Universal Logistics Holdings Inc (ULH) 2023 Q3 法說會逐字稿

Hello, and welcome to Universal Logistics Holdings Third Quarter 2023 Earnings Conference Call (Operator Instructions)

您好，歡迎來到環球物流控股2023年第三季財報電話會議（操作說明）

During the course of this call, management may make forward-looking statements based on their best view of the business as seen today. Statements that are forward-looking relate to Universal's business objectives or expectations and can be identified by the use of words such as believe, expect, anticipate and project. Such statements are subject to risks and uncertainties and actual results could differ materially from those expectations. As a reminder, this conference is being recorded.

在本次電話會議期間，管理層可能會根據他們對目前業務的最佳看法做出前瞻性陳述。前瞻性陳述與環球的業務目標或期望有關，可以透過使用「相信」、「期望」、「預期」和「預測」等詞語來識別。此類陳述存在風險和不確定性，實際結果可能與這些預期有重大差異。提醒一下，本次會議正在錄製中。

It's now my pleasure to introduce your host, Mr. Tim Phillips, Chief Executive Officer; Mr. Jude Beres, Chief Financial Officer; and Mr. Steven Fitzpatrick, Vice President of Finance and Investor Relations. Thank you.

現在我很高興向大家介紹你們的東道主，執行長蒂姆·菲利普斯先生； Jude Beres 先生，財務長；以及財務和投資者關係副總裁 Steven Fitzpatrick 先生。謝謝。

Mr. Phillips, you may now begin.

菲利普斯先生，您現在可以開始了。

Thank you, Nick, and good morning, and welcome to Universal Logistics Holdings 2023 Third Quarter Earnings Call. Third quarter was a tale of 2 tapes. Our contract logistics group navigated late-quarter market disruption with outstanding performance, while headwinds continue to hamper our intermodal and brokerage segment.

謝謝尼克，早安，歡迎參加環球物流控股公司 2023 年第三季財報電話會議。第三季是兩盤錄音帶的故事。我們的合約物流集團以出色的業績應對了季度末的市場混亂，而逆風繼續阻礙我們的多式聯運和經紀業務。

Our Truckload segment outperformed expectations with a strong showing from a specialized services group. I'm extremely proud of our employees, contractors and agents who continue to provide superior customer service to our diversified customer base. While individual segments of ULH are facing various challenges, our experienced management team has been able to adjust and shine a light on best practices with a path forward for our associates and customers.

我們的卡車裝載業務超出了預期，專業服務團隊的強勁表現。我為我們的員工、承包商和代理商感到非常自豪，他們繼續為我們多元化的客戶群提供優質的客戶服務。雖然 ULH 的各個部門面臨著各種挑戰，但我們經驗豐富的管理團隊能夠調整並揭示最佳實踐，為我們的員工和客戶指明前進的道路。

We continue to make headway in the electric vehicle space with various automotive manufacturers. Major investments in this space will shape the future landscape of the automotive industry. Understanding the changing landscape, Universal will continue to invest in technology and human capital to address these future needs.

我們繼續與各汽車製造商在電動車領域取得進展。該領域的重大投資將塑造汽車產業的未來格局。了解不斷變化的形勢，環球將繼續投資於技術和人力資本，以滿足這些未來的需求。

There will be challenges along the way such as the current UAW strike at the Big 3 and M.A.C. Truck. While not immune from the impact of striking locations, the majority of our contracts do contain fixed and variable pricing components, which helps us absorb some of the shock of these unpredictable events.

一路上將會遇到挑戰，例如目前 UAW 對 Big 3 和 M.A.C. 的罷工。卡車。雖然我們不能免受襲擊地點的影響，但我們的大多數合約確實包含固定和可變定價部分，這有助於我們吸收這些不可預測事件的一些衝擊。

We understand labor is searching for their footing in a changing environment, but remain hopeful an agreement can be reached with all in the near future.

我們理解工黨正在不斷變化的環境中尋找立足點，但仍然希望在不久的將來能夠與各方達成協議。

Our Transportation & Logistics segment performance looked very similar to Q2 with transportation continuing to experience the adverse impact of inventory destocking as customer demand for goods remains tempered. Falling in line with demand, transportation pricing also remains under pressure with our transactional business still bumping what we hope is at or near the bottom of the cycle.

我們的運輸和物流部門的表現看起來與第二季度非常相似，由於客戶對商品的需求仍然疲軟，運輸繼續受到庫存去庫存的不利影響。隨著需求的下降，運輸定價也仍然面臨壓力，我們的交易業務仍在衝擊我們希望在或接近週期底部的水平。

Our Contract Logistics segment has continued to see a good flow of new opportunity and have not experienced the same level of rate compression that our brokerage, intermodal and truckload groups have experience. Leadership remains focused on evaluating and supplying our customers with the best pricing while keeping a keen eye on continued quality commitments in an inflationary environment.

我們的合約物流部門繼續看到大量新機會，但沒有經歷我們的經紀、多式聯運和卡車運輸集團所經歷的同等程度的費率壓縮。領導層仍然專注於評估並向客戶提供最優惠的價格，同時密切關注通貨膨脹環境下持續的品質承諾。

Our diversified operating footprint continues to produce balanced operating results. Contract logistics and the variable cost agent-based truckload model delivered great results.

我們多元化的經營足跡持續產生平衡的經營績效。合約物流和基於變動成本代理的整車模式取得了良好的效果。

We remain confident in the foundation of our intermodal and brokerage segment. We are pulling levers while searching for additional cost containment and savings under the current market conditions.

我們對聯運和經紀業務的基礎仍然充滿信心。在當前市場條件下，我們正在拉動槓桿，同時尋求額外的成本控制和節省。

Our pipeline of new customer prospects remains robust as well as a cross-selling initiatives with current customers. Our sales team has worked extremely hard identifying these customers and introducing new services. We are extremely pleased with the synergies we have found by linking services.

我們的新潛在客戶管道以及與現有客戶的交叉銷售計劃仍然強勁。我們的銷售團隊非常努力地識別這些客戶並推出新服務。我們對透過連結服務所發現的協同效應感到非常滿意。

Universal remains committed to providing our [best] customers with superior service across multiple platforms, helping them gain better control of their supply chain. The outlook for autos and Class 8 trucks remains optimistic. While there is some near-term uncertainty with labor and pressure from rising interest rates, production forecast remains stable.

Universal 仍然致力於為我們的[最佳]客戶提供跨多個平台的優質服務，幫助他們更好地控制供應鏈。汽車和 8 級卡車的前景仍然樂觀。儘管近期勞動力和利率上升的壓力存在一些不確定性，但產量預測仍保持穩定。

Diversification continues to be a theme for all of our operating sectors as it will provide additional balance and new growth opportunities. We remain committed to climb out of the freight recession as import numbers remain muted and domestic freight volumes are restricted. Discipline and execution are critical over the next several quarters.

多元化仍然是我們所有營運部門的主題，因為它將提供額外的平衡和新的成長機會。由於進口數量仍然低迷且國內貨運量受到限制，我們仍然致力於擺脫貨運衰退。紀律和執行力在接下來的幾個季度至關重要。

Now for the quarter. In yesterday's release, Universal reported 2023 third quarter earnings of $0.88 per share on total operating revenue of $421.3 million. Both operating margin and revenue were in line with our Q3 forecast. Q3 2022 offered tough comparison as it was Universal's best operating margin and EPS ever. Now for some color on each of our service lines.

現在是季度。在昨天的新聞稿中，環球公佈 2023 年第三季每股收益為 0.88 美元，總營業收入為 4.213 億美元。營業利潤率和收入均符合我們第三季的預測。 2022 年第三季的情況非常嚴峻，因為這是環球影業有史以來最好的營業利益率和每股盈餘。現在為我們的每條服務線添加一些顏色。

In our Contract Logistics segment, the number of active value-added programs continued to increase and finish the quarter at 73 programs. Interest in our customer-centric value-added programs continues to grow across a variety of industry verticals.

在我們的合約物流部門，活躍的增值項目數量持續增加，本季結束時項目數量達到 73 個。各個垂直行業對我們以客戶為中心的增值計劃的興趣持續增長。

We are confident and eager to display our existing solutions and processes to new customers who are looking for operational efficiencies, tech solutions and cost base. Other than a few strike restricted facilities, auto production remained consistent through Q3, but with a sporadic 6-day work week.

我們有信心並渴望向尋求營運效率、技術解決方案和成本基礎的新客戶展示我們現有的解決方案和流程。除了少數工廠受到罷工限制外，第三季汽車產量保持穩定，但每週工作 6 天的情況時有發生。

We did experience some loss of volume at the end of the quarter due to our operations matching up with the auto facilities that are on strike. We are actively watching and remain nimble to any developments affecting production. The [SAR] remained elevated over the same quarter last year. The outcome of Q4 production will be influenced by the resolution of the ongoing strike at the 3 American auto manufacturers. 2023 Class A production levels continue to exceed 2022 volumes with a forecasted production strength for the remainder of the year. 2023 Class A production should be in the neighborhood of 336,000 units versus 315,000 units in 2022. While there are some disruptions due to part shortages, production volumes at the plants we service surpassed Q3 2022 production volume.

由於我們的業務與罷工的汽車工廠相匹配，我們在本季末確實經歷了一些銷售損失。我們正在積極關注並對影響生產的任何發展保持靈活。 [SAR] 較去年同期仍處於較高水準。第四季的生產結果將取決於美國三大汽車製造商持續罷工的解決情況。 2023 年 A 級產量水準持續超過 2022 年產量，預計今年剩餘時間的生產強度。 2023 年 A 級產量應在 336,000 輛左右，而 2022 年為 315,000 輛。雖然由於零件短缺而出現一些中斷，但我們服務的工廠的產量超過了 2022 年第三季度的產量。

We are closely monitoring the ongoing negotiations between M.A.C. Volvo and the UAW. We are excited about our pipeline that continues to remain full of opportunities in various industry verticals. We have remained busy launching several new pieces of business in Q3 and had several more launching in Q4. And October launch will support operations for an automotive manufacturer in mid Mexico. Universal remains focused on the opportunities that Mexico presents. Nearshoring trends have now elevated Mexico as the United States' largest import trading partner.

我們正在密切關注 M.A.C. 之間正在進行的談判。沃爾沃和美國汽車工人聯合會。我們對我們的管道感到興奮，這些管道在各個行業垂直領域繼續充滿機會。我們仍然忙於在第三季推出幾項新業務，並在第四季推出更多新業務。 10 月的推出將為墨西哥中部一家汽車製造商的營運提供支援。環球影業仍關注墨西哥帶來的機會。近岸外包趨勢現已使墨西哥成為美國最大的進口貿易夥伴。

The Dedicated Transportation Group continues to onboard new business and execute taking advantage of a high-velocity platform to satisfy complex and demanding inbound material environment. We continue to highlight our velocity model, which is a fabulous entry into additional opportunities for existing customers. and a great case study for new customers looking for the next level of execution and service.

專用運輸集團持續開展新業務，並利用高速平台來滿足複雜且嚴苛的入庫物料環境。我們繼續強調我們的速度模型，這是為現有客戶提供更多機會的絕佳途徑。對於尋求更高水準的執行和服務的新客戶來說，這是一個很好的案例研究。

Revenue for the quarter was up slightly, but same facility sales were down as a result of softer revenue in the automotive space. A lack of 6 day service and a few part disruptions were to blame for the reduced revenue. Offsetting this were a few new business wins.

本季營收略有成長，但由於汽車領域營收疲軟，同一設施銷售額有所下降。缺乏 6 天的服務和一些零件中斷是收入減少的原因。一些新業務的勝利抵消了這一點。

Dedicated also spent the latter half of the third quarter preparing for a major launch in Mexico at the beginning of October. We are extremely excited about adding to our density in mid Mexico. We were successful in obtaining new trucks and trailers to support the customer and expect this to be entry into additional business in the region. The program will layer in over a 5-week period and be supported by 40 drivers and 60 trailers. At full run rate, this new business is expected to generate approximately $6 million in annual revenue. This opportunity is a great example of multiple Universal service lines working together to create additional value for our customers.

Dedicated 還花了第三季後半段時間為 10 月初在墨西哥的重大發布做準備。我們對增加墨西哥中部的密度感到非常興奮。我們成功獲得了新的卡車和拖車來支援客戶，並希望藉此進入該地區的其他業務。該計劃將持續 5 週以上，並得到 40 名司機和 60 輛拖車的支援。如果滿載運轉，這項新業務預計將產生約 600 萬美元的年收入。這個機會是多個通用服務線共同努力為我們的客戶創造額外價值的一個很好的例子。

The dedicated group will round out Q4 with a major launch in the Southeastern U.S. for a manufacturer of agricultural equipment. Preparation is underway to support the facility housing over 20 drivers and a large pool of trailing equipment. We expect to be launched and at full run rate in Q1 of 2024.

該專門團隊將在第四季度為一家農業設備製造商在美國東南部推出一項重大產品。為支援容納 20 多名駕駛員和大量拖車設備的設施的準備工作正在進行中。我們預計將於 2024 年第一季推出並全面運作。

Our intermodal drayage group continues to navigate a restricted import environment. We did see a slight seasonal bump in the quarter, but nothing that could be considered peak. U.S. import volumes remain muted at most major ports as shippers continue their inventory destocking cycle.

我們的多式聯運拖運團隊繼續在受限制的進口環境中航行。我們確實看到本季出現了輕微的季節性波動，但沒有達到高峰。由於托運人繼續進行庫存去庫存週期，美國大多數主要港口的進口量仍然低迷。

The narrative among many shippers remains the same. They are very hesitant to predict the next 2 quarters as they continue to dive in on the customers' appetite to spend. We've had conversations with some major discount retailers who expect a slight uptick in volume with many industrial customers expecting flat to orders being down. The sluggish import environment continued to restrict overall load volumes in the quarter, which fell 11.8% and contribute to a 43.9% decline in top line revenue over the same period of 2022.

許多托運人的說法仍然相同。他們對未來兩個季度的預測非常猶豫，因為他們繼續深入研究客戶的消費意願。我們與一些主要折扣零售商進行了交談，他們預計銷量會略有上升，而許多工業客戶則預計訂單量持平或下降。低迷的進口環境繼續限制了本季的整體貨運量，貨運量下降了 11.8%，導致營收較 2022 年同期下降了 43.9%。

Accessorial charges continued their steep decrease as ocean volumes remained in a deficit and supply chains were fluid. Accessorial charges declined over 68% or $21.4 million. The average revenue per load ex fuel was down 24.7% to $547 per load as the market remained extremely competitive.

由於海運量仍然短缺且供應鏈不穩定，附加費用繼續急劇下降。附屬費用下降了 68% 以上，即 2,140 萬美元。由於市場競爭仍然極其激烈，每次裝載的平均收入（不含燃料）下降了 24.7%，至每次裝載 547 美元。

Intermodal's California operations continue to be a drag on the segment's overall financial results. while non-California operations operate profitably, albeit at reduced margins. California load volumes remained depressed, down 13.6% over the same period in 2022, while revenue per load was down 35.6%, which contributed to a 57% decrease in operating revenue.

多式聯運的加州業務繼續拖累該部門的整體財務表現。而非加州業務雖然利潤率下降，但仍實現盈利。加州負載量持續低迷，較 2022 年同期下降 13.6%，每負載收入下降 35.6%，導致營業收入下降 57%。

While we are confident in our continued effort to rightsize and optimize the fleet, Freight volumes and pricing will play a part in that equation. Losses in Southern California affected our overall EPS by $0.19 per share.

雖然我們對持續努力調整和優化船隊充滿信心，但貨運量和定價將在這過程中發揮作用。南加州的虧損影響了我們每股整體每股收益 0.19 美元。

We remain optimistic about our growing intermodal pipeline. While there is an abundant amount of opportunity, the pricing is extremely competitive. Q3 proved to be a successful quarter for launching new business. We had 10 new projects with various customers, onboarded and launched in Q3 and expect positive impacts of load count in the coming months.

我們對不斷增長的多式聯運管道保持樂觀。雖然機會很多，但價格極具競爭力。第三季被證明是推出新業務的成功季度。我們與不同的客戶合作了 10 個新項目，在第三季啟動並啟動，預計未來幾個月的負載量將產生積極影響。

The group will continue streamlining of operations and evaluating cost control initiatives while focusing on servicing our customer base and preparing for the climb when volumes increase.

該集團將繼續精簡營運並評估成本控制舉措，同時專注於為我們的客戶群提供服務，並為銷售量增加時的攀登做好準備。

Van and flatbed headwinds continued in Q3 for our Trucking segment, but wind transportation experienced a 15.6% uptick in loads for the quarter. Metals, industrial, retail and consumer goods volumes were all down year-over-year. Overall, load count was down 13.1% but the rise in win volumes led to a 13.3% increase in revenue per load.

第三季我們的卡車運輸業務繼續面臨貨車和平板車的逆風，但本季風力運輸的負載成長了 15.6%。金屬、工業、零售和消費品銷售均較去年同期下降。總體而言，負載計數下降了 13.1%，但獲勝量的增加導致每次負載收入增加了 13.3%。

Our agent-based brokerage experienced a significant drop off in brokerage load which were down over 25.6% compared to 2022. Top line revenue of $97.1 million was down 2.5% for the quarter while operating income increased $1.8 million to $6.6 million compared to $4.8 million last year. While core flatbed and van volumes remain a challenge, the variable cost structure model provided consistent returns.

我們的代理經紀業務的經紀業務負荷大幅下降，與2022 年相比下降了25.6% 以上。本季營收為9,710 萬美元，下降2.5%，營業收入從去年的480 萬美元增加到660 萬美元，增加了180 萬美元，達到660 萬美元。年。雖然核心平板車和廂型車的銷售仍然是一個挑戰，但變動成本結構模式提供了一致的回報。

Our truckload model continues to provide agents with tools and leadership to grow the business. We're excited about the prospects in our pipeline and are eager to continue to launch talent into the system. We remain diligent on finding and onboarding new agents and customers.

我們的整車運輸模式繼續為代理商提供發展業務的工具和領導力。我們對管道中的前景感到興奮，並渴望繼續向該系統輸送人才。我們仍然努力尋找和引入新的代理商和客戶。

Company-managed brokerage saw top line revenue dropped 30.8% in the quarter to $28.1 million as sluggish freight market influenced by inflation and customer -- consumer spending continued to drive down pricing.

該公司管理的經紀業務本季營收下降 30.8%，至 2,810 萬美元，原因是貨運市場受通貨膨脹和客戶支出的影響低迷，消費者支出繼續壓低價格。

The group is experiencing many potential opportunities that has remained disciplined with pricing. Many opportunities are at or below breakeven from a profit standpoint. We continue to align our pricing and selection of freight to give the operations team the best opportunity to make money on everything we do.

該集團正在經歷許多潛在的機會，但這些機會仍然受到定價的約束。從利潤的角度來看，許多機會都處於或低於損益平衡點。我們繼續調整我們的定價和貨運選擇，為營運團隊提供從我們所做的一切中賺錢的最佳機會。

We are not interested in pricing freight to increase volume at a substantial loss. Depressed pricing, coupled with increased carrier operational costs has made the model very difficult to reach gross margin expectations. However, you are beginning to see some of the fallout in the space because of margin compression.

我們對以大幅虧損的方式增加貨運量的運費定價不感興趣。定價低迷，加上營運商營運成本增加，使得該模式難以達到毛利率預期。然而，您開始看到由於利潤壓縮而對該領域產生的一些影響。

Operating revenue per load decreased 11.1% to $1,475 per load, and the load count was down 12.3%. Gross margin increased over Q2 2023, but was well below Q3 of 2022. Third-party capacity is available, but it is coming at a higher cost because of inflation.

每次負載的營運收入下降 11.1%，至每次負載 1,475 美元，負載計數下降 12.3%。毛利率較 2023 年第二季有所成長，但遠低於 2022 年第三季。第三方產能可用，但由於通貨膨脹，成本較高。

We continue to remain extremely optimistic about our future. While near-term inventory and inflation issues have created some obstacles, our road map to diversification and growth is measurable. Our sales pipeline across all segments is healthy, our contract logistics offerings continue to show well and spark enthusiasm with potential and existing customers. Adding value to our customer supply chain is our #1 priority.

我們仍然對我們的未來保持極其樂觀的態度。雖然近期庫存和通膨問題造成了一些障礙，但我們的多元化和成長路線圖是可以衡量的。我們所有細分市場的銷售管道都很健康，我們的合約物流產品持續表現良好，並激發了潛在和現有客戶的熱情。為我們的客戶供應鏈增加價值是我們的第一要務。

Finally, I would like to reiterate my appreciation to all of Universal's hardworking associates. Your commitment to training, learning and servicing the customer truly makes a difference. I'm pleased with our overall Q3 performance driven by our diversified portfolio of services, which continue to provide value to our customers, shareholders and associates.

最後，我想再次向環球影業所有辛勤工作的員工表示感謝。您對培訓、學習和服務客戶的承諾確實會產生影響。我對我們多元化服務組合推動的第三季整體業績感到滿意，這些服務繼續為我們的客戶、股東和員工提供價值。

I would now like to turn the call over to Jude for a detailed view of our financial performance. Jude?

我現在想將電話轉給裘德，以詳細了解我們的財務表現。裘德？

Thanks, Tim. Good morning, everyone. Yesterday, Universal Logistics Holdings reported consolidated net income of $23 million or $0.88 per share on total operating revenues of $421.3 million in the third quarter of 2023. This compares to net income of $48.5 million or $1.84 per share on total operating revenues of $505.7 million during the same period last year. .

謝謝，蒂姆。大家，早安。昨天，Universal Logistics Holdings 報告稱，2023 年第三季的綜合淨利潤為2,300 萬美元，即每股0.88 美元，總營業收入為4.213 億美元。相比之下，2023 年第三季總營業收入為5.057 億美元，淨利為4,850 萬美元，即每股1.84 美元。去年同期。 。

For comparison purposes, please note the third quarter of 2022 was the peak of the trucking cycle for Universal and reflected the highest ever reported results in our history.

出於比較目的，請注意 2022 年第三季是環球貨運週期的高峰期，反映了我們歷史上報告的最高業績。

Consolidated income from operations was $36.8 million for the quarter compared to $69.8 million 1 year earlier. EBITDA decreased $27.6 million to $56.7 million, which compares to $84.4 million during the same period last year. Our operating margin and EBITDA margin for the third quarter of 2023 are 8.7% and 13.5% of total operating revenue. These metrics compare to 13.8% and 16.7%, respectively, in the third quarter of 2022.

該季度的綜合營運收入為 3,680 萬美元，而一年前為 6,980 萬美元。 EBITDA 減少 2,760 萬美元至 5,670 萬美元，而去年同期為 8,440 萬美元。 2023 年第三季我們的營業利潤率和 EBITDA 利潤率分別佔總營業收入的 8.7% 和 13.5%。相較之下，2022 年第三季這些指標分別為 13.8% 和 16.7%。

Looking at our segment performance for the third quarter of 2023 in our Contract Logistics segment, which includes our value-add and dedicated transportation businesses, income from operations decreased $300,000 to $35.1 million on $208.1 million of total operating revenues. This compares to operating income of $35.4 million on $209.5 million of total operating revenue in the third quarter of 2022. Operating margins for the quarter were 16.9%, matching last year's margin, which was also a record in our Contract Logistics segment.

從 2023 年第三季我們的合約物流部門（包括增值和專用運輸業務）的部門業績來看，營運收入減少了 30 萬美元，至 3,510 萬美元，總營運收入為 2.081 億美元。相較之下，2022 年第三季的營業收入為3,540 萬美元，總營業收入為2.095 億美元。該季度的營業利潤率為16.9%，與去年的利潤率持平，這也是我們合約物流部門的記錄。

On to our Intermodal segment. Operating revenues decreased $67.8 million to $86.6 million compared to $154.4 million in the same period last year. And income from operations decreased $32.5 million to an operating loss of $4.3 million. This compares to operating income of $28.1 million in the third quarter of 2022. Operating ratios for the quarter were 105% versus 81.8% last year. As mentioned in Tim's comments, our Intermodal segment's operating results were negatively impacted by operating losses in our West Coast operation. For the quarter, California drayage operations lost $6.5 million impacting segment margins by 750 basis points and consolidated results by $0.19 per share.

轉到我們的多式聯運部分。營業收入從去年同期的 1.544 億美元減少至 8,660 萬美元，減少 6,780 萬美元。營運收入減少 3,250 萬美元，營運虧損 430 萬美元。相比之下，2022 年第三季的營業收入為 2,810 萬美元。該季度的營業比率為 105%，而去年為 81.8%。正如提姆評論中所提到的，我們多式聯運部門的經營業績受到西岸業務經營虧損的負面影響。本季度，加州拖運業務虧損 650 萬美元，影響部門利潤率 750 個基點，合併業績每股下降 0.19 美元。

In our Trucking segment, operating revenues for the quarter decreased $2.5 million to $97.1 million compared to $99.6 million in the same quarter last year, while income from operations increased $1.8 million to $6.6 million. This compares to operating income of $4.8 million in the third quarter of 2022.

在卡車運輸部門，本季營業收入減少 250 萬美元，至 9,710 萬美元，去年同期為 9,960 萬美元，而營運收入增加 180 萬美元，至 660 萬美元。相較之下，2022 年第三季的營業收入為 480 萬美元。

Operating margins for the quarter were 6.8% versus 4.8% last year, supported by the strong performance from our wind energy business. In our company-managed brokerage segment, operating revenues for the quarter decreased $12.5 million to $28.1 million compared to $40.6 million in the same quarter last year and income from operations decreased $2.1 million to an operating loss of $1.1 million. This compares to operating income of $1.1 million in the third quarter of 2022. Operating margins for the quarter were negative 3.8% versus a positive 2.7% last year.

由於風能業務的強勁表現，本季的營業利潤率為 6.8%，而去年為 4.8%。在我們公司管理的經紀業務中，本季營業收入減少了 1,250 萬美元，至 2,810 萬美元，而去年同期為 4,060 萬美元，營業收入減少了 210 萬美元，營業虧損為 110 萬美元。相比之下，2022 年第三季的營業收入為 110 萬美元。該季度的營業利潤率為負 3.8%，而去年為正 2.7%。

On our balance sheet, we held cash and cash equivalents totaling $16.8 million and $10.5 million of marketable securities. Outstanding interest-bearing debt net of $4.8 million of debt issuance costs totaled $387.2 million at the end of the period. Excluding lease liabilities related to ASC 842, our net interest-bearing debt to reported trailing 12-month EBITDA was 1.63x.

在我們的資產負債表上，我們持有總計 1,680 萬美元的現金和現金等價物以及 1,050 萬美元的有價證券。截至期末，未償付息債務扣除 480 萬美元的債務發行成本後總計為 3.872 億美元。不包括與 ASC 842 相關的租賃負債，我們的淨帶息債務與報告的過去 12 個月 EBITDA 的比率為 1.63 倍。

Capital expenditures for the quarter were $112.3 million, including $80 million for the acquisition of a strategic terminal in California. For 2023, we expect capital expenditures to be in the $235 million range and interest expense to be between $20 million to $25 million.

該季度的資本支出為 1.123 億美元，其中 8,000 萬美元用於收購加州的戰略碼頭。 2023 年，我們預計資本支出將在 2.35 億美元範圍內，利息支出將在 2,000 萬至 2,500 萬美元之間。

Based on the current operating environment, for the fourth quarter of 2023, we are expecting top line revenues between $350 million and $375 million and operating margins in the 7% to 9% range. If the UAW strike continues longer than anticipated or expands to additional operations we support, we will update our guidance during the quarter.

根據目前的營運環境，我們預計 2023 年第四季的營收將在 3.5 億至 3.75 億美元之間，營運利潤率將在 7% 至 9% 之間。如果 UAW 罷工持續時間超過預期或擴大到我們支持的其他業務，我們將在本季更新我們的指導。

Finally, Wednesday, our Board of Directors declared Universal's $0.105 per share regular quarterly dividend. This quarter's dividend is payable to shareholders of record at the close of business on December 4, 2023 and is expected to be paid on January 2, 2024.

最後，週三，我們的董事會宣布環球公司定期派發每股 0.105 美元的季度股息。本季股利將於 2023 年 12 月 4 日營業結束時向登記在冊的股東支付，預計將於 2024 年 1 月 2 日支付。

With that, Nick, we're ready to take some questions.

尼克，我們準備好回答一些問題了。

(Operator Instructions) First question will be from Bruce Chan of Stifel.

（操作員說明）第一個問題將由 Stifel 的 Bruce Chan 提出。

This is Matt Milask on for Bruce. Just wanted to -- I know you mentioned in the prepared remarks, you saw some volume attrition resulting from UAW late in the quarter. I just wanted to know if you could provide any more color as to what's going on there and if you think the rate of disruption might change meaningfully going into next quarter?

這是布魯斯的馬特·米拉斯克。我只是想——我知道您在準備好的演講中提到，您看到了 UAW 在本季末造成的一些銷售損耗。我只是想知道您是否可以提供更多關於那裡正在發生的事情的信息，以及您是否認為下一季度的中斷率可能會發生有意義的變化？

Yes, Matt. This is Tim. Yes, we did see some disruption coming out of the third quarter as individual plants went down week after week. I think they made a difference tailing out of the quarter in the operating results, and we will carry some of that into the beginning of the fourth quarter. It is our hope because we're not in the negotiations that there would be a near-term resolution to it. And you saw 1 of those of the big 3 come out with this week, and we're hoping that the others follow suit. So I think that was taken into consideration also as we looked at what we thought our fourth quarter performance was going to be.

是的，馬特。這是蒂姆。是的，我們確實看到第三季出現了一些中斷，個別工廠一週又一週地停產。我認為他們在本季度末對營運業績產生了影響，我們將把其中一些帶到第四季度初。我們希望能在短期內找到解決方案，因為我們沒有參與談判。您已經看到本週 3 巨頭中的 1 家推出了，我們希望其他公司也能效仿。因此，我認為，當我們考慮第四季度的業績時，也考慮了這一點。

Okay. Fair enough. Secondly, could you provide just sort of your maybe general outlook for the industrial economy moving into next year?

好的。很公平。其次，您能否提供您對明年工業經濟的整體展望？

Yes. The general outlook from what we know and what we've heard from our customer base, if I start on the over the road or the Truckload Transportation group, we know that in steel and some of the industrial equipment that we traditionally move on, flatbed did take a dive in the third quarter. We expect that to remain kind of the picture or the road map at least in the fourth quarter heading into Q1.

是的。從我們所知道的以及我們從客戶群那裡聽到的情況來看，如果我從公路或卡車運輸集團開始，我們知道，在鋼鐵和我們傳統上移動的一些工業設備中，平板車第三季度確實出現了下滑。我們預計至少在進入第一季的第四季度，這仍將是圖景或路線圖。

If I look beyond just the domestic transportation, from an international standpoint, we definitely saw a slowdown in some of the industrial type of product that we import -- well, we move that is imported into the country. So I expect that kind of aligns with it from our customer base that the industrial space will continue to see a slower type environment. I can't predict next year exactly, but I would think that Q4 and Q1 will experience some headwinds.

如果我不僅僅關注國內運輸，從國際角度來看，我們肯定會看到我們進口的一些工業類型產品的放緩——嗯，我們將進口到該國的產品轉移。因此，我預計我們的客戶群與工業領域將繼續看到較慢的環境一致。我無法準確預測明年，但我認為第四季和第一季會遇到一些阻力。

Okay. Great. And lastly, would you be able provide sort of the new normalized earnings power bogey for the company at this point?

好的。偉大的。最後，您現在能為公司提供某種新的標準化獲利能力嗎？

This is Jude. So historically, we've talked that in a normal operating environment, we should be around $1 a share a quarter. But obviously, we don't have a normal operating environment, right, in the middle of a freight recession and of course, the headwinds that we're now experiencing with UAW but you kind of saw last year, I mean, we had peak earnings of over $6 a share. So that would probably be the ultimate earnings power of the company at this point for our scale at the current size that we are. But I mean $1 a share, we think, is kind of a baseline in a normal operating environment with upside from there.

這是裘德。從歷史上看，我們說過，在正常的營運環境下，我們每季的股價應該在 1 美元左右。但顯然，我們沒有正常的營運環境，對吧，在貨運衰退期間，當然，我們現在正在經歷 UAW 的逆風，但你去年就看到了，我的意思是，我們經歷了高峰期每股收益超過6美元。因此，就我們目前的規模而言，這可能是公司目前的最終獲利能力。但我的意思是，我們認為每股 1 美元是正常營運環境中的基線，在此基礎上還有上漲空間。

(Operator Instructions) This concludes our question-and-answer section. Now I'd like to turn the call back over to Mr. Tim Phillips for closing remarks.

（操作員說明）我們的問答部分到此結束。現在我想將電話轉回給蒂姆·菲利普斯先生致閉幕詞。

Thank you, Nick. The current landscape presents some challenges, but with disruption will come opportunity. Universal will be positioned to take advantage of these opportunities. I appreciate everyone calling in, and I look forward to talking to you again for the Q4 earnings call in February of 2024. Thank you, and have a great day.

謝謝你，尼克。當前的情況帶來了一些挑戰，但顛覆也會帶來機會。環球影業將充分利用這些機會。感謝大家的來電，我期待在 2024 年 2 月的第四季財報電話會議上再次與您交談。謝謝，祝您有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。