Universal Logistics Holdings Inc (ULH) 2025 Q1 法說會逐字稿

Hello and welcome to Universal Logistics Holdings, first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions)

您好，歡迎參加環球物流控股 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）

A brief question and answer session will follow the formal presentation. 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 belief, expect, anticipate, and project.

正式演講之後將有一個簡短的問答環節。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，可以透過信念、期望、預期和預測等詞語來識別。

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. 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.

此類聲明受風險和不確定性的影響，實際結果可能與預期有重大差異。提醒一下，本次會議正在錄製中。現在我很高興地介紹您的主持人，執行長蒂姆·菲利普斯先生；首席財務官裘德·貝雷斯先生；以及財務和投資者關係副總裁史蒂文·菲茨帕特里克先生。謝謝。菲利普斯先生，您可以開始。

Thank you, Andrew, and good morning everyone, and thank you for joining Universal's first-quarter 2025 earnings call. As we kick off the new year, we do so with an understanding of the challenges facing the broader transportation and logistics landscape.

謝謝你，安德魯，大家早安，謝謝你們參加環球影業 2025 年第一季財報電話會議。在新的一年到來之際，我們了解了更廣泛的運輸和物流領域的挑戰。

The overall freight environment remains sluggish and our largest vertical automotive, saw a slowdown in January in January but improved as the quarter progressed. While the results of this quarter were below our historical benchmarks, we remain confident in the resilience of our business model and the long-term strategic direction of the company.

整體貨運環境依然低迷，我們最大的垂直汽車產業在 1 月出現放緩，但隨著本季的進展有所改善。儘管本季的業績低於我們的歷史基準，但我們仍然對我們的商業模式的彈性和公司的長期策略方向充滿信心。

Before I begin, I want to recognize the incredible commitment of more than 10,000 employees and contractors. Their hard work in the face of poor weather and market volatility continues to be the backbone of our operations, and a key reason why we are well positioned for future growth.

在開始之前，我想先感謝 10,000 多名員工和承包商的傑出貢獻。他們在惡劣天氣和市場波動面前的辛勤工作仍然是我們營運的支柱，也是我們為未來成長做好準備的關鍵原因。

Let's get into the results. Universal reported $382.4 million in total operating revenue for the first quarter of 2025. Net income was $6 billion or $0.23 per share, and operating margin for the quarter came in at 4.1%. While this represents a year-over-year decline, it is important to note that the year-ago quarter included our now completed development project in Tennessee.

讓我們來看看結果。環球影業公佈 2025 年第一季總營業收入為 3.824 億美元。本季淨收入為 60 億美元，即每股 0.23 美元，營業利潤率為 4.1%。雖然這代表著同比下降，但值得注意的是，去年同期包括了我們現已完成的田納西州開發項目。

Adjusting for that, our core performance remains stable with encouraging progress in several key areas. Our contract logistics segment continues to be a critical part of our business. Contributing $255.9 million in revenue and delivering a solid 9.3% operating margin. Despite the absence of last year's $95.3 million specialty project revenue. We are on track to book over $1.1 billion in contract logistics revenue in 2025.

經過調整，我們的核心表現保持穩定，並在幾個關鍵領域取得了令人鼓舞的進展。我們的合約物流部門仍然是我們業務的關鍵部分。貢獻了 2.559 億美元的收入，並實現了 9.3% 的穩健營業利潤率。儘管缺少了去年 9,530 萬美元的專業專案收入。我們預計在 2025 年實現超過 11 億美元的合約物流收入。

Additionally, we continued to integrate and optimize our parsec acquisition. Which contributed $56.4 million revenue this quarter. We now operate 87 value-added programs, including 20 rail terminal operations, a significant increase from the 70 run programs at the same time last year.

此外，我們也持續整合和優化我們的秒差距收購。本季貢獻了 5,640 萬美元的收入。我們目前運營 87 個增值項目，其中包括 20 個鐵路終點站運營，與去年同期的 70 個運營項目相比有顯著增長。

As mentioned, auto production influenced volumes early in the quarter, but activity picked up in February and then surged through March. We remain encouraged by the long-term opportunities in this segment, particularly as we leverage our expanded footprint and deepen relationships with legacy and new customers. We have three key launches that will begin in the second quarter. These launches will increase our contract logistics annual revenue by $50 million per year at historic margins.

如上所述，汽車生產在本季度初影響了銷量，但 2 月份活動有所回升，並在 3 月激增。我們仍然對該領域的長期機會感到鼓舞，特別是當我們利用擴大的業務範圍並深化與新舊客戶的關係時。我們將在第二季推出三項重要產品。這些服務的推出將使我們的合約物流年收入以歷史性的幅度每年增加 5,000 萬美元。

Contract logistics continues to drive Universal forward with massive customer interest in our customized solutions led by our world-class service.

合約物流繼續推動環球航空向前發展，大量客戶對我們以世界一流的服務為主導的客製化解決方案表現出濃厚興趣。

Turning to trucking, revenues came in at $55.6 million, down 20.2% from the prior year, largely due to a 31.3% drop in volumes. However, revenue per load excluding fuel surcharges increased by more than 24%.

談到卡車運輸，收入為 5,560 萬美元，比上年下降 20.2%，主要原因是運輸量下降了 31.3%。然而，扣除燃油附加費後，每趟貨運的收入增加了 24% 以上。

A sign that our strategy of emphasizing specialized high-yield freight is gaining traction. Operating income in the trucking was $2.2 million with a 3.9% margin. We continue to see strong demand in our specialized heavy haul-wind operation, which remains strategic differentiator and a stabilizing force for the segment. Looking ahead, we expect this business to be a key contributor in 2025, especially as renewable energy infrastructure projects continue to move forward.

這顯示我們強調專業化高收益貨運的策略正在獲得支持。卡車運輸業務的營業收入為 220 萬美元，利潤率為 3.9%。我們繼續看到專業重載風電業務的強勁需求，這仍然是該領域的戰略差異化因素和穩定力量。展望未來，我們預計該業務將成為 2025 年的關鍵貢獻者，尤其是在再生能源基礎設施項目持續推進的情況下。

Our intermodal segment remains a work in progress. Revenues decreased to $70.7 million and we reported an operating loss of $10.7 million. The segment was negatively impacted by both a 3.4% drop in volumes and an 8.7% decline in rate per load excluding fuel.

我們的多式聯運部分仍在進行中。收入下降至 7,070 萬美元，營業虧損 1,070 萬美元。該部門受到貨運量下降 3.4% 和不含燃料的每載運費下降 8.7% 的負面影響。

Additionally, the quarter included a $1 million in charges related to unemployment-related matter. While these results are disappointing, we believe we've hit bottom in this segment. Our new intermodal sales team is gaining traction, and we have seen stable freight volumes. We remain committed to transforming this business into a leaner, more efficient contributor to the Universal portfolio.

此外，本季還包括與失業相關事宜相關的 100 萬美元費用。儘管這些結果令人失望，但我們相信我們在這一領域已經觸底。我們的新聯運銷售團隊正在獲得發展，我們的貨運量已經穩定。我們將繼續致力於將這項業務轉變為環球投資組合中更精簡、更有效率的貢獻者。

Across the board, we are taking strategic actions to improve underperforming operations while remaining disciplined in our growth. Our sales pipeline remains strong, and we continue to pursue new opportunities in areas where we can create long-term value and achieve sustainable margins.

我們正在採取全方位的策略行動來改善表現不佳的運營，同時保持成長的紀律性。我們的銷售管道仍然強勁，我們將繼續在能夠創造長期價值和實現永續利潤的領域尋求新的機會。

In closing, While Q1 was clearly a challenging quarter, we are not standing still. We are focused, we are making necessary adjustments, and we believe the second half of 2025 will look markedly different. Our team is committed to ever delivering for our customers, our employees, and our shareholders.

最後，雖然第一季顯然是一個充滿挑戰的季度，但我們並沒有停滯不前。我們集中精力，做出必要的調整，我們相信 2025 年下半年將會有顯著的差異。我們的團隊致力於為我們的客戶、員工和股東提供服務。

Finally, we are closely monitoring the impact of tariffs on our business. We're in constant communication with our customers, ensuring we are ready to adapt and implement any changes that require to keep the assembly lines that we support producing. Thus far, we'll see a number of benefits to our contract-logistics segment as two assembly plants that we service will increase production.

最後，我們正在密切關注關稅對我們業務的影響。我們與客戶保持持續溝通，確保我們隨時準備好適應和實施任何需要維持我們支援的裝配線生產的變更。到目前為止，我們將看到我們的合約物流部門獲得許多好處，因為我們服務的兩家組裝廠將增加產量。

Although there is plenty of uncertainty with the potential outcome on tariffs, we are also looking for opportunities in this fluid environment. We're actively engaging the customers regarding our manufacturing capabilities in Louisville, Kentucky, offering storage solutions that are intermodal depots that are within close proximity to several ports and inland rail as well as offering excess warehouse and assembly capacity to both our existing and prospective customers in strategic locations throughout our network.

儘管關稅的潛在結果存在著許多不確定性，但我們也在這種不穩定的環境中尋找機會。我們正積極與客戶溝通我們在肯塔基州路易斯維爾的製造能力，提供靠近多個港口和內陸鐵路的多式聯運倉庫存儲解決方案，並為我們整個網絡戰略位置的現有和潛在客戶提供多餘的倉庫和裝配能力。

We are consulting with our customers to assist with their contingency planning efforts to mitigate the effects of tariffs as well as assist in any near or reshoring planning they're engaged in. We'll have additional updates on our Q2 call.

我們正在與客戶協商，協助他們制定應急計劃，以減輕關稅的影響，並協助他們進行任何近岸或回流計劃。我們將在第二季電話會議上提供更多更新資訊。

Once again, I want to thank all of our employees for their continued hard work and dedication. And to customers, and to our customers. Thank you for your continued trust in Universal. I'll now turn the call over to Jude for more color on our financials and expectations for the remainder of the year. Jude?

我再次感謝我們所有員工的持續努力和奉獻。對客戶，對我們的客戶也是如此。感謝您對環球影業的持續信任。現在我將把電話轉給 Jude，以進一步了解我們的財務狀況以及今年剩餘時間的預期。裘德？

Thanks, Tim. Good morning, everyone. Yesterday, Universal Logistics Holdings reported consolidated net income of $6 million or $0.23 per share on total operating revenues of $382.4 million in the first quarter of 2025. This compares to net income of $52.5 million or $1.99 per share on total operating revenues of $491.9 million during the same period last year.

謝謝，蒂姆。大家早安。昨日，環球物流控股公司公佈，2025 年第一季綜合淨收入為 600 萬美元，即每股 0.23 美元，總營業收入為 3.824 億美元。相比之下，去年同期的淨收入為 5,250 萬美元，即每股 1.99 美元，總營業收入為 4.919 億美元。

Consolidated income from operations was $15.7 million for the quarter compared to $75.1 million one year earlier. EBITDA decreased $45.2 million to $51.7 million, which compares to $96.9 million during the same period last year. Our operating margin and EBITDA margin for the first quarter of 2025 are 4.1% and 13.5% of total operating revenues. These metrics compared to 15.3% and 19.7% respectively in the first quarter of 2024.

本季綜合營業收入為 1,570 萬美元，去年同期為 7,510 萬美元。EBITDA 減少 4,520 萬美元至 5,170 萬美元，去年同期為 9,690 萬美元。我們 2025 年第一季的營業利潤率和 EBITDA 利潤率分別為總營業收入的 4.1% 和 13.5%。相較之下，2024 年第一季的這些指標分別為 15.3% 和 19.7%。

Looking at our segment performance for the first quarter of 2025 in our contract logistics segment, which includes our value add and dedicated transportation businesses, income from operations decreased $57.6 million to $23.9 million on $255.9 million of total operating revenues. This compares to operating income of $81.5 million on $313.5 million of total operating revenue in the first quarter of 2024.

縱觀我們合約物流部門 2025 年第一季的業績，其中包括我們的增值業務和專用運輸業務，營業收入減少了 5,760 萬美元，至 2,390 萬美元，總營業收入為 2.559 億美元。相較之下，2024 年第一季的總營業收入為 3.135 億美元，營業收入為 8,150 萬美元。

For comparison purposes, in the first quarter of 2025 included $56.4 million of revenue attributable to our recent acquisition of Parsec. While the first quarter of 2024 included $95.3 million of revenue attributable to our specialty development program, which, as mentioned, was completed in 2024. Operating margins for the quarter were 9.3% of total operating revenues compared to 26% one year earlier.

為了進行比較，2025 年第一季包括我們最近收購 Parsec 帶來的 5,640 萬美元收入。而 2024 年第一季的收入包括 9,530 萬美元，這歸因於我們的專業開發計劃，如前所述，該計劃於 2024 年完成。本季營業利益率為總營業收入的 9.3%，而去年同期為 26%。

Overall, the decline in operating margin for a contract logistics segment was attributable to sub-seasonal start to the year in auto production volumes, the completion of the previously mentioned specialty development program, and the impact of both the intangibles and accelerated depreciation on equipment related to the Parsec acquisition.

總體而言，合約物流部門營業利潤率的下降歸因於年初汽車產量低於季節性、前面提到的專業開發計劃的完成，以及與 Parsec 收購相關的無形資產和設備加速折舊的影響。

Onto our intermodal segment, operating revenues decreased $7.7 million to $70.7 million compared to $78.4 million in the same period last year, and income from operations decreased $2.4 million to an operating loss of $10.7 million. This compares to an operating loss of $8.3 million in the first quarter of 2024. Operating ratios for the quarter were 115.1% versus 110.6% last year.

在我們的多式聯運部門，營業收入從去年同期的 7,840 萬美元減少 770 萬美元至 7,070 萬美元，營業收入減少 240 萬美元至營業虧損 1,070 萬美元。相較之下，2024 年第一季的營業虧損為 830 萬美元。本季的營業比率為 115.1%，去年同期為 110.6%。

In our trucking segment, operating revenues for the quarter decreased $14.1 million to $55.6 million compared to $69.7 million in the same quarter last year, and income from operations decreased $1.5 million to $2.2 million. This compares to $3.7 million in the first quarter of 2024. Operating margins for the quarter were 3.9% versus 5.3% last year.

在我們的卡車運輸部門，本季的營業收入與去年同期的 6,970 萬美元相比減少了 1,410 萬美元，至 5,560 萬美元，營業收入減少了 150 萬美元，至 220 萬美元。相比之下，2024 年第一季的營收為 370 萬美元。本季營業利益率為 3.9%，去年同期為 5.3%。

On our balance sheet, we held cash and cash equivalents totaling $20.6 million, $12 million of marketable securities. Outstanding interest-bearing debt net of $3.3 million of debt issuance costs, totaled $736.7 million at the end of the period, and excluding lease liabilities related to ASC 842, our net interest-bearing debt to reported TTM EBITDA was 2.6 times.

在我們的資產負債表上，我們持有的現金和現金等價物總額為 2,060 萬美元，有價證券總額為 1,200 萬美元。在扣除 330 萬美元的債務發行成本後，未償還的計息債務在期末總計 7.367 億美元，並且不包括與 ASC 842 相關的租賃負債，我們的淨計息債務與報告的 TTM EBITDA 比率為 2.6 倍。

Capital expenditures for the quarter were $52.6 million. Excluding any impact of tariffs for the second quarter of 2025, we are expecting top-line revenues between $390 million and $410 million and operating margins between 5% and 7%, and EBITDA margins in the 14% to 16% range.

本季資本支出為 5,260 萬美元。不計入 2025 年第二季關稅的影響，我們預期營業收入在 3.9 億美元至 4.1 億美元之間，營業利潤率在 5% 至 7% 之間，EBITDA 利潤率在 14% 至 16% 之間。

For the full year, we are expecting capital expenditures for equipment to be in the $100 to $125 million range and real estate between $55 million and $65 million. Interest rate is expected to come in between $48 million and $51 million.

就全年而言，我們預計設備資本支出將在 1 億至 1.25 億美元之間，房地產資本支出將在 5,500 萬美元至 6,500 萬美元之間。預計利率將在 4800 萬美元至 5100 萬美元之間。

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 June 2 and is expected to be paid on July 1, 2025. With that, Andrew, we're ready to take some questions.

最後，週三，我們的董事會宣布環球影業每股 0.105 美元的定期季度股息。本季的股利將支付給 6 月 2 日營業結束時登記在冊的股東，預計將於 2025 年 7 月 1 日支付。安德魯，我們準備回答一些問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hi, good morning, everyone. This is Andrew Cox on for Bruce.

大家好，早安。我是安德魯·考克斯 (Andrew Cox)，代替布魯斯。

Hey Andrew.

嘿，安德魯。

Hey there, hey guys. I just wanted to kind of get a sense of how auto OEMs were trending month to date and how the conversations with auto OEMs are going for their expectations for the rest of the year. I mean, I know you guys said that -- I saw some progression as the quarter went on and and saw some improvement at the March. I mean, we've all seen the our data for March, it does seem like there was a pull forward there. So we just kind of trying to understand how volumes and expectations are trending since then, and how things may have changed for the rest of the year? Thank you.

嘿，大家好。我只是想了解汽車原始設備製造商本月迄今為止的發展趨勢，以及與汽車原始設備製造商的對話對他們對今年剩餘時間的期望如何。我的意思是，我知道你們這麼說過——隨著本季的進行，我看到了一些進展，並且在三月也看到了一些改善。我的意思是，我們都看到了三月的數據，看起來確實有一個提前的跡象。所以我們只是想了解自那時以來交易量和預期趨勢如何，以及今年剩餘時間狀況可能發生了怎樣的變化？謝謝。

Yeah, for sure, Andrew, I'll talk about the progression in the quarter and then Tim we'll get to the outlook. So as we kind of mentioned in the comments, we really had a slow start to the year. And although we don't normally don't provide intra-quarter analysis, I think it's worth mentioning it this quarter just because of how dramatic it was. So in January of this year, Universal experienced its first loss ever in January.

是的，當然，安德魯，我會談論本季度的進展，然後蒂姆我們會討論前景。正如我們在評論中提到的那樣，今年我們的開局確實比較緩慢。雖然我們通常不提供季度內分析，但我認為本季值得一提，因為它太引人注目了。因此今年 1 月，環球影業遭遇了 1 月以來的首次虧損。

So we went into February $0.05 in the hole, losing $0.05 of EPS per share. Then the quarter slowly got better. We went from negative $0.05 cents a share in January to positive $0.09 a share in February, and then $0.19 a share in March.

因此，我們 2 月的虧損為 0.05 美元，每股收益損失 0.05 美元。隨後本季的情況逐漸好轉。我們從 1 月每股負 0.05 美元漲至 2 月每股正 0.09 美元，然後 3 月每股正 0.19 美元。

So the quarter really started out low and the business really rebounded well. So for example, our cross-stock tonnage in February was up 30% from January. And then March's cross stock tonnage was up 64% from January's levels.

因此，本季的開局確實很低，但業務確實反彈良好。例如，我們 2 月的跨庫存噸位比 1 月增加了 30%。3 月的交叉庫存噸位較 1 月增加了 64%。

Auto production was up 29% in February from January, and then up 67.1% in March from January. And then lifts at our Parsec business were up 24.2% from February, then 43.5% from January. And we also saw some nice trends as well in our intermodal business where intermodal volumes were up 13% in February from January's numbers and then 53% from January -- from March to January.

2月份汽車產量較1月增加29%，3月汽車產量較1月增加67.1%。我們的 Parsec 業務的增幅比 2 月增長了 24.2%，比 1 月增長了 43.5%。我們在多式聯運業務中也看到了一些良好的趨勢，2 月份的多式聯運量比 1 月份增長了 13%，而 3 月份到 1 月份則比 1 月份增長了 53%。

So there was a lot of really great improvement as the quarter progressed. And if we just would have had an environment in January that was similar to February, the results would have looked a lot different. We would have definitely been within our guidance range of, around $400 million of revenue, EPS of around 41% and well within our 14% to 16% guide on EBITDA. So a real rough to the start of the year, but the numbers that I just showed really showed the rebound in auto. And of course, then how our earnings were really driven by that additional volume coming into our facilities which showed the operating leverage that we have in the business. Do you want to go through the outlook, Tim?

因此，隨著本季的進展，我們確實取得了巨大的進步。如果我們一月份的環境與二月相似，結果就會大不相同。我們肯定會達到我們的預期範圍，即營收約 4 億美元，每股收益約 41%，EBITDA 遠低於我們的 14% 至 16% 預期。因此，今年年初的情況確實很艱難，但我剛才展示的數字確實顯示了汽車產業的反彈。當然，我們的利潤實際上是由進入我們工廠的額外產量所推動的，這顯示了我們在業務中擁有的經營槓桿。提姆，你想了解前景嗎？

Yeah, and then I would extend from from March on what Jude was speaking about. We've had some A really good collaborative conversations with various OEMs that we serve. While there is some uncertainty on sourcing of parts, there's been no alarms that have been sounded on direction. In fact, we feel that our footprint within the US gives us a definite advantage on servicing some of the high production plants that the autos have.

是的，然後我會延續 Jude 從三月開始談論的內容。我們與我們服務的各個 OEM 進行了一些非常好的合作對話。儘管在零件來源方面存在一些不確定性，但尚未在方向上發出警報。事實上，我們認為我們在美國境內的業務為我們在為一些高產量汽車工廠提供服務方面提供了明顯的優勢。

So we feel good, and I think we've mentioned that in our prepared remarks that at least two of the facilities we service in the United States, they're looking at ramped up production, so line speed, some facilities looking at extending from five to six days and then various things that we see over that quarter coming up and onward, nothing that alarms us from a production standpoint.

所以我們感覺很好，我想我們在準備好的評論中提到過，我們在美國服務的至少兩個工廠正在考慮提高產量，所以生產線速度，一些工廠正在考慮將生產時間從五天延長到六天，然後我們看到在接下來的那個季度和之後的各種事情，從生產的角度來看，沒有什麼讓我們感到擔憂的。

So I think I also mentioned in the prepared remarks. We're ready, willing, and able to provide other logistics solutions within the United States as well as -- we're in close proximity to most of these plants. So we feel comfortable that whatever their strategies are and how they realign their supply chain, we'll be there to help them consult and hopefully optimize their network.

所以我想我也在準備好的發言中提到過。我們已經準備好、願意並且能夠在美國境內提供其他物流解決方案，而且我們距離大多數工廠都很近。因此，我們感到放心，無論他們的策略是什麼，無論他們如何調整供應鏈，我們都會為他們提供諮詢協助，並希望優化他們的網路。

What one more final comment, dovetailing off of Tim's comments, Andrew, is that, the automotive companies have really done a nice job too of unwinding those large inventories that we saw in the middle of last year.

安德魯，最後還有一點評論，與蒂姆的評論相呼應，那就是汽車公司在消化去年年中看到的大量庫存方面確實做得很好。

So towards the end of Q4, some of the industry rags were printing. There was about 3 to 3.1 million of units on the ground in late Q4, early Q1. Well, those numbers are now down to 2.6 million. So basically they've unwound 500,000 units net in 11%, which is a reduction of like 16%.

因此，在第四季末，一些行業新聞開始印刷。第四季末和第一季初，地面上大約有 300 萬到 310 萬台設備。現在，這個數字已經下降到 260 萬。因此，他們基本上以 11% 的幅度淨撤回了 50 萬個單位，減少了 16%。

If you also look at the new day's supply of inventory in June of last year, that number was averaging 116 days. That number is now 70 days. So once again, a reduction of 40%. So if tariffs don't kill the entire industry, we're really set up in the back half for some decent production numbers, which will really drive our results.

如果你還看去年 6 月的新庫存日供應量，這個數字平均是 116 天。現在這個數字是 70 天。因此再次減少了 40%。因此，如果關稅不會扼殺整個行業，那麼我們在下半年將有望實現一些不錯的產量，這將真正推動我們的業績。

That's really good to hear, and that you know that corroborates some of the other commentary we've heard where shippers. At this point, seem to be a little bit more afraid of rising cost and the potential for demand destruction, at this point, so that's good to hear.

聽到這個消息真是太好了，這證實了我們聽到的其他一些托運人的評論。此時，似乎更加擔心成本上升和需求破壞的可能性，所以聽到這個消息是件好事。

On that front, talking about inventories maybe more on a more broader sense in the -- in some of the other verticals that you serve. Are you seeing a kind of wait and see approach taking hold here? I mean that kind of seems to be the consensus we see forming just until we get a little bit more clarity on the tariff policy. What are you guys seeing there?

在這方面，在您所服務的其他一些垂直領域中，談論庫存可能更為廣泛。您是否看到這裡正在採取一種觀望態度？我的意思是，在關稅政策更加明朗之前，我們看到的共識似乎正在形成。你們在那裡看到了什麼？

I would agree with that. We're seeing in customer communication a wait-and-see approach. Some customers have potentially more -- can be more affected by the tariffs than others. And they're strategizing as they went through the quarter and go into this quarter what they do, where they source from.

我同意這一點。我們在與客戶的溝通中看到一種觀望的態度。有些客戶可能比其他客戶受到更大的關稅影響。他們正在製定整個季度的策略，並計劃在本季做什麼、從哪裡採購。

Once again, as we get in in some of our other segments other than just four walls of value added, we're pretty well positioned in port and rail cities that we can offer storage. We can offer metering out of our various yards and locations.

再一次，當我們進入除了增值業務之外的其他一些領域時，我們在港口和鐵路城市佔據了相當有利的地位，可以提供儲存服務。我們可以提供各個場地和地點的計量服務。

So if this -- if it is determined that they're going to pull some stuff forward, we're able to help with storage solutions and metering solutions. But at this point we have had nobody make definitive this is how we see quarter two, three, four looking. So we're kind of aligning with you on what you're hearing from the rest.

因此，如果確定他們要提前完成一些事情，我們可以提供儲存解決方案和計量解決方案的協助。但目前我們還沒有人明確指出第二、三、四季的前景如何。因此，我們在某種程度上同意您從其他人那裡聽到的觀點。

Okay, and on the on those facilities you're speaking of where you can do some metering and some warehousing around the ports, can you remind us of the kind of the geographical dispersion of those are you guys more west or east coast based? What -- where is the dispersion there?

好的，關於您提到的可以在港口周圍進行一些計量和倉儲的設施，您能否提醒我們這些設施的地理分佈情況，您更側重於西海岸還是東海岸？什麼——那裡的散射在哪裡？

Well, nationally, so when it comes to port alignment, we're in LA Long Beach, the Inland Empire, Oakland, Inland and Stockton, Seattle and Portland, and then we got the ports. On the east coast, all the way from Jersey, all the way down to Jacksonville. And then if you look at the infrastructure of the rail network, we're placed in all major rail network in cities such as Chicago, Dallas.

嗯，就全國而言，當談到港口佈局時，我們在洛杉磯長灘、內陸帝國、奧克蘭、內陸和斯托克頓、西雅圖和波特蘭，然後我們有港口。在東海岸，從澤西一直到傑克遜維爾。如果你看一下鐵路網的基礎設施，你會發現我們已涵蓋芝加哥、達拉斯等城市的所有主要鐵路網。

We do have a presence I mentioned on ports, but we also service the port of Houston. So we're pretty well connected. I also feel really good about our potential in Atlanta. I don't think we'll miss anything on the intermodal front. I think we're positioned well in our warehouses and our LOCs around the country are positioned close to manufacturing. So if you can think of major manufacturing around the country, there's a good chance we have one of our facilities there.

我之前提到過，我們確實在港口有業務，但我們也為休士頓港提供服務。所以我們的關係很好。我對我們在亞特蘭大的潛力也感到非常樂觀。我認為我們不會錯過多式聯運方面的任何事情。我認為我們的倉庫位置很好，而且我們全國各地的 LOC 都位於靠近製造廠的位置。因此，如果您能想到全國各地的主要製造業，那麼我們很有可能在那裡設有一個工廠。

And as a follow up, what what kind of scenarios are you guys contemplating for the potential for [tariff] or for imports to fall off kind of abruptly here beginning, it seems, like first week of May. What are the kind of scenario analysis you guys are going through there?

接下來的問題是，你們考慮了什麼樣的情景，以防 [關稅] 或進口從 5 月第一周開始突然下降。你們正在進行什麼樣的情境分析？

Yeah, I mean, we're kind of just kind of dovetailing off of some of the comments that were brought out by the National Retail Federation with the report that came out a couple of days ago, or maybe maybe late last week. They were kind of looking for about a 15% reduction in imports that should start hitting you know mid to late May so we're just kind of looking at that our intermodal business and kind of dovetailing off of what's been out there but other than that, there's not a whole lot to report.

是的，我的意思是，我們只是在某種程度上對美國零售聯合會幾天前或上週晚些時候發布的報告所提出的一些評論進行了銜接。他們希望進口量減少 15% 左右，預計會在 5 月中下旬開始下降，所以我們只是在關注我們的多式聯運業務，並與現有的情況相吻合，但除此之外，沒有太多可報告的資訊。

Okay, understood and I guess I got one last one here, on the flatbed market. We've seen some broad signs of strengthening it's been relatively stronger than than the rest of the tracking modes year-to-date. But we have seen a little bit of rollover. It seems that that there was some maybe some pull forward and and certain input materials and raw materials in certain places of the country.

好的，明白了，我想我在平板市場上得到了最後一個。我們已經看到了一些廣泛的加強跡象，今年迄今為止它的表現比其餘的追蹤模式相對強勁。但我們已經看到了一些轉變。看起來，該國某些地方的某些投入材料和原材料可能存在一定程度的提前。

I just kind of wanted to see how the broader tightening of the flatbed market has impacted, particularly, your heavy haul business or or any of your flatbed offerings. If you seen some episodic tightening in places that that have helped rates, or is this really just driven by a continued expansion into the heavy-haul business? Thank you.

我只是想看看平闆卡車市場的全面緊縮對你們的重型運輸業務或任何平闆卡車產品有何影響。您是否看到一些地方出現間歇性緊縮政策，從而對費率有所提高，或者這僅僅是由於重型貨運業務的持續擴張所致？謝謝。

Yeah, I would like, on the heavy-haul wind business, we have seen an expansion of that that really influences our open-deck division. If you want to consider the differential between heavy haul specialized, which we break off into a separate unit, our open deck division is is being. I would say pretty consistent.

是的，我想，在重型風電業務方面，我們已經看到它的擴張，這確實影響了我們的露天甲板部門。如果您想考慮重型貨運專業部門（我們將其拆分為單獨的部門）之間的差異，我們的露天甲板部門正在進行中。我想說的是相當一致。

We've seen a little bit of lift as the quarter progressed. But nothing that I would call outstanding that we could sit here on this call and tell you about. So I think things are pretty status quo. Pricings remained relatively stable, but there's been no great upward lift at this point in flatbed transportation.

隨著本季度的進展，我們看到了一點提升。但我認為沒有什麼特別突出的事情，我們可以坐下來透過這次電話會議告訴你們。所以我認為事情還處於現狀狀態。價格保持相對穩定，但平板運輸目前還沒有出現大的上漲。

Okay, thank you all so much for the time.

好的，非常感謝大家抽空。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time. Please proceed with closing remarks.

（操作員指示）目前沒有其他問題。請繼續致結束語。

Thank you, Andrew. Universal will remain disciplined with our cost control initiatives while focusing our sales efforts on new and existing customers, helping them shape their supply chain by providing a customer-centric approach to accuracy, velocity, and visibility. While we realize the transportation and logistics landscape remains uncertain, we remain focused on the opportunities this will present.

謝謝你，安德魯。環球將繼續嚴格執行成本控制措施，同時將銷售重點放在新舊客戶身上，透過以客戶為中心的方法提高準確性、速度和可見性，幫助他們塑造供應鏈。雖然我們意識到運輸和物流格局仍然不確定，但我們仍然關注由此帶來的機會。

Thank you for joining today's call. We look forward to continued conversation next quarter.

感謝您參加今天的電話會議。我們期待下個季度繼續對話。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。