Universal Logistics Holdings Inc (ULH) 2024 Q2 法說會逐字稿

Hello, and welcome to Universal Logistics Holdings' second-quarter 2024 earnings conference call. (Operator Instructions) 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 the 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.

您好，歡迎參加環球物流控股公司 2024 年第二季財報電話會議。（操作員說明）在本次電話會議期間，管理階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相關，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 is 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. Mr. Phillips, you may begin.

現在我很高興向您介紹東道主蒂姆·菲利普斯先生，首席執行官； 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。菲利普斯先生，您可以開始了。

Thank you, Ludy. Good morning, everyone. Thank you for joining Universal's 2024 second-quarter earnings call. Once again, the theme of the quarter can be summed up in four words: Diversity is our strength. Universal's diversity service offerings are what differentiates us from our competitors in the transportation and logistics space and is what allows us to deliver outstanding results even during this prolonged transportation down cycle.

謝謝你，盧迪。大家早安。感謝您參加環球影業 2024 年第二季財報電話會議。本季的主題再次可以用四個字來概括：多元化是我們的優勢。環球公司的多元化服務產品使我們在運輸和物流領域區別於競爭對手，也使我們即使在漫長的運輸下行週期中也能取得出色的業績。

But before I dig into the results, I would also like to take a moment to thank the entire Universal team. The tremendous work and effort of our 10,000-plus employees and contractors are what make these results possible. This is what allows us to deliver outstanding service to our customers and continue to be the best-of-breed transportation and logistics provider.

但在深入研究結果之前，我還想花點時間感謝整個環球團隊。我們 10,000 多名員工和承包商的巨大工作和努力使這些成果成為可能。這使得我們能夠為客戶提供卓越的服務，並繼續成為一流的運輸和物流提供者。

Now let's move on to the quarter. Overall, Universal once again delivered outstanding results in the second quarter of 2024. We grew top line revenue by 12%, delivered double-digit operating margins, increased our earnings per share by 30% compared to the same period last year. We did all this during one of the longest and deepest freight recessions I've experienced. Universal's second quarter results, however, were mixed and varied considerably amongst our different business segments.

現在讓我們進入本季。總體而言，環球在 2024 年第二季再次取得了出色的業績。與去年同期相比，我們的營收成長了 12%，營業利潤率達到兩位數，每股收益成長了 30%。我們在我經歷過的最長、最嚴重的貨運衰退之一期間做到了這一切。然而，環球公司第二季的業績卻好壞參半，不同業務部門之間差異很大。

Our contract logistics business continues to outperform and deliver excellent results, while our intermodal and company-managed brokerage segments continue to perform below our expectations. The trucking segment performed well despite softness in the overall truckload market on the back of our specialized, heavy-haul wind business. Q2 was another challenging environment to navigate in the transportation market. However, Universal's diversified business model is working as designed, and I'm very happy with the outcome.

我們的合約物流業務持續表現出色並取得優異的業績，而我們的多式聯運和公司管理的經紀業務部門的表現繼續低於我們的預期。儘管整個卡車運輸市場疲軟，但在我們專業化的重載風電業務的支持下，卡車運輸部門表現良好。第二季是運輸市場另一個充滿挑戰的環境。然而，環球影業的多元化商業模式正在按設計運作，我對結果感到非常滿意。

For the second quarter 2024, Universal reported $462.2 million of revenue, $1.17 of earnings per share and an operating margin of 10.2%. This was the second-best revenue, earnings per share and operating margin for the second quarter in Universal's history. In our contract logistics segment, revenues increased 26.2% to $263.6 million. This was largely due to our previously announced specialty development program. At the end of Q2 2024, Universal managed 68 value-added programs, unchanged from Q2 2023.

2024 年第二季度，環球公佈收入 4.622 億美元，每股收益 1.17 美元，營業利潤率為 10.2%。這是環球影業史上第二季的營收、每股盈餘和營業利益率。在我們的合約物流部門，營收成長了 26.2%，達到 2.636 億美元。這主要歸功於我們先前宣布的專業發展計畫。截至 2024 年第二季末，環球管理了 68 個增值項目，與 2023 年第二季持平。

Contract logistics remains our most consistent and profitable segment. This was the tenth straight quarter of operating ratios below 90%, with 6 of the last 10 below 85%, and the last 2 were below 80%. We expect the strength in this segment to continue going forward. The outlook for automotive industry remains positive with the SAAR for June at 15.3 million and 15.9 million expected for the full year 2024. As the landscape for a transition to electric vehicles continues to evolve, we will stay closely in tune with the needs of our customers. As customers' demands drive their production forecast, we remain well positioned to support their inbound logistic needs for both EV and ICE platforms.

合約物流仍然是我們最穩定、最有獲利的部門。這是營運率連續第十個季度低於 90%，過去 10 個季度中有 6 個季度低於 85%，最後 2 個季度低於 80%。我們預計該領域的實力將繼續向前發展。汽車產業的前景仍然樂觀，6 月的 SAAR 為 1,530 萬輛，預計 2024 年全年為 1,590 萬輛。隨著向電動車過渡的情況不斷發展，我們將密切關注客戶的需求。隨著客戶的需求推動他們的生產預測，我們仍然能夠很好地支援他們對電動車和內燃機平台的入站物流需求。

Class 8 production also remained stable with a large backlog expected build for the full year 2024. Overall, our trucking segment is also doing quite well, given the depressed transportation backdrop. Trucking segment revenues increased 12.6% to $91.4 million. This was due to a 28.5% increase in revenue per load, excluding fuel surcharges, while load haul decreased 11.1%.

8 級產量也保持穩定，預計 2024 年全年將有大量積壓訂單。總體而言，考慮到交通運輸不景氣的背景，我們的貨運業務也表現良好。卡車運輸部門營收成長 12.6%，達到 9,140 萬美元。這是由於每次裝載收入增加了 28.5%（不包括燃油附加費），而裝載運輸量下降了 11.1%。

Trucking segment results were bolstered by an uptick in our specialized, heavy-haul wind business. We expect this to continue throughout the rest of the year as we have a full pipeline. This should be a secular headwind for years to come, allowing solid trucking segment performance sheltered from fluctuations in broader truckload market. Outside of specialized freight, the truckload market remains soft. Flatbed volumes were down once again, and we did not see the increase in rates that we expected. We expect the weakness in the broader truckload market to persist until excess capacity comes out.

卡車運輸部門的業績受到我們專業重載風電業務成長的推動。我們預計這種情況將在今年剩餘時間內持續下去，因為我們擁有完整的管道。這應該是未來幾年的長期阻力，使卡車運輸部門的表現能夠免受更廣泛的卡車裝載市場波動的影響。除專業貨運外，整車市場仍疲軟。平板車銷量再次下降，而且我們沒有看到我們預期的價格上漲。我們預計整體卡車市場的疲軟狀態將持續下去，直到產能過剩得到解決。

The intermodal segment continued to face significant headwinds. In the intermodal segment, revenues decreased 14.8% to $78.1 million in the second quarter of 2024. Compared to Q2 2023, our intermodal segment experienced a 4.1% decrease in volume while rates decreased 5.9%. Additionally, assessorial charges decreased $5.4 million and fuel surcharge revenue decreased $2.7 million. While it is too soon to say if we have turned the corner, we have seen some improvement and reasons for optimism. Our intermodal segment had its best results for the year in the final month of Q2, showing our cost-cutting measures are beginning to bear fruit, and we are seeing our highest truck productivity in several quarters.

多式聯運業務持續面臨重大阻力。在多式聯運領域，2024 年第二季營收下降 14.8% 至 7,810 萬美元。與 2023 年第二季相比，我們的多式聯運業務量下降了 4.1%，費率下降了 5.9%。此外，附加費減少了 540 萬美元，燃油附加費收入減少了 270 萬美元。雖然現在說我們是否已經渡過了難關還為時過早，但我們已經看到了一些改進和樂觀的理由。我們的多式聯運部門在第二季度最後一個月取得了今年最好的業績，這表明我們的成本削減措施已開始取得成果，並且我們看到了幾個季度以來卡車生產率的最高水平。

We could see a strong second half of 2024 if 2025 volumes get pulled forward in anticipation of higher tariffs on imports. There could be additional pull forward to get ahead of any labor disputes at the East Coast ports. Any increase in volumes will contribute to our profitability. After streamlining the business and cutting costs, our Southern California operations are ready for whatever the market throws at us in the back half of the year. As far as rates go, we expect to see an increase in spot rates as we get into peak season later in the year.

如果由於預期進口關稅上升而提前 2025 年的銷量，我們可能會看到 2024 年下半年的強勁表現。可能會有額外的推進，以應對東海岸港口的任何勞資糾紛。銷量的任何增加都將有助於我們的盈利能力。在精簡業務和削減成本之後，我們南加州的業務已做好準備，可以應對下半年市場的任何變化。就費率而言，隨著今年稍後進入旺季，我們預計即期費率將會上漲。

The company-managed brokerage segment also continues to underperform. Revenues decreased 4.9% to $28.1 million, and the business continues to struggle to meet our profitability expectations. The revenue decline was primarily due to 21.9% decrease in revenue per load, which was partially offset by a 20.1% increase in load count. Overcapacity continues to put a damper on pricing and squeeze our gross margins. We were able to take some share back in the quarter but had to sacrifice margins to do so.

公司管理的經紀業務也持續表現不佳。營收下降 4.9% 至 2,810 萬美元，且該業務仍難以滿足我們的獲利預期。收入下降主要是由於每次負載收入下降 21.9%，但負載數增加 20.1% 部分抵消了這一下降。產能過剩繼續抑制定價並擠壓我們的毛利率。我們能夠在本季度收回一些份額，但為此必須犧牲利潤。

The brokerage market is extremely challenging, and some experts do not expect it to recover until these excess capacities come out of the market sometime in 2026. As a result, we are taking a proactive approach in evaluating the brokerage business, looking to rightsize the business as soon as possible and look to cut costs where possible to improve efficiencies and return to profitability.

經紀市場極具挑戰性，一些專家預計，在這些過剩產能在 2026 年某個時候退出市場之前，經紀市場不會復甦。因此，我們正在採取積極主動的方法評估經紀業務，盡快調整業務規模，並盡可能削減成本，以提高效率並恢復獲利能力。

M&A remains a key part of our strategy with the objective of penetrating new markets, gaining new customers or desensitizing an existing market. We are constantly looking for acquisition targets that would be a good fit for Universal while also staying disciplined. A quality target must operate within our core competencies, add to our existing service lines, fit within our target margins and must be available at a reasonable multiple. Any addition to the portfolio must be accretive to earnings and large enough to move the needle.

併購仍然是我們策略的關鍵部分，目標是滲透新市場、贏得新客戶或降低現有市場的敏感度。我們不斷尋找適合環球影業的收購目標，同時保持紀律。品質目標必須在我們的核心能力範圍內運作，增加我們現有的服務線，符合我們的目標利潤，並且必須以合理的倍數提供。投資組合的任何增加都必須能夠增加收益，並且足夠大以推動發展。

We are beginning to see more opportunities becoming available, and we'll continue to seek acquisition targets that can be added value to Universal. As we look ahead, we are encouraged by a robust sales pipeline brimming with opportunity. Specifically, value-added and dedicated opportunities alone account for nearly $750 million. This strong pipeline enables us to be selective, ensuring that we only bid on programs aligned with our core competencies and desired margin profiles.

我們開始看到更多的機會出現，我們將繼續尋找可以為環球增加價值的收購目標。展望未來，我們對充滿機會的強勁銷售管道感到鼓舞。具體而言，僅增值和專用機會就佔近 7.5 億美元。這個強大的管道使我們能夠進行選擇性，確保我們只投標符合我們的核心能力和所需利潤狀況的項目。

Additionally, we are constantly exploring cross-selling opportunities with our existing customers, aiming to deliver more value through diverse service offerings. Our contract logistics segment serves a wide variety of industries beyond auto OEMs, including aerospace, defense, agriculture, heavy truck, consumer manufacturing, and e-commerce. We continue to discover new and exciting opportunities within these sectors.

此外，我們不斷探索與現有客戶的交叉銷售機會，旨在透過多樣化的服務提供更多價值。我們的合約物流部門服務於汽車原始設備製造商以外的各種行業，包括航空航太、國防、農業、重型卡車、消費品製造和電子商務。我們不斷在這些領域中發現新的、令人興奮的機會。

I'm extremely pleased with our performance in the second quarter of 2024. Universal continues to provide the resiliency and durability of our diverse model in any environment. Once again, I would like to thank all of Universal's stakeholders for their contribution. I remain optimistic for the rest of 2024 and confident about our future. I would now like to turn over to Jude to provide more color on our financials and expectations for the upcoming quarter. Jude?

我對我們 2024 年第二季的表現非常滿意。Universal 繼續為我們的多樣化模型提供在任何環境下的彈性和耐用性。我要再次感謝環球影業所有利害關係人的貢獻。我對 2024 年剩餘時間保持樂觀，並對我們的未來充滿信心。現在我想請裘德為我們的財務狀況和下一季的預期提供更多資訊。裘德？

Thanks, Tim. Good morning, everyone. Yesterday, Universal Logistics Holdings reported consolidated net income of $30.7 million or $1.17 per share on total operating revenues of $462.2 million in the second quarter of 2024. This compares to net income of $23.6 million or $0.90 per share on total operating revenues of $412.6 million during the same period last year.

謝謝，蒂姆。大家早安。昨天，Universal Logistics Holdings 公佈 2024 年第二季綜合淨利為 3,070 萬美元，即每股 1.17 美元，總營業收入為 4.622 億美元。相比之下，去年同期的淨利潤為 2,360 萬美元，即每股 0.90 美元，總營業收入為 4.126 億美元。

Consolidated income from operations was $47.1 million for the quarter compared to $36.4 million one year earlier. EBITDA increased $29 million to $84.8 million, which compares to $55.8 million during the same period last year. Our operating margin and EBITDA margin for the second quarter of 2024 are 10.2% and 18.4% of total operating revenues. These metrics compare to 8.8% and 13.5%, respectively, in the second quarter of 2023.

該季度的綜合營運收入為 4,710 萬美元，而上年同期為 3,640 萬美元。EBITDA 增加了 2,900 萬美元，達到 8,480 萬美元，而去年同期為 5,580 萬美元。2024 年第二季我們的營業利潤率和 EBITDA 利潤率分別佔總營業收入的 10.2% 和 18.4%。相較之下，2023 年第二季這些指標分別為 8.8% 和 13.5%。

During the quarter, Universal took an $11.3 million charge depreciation expense. This charge was due to revisions made to the useful lives and salvage values of certain pieces of equipment, primarily Class 8 tractors. Prior to COVID, it was not uncommon for four- to five-year-old tractors to retain a 40% to 50% salvage value when sold on either the open market or traded in for new models.

本季度，Universal 收取了 1,130 萬美元的折舊費用。此費用是由於對某些設備（主要是 8 類拖拉機）的使用壽命和殘值進行了修改而產生的。在新冠疫情爆發之前，使用了四到五年的拖拉機在公開市場上出售或以舊換新時，保留 40% 到 50% 的殘值的情況並不罕見。

Now after the extreme bubble experienced in the used truck prices during COVID, we have seen a massive unwind in the value of used tractors. We are now seeing residual values fall to 20% to 25% of historical costs. This update to the estimated residual values on certain tractors resulted in the additional depreciation expense, impacting our operating ratio by 245 basis points.

現在，在新冠疫情期間二手卡車價格經歷了極端泡沫之後，我們看到二手拖拉機的價值大幅縮水。我們現在看到殘值下降至歷史成本的 20% 至 25%。某些拖拉機估計殘值的更新導致了額外的折舊費用，影響了我們的營運比率 245 個基點。

Looking at our segment performance for the second quarter of 2024, in our contract logistics segment, which includes our value-add and dedicated transportation businesses, income from operations increased $20.1 million to $52.9 million on $236.6 million of total operating revenues. This compares to operating income of $32.8 million on $208.8 million of total operating revenue in the second quarter of 2023. Operating margins for the quarter were 20.1% of total operating revenues compared to 15.7% one year earlier.

看看我們 2024 年第二季的部門業績，在我們的合約物流部門（包括增值和專用運輸業務）中，營運收入增加了 2,010 萬美元，達到 5,290 萬美元，總營運收入為 2.366 億美元。相較之下，2023 年第二季的營業收入為 3,280 萬美元，總營業收入為 2.088 億美元。本季營業利潤率佔總營業收入的 20.1%，而一年前為 15.7%。

We continue to make excellent progress on our specialty development contract logistics program. During the second quarter of 2024, we recognized an additional $44.6 million of operating revenues related to this program. This brings our year-to-date total operating revenues on this program to $139.8 million. As a reminder, during the full year 2024, we expect to recognize total operating revenues on this program of approximately $228 million and continue to expect this program to be substantially complete by January 1, 2025.

我們的專業開發合約物流計劃持續取得巨大進展。2024 年第二季度，我們額外確認了與該計劃相關的 4,460 萬美元營業收入。這使得我們今年迄今該計劃的總營業收入達到 1.398 億美元。需要提醒的是，在 2024 年全年，我們預計該計劃的總營業收入約為 2.28 億美元，並繼續預計該計劃將在 2025 年 1 月 1 日之前基本完成。

Revenues generated from this program are reported in the value-added services line and the associated costs in operating supplies and expense. The results of this program are included in our contract logistics segment. Based on its current cadence, we expect this program to generate additional revenues in the range of $40 million to $50 million during the third and fourth quarters of 2024. Our guidance that I will discuss momentarily reflects the expected impact of this program during the third quarter.

該計劃產生的收入在增值服務項目中報告，相關成本在營運供應和費用中報告。該計劃的成果包含在我們的合約物流部門中。根據目前的節奏，我們預計該計劃將在 2024 年第三季和第四季產生 4,000 萬至 5,000 萬美元的額外收入。我將立即討論的指導反映了該計劃在第三季的預期影響。

On to our intermodal segment. Operating revenues decreased $13.5 million to $78.1 million compared to $91.6 million in the same period last year, and income from operations decreased $8.1 million to an operating loss of $8.3 million. This compares to an operating loss of $200,000 in the second quarter of 2023. Operating ratios for the quarter were 110.6% versus 100.3% last year.

進入我們的聯運部分。營業收入從去年同期的 9,160 萬美元減少到 7,810 萬美元，減少了 1,350 萬美元，營業收入減少了 810 萬美元，營業虧損為 830 萬美元。相比之下，2023 年第二季的營運虧損為 20 萬美元。本季營運率為 110.6%，去年同期為 100.3%。

In our trucking segment, operating revenues for the quarter increased $10.2 million to $91.4 million compared to $81.2 million in the same quarter last year. And income from operations remained flat at $4.4 million during both quarters of 2024 and 2023. Operating margins for the quarter were 4.8% versus 5.4% last year.

在我們的貨運部門，本季營業收入增加了 1,020 萬美元，達到 9,140 萬美元，而去年同期為 8,120 萬美元。2024 年和 2023 年兩季的營運收入均維持在 440 萬美元不變。本季營業利益率為 4.8%，去年同期為 5.4%。

In our company-managed brokerage segment, operating revenues for the quarter decreased $1.5 million to $28.1 million compared to $29.6 million in the same quarter last year. And income from operations decreased $1.5 million to an operating loss of $2.2 million. This compares to an operating loss of $800,000 in the second quarter of 2023. Our company-managed brokerage segment reported an operating ratio of 107.9% compared to 102.7% in the second quarter last year.

在我們公司管理的經紀業務部門，本季營業收入減少 150 萬美元，降至 2,810 萬美元，去年同期為 2,960 萬美元。營運收入減少 150 萬美元，營運虧損 220 萬美元。相比之下，2023 年第二季的營運虧損為 80 萬美元。我們公司管理的經紀業務部門的營運率為 107.9%，而去年第二季為 102.7%。

On our balance sheet, we held cash and cash equivalents totaling $7.5 million and $11.6 million of marketable securities. Outstanding interest-bearing debt, net of $4 million of debt issuance costs, totaled $483.8 million at the end of the period. Excluding lease liabilities related to ASC 842, our net interest-bearing debt to reported TTM EBITDA was 1.65 times.

在我們的資產負債表上，我們持有總計 750 萬美元的現金和現金等價物以及 1,160 萬美元的有價證券。截至期末，未償付息債務總額為 4.838 億美元，扣除 400 萬美元的債務發行成本。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 TTM EBITDA 為 1.65 倍。

Capital expenditures for the quarter totaled $77.1 million. For the full year, we are expecting capital expenditures to be in the $315 million to $330 million range and interest expense to come in between $30 million and $32 million. Based on the current operating environment and the expected cadence of the new contract logistics program mentioned earlier, for the third quarter of 2024, we are expecting top line revenues between $450 million and $475 million and margins in the 9% to 11% range.

該季度的資本支出總計 7,710 萬美元。我們預計全年資本支出將在 3.15 億美元至 3.3 億美元之間，利息支出將在 3,000 萬美元至 3,200 萬美元之間。根據目前的營運環境和前面提到的新合約物流計畫的預期節奏，我們預計2024 年第三季的營收將在4.5 億至4.75 億美元之間，利潤率將在9% 至11% 之間。

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 September 2, 2024, and is expected to be paid on October 1, 2024. With that, Ludy, we're ready to take some questions.

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。本季的股利將於 2024 年 9 月 2 日收盤時向登記在冊的股東支付，預計將於 2024 年 10 月 1 日支付。盧迪，我們準備好回答一些問題了。

(Operator Instructions) Bruce Chan, Stifel.

（操作員說明）Bruce Chan，Stifel。

Hey. Good morning and thanks as always. Maybe just to start here with contract logistics. You showed some really nice growth in that division even if you strip out the special project business. But it does look like programs are down from, I think, 71 quarter-over-quarter to 68. Is there anything to read from that or was that just kind of the normal cadence of contracts rolling off?

嘿。早安，一如既往地感謝。也許只是從合約物流開始。即使你剔除了特殊專案業務，你在該部門也表現出了一些非常好的成長。但我認為項目確實從季度環比 71 個下降到了 68 個。有什麼可以讀到的嗎？

No. That's just the normal cadence of contracts rolling off. In this particular situation, we had some end-of-life agreements that were moved out, and we continue to move new opportunities in to replace those. And as the pipeline continues to fill, we have the hope and the opportunity that we'll continue to build on the 68 that we exited on Q2 with.

不。這只是合約簽訂的正常節奏。在這種特殊情況下，我們取消了一些終止協議，我們繼續引入新的機會來取代這些協議。隨著管道不斷填補，我們有希望和機會繼續在第二季退出的 68 的基礎上繼續發展。

Okay, that's good to hear. And I think you said it was like $600 million to $750 million of pipeline opportunity?

好的，很高興聽到這個消息。我想你說過這像是 6 億到 7.5 億美元的管道機會？

Right.

正確的。

Just kind of wondering, given the softer backdrop, if you expect any changes in maybe the rate of conversion of that pipeline or any maybe elongation in the sales cycle, or are customers still kind of just making decisions as normal?

只是想知道，考慮到疲軟的背景，您是否預計該管道的轉換率可能會發生任何變化，或者銷售週期可能會延長，或者客戶仍然像往常一樣做出決定？

So far, customers are making decisions as normal. If I debundle the transportation from the four-walls type of activity in the contract logistics, there's been more pressure put on the transportation sector as we look to advance in new bids or even renew bids. So we're cautiously optimistic as we work our way through that.

到目前為止，客戶正在正常做出決定。如果我將運輸從合約物流中的四面牆類型活動中分離出來，那麼當我們尋求推進新的投標甚至更新投標時，運輸部門就會承受更大的壓力。因此，我們在努力解決這個問題時持謹慎樂觀的態度。

There's still been a level of consistency on the value-added services bid and we still see a full pipeline. The determining factor on that will be as corporations look at their internal cost for employees, do we provide a logical solution, an outsourced solution for those companies? I think we do but we have to sort through that. That does take a little bit of time from a sales cycle standpoint as the company's management structure makes sure they look at their Ps and Qs. But once again, I'm cautiously optimistic that we'll continue to see additional outsourcing opportunities.

加值服務投標仍然存在一定程度的一致性，而且我們仍然看到完整的管道。決定性因素將是，當公司考慮員工的內部成本時，我們是否為這些公司提供了一個合乎邏輯的解決方案，一個外包解決方案？我認為我們這樣做，但我們必須解決這個問題。從銷售週期的角度來看，這確實需要一點時間，因為公司的管理結構確保他們專注於他們的 P 和 Q。但我再次對我們將繼續看到更多外包機會持謹慎樂觀態度。

Okay, that's great. That's good to hear. And then Jude, you talked about residual values on used trucks falling and that was a big factor in the depreciation revision. Seems like that is maybe a healthy indication of capacity exiting the market. But I'm also wondering on the flip side if that raises maybe any concerns about what Class 8 activity might look like as we move into 2025 and beyond and just kind of how you're thinking about that.

好的，太好了。很高興聽到這個消息。然後裘德，您談到二手卡車的殘值下降，這是折舊修正的一個重要因素。看來這可能是產能退出市場的健康跡象。但我也想知道，另一方面，這是否會引起人們對進入 2025 年及以後時 8 級活動可能會是什麼樣子的擔憂，以及您對此的看法。

Yeah, for sure. I just think, Bruce, that I think all companies in the space just have to be really smarter about what these residual values are going to be in a post-COVID environment. I mean, there seems to be a glut of trucks on the market. And you can see from the ACT numbers that orders were down markedly sequentially from Q1 to Q2. Coupling that with really, really soft residuals, yeah, I think there's going to be some concern.

是的，當然。布魯斯，我只是認為，該領域的所有公司都必須更明智地了解這些剩餘價值在後新冠疫情環境中的表現。我的意思是，市場上的卡車似乎供過於求。從 ACT 數據中可以看到，從第一季到第二季度，訂單量明顯下降。加上非常非常軟的殘差，是的，我認為會有一些擔憂。

We really haven't seen a decline in prices of the Class 8 trucks though, which would be a great indication for us that, hey, there is -- the OEMs are recognizing some form of oversupply. We expect that to happen, but we really haven't seen it yet. So Universal, once again, we're just trying to manage our own balance sheet and our own assets. And when we see a pretty large delta between what the expectation was and what the reality is, we're just reacting to it.

不過，我們確實沒有看到 8 級卡車的價格下降，這對我們來說是一個很好的跡象，嘿，原始設備製造商正在認識到某種形式的供應過剩。我們預計這種情況會發生，但我們確實還沒有看到。因此，環球再次強調，我們只是想管理我們自己的資產負債表和我們自己的資產。當我們看到期望與現實之間存在相當大的差異時，我們只是對此做出反應。

Okay, that's great. And then just switching gears here a little bit to intermodal. We've seen some good inbound volumes to the West Coast ports. Maybe if you could just walk us through kind of the disparity between those numbers and then what you're seeing in terms of load volumes. And wondering if that's maybe just a delay between those volumes showing up in your network or if there's some other reason why maybe you wouldn't be seeing that uplift.

好的，太好了。然後在這裡稍微切換到聯運。我們看到西海岸港口的入境量不錯。也許您可以向我們介紹一下這些數字與您所看到的負載量之間的差異。想知道這是否只是網路中出現的這些磁碟區之間的延遲，或者是否還有其他原因導致您看不到這種提升。

Yeah. The inbound into the West Coast is up. I wouldn't say that from the customer base that we're moving freight for right now in the West Coast, we have experienced that type of double-digit uptick. And as we look as the freight moves itself inland into the Midwest and other parts of the country, we would expect to see some uplift from that. And I would say that if I had to have one market that I've seen some uptick based on those West Coast numbers would be the inbound coming off the West Coast into Chicago. So we have seen some uptick there.

是的。西海岸入境人數增加。我不會說，從我們目前在西海岸運輸貨物的客戶群來看，我們經歷了這種兩位數的成長。當我們看到貨運向內陸移動到中西部和該國其他地區時，我們預計會看到一些增長。我想說，如果我必須有一個市場，根據西海岸的數據，我看到一些上升的市場將是從西海岸進入芝加哥的入境人數。所以我們看到了一些上升。

The other markets are harder to read, but we would think that an uptick in West Coast imports should filter into the inland parts of the United States. And to that point, we mentioned that the month of June was one of our best months from an intermodal standpoint, so that's somewhat reflective of that inbound volume. And if we strip out California from those numbers, I thought we had a fairly decent June as a whole other than California on the intermodal front.

其他市場更難解讀，但我們認為西海岸進口的增加應該會滲透到美國內陸。就這一點而言，我們提到從多式聯運的角度來看，六月是我們最好的月份之一，因此這在一定程度上反映了入境量。如果我們從這些數字中剔除加州，我認為除了加州在多式聯運方面之外，我們整個六月的表現相當不錯。

Yeah, Bruce. And just to give a little bit more color to Tim's comments on the legacy non-California business, June had our largest load counts for the entire year. And although California was still down sequentially, it was down less than 600 loads for the quarter. So we are seeing a little bit of a repair to those volumes. But once again, we're just really cautiously optimistic because there's still a lot of carriers that are taking freight at below-market prices.

是的，布魯斯。為了讓蒂姆對傳統非加州業務的評論更加生動，六月是我們全年負載量最大的月份。儘管加州仍連續下降，但本季下降了不到 600 個負載。因此，我們看到這些卷得到了一些修復。但我們再次感到謹慎樂觀，因為仍有許多承運商以低於市場的價格收取運費。

Got it. That's great color. And then just last question here is a kind of point of clarification. Tim, you talked about trucking, and you're certainly seeing some very nice increases there in revenue and revenue per load, which you attributed to the specialized, heavy haul. You said that you were expecting that to be a secular headwind in subsequent years. I just want to make sure I heard that correctly.

知道了。那顏色真棒。最後一個問題需要澄清一下。蒂姆，您談到了卡車運輸，您肯定會看到收入和每次裝載收入的一些非常好的增長，您將其歸因於專業化的重型運輸。您說您預計這將成為隨後幾年的長期阻力。我只是想確保我聽到的是正確的。

Well, sometimes, coming and going confused, that should be a good tailwind for us. (multiple speakers)

好吧，有時候，來來去去都很混亂，這對我們來說應該是一個很好的順風車。（多個發言者）

Okay. Alright. I just wanted to clarify that point. Okay. Great. That's all I have. I really appreciate the time as always. Congratulations.

好的。好吧。我只是想澄清這一點。好的。偉大的。這就是我所擁有的一切。我一如既往地非常珍惜這段時光。恭喜。

Thanks, Bruce. I appreciate it.

謝謝，布魯斯。我很感激。

Thanks, Bruce.

謝謝，布魯斯。

(Operator Instructions) And there are no further questions at this time. I would like to turn it back to Mr. Phillips for closing remarks.

（操作員說明） 目前沒有其他問題。我想請菲利普斯先生做結束語。

Thank you, Ludy. Universal continued to employ various cost-cutting strategies while advancing our various opportunities in key segments and verticals. I'm pleased with our continuous improvement plan, which encompasses our human assets, the use of technology and the focus on the customers' needs and visibility. I appreciate everyone taking time to listen this morning and look forward to talking to you in Q3 earnings call in October. Thank you.

謝謝你，盧迪。環球繼續採用各種成本削減策略，同時推進我們在關鍵細分市場和垂直領域的各種機會。我對我們的持續改進計劃感到滿意，其中包括我們的人力資源、技術的使用以及對客戶需求和可見性的關注。我感謝大家今天早上花時間聆聽，並期待在 10 月的第三季財報電話會議上與大家交談。謝謝。

Thank you. And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。