year.

所以這就是為什麼我們相當有信心，有機地來看，在我們的各個領域，Truckload 也是一樣，好嗎；Logistics 也是一樣。我們認為在 '26 年第二季相較於 '25 年同期，我們將展現一些有機成長，年對年增加 2,500 萬美元。

And then maybe just -- I asked it for LTL, but maybe you could sort of walk through the P&L and how you're thinking about some of the margin assumptions in order to get to the guide for Q2, maybe that would be helpful.

然後也許——我原本是問 LTL，但也許你可以大致帶我們走一遍損益表，並談談你為了達到第二季指引，在利潤率假設上是怎麼思考的，這可能會有幫助。

Okay. Well, that's a very good question. So that's why I'll leave it to David, our CFO. He's the numbers guy.

好。這是個非常好的問題。所以我把它交給我們的財務長 David。他是數字專家。

Scott. Yeah. So for TFI as a whole, we expect OR improvement of 400 to 500 basis points. And so taking it through the segments -- so I'm talking about sequentially from Q1 to Q2. So LTL, we expect 600 to 700 basis points of sequential improvement Q1 to Q2, Truckload, 200 to 300 basis points and Logistics, 75 to 125 basis points of improvement.

Scott。是的。就整體 TFI 而言，我們預期 OR（營運比率）將改善 400 到 500 個基點。接著分部來看——我指的是從第一季到第二季的季比。LTL 我們預期第一季到第二季將季比改善 600 到 700 個基點；Truckload 改善 200 到 300 個基點；Logistics 改善 75 到 125 個基點。

Just to -- that's -- I mean, that's a really big LTL number. Just any additional color there? Is fuel a big help? Or is pricing getting a lot better that it's a pretty big --

只是——那——我的意思是，那個 LTL 的數字真的很大。能不能再多補充一些背景？燃油是很大的助力嗎？還是定價改善很多，所以才會這麼大——

So a couple of points. First of all, Q1 was probably unusually bad because of the weather in the beginning of the quarter. And we're exiting the quarter way better than we entered the quarter.

所以有幾點。首先，第一季可能異常地差，因為季度初的天氣因素。而我們離開這一季時的狀況，比進入這一季時好得多。

So just to give you a little bit of sense across -- around that. In January, LTL shipments were down year over year, 10%, okay? In March, they were up 8% year over year. And April is looking similar to March. So we had a very different situation now than in the beginning of the quarter, and that's what's driving a lot of this improvement as well as the other things that the team has been working on.

所以只是給你一點整體的感覺。在一月，LTL 出貨量年對年下降 10%，好嗎？在三月，年對年上升 8%。而四月看起來和三月差不多。所以我們現在的情況和季度初非常不同，而這也推動了很大一部分的改善，另外還有團隊一直在做的其他事情。

Fuel is part of it only where we have real strong density. But it's really more around the volumes and some of the pricing actions that we'll be putting through.

燃油只在我們密度非常強的地方才是其中一部分因素。但更主要的是量，以及我們將要推進的一些定價措施。

And also, David, if I may add, don't forget that our GRI, okay, was not in place in late '25. We've delayed that. It was put in place mid-March, right? So we have that -- a little bit of tailwind on that, Scott.

另外，David，如果我可以補充一下，別忘了我們的 GRI（一般運價調整），好嗎，在 '25 年末並沒有到位。我們延後了那個；它是在三月中旬才開始實施，對吧？所以在這方面——對你來說有一點順風，Scott。

Yeah.

是的。

Although this is only for about 25% of our shipment. Scott, this is only for about 25% of the shipment. But we're in a penny business, Scott. So every penny counts.

雖然這只涵蓋我們大約 25% 的出貨。Scott，這只涵蓋大約 25% 的出貨。但我們是在「一分錢」的生意裡，Scott。所以每一分錢都很重要。

Ari Rosa, Citi Group.

花旗集團的 Ari Rosa。

So Alain, you mentioned that you were feeling good about the sales effort on the LTL side. I was hoping you could talk just more broadly about how the LTL turnaround is progressing and kind of how you think about the structural barriers to improving margins there? It sounds like a lot of improvement is underway, but just kind of curious how much of that is related to things that you guys are undertaking versus the broader macro environment may be turning more favorable?

所以 Alain，你提到你對 LTL 端的銷售努力感覺不錯。我希望你能更廣泛地談談 LTL 的扭轉進展如何，以及你如何看待那裡改善利潤率的結構性障礙？聽起來很多改善正在進行中，但我有點好奇，其中有多少是你們正在推動的事情所帶來的， versus 整體總體環境可能正在轉為更有利？

Yeah. So you see, Ari, if you look at -- the worst thing that you can have is you try to sell a service and the service is not there, right? Because that's what we do us. We sell a service. We are supposed to pick up the freight, and we don't show up. I mean that's not too good, right?

是的。Ari，你看，如果你看——你可能遇到最糟的事情就是：你試著賣一個服務，但服務卻不到位，對吧？因為我們做的就是這個。我們賣的是服務。我們應該去提貨，但我們卻沒有出現。我的意思是，那不太好，對吧？

So this is what the operating guys have been working at, okay? Missed pickup. And if you look at our claims, okay, consolidated, we're at 0.6. But if you remember, when we were showing that separate, I mean, the US was not that good. So that's another areas that we are improving.

所以這就是營運團隊一直在努力的地方，好嗎？漏提（missed pickup）。而如果你看我們的理賠，好嗎，合併口徑我們是 0.6。但如果你記得，當我們以前分開揭露時，我的意思是，美國那邊並沒有那麼好。所以這也是我們正在改善的另一個領域。

Stability in your sales team also helps you, okay, with the customer relationship and all that. So this is like a good willing. So hopefully, macro will start to help us down the road at one point when the market is stronger. But in the meantime, okay, we still have lots to do for us to improve our service.

銷售團隊的穩定性也會幫助你，好嗎，因為有客戶關係等等。所以這就像是一種良性循環。所以希望未來某個時點，當市場更強時，總體環境會開始幫助我們。但與此同時，好嗎，我們仍然有很多事情要做，來改善我們的服務。

And I said in last conference call that -- if you look at our US, okay, we still have issues with -- not the next day service, we're good at that. But the second and the third day service, we have some issues. The guys are working on that. And the culture is -- the culture of the old days of laissez-faire and I don't really care. I mean, we're changing that culture.

而且我在上一次電話會議中說過——如果你看我們的美國業務，好嗎，我們仍然有一些問題——不是隔日達服務，我們那個做得很好。但第二天和第三天的服務，我們有一些問題。團隊正在處理。而文化——過去那種放任（laissez-faire）以及「我不太在乎」的文化——我們正在改變那個文化。

You're going to say, Alain, you bought the company five years ago. I mean, five years ago, think about that. And we're still, okay, working on changing this culture. We're not a monopoly anymore, okay? We are an LTL company in North America and we compete with good peers. I mean we're competing with good companies in North America. So we have to be good.

你會說，Alain，你五年前買了這家公司。我的意思是，五年前，想想看。而我們到現在，好嗎，仍在努力改變這種文化。我們不再是壟斷者了，好嗎？我們是一家北美的 LTL 公司，我們要和優秀的同業競爭。我的意思是，我們是在和北美的好公司競爭。所以我們必須做得好。

Our service has to be up there, right, in order to get more money because if you ask me today, price-wise, we are a discounted carrier compared to some of our peers, right? And the reason we are some kind of a discounted carrier is because our service is not where it should be. And this is the chicken and the egg, right?

我們的服務必須達到那個水準，對吧，才能收取更高的價格，因為如果你今天問我，就價格而言，相較於一些同業，我們是一家折價的承運商，對吧？而我們之所以某種程度上是折價承運商，是因為我們的服務沒有達到應有的水準。而這就是先有雞還是先有蛋的問題，對吧？

So where this starts? Well, it starts with providing the acceptable service comparable to our peers. So this is an ongoing thing that our ops guys are doing. And at the same time, also, we're saying to our commercial team, guys, let's focus on freight that fits us. I mean, don't give me a customer where I have to run 70 miles to pick up the shipment because this is not what I want. I want something that is closer to my terminal to improve my density, okay. I want more shipment per stop, okay, to improve my cost per shipment, et cetera, et cetera.

那麼這從哪裡開始？嗯，是從提供與同業相當、可被接受的服務開始。所以這是一件我們營運團隊持續在做的事情。同時，我們也在對商務團隊說，各位，讓我們專注在適合我們的貨源。我是說，不要給我那種客戶，為了提貨我得跑 70 英里，因為這不是我想要的。我想要更靠近我們場站的貨，來提升我們的密度，好嗎。我希望每一站能有更多貨件，好嗎，來降低每票成本，等等等等。

So it's a team effort. But again, I mean we're still in a position of working hard to get closer to the service level of our peers.

所以這是團隊合作。但再說一次，我的意思是，我們仍然處在努力把服務水準拉近同業的狀態。

Okay. Understood. And then just as a follow-on, I wanted to ask about the strength in flatbed rates. It's been pretty remarkable to see some of the public load board data. I'm just curious to hear your thoughts on, like, what has TFI's been ability been to capitalize on that, particularly in Daseke?

好的，了解。接著我想追問一下平板車運價走強的情況。從一些公開的貨源看板數據來看，真的相當顯著。我想聽聽你們的看法，例如 TFI 在這方面把握機會的能力如何，特別是在 Daseke 這一塊？

And then just broadening it out to the broader business, how do you think about what up-cycle earnings could look like, both for Daseke and for the broader business? Assume -- let's assume for a moment, kind of a benign resolution to USMCA?

再把問題放大到整體業務，你們怎麼看待景氣上行週期時的獲利可能長什麼樣子，無論是 Daseke 或更廣泛的業務？先假設——我們先假設一下——USMCA 能以相對溫和的方式解決？

Yeah, yeah. So listen, guys, I mean, our revenue per mile is up in our TFI specialty truckload. Absolutely, our revenue per mile is moving up. okay? And we drive more miles per truck per week, okay? So this is a productivity effort that Steve, the leader of our of our Truckload division, has been able to do is do more with less, okay?

對、對。所以各位，聽我說，我們 TFI 專業卡車整車（specialty truckload）的每英里營收在上升。絕對地，我們的每英里營收正在往上走，好嗎？而且我們每台車每週跑的里程更多，好嗎？所以這是一個生產力提升的成果；Steve——我們整車事業部的負責人——做到了用更少資源做更多事，好嗎？

Now for sure, also, if you look at our market, our focus is more and more into markets where we are more specialists. So I'll give you the example of Lone Star, which is Texas based. Today, we run 100 trucks, highly specialized $7, $8 a mile, okay, which is great. But next to that, in Lone Star, we also run over the road at 225, 240 a mile. So what we're seeing is, as you know, being Jack of all trade, master of none, what we're trying to do with the team there is that, guys, from 100 trucks, we'll move the super specialty truckload to 150. But the over-the-road thing there, we're going to move that to someone else.

當然，如果你看我們的市場，我們的重心越來越放在我們更具專業性的市場。我舉 Lone Star 的例子，它以德州為基地。今天我們跑 100 台車，高度專業化，每英里 7、8 美元，好嗎，這很棒。但同時在 Lone Star，我們也有長途（over-the-road）業務，每英里 2.25、2.40 美元。所以我們看到的是，如你所知，樣樣通、樣樣鬆；我們和那邊的團隊要做的是：各位，從 100 台車，我們會把超專業的整車提升到 150 台；但那個長途業務，我們會把它轉給別人。

Okay. What we did with SPD on the West Coast, okay, those guys are very strong with Boeing, and Boeing is just on fire, right? The demand is just through the roof over there at Boeing. So we said, guys, how many trucks do we need to service this high-end customer, that niche customer. We need 75 trucks. That's it. That's all okay, you find goodbye.

再看我們在西岸對 SPD 做的事，好嗎，那些人跟波音合作很強，而波音現在簡直火力全開，對吧？那邊需求爆棚。所以我們說，各位，我們要服務這個高端客戶、這個利基客戶，需要多少台車？需要 75 台。就這樣。就這些，好嗎，其餘的你處理掉，再見。

So you used to have 200 trucks. Now you're down to 75, okay? But we're moving those trucks to Wiley in North Dakota because Wiley is our big over-the-road truckload guy, and we want Wiley to be 1,000 trucks, right? Not 500, 600, but 1,000.

所以你原本有 200 台車，現在降到 75 台，好嗎？但我們把那些車移到北達科他州的 Wiley，因為 Wiley 是我們大型的長途整車業者，而我們希望 Wiley 變成 1,000 台車，對吧？不是 500、600，而是 1,000。

So we're doing all these changes at the same time that we are working on reducing our costs, reducing our asset base. And if you look at our brokerage operation in our Truckload sector, last month, revenue-wise, we were up 7%, 8%. So the goal is to drive more revenue with less steel in the road. So all of that, this is when David was talking about our Q2 forecast versus our Q1, okay, we see some improvement in all of our sector, including Truckload.

所以我們在做這些調整的同時，也在降低成本、縮減資產基礎。而且如果你看我們整車部門的經紀（brokerage）業務，上個月以營收來看，我們年增 7%、8%。所以目標是在路上用更少的鋼鐵（車輛資產）去創造更多營收。這些就是 David 在談我們第二季展望相對第一季時所說的，好嗎，我們看到各個部門都有一些改善，包括整車。

But, Alain, on a like-for-like basis -- because I understand there's a mix impact there, but on a like-for-like basis, can you tell us kind of how contract rates were comping year over year?

但是，Alain，以同口徑（like-for-like）來看——因為我理解那裡有組合（mix）影響——但以同口徑來看，你能否告訴我們合約運價年對年大概是怎麼比較的？

Yeah. I can jump on that. We're winning contracts in the US flatbed in the high-single digits to low-double digits. We also have about 20%, 25% spot exposure in the US flatbed and those rates are coming in higher, but that's not where we're focused, right?

好的，我可以回答。我們在美國平板車的合約中標，漲幅大概在高個位數到低雙位數。我們在美國平板車也有大約 20%、25% 的現貨（spot）曝險，而那些運價進來得更高，但那不是我們的重點，對吧？

We're really focused on the contract area, but we do have some spot exposure. Canada is not yet seeing that -- those kinds of numbers. The renewals there are more like in the low-single digits.

我們真正聚焦的是合約市場，但我們確實有一些現貨曝險。加拿大目前還沒有看到——那種幅度的數字。那邊的續約比較像是低個位數。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great, Alain and David, and thanks for the details on the outlook. So the historical sequential change in LTL logistics can -- Dave, I know you gave what you target now in this. Can you get maybe historical, just given your given combined numbers so we can kind of understand how that is normal or as it stands out? And then maybe talk about the highest lows in the target, $1.50, $1.60?

Alain、David，謝謝，也感謝你們對展望提供的細節。關於 LTL 物流的歷史季對季變化——Dave，我知道你剛剛講了你們現在的目標。你能不能提供一些歷史數據，基於你們合併後的數字，讓我們理解這樣的變化是正常的，還是特別突出？另外也請談談目標區間的高低端，$1.50、$1.60？

Yeah. So on the historicals, Ken, we've got all of the -- in the appendix of the presentation on the website. we've got eight quarters of historicals with the new presentation. So I'll just ask folks to look at that.

可以。就歷史數據而言，Ken，我們把所有——在官網簡報的附錄裡。我們用新的呈現方式提供了 8 個季度的歷史數據。所以我就請大家去看那個。

In terms of the range, the high end -- what could drive the high, the low. I mean it's a pretty tight range. It's $0.10, right? There's a lot of moving parts.

至於區間，高端——什麼可能推動高或低？我的意思是，這其實是個很窄的區間。只有 $0.10，對吧？變動因素很多。

I don't know Mr. Bedard, if you'd like to comment on what could drive -- where we land within the range.

我不知道 Bedard 先生你是否想補充一下——哪些因素會影響——我們最後落在區間內的哪個位置。

It's what we feel, Ken, that is reasonable and attainable okay, right now based on -- because don't forget, there's lots of instability right now, right? So this is based on what we've seen so far in April. This is based on when we talk to our three top guys, our three senior EVPs about how do they see the quarter.

Ken，這是我們認為合理且可達成的水準，好嗎，就目前而言，因為別忘了，現在有很多不穩定因素，對吧？所以這是基於我們到目前為止在 4 月看到的情況。這也基於我們和三位主要負責人、三位資深執行副總裁（EVP）討論他們怎麼看這一季。

We ask those guys to reforecast okay, so that we can give you guys that kind of guidance, okay? So these are fresh-off-the-press revised number from our guys. So I mean, we could be wrong, okay? But we feel pretty confident based on what we've seen so far. And the --

我們請他們重新預測（reforecast），好嗎，這樣我們才能給各位這樣的指引，好嗎？所以這些是我們團隊剛出爐、修訂後的最新數字。我的意思是，我們可能會錯，好嗎？但基於目前看到的情況，我們相當有信心。而且——

If I could just follow up on that. So I mean, just given great now, right up 8%, both March and April and LTL tonnage I presume you're talking about or shipments -- and then number -- and then that's not just catching up from the weather, that's actual economic turn. I just want to understand the feeling behind that, same on Truckload, your ability to kind of capture that share back real time.

我可以再追問一下嗎？我的意思是，就目前來看，對吧，3 月和 4 月都成長 8%，我猜你指的是 LTL 的噸位或貨件數——然後——而且那不只是天氣造成的延後出貨回補，那是實際的經濟轉強。我想理解你們背後的感受；整車也是一樣，你們即時把市占搶回來的能力如何。

Well, it's always -- it's an interesting question, right? Is it catch-up from freight that didn't move in January that's driving that? Possibly. But I'm not sure that, that would continue all the way into April. I mean when I look at the LTL shipment count down 10% in Jan, it was flat year over year in Feb and like I said, we're on 8% in March and looking similar in April.

嗯，這一直是——很有意思的問題，對吧？是不是 1 月沒動的貨在回補，推動了這些？有可能。但我不確定那會一路延續到 4 月。我的意思是，當我看 LTL 貨件數，1 月年減 10%，2 月年對年持平，而如我所說，3 月我們是 +8%，4 月看起來也差不多。

And so now the important piece is to press on the revenue per shipment and make sure that -- because we were a little bit late on the GRI relative to peers. We're also a little bit low relative to peers on the GRI at only 3.9%. So maybe some work to be done there.

所以現在重要的是要推動每票營收，並確保——因為我們在一般運價調升（GRI）上相對同業稍微晚了一點。我們的 GRI 相對同業也偏低，只有 3.9%。所以那裡可能還有一些工作要做。

In terms of Truckload, like Christopher was saying, there's been a lot of good work that was done last year, taking excess trucks out of the system. And so when you look at the KPIs of our truckload today, you can see that revenue per truck per week ex fuel was up 8.6% and truck count was down 7.1%. We did the same amount of revenue with 7% less trucks and you see that in the DNA, right?

至於整車，如 Christopher 所說，去年做了很多很好的工作，把系統裡多餘的車抽掉。所以當你看我們現在整車的 KPI，你會看到每台車每週營收（不含燃油）上升 8.6%，而車隊數量下降 7.1%。我們用少 7% 的車做出同樣的營收，你在 DNA（折舊與攤銷）裡就看得到，對吧？

The D&A is down, I think, $3.5 million year over year. But actually on a like for like, if you exclude M&A, it's down $5 million. And then on top of that, we've got brokerage up another 7%. And that trend is continuing into April. So this is the direction that the segment is going, and we haven't really seen the impact of this pricing yet, right, because these renewals are taking place now.

折舊與攤銷（D&A）年對年下降，我記得大概是 350 萬美元。但其實以同口徑來看，如果排除併購（M&A），是下降 500 萬美元。再加上我們的經紀業務又成長 7%。而且這個趨勢延續到 4 月。所以這就是這個部門前進的方向，而我們其實還沒有真正看到這波定價的影響，對吧，因為這些續約現在才正在發生。

Walter Spracklin, RBC Capital Markets.

Walter Spracklin，RBC 資本市場。

I want to perhaps just ask a couple kind of modeling questions. Your tax rate has been pretty low here in the last couple of quarters. What tax rate should we kind of assume for the rest of this year? And does that hold for next year?

我想可能問幾個偏模型假設的問題。你們過去幾個季度的稅率一直相當低。今年剩餘時間我們大概應該假設什麼樣的稅率？而且明年也會維持同樣水準嗎？

And just as a second question here. I know you're not giving guidance for full year, but historically, been putting the last year aside, obviously, but historically, summer trucking is better than second-quarter trucking and you tend to have a better OR and better EPS in the third quarter, all else equal. Is there anything -- if there's no change in underlying conditions, no change in tariffs, just looking on a straight line, is it fair to say that, that summer sort of Q3 EPS seasonally does tend to be better than Q2? And should we at least pencil that in for this year?

再補充第二個問題。我知道你們不提供全年指引，但歷史上——當然先把去年放一邊——通常夏季卡車運輸表現會比第二季更好，而且在其他條件相同下，你們第三季的 OR（營運比率）和 EPS 往往會更好。是否有任何因素——如果基本面沒有變化、關稅也沒有變化，只是線性推估——可以說夏季的第三季 EPS 在季節性上通常會優於第二季？今年我們至少可以把這點先納入預估嗎？

Yeah. So Walter, David, I'll let you answer the tax thing there and then I'll take the rest.

好的。Walter，關於稅務那部分我先讓 David 回答，其他我來回應。

Okay. Sounds good. Yeah. On the tax, we have a permanent tax benefit, which was related to our financing structure. And that increased a little bit as we increased the size of that financing structure through additional M&A. And so that's a permanent benefit.

好，沒問題。關於稅務，我們有一項永久性的稅務利益，與我們的融資架構有關。隨著我們透過額外的併購（M&A）擴大該融資架構的規模，這項利益也略有增加。所以這是一項永久性利益。

But when profit before tax came down in Q1 quite a bit. So the rate looks very low, right, because we have a fixed benefit and less profit before tax. What I would model going forward is something more in the maybe 24% range and that should be directionally where we land over the course of the rest of the year.

但第一季稅前利潤下降了不少，所以稅率看起來就非常低，對吧？因為我們有固定的稅務利益，但稅前利潤變少了。往後建模的話，我會用大約 24% 左右的稅率，方向上這應該就是我們今年剩餘期間的落點。

Yeah. And then, Walter, on your question. I mean, although we don't give guidance, okay, on three and four for '26. But what I could say is this. I mean, our Logistics sector is going to do probably a lot better, okay? I mean one of our major contributor to our Logistics is we move trucks, right, for PACCAR and DTNA, and we just signed a deal also with Volvo, okay? So we started Volvo late in this year. So we all about 70% of all the trucks manufactured in North America right now.

對。Walter，關於你的問題。雖然我們不提供 2026 年第三季和第四季的指引，但我可以這麼說：我們的物流部門應該會好很多。我們物流的一個主要貢獻來源，是替 PACCAR 和 DTNA 轉運卡車，而且我們也剛和 Volvo 簽了一個合約。我們在今年稍晚開始承接 Volvo 的業務。所以目前北美生產的卡車，我們大約處理了 70%。

So if you read what the OEMs are saying -- and I could tell you that we're very busy so far in Q2. And so Logistics and also the acquisition we did late last year, we didn't have that. So those guys are doing great.

所以如果你去看 OEM（原廠）怎麼說——我也可以告訴你，我們在第二季到目前為止非常忙。另外，還有我們去年底做的那筆收購，去年我們沒有這部分，所以那些團隊現在表現也很棒。

We are involved in the data center construction. So we are partnered with the construction company in Michigan with four data centers. So this is something new for us. So I feel really good about '26 in our Logistic.

我們也參與資料中心的建設。我們在密西根與一家建築公司合作，正在做四座資料中心。這對我們來說是新的業務。所以我對 2026 年我們的物流部門感覺非常好。

Truckload like David was saying, the renewal rates are really helping us. And thanks to the US administration. With these guys, they took the bull by the horn with all these illegal and unsafe drivers. So this is really helping the industry in general. And hopefully, the industry will stop chasing drivers and chase rates instead of always keeping chasing drivers. Hopefully, we learned from that after three years of being like famine on rates.

卡車整車（Truckload）方面，如 David 所說，續約運價真的在幫助我們。也要感謝美國政府；他們對這些非法且不安全的司機採取了強硬措施，這對整個產業都有幫助。希望產業能停止一味追逐司機，改為追逐運價，而不是總是在追司機。希望我們在經歷三年運價像饑荒一樣的狀況後，能從中學到教訓。

And in our LTL, I mean, Cal and the team there are working finally, on the commercial side. We have stability. So to answer your question, Q3 normally, okay, because it's summer, costs are less. We probably should see better. And I feel pretty good, but we can't really give guidance because there's so much instability, Walter, in the world right now, okay? So that we say we stay cautious. What we know that we have a lot of good stuff on the go with our team, right? Our team is all pumped up, and after three years of a very, very difficult environment for us.

至於我們的 LTL（零擔），Cal 和那邊的團隊終於在商業端開始推進。我們有了穩定性。回答你的問題：第三季通常因為是夏季，成本較低，所以我們大概會看到更好的表現。我感覺相當不錯，但我們真的無法給指引，因為現在世界上有太多不穩定因素，Walter，所以我們仍保持謹慎。我們知道的是，我們團隊手上有很多很好的事情正在進行；在經歷三年非常、非常艱難的環境之後，大家都很振奮。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

I wanted to talk a little bit, Alain, about a comment you made that you guys are still discounted in terms of the LTL pricing versus your peers. Where do you think the service level needs to go?

Alain，我想談談你提到的一點：你們的 LTL 定價相對同業仍有折價。你認為服務水準需要提升到什麼程度？

It sounds like you're finding your next day, but as the second and third day that you're looking at. So where do you think it needs to go? And are you going to still give investors sort of updates so we can sort of keep track of that progress?

聽起來你們隔日達（next day）做得不錯，但你們正在看的是第二天與第三天的表現。你覺得需要提升到什麼程度？另外，你們是否會持續向投資人提供一些更新，讓我們可以追蹤進度？

Yeah. That's a good point, Jason, because we know where we stand, okay, although it's not published. But this is something, David, that we'll have to look at. But what I could tell you, though, Jason, is that on the next-day service, okay, we're on par with our peers and the four-day service. And this is where the guys are working on second and third day. And I said the same story on the previous call.

對，Jason，這點說得很好，因為我們知道自己目前的位置，雖然沒有對外公布。不過這是我們需要和 David 一起再看看的一件事。但我可以告訴你的是：在隔日達服務方面，我們與同業大致持平；四日達服務也是。團隊目前正在改善的是第二天與第三天的表現。我在上一通電話會議也講過同樣的情況。

And this is where we lack, okay, the care, okay? We still have issues with shipment that's supposed to go to A and they're going to B because they've not been scanned. I mean it's a global -- when you look at TFI, our Canadian LTL over time has built one step at a time, right?

而我們不足的地方在於「照護」（care）。我們仍然有一些問題，例如貨物本來應該送到 A，卻送到 B，因為沒有被掃描。我是說，這是整體性的——你看 TFI，我們的加拿大 LTL 是長期一步一步建立起來的，對吧？

So if you look at one of my best peer, OD, they were built one step at a time over a long period of time. As we jump into UPS Freight and the real estate was abandoned. The fleet was abandoned. IT was abandoned a lot of things were abandoned because UPS for them, it was not really important. Their parcel business was the key. Their LTL was just an afterthought, right?

所以如果你看我最好的同業之一 OD，他們也是在很長一段時間內一步一步建立起來的。但我們接手 UPS Freight 時，很多資產都被荒廢：不動產被荒廢、車隊被荒廢、IT 被荒廢，很多東西都被荒廢，因為對 UPS 來說那並不重要；他們的包裹業務才是核心，LTL 只是事後才想到的附帶項目，對吧？

So it takes us way more time than I thought, way more time. But we're going to get there and the service is the key because if you don't provide a service that is equal to your peers, you get penalized, okay? You get switched over.

所以這花的時間比我原先想的多得多，真的多得多。但我們會做到的，而服務是關鍵，因為如果你提供的服務無法與同業相當，你就會被懲罰；客戶就會轉單。

Now, for sure, in a difficult environment, okay, in a soft market, you suffer way more then versus a, let's say, a strong market. So they will -- the shippers will close an eye more if your service is not up to par in a very strong market. But we've not been in the [swan] market for three years. So now we're getting ready to have a better market, but no, no. We're still working on improving our service so that we can move closer to our peers in terms of the revenue per shipment, right?

當然，在艱難的環境下、在疲弱的市場裡，你承受的痛苦會更大；相較之下，如果是強勢市場，托運人對你服務不到位會更願意睜一隻眼閉一隻眼。但我們已經三年沒有處在那種「強勢」市場了。現在我們正準備迎接更好的市場，但不、不——我們仍在持續改善服務，讓我們在每票收入（revenue per shipment）方面能更接近同業水準。

No, Alain, I totally get that, and let's keep our fingers crossed for a better market. I wanted to follow up on something you mentioned. You talked a little bit about obviously, the steps the administration here in the States is taking to combat some of the very [questionable] capacity that has flooded the market over the last couple of years.

不，Alain，我完全理解，也希望市場能變好。我想追問你提到的一件事：你談到美國這邊政府採取了一些措施，來打擊過去幾年大量湧入市場的一些非常「可疑」的運能。

What's going on up in Canada? And what do you think needs to be done going forward to help out with capacity up there?

那加拿大那邊的情況如何？你認為接下來需要做些什麼，才能幫助改善那邊的運能問題？

Well, the Canadian, with the new Prime Minister, that's not asleep at the wheel, like the previous one, they took action, okay? In 2011, okay, they've decided not to issue any employment record for an owner operator. So these drivering guys took advantage of that. And that's -- loophole has been closed as of December '25.

加拿大方面，新的總理不像前一任那樣「開車打瞌睡」，他們採取了行動。2011 年，他們決定不再對自營車主（owner operator）發放任何就業紀錄（employment record）。所以那些「drivering」的人就鑽了這個漏洞。而這個漏洞在 2025 年 12 月起已經被堵上了。

So now if you're a driver ink, your employer has to issue you an employment, what they call that certificate that tells you your earnings, et cetera, et cetera. So now you cannot cheat the tax, right? So we see an effect, okay, not as strong as what we see in the US because US, they took really the bull by the horn. It's not the same approach, right? Canadian approach is more slow and okay, fine after 10 years of complaining the start to do something.

所以現在如果你是所謂的 driver ink，你的雇主必須給你一份就業——他們稱之為證明文件，會列出你的收入等等。所以你現在就不能逃稅了。我們確實看到一些效果，但不像美國那麼強，因為美國真的是非常強勢地處理。做法不一樣；加拿大的做法比較慢——好吧，抱怨了 10 年才開始做點事。

But we're starting to see a little bit of that effect because those drivers don't pay any taxes, right? So they can offer a customer that doesn't care a much better deal than us. But now, as of December '25, the employer had to issue kind of what we call us, it's like a W-2 in the US or W-9 okay? This is the statement of your earnings, okay? And now you're stuck with paying taxes because this is -- this information has been sent to CRE, the Canadian tax government, right?

但我們開始看到一些影響，因為那些司機不繳任何稅，所以他們可以給那些不太在意的客戶更好的價格。但現在自 2025 年 12 月起，雇主必須出具一份——我們這邊稱之為，類似美國的 W-2 或 W-9——也就是你的收入證明。現在你就得繳稅了，因為這些資訊會送到 CRE，也就是加拿大稅務機關，對吧？

So -- but it's much lower than what we've seen in the US. I mean the US is really very active, very active. And there's a safety reason there, okay? Those drivers are not safe. Their equipment is not safe. So it's got to be resolved. And us, as an industry, we have to stop chasing drivers and talking about we have a shortage of drivers.

所以——但這仍遠低於我們在美國看到的力度。美國真的非常積極，非常積極。而且那裡也有安全方面的原因：那些司機不安全，他們的設備也不安全，所以必須解決。而我們作為一個產業，必須停止追逐司機、一直在談司機短缺。

Well, if you ask Exxon or Chevron, there's a shortage of oil, what do they do? Well, they just raised the price. They don't try to chase for oil stupidly.

嗯，如果你去問埃克森（Exxon）或雪佛龍（Chevron），石油短缺時他們會怎麼做？嗯，他們就是把價格提高。他們不會愚蠢地去追著找油。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

So sort of question, now that you've sort of streamlined or re-streamline the segments into the three broader categories. I was wondering, Alain, if you could maybe give some sense on this revamped basis and how you're looking at it, perhaps the medium- to long-term margin targets as to where you think these segments in a normalized world should be at?

算是一個問題，現在你們已經把各個業務板塊精簡、或重新精簡成三個更大的類別。我想問一下，Alain，你能否在這個重新調整後的基礎上，談談你們如何看待它，尤其是中長期的利潤率目標——在一個常態化的環境下，你認為這些板塊應該達到什麼水準？

Well, in a normal environment, okay, I don't see us running an LTL with an OR that is 90 OR, okay? Right now, we were at 95 in Q1, okay? Based on what David just talked about, how do we see Q2, probably a sub-90 OR, okay? But in a normal environment, you have to run an LTL division between an 80 to 85 OR, okay? So that is our goal in North America LTL.

嗯，在正常環境下，好嗎，我不認為我們會讓一個LTL業務跑到OR是90的OR，好嗎？現在我們在第一季是95，好嗎？根據David剛剛談到的，我們怎麼看第二季，可能會是低於90的OR，好嗎？但在正常環境下，你必須讓LTL事業部跑在80到85的OR之間，好嗎？所以這就是我們北美LTL的目標。

So for sure, okay, the edge that we have is our Canadian operation. Everybody knows that has always been a gold standard, right? And our US operation has never been a gold standard. So this is why it's a unified operation under Cal now and we believe that our US operation, over time, will get closer to our gold standard that we run in Canada, right?

所以可以肯定的是，好嗎，我們的優勢在於加拿大的營運。大家都知道那一直是黃金標準，對吧？而我們的美國營運從來不是黃金標準。所以這就是為什麼現在在Cal之下它是一個統一的營運，我們相信隨著時間推進，我們的美國營運會更接近我們在加拿大所運行的黃金標準，對吧？

So to say that an 80 to 85 OR in a normal environment in our LTL, that's where we have to be. The Truckload sector, I mean, we don't run van for retail guys, right? We don't run van for Amazon or Walmart. We don't do that. So our customers are industrial. We are a specialty. So our drivers are not just driving a truck. They also operate something, right?

所以說，在正常環境下，我們的LTL要做到80到85的OR，這就是我們必須達到的水準。卡車整車（Truckload）板塊，我是說，我們不替零售客戶跑廂式車（van），對吧？我們不替Amazon或Walmart跑廂式車。我們不做那個。所以我們的客戶是工業客戶。我們是專業化的。所以我們的司機不只是開卡車，他們還要操作一些設備，對吧？

So if it's a tanker, they operate the unloading of the tanker, if it's a flat bed, they operate with the TARP and things like that, they're strapping and all that. So it's not just a driver. He's also an operator. So this is why you cannot run, okay, with a 90 OR. That doesn't make any sense. So if you look at our Q1, okay, we're running a 92-something OR, which is terrible, okay? So our goal is to be under 90 OR very soon. okay?

所以如果是槽車（tanker），他們要操作槽車的卸貨；如果是平板車（flatbed），他們要處理帆布（tarp）之類的東西，還要綁帶等等。所以他不只是司機，他也是操作員。這就是為什麼你不可能跑到90的OR，好嗎？那沒有任何意義。所以如果你看我們第一季，好嗎，我們的OR是92點多，這很糟，好嗎？所以我們的目標是很快就要低於90的OR，好嗎？

But in a normal environment, where should we be? Well, we have to be between, let's say, an 82 to 86 OR in our specialty truckload. But more importantly, Jordan, is the return on invested capital, okay, which is the problem that we have. Right now, we're at 6%, which is terrible.

但在正常環境下，我們應該在哪裡？嗯，我們的專業整車（specialty truckload）必須在大概82到86的OR之間。但更重要的是，Jordan，是投入資本報酬率（return on invested capital），好嗎？這是我們目前的問題。現在我們是6%，這很糟。

Now in a normal year, we should be between 10% and 15%. Now this is where we're heading to. In our LTL, we should -- we have to be above 20%, the same with our Logistics sector, above 20% retail invested capital, right?

在正常年度，我們應該在10%到15%之間。這就是我們要前進的方向。我們的LTL應該——我們必須高於20%；我們的物流（Logistics）板塊也是，高於20%的投入資本報酬率，對吧？

Our Logistics, we've always run at about a 90 OR. That's where we're at now. We're very close to that. Where should we be in a normal environment with the quality of our Logistics okay, where we're heading. It's going to be between 86 and 88 normal environment, maybe 85 is a good year, okay?

我們的物流一直大約跑在90的OR。現在也差不多就在那附近，非常接近。在正常環境下，以我們物流的品質來看，好嗎，我們要去到的水準會在86到88之間；如果是好的一年，85也可以，好嗎？

But this is where we have to be in a normal environment. So if you do the sum of all that, TFI is not a 90 OR company. I mean that's what we'll probably be in Q2, around 90 OR. But in a normal environment, TFI is not a 90 OR. We're ready with the quality of our people and our market end market, in a normal environment, it's more like an 85 OR, right, globally. 85 to 87, right?

但這就是我們在正常環境下必須達到的水準。所以把這些加總起來，TFI不是一家90 OR的公司。我是說，我們第二季可能大概會在90 OR左右。但在正常環境下，TFI不是90 OR。以我們的人才品質以及我們的市場、終端市場來看，在正常環境下，整體更像是85 OR，對吧？全球大概85到87，對吧？

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Just to come back to the GRI. I know you said it was late and low, at least in the US. How did that work out? Sounded like perhaps there's another action coming just based on what you were talking about earlier?

我想再回到GRI。我知道你說至少在美國那邊是來得晚、幅度也低。那結果如何？聽起來根據你先前談到的內容，可能還會有下一步動作？

And are you starting to see some weight per shipment improve there as well? Maybe you can talk about the price and mix trend in US LTL?

另外你們是否也開始看到每票貨（per shipment）的重量有所改善？也許你可以談談美國LTL的價格與組合（mix）趨勢？

Yeah. Well, like -- well, you know what, go ahead, David. I'll let you go with that.

對。嗯，就像——嗯，你知道嗎，你先說吧，David。我讓你來回答。

Yeah, listen, so the pricing actions that are taking place next are specific, specific accounts, specific freight that is below where it needs to be because the volumes the volumes have improved and so now we have to be more selective. And so that's the work that's being done right now and will sort of develop over time.

好，聽著，接下來正在進行的定價動作是針對特定、特定的客戶，特定的貨量（freight），那些價格低於應有水準的，因為量——量已經改善了，所以現在我們必須更有選擇性。所以這就是目前正在做的工作，並且會隨著時間逐步展開。

In terms of weight per shipment, it didn't move too much. When you look at the -- this quarter, right, we're kind of, year over year, kind of flat, and that's true in the US as well.

就每票貨重量而言，變化不大。你看——這一季，對吧，我們同比大致持平，美國也是如此。

Maybe just follow up on that real quick. Anything into April for weight per shipment as you've given us some information on that already?

我快速追問一下。就每票貨重量來看，4月有沒有什麼變化？你們之前已經給過我們一些相關資訊。

And then we'd love to hear a little bit more about the acquisition you guys just did. I think it's a fairly good size of 2% of consolidated revenue. So maybe give us a sense in terms of what you're expecting from that here into the next quarter to integrate it and for the rest of the year?

另外我們也很想多聽一些你們剛完成的那筆併購。我想它的規模相當不錯，大概占合併營收的2%。所以能否談談你們對下一季整合它的預期，以及今年剩餘時間的展望？

Yeah. I don't have the weight per shipment in front of me, but I do have LTL revenue per shipment in April, and that's flat, which has much improved over March because in March, it was down low-single digits. So we're flat revenue per shipment in April, with 6% more shipments.

對。我手邊沒有每票貨重量的數據，但我有4月LTL每票貨營收（revenue per shipment），那是持平的，這比3月改善很多，因為3月是低個位數下滑。所以4月我們每票貨營收持平，但出貨票數多了6%。

And the next question of our friend, David, was about the acquisition that we --

而我們這位朋友David的下一個問題是關於我們——

The one in Logistics, Brian, is that?

Brian，你是指物流那一筆嗎？

Yeah, that was the one.

對，就是那一筆。

It is the one? Yeah, listen, it's a great value-added kind of logistics niche business. It's similar to -- in concept, it's similar to the JHT acquisition, meaning niche good barriers to entry and these guys are basically providing value-added warehousing kitting, subassembly in the auto sector, entrepreneurial and we're able to grow this into different adjacent areas like even into some data centers, some battery plants. We're looking at expanding this into the trucking OEMs.

就是那一筆？對，聽著，這是一個很棒的、增值型的物流利基業務。概念上它類似於JHT那筆併購，也就是利基市場、進入門檻高，而這些人基本上是在汽車產業提供增值倉儲、套件組裝（kitting）、次組裝（subassembly）。他們很有創業精神，我們也能把這個業務擴展到不同的相鄰領域，例如一些資料中心、電池工廠。我們也在考慮把它擴展到卡車OEM。

So it's just -- just another example is really the kind of business that we like in our Logistics. I mean, we don't do a ton of brokerage in our Logistics. It's -- we do have some. But what we really like is are these niche really value-added providers that provide great service and great returns, which, by the way, are completely uncorrelated with the rest of the business and provide a nice portfolio elements to the earnings profile as well.

所以這只是——只是另一個例子，說明這正是我們在物流板塊喜歡的那種業務。我是說，我們在物流裡不做大量的貨運經紀（brokerage）。——我們確實有一些。但我們真正喜歡的是這些利基、真正提供高附加價值的服務商，他們提供很好的服務與很好的報酬率；順帶一提，這些與其他業務完全不相關，也能為獲利結構提供很好的投資組合元素。

So if I may add, guys, I mean these guys are a solution provider to our customer, right? So they come in and they say they have a great engineering department that comes in and provide a solution that could be good for a year, good for two years on the project. So this is really a good thing. And now like David is saying, we're talking to our truck OEM, which we moved their trucks, right?

所以如果我可以補充，各位，我是說，這些人是我們客戶的解決方案提供者，對吧？所以他們會進來，說他們有很強的工程部門，能進來提供一套解決方案，可能對一個專案來說可以用一年、兩年。所以這真的很好。而且現在就像David說的，我們正在和我們的卡車OEM談，因為我們替他們運車，對吧？

So we're talking to, an example, a company that wants to open up a battery plant for storage, right? Not for the cars, but for storage. So we are involved with those guys on that in the US. So that vision is, I would say, David, what, 85% US and 10%, 15% Canadian revenue-wise?

所以我們在談，例如，有家公司想開一座用於儲能的電池工廠，對吧？不是用在汽車上，而是用於儲能。所以我們在美國正和那些人一起參與這件事。所以那個版圖，我會說，David，大概是85%美國、10%、15%加拿大，就營收來看？

Yeah.

對。

So the split? So it's really US-based.

所以這個拆分？所以它基本上是以美國為主。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀。

Yeah. Let's say, you've, I think, had a lot of helpful responses to the questions. Alain, and it's great to see the improvement in demand and traction you have. How do you think about where you're at on I guess, quality of shipments. If I look back to what happened with -- then this is focused on US LTL, you kind of had a lot of shipments in the system, and that came down maybe more than you thought, right?

對。假設說，你們對問題給了很多有幫助的回應。我想說，Alain，也很高興看到你們需求改善、動能提升。你怎麼看你們目前在——我想是出貨品質（quality of shipments）方面的位置？如果我回頭看之前在——這裡聚焦在美國LTL，你們當時系統裡有很多貨，然後那個量下降了，可能比你們原先想的還多，對吧？

There were some probably purposeful move out of shipments and now you got the service improvement. How do you think about the like shipments per day you're at in US network and kind of quality of the shipments you have? Is that kind of on the right track and what you're getting is good quality? I think it relates to some of the other questions you've had.

之前可能有一些（大概是刻意的）把出貨往後移的動作，而現在你們的服務改善也出來了。你怎麼看你們在美國網路目前每天的出貨量水準，以及你們手上貨件的品質？這樣的走勢是否在正確軌道上、你們拿到的是不是好的貨源品質？我想這也跟你之前被問到的一些其他問題有關。

And then maybe additional to that is like how long is the lag between service and really getting more on price, right? Because your -- the industry leaders get, call it, 4% to 5% revenue per hundredweight. That's so that's something you can do I think it was really high service, but I guess a couple of components on just kind of where you're at in US LTL.

另外也想再追問一下：服務改善到真正能在價格上反映出來，中間的落差（lag）大概有多久？因為你們——產業領導者大概能拿到每百磅 4% 到 5% 的營收（revenue per hundredweight）。我想那是建立在非常高的服務水準之上。不過我猜這裡有幾個組成因素，想請你談談你們在美國 LTL 目前大概處於什麼位置。

Yeah. What the commercial team has done, as an example, with our 3PL, what we gave those guys, let's say, a year ago was mostly blanket rates, which is the worst that you could do, right, because then you give the guy black or rate. I mean, they will use you when you're the cheapest and lowest guy in the world, right? So we said, this doesn't make any sense.

是的。以我們的 3PL 為例，商務團隊做的事情是：我們大概一年前給那些客戶的多半是「一口價／通用費率」（blanket rates），而那其實是你能做的最糟做法，對吧？因為你給對方一個一口價，我的意思是，他們只會在你是全世界最便宜、最低價的那個時候才用你，對吧？所以我們說，這樣完全沒有道理。

So we have to move closer to CSP, customer-specific pricing, okay? So this is stickier because it's customer specific to a 3PL customer, okay? And what we see now, okay, is that our 3PL business is way more acceptable in terms of volume and in terms of pricing and in terms of stickiness than the system we had before.

所以我們必須更接近 CSP，也就是客戶特定定價（customer-specific pricing），好嗎？這樣會更「黏」，因為它是針對某個 3PL 客戶的特定客戶來定價，好嗎？而我們現在看到的是，我們的 3PL 業務在量、在定價、以及在黏著度方面，都比以前那套系統更可接受、也更健康。

On the other side, the corporate account, okay, we made a lot of changes there with two big retailers that want to squeeze you 45 times a day on the rates. So we just said, I'm sorry, okay. We can't afford to service you because we can't make money with you guys. We can run business with 115 OR.

另一方面，在企業大客戶（corporate account）這邊，我們也做了很多調整，尤其是面對兩家大型零售商，他們一天想把你的費率擠壓 45 次。所以我們就說，抱歉，好嗎？我們沒辦法負擔服務你們，因為跟你們做生意我們賺不到錢。我們不可能用 115 的 OR（營運比率）去跑這個業務。

At the same time that we're moving our SMB to where they should have been at the time, and our corporate shipments is about flat. Why is that? Because we got rid of two retail guys, okay, that were very important to us about 1.5 years ago and now they are kind of still with us, but very negligible in terms of the size. If you look at the mix between SMB, corporate, government and 3PL, okay, we feel good about the mix that we have today.

同時，我們也在把 SMB（中小企業）拉回到它本來就應該在的位置，而我們的企業客戶出貨量大概持平。為什麼？因為我們把兩個零售客戶砍掉了——大概在 1.5 年前他們對我們非常重要——現在他們某種程度上還在，但就規模而言已經非常微不足道。如果你看 SMB、企業、政府以及 3PL 之間的組合，我們對今天的組合感覺不錯。

Now that doesn't mean that we're not pushing on SMB, okay? Absolutely. We're still pushing on that because there is some niche areas that trade that fits us better than anyone else, right? And this is -- the goal is to get that freight that fits us better than anyone else in our industry, right? So this is the focus that we have with our guys. Not a game -- a price game is just get the right price, but something that fits us. right?

當然，這不代表我們不推 SMB，好嗎？絕對不是。我們仍然在推，因為有一些利基領域的貨源（freight）比任何其他同業都更適合我們，對吧？而目標就是拿到那些在我們產業裡「最適合我們」的貨，對吧？所以這就是我們跟團隊的重點。不是玩——不是玩價格遊戲；價格只是要拿到正確的價格，但更重要的是要拿到適合我們的貨，對吧？

So sometimes a shipment that is worth $300 for my peers, okay, fits me way better than them. So this is the kind of shipments that I want, right? So this is all these tools that we've been using and slowly, because we have some stability in our sales force, then we can build with the strategy with those guys. So the leader that we have in our commercial now is a strategic player that comes out with all these kinds of -- promotion is not the right word, but strategic approach to the market.

所以有時候，一票對我的同業來說值 300 美元的貨，好嗎？對我來說反而更適合。這就是我想要的那種貨，對吧？所以我們一直在用這些工具，而且慢慢地，因為我們的銷售團隊有了一些穩定性，我們就能跟他們一起把策略建立起來。我們現在商務端的領導者是一個策略型的人，他會提出各種——「促銷」不是正確的詞——而是一種對市場的策略性打法。

So as an example, one area that we're pushing more and more is transborder freight between US and Canada and vice versa, right? So we are a large player in Canada and we know that the profitability of a transborder shipment is way better than domestic US or domestic Canadian shipment. But until a year ago, the focus -- we kept talking about it, but they didn't walk the talk. So now, okay, we see also on the transborder side, okay, way more focused on growing that highly profitable business.

舉例來說，我們越來越用力推的一個領域是美加之間的跨境貨運（transborder freight），不管是美國到加拿大或反向都一樣，對吧？我們在加拿大是大型玩家，我們也知道跨境貨件的獲利能力遠遠好於美國國內或加拿大國內的貨件。但直到一年前，我們的重點——我們一直在講，但沒有真正落實。現在，好嗎？我們也看到在跨境這一塊，對於成長這個高獲利業務的聚焦度高很多。

Right. Okay. That makes a lot of sense. What about the lag between service improvement and price? Like I don't know if you want to say kind of what your revenue per underweight was in the quarter year over year or how you think that progresses.

對。好，這很合理。那服務改善到價格反映之間的落差呢？例如我不知道你是否願意分享你們本季每百磅營收（revenue per hundredweight）年對年是多少，或你怎麼看它接下來的走勢。

But is price really starting to come through? Or is that something where you say, hey, that's another lever to come in the future that we're seeing nice traction on shipments. Price comes next year or price comes a couple of quarters out? Or just how to think about that element of the equation.

但價格真的開始反映出來了嗎？還是你會說，嘿，這是未來才會啟動的另一個槓桿——我們現在在出貨量上看到不錯的動能，價格可能明年才來、或再過幾季才來？你會怎麼看這個方程式裡的這個要素？

Hard to say, Tom. I mean, we're not there. We're not there to say that, guys, we're going to get more dollars, okay, from our customer because our service is up to par to our peers. We're not there yet.

很難說，Tom。我的意思是，我們還沒到那一步。還沒到可以說：各位，我們會因為服務已經跟同業同等水準，就能從客戶那裡拿到更多美元，好嗎？我們還沒到那裡。

So right now, where we are there, though, is that, through the stability of our commercial team, to the focus that these guys were able to bring volume organically growing, okay, compared to where we were, let's see, a year ago. That we can say. And we know, okay, because we have experience that the more that your service is closer to your peers, then your revenue per ship and unless you're stupid, okay, we'll be closer to your peers okay?

不過我們現在確實做到的是：透過商務團隊的穩定性，加上這些人能帶來的聚焦，我們的量能在有機成長（organically growing），好嗎？相較於比如說一年前的狀況，這點我們可以這麼說。而且我們也知道，好嗎？因為我們有經驗：當你的服務越接近同業，你的每票營收（revenue per ship）——除非你很蠢，好嗎？——就會更接近同業水準，好嗎？

But we're not there yet, Tom. I mean we're slowly at least creating some kind of organic growth, which we've never done, right, on the US LTL, like David was explaining, okay, on the shipment count. But on the pricing, we're not there. That's an opportunity in the future that I could say.

但我們還沒到那裡，Tom。我的意思是，我們至少正在慢慢創造一些有機成長，這是我們以前從來沒做到的，對吧？在美國 LTL 這邊，就像 David 解釋的，在出貨票數上是這樣。但在定價上，我們還沒到。那是我可以說的、未來的機會。

Konark Gupta, Scotia Capital.

Konark Gupta，Scotia Capital。

I, maybe I wanted to ask you first on the demand side. I think a lot of people are talking about, obviously, the trucking rates are going up a lot. Fuel prices have surged as well. And clearly, the truck rates combined with the fuel prices, what the shippers see at the end.

我想先從需求端問起。我想很多人都在談，顯然卡車運價上漲很多，燃油價格也大幅飆升。而且很清楚，卡車運價加上燃油價格，最後都是託運人（shippers）看到並承擔的。

In this environment, I mean, what are you seeing from a demand perspective? I mean I'm curious to know, because I know you said you are a discounted carrier in some respects in US LTL. So maybe it's not such a big issue for you. But at some point, I mean, there's some price elasticity perhaps. I'm just trying to see what are you seeing from that perspective? Where do you see shippers becoming more sensitive or less sensitive now?

在這樣的環境下，你們從需求角度看到什麼？我很好奇，因為我知道你說過你們在美國 LTL 某些方面算是折扣型承運人（discounted carrier），所以也許對你們不是那麼大的問題。但到某個程度，可能會有一些價格彈性。我只是想了解你們從這個角度看到什麼？你覺得託運人現在會變得更敏感還是更不敏感？

Well, Konark, for sure. I mean right now, it's a double whammy for the shippers, right? So they get the pressure of the fuel surcharge, right, which is huge. And at the same time, on the US side, mostly on the US side, they get the offer that's been reduced tremendously by this new administration that is doing their job in terms of getting rid of all these unsafe okay, and unqualified drivers in the US.

嗯，Konark，當然。我的意思是，現在對託運人來說是雙重打擊（double whammy），對吧？他們承受燃油附加費（fuel surcharge）的壓力，對吧？而且那很大。同時，在美國這邊——主要是在美國這邊——他們也面臨供給（offer）大幅縮減，因為新政府正在做他們的工作，把所有這些不安全、以及不合格的駕駛從美國市場清出去。

So I mean, for sure, it's difficult. But don't forget that all of this that's going on right now, the volumes are not growing, right? It's the offer that is less and less and less, right? So what we've seen so far is that, hey, listen, I mean the market is adjusting, okay, to higher rates, to the fuel surcharge. And everybody is thinking that this thing there in Iran, hopefully, will get settled at one point. It's an economic war right now, right, because they're not really shooting at each other. But I mean it's a financial thing there, and it's going to get resolved at one point, right?

所以我的意思是，肯定很困難。但別忘了，現在發生的這一切，量並沒有在成長，對吧？是供給越來越少、越來越少、越來越少，對吧？所以到目前為止我們看到的是：嘿，聽著，市場正在調整，好嗎？去適應更高的運價、以及燃油附加費。大家也都在想伊朗那邊的事情，希望某個時間點能解決。現在是一場經濟戰，對吧？因為他們並沒有真的互相開火。但我的意思是，那是一個金融層面的事情，終究會在某個時間點被解決，對吧？

Is it in the month? Is it in two months? And this fuel surcharge will start to disappear slowly over time. But at the same time, okay, we, hopefully, we believe us that because of our business focus on industrial, okay, not retail on the Truckload side, I'm talking here. is this is going to start -- the demand is going to start to grow at the same time that maybe fuel will start to drop, fuel surcharge will start to drop.

會是一個月內？還是兩個月內？然後這個燃油附加費會隨著時間慢慢開始消退。但同時，好嗎？我們希望、也相信，因為我們的業務重點在工業（industrial），好嗎？不是零售——我這裡講的是整車（Truckload）那邊——需求會開始成長；同時也許油價會開始下來，燃油附加費也會開始下降。

Rates will keep flat or going up. And our costs will come down because of fuel surcharge because, at the end of the day, when fuel surcharge is 80% of the base rate, I mean, it's not a good discussion that you have with the customer, right? Nobody likes that, but it is what it is, right?

運價會維持持平或繼續上升。而我們的成本會因為燃油附加費而下降，因為說到底，當燃油附加費達到基礎運價（base rate）的 80% 時，我的意思是，這不是一個你跟客戶之間好談的話題，對吧？沒有人喜歡那樣，但現實就是如此，對吧？

That makes sense, Alain. As a follow-up, I think we haven't had a lot of discussion today on your M&A opportunities. Can you talk about what's your focus here now, given the market seems to be turning.

這很合理，Alain。作為追問，我覺得我們今天對你們的併購（M&A）機會討論不多。鑑於市場似乎正在轉向，你能談談你們目前在這方面的重點是什麼嗎？

I think you have waited for some time, I think, to pull the trigger, I guess. But your free cash is still good, more earnings power probably means more cash flows. How do you see capital allocation maybe heading into 2027?

我想你們等了一段時間才準備扣下扳機。我猜是這樣。但你們的自由現金仍然不錯，更強的獲利能力可能意味著更多現金流。你怎麼看資本配置在邁向 2027 年時可能會怎麼走？

Yeah, yeah. Well, for sure, the problem we have right now on M&A on is very simple, is that everybody is waiting because everybody believes that things will get better. So the seller says, why would I sell now? Okay, I'm going to wait. I'm going to wait because my number, my profitability will improve over the next 6 to 12 months or 18 months, so -- because we are having a serious discussion on some nice tuck-ins. But everything is on hold right now because everybody says, things will get better. So we wait.

是、是。嗯，當然，我們現在在併購（M&A）上遇到的問題很簡單：大家都在等，因為大家都相信情況會變好。所以賣方會說，我為什麼要現在賣？好，我要等。我要等，因為我的數字、我的獲利能力在接下來 6 到 12 個月或 18 個月會改善——所以——因為我們確實在認真談一些不錯的小型併購（tuck-ins）。但現在一切都暫停，因為大家都說情況會變好。所以我們就等。

Now, for us, in the meantime, okay, what myself and David, we're going to be doing is very simple. If the price is acceptable to us, we'll do the buyback. If not, we'll just reduce the debt, reduce the leverage.

那麼，對我們而言，在此期間，好吧，我和 David 要做的很簡單：如果價格我們可以接受，我們就做庫藏股回購（buyback）。如果不行，我們就降低負債、降低槓桿。

So I mean, with -- like you said, Konark, with the huge free cash flow that we're going to generate, I mean, Q1 was an exception because we pay fuel short term and our customers pays us on average about 40 days. So this is why our free cash flow took a beating in Q1. But when fuel situation gets normal, I mean, this cash flow is going to get back to the usual numbers that we see $700 million, $800 million of cash. So we're going to work on reducing the debt.

所以我的意思是——就像你說的，Konark，憑藉我們將產生的龐大自由現金流，我是說，第一季是例外，因為我們短期先支付燃油，而我們的客戶平均大約 40 天才付款。所以這就是為什麼我們第一季自由現金流受到衝擊。但當燃油狀況恢復正常時，我是說，這個現金流會回到我們平常看到的數字，也就是 7 億到 8 億美元的現金。所以我們會致力於降低負債。

The dividend, I mean, we grow that dividend every year. We've grown that about $0.02 a quarter last year. So yes, maybe a little bit of dividend growth, but really it's going to be focus on reducing our leverage because we believe that interest rates are not coming down anytime soon in the US unless maybe the new President of Fed changes mind.

股利方面，我是說，我們每年都會提高股利。去年我們大約每季提高 0.02 美元。所以是的，可能會有一些股利成長，但真正的重點會是降低槓桿，因為我們認為美國利率短期內不會下來，除非也許新的聯準會主席改變想法。

And in Canada, we're worried that, because of inflation, maybe the interest rate will start to go up. So we said, you know what, let's reduce our debt level and if I remember, David, correct me if I'm wrong, but I think our leverage goes down under two if we don't do anything major in '26 in terms of M&A besides what you've done so far.

而在加拿大，我們擔心因為通膨，利率可能會開始上升。所以我們說，你知道嗎，我們先降低負債水位；如果我沒記錯，David，如果我說錯你糾正我，但我想如果我們在 2026 年在併購（M&A）方面不做任何重大動作、除了你們目前已做的那些，我們的槓桿比率會降到 2 以下。

Yeah. Yeah. And on that, Konark, we're -- we love -- well, we make the best of whatever situation the market gives us. And the market gave us, over the last three years, a very, very difficult cycle. And during those last three years, we deployed more capital than we ever have in any three-year period.

對。對。而且在這點上，Konark，我們——我們喜歡——嗯，我們會把市場給我們的任何情況都做到最好。過去三年市場給了我們一個非常、非常困難的循環。而在那三年裡，我們部署的資本比任何一個三年期間都多。

So when we look at '23, '24, '25 in first quarter, we've deployed $2.5 billion in investments, $1.8 million of that was M&A and $620 million of that was buybacks. And so we feel very good about that timing. We're optimistic that, now in this environment, we're going to start to see the returns on those investments. And we use the cash flows to delever a little bit and get ready for the future.

所以當我們看 2023、2024、以及 2025 年第一季，我們已部署 25 億美元的投資，其中 18 億美元是併購（M&A），6.2 億美元是庫藏股回購。所以我們對這個時點感覺非常好。我們樂觀地認為，在目前這個環境下，我們將開始看到這些投資的回報。我們也會用現金流稍微去槓桿，為未來做好準備。

Benoit Poirier, Desjardins.

Benoit Poirier，Desjardins。

Thanks for the update on capital allocation and the update on M&A talking. What about -- I'm just curious, what about the potential for maybe a more transformative deal and anything required on US LTL to add density in order to get to a normalized OR of 80%, 85%, as you mentioned before?

謝謝你們更新資本配置以及併購（M&A）洽談的進展。那麼——我只是好奇——是否有可能做一筆更具轉型性的交易？以及在美國 LTL（零擔）方面，是否需要透過增加密度來達到你之前提到的、在正常化環境下 80%、85% 的 OR（營運比率）？

Benoit, that's -- it takes two to dance, right? So, so far, in the discussion that we had with one of our target, so far, it didn't work, right? It didn't work. But if you go back in time, it took us five years. I've been working five years to convince UPS to sell UPS Freight.

Benoit，那個——跳舞需要兩個人，對吧？所以，到目前為止，我們和其中一個目標在討論上，到目前為止沒有成功，對吧？沒有成功。但如果你回頭看，花了我們五年。我花了五年去說服 UPS 出售 UPS Freight。

It took me two years to convince DHL to sell DHL Canada. So I mean, we're very -- how would you say that? I mean, we're used to people saying no to us, okay? But we don't let go when we believe that for the shareholder, the target and our shareholder a deal would be beneficial, right?

我花了兩年去說服 DHL 出售 DHL Canada。所以我的意思是，我們非常——你要怎麼說呢？我是說，我們習慣別人對我們說不，好嗎？但當我們相信一筆交易對股東、對目標公司以及對我們股東都有利時，我們不會放手，對吧？

So right now, it's still it's still no, no, no, no. You do something else, call someone else, don't bother me. But it's still the best deal that we could do in a lot of deals that we're looking at. But right now, it's difficult, right?

所以現在仍然是：不、不、不、不。你去做別的事，打給別人，別煩我。但在我們看的很多案子裡，這仍然是我們能做的最好的一筆交易。不過現在很困難，對吧？

So like David was saying, we're going to be busy this year in '26. We still have a lot of good stuff to go. I mean Daseke was bought two years ago. We still have a lot of work to do there on working with those guys to turn good truckers into good businessman.

所以就像 David 說的，我們在今年、在 2026 年會很忙。我們還有很多好事情要做。我是說，Daseke 是兩年前買的。我們在那邊還有很多工作要做，要和那些人一起把好的卡車司機變成好的企業經營者。

And the difference being good truckers like to service customer and hope that they'll make money, good businessman our focus on making money servicing customers well. It's not the same, right? So this is the kind of TFI education on truckers that we try to do.

差別在於：好的卡車司機喜歡服務客戶，並希望能賺到錢；好的企業經營者則是把重點放在「在把客戶服務好」的同時賺錢。這不一樣，對吧？所以這就是我們試著對卡車司機做的那種 TFI 式教育。

So M&A is the blood of TFI. So '26 is probably going to be very quiet. But hey, let's say, we're getting ready. We're getting ready. But like David was saying, I mean, we made a ton of $1.8 billion of investment. And the last few years, I mean, we were not able to show how good these were because the market was so bad.

所以併購（M&A）是 TFI 的血液。所以 2026 年可能會非常安靜。但嘿，我們在準備。我們在準備。但就像 David 說的，我是說，我們做了大量投資——18 億美元的投資。而過去幾年，我是說，我們沒辦法展現這些投資有多好，因為市場太差了。

Now '26, '27, hopefully, things are starting to turn, then we'll be in a position to not come up with a stupid $4 a share of EPS, right? We'll get closer to where we should be. And hopefully, we can come up with reduced leverage and to strike a good deal once we have a seller that says yes, instead of no.

現在在 2026、2027 年，希望情況開始轉向，那我們就能處在一個位置，不至於提出一個愚蠢的每股盈餘（EPS）4 美元，對吧？我們會更接近我們應該達到的水準。也希望我們能在降低槓桿之後，一旦有賣方說「是」而不是「不」，就能出手做一筆好交易。

That's great color. And maybe just in terms of follow-up, Alain, you've seen a lot of trucking cycles over the years. You mentioned potential OR for each segment under a normalized environment.

這些說明很有幫助。也許再追問一下，Alain，你多年來看過很多卡車運輸景氣循環。你提到在正常化環境下各事業部可能達到的 OR（營運比率）。

How fast do you think we could get into a normalized environment given this cycle and improve fundamental? Could we see a normalized environment in 2027 or maybe 2028?

以這一輪循環與基本面改善來看，你覺得我們多快能進入正常化環境？我們會在 2027 年看到正常化環境，還是可能要到 2028 年？

Benoit, it's hard to predict. But I think that if you look at industrial freight environment in the US or in Canada, I mean, schools, hospitals, road, bridge, et cetera, et cetera, housing, housing is an issue, right? I mean, -- so we feel pretty good that interest rate is an issue, right? So -- but interest rate being high is related to inflation being high.

Benoit，很難預測。但我認為如果你看美國或加拿大的工業貨運環境，我是說，學校、醫院、道路、橋樑等等，住房——住房是個問題，對吧？我是說——所以我們覺得利率是個問題，對吧？所以——但利率高與通膨高是相關的。

So now we have the problem of the fuel, but the problem of the fuel will probably be settled soon. So as soon as we have lowered interest rates, this economy will start to boom again and industrial freight to me is the key.

所以現在我們有燃油的問題，但燃油的問題可能很快就會解決。所以一旦利率下降，這個經濟就會再次開始繁榮，而對我來說工業貨運是關鍵。

I'm always worried with retail freight because of the nature of the beast, the e-commerce, my customers -- some of my customers in the brick-and-mortar world. It's -- they're being squeezed. So when your customer squeezed, it tries to squeeze you. So this is why I don't want to be stuck with those guys.

我對零售貨運總是比較擔心，因為這個產業的本質、電商，以及我的客戶——我有些客戶在實體零售世界——他們正被擠壓。所以當你的客戶被擠壓時，他就會試著擠壓你。這就是為什麼我不想被那些人綁住。

Industrial freight is really the future because this is related to a growing economy. I think the intention of this US administration is to bring back some industrial base into the US. They understand that there's a problem. I mean globalization was good. But if you can't build a ship, you may -- and you're in the US, well, you have a problem, right, because the ships are mostly built in Asia right now. So the guys are saying, hey, we got to do something about that.

工業貨運才是真正的未來，因為這與經濟成長相關。我認為這屆美國政府的意圖是把一些工業基礎帶回美國。他們理解這裡有問題。我是說，全球化是好的。但如果你連一艘船都造不出來，而你又在美國，那你就有問題了，對吧？因為現在船大多是在亞洲建造的。所以他們在說，嘿，我們得做點什麼。

So to me, these are all positive to our flatbed division that relates to the industrial. As an example, I was talking about Boeing. I mean, Boeing went through a lot of issues, okay, with their products. But now, I mean, those guys are flying high. And us, we're piggyback on Boeing with our SPD or SFI Global Logistics division over there in Washington state. So I mean, these are all things that will -- when you are piggyback on the US industrial economy and the direction that this administration was to go, I feel pretty good.

所以對我來說，這些對我們與工業相關的平板車（flatbed）事業部都是正面的。舉例來說，我剛才提到波音。我是說，波音在產品上經歷了很多問題，好嗎？但現在，我是說，那些人表現得非常好。而我們則透過在華盛頓州那邊的 SPD 或 SFI Global Logistics 事業部，搭上波音的順風車。所以我的意思是，當你搭上美國工業經濟以及這屆政府要走的方向，我覺得相當有信心。

Cameron Doerksen, National Bank.

Cameron Doerksen，加拿大國民銀行。

Just a question on the Logistics segment. I mean, obviously, you guys are feeling pretty optimistic about the truck moving portion of that business as the year progresses. Can you just talk a little bit about the other couple of major businesses within Logistics, what you're seeing there and what the outlook looks like for the next few quarters?

我想就物流（Logistics）部門問個問題。我的意思是，很明顯你們對該業務中「卡車移運」那一塊在今年接下來的進展相當樂觀。能否請你們稍微談一下物流內另外幾個主要業務的情況、你們目前看到的趨勢，以及未來幾季的展望？

Yeah. Yeah. You know what, Cameron, within our Logistics sector, okay, we have the truck movers, okay, guys. We have the specialty guys that David was talking about that we just acquired late last year. And very importantly is our Logistics sector that is the old dynamics operation that we run both US and Canada, highly profitable last-mile operation.

是的。是的。你知道的，Cameron，在我們的物流板塊裡，好，我們有卡車移運（truck movers），各位。我們也有 David 剛提到、我們在去年底剛收購的專業（specialty）團隊。而非常重要的是，我們的物流板塊還包含原本的 Dynamics 營運，我們在美國與加拿大都有經營，這是一個獲利能力很強的最後一哩（last-mile）業務。

And also, we have a small brokerage, $500 million brokerage operation, that's called the TForce, TFWW, Worldwide. Okay, that is an LTL play. So all these business units, Cameron, are showing good results today. And when we talk to them, they say, hey, we'll do better. I mean the truck movers will do better. The other Logistics that David was talking about, we'll do better.

另外，我們還有一個小型經紀（brokerage）業務，規模約 5 億美元，叫做 TForce，TFWW，Worldwide。好，這是一個 LTL（零擔）布局。所以，Cameron，這些業務單元目前都呈現不錯的成果。而當我們跟他們談時，他們也說，嘿，我們會做得更好。我的意思是，卡車移運會做得更好。David 剛提到的其他物流業務，也會做得更好。

Our last-mile guys are saying, you know what? We're working on a solution that will help us reduce our costs. It's an IT solution. And hopefully, we'll have that ready for the new year, in '27. So we feel pretty good about where we're heading.

我們的最後一哩團隊也在說，你知道嗎？我們正在研發一個解決方案，能幫助我們降低成本。那是一個 IT 解決方案。希望我們能在 2027 年的新年度前把它準備好。所以我們對前進方向感覺相當不錯。

So Logistics, I mean if you look at what the guys are doing with close to $400 million of revenue, it's not chicken s***, right? And most importantly is what's the bottom line? Well, the bottom line is about 10 points or close to 10, right? So this is a big area of focus of ours, and it's a beautiful business.

所以物流這塊，我是說，如果你看這些團隊做出接近 4 億美元的營收，這可不是小打小鬧，對吧？而最重要的是底線是什麼？嗯，底線大概是 10 個點、或接近 10 個點，對吧？所以這是我們非常聚焦的一個重點領域，而且是一門很漂亮的生意。

Okay. That's helpful. And just maybe, I guess, a quick, I guess, question on the fuel impact. I mean you mentioned the impact on the free cash flow in the quarter, just the timing of collections. But was there any positive or negative impact from the big spike in fuel prices during March to like the P&L?

好的，這很有幫助。再來也許，我想快速問一下燃油的影響。你提到本季自由現金流的影響主要是收款時點。但 3 月燃油價格大幅飆升，對損益表（P&L）有沒有任何正面或負面影響？

I mean, obviously, there's a lag between when you collect revenue, but there's also maybe in some of your operations -- denser operations, maybe the fuel dispute surcharge helps. Just wondering what the net impact was in the first quarter?

我的意思是，顯然在你們收取營收與成本之間會有時間落差，但在你們某些營運——更高密度的營運——燃油附加費（fuel surcharge）可能會有幫助。想請問第一季的淨影響是什麼？

Yeah. On that, David, I'll let you go with this one.

是的。這題，David，我讓你來回答。

Yeah. Yeah. The net impact was pretty neutral on across TFI in March. It was slightly positive in the LTL because of the density that we have in certain areas of the LTL. What I mean by that is we're not driving large distances between stops, so we're not burning a lot of fuel. But that was offset by a negative like a loss in the truckload related to those climbing fuel prices.

好。好。3 月在 TFI 整體的淨影響大致上是中性。在 LTL 方面略為正面，因為我們在某些 LTL 區域的密度較高。我所謂的密度是指，我們在各站點之間不需要開很長的距離，所以不會消耗太多燃油。但這被卡車整車（truckload）那邊的負面影響所抵銷，因為燃油價格上升造成了損失。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

I just wanted to clarify a couple of things. First, I understand the rationale for the reporting consolidation between the different LTL divisions. Just curious if there are any changes planned for maybe more operational integration between them now?

我想釐清幾件事。第一，我理解你們將不同 LTL 事業部做報表合併的理由。只是想問，接下來是否計畫在營運層面讓它們之間有更多整合？

No, there's no different -- sorry, please go ahead, Mr. Bedard, please.

沒有，沒有不同——抱歉，請繼續，Bedard 先生，請。

No, no. We're just going to say the same as you, David. So I'll let you go. No there's --

不，不。我們要說的跟你一樣，David。所以我讓你回答。沒有——

No, there's no change in terms of the way that the business is managed.

沒有，業務管理方式不會有任何改變。

Okay. Great. Yeah, that's very clear and very helpful. And then just kind of a final quick one here. You talked about the data center exposure, which is obviously very exciting. You said that it's a small piece of the business. Can you maybe just remind us of what that exposure looks like today versus maybe where it was last year?

好的，很好。是的，這非常清楚也很有幫助。最後再快速問一個。你提到資料中心（data center）曝險，這顯然很令人振奮。你說它在業務中占比不大。能否提醒我們，這項曝險目前大概是什麼樣子，相較於去年大概在哪個水準？

Yeah. This quarter, it was $21 million of revenue, which was up from $15 million in Q4 and 8% in Q1 of last year.

是的。本季是 2,100 萬美元的營收，高於第四季的 1,500 萬美元；而去年第一季占比為 8%。

Harrison Bauer, Susquehanna.

Harrison Bauer，Susquehanna。

You highlighted doing more with less in TL? And any sense of how much productivity improvements you can continue to get or what you need to see in the market before you want to start growing that truck out again? Or are you at that point with how elevated rates are?

你們強調在 TL（整車）做到「以更少做更多」。想請問你們覺得生產力提升還能持續到什麼程度？或是在你們想再次開始擴張車隊之前，需要看到市場出現什麼訊號？還是以目前運價仍偏高的情況，你們已經到那個點了？

Okay. So I think, David, that you've touched on that, right, the revenue per truck and all that right?

好的。所以我想，David，你已經提到那部分了，對吧，像是每台車的營收等等？

Yeah.

是的。

So over and above that, okay, when I'm talking to the Senior EVP there, Steve, what I'm saying to Steve is what we need is a better mix, okay, of asset and non-asset revenue, okay? So our goal has always been to generate about 65% -- I'm talking Truckload here, okay? About 65% of revenue from our asset-based operation. and about 30% to 35% on a non asset-based operation.

所以除此之外，好，當我跟那邊的資深執行副總裁 Steve 談時，我對 Steve 說的是：我們需要更好的組合，好，資產型與非資產型營收的組合，好？我們的目標一直是產生大約 65%——我這裡講的是整車（Truckload），好？——約 65% 的營收來自資產型營運；約 30% 到 35% 來自非資產型營運。

So when we bought Daseke, that was difficult to do, number one, because these guys, they really love trucks, right? So they've -- they were committed to a ton of CapEx in '24. Okay. So we're stuck with all these CapEx in '24. Then we get into '25 and we still don't have a clear vision of what's going on.

所以當我們收購 Daseke 時，這很難做到，第一，因為這些人真的很愛卡車，對吧？所以他們——他們在 2024 年承諾了大量資本支出（CapEx）。好，所以我們在 2024 年被這些 CapEx 綁住。接著進入 2025 年，我們仍然看不清楚到底會發生什麼。

So -- our CapEx for '25 was, again, still too elevated for the market, but we've corrected that now. So this is why, like David was saying, we deliver way more revenue, okay, per truck per week, okay? And also, we're starting to get better revenue per mile. So we drive more miles with better revenue per mile. And also, we are growing our asset-light operation in Q1. We've grown that, David, I think it was 7% right?

所以——我們 2025 年的 CapEx 仍然相對市場而言過高，但我們現在已經修正了。因此這就是為什麼，如 David 所說，我們每台車每週能帶來更多營收。並且，我們開始取得更好的每英里營收。所以我們跑更多里程、同時每英里營收更好。另外，我們在第一季也擴大了資產輕（asset-light）業務。我們把那塊做成長了，David，我想是 7%，對吧？

Yeah.

是的。

So that is really the goal because with peaks and valleys, when you have too many trucks, okay, because you are loaded with trucks for the peak, when the value comes, you just turn into a slave because you're stuck with the truck. And that is the problem, okay?

所以這才是真正的目標，因為市場有高峰與低谷，當你為了高峰而配置太多卡車時，一旦低谷來了，你就會變成奴隸，因為你被卡車綁住了。這就是問題所在，好嗎？

So our goal has always been to have the number of trucks based on the value of the trough, not the peak, right? And then when the market is great, okay, and the guy says, I need more trucks, we just wait because don't forget, if you buy a truck, you're stuck for five years, okay, with that truck. So if the peak is good for another three months, not too sure if this is going to be good for us, right?

所以我們的目標一直是：卡車數量要以低谷的水準為基準，而不是以高峰為基準，對吧？然後當市場很好時，好，客戶說我需要更多卡車，我們就先等一下，因為別忘了，你一旦買了卡車，就等於被那台車綁五年，好嗎？所以如果高峰只會再好三個月，不太確定這對我們是否真的有利，對吧？

So that is a different approach that we brought to Daseke, okay? And this is going to continue, okay, over the next few quarters. So the guys come to us with, oh, I need more trucks because I got more freight. You got more free for six months or two years, let's be careful. So this is why we need some kind of a mix between asset-light and asset in the revenue stream.

所以這是我們帶給 Daseke 的不同做法，好嗎？而且這會在接下來幾季持續。於是團隊來跟我們說，喔，我需要更多卡車，因為我有更多貨。你有更多貨是六個月還是兩年？我們要小心。所以這就是為什麼我們需要在營收結構中，資產輕與資產型之間要有某種組合。

Thank you. And that concludes our question-and-answer session. I would like to hand it back to Mr. Bedard for closing remarks.

謝謝。問答環節到此結束。我想把時間交回給 Bedard 先生做結語。

All right. So in closing, I'd like to thank everyone for being on this afternoon's call and for your interest in TFI International. So we look forward to keeping you updated on our progress throughout the year. and hope to see many of you at upcoming conference events. Please don't hesitate to reach out if you have any further questions.

好的。最後，我想感謝各位今天下午參加電話會議，並且關注 TFI International。我們期待在今年持續向各位更新我們的進展，也希望在接下來的各項會議活動中見到各位。若各位還有任何問題，請隨時與我們聯繫。

And I hope you enjoy the evening. So thank you very much.

也希望各位今晚愉快。非常感謝。

Thank you, presenters. Ladies and gentlemen, this now concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位講者。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。