Universal Logistics Holdings Inc (ULH) 2025 Q2 法說會逐字稿

Hello and welcome to Universal Logistics Holdings second-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加環球物流控股 2025 年第二季財報電話會議。（操作員指示）

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 belief, expect, anticipate, and project. Such statements are subject to risk 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，可以透過信念、期望、預期和預測等詞語來識別。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。

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.

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。

Thank you. Mr. Phillips, you may begin.

謝謝。菲利普斯先生，您可以開始了。

Good morning and thank you for joining Universal's second-quarter 2025 earnings call. The second quarter of 2025 remained a challenging environment across the transportation and logistics industry. We saw a freight market, slightly lower automotive production, and tough comps from a prior year all contributed to a muted but better overall result sequentially.

早安，感謝您參加環球影業 2025 年第二季財報電話會議。2025 年第二季度，整個運輸和物流產業仍面臨充滿挑戰的環境。我們看到貨運市場、汽車產量略有下降以及與上年相比的艱難表現，都導致了整體業績環比增長，但有所改善。

However, our performance was broadly in line with our expectations, and we continued to take the necessary steps to manage costs, enhance efficiencies, and position the business for long-term growth.

然而，我們的業績大致符合預期，我們繼續採取必要措施來管理成本、提高效率並為業務的長期成長做好準備。

Before diving into the numbers, I would like to recognize the efforts of our over 11,000 employees and contractors. Their continued dedication and effort have consistently provided our customers with a seamless, best-in-class service in a difficult environment.

在深入探討這些數字之前，我想先表揚一下我們 11,000 多名員工和承包商所做的努力。他們持續的奉獻和努力使得我們的客戶在艱難的環境中始終如一地提供無縫、一流的服務。

Let's review the results for the quarter. Universal reported second-quarter 2025 operating revenues of $393.8 million, with net income of $8.3 million or $0.32 per diluted share. Operating income for the quarter was $19.9 million, representing a 5.1% operating margin. EBITDA up came in at $56.2 million or 14.3% of revenue. While down from the prior year, these results reflect our continued ability to generate solid cash flows and maintain profitability in a persistently soft freight market.

讓我們回顧一下本季的業績。環球影業公佈 2025 年第二季營業收入為 3.938 億美元，淨收入為 830 萬美元，即每股攤薄收益 0.32 美元。本季營業收入為 1,990 萬美元，營業利潤率為 5.1%。EBITDA 達到 5,620 萬美元，佔營收的 14.3%。雖然與去年相比有所下降，但這些業績反映了我們繼續有能力產生穩健的現金流並在持續疲軟的貨運市場中保持盈利能力。

Now let's look at performance by segment. Our contract logistics segment remains the cornerstone of our results. Revenues were $260.6 million, down slightly from Q2 of last year. The integration of Parsec continues to progress smoothly and contributed $55 million in revenue during the quarter.

現在讓我們來看看各部分的表現。我們的合約物流部門仍然是我們績效的基石。營收為 2.606 億美元，較去年第二季略有下降。Parsec 的整合繼續順利進行，並在本季度貢獻了 5,500 萬美元的收入。

As a reminder, the prior year included $44.6 million of revenue related to our now completed development project in Stanton, Tennessee. Contract logistics operating income was $21.8 million with an 8.4% margin. While margins were lower year over year due to the absence of the special development project and increased depreciation and amortization on a recent Parsec acquisition, the core business remains healthy.

提醒一下，上一年的收入包括與我們現已完成的田納西州斯坦頓開發項目相關的 4460 萬美元收入。合約物流營業收入為 2,180 萬美元，利潤率為 8.4%。雖然由於缺乏特殊開發項目以及最近收購 Parsec 導致折舊和攤提增加，利潤率比去年同期下降，但核心業務依然健康。

We continue to operate 87 value-added programs, including 20 rail terminals, up from 68 programs a year ago. We are confident in the stability and long-term growth prospects of this segment, especially as we integrate our expanded footprint and pursue new contract opportunities.

我們繼續經營 87 個增值項目，其中包括 20 個鐵路終點站，而一年前有 68 個項目。我們對該領域的穩定性和長期成長前景充滿信心，特別是在我們整合擴大的業務範圍並尋求新的合約機會時。

Turning to trucking, revenues were $64.1 million, down nearly 30% year over year. This was primarily due to the 22.6% drop in load volumes and an 8.9% decrease in revenue per load, excluding fuel surcharges. That said, I'm encouraged by the 5.2% operating margin, up from 4.8% a year ago and the $3.3 million in operating income.

談到卡車運輸，收入為 6,410 萬美元，年減近 30%。這主要是由於貨運量下降 22.6% 以及每貨運收入（不包括燃油附加費）下降 8.9%。話雖如此，我對 5.2% 的營業利潤率感到鼓舞，高於一年前的 4.8% 和 330 萬美元的營業收入。

Our focus on specialized freight, including our wind energy business, continues to support more resilient margins even in the depressed market. Sequential improvements from the first quarter [see] that we're on the right path, and we expect improvement in the second half of the year.

我們對專業貨運的關注，包括我們的風能業務，即使在低迷的市場中也繼續支持更具彈性的利潤率。從第一季開始的連續改善表明我們正走在正確的道路上，我們預計下半年也會有所改善。

Our intermodal segment remains under pressure, but we are seeing signs of progress. Revenues were $68.9 million, down 13.5% year over year. Load volumes declined nearly 13%, but pricing showed some stability, with a slight improvement in revenue per load excluding fuel. We narrowed our operating loss to $5.7 million from $10.7 million in the first quarter and sequentially improved our operating ratio, [108.2 from 115.1] in Q1.

我們的多式聯運部門仍然面臨壓力，但我們看到進步的跡象。營收為 6,890 萬美元，年減 13.5%。貨運量下降了近 13%，但定價表現出一定的穩定，不包括燃料在內的每趟貨運收入略有提高。我們將營業虧損從第一季的 1,070 萬美元縮減至 570 萬美元，並連續提高了第一季的營業比率（從 115.1 升至 108.2）。

While we are not where we want to be, the quarter-over-quarter progress is encouraging. Our focus remains on optimizing operations and exiting an unprofitable business, rationalizing all costs, and positioning this segment to return to profitability.

雖然我們還沒有達到我們想要的水平，但季度環比的進展還是令人鼓舞的。我們的重點仍然是優化營運、退出無利可圖的業務、合理化所有成本，並使該部門恢復盈利能力。

Across all segments, we remain focused on cost discipline, operational execution, and expanding our sales pipeline. Our diverse service portfolio continues to provide balance and stability as we manage through cyclical pressures. As we continue to navigate a softer freight market, we are doubling down on strategic initiatives to strengthen our sales engine and drive long-term profitable growth.

在所有領域，我們仍然專注於成本控制、營運執行和擴大銷售管道。在我們應對週期性壓力的過程中，我們多樣化的服務組合持續提供平衡和穩定。隨著我們繼續應對疲軟的貨運市場，我們正在加倍採取策略性舉措，以加強我們的銷售引擎並推動長期獲利成長。

We have a new executive leadership shaping our enterprise-wide sales and business development initiatives. This role reflects our commitment to building a more integrated and customer-driven sales organization that aligns with Universal's long-term strategic objectives.

我們擁有新的執行領導階層，負責制定企業範圍的銷售和業務發展計畫。這個職位體現了我們致力於建立一個更一體化、以客戶為導向的銷售組織，以符合環球的長期策略目標。

In addition, we've expanded our sales organization with hiring of several senior sales directors across key regions and service lines. These hires bring deep experience and strong customer relationships in core industries, including automotive, industrial, and retail.

此外，我們也擴大了銷售組織，在主要地區和服務線上招募了多位資深銷售總監。這些員工在汽車、工業和零售等核心產業帶來了豐富的經驗和強大的客戶關係。

We also began rolling out a new customer relationships management solution to unify sales activity across the company and provide better visibility into our growing $1 billion sales pipeline. These enhancements are already yielding improved coordination and accelerating the pace at which we are able to identify and presenting customer-centric solutions. We expect our enhanced commercial capabilities to play a critical role in achieving our margin growth targets over the coming quarters.

我們也開始推出新的客戶關係管理解決方案，以統一整個公司的銷售活動，並更深入了解我們不斷成長的 10 億美元銷售管道。這些改進已經提高了協調性，並加快了我們識別和提出以客戶為中心的解決方案的速度。我們預計，增強的商業能力將在未來幾季實現利潤成長目標方面發揮關鍵作用。

To close, while the macro environment remains challenging, I am confident in our team, our strategy, and our ability to adapt and execute. We're taking the right steps to weather the near-term storm while positioning Universal for sustained, profitable growth over the long term. Thank you again to all our team members for your continued dedication and to our customers and shareholders for your ongoing trust and support.

最後，儘管宏觀環境仍然充滿挑戰，但我對我們的團隊、我們的策略以及我們的適應和執行能力充滿信心。我們正在採取正確的措施來度過近期的困難時期，同時為環球影業的長期持續獲利成長做好準備。再次感謝我們所有團隊成員的持續奉獻，也感謝我們的客戶和股東的持續信任和支持。

I will now turn the call over to Jude to provide additional details on the financials and our outlook going forward. Jim?

現在我將把電話轉給 Jude，讓他提供更多有關財務狀況和未來展望的細節。吉姆？

Thanks, Tim. Good morning, everyone. Yesterday, Universal Logistics Holdings reported consolidated net income of $8.3 million, or $0.32 per share on total operating revenues of $393.8 million in the second quarter of 2025. This compares to net income of $30.7 million or $1.17 per share on total operating revenues of $462.2 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 年第二季綜合淨收入為 830 萬美元，即每股 0.32 美元，總營業收入為 3.938 億美元。相比之下，去年同期的淨收入為 3,070 萬美元，即每股 1.17 美元，總營業收入為 4.622 億美元。

Consolidated income from operations was $19.9 million for the quarter compared to $47.1 million one year earlier. EBITDA decreased $28.6 million to $56.2 million, which compares to $84.8 million during the same period last year. Our operating margin and EBITDA margin for the second quarter of 2025 are 5.1% and 14.3% of total operating revenues. These metrics compared to 10.2% and 18.4% respectively in the second quarter of 2024.

本季綜合營業收入為 1,990 萬美元，去年同期為 4,710 萬美元。EBITDA 減少 2,860 萬美元至 5,620 萬美元，而去年同期為 8,480 萬美元。我們 2025 年第二季的營業利潤率和 EBITDA 利潤率分別為總營業收入的 5.1% 和 14.3%。相較之下，2024 年第二季這些指標分別為 10.2% 和 18.4%。

Looking at our segment performance for the second quarter of 2025 in our contract logistics segment, which includes our value add and dedicated transportation businesses, income from operations decreased $31.1 million to $21.8 million on $260.6 million of total operating revenues. This compares to operating income of $52.9 million on $263.6 million of total operating revenue in the second quarter of 2024.

縱觀我們合約物流部門 2025 年第二季的業績，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 3,110 萬美元，至 2,180 萬美元，總營業收入為 2.606 億美元。相較之下，2024 年第二季的總營業收入為 2.636 億美元，營業收入為 5,290 萬美元。

For comparison purposes, in the second quarter of 2025 included $55 million of revenue attributable to our recent acquisition of Parsec, while the second quarter of 2024 included $44.6 million of revenue attributable to our specialty development program, which was completed in late 2024. Operating margins for the quarter were 8.4% of total operating revenues compared to 20.1% one year earlier.

為了進行比較，2025 年第二季包括歸因於我們最近收購 Parsec 的 5,500 萬美元收入，而 2024 年第二季包括歸因於我們的專業開發計劃的 4,460 萬美元收入，該計劃於 2024 年底完成。本季營業利益率為總營業收入的 8.4%，而去年同期為 20.1%。

Onto our intermodal segment. Operating revenues decreased $10.7 million to $68.9 million compared to $79.7 million in the same period last year, and operating results improved $3 million to an operating loss of $5.7 million. This compares to an operating loss of $8.6 million in the second quarter of 2024. Operating ratios for the quarter were [1,082] versus [1,108] last year.

進入我們的多式聯運領域。營業收入從去年同期的 7,970 萬美元減少 1,070 萬美元至 6,890 萬美元，營業利潤改善 300 萬美元至營業虧損 570 萬美元。相較之下，2024 年第二季的營業虧損為 860 萬美元。本季的營業比率為 [1,082]，而去年同期為 [1,108]。

In our trucking segment, operating revenues for the quarter decreased $27.4 million to $64.1 million compared to $91.4 million in the same quarter last year, and the income from operations increased $1 million to $3.3 million. This compares to $4.4 million in the second quarter of 2024. Operating margins for the quarter were 5.2% versus 4.8% last year.

在我們的卡車運輸部門，本季營業收入為 6,410 萬美元，較去年同期的 9,140 萬美元減少 2,740 萬美元，營業利潤為 330 萬美元。相比之下，2024 年第二季為 440 萬美元。本季營業利益率為 5.2%，去年同期為 4.8%。

For comparison purposes, one additional item of note. $26.7 million of brokerage revenues are included in the second quarter last year from our now closed company managed brokerage operation in Nashville. On our balance sheet, we held cash and cash equivalents totaling $24.3 million and $9.9 million of marketable securities.

為了進行比較，還有一項值得注意的事項：去年第二季度，我們位於納許維爾、現已關閉的公司管理經紀業務帶來了 2,670 萬美元的經紀收入。在我們的資產負債表上，我們持有總額為 2,430 萬美元的現金和現金等價物以及 990 萬美元的有價證券。

Outstanding interest-bearing debt, net of $3.1 million of debt issuance costs, totaled $795.5 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 3.13 times. Capital expenditures for the quarter were $84.3 million.

期末未償還有息債務（扣除 310 萬美元的債務發行成本）總額為 7.955 億美元。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過去 12 個月 EBITDA 比率為 3.13 倍。本季資本支出為 8,430 萬美元。

For the third quarter of 2025, we are expecting top-line revenues between $390 million and $410 million; operating margins in the 5% to 7% range; and EBITDA margins between 14% to 16%. For the full year, we are expecting top-line revenues between $1.6 billion to $1.7 billion, with operating [and] EBITDA margins similar to our range in our Q3 guidance.

對於 2025 年第三季度，我們預計營業收入在 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。我們預計全年營業收入將在 16 億美元至 17 億美元之間，營業利潤率和 EBITDA 利潤率與我們第三季預測的範圍相似。

For the full year, we are expecting capital expenditures for equipment to be in the $100 million to $125 million range, and real estate between $50 million and $65 million. Interest expense is expected to come in between $48 million and $51 million as well.

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 5,000 萬至 6,500 萬美元之間。預計利息支出也將在 4,800 萬美元至 5,100 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 September 1, 2025, and is expected to be paid on October 1, 2025.

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。本季股利將支付給 2025 年 9 月 1 日營業結束時登記在冊的股東，預計將於 2025 年 10 月 1 日支付。

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

克洛伊，我們準備好回答一些問題了。

(Operator Instructions) Bruce Chan, Stifel.

（操作員指示） Bruce Chan，Stifel。

This is Andrew Cox on for Bruce. Hey guys, just wanted to, I guess, start off here with a bit of the tariff headwind and just discuss how impactful you guys thought it was to 2Q across the business and what are the kind of conversations you're having with customers about potential restocking into 3Q and through year end. And I guess on that note, talk a little bit about what normal seasonality would look like in the business and how you're expecting it to trend relative to that. Thank you.

這是安德魯考克斯 (Andrew Cox) 代替布魯斯。嘿夥計們，我想先從關稅逆風開始，討論一下你們認為它對第二季度整個業務的影響有多大，以及你們與客戶就第三季度和年底的潛在補貨進行了哪些對話。我想就此而言，請您稍微談談業務中正常的季節性是什麼樣的，以及您預計它會如何發展。謝謝。

Yeah, I'll start. This is Tim, Ian. I think the tariffs did have an impact on our intermodal division and imports coming into the country. The way I saw it is we saw a general fall off in some of our normal volumes somewhere in the middle to end of May, and that lasted generally through the month of June. And it appears that that falloff was specifically highlighted about from discount retailers that had a large presence of Chinese sourcing.

是的，我這就開始。這是提姆，伊恩。我認為關稅確實對我們的多式聯運部門和進口產生了影響。我所看到的情況是，我們的一些正常交易量在五月中旬至五月底出現普遍下降，並且這種情況大致持續整個六月。看起來，這種下滑尤其體現在那些有大量中國採購的折扣零售商身上。

While on other customer fronts, that there was some flexibility on sourcing from overseas, so we saw some of those types of customers audible and volumes remained somewhat consistent. But overall, it was an effect on the intermodal division. The other divisions saw a lesser impact as it was related to tariffs.

而在其他客戶方面，從海外採購具有一定的靈活性，因此我們看到一些此類客戶的聲音明顯，並且數量保持相對穩定。但總體而言，這對多式聯運部門產生了影響。其他部門受到的影響較小，因為與關稅有關。

Although in the prepared remarks, as I mentioned, we saw a little bit of a fall off on automotive production. It was minimal on a year-over-year basis, so I didn't see any serious challenge. The way I read the output from the autos is that they did a good job, trying to source [before] they had to source from and making those key strategic war room decisions.

儘管在準備好的發言中，正如我所提到的，我們看到汽車產量略有下降。與去年同期相比，這一增幅很小，因此我沒有看到任何嚴峻的挑戰。我對汽車輸出的解讀是，它們做得很好，在必須尋找來源之前就嘗試尋找來源，並做出了那些關鍵的戰略作戰室決策。

Now, as we level set, I don't know if there's really any clear firm direction that we're getting on where we're going to go from a tariff basis. You know what you read as I do in the news.

現在，當我們設定水平時，我不知道我們是否真的有任何明確的方向，即從關稅基礎來看我們將走向何方。您和我一樣，知道自己在新聞中讀到了什麼。

We do believe we will see some normal cyclical uplift as we normally would in the third quarter. We believe that some of the intramodal volumes will be more cyclical in nature, but there's definitely a pause and how much lift that will be. I think that we will see some pent-up ordering that wasn't done in the second quarter, especially when it comes to the discount retailers. We'll probably hit [shores] this quarter, so we expect that to help our numbers.

我們確實相信，我們將會看到一些正常的周期性上升，就像我們在第三季通常會看到的那樣。我們認為，一些聯運量本質上將更具週期性，但肯定會有一個停頓，並且會有多大程度的提升。我認為，我們會看到一些第二季未完成的積壓訂單，尤其是折扣零售商的訂單。我們可能會在本季度登陸，因此我們預計這對我們的業績有所幫助。

Beyond that, I really couldn't give you good guidance on what it looks like exiting the year from an import standpoint.

除此之外，從進口的角度來看，我真的無法給你關於今年年底情況的良好指導。

Just one more comment. This is Jude. I think also when you look at the ISRs across retail, wholesale, and manufacturing, they're all kind of flattish to down a little bit year over year. So although there's been a lot of the choppiness in the first half of the year due to tariffs, you would think that because of how those inventory to sales ratios are shaking out, that would be a catalyst for a back half. But I think as Tim alluded to it, it's kind of wait and see at this moment.

還有一則評論。這是裘德。我認為，當你查看零售、批發和製造業的 ISR 時，它們都比去年同期持平或略有下降。因此，儘管由於關稅，上半年出現了許多波動，但你會認為，由於庫存與銷售比率的變化，這將成為下半年的催化劑。但我認為，正如蒂姆所暗示的那樣，目前還是需要拭目以待。

Yeah, certainly, so it does seem that the retailers in particular are a bit lean right now. Sticking with that intermodal part of the business, discussing some of the profitability initiatives you guys have ongoing, can you refresh this here and walk us through the progress and timeline here thus far? I mean, narrows -- the loss is narrowed this quarter, but is it realistic to expect this business to reach a turning point by the end of the year? And particularly, I mean, possibly get into -- back into the [black] based on the current business trends? Or is this looking towards a 2026 event?

是的，確實如此，所以現在零售商確實顯得有些拮据。繼續討論業務的多式聯運部分，討論你們正在進行的一些盈利舉措，您能否在這裡回顧一下，並向我們介紹迄今為止的進展和時間表？我的意思是，本季的虧損有所縮小，但期望這項業務在年底前達到轉折點是否現實？具體來說，我的意思是，根據當前的商業趨勢，有可能重新獲利嗎？還是這是對 2026 年活動的展望？

Yeah, I mean, to start with the last part of your question, our goal is to return to profitability in the third or fourth quarter. A good percentage of what we need to do is on the top end of the funnel. It does depend on the sales activity. It does depend on our pricing profiles as we navigate any additional bids, as well as going back to customers on bids that have already closed to see if there's room for some growth.

是的，我的意思是，從你問題的最後一部分開始，我們的目標是在第三季或第四季恢復獲利。我們需要做的工作很大一部分都在漏斗的頂端。這確實取決於銷售活動。這確實取決於我們的定價情況，因為我們會處理任何額外的出價，也會回到已經結束出價的客戶那裡，看看是否還有成長空間。

We think we're well positioned from an asset standpoint in the markets where we need to grow. We think we're very well positioned and made the commitment and investments from a location standpoint on our properties as they serve the ports and rails around the United States. So I think we're well set on that.

我們認為，從資產角度來看，我們在需要成長的市場中處於有利地位。我們認為，我們處於非常有利的位置，並從地理位置的角度對我們的物業做出了承諾和投資，因為它們為美國各地的港口和鐵路提供服務。所以我認為我們已經準備好了。

As I mentioned in my prepared remarks, we've had a real strong focus on the sales objectives. We have new sales leadership and we're heavily involved in cross selling the different customers between divisions. Specifically, as you'd mentioned on the intermodal side, we believe this will bring about new customer opportunities.

正如我在準備好的發言中提到的那樣，我們非常重視銷售目標。我們擁有新的銷售領導層，並積極參與跨部門不同客戶的交叉銷售。具體來說，正如您在多式聯運方面所提到的，我們相信這將帶來新的客戶機會。

In conjunction with that, on the other side of the map, the efficiencies and how we support that growth and where we look for that cost rationalization, we're middle of the road, halfway through our centralization process of customer service and our operations. As we do that, we're rationalizing headcount. And also making sure as we do that, the focus is on the tail end, making sure that we're giving the customer the service they expect and deserve.

同時，在地圖的另一端，效率以及我們如何支援這種成長以及我們在哪裡尋求成本合理化，我們正處於中間位置，在客戶服務和營運集中化過程中。當我們這樣做的時候，我們正在合理化員工人數。並且也要確保我們在這樣做的時候，重點放在尾端，確保我們為客戶提供他們期望和應得的服務。

And from a back-office standpoint, we're taking a real sharp pencil and looking at what we've been awarded, making sure that there's revenue realization from the rewards that we've been promised, looking at any potential decliner customers and trying to work with them to figure out what we need to do to garner more of their freight.

從後台角度來看，我們正仔細審查我們獲得的獎勵，確保從承諾的獎勵中實現收入，關注任何潛在的拒絕客戶，並嘗試與他們合作，找出我們需要做什麼來獲得更多的貨運。

And then I think we're taking a very specific approach. Besides the bigger customers, we're also looking into the spot market and making sure that we're effective in capturing all the opportunities to fill in the cracks that we have with our bigger customers. So it's a full court press on the sales side as well as continuing in a parallel path to streamline, making sure their operation's as efficient and optimized as possible.

然後我認為我們採取了一種非常具體的方法。除了大客戶之外，我們還在研究現貨市場，確保我們能夠有效地抓住所有機會來填補我們與大客戶之間的差距。因此，在銷售方面，我們採取了全線緊迫的策略，同時，我們也在繼續簡化流程，以確保我們的營運盡可能高效和優化。

Yeah, that's helpful. Thank you. Moving on to -- I guess you touched on it briefly in the opening response, but just kind of on the auto OEM and Class 8 backdrop, it does seem like the visibility here gets worse every time that we discuss future quarters. I guess, to us, it does seem like the OEM and Class 8 is uncertain and maybe declining respectively. I just kind of wanted to get your thoughts on that.

是的，這很有幫助。謝謝。繼續——我想您在開場白中簡要地提到了這一點，但只是在汽車 OEM 和 8 級背景下，每次我們討論未來幾個季度時，這裡的可見性似乎都會變得更糟。我想，對我們來說，OEM 和 Class 8 確實看起來不確定，而且可能正在下降。我只是想聽聽你對此的看法。

And then next is what levers do you guys have potentially to drive improvements of the business if the top line kind of remains a challenge for you, guys.

接下來，如果營收成長對你們來說仍然是一個挑戰，你們有什麼潛在手段來推動業務改善？

Yeah, this is Jude. I'll start. So yeah. I mean, if you look at the year-over-year numbers for two of our customers within that space, one of them was down 30% year over year; the other was down 70% year over year on volumes. So, yeah, there's not a lot of a positive outlook for that space.

是的，這是裘德。我先開始了。是的。我的意思是，如果你看一下我們該領域兩個客戶的同比數據，其中一個客戶的銷量同比下降了 30%；另一個客戶的銷量同比下降了 70%。所以，是的，這個領域的前景並不樂觀。

I mean, the new orders in Q2 of '25 were less than Q2 of 2020, which is the COVID period, right? So you kind of look out in that space and you say, well, what's going on there? Well, there's import tariffs on steel and aluminum. You still have a really soft trucking backdrop which is really a disincentive for trucking companies to make the investments.

我的意思是，2025 年第二季的新訂單少於 2020 年第二季（也就是 COVID 時期），對嗎？所以你看著那個空間然後說，嗯，那裡發生了什麼事？嗯，鋼鐵和鋁有進口關稅。卡車運輸業的背景仍然非常疲軟，這確實不利於卡車運輸公司進行投資。

Now maybe the new tax legislation and the One Big Beautiful Bill will help spur some of that economic activity within Class 8, but I think that will kind of shake out over the next couple of quarters. Then I think finally, I mean just from the global side is that the administration rolling back those NOC standards on that 2027 [engine] and those California emissions regulations, I think the industry overall prior to that executive order were really expecting a really solid pull forward ahead prior to 2027.

現在，也許新的稅收立法和「一項偉大的美麗法案」將有助於刺激 8 年級的一些經濟活動，但我認為這將在接下來的幾個季度內逐漸顯現出來。最後，我認為，僅從全球角度來看，政府取消了 2027 年 [引擎] 的 NOC 標準和加州的排放法規，我認為在該行政命令發布之前，整個行業確實期待在 2027 年之前實現真正穩健的提前。

But it's all going to be muted and kind of once again in wait-and-see mode as we go forward. So I think the tariff's obviously impacting that business, a soft trucking environment impacting that business, and then of course the NOC standards for 2027 engines impacting the pull forward.

但隨著我們繼續前進，一切都將變得平靜，並再次處於觀望模式。因此，我認為關稅顯然會影響該業務，疲軟的卡車運輸環境也會影響該業務，當然，2027 年引擎的 NOC 標準也會影響該業務的推進。

Yeah, and to add to the Class 8 and move beyond into the autos, as we had mentioned in the prepared remarks, it's still fairly consistent. Although the [SAR] has dropped recently, the customers that we deal with and the locations that production is happening at, we still have a pretty decent look at the second half of the year, and I don't see any drastic drop at this particular time.

是的，除了第 8 類之外，還擴展到汽車領域，正如我們在準備好的評論中提到的那樣，它仍然相當一致。儘管最近 [SAR] 有所下降，但我們打交道的客戶和生產地點仍然對下半年有相當不錯的展望，我認為目前不會出現任何大幅下降。

It hasn't hurt us because of where we operate in supply and part of the supply chain that the -- there's some increased production in the United States as some of these adjustments to tariffs have happened. And I think those adjustments to the United States have helped us in certain locations with steady or increased production. So I still have an optimistic outlook for the second half of the year.

由於我們在供應和供應鏈部分運營，這並沒有對我們造成傷害——隨著關稅的一些調整，美國的產量增加。我認為，針對美國所做的這些調整幫助我們在某些​​地區穩定或增加了產量。所以我對下半年的前景還是持樂觀態度的。

Okay, moving parts there. Moving on to the trucking just for a moment here. I mean, it does seem like a pretty good result for trucking, but the business continues to shrink here. What needs to happen for this business to start growing again, and if the cycle turns, is there negative leverage in this business now? Do you guys feel that you'll need to add resources here to meet demand? I know that you guys felt -- you felt pretty good about the asset front in intermodal, but kind of wanted to ask about trucking.

好的，那裡有移動部件。暫時先討論一下卡車運輸。我的意思是，對於卡車運輸來說，這似乎是一個相當不錯的結果，但這裡的業務正在持續萎縮。這項業務需要怎樣才能重新開始成長？如果週期轉變，這項業務現在是否存在負槓桿？你們覺得需要在這裡加入資源來滿足需求嗎？我知道你們對聯運中的資產方面感覺很好，但有點想問一下卡車運輸的情況。

Yeah, I'll kick this one off. So yeah, I think there's a couple of phenomenon. So we have kind of two aspects to that business. We have the legacy agent-based business on one side, which has really been the one that's been shrinking over the past couple of years, related to some initiatives that we've both done internally as well as the overall macro environment which has really not been indicative to trucking, particularly in the [van] front.

是的，我會開始這個。是的，我認為存在一些現象。因此，我們的業務有兩個面向。一方面，我們有傳統的代理業務，這在過去幾年裡一直在萎縮，這與我們內部採取的一些舉措以及整體宏觀環境有關，而整體宏觀環境對卡車運輸，特別是貨車運輸，並沒有什麼指導意義。

If you remember, that business is about 70% flatbed and then 50% of that volume is also specifically related to metals and steel. So very heavily industrial focused on the legacy side of the business. And kind of being in that industrial recession that we've been in over the past few years has really been a major macro headwind in that space.

如果你還記得的話，該業務約 70% 是平板車，而其中 50% 的業務量也與金屬和鋼鐵有關。因此，工業界非常重視業務的遺留面。過去幾年我們所處的工業衰退確實對該領域造成了重大的宏觀阻力。

Now on the other side of that -- of our trucking business, we have the wind franchise where we've been investing heavily. So we haul blades, we haul towers, and we haul components. That business was impacted negatively in the first half of the year, primarily because of tariffs. A lot of those components are imported, but I think the cadence that we're seeing in the back half of the year should make up for the shortfall in that business that we experienced in the first half.

現在，除了卡車運輸業務之外，我們還擁有風能特許經營權，並在這方面投入了大量資金。因此，我們運輸葉片、運輸塔架、運輸組件。該業務在今年上半年受到負面影響，主要原因是關稅。其中許多零件都是進口的，但我認為，今年下半年的成長節奏應該可以彌補上半年這項業務的不足。

And then of course we have a pretty clear runway now with the One Big Beautiful Bill on what's going to happen for the next five years through 2030. So I think most of the headwinds in the wind side of the business are going to be manageable and start to improve in the coming quarters. I think on the other side of the business, on the legacy side, we really need some kind of catalyst in the general freight market to really turn that business to growing again.

當然，現在透過《美麗大法案》，我們對未來五年（直至 2030 年）的發展方向有了相當明確的規劃。因此，我認為風電業務中的大部分阻力都將是可控的，並在未來幾季開始改善。我認為，在業務的另一邊，在傳統方面，我們確實需要通用貨運市場的某種催化劑來真正推動該業務再次成長。

Yeah. And I would agree with that on the agent side. We really rationalized the group of agents we had and how we wanted to push forward as an organization. So we think we have a level footing on the makeup of the agents. We're actively recruiting new agents, as you would imagine, and we put some additional sales power and oversight on that side of the business.

是的。從代理商角度來說，我同意這一點。我們確實合理化了我們擁有的代理商群體以及我們作為一個組織想要如何向前發展。因此，我們認為我們在代理商的組成方面已經處於領先地位。正如您所想像的，我們正在積極招募新的代理商，並且我們在該業務方面投入了一些額外的銷售權力和監督。

As Jude had mentioned on the specialized side, there's an extreme focus not only on the wind product, which we're really bullish on. We're also going to branch out into other heavier haul type opportunities that might support various industries. So we're pretty bullish on the specializing and we'll continue to focus on building that product out.

正如 Jude 在專業方面提到的那樣，我們不僅極其關注風能產品，而且我們對此非常看好。我們還將拓展其他可能支持各行業的重型運輸類型的機會。因此，我們對專業化非常看好，並將繼續專注於打造該產品。

And as a follow up. On the changes to the incentive structure and whatnot with the Big Beautiful Bill, I mean, should we expect this to be kind of a short term or at least, over the next few years, be a short-term tailwind and then potentially something that hurts long term, after the five-year period? I mean, should we expect to see some increased demand for the product, given the incentives that are rolling out?

並作為後續行動。關於《美麗大法案》對激勵結構和其他方面的變化，我的意思是，我們是否應該認為這只是一種短期效應，或者至少在未來幾年內，是一種短期順風效應，然後在五年後，可能會造成長期損害？我的意思是，考慮到正在推出的激勵措施，我們是否應該期待看到對該產品的需求增加？

No, I think the way that we should imagine this is that as we decipher the bill, that there is a period of time that those projects would need to get started, right? So I think it's roughly a one-year period of time that they have had to shape, the project will need to be started, they'll need to have some start to procurement of the equipment that's going to be used on the project. But then they're going to have another four years to complete that project, and it's a minimal commitment in the first year of what they have to purchase.

不，我認為我們應該這樣想像，當我們解讀法案時，這些項目需要一段時間才能啟動，對嗎？所以我認為他們必須花大約一年的時間來規劃，專案需要啟動，他們需要開始購買專案將要使用的設備。但是他們還需要四年時間才能完成該項目，而且他們第一年只需做出最低限度的購買承諾。

I guess they have to show a good course of moving forward. And then we believe that we'll have a steady feed now and that that should pick up towards the middle to end of that, let's call it, five-year period. So we expect, '27, '28, '29 to be pretty fruitful years based on the fact that those projects will be in full swing and we'll be there to serve and deliver.

我想他們必須展現出前進的良好方向。然後我們相信我們現在將有一個穩定的供給，並且應該在五年期的中期到末期有所回升。因此，我們預計 27、28、29 年將是碩果累累的一年，因為這些計畫將全面展開，我們將竭誠提供服務和交付成果。

(Operator Instructions) There are no further questions at this time. Mr. Phillips, please continue.

（操作員指示）目前沒有其他問題。菲利普斯先生，請繼續。

Thank you, Chloe, and thank you for joining Universal's second-quarter earnings call. We remain committed to navigating the current economic environment and providing our customers with best-in-class service while creating additional shareholder value. I'm convinced the actions we have taken over the last couple of quarters have positioned us very well for future growth. I appreciate you dialing in. Thank you.

謝謝你，Chloe，也謝謝你參加環球影業第二季財報電話會議。我們將繼續致力於應對當前的經濟環境，為客戶提供一流的服務，同時創造更多的股東價值。我確信，過去幾季我們採取的行動為我們未來的成長做好了充分準備。感謝您撥入電話。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。