聯合太平洋集團 (UNP) 2022 Q2 法說會逐字稿

Greetings. Welcome to the Union Pacific Second Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website. It is now my pleasure to introduce your host, Mr. Lance Fritz, Chairman, President and CEO for Union Pacific. Thank you. Mr. Fritz, you may now begin.

問候。歡迎參加聯合太平洋第二季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中，今天演示的幻燈片可在 Union Pacific 網站上找到。現在我很高興向您介紹您的東道主，聯合太平洋公司董事長、總裁兼首席執行官 Lance Fritz 先生。謝謝你。弗里茨先生，您現在可以開始了。

And thank you, Rob, and good morning, and welcome to Union Pacific's second quarter earnings conference call. With me today in Omaha are Kenny Rocker, Executive Vice President of Marketing and Sales; Eric Gehringer, Executive Vice President of Operations; and Jennifer Hamann, our Chief Financial Officer. As we expected and shared back in April during our first quarter earnings call, the second quarter was a tough quarter.

謝謝你，Rob，早上好，歡迎參加聯合太平洋公司第二季度財報電話會議。今天和我一起在奧馬哈的是營銷和銷售執行副總裁 Kenny Rocker； Eric Gehringer，運營執行副總裁；和我們的首席財務官 Jennifer Hamann。正如我們在 4 月份第一季度財報電話會議上預期和分享的那樣，第二季度是一個艱難的季度。

Our initiatives to restore fluidity limited car loadings and increased operating costs, those actions are working. We made solid progress improving the network with increased car velocity, reduced card well and reduced excess inventory. But before we get into that discussion, I want to recognize the Union Pacific team that is making it happen. Our people truly are special, and they are the foundation of our long-term success.

我們恢復流動性的舉措限制了汽車裝載量並增加了運營成本，這些行動正在發揮作用。我們在改善網絡方面取得了堅實的進展，提高了汽車速度，減少了卡片數量並減少了過剩庫存。但在我們開始討論之前，我想承認正在實現這一目標的聯合太平洋團隊。我們的員工確實很特別，他們是我們長期成功的基礎。

Now turning to our second quarter results. This morning, Union Pacific's reporting 2022 second quarter net income of $1.8 billion, or $2.93 per share. This compares to second quarter 2021 results of $1.8 billion or $2.72 per share. Our second quarter operating ratio of 60.2% deteriorated 510 basis points versus 2021. Network recovery efforts and record high fuel prices were headwinds. However, fuel surcharge revenues, strong core pricing gains and a positive business mix offset these pressures to produce operating income growth.

現在轉向我們的第二季度業績。今天上午，聯合太平洋公佈的 2022 年第二季度淨收入為 18 億美元，合每股 2.93 美元。相比之下，2021 年第二季度的業績為 18 億美元或每股 2.72 美元。我們的第二季度運營率為 60.2%，與 2021 年相比下降了 510 個基點。網絡恢復工作和創紀錄的高燃油價格是不利因素。然而，燃油附加費收入、強勁的核心定價收益和積極的業務組合抵消了這些產生營業收入增長的壓力。

As we discussed during the quarter, we understood that the actions we took to improve fluidity would impact our financial performance. Those actions were necessary to increase the speed of our recovery and be in a better position to handle customer demand. The improvements we've made since mid-April gives me confidence that we'll grow volumes as we continue to improve service in the third and fourth quarters. There's more to be done, but we're moving in the right direction.

正如我們在本季度所討論的那樣，我們了解我們為提高流動性而採取的行動將影響我們的財務業績。這些行動對於提高我們的恢復速度和更好地處理客戶需求是必要的。自 4 月中旬以來我們所做的改進讓我相信，隨著我們在第三和第四季度繼續改善服務，我們的銷量將會增加。還有更多工作要做，但我們正朝著正確的方向前進。

Let me turn it over to Kenny for an update on the business environment.

讓我把它交給肯尼了解商業環境的最新情況。

Thank you, Lance, and good morning. Second quarter volume was down 1% compared to a year ago. Growth in our industrial was more than offset by a decline in our premium and bulk business segments. To improve network fluidity, we made reductions to our active freight car inventory, and those efforts had a negative impact on all 3 of our business groups. In addition, our intermodal volume was down due to continued global supply chain disruptions. Freight revenue was up 14%, driven by higher fuel surcharges, strong pricing gains and a positive mix. Let's take a closer look at each of these business groups.

謝謝你，蘭斯，早上好。第二季度的銷量與一年前相比下降了 1%。我們的工業增長被我們的高端和大宗業務部門的下降所抵消。為了提高網絡流動性，我們減少了活躍的貨車庫存，這些努力對我們所有 3 個業務組都產生了負面影響。此外，由於全球供應鏈持續中斷，我們的多式聯運量有所下降。貨運收入增長 14%，主要得益於燃油附加費上漲、價格上漲強勁和積極的組合。讓我們仔細看看這些業務組中的每一個。

Starting with bulk, revenue for the quarter was up 10% compared to last year, driven by a 12% increase in average revenue per car, reflecting higher fuel surcharges and solid core pricing gains. Volume was down 1% year-over-year. Coal and renewable carloads grew 2% year-over-year, driven by continued favorable natural gas prices and 2 new contract wins that started on January 1.

從散貨開始，本季度的收入與去年相比增長了 10%，這得益於每輛汽車的平均收入增長 12%，這反映了更高的燃油附加費和堅實的核心定價收益。銷量同比下降 1%。受持續有利的天然氣價格和從 1 月 1 日開始的 2 份新合同的推動，煤炭和可再生能源載貨量同比增長 2%。

Grain and grain products volume was down 4% due to fewer grain shipments from longer shuttle cycle times, partially offset by increased shipments of biofuels. Fertilizer carloads were down 2% year-over-year due to reduced shipments of sulfur and domestic consumed potash. And lastly, food and refrigerated volume remained flat in the quarter as inventory reduction efforts limited car supply.

穀物和穀物產品的銷量下降了 4%，原因是更長的穿梭週期時間導致穀物出貨量減少，部分被生物燃料出貨量的增加所抵消。由於硫磺和國內消費鉀肥的出貨量減少，化肥載貨量同比下降 2%。最後，由於減少庫存的努力限制了汽車供應，本季度食品和冷藏量保持平穩。

Moving on to Industrial. Industrial revenue was up 12% for the quarter, driven by 6% increase in volume and a 7% improvement in average revenue per car due to higher fuel surcharges and core pricing gains. Overall, volume was up, although we certainly left demand on the table as we took actions to reduce car inventory to improve the network. Energy and specialized shipments were up 2% compared to 2021, driven by improvements across various markets, partially offset by fewer petroleum shipments.

繼續工業。本季度工業收入增長 12%，這主要得益於銷量增長 6%，以及由於燃油附加費增加和核心定價收益增加導致每輛車平均收入增長 7%。總體而言，銷量有所上升，儘管我們在採取行動減少汽車庫存以改善網絡時確實將需求放在了桌面上。與 2021 年相比，能源和專業出貨量增長了 2%，這得益於各個市場的改善，但部分被石油出貨量的減少所抵消。

Volume for Forest Products was down 2% year-over-year, primarily driven by our service challenges, although overall demand for forest products remained steady in the quarter. Industrial chemicals and plastic shipments were up 3% year-over-year due to new business wins and demand within the plastics market. Metals and minerals volumes continue to deliver year-over-year growth.

儘管本季度對林產品的總體需求保持穩定，但林產品的銷量同比下降 2%，主要是由於我們的服務挑戰。由於新業務的勝利和塑料市場的需求，工業化學品和塑料出貨量同比增長 3%。金屬和礦產量繼續實現同比增長。

Volume was up 3% compared to last year, primarily driven by growth in construction materials and increase in frac sand shipments and metals business development. Turning to Premium. Revenue for the quarter was up 19% on a 5% decrease in volume versus last year. Average revenue per car increased by 26% due to higher fuel surcharge revenue, core pricing gains and a positive mix of traffic.

與去年相比，銷量增長了 3%，主要受建築材料增長以及壓裂砂出貨量和金屬業務發展的推動。轉向溢價。該季度的收入增長了 19%，而銷量與去年相比下降了 5%。由於燃油附加費收入增加、核心定價收益和交通的積極組合，每輛車的平均收入增長了 26%。

Automotive volume was up 11%, driven by auto parts, which increased 12% and finished vehicles increasing 10%, both driven by strong demand against a softer comparison. Intermodal volume was down 8%, primarily driven by service challenges and fewer international shipments from continued global supply chain disruptions. Domestic volume was up 1% in the quarter, aided by tight truck capacity and private asset growth, offsetting weaker parcel shipments.

汽車銷量增長 11%，主要受汽車零部件增長 12% 和整車增長 10% 的推動，兩者均受到強勁需求和疲軟對比的推動。多式聯運量下降了 8%，主要是由於服務挑戰和全球供應鏈持續中斷導致的國際貨運量減少。在卡車運力緊張和私人資產增長的推動下，本季度國內銷量增長 1%，抵消了包裹運輸疲軟的影響。

Now moving to our outlook for the back half of 2022. At a macro level, we will be closely watching our markets to see how rising inflation and interest rates will impact our overall volume. But based on our conversations with customers, I'm excited about the opportunities that are in front of us.

現在轉向我們對 2022 年下半年的展望。在宏觀層面上，我們將密切關注我們的市場，以了解通脹和利率上升將如何影響我們的整體交易量。但根據我們與客戶的對話，我對擺在我們面前的機會感到興奮。

Let's start out with our bulk commodities. We expect biofuel shipments to grow due to solid market demand and business development wins. For coal, we anticipate continued favorable natural gas prices throughout the year. We know there is more demand available than what we've captured to date. So our opportunity is to better match our resources to that demand. And our outlook for grain is also dependent on our service recovery where we expect cycle times to improve. But we have a tough comp in the fourth quarter as exports were strong last year.

讓我們從大宗商品開始。由於強勁的市場需求和業務發展的勝利，我們預計生物燃料的出貨量將增長。對於煤炭，我們預計全年天然氣價格將繼續有利。我們知道可用的需求比我們迄今為止捕獲的要多。因此，我們的機會是讓我們的資源更好地滿足這一需求。我們對穀物的前景也取決於我們的服務恢復，我們預計週期時間會有所改善。但由於去年出口強勁，我們在第四季度的競爭很艱難。

Moving on to Industrial. Our outlook has not changed. We expect our markets to be stronger than the current industrial production forecast. Customer expansions and business development wins will drive growth in our industrial chemicals and plastics commodity groups. We do not expect to see petroleum shipments return to 2021 levels. And lastly, for premium, we are closely monitoring domestic intermodal demand and spot truck rates have softened. We expect to see improvements in international intermodal with the recovery from the supply chain challenges and pandemic shutdowns in China. However, we will continue to monitor and receivers to make sure we maintain fluidity throughout the entire supply chain, from the ports to the warehouses.

繼續工業。我們的前景沒有改變。我們預計我們的市場將強於當前的工業生產預測。客戶擴展和業務發展勝利將推動我們工業化學品和塑料商品集團的增長。我們預計石油運輸量不會恢復到 2021 年的水平。最後，對於保費，我們正在密切關注國內多式聯運需求，而現貨卡車運費已經走軟。隨著中國從供應鏈挑戰和大流行停工中復蘇，我們預計國際多式聯運將有所改善。但是，我們將繼續監控和接收方，以確保我們在從港口到倉庫的整個供應鏈中保持流動性。

In spite of elevated fuel prices and interest rate increases, we expect automotive growth in the second half of the year to be driven by improving supply of semiconductor chips and pent-up demand. Overall, I'm optimistic about the demand environment we see in the marketplace as we head into the third quarter. And you'll hear from Eric that we're seeing positive momentum in our service product.

儘管燃料價格和利率上升，我們預計下半年汽車增長將受到半導體芯片供應改善和被壓抑的需求的推動。總體而言，當我們進入第三季度時，我對我們在市場上看到的需求環境持樂觀態度。您會從 Eric 那裡聽到，我們看到我們的服務產品發展勢頭良好。

I want to thank our operating team and our customers for working together to recover our service levels. As we continue to improve the network, I'm confident that we can capture more growth in the back half of the year and into 2023. With that, I'll turn it over to Eric to review our operational performance.

我要感謝我們的運營團隊和我們的客戶共同努力恢復我們的服務水平。隨著我們繼續改進網絡，我相信我們可以在今年下半年和 2023 年實現更多增長。有了這個，我將把它交給 Eric 來審查我們的運營績效。

Thanks, Kenny, and good morning. Beginning on Slide 9. As we discussed in April, we began the quarter with our service product in need of significant improvement. To recover the network and better serve our customers, we implemented decisive measures to reduce inventory levels and restore fluidity. The chart on Slide 9 shows the current state of operations. We hit a trough in April and have since made steady progress. While the improvement has not been a straight line because of continued crude challenges and isolated incidents, the team has stayed the course to build momentum and generate positive results.

謝謝，肯尼，早上好。從幻燈片 9 開始。正如我們在 4 月討論的那樣，我們在本季度開始時，我們的服務產品需要顯著改進。為了恢復網絡並更好地為客戶服務，我們採取了果斷措施來降低庫存水平並恢復流動性。幻燈片 9 上的圖表顯示了當前的運營狀態。我們在 4 月觸及低谷，此後穩步取得進展。雖然由於持續的粗略挑戰和孤立事件，改進並不是一條直線，但團隊一直堅持下去，以建立勢頭並產生積極成果。

We experienced reduced crew availability from the Father's Day and 4th of July holidays as we expected and planned for. We have, however, recovered from those holiday impacts and returned to our prior improvement trajectory. We continue to see the benefits of our hiring initiatives and feel confident in our ability to hire and train approximately 1,400 new transportation employees this year.

正如我們預期和計劃的那樣，我們經歷了父親節和 7 月 4 日假期的船員可用性減少。然而，我們已經從這些假期影響中恢復過來，並回到了我們之前的改進軌跡。我們繼續看到我們招聘計劃的好處，並對我們今年招聘和培訓大約 1,400 名新運輸員工的能力充滿信心。

To date, in 2022, we have graduated 486 employees and have an additional 504 currently in training with almost 400 of those employees graduating by the end of the third quarter. Although the hard work is not yet done, I am encouraged by the improvement already made. I would be remiss to not acknowledge the efforts and cooperation from all to the operating and marketing and sales teams within UP and most importantly, our customers. Our network is in a better state today because of these combined efforts.

迄今為止，到 2022 年，我們已經有 486 名員工畢業，另有 504 名目前正在接受培訓，其中近 400 名員工將在第三季度末畢業。雖然艱苦的工作還沒有完成，但我對已經取得的進步感到鼓舞。如果我不承認 UP 內部的運營、營銷和銷售團隊以及最重要的是我們的客戶所付出的努力和合作，那將是我的疏忽。由於這些共同努力，我們的網絡今天處於更好的狀態。

Now let's review our key performance metrics for the quarter, starting on Slide 10. The key performance measures for second quarter 2022 continue to trend below 2021 results. We did, however, strengthen freight car velocity as well as manifest and auto trip plan compliance sequentially as we move through the quarter.

現在讓我們回顧一下本季度的關鍵績效指標，從幻燈片 10 開始。2022 年第二季度的關鍵績效指標繼續趨於低於 2021 年的結果。然而，隨著我們整個季度的推進，我們確實提高了貨運車的速度以及艙單和汽車旅行計劃的合規性。

Intermodal trip plan compliance continues to lag results from earlier in the year, due to continued supply chain congestion resulting in increased container boxed well and elevated chassis street time. Our attention remains on increasing freight car velocity, which will improve intermodal service performance although the challenges associated with the supply chain will likely persist.

由於持續的供應鏈擁堵導致集裝箱裝箱井增加和底盤街道時間延長，多式聯運旅行計劃的合規性繼續滯後於今年早些時候。儘管與供應鏈相關的挑戰可能會持續存在，但我們仍然關注提高貨運車速，這將改善多式聯運服務績效。

Turning now to Slide 11. The network efficiency metrics for the quarter illustrate the impact of our network recovery actions. Since the beginning of the year, we have added locomotives to the network, which when coupled with lower train velocity impacts locomotive productivity results for the quarter, declining 12% compared to 2021. As we anticipate volume growth heading into the second half of the year, locomotive productivity will improve with better fleet utilization as we move more carloads at a greater overall velocity.

現在轉到幻燈片 11。本季度的網絡效率指標說明了我們網絡恢復行動的影響。自今年年初以來，我們在網絡中增加了機車，再加上較低的列車速度會影響本季度的機車生產率結果，與 2021 年相比下降了 12%。正如我們預計下半年的銷量增長，隨著我們以更高的整體速度移動更多的車輛，機車生產力將隨著車隊利用率的提高而提高。

Second quarter workforce productivity deteriorated slightly, down 2% as car miles were essentially flat for the quarter, while employee levels increased. Train length remains flat compared to 1 year ago. However, train length is up 3% sequentially. The team leveraged train length to improve crew utilization, aided by the completion of 10 sidings to date in 2022.

第二季度勞動力生產力略有下降，下降 2%，因為該季度的汽車行駛里程基本持平，而員工水平有所提高。與一年前相比，列車長度保持不變。然而，列車長度環比增長 3%。在 2022 年迄今為止完成的 10 條側線的幫助下，該團隊利用列車長度來提高船員利用率。

We continue to identify productivity opportunities as we build a more resilient and high-quality service product for our customers. Wrapping up on Slide 12. We remain committed to the goal of achieving world-class safety performance. The improvement in our employee incident metric provides evidence that the enhancements we made to our safety programs are beginning to take hold. While the derailment rates have not yet improved compared to 2021, we continue to educate our workforce to ultimately reduce variability and expense.

隨著我們為客戶構建更具彈性和高質量的服務產品，我們將繼續尋找生產力機會。結束幻燈片 12。我們仍然致力於實現世界級安全性能的目標。我們員工事件指標的改進提供了證據，證明我們對安全計劃所做的改進已經開始生效。雖然與 2021 年相比，出軌率尚未改善，但我們繼續教育我們的員工，以最終減少可變性和費用。

The swift and decisive initiatives implemented in April reduced congestion and sped up the network. An increase in crude supply will further support these recovery efforts. Looking forward to the second half of 2022, we plan to build on the momentum gained during the second quarter. With that, I will turn it over to Jennifer to review our financial performance.

4 月份實施的迅速而果斷的舉措減少了擁堵並加快了網絡速度。原油供應的增加將進一步支持這些復甦努力。展望 2022 年下半年，我們計劃在第二季度取得的勢頭基礎上再接再厲。有了這個，我將把它交給詹妮弗來審查我們的財務業績。

Thanks, Eric, and good morning. Let me start with a look at the walk-down of our second quarter operating ratio and earnings per share on Slide 14. Union Pacific's earnings per share increased $0.21 to $2.93 and our quarterly operating ratio of 60.2% worsened by 510 basis points. Rapidly rising fuel prices throughout the quarter, the lag on our fuel surcharge programs and the widening refining spreads negatively impacted our quarterly operating ratio by 130 basis points, while adding $0.18 to earnings per share.

謝謝，埃里克，早上好。讓我先看看幻燈片 14 上我們第二季度的運營比率和每股收益。聯合太平洋的每股收益增加了 0.21 美元至 2.93 美元，我們 60.2% 的季度運營比率惡化了 510 個基點。整個季度燃料價格的快速上漲、燃料附加費計劃的滯後以及煉油價差的擴大對我們的季度運營比率產生了 130 個基點的負面影響，同時每股收益增加了 0.18 美元。

Our operating ratio and EPS were further negatively impacted 380 basis points and $0.02 per share, respectively, as core results reflect the impact of network recovery efforts that more than offset the benefits of our top line growth. Below the line, real estate sales and lower state tax rates netted to a year-over-year benefit of $0.05 per share. We closed the second half of a land sale with the Illinois Tollway authority, which we announced in May. And then the state of Nebraska changed its corporate tax rate in the quarter.

我們的營業比率和每股收益分別進一步受到 380 個基點和每股 0.02 美元的負面影響，因為核心業績反映了網絡恢復工作的影響，這遠遠抵消了我們的收入增長帶來的好處。低於該線，房地產銷售和較低的州稅率淨獲得每股 0.05 美元的同比收益。我們在 5 月宣布與伊利諾伊州收費公路管理局完成了土地出售的下半年。然後內布拉斯加州在本季度改變了公司稅率。

Looking now at our second quarter income statement on Slide 15, operating revenue totaled $6.3 billion, up 14% versus 2021 on a 1% year-over-year volume decline. Operating expense increased 25% to $3.8 billion. Excluding the impact of higher fuel prices, expenses were up 11% in the quarter. Second quarter operating income was $2.5 billion, a 1% increase versus last year. Interest expense increased 12% compared to 2021, reflecting higher debt levels. Income tax decreased 2% due to the Nebraska corporate tax rate reduction I just mentioned and contributing to lower second quarter effective tax rate.

現在看看我們在幻燈片 15 上的第二季度損益表，營業收入總計 63 億美元，與 2021 年相比增長 14%，同比下降 1%。運營費用增長 25% 至 38 億美元。排除燃油價格上漲的影響，本季度的費用增長了 11%。第二季度營業收入為 25 億美元，比去年增長 1%。與 2021 年相比，利息費用增加了 12%，反映了更高的債務水平。由於我剛才提到的內布拉斯加州公司稅率降低並導致第二季度有效稅率降低，所得稅減少了 2%。

Net income of $1.8 billion increased 2% versus 2021, which, when combined with the share repurchases, resulted in earnings per share, up 8% to $2.93. Looking more closely at second quarter revenue, Slide 16 provides a breakdown of our freight revenue, which totaled $5.8 billion, up 14% versus 2021. Lower year-over-year volume reduced revenue 150 basis points. Fuel surcharge revenue increased freight revenue, 11.25% points, reflecting the rising diesel prices. Total fuel surcharge revenue was $976 million in the quarter. Strong pricing gains combined with the positive business mix drove 425 basis points of freight revenue growth.

淨收入 18 億美元，較 2021 年增長 2%，加上股票回購，每股收益增長 8%，至 2.93 美元。更仔細地觀察第二季度的收入，幻燈片 16 提供了我們貨運收入的明細，總計 58 億美元，比 2021 年增長 14%。同比下降的數量使收入減少了 150 個基點。燃油附加費收入增加貨運收入11.25個百分點，反映柴油價格上漲。本季度燃油附加費總收入為 9.76 億美元。強勁的定價收益加上積極的業務組合推動貨運收入增長 425 個基點。

The significant decline in international intermodal volumes contributed positively to mix. However, the usually strong mix impact of year-over-year industrial growth was muted by strength in short-haul rock movements. Overall, the demand environment continues to support actions that yield price dollars exceeding inflation dollars. It's important to note, though, that our network recovery efforts limited our upside for both price and mix as we only count price if we move the cars.

國際多式聯運量的顯著下降對混合做出了積極貢獻。然而，同比工業增長通常強勁的混合影響因短途岩石運動的強度而減弱。總體而言，需求環境繼續支持產生價格美元超過通脹美元的行動。不過，重要的是要注意，我們的網絡恢復工作限制了我們在價格和組合方面的上行空間，因為我們只在移動汽車時才計算價格。

Moving on to Slide 17, which provides a summary of our second quarter operating expenses were the primary driver of the increased expense was fuel up 89% on an 87% increase in fuel prices. We saw a dramatic rise in prices through the quarter, paying record highs as they surge from an average of $3.71 per gallon in April to $4.34 per gallon in June. Our fuel consumption rate was relatively flat compared to 2021 as negative productivity was partially offset by a more fuel-efficient business mix.

轉到幻燈片 17，它提供了我們第二季度運營費用的摘要，這是費用增加的主要驅動力，燃料價格上漲了 89%，燃料價格上漲了 87%。我們看到整個季度的價格急劇上漲，從 4 月的平均每加侖 3.71 美元飆升至 6 月的每加侖 4.34 美元，創下歷史新高。與 2021 年相比，我們的燃料消耗率相對持平，因為負生產力被更節能的業務組合部分抵消。

Looking further at the expense lines. Compensation and benefits expense was up 7% versus 2021. Second quarter workforce levels increased 2%. Management, engineering and mechanical workforces grew 1%, while train and engine crews were up 5%, primarily reflecting year-over-year increases in our training pipeline. As you heard from Eric, strong third quarter graduations position us to support our network recovery efforts and prepare for future growth.

進一步查看費用線。與 2021 年相比，薪酬和福利費用增長了 7%。第二季度勞動力水平增長了 2%。管理、工程和機械勞動力增長 1%，而火車和發動機工作人員增長 5%，主要反映了我們培訓渠道的同比增長。正如您從 Eric 那裡聽到的，強勁的第三季度畢業使我們能夠支持我們的網絡恢復工作並為未來的增長做準備。

Cost per employee increased 5% as a result of wage inflation and continued elevated costs relating to network inefficiencies that come in the form of higher recrew, overtime and borrow out costs. For the balance of the year, we expect year-over-year increases to be sequentially lower from the second quarter in both the third and fourth quarters. Purchase services and materials expense was up 30% driven by higher cost to maintain a larger active locomotive fleet, inflation and volume-related purchase transportation expense associated with our Loup subsidiary.

由於工資上漲以及與網絡效率低下相關的成本持續上升，員工人均成本增加了 5%，這些低效率以更高的人員、加班和借出成本的形式出現。對於今年的剩餘時間，我們預計第三季度和第四季度的同比增幅都將低於第二季度。採購服務和材料費用增長了 30%，原因是維持更大的活躍機車車隊的成本增加、通貨膨脹以及與 Loup 子公司相關的與數量相關的採購運輸費用。

We also had an unfavorable comparison in the quarter versus 2021 where we called out a $35 million favorable onetime item. Equipment and other rents grew 15%, driven by lower TTX equity income and increased car hire expense related to network congestion. Other expense grew 17% in the quarter, driven by a $35 million increase in casualty expenses associated with adverse adjustments to older claims and increased business travel.

與 2021 年相比，我們在本季度也進行了不利的比較，我們提出了 3500 萬美元的有利一次性項目。設備和其他租金增長了 15%，原因是 TTX 股權收入下降以及與網絡擁塞相關的租車費用增加。其他費用在本季度增長了 17%，原因是與舊索賠的不利調整和商務旅行增加相關的傷亡費用增加了 3500 萬美元。

For the full year, we now expect other expense to be up low single digits versus 2021. Although fuel was clearly the driver of higher quarterly costs, the added expense from our service performance resulted in 69% fuel-adjusted decremental margins. Turning to Slide 18 and our cash flow. Cash from operations in the first half of 2022 decreased slightly to just under $4.2 billion, down 1%. Our cash flow conversion rate was 73% and free cash flow of $1.1 billion declined $727 million. This, of course, includes the impact of $455 million increased cash capital spending and $206 million in higher dividends.

對於全年，我們現在預計其他費用將比 2021 年低個位數。儘管燃料顯然是季度成本上漲的驅動因素，但我們的服務績效帶來的額外費用導致 69% 的燃料調整後的遞減利潤率。轉向幻燈片 18 和我們的現金流。 2022 年上半年的運營現金小幅下降至略低於 42 億美元，下降 1%。我們的現金流轉換率為 73%，11 億美元的自由現金流下降了 7.27 億美元。當然，這包括 4.55 億美元現金資本支出增加和 2.06 億美元股息增加的影響。

Capital spending year-to-date is up 38% versus 2021, which reflects both a more normalized spend trajectory and an increased capital budget for 2022. Year-to-date, we returned $5 billion to shareholders through dividends and share repurchases. This includes a 10% dividend payout increase announced in May, the third such increase in a little over a year's time. And we finished the second quarter with an adjusted debt-to-EBITDA ratio of 2.8x as we continue to maintain a strong investment-grade credit rating.

與 2021 年相比，今年迄今的資本支出增長了 38%，這既反映了更加正常化的支出軌跡，也反映了 2022 年資本預算的增加。年初至今，我們通過股息和股票回購向股東返還了 50 億美元。這包括 5 月份宣布的 10% 的股息支付增長，這是一年多來的第三次這樣的增長。我們在第二季度結束時調整後的債務與 EBITDA 比率為 2.8 倍，因為我們繼續保持強勁的投資級信用評級。

Wrapping up on Slide 19. As we've discussed this morning, it was a difficult second quarter but necessary to position ourselves for success in the second half of the year. Importantly, we're demonstrating greater network fluidity as evidenced by the metrics and Kenny just described for you that there is still solid demand for our services despite some indications of economic softening. For example, full year industrial production is still forecasted at nearly 5%, but back half 2022 estimates are weaker. Against that backdrop, we expect to be back on track to exceed industrial production in the second half of 2022 and produce full year carload growth of 4% to 5%.

結束幻燈片 19。正如我們今天早上所討論的，這是一個艱難的第二季度，但有必要為下半年的成功做好準備。重要的是，我們正在展示更大的網絡流動性，正如肯尼剛剛為您描述的指標所證明的那樣，儘管有一些經濟疲軟的跡象，但對我們的服務的需求仍然強勁。例如，全年工業生產仍預計接近 5%，但 2022 年下半年的預測較弱。在此背景下，我們預計 2022 年下半年將重回正軌，超過工業生產，全年載貨量增長 4% 至 5%。

As it relates to our operating ratio, the first half performance makes achievement of year-over-year improvement unlikely. However, we do expect year-over-year improvement in the second half of 2022 and a full year operating ratio around 58%. While our 2022 results won't match our view coming into the year, we remain committed to our goal of ultimately achieving a 55% operating ratio. We're also revising our guidance for incremental margins, which we now expect to be around 50% for the back half of the year.

由於與我們的營業比率有關，上半年業績不太可能實現同比改善。但是，我們確實預計 2022 年下半年將同比有所改善，全年運營率約為 58%。儘管我們 2022 年的業績與我們對今年的預期不符，但我們仍致力於實現最終實現 55% 運營率的目標。我們還在修訂我們對增量利潤率的指導，我們現在預計今年下半年的利潤率將在 50% 左右。

Beyond 2022, we still expect to achieve our longer-term guidance of mid- to upper 60% incremental margins. Our capital allocation plans remain unchanged. Capital spending at $3.3 billion for the year, well within our long-term guidance of below 15% of revenue and we remain committed to leading the industry with our long-term dividend payout ratio and share repurchases on par with 2021.

到 2022 年之後，我們仍然希望實現我們的中上 60% 增量利潤率的長期指導。我們的資本配置計劃保持不變。今年的資本支出為 33 億美元，遠在我們低於收入 15% 的長期指導範圍內，我們仍致力於以與 2021 年持平的長期股息支付率和股票回購率引領行業。

Finally, I feel fortunate to work with such a fantastic team of railroaders at Union Pacific. Every time I return from the field visit, I'm energized about the future of our company. Thanks to a great team. We have a bright future ahead. So with that, I'll turn it back to Lance.

最後，我很幸運能與聯合太平洋鐵路公司如此出色的鐵路團隊合作。每次實地考察回來，我都會對公司的未來充滿活力。感謝一個偉大的團隊。我們有一個光明的未來。因此，我將把它轉回給 Lance。

Thank you, Jennifer. Before my closing remarks, I want to briefly touch on a couple of topics. First, related to our sustainability efforts, we've made great progress to increase the use of renewable diesel and biodiesel in our locomotives. We're currently over 4% blended in our fuel usage and on target to achieve our interim goal of a 10% blend by 2025. This is a critical initiative for us to achieve our 2030 greenhouse gas emission reduction targets. Second is a quick update on the status of our labor negotiations. Earlier this week, President Biden appointed a Presidential Emergency Board, and the Board's proceedings begin this coming Sunday in Washington, D.C. All parties are anxious for a reasonable agreement. Our employees are long overdue for a wage increase. We're ready to put the uncertainty behind us and look forward to a resolution in the near future.

謝謝你，詹妮弗。在結束髮言之前，我想簡要談談幾個話題。首先，與我們的可持續發展努力相關，我們在增加可再生柴油和生物柴油在機車中的使用方面取得了很大進展。目前，我們的燃料使用量已超過 4%，並有望實現到 2025 年達到 10% 的中期目標。這是我們實現 2030 年溫室氣體減排目標的關鍵舉措。其次是我們的勞資談判狀況的快速更新。本週早些時候，拜登總統任命了一個總統緊急事務委員會，該委員會的程序將於本週日在華盛頓特區開始。各方都渴望達成合理的協議。我們的員工早就應該加薪了。我們已準備好將不確定性拋在腦後，並期待在不久的將來找到解決方案。

Now wrapping up, as you heard from Eric, we've made positive strides on safety in the first half of the year. I'm encouraged by the momentum that I see building within our safety programs. Having said that, we're short of our goal of world-class performance, and that is our task ahead. Our second quarter performance, both operationally and financially, did not reflect the best of Union Pacific. Yet we still achieved quarterly financial records. This reflects the great work we've done through PSR adoption in the last several years to make our company more resilient, efficient and profitable.

現在結束了，正如您從 Eric 那裡聽到的那樣，我們在今年上半年在安全方面取得了積極進展。我看到在我們的安全計劃中建立的勢頭令我感到鼓舞。話雖如此，我們還沒有達到世界級性能的目標，而這就是我們未來的任務。我們第二季度的運營和財務表現並未反映聯合太平洋的最佳表現。然而，我們仍然取得了季度財務記錄。這反映了我們在過去幾年中通過採用 PSR 所做的出色工作，以使我們的公司更具彈性、效率和盈利能力。

Our focus over the next 6 months is to again demonstrate our ability to successfully grow volumes while improving and sustaining service levels. I am confident we will build that track record. These efforts are critical to our success in the back half of 2022 and beyond and are core to our long-term strategy to serve, grow, win together. With that, let's open up the line for your questions.

我們未來 6 個月的重點是再次展示我們在提高和維持服務水平的同時成功增加銷量的能力。我相信我們會建立這樣的記錄。這些努力對我們在 2022 年下半年及以後的成功至關重要，也是我們服務、成長、共贏的長期戰略的核心。有了這個，讓我們為您的問題開闢道路。

(Operator Instructions) And our first question today comes from the line of Justin Long with Stephens.

（操作員說明）我們今天的第一個問題來自 Justin Long 和 Stephens 的對話。

I wanted to ask about the OR guidance back in early June, you made an adjustment and we're getting another adjustment today. So just curious what changed in the last month? Is this service related? Is it the economy, maybe a little bit of both? And then just thinking about the quarterly cadence of the OR in the back half, is there any color you can provide on how you're thinking 3Q plays out relative to 4Q?

我想在 6 月初詢問 OR 指導，您進行了調整，今天我們將進行另一次調整。所以只是好奇上個月發生了什麼變化？這項服務是否相關？是經濟，也許兩者兼而有之？然後想想後半場 OR 的季度節奏，你是否可以提供任何顏色來說明你如何看待 3Q 相對於 4Q 的表現？

Yes. Well, let me start, Jennifer, and then maybe you finish this up. So Justin, clearly, as the quarter progressed and as we exited the quarter and came into the third quarter, there's a few headwinds that either continued or didn't abate as we had expected. So one is, while we are recovering the network, we had anticipated the pace being a little quicker. And more importantly, we had anticipated volume coming on sooner as the network improved. And getting the volume back is really the primary driver of improving our operating ratio and really shoring up the financials in total. In addition, fuel didn't behave kind of like what we had hoped it would and there were some other inflationary pressures that added to it. But I'd say those first points are the big points.

是的。好吧，讓我開始吧，詹妮弗，然後也許你會完成這件事。所以賈斯汀，很明顯，隨著季度的進展，當我們退出季度並進入第三季度時，有一些不利因素要么繼續存在，要么沒有像我們預期的那樣減弱。所以一個是，在我們恢復網絡的同時，我們預計速度會快一點。更重要的是，我們預計隨著網絡的改善，交易量會更快出現。恢復銷量確實是提高我們的運營比率並真正支撐總體財務狀況的主要驅動力。此外，燃料的表現並不像我們希望的那樣，而且還有一些其他的通脹壓力增加了它。但我會說這些第一點是重點。

Yes. And then I would also say, as we close out the quarter, you make some of those quarterly adjustments. And you heard me reference the $35 million casualty change. That obviously is a pretty big swing factor. But it's things like that as well as sequential improvement that we're seeing in our operations that gives us the confidence in how we're thinking about the back half of the year to have that improvement. As we sequentially improve our operations, see volumes grow, that's going to help us produce those stronger financial metrics in the back half of 2022. So I think that's an important way to think about it, Justin.

是的。然後我還要說，當我們結束本季度時，你會做出一些季度調整。你聽到我提到了 3500 萬美元的傷亡變化。這顯然是一個很大的搖擺因素。但正是這樣的事情以及我們在運營中看到的連續改進，讓我們對如何考慮下半年的改進充滿信心。隨著我們逐步改善我們的運營，看到銷量增長，這將幫助我們在 2022 年下半年產生更強大的財務指標。所以我認為這是一個重要的思考方式，賈斯汀。

Okay. And on the cadence in the back half, I guess the guidance basically implies that you go from a 60% OR in the first half to something around the 56% in the second. Do you expect it to be pretty even 3Q to 4Q?

好的。在後半部分的節奏上，我想指導基本上暗示你從上半場的 60% 或到下半場的 56% 左右。你認為它在 3Q 到 4Q 之間會相當均勻嗎？

There's different factors in both. Certainly, sequentially, as I mentioned, we're going to expect to improve. Obviously, you get into the fourth quarter, you tend to see lighter volume and you maybe can get some weather. So we'll see exactly how that plays out. But what we're focused on is sequential improvement. You'll see improvement in the third quarter from the second quarter, certainly. I don't know that you'll actually see year-over-year improvement in the third quarter. We think that's probably a little bit of a stretch. But certainly, when you get to the fourth quarter, we're looking at year-over-year improvement altogether than to in the second half.

兩者有不同的因素。當然，正如我所提到的，我們預計會按順序進行改進。顯然，您進入第四季度，您往往會看到交易量較小，並且您可能會遇到一些天氣。所以我們將確切地看到它是如何發揮作用的。但我們關注的是順序改進。你肯定會看到第三季度比第二季度有所改善。我不知道您實際上會在第三季度看到同比有所改善。我們認為這可能有點牽強。但可以肯定的是，當你到第四季度時，我們看到的是與去年同期相比有所改善，而不是下半年。

The next question comes from the line of Allison Poliniak with Wells Fargo.

下一個問題來自富國銀行的 Allison Poliniak。

Just following along with -- and just in line of commentary, in terms of that incremental, it sounded like the volume piece was the bigger contributor. So I'm just trying to understand between service and volume improvement, kind of what you need to see there to get that incremental margin in the back half? Just any more color there?

緊隨其後 - 並且按照評論，就增量而言，聽起來音量部分是更大的貢獻者。所以我只是想了解服務和數量改進之間的關係，你需要在那裡看到什麼才能在後半部分獲得增量利潤？那裡還有顏色嗎？

Yes. So I'll start, Allison. What we need to see is exactly what we outlined earlier this morning, and that is continued improvement in our service product so that we can both spool up existing assets like grain shuttles, which will generate more loads and very attractive loads in the grain world as well as bring on more assets that can get more loads for us like coal sets or private cars or system cars. So bottom line is what we really need to pay attention to is, are we seeing car velocity improve? Are we seeing excess inventory continue to exit the network? And are we seeing our locomotive utilization and overall utilization of our assets improve because that will generate basically what we need to have happened.

是的。所以我要開始了，艾莉森。我們需要看到的正是我們今天早上早些時候概述的內容，那就是我們服務產品的持續改進，以便我們可以將現有資產（如穀物穿梭機）整合起來，這將在穀物世界中產生更多負載和非常有吸引力的負載，因為以及帶來更多的資產，可以為我們帶來更多的負載，比如煤組或私家車或系統車。所以底線是我們真正需要注意的是，我們看到汽車速度提高了嗎？我們是否看到過剩庫存繼續退出網絡？我們是否看到我們的機車利用率和資產的整體利用率有所提高，因為這基本上會產生我們需要發生的事情。

Yes, which is more carloads to leverage against that asset.

是的，可以利用更多的貨物來利用該資產。

Correct. Yes.

正確的。是的。

Got it. And then I just -- in line with that volume, I know Kenny said there was sort of -- there was a volume impact, obviously, from the metering. Any thought -- any way you can quantify what that impact was? So assuming that's going to come back online in the second half?

知道了。然後我只是 - 根據那個音量，我知道肯尼說有 - 顯然，計量產生了音量影響。有什麼想法——有什麼方法可以量化這種影響是什麼？那麼假設它會在下半年重新上線？

Yes. Allison, the way we look at it and think about it as if you look at where we were in the first quarter, we were up, call it, 4%. We would have expected that sort of a run rate going into the second quarter. So if you had to frame it, you should frame it in that light.

是的。艾莉森，我們看待它並思考它的方式，就好像你看看我們在第一季度的情況，我們上漲了，稱之為 4%。我們本來預計到第二季度會有這種運行率。因此，如果您必須對它進行構圖，則應該將其構圖。

The next question is from the line of Tom Wadewitz with UBS.

下一個問題來自瑞銀的 Tom Wadewitz。

I wanted to ask about, I think, purchased services costs would seem pretty elevated. And I wonder if there is -- were there kind of transitional costs, one-off type of costs, you'd have good visibility to that improving in second half? Just maybe some thoughts on that and kind of how we think about network efficiency improving, affecting how we look at operating costs in the second half.

我想問一下，我認為購買服務的成本似乎相當高。我想知道是否存在——是否存在某種過渡性成本，一次性成本，你對下半年的改善有很好的了解？只是可能對此有一些想法，以及我們對提高網絡效率的看法，這會影響我們對下半年運營成本的看法。

Sure. Yes. In terms of the purchase services, you're right, it was elevated. One thing to remember is we did have a $35 million good guide last year. So that's part of that year-over-year comparison. But as we're bringing more locomotives on, that certainly -- there's a cost to maintain that larger fleet. You saw the locomotive productivity numbers that Eric showed. So that really is an opportunity in the second half. And then also, when you think about our Loup subsidiary and the purchase transportation cost is we're seeing, particularly the automotive business come back on, which is a big part of their business. that's where you see some of that purchase transportation flow through is in that purchase services line.

當然。是的。在購買服務方面，你是對的，它被提升了。要記住的一件事是，我們去年確實有一個 3500 萬美元的好指南。所以這是同比比較的一部分。但隨著我們增加更多的機車，這當然 - 維持更大的機隊是有成本的。你看到了 Eric 展示的機車生產力數據。所以這確實是下半場的機會。然後，當您考慮我們的 Loup 子公司時，我們正在看到購買運輸成本，特別是汽車業務的複蘇，這是他們業務的重要組成部分。這就是您看到的一些採購運輸流程在該採購服務線中的地方。

Eric, maybe you want to -- because I heard in Tom's question, costs that existed in the second quarter and how they come out in the third and fourth.

埃里克，也許你想——因為我在湯姆的問題中聽到了第二季度存在的成本以及第三和第四季度的成本。

Yes, absolutely. So picking up where Jennifer left up. The customer focused on most right now, they all relate to that gaining and the velocity that we demonstrated in the second quarter. The opportunity we see in the immediate future is the locomotive side. If you look back in our first quarter earnings report, we had reported adding in about 150 locomotives, we've been working just in the last 2 weeks to start to reverse that and be very thoughtful about taking that out. We want to make sure that those get put into our at-the-ready status, so that we can continue to adjust for variability, but also able to meet the second half growth forecast. So that's a big opportunity for us, Lance.

是的，一點沒錯。所以拿起詹妮弗離開的地方。客戶現在最關注的是，它們都與我們在第二季度展示的收益和速度有關。我們在不久的將來看到的機會是機車方面。如果您回顧我們的第一季度收益報告，我們報告稱增加了大約 150 輛機車，我們在過去兩週內一直在努力扭轉這一局面，並非常考慮將其淘汰。我們希望確保這些產品進入我們的就緒狀態，以便我們可以繼續針對可變性進行調整，同時也能夠滿足下半年的增長預測。所以這對我們來說是一個很大的機會，蘭斯。

Next question is from the line of Scott Group with Wolfe Research.

下一個問題來自 Scott Group 和 Wolfe Research。

I want to ask just a bigger picture question. I think some people are questioning the success or maybe the sustainability of PSR. And if you look in 2Q, your headcount from pre-PSR is down on the 25%, 30%, volumes down about 7%. Is there some potential that you need to get that headcount back closer to those pre-PSR levels to get the service back? And I guess I want to understand what you think this means for the OR, right? We were supposed to do at 55% this year on our way to a lower low to mid-50s OR in a couple of years. Are those just the wrong numbers to be thinking about now for the OR over time?

我想問一個更大的問題。我認為有些人正在質疑 PSR 的成功或可持續性。如果您查看第二季度，您在 PSR 之前的員工人數下降了 25%、30%，數量下降了約 7%。您是否需要將員工人數恢復到接近 PSR 之前的水平才能恢復服務？我想我想了解你認為這對 OR 意味著什麼，對吧？我們本應在今年達到 55% 的水平，以達到 50 年代中期或幾年後的低點。隨著時間的推移，這些只是現在要考慮的錯誤數字嗎？

Yes, Scott, let me start first by saying emphatically that PSR is not the cause of our problems in the second quarter. When you look at our pre-transformation to today, the -- all of that headcount change is because we took work out of the network. We run 1/3 fewer trains, which require 1/3 fewer locomotives and also 1/3 fewer people running the trains and maintaining the locomotives. So we took work out of the network that didn't need to be there because we were touching cars more than we needed to, and we had too many special commodity unit trains running around the network. So we transformed the network, took that out, and we were in fine shape. We're the same railroad that we were in 2021 or 2020, I mean -- but here's where we got into trouble. We ran the network tight, and we did not recognize the stack up of risks that were in front of us with COVID continuing to impact crew availability, growth coming on and normal weather events, when you run tight, you just don't have a lot of opportunity to recover quickly.

是的，斯科特，讓我首先強調說，PSR 不是我們第二季度出現問題的原因。當您查看我們到今天的轉型前，所有這些員工人數的變化都是因為我們從網絡中取出了工作。我們運行的火車減少了 1/3，這需要減少 1/3 的機車，並且運行火車和維護機車的人員也減少了 1/3。所以我們把不需要的工作從網絡中取出，因為我們接觸汽車的次數超出了我們的需要，而且我們有太多的特殊商品單元列車在網絡周圍運行。所以我們改造了網絡，把它拿出來，我們的狀態很好。我的意思是，我們與 2021 年或 2020 年的鐵路是同一條鐵路——但這就是我們遇到麻煩的地方。我們的網絡運行得很緊，我們沒有意識到我們面前的一系列風險，因為 COVID 繼續影響船員的可用性、即將到來的增長和正常的天氣事件，當你運行緊張時，你只是沒有有很多機會快速恢復。

We got into trouble and inventory grew on us, and we had to take some pretty significant measures to fix that, and we did in the second quarter. When you look at what we need to do different going forward, it's not thousands-of-employees different. It's hundreds and in different ways. We got to get our odd sports back. We've got to run our boards less tight than we were running them for a while. And we've got to do some other unique and creative things with our labor unions in order to make our crews more available and more productive without them working harder. And that can be done. We see a clear path for all of that.

我們遇到了麻煩，庫存增加了，我們不得不採取一些非常重要的措施來解決這個問題，我們在第二季度做到了。當你看到我們未來需要做哪些不同的事情時，成千上萬的員工並沒有不同。它有數百個並且以不同的方式。我們必須恢復我們奇怪的運動。我們必須讓我們的電路板運行得比我們運行它們一段時間更緊。我們必須與我們的工會一起做一些其他獨特而有創意的事情，以使我們的工作人員在不加倍努力的情況下更容易獲得和更有效率。這是可以做到的。我們看到了一條清晰的道路。

But to the other part of your question about does that mean 55% is off the table? Absolutely not. We absolutely believe we have the opportunity to have that 55% OR as we restore our service, bring the volumes back on as well as the incremental margin target. So that does not change for us, Scott.

但是對於你問題的另一部分，這是否意味著 55% 不在討論範圍內？絕對不。我們絕對相信我們有機會獲得 55% 或隨著我們恢復服務、恢復交易量以及增量利潤目標。所以這對我們來說並沒有改變，斯科特。

100%.

100%。

Okay. Very helpful. And just, Lance, your comments were helpful. Do you think getting a labor deal done in the next couple of months is going to be a help here?

好的。非常有幫助。只是，蘭斯，你的評論很有幫助。您認為在接下來的幾個月內完成勞務交易會對此有所幫助嗎？

Yes. What's going to be a help about that, Scott, is it takes off the table all the anxiety and conflict of a labor force that hasn't seen a raise in 2.5 or 3 years. And you put that to bed and then we can get busy on deals that we care about on property, which are really, really important to us.

是的。對此有什麼幫助，斯科特，它消除了 2.5 或 3 年沒有加薪的勞動力的所有焦慮和衝突。然後你把它放在床上，然後我們就可以忙於我們關心的房地產交易，這對我們來說非常非常重要。

Our next question is from the line of Amit Mehrotra with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Jennifer, I just want to understand what's embedded in the back-half guidance or the revised full year guidance? Because this is now the second time in, I don't know, 40, 45 days that we're revising the full year outlook. And so I just think it would be helpful to understand. If we look at the back-half guidance, how much implied service inflection is there? Because Kenny and Eric's team have done a good job kind of addressing the biggest issues early in the quarter, and we've seen a big balance on service. And so what I want to understand is if we stay where we are off this improved level, is that enough to get to the back-half guidance or embedded in that as a further improvement in service, in car miles and things like that? If you can just address that, that would be helpful.

詹妮弗，我只是想了解後半部指導或修訂後的全年指導中包含什麼？因為這是第二次，我不知道，我們正在修改全年展望的 40、45 天。所以我認為這將有助於理解。如果我們看一下後半部分的指導，有多少隱含的服務拐點？因為肯尼和埃里克的團隊在本季度初解決了最大的問題方面做得很好，而且我們在服務方面看到了很大的平衡。所以我想了解的是，如果我們保持在這個改進水平之外的地方，這是否足以獲得後半部分的指導或嵌入其中作為服務、汽車里程等方面的進一步改進？如果你能解決這個問題，那將很有幫助。

Sure. So 2 things. I mean you're absolutely right. We have seen a very good rebound in terms of where we were, call it, from the middle of April to where we are today. So we're entering the third quarter in a much better posture than we entered the second quarter and feel good about that. But for us to be able to achieve these targets, we do need to continue to improve. And I think you've heard that from us. We need to continue to improve the fluidity of the network. That means using the assets more effectively, using our crew base better, getting more utilization out of the locomotives. You heard Eric talk about that. Those flow directly to the income statement you think about comp and benefits, you think about our purchase services but then we need the volume leverage on top of that. And so those are the things that we're looking at. You get those markers from us every week, so you'll be able to track that progress. But we do need to improve from where we sit today to hit the second half target.

當然。所以2件事。我的意思是你完全正確。從 4 月中旬到今天，我們已經看到了非常好的反彈。因此，我們進入第三季度的狀態比進入第二季度要好得多，並且對此感覺良好。但為了我們能夠實現這些目標，我們確實需要繼續改進。我想你已經從我們那裡聽說了。我們需要繼續提高網絡的流動性。這意味著更有效地使用資產，更好地利用我們的機組人員，提高機車的利用率。你聽埃里克談過這個。這些直接流向您考慮薪酬和福利的損益表，您考慮我們的購買服務，但除此之外我們還需要數量槓桿。所以這些就是我們正在研究的東西。您每週都會從我們這裡獲得這些標記，因此您將能夠跟踪該進度。但是我們確實需要從今天的位置上有所改進，才能達到下半場的目標。

Yes. And Jennifer putting a final point, I mean, I think what we've talked about is with the STB and others, we need to see that car velocity start with to the 2 -- the 200-type number in the back half of the year. And with that, you'll see most of the other metrics move in the right direction.

是的。詹妮弗提出最後一點，我的意思是，我認為我們討論的是 STB 和其他人，我們需要看到汽車速度從 2 開始 - 後半部分的 200 型數字年。有了這個，你會看到大多數其他指標都朝著正確的方向發展。

Lance, just related to that, given how important it is to get to that 200-plus car mile velocity per day, there are a few people out there that have many decades of PSR experience that have seen PSR implemented in not just an up cycle, but a down cycle and et cetera. Those guys seem to be available on a consultancy basis. I don't know if there is scope to bring in somebody on a short-term basis to accelerate some of the progress that you've already made or Eric's team has already made on the service levels. Is that something that you're considering or looking at doing?

Lance，與此相關，考慮到每天達到 200 多英里的速度是多麼重要，有一些人擁有數十年的 PSR 經驗，他們看到 PSR 不僅在上升週期中實施，但是一個下降週期等等。這些傢伙似乎是在諮詢的基礎上提供的。我不知道是否有機會在短期內引進某人來加速您已經取得的一些進展，或者 Eric 的團隊已經在服務水平上取得了進展。這是您正在考慮或正在考慮做的事情嗎？

Yes. Actually, Amit, we remain in conversation with all of the contacts that we've created through our PSR journey. And really, they're helpful, but we don't learn anything necessarily new, right? The issue is aggressively implementing the recovery plan, which we did through the second quarter, demonstrated the movement and keeping that movement up. So yes, fundamentally, the approach doesn't change. And we've got the team that can make that happen.

是的。實際上，Amit，我們仍在與通過 PSR 旅程創建的所有聯繫人進行對話。真的，它們很有幫助，但我們沒有學到任何新的東西，對吧？問題是積極實施複蘇計劃，我們在第二季度所做的，展示了這一運動並保持了這一運動。所以是的，從根本上說，這種方法沒有改變。我們擁有能夠實現這一目標的團隊。

Our next question is from the line of Bascome Majors with Susquehanna.

我們的下一個問題來自 Susquehanna 的 Bascome Majors。

Jennifer and maybe Lance, there's obviously some uncertainty as to what the actual union wage increases from 2024 are ultimately going to be. Can you share how UP has managed that uncertainty with your accruals so far? And if actual wages were becoming different than those expectations, when do you true that up retroactively and communicate it to people like us prospectively?

詹妮弗，也許還有蘭斯，對於工會從 2024 年起實際增加的工資最終會是多少，顯然存在一些不確定性。到目前為止，您能否分享 UP 如何通過應計項目管理這種不確定性？如果實際工資變得與這些預期不同，你什麼時候會追溯性地證實這一點並前瞻性地與我們這樣的人溝通？

Jennifer, let me start by talking about wage increases and what we could see and then you can kind of talk about how we've accrued, et cetera. So, Bascome, the PEB is going to listen to both sides and then come up with what they think is a reasonable approach to wages. Recall that our package is going to include '20, '21, '22, '23 and '24. And in '20 and '21, the markets were tough for wages, right? In 2020, wage growth was probably near 0. 2021, it accelerated. It's accelerating in '22. And I'd expect it's probably going to be relatively strong in '23 before dropping back down. So we've got a good beat on that. We've got a proposal that we'll be talking to the PEB that reflects that. And I think if the PEB is reasonable, and they appear to be knowledgeable and skilled as arbitrators, we'll get to a place that we're comfortable with.

詹妮弗，讓我先談談工資增長和我們可以看到的情況，然後你可以談談我們是如何累積的，等等。因此，Bascome，PEB 將聽取雙方的意見，然後提出他們認為合理的工資方法。回想一下，我們的包將包括 '20、'21、'22、'23 和 '24。在 20 年和 21 年，市場對工資很不利，對吧？ 2020年，工資增長可能接近0。2021年，它加速了。它在 22 年加速。而且我預計它在 23 年可能會相對強勁，然後再回落。所以我們在這方面做得很好。我們有一個提案，我們將與反映這一點的 PEB 交談。而且我認為，如果 PEB 是合理的，並且他們看起來知識淵博且作為仲裁員熟練，我們將到達一個我們感到滿意的地方。

Yes, Bascome. And in terms of timing, so once there is an agreement and we know what those numbers are, we will recognize anything that reflects the backward-looking piece immediately if there is anything different there that we need to recognize. In terms of what we're accruing, we're obviously paying attention to the markets, the negotiations and we're keeping pace with that as we look to make those accruals. So we will true up if needed, at the time of the agreement.

是的，巴斯科姆。在時間方面，一旦達成協議並且我們知道這些數字是什麼，如果我們需要識別任何不同的東西，我們將立即識別出任何反映向後看的東西。就我們應計的內容而言，我們顯然正在關注市場、談判，並且在我們尋求獲得這些應計時，我們正在跟上這一步伐。因此，如果需要，我們將在達成協議時進行調整。

Lance, just to double check here, it sounds like you're anticipating or at least the proposal from the rail is anticipating a lower inflation environment in 2021, maybe a higher one of '22, '23 and some normalization after that. Is that reasonable to think your accruals would directionally reflect that?

蘭斯，只是在這裡仔細檢查一下，聽起來你正在預期，或者至少鐵路的提議是預期 2021 年的通脹環境較低，可能是 22 年、23 年和之後的一些正常化。認為您的應計項目會直接反映這一點是否合理？

It's reasonable to think our proposal in front of the PEB reflects that, for sure.

可以合理地認為，我們在 PEB 面前的提案肯定反映了這一點。

Next question is from the line of Chris Wetherbee with Citi.

下一個問題來自花旗的 Chris Wetherbee。

I guess as we're thinking about sort of the cadence of volume picking up in the back half of the year. So obviously, it's related to service, but maybe, Kenny, can we go through some of the segments where you maybe have good visibility to that if there are some incremental changes in the service product that you're offering? You can see a direct result from volume because I think service has been improving here. I'm not sure we've necessarily seen the commensurate improvement in the weekly carloads. So I just want to get a sense of maybe some specific points where you feel like, yes, there's a an opportunity coming here. We just need a little bit better product to be able to kind of serve the market.

我想我們正在考慮在今年下半年增加交易量的節奏。很明顯，它與服務有關，但也許，肯尼，如果您提供的服務產品有一些增量變化，我們是否可以瀏覽一些您可能對此有很好了解的細分市場？您可以從數量中看到直接結果，因為我認為這裡的服務一直在改進。我不確定我們是否一定會看到每週載貨量的相應改善。所以我只是想了解一些你覺得的具體點，是的，這裡有一個機會。我們只需要更好的產品就可以服務於市場。

Yes. Thanks, Chris. Let's just walk you through all the markets here. If you look at our bulk business. We talked about our grain business. We've had a couple of good years on the grain side. And clearly, there is a lot of demand on the export side, so a tough comparison versus last year in the fourth quarter, but the demand is there, and we know that the crop is there also, which has given us a lot of confidence. On the coal side, you all see the same metrics that I see in terms of natural gas prices, those are going to be strong for sure throughout the rest of this year, probably well into 2023. On the fertilizer side, there's still a lot of demand on the export fertilizer side. And then one of the things is I go to industrial and leave food and refrigerated, Eric and I have been working hopefully together to doing the second part of the quarter, add a few more of our system cars in. Here recently in July, we're adding a few more cars in.

是的。謝謝，克里斯。讓我們帶您瀏覽這裡的所有市場。如果你看看我們的大宗業務。我們談到了我們的糧食業務。我們在糧食方面已經度過了好幾年。很明顯，出口方面有很多需求，因此與去年第四季度的情況相比很難比較，但需求在那裡，我們知道作物也在那裡，這給了我們很大的信心.在煤炭方面，你們都看到了我在天然氣價格方面看到的相同指標，這些指標肯定會在今年剩下的時間裡保持強勁，很可能到 2023 年。在化肥方面，還有很多出口化肥方面的需求。然後其中一件事是我去工業，留下食物並冷藏，埃里克和我一直希望一起工作，以完成本季度的第二部分，添加更多我們的系統汽車。最近在七月，我們'正在添加更多的汽車。

And so as you look at places like metals where we have wind, if you look at some new business that we have coming on with industrial chemicals and plastics, even lumber is an area that -- I know there's a lot of mix media out there, but the demand is still pretty strong and the car supply will be there, too. So you look at that and then you transition over to our premium area where, again, we've got a new private asset on our railroad and domestic intermodal will still be stable to strong. And then on the automotive side, dealer inventory is still low. It's still at 25 days. And we expect, and we've been talking to a lot of our customers that they're going to get a better, stronger supply of semiconductor chips, and there's a lot of pent-up demand there. So the way I look at it, I'm very optimistic about the demand being there and the -- and our commercial team being able to win new business to bring it on.

所以當你看看像金屬這樣我們有風的地方，如果你看看我們在工業化學品和塑料方面開展的一些新業務，甚至木材也是一個領域——我知道那裡有很多混合媒體，但需求仍然相當強勁，汽車供應也將在那裡。所以你看看那個，然後你過渡到我們的優質區域，在這裡，我們再次在我們的鐵路上獲得了新的私人資產，國內多式聯運仍將穩定到強勁。然後在汽車方面，經銷商庫存仍然很低。現在還是25天。我們預計，並且我們一直在與很多客戶交談，他們將獲得更好、更強大的半導體芯片供應，那裡有很多被壓抑的需求。所以我看待它的方式，我對那裡的需求以及我們的商業團隊能夠贏得新業務以實現它非常樂觀。

And Eric, it's all about running the network so that we can capture as much of that as possible.

埃里克，這一切都是為了運行網絡，以便我們能夠盡可能多地捕捉到這些信息。

Yes. That's exactly right. I mean when you think about car velocity and you think about service, they're tied together. And so when we think about our biggest opportunity sitting right in front of us, it's really about crew availability. And we've got some growing tailwinds. We've gotten through the third and fourth most impactful holiday of the year. Now that Father's Day and 4th of July is behind us, we saw a sequential improvement month after month during the entire quarter in our recrew rate that generates additional crews for our use. And then, of course, we've got the hiring that I covered in my prepared comments that bring me a tremendous amount of confidence, especially because 400 of the 500 that are training will be available to us by the end of the third quarter. So all growing tailwinds to be able to increase velocity and deliver the service product that our customers expect.

是的。這是完全正確的。我的意思是當你考慮汽車速度和服務時，它們是聯繫在一起的。因此，當我們考慮擺在我們面前的最大機會時，它實際上是關於工作人員的可用性。而且我們有一些增長的順風。我們已經度過了今年第三和第四個最有影響力的假期。現在父親節和 7 月 4 日已經過去，我們看到整個季度的複員率逐月提高，從而產生了更多的機組人員供我們使用。然後，當然，我們得到了我在準備好的評論中提到的招聘，這給我帶來了極大的信心，特別是因為到第三季度末，我們將有 500 人接受培訓，其中 400 人將可用。因此，所有不斷增長的順風都能夠提高速度並提供我們客戶期望的服務產品。

I appreciate that. Maybe one quick clarification. Just International Intermodal, is there something that is sort of outside of your control in terms of whether it's customers picking up at the port, warehouses having the wrong inventory that's creating a log jam that's kind of creating some of the issues that we hear very publicly about in terms of dwell on the dock in L.A. Long Beach? Or is there something else going on there?

我很感激。也許一個快速的澄清。只是國際多式聯運，就客戶在港口提貨而言，是否存在某種超出您控制範圍的情況關於住在洛杉磯長灘的碼頭？還是那裡發生了其他事情？

Sure. So let's back up and look at the entire supply chain on that. If you start in the west ports and you look at their current total box count, clearly, it's as high if not higher than it was last year. What we're focused on, besides just the west ports is the inland terminals. What you want to make sure you do is ensure that those inland terminals can remain fluid, right? Thinking about Chicago again last year. We don't want to get to the point where we've got an excessive number of trains holding outside of Chicago. And to be clear, for this entire quarter, we haven't had that. We've remained fluid in Chicago. What's driving that is the increased chassis time, which turns into a lack of chassis to be able to generate back to the West Coast to be able to keep the system entirely fluid. So as I look at the network right now, we're prioritizing correctly so for our customers, fluidity inside of our intermodal terminal and we need continued improvement on external factors to keep driving the entire supply chain to get better. And you may want to add something.

當然。因此，讓我們回顧一下整個供應鏈。如果你從西部港口開始，看看他們目前的總箱數，很明顯，它與去年一樣高，如果不高於的話。我們關注的，除了西部港口外，還有內陸碼頭。你要確保你做的是確保那些內陸碼頭可以保持流動，對吧？去年再次想起芝加哥。我們不想達到這樣的程度，即我們在芝加哥以外的地方有過多的火車。需要明確的是，在整個季度中，我們還沒有遇到過這種情況。我們在芝加哥一直保持流暢。推動這一切的是增加的底盤時間，這導致缺乏底盤能夠產生回西海岸以保持系統完全流暢。因此，當我現在查看網絡時，我們正在正確地優先考慮我們的客戶，我們的多式聯運碼頭內部的流動性，我們需要繼續改進外部因素，以繼續推動整個供應鏈變得更好。你可能想添加一些東西。

Yes. Just you and your team are doing a great job of controlling what you can control. We don't have control over the international chassis. So we're working with our customers to make sure that they can get as much efficiency from their own chassis as possible.

是的。只有你和你的團隊在控制你能控制的東西方面做得很好。我們無法控制國際底盤。因此，我們正在與客戶合作，以確保他們能夠從自己的機箱中獲得盡可能高的效率。

Next question is from the line of Walter Spracklin with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Walter Spracklin。

So I want to focus on back on the metering embargoing of traffic. And I know your eastern peer yesterday quantified that as kind of a measure of last resort and very extreme in nature. And my question, I guess, is whether are you being more impacted than your peers from structural -- the structural occurrence of the supply chain issues and perhaps if you can characterize that relative to your closest peer BNSF if they're going through kind of a similar experience? What I'm trying to assess here is the potential for share loss once things moderate and obviously, there's some customer dislocation here and whether when things moderate, that will come back to bite you at all. I know CPKC is going to bring on new competition next year as well. So any color on where you stand relative to your peers and whether you feel that your return to a better service is matching that of your peers lagging? Or are you coming ahead of those of your peers in terms of that recovery?

所以我想把重點放在流量的計量禁運上。我知道你的東部同行昨天將其量化為最後手段的一種措施，並且在性質上非常極端。我想，我的問題是，您是否比同行受到結構性的影響更大——供應鏈問題的結構性發生，也許您是否可以相對於您最接近的同行 BNSF 來描述這一點，如果他們正在經歷某種類似的經歷？我在這裡試圖評估的是，一旦事情緩和，顯然，這裡有一些客戶錯位，以及當事情緩和時，這是否會反過來咬你。我知道CPKC明年也會帶來新的比賽。因此，您相對於同行的立場是否有任何顏色，以及您是否覺得您對更好服務的回報與落後的同行相匹配？還是在復蘇方面你領先於同行？

Yes. So Walter, you can see the data for yourself. Our recovery since April has led the peer group, the U.S. railroads. Certainly, it's led in the west. So our statistics would tell you that we're recovering. And I'm sure all of our peers are working hard to recover as well and we are not dissatisfied with our pace at this point. In terms of how we use embargoes, it's evident. If you look at the STB, we use embargoes more than our peer railroads deal. And the way we use them is very targeted to a particular destination or receiver that is not controlling their inbound volumes. And when our serving yard for that receiver indicates that we've got way more inventory both in route and on hand than they can handle in a reasonable period of time, that's when we use embargo. So we use it more than our peers do. I'm not sure why they don't, but it's a very effective tool for that purpose. Kenny?

是的。所以 Walter，您可以自己查看數據。我們自 4 月以來的複蘇領先於同行美國鐵路公司。當然，它是在西方領先的。所以我們的統計數據會告訴你我們正在恢復。我敢肯定，我們所有的同齡人也在努力恢復，我們對目前的速度並不滿意。就我們如何使用禁運而言，這是顯而易見的。如果您查看 STB，我們使用禁運的次數比我們的同行鐵路交易更多。我們使用它們的方式非常有針對性地針對未控制其入站量的特定目的地或接收者。當我們為該接收器提供服務的場地表明我們在路線和手頭的庫存量超過了他們在合理時間內可以處理的數量時，那就是我們使用禁運的時候。所以我們比同行更多地使用它。我不確定他們為什麼不這樣做，但它是一個非常有效的工具。肯尼？

Yes. I mean you hit it on the head, Lance. I just want to first start off by saying we make unilateral decisions about how we approach the customers. And so we're not looking at what someone is doing in the east or the west, and I got to thank our customers, they were right there with us doing our process to work through metering the traffic. Eric, you and your team did a really good job of us working together, providing customers with quantifiable data for where we thought they should be for getting the excess inventory out of line. Those conversations, I don't want to downplay it. They weren't -- as some of them were difficult. I think the tail tale for us are the results. We have had some really strong wins coming out of RFPs, bids, competitive bids where we won incremental business. So when we look at it that way, some of the same customers that we had to have these difficult conversations with, we've turned those into positive and incremental volumes. So that tells you that, again, we have a really focused and deliberate approach with our customers.

是的。我的意思是你擊中了它的頭，蘭斯。我只想首先說我們單方面決定如何接近客戶。所以我們不關注東部或西部的某人在做什麼，我要感謝我們的客戶，他們就在我們身邊，通過計量流量來完成我們的工作。埃里克，你和你的團隊在我們一起工作方面做得非常好，為客戶提供了我們認為他們應該在哪裡讓多餘的庫存超出正常範圍的可量化數據。那些談話，我不想輕描淡寫。他們不是——因為其中一些是困難的。我認為我們的故事是結果。我們從 RFP、投標、競爭性投標中獲得了一些非常強大的勝利，我們贏得了增量業務。因此，當我們這樣看待它時，我們不得不與之進行這些艱難對話的一些相同的客戶，我們已經將這些轉化為積極和增量的數量。因此，這再次告訴您，我們對客戶採取了一種真正專注和深思熟慮的方法。

The next question comes from the line of Brian Ossenbeck with JPMorgan.

下一個問題來自摩根大通的 Brian Ossenbeck。

So Eric, you mentioned that the hiring trends are up. Wanted to hear a little bit more about retention. We've seen just recently a couple of announcements from the east bumping up the pay for, I guess, new contractors -- or new conductors rather are getting qualified. So is that something that you can similarly do or are looking at doing? And then for Kenny, maybe one more thing in the bucket of things you can't control. Can you just talk more broadly about AB5 and whether or not that's going to have some sort of impact on the ports supply chains and if that affects your IMC partners in any way if that does end up getting implemented?

所以埃里克，你提到招聘趨勢正在上升。想多聽一點關於保留的信息。我們最近剛剛看到來自東部的一些公告提高了我猜新承包商的工資——或者說新指揮員正在獲得資格。那是您可以類似地做或正在考慮做的事情嗎？然後對肯尼來說，也許還有一件事是你無法控制的。您能否更廣泛地談談 AB5，以及這是否會對港口供應鏈產生某種影響，以及如果最終實施，這是否會以任何方式影響您的 IMC 合作夥伴？

Yes, Brian, I'll start. Thanks for that question. As you know, our goal this year in total is to bring on 1,400 transportation employees. And as I said in my prepared comments, we're well on our way to do that. Specific to your comment around, are you seeing increased retention issues or washouts, we're really not. Both of our rates would be in line with our historical performance. Now, we've done a number of different things around the hiring that's helped to ensure that that's the case. When we went back and you look at the beginning of the year with some of the changes we made to our training program that in some cases, extended parts of it, that was to ensure that the quality of the training program was exactly what our employees needed. At the same time, even just in the last 2 weeks, we've offered up a new program where for our new hires, we're actually engaging them to see if they actually want to go work in other locations than they may have otherwise been hired on. And that's providing flexibility that historically we may not have. So we continue to challenge ourselves between the operating team and our workforce Resources Group to incentivize our new hires to stay with us. We want them to be the 30-year plus employees that we've got across the entire system.

是的，布賴恩，我會開始的。謝謝你的問題。如您所知，我們今年的目標是增加 1,400 名運輸員工。正如我在準備好的評論中所說，我們正在努力做到這一點。具體到您的評論，您是否看到增加的保留問題或流失，我們真的沒有。我們的兩個利率都將符合我們的歷史表現。現在，我們圍繞招聘做了許多不同的事情，這有助於確保情況確實如此。當我們回顧年初的時候，我們對培訓計劃進行了一些更改，在某些情況下，擴展了部分內容，以確保培訓計劃的質量正是我們員工的需要。同時，即使在過去兩週內，我們也提供了一個新計劃，在該計劃中，對於我們的新員工，我們實際上是在讓他們參與進來，看看他們是否真的想去其他地方工作，而不是他們可能有的地方被錄用了。這提供了歷史上我們可能沒有的靈活性。因此，我們繼續在運營團隊和我們的勞動力資源集團之間挑戰自我，以激勵我們的新員工留在我們身邊。我們希望他們成為我們在整個系統中擁有超過 30 年的員工。

Yes. So on your question about AB5, I'd say it's just too soon right now, and it's a little unclear on the impact. And you're right on. We've been talking to a number of our IMCs out there, and they're seeing the same thing. I mean, a few of them have some of these owner operators, contractors, but it's just too soon and a little bit unclear to see what that impact will be.

是的。所以關於你關於 AB5 的問題，我想說現在還為時過早，而且影響還不清楚。你是對的。我們一直在與我們的一些 IMC 交談，他們看到了同樣的事情。我的意思是，他們中的一些人擁有一些業主運營商、承包商，但現在還為時過早，而且還不清楚會產生什麼影響。

The next question is coming from the line of Jon Chappell with Evercore ISI.

下一個問題來自於 Evercore ISI 的 Jon Chappell。

Kenny, I think at the beginning of this year, there was a lot of optimism on the intermodal side, adding Swift, adding Schneider next year, improved supply chain, tight truck market, et cetera. As you think about onboarding Schneider next year and combining that with some of the service issues we've spoken about and the recovery plan, do you feel that you're appropriately resourced to meet the growth targets that you were expecting by onboarding these 2 huge customers and given some of the macro dynamics that should be supportive to Intermodal? Or do you need to scale back some of your expectations in the medium term?

肯尼，我想今年年初，多式聯運方面有很多樂觀，加入斯威夫特，明年加入施耐德，改善供應鏈，卡車市場緊張等等。當您考慮明年加入 Schneider 並將其與我們談到的一些服務問題和恢復計劃相結合時，您是否覺得自己擁有適當的資源來通過加入這 2 大公司來實現您所期望的增長目標客戶並考慮到應該支持多式聯運的一些宏觀動態？或者您是否需要在中期內降低您的一些期望？

No. I mean, I want to start off by saying that the management team here has really done a great job of being deliberate about our capital expenditures. We've talked about the $600 million that's going to help us with additional rail sidings with commercial facilities. And I do want to say that this will help all of our intermodal network. So yes, we're excited about Schneider coming on, but we've got a strong stable when you look at Hub, Knight-Swift and XPO and some of the IMCs that we have. All of them, the entire network will benefit from it. Eric and I and our teams are just we've got a really rigorous process -- planning process, and we feel good about the investments that we're making and the ability to onboard those new customers and actually grow with the existing customers.

不。我的意思是，首先我想說的是，這裡的管理團隊在仔細考慮我們的資本支出方面確實做得很好。我們已經討論過 6 億美元將幫助我們建造帶有商業設施的額外鐵路側線。我確實想說，這將有助於我們所有的多式聯運網絡。所以是的，我們對 Schneider 的加入感到興奮，但是當您查看 Hub、Knight-Swift 和 XPO 以及我們擁有的一些 IMC 時，我們已經有了強大的穩定性。所有這些，整個網絡都將從中受益。埃里克和我以及我們的團隊只是我們有一個非常嚴格的流程 - 規劃流程，我們對我們正在進行的投資以及吸引這些新客戶並與現有客戶一起實際成長的能力感到滿意。

Yes. I'll like the exact same confidence. As you think about what the operating department and the marketing sales department are doing together. The last 6 months of Knight-Swift, which has gone exceptionally well. That's our continued playbook with Schneider. We're making sure that we take every one of those plays and applying them to Schneider. I'll also echo Kenny's comment about how we think about investment. Kenny, you hit on the infrastructure. We're also doing a lot on the technology side, and it doesn't just benefit Schneider. It benefits all of our customers. If you think about the work just in the last month, we're now through our UP Go app, we're getting about 10,000 comments back from drivers on our intermodal ramps. Those comments range from ideas to improve, to -- things that they think are going really well. It's that type of feedback that we can continue to ensure that we're making our ramps as efficient as possible from a driver's experience for all of our customers. So I'm very excited, very confident.

是的。我會喜歡同樣的自信。當您考慮運營部門和市場銷售部門一起做的事情時。 Knight-Swift 的最後 6 個月進展非常順利。這是我們與施耐德的合作手冊。我們確保我們將這些劇本中的每一部都應用到施耐德身上。我也會回應肯尼關於我們如何看待投資的評論。肯尼，你談到了基礎設施。我們還在技術方面做了很多工作，這不僅有利於施耐德。它使我們所有的客戶受益。如果您考慮上個月的工作，我們現在正在通過我們的 UP Go 應用程序，我們從多式聯運坡道上的司機那裡收到了大約 10,000 條評論。這些評論的範圍從改進的想法到他們認為進展順利的事情。正是這種類型的反饋，我們可以繼續確保我們從駕駛員的經驗中為所有客戶提供盡可能高效的坡道。所以我很興奮，很自信。

Our next question is from the line of Ken Hoexter with Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

Maybe it seems like some momentum you talked about in the latter part of the quarter. But Kenny, volumes are up 1% quarter-to-date here, almost 1 month through the quarter. And with about 1% average growth in the first half of the year, just to get to the 4% to 5% growth Jen was talking about, it seems like you'd have to quickly ramp to upper single digits especially given the trend of nearly 1/3 of the quarter in the bag. So maybe, Kenny, you also mentioned the drop in spot rates in trucking. Maybe could you just revisit that for a bit and maybe walk us through where we should see that rapid ramp? And then Lance, from your perspective in your seat, I mean, I guess we're kind of even something that some of us haven't seen with inflationary backdrop that hasn't been around for 40 years. How do you think about that in terms of managing the rail and how to adjust?

也許這似乎是您在本季度後半段談到的一些動力。但是肯尼，本季度迄今為止，該季度的銷量增長了 1%，將近 1 個月。今年上半年的平均增長率約為 1%，為了達到 Jen 所說的 4% 到 5% 的增長率，看起來你必須迅速提高到上個位數，尤其是考慮到袋子里四分之一的近 1/3。所以也許，肯尼，你也提到了卡車運輸的即期費率下降。也許您可以重新審視一下，然後帶我們走過應該看到快速坡道的地方嗎？然後蘭斯，從你坐在座位上的角度來看，我的意思是，我想我們甚至是我們中的一些人在 40 年沒有出現的通貨膨脹背景下從未見過的東西。您如何看待鐵路管理以及如何調整？

Yes. First off, and Eric talked a little bit about this coming out of 4th of July holiday certainly puts us in a ramp-up capacity or ramp-up scenario. The other part of that is -- and I mentioned this is that we are adding more resources, meaning we are adding in more of the system cars onto our network. And so that's given us a lot more confidence there. And then you mentioned the spot rates. And we've got to differentiate the spot rates that we've seen go down versus these contracted rates. We still see that there is a firmness in those contracted rates and there's a lot to that. A lot of reasons lining. There's still a number of truckers that need to be higher, and that's in the tens of thousands, we've seen chassis dwell increase. We've seen container dwell increase. So there's still tightness there. And as our service is improving, we're going to be pricing and we are pricing right now for that in service improvement, especially during all the tightness that we're seeing.

是的。首先，Eric 談到了 7 月 4 日假期即將到來的一些事情，這無疑使我們處於產能提升或提升情景中。另一部分是 - 我提到這是我們正在添加更多資源，這意味著我們正在將更多系統汽車添加到我們的網絡中。所以這給了我們更多的信心。然後你提到了即期匯率。我們必須區分我們看到的即期匯率下跌與這些合同匯率。我們仍然看到這些合同費率是堅定的，而且還有很多。原因很多。仍然有許多卡車司機需要更高，而且有數以萬計，我們已經看到底盤停留時間增加了。我們已經看到容器停留時間增加了。所以那裡仍然很緊。隨著我們服務的改進，我們將定價，我們現在正在為服務改進定價，尤其是在我們看到的所有緊張情況下。

Ken, and fundamentally, you're right, we do need to accelerate volumes into the third quarter and we will. We're confident that, that will be happening and is starting. In terms of inflation, also correct, it's a unique environment, right? When you start seeing CPI in the 9%-plus range. It's been a long, long time since we've seen that and probably most of our management team up and down the org chart hasn't experienced that before. What we're dealing -- what we're doing to deal with that is just being relentless on productivity and efficiency, notwithstanding what you saw in the second quarter, which was all about recovery and adding the necessary resources and experiencing the necessary costs to recover more quickly than we would otherwise. But overarching that, there's just a relentless use of technology and process improvement to get productivity out of the network.

肯，從根本上說，你是對的，我們確實需要在第三季度加快銷量，我們會的。我們相信，這將會發生並且正在開始。就通貨膨脹而言，也是正確的，這是一個獨特的環境，對吧？當您開始看到 CPI 在 9% 以上的範圍內時。我們已經很久很久沒有看到這一點了，而且我們組織結構圖上下的大多數管理團隊可能都沒有經歷過這種情況。我們正在處理的事情——我們正在做的事情就是在生產力和效率方面堅持不懈，儘管你在第二季度看到了什麼，這完全是關於恢復和增加必要的資源並承擔必要的成本比我們恢復得更快。但最重要的是，只有不斷地使用技術和流程改進來提高網絡的生產力。

And one of the things that's helping us directly with purchased inflation is the wave process that our supply chain team goes through. We're on our -- I want to say, wave 11 right now where we take a chunk of our spend and basically deconstruct it with should cost analysis or benchmark analysis and then negotiate with our primary suppliers and looking for new suppliers that can help us find cost reduction, total cost of ownership. And that saved us hundreds and hundreds of millions of dollars over the last handful of years, and that's cumulative as we look forward. So yes, you do have to do different things, Ken, and it's a unique environment, right? And it doesn't look like it's going to go away anytime soon.

直接幫助我們應對購買型通貨膨脹的一件事是我們的供應鏈團隊所經歷的波動過程。我們正在——我想說的是，現在是第 11 波，我們在其中拿出大部分支出，基本上通過成本分析或基準分析來解構它，然後與我們的主要供應商談判並尋找可以提供幫助的新供應商我們發現成本降低，總擁有成本。在過去的幾年裡，這為我們節省了數億美元，而且在我們期待的過程中，這是累積的。所以是的，你必須做不同的事情，肯，這是一個獨特的環境，對吧？而且它看起來不會很快消失。

Lance, if I could just clarify one thing, I guess, through this call. It's not just -- I guess from a UP perspective, this is not just about employees as we heard about last night from an eastern rail. I guess you still see this as a lot of operational improvement that you control and I guess, from Eric's point of view, it's not just about adding headcount. Am I hearing that right?

Lance，如果我能澄清一件事，我想，通過這個電話。這不僅僅是 - 我想從 UP 的角度來看，這不僅僅是我們昨晚從東部鐵路聽到的員工。我想你仍然認為這是你控制的大量運營改進，我想，從 Eric 的角度來看，這不僅僅是增加員工人數。我沒聽錯嗎？

Yes. Ken, I think you're hearing it mostly right. Primarily, we do have to get crew availability, which is about hiring and hiring in the right spot to get back to being completely fluid. So that's an important element. In addition to that, though, you can see in our metrics, terminals are in generally pretty good shape. Terminal dwell is good and there's portions of the network that are operating pretty darn well. We've got to get over the road more effectively that starts with crew availability, but there are other things that are built into that, that can help like continuing to reduce variability events and derailments, things like that.

是的。肯，我想你沒聽錯。首先，我們確實必須確保工作人員的可用性，這是關於在正確的位置進行招聘和招聘，以恢復完全流暢的狀態。所以這是一個重要的因素。不過，除此之外，您可以在我們的指標中看到，終端總體上狀況良好。終端停留很好，並且網絡的某些部分運行得非常好。我們必須從工作人員的可用性開始更有效地渡過難關，但其中還包含其他一些東西，可以幫助繼續減少可變性事件和脫軌，諸如此類。

The next question is from the line of Jason Seidl with Cowen.

下一個問題來自 Jason Seidl 和 Cowen。

I wanted to talk a little bit more on the domestic intermodal side. You mentioned, Kenny, I think that you're keeping a close eye on sort of declining spot truckload rates and maybe the impacts it might have on domestic intermodal. How should we think about the yields in the back half of the year as we look at the model?

我想多談談國內多式聯運方面。你提到了，肯尼，我認為你正在密切關注現貨卡車裝載率的下降，以及它可能對國內多式聯運產生的影響。在看模型時，我們應該如何考慮下半年的收益率？

Well, we're 80% through our RFP season. And so the prices and increases that we've taken, you're going to see those reflect as the volume improved in domestic intermodal. Again, yes, we're going to watch it, but it's just not showing up right now on the contracted side. It's still a very tight supply chain. We'd like to see a few things loosen up in terms of the chassis dwell that's out there and the container dwell to help with the volume and us capture more of that volume that's out there. But again, there's still a disconnect there between what we're seeing on the spot side and the contractual rates.

好吧，我們的 RFP 季節完成了 80%。因此，我們採取的價格和漲幅，你會看到這些反映了國內多式聯運數量的增加。再次，是的，我們會觀看它，但它現在沒有出現在簽約方。它仍然是一個非常緊張的供應鏈。我們希望看到一些關於底盤停留和容器停留方面的鬆動，以幫助增加體積，並且我們可以捕獲更多的體積。但同樣，我們在現貨方面看到的情況與合同利率之間仍然存在脫節。

And Kenny, I mean that's just reflective of the fact that in our contracted world, we chase pricing different than you see the rapid price changes in truck. So that while truck spot rates flew up and are now starting to drop back down, we're still in the kind of the catch-up phase, if you will.

肯尼，我的意思是，這只是反映了這樣一個事實，即在我們的契約世界中，我們追求的定價與你看到的卡車價格的快速變化不同。因此，儘管卡車即期價格飛漲，現在又開始回落，但如果你願意的話，我們仍處於追趕階段。

And as we look at 4Q, last 4Q, we were sort of at the height or the height of the worry about the supply chain, there was probably a lot of accessorial charges that a lot of different carriers on the rail or trucking side was adding on. How should we think about that this year as we look to the year-over-year comparisons for 4Q yield in general?

當我們看第四季度，上一個第四季度時，我們有點擔心供應鏈，可能有很多附加費用，鐵路或卡車方面的許多不同的承運人正在增加上。今年我們應該如何看待第四季度收益率的同比比較？

Yes, Jason, I mean, you're right. We had seen some elevation in some of those ancillary revenue items because of supply chain. And as we talked kind of at the beginning of the year, and I would say we still see this today. There's opportunities for that to improve in the back half of the year, assuming the supply chain improves as well. So we're watching that hasn't changed much, I would say, here in the first half but would look for some improvement in the back half. I should also mention relative to yields in the back half, we are expecting a little bit more of a negative mix impact in the back half as we see those international and domestic intermodal loadings pick up relative to some of the rest of the business group. So something else to consider.

是的，傑森，我的意思是，你是對的。由於供應鏈，我們看到其中一些輔助收入項目有所增加。正如我們在年初談到的那樣，我想說我們今天仍然看到這一點。假設供應鏈也有所改善，今年下半年有機會改善。所以我們看到這並沒有太大變化，我想說，在上半場，但會在後半場尋找一些改進。我還應該提到後半部分的收益率，我們預計後半部分會產生更多的負面混合影響，因為我們看到這些國際和國內多式聯運負載相對於業務集團的其他部分有所回升。所以要考慮其他事情。

And all of that's embedded.

所有這些都是嵌入的。

Absolutely. And that's consistent with how we kind of saw the year playing out relative to mix even back in January.

絕對地。這與我們看到這一年相對於 1 月份的混合情況是一致的。

Our next question is from the line of Ben Nolan with Stifel.

我們的下一個問題來自 Ben Nolan 和 Stifel。

So when you talk about certainly the carload growth in the back half of the year, but then, Kenny, I think you also said that you're expecting incremental growth in 2023. Just curious what kind of broader macroeconomic assumptions that takes into account and really is it -- are you able to just sort of play catch up on the carload side, even if the broader macroeconomic environment were to decline a little bit? Or how sensitive would that growth be?

因此，當您肯定談論下半年的貨運增長時，肯尼，我想您也說過您預計 2023 年將出現增量增長。只是好奇什麼樣的更廣泛的宏觀經濟假設會考慮和真的是這樣——即使更廣泛的宏觀經濟環境略有下降，你能否在貨運方面追趕上來？或者這種增長有多敏感？

Yes. I mean a lot of this is not being able to catch up with mixed volume. I mean, there are probably some low inventories that we'll replenish on the coal side. But again, the fundamentals for natural gas prices, we expect to remain pretty strong in 2023. The same is true with some of the commodities like finished vehicles and auto parts, but layered on all of these are really business development wins. So I can point to business development wins on finished vehicles that were over the road, business development wins on auto parts that were over the road. And then again, same is true with our plastics business and our metals business. These are new business wins that are coming on. So that's how I think about it when I'm looking at industrial production as a whole and where we stand and what's out there for us to capture.

是的。我的意思是其中很多都無法趕上混合音量。我的意思是，我們可能會在煤炭方面補充一些低庫存。但同樣，天然氣價格的基本面，我們預計 2023 年仍將保持強勁。成品車和汽車零部件等一些商品也是如此，但所有這些都是真正的業務發展勝利。因此，我可以指出在道路上的成品車上的業務發展勝利，在道路上的汽車零部件上的業務發展勝利。再說一次，我們的塑料業務和金屬業務也是如此。這些都是即將到來的新業務勝利。所以當我將工業生產視為一個整體、我們所處的位置以及我們可以捕捉到的東西時，我就是這麼想的。

Yes. And Ben, regarding kind of what could happen in a recession, I've been talking to a lot of our customers across the different markets. And those that are big multinationals and global, their overall outlook is clouded by the fact that Europe is definitely slowing down pretty dramatically. China is in a bad place right now. And they look to the United States markets, and they think that hasn't happened in the U.S. yet. And the impact in commodities that we ship if a downturn were to occur might not be as strong as it would be otherwise in a recession because in recessions and in commodities, you get this bullwhip effect, right, where there's not just in-demand destruction, there's destocking that occurs. A lot of our markets, there's not destocking to occur because they're still trying to catch up on their supply chain stocking issues. So it's just hard to say, Ben. We've been really trying to parse that out ourselves. And so far, we think that if the U.S. economy slows down, let's say, it is slowing down. I think our markets are going to be in a place where we're still going to have growth opportunity.

是的。 Ben，關於經濟衰退中可能發生的事情，我一直在與不同市場的許多客戶交談。而那些大型跨國公司和全球性公司，他們的整體前景因歐洲明顯放緩的事實而蒙上陰影。中國現在處境很糟糕。他們著眼於美國市場，他們認為這在美國還沒有發生。如果經濟低迷，我們運送的大宗商品的影響可能不會像在經濟衰退中那樣強烈，因為在經濟衰退和大宗商品中，你會得到這種牛鞭效應，對，不僅僅是需求破壞，會發生去庫存化。我們的很多市場都沒有去庫存，因為他們仍在努力解決供應鏈庫存問題。所以很難說，本。我們一直在努力自己解析。到目前為止，我們認為如果美國經濟放緩，比如說，它正在放緩。我認為我們的市場將處於一個我們仍然會有增長機會的地方。

Absolutely.

絕對地。

Our next question is from the line of Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

Just a follow-up here on the domestic intermodal commentary. Look, I think I should completely hear you on the yield differences between you and the truck spot market. But I think the broad consensus, including from -- some trucking companies is that the truck market is loosening here and well into the back half of the year. So when you said earlier that some of these and IMC switches between you and your primary competitor are going to be good for everyone, that implies the potential for significant truckload conversion in the back half of the year, kind of what drives that uptick in truck conversion, the time when truck rates really should be falling in the back half?

這裡只是對國內多式聯運評論的跟進。聽著，我想我應該完全聽聽你和卡車現貨市場之間的產量差異。但我認為，包括一些卡車運輸公司在內的廣泛共識是，卡車市場正在鬆動，並且一直持續到今年下半年。所以當你之前說你和你的主要競爭對手之間的其中一些和 IMC 轉換將對每個人都有好處時，這意味著在今年下半年有可能實現顯著的卡車裝載量轉換，這是推動卡車量上升的原因轉換，卡車價格真的應該在後半段下降的時候？

Yes. So remember, we do have a new customer that we're excited about that's on our property now with Knight-Swift. And we're seeing benefits and wins from there. As our service product improves, we also expect to insert more resources out there to win over the road. We also know that there's over-the-road business that can come back to us on the parcel side. So again, if you look across the spectrum, there's still opportunities out there as our service improves, as we add a few more of those resources into the network to grow this business in the second half.

是的。所以請記住，我們確實有一個新客戶，我們很高興現在與 Knight-Swift 一起在我們的財產上。我們從那裡看到了好處和勝利。隨著我們服務產品的改進，我們也希望投入更多資源來贏得勝利。我們還知道，在包裹方面，有一些公路業務可以回到我們身邊。因此，再一次，如果您放眼整個範圍，隨著我們服務的改進，仍然存在機會，因為我們在網絡中添加了更多這些資源以在下半年發展這項業務。

Yes. And I think the other thing, Ravi, just to remember is there's a big fuel delta between rail and trucks. And so certainly, fuel has an impact on our margins, but it has an even larger impact in terms of that cost for people who are shipping by truck. And then longer term, there's the ESG benefits that you've heard us talk about. And so while that's maybe not shifting the needle much today, longer term, we still think that's a huge opportunity for us.

是的。我認為另一件事，拉維，請記住，鐵路和卡車之間存在很大的燃料三角洲。因此，當然，燃料對我們的利潤有影響，但就卡車運輸的成本而言，它的影響更大。然後從長遠來看，還有你聽到我們談論的 ESG 好處。因此，雖然今天這可能不會改變太多，但從長遠來看，我們仍然認為這對我們來說是一個巨大的機會。

Right. But going back to your question, Ravi, I'm not sure, Kenny, that your requirements in the back half has some kind of rapid acceleration in truck conversion. You just keep on the path you're on, we get our service product continuing to improve and what we need to have happen is happening.

正確的。但回到你的問題，拉維，我不確定，肯尼，你對後半部的要求是否會在卡車改裝方面有某種快速加速。您只需繼續前進，我們的服務產品就會繼續改進，我們需要發生的事情正在發生。

Very helpful. And just kind of one quick follow-up, Lance. I think there's some chatter about Congress trying to mandate 1-person crews for the railroads. Kind of any comment on that?

非常有幫助。只是一種快速跟進，蘭斯。我認為有一些關於國會試圖為鐵路授權 1 人工作人員的議論。對此有何評論？

Yes. So I don't know if Congress' getting involved. They frequently get asked to get involved in the crew-size discussion. Our role right now inside of national negotiation is to make sure that either the PEB addresses the question or they address the question by allowing the railroads and labor to continue to negotiate, which we are right now with our unions that are affected on redeploying the conductor from the cab to the ground. We think it's better for the conductors' quality of life. There'll be great jobs. And of course, there is an efficiency opportunity there. And so we're going to keep pursuing that. So yes, stay tuned. I think the next big thing that will happen is the STB is pending a rule that they've been working on regarding how many people have to be in the cab of locomotive. And we've got our antenna up on that.

是的。所以我不知道國會是否參與其中。他們經常被要求參與船員規模的討論。我們現在在全國談判中的角色是確保 PEB 解決問題，或者他們通過允許鐵路和勞工繼續談判來解決問題，我們現在正與我們的工會合作，這些工會在重新部署售票員時受到影響從駕駛室到地面。我們認為這對導體的生活質量更好。會有很棒的工作。當然，那裡有一個提高效率的機會。所以我們將繼續追求這一點。所以，是的，請繼續關注。我認為接下來會發生的一件大事是機車局正在等待一項他們一直在製定的關於機車駕駛室中必須有多少人的規則。我們已經為此做好了準備。

I think you mean FRA.

我想你的意思是FRA。

FRA, excuse me. Did I say STB? I'm sorry. I meant the FRA.

FRA，對不起。我說的是機頂盒嗎？對不起。我的意思是FRA。

The next question is from the line of Jordan Alliger with Goldman Sachs.

下一個問題來自高盛的 Jordan Alliger。

This may be a little redundant. You've probably answered it multiple parts. But in terms of the volume acceleration to sort of high single digit in the back half of the year, I'm just -- to go from basically 1% to that, just trying to get a sense for how quick volumes can react. And I guess the question is, I know you have opportunity besides the economy and headcount is important. But when you think about altogether, whether it be the economy, headcount, operational changes, what has to happen like first and today in order to be able to get that acceleration to the level that you expect, because all the things together seem like they need to happen. But I don't know. It's just a big ramp, and I'm just trying to understand which is the most critical components to it.

這可能有點多餘。您可能已經回答了多個部分。但就下半年銷量加速到高個位數而言，我只是 - 從基本上 1% 到那個，只是想了解銷量的反應速度有多快。我想問題是，我知道除了經濟之外你還有機會，而且員工人數很重要。但是當你全面考慮時，無論是經濟、員工人數、運營變化，為了能夠將加速達到你期望的水平，首先和今天必鬚髮生什麼，因為所有的事情看起來就像它們需要發生。但我不知道。這只是一個大坡道，我只是想了解哪些是它最關鍵的組成部分。

Sure. Jordan, this is Lance. So I'll take you back as recently as June where you saw 7-day carloads at the beginning of the month in the high 150s, 160 ballpark in the month at 165, 166. So that kind of ramp can happen, will happen, does happen on the railroad and we're capable of it. We just did it. By the way, during June, our service product was improving through that whole month. So we grew and improved service at the same time. In terms of what makes that happen, number one, we have to have crew availability so we can run trains on demand. That's not just crew's being graduated, which they are every week right now, but it's also making sure our recrew rate is in the right place and that we're using every crew wisely and that's in the right place. Our recrew rates down, first starts are much more efficient.

當然。喬丹，這是蘭斯。所以我會帶你回到最近的六月，你在月初看到 7 天的載貨量，在 165、166 這個月的高位 150、160 場。所以這種坡道可能會發生，將會發生，確實發生在鐵路上，我們有能力做到。我們剛剛做到了。順便說一句，在 6 月份，我們的服務產品整整一個月都在改進。因此，我們同時發展並改進了服務。就導致這種情況發生的原因而言，第一，我們必須有可用的機組人員，以便我們可以按需運行火車。這不僅僅是機組人員的畢業，他們現在每週都這樣，而且還確保我們的複員率在正確的位置，並且我們正在明智地使用每個機組人員，並且在正確的位置。我們的機組人員率下降，首次啟動效率更高。

There's still a lot of room to run on both of those. So that's the first thing that has to happen. And then after that, it's all the pick-and-shovel work of running a much better network from a reliability and a variability perspective. Right now, the good points are terminals are in good shape. We're launching on time on average, all of our network. And what we have to do now is get over the road better, and that's really about crew availability and variability.

這兩個方面仍有很大的發展空間。所以這是必鬚髮生的第一件事。然後在那之後，從可靠性和可變性的角度來看，運行一個更好的網絡是所有的挑剔工作。現在，優點是終端狀況良好。我們所有的網絡平均準時啟動。我們現在要做的就是更好地度過難關，這實際上是關於船員的可用性和可變性。

The next question is from the line of Jeff Kauffman with Vertical Research.

下一個問題來自 Vertical Research 的 Jeff Kauffman。

I appreciate you squeezing me in. It's been a long call, so I'll be quick. You noted that you had jumped on hiring and raising your T&E employee training a little sooner, I think, than some other rails. CSX was griping last night about how they're having attrition issues after training. Norfolk just put a release this morning saying they're raising pay to $25 an hour and adding incentives. When I talk to rail industry, people that are hiring, they say, this is Gen Z. They don't want to work 5 days a week. They don't want to be on call before going out in the field. Can you talk a little bit about how the job is changing? Or what you've done to be maybe a little more successful in hiring and retaining your employees than some of the stories we're hearing?

我很感激你把我擠進去。這是一個很長的電話，所以我會很快的。你注意到你已經開始招聘和提高你的 T&E 員工培訓了，我認為，比其他一些軌道。 CSX 昨晚抱怨他們在訓練後遇到的減員問題。諾福克今天早上剛剛發布了一份聲明，稱他們將把工資提高到每小時 25 美元並增加激勵措施。當我與鐵路行業的招聘人員交談時，他們說，這是 Z 世代。他們不想每週工作 5 天。他們不想在外出前隨叫隨到。你能談談這份工作的變化嗎？或者你做了什麼比我們聽到的一些故事更成功地僱傭和留住你的員工？

Sure, Jeff. Let me take that one. And I just want to make sure we level set on kind of your opening. So we started hiring back in April of last year. We hired approximately about 250 transportation employees as well as mechanical and engineering last year. And then we've built on that success this year. And as I reported this morning, we remain extremely confident that we can hire the 1,400 transportation employees we need to. Now as part of the job, I'm going to tell you that I think we're about halfway through that journey. Certainly, the last 2 to 3 years, as we've looked at how do you attract people to the railroad, we've relied on things that have proven to work in the past. So our implementation of an employee referral program, making sure that we're getting the word out inside of our own families and friends because those people best understand what the railroad really asks of you. They come in day 1, understanding those expectations. At the same time, our workforce resource group has done a phenomenal job being in different technical colleges to continue to draw upon people from there with different scholarships. So they're also inside of that, helping to achieve our goals for minority and for women joining the railroad.

當然，傑夫。讓我拿那個。我只是想確保我們在你的開幕式上保持水平。所以我們從去年四月開始重新招聘。去年，我們僱傭了大約 250 名運輸人員以及機械和工程人員。然後我們在今年的成功基礎上再接再厲。正如我今天早上報導的那樣，我們仍然非常有信心可以僱用我們需要的 1,400 名運輸員工。現在作為工作的一部分，我要告訴你，我認為我們已經完成了一半。當然，在過去的 2 到 3 年中，當我們研究如何將人們吸引到鐵路上時，我們依賴於過去證明行之有效的方法。因此，我們實施了員工推薦計劃，確保我們在自己的家人和朋友中得到消息，因為這些人最了解鐵路對您的真正要求。他們在第一天就來了，了解這些期望。同時，我們的勞動力資源團隊在不同的技術學院中做得非常出色，以繼續從那裡吸引具有不同獎學金的人。所以他們也在其中，幫助實現我們為少數族裔和加入鐵路的女性的目標。

Now here's what's left, right? What's left, Lance hit on part of it, certain jobs today, if you can take them from a relatively unscheduled process or unscheduled nonstandard schedule and move them to a more standard schedule year one, going to improve the retention of the employees you have now. And two, you're going to offer up jobs that have been different than in the past and in doing so, you're going to attract different groups of people that you may have been able to attract in the past. So that's the work we have in front of us. Even just 2 weeks ago, we launched a new survey to all of our transportation employees to help them further help us understand quality of life on the job. So you'll continue to see us focus on it. We are not struggling as much as maybe some other roads as you characterized it, but it's still an opportunity we have to keep at the forefront of us.

現在這就是剩下的，對吧？剩下的，蘭斯打了一部分，今天的某些工作，如果你能把它們從一個相對沒有計劃的流程或計劃外的非標準日程安排中轉移到第一年更標準的日程安排，這將提高你現在擁有的員工的保留率.第二，您將提供與過去不同的工作，並且這樣做，您將吸引過去可能能夠吸引的不同人群。這就是我們擺在我們面前的工作。甚至就在 2 週前，我們向所有運輸員工發起了一項新調查，以幫助他們進一步幫助我們了解工作中的生活質量。因此，您將繼續看到我們專注於它。我們沒有像您描述的其他一些道路那樣掙扎，但這仍然是我們必須保持在我們最前沿的機會。

Next question is from the line of David Vernon with Bernstein.

下一個問題來自 David Vernon 和 Bernstein 的觀點。

Lance and Kenny, a bigger picture question for you on intermodal. You guys have put forward service recovery plans to the STB that are targeting kind of return to low 60s, I think, on-time performance in the intermodal business. I wanted to get a sense from you guys, why is that the right number? It seems like a fairly -- I don't know, not a particularly aspirational set of targets. And is there a way that you guys can be thinking about that business differently that would give you maybe a better advantage in terms of accelerating the modal shift off the highway and on the rail?

蘭斯和肯尼，關於多式聯運的一個更大的問題。你們已經向 STB 提出了服務恢復計劃，目標是恢復到 60 年代的低點，我認為，多式聯運業務的準時表現。我想從你們那裡得到一個感覺，為什麼這個數字是正確的？這似乎是一個公平的——我不知道，不是一組特別有抱負的目標。有沒有一種方法可以讓你們以不同的方式思考該業務，從而在加速高速公路和鐵路的模式轉變方面為你們提供更好的優勢？

That's a great question, David. And clearly, what we've got in our service recovery plan with the STB is not our ultimate end game. And so the number that you're referencing for intermodal trip plan compliance isn't the aspirational end game. Ultimately, in the current environment, when that number is in the mid-80s to high 80s, low 90s, it's awesome. And where we are right now in the low to mid-60s needs work, right? We need improvement. Now having said that, ultimately, what every customer tells us what they really care about, just do what you say you're going to do. I can adjust. And that's really what they want from us. So we're trying to give them right now is markers that they can trust as we move through the back half of the year and use us and use our intermodal product to satisfy their needs, right? We're still -- we can do huge volume at very competitive pricing compared to the alternative mode of truck and we can do it reliably so long as we continue to improve our service product and promise something that we can actually deliver. Kenny?

這是一個很好的問題，大衛。很明顯，我們在 STB 的服務恢復計劃中得到的並不是我們的終極目標。因此，您引用的多式聯運旅行計劃合規性數字並不是理想的最終結果。最終，在當前環境下，當這個數字在 80 年代中期到 80 年代中期到 80 年代高，90 年代低時，這太棒了。我們現在處於 60 多歲到中期需要工作，對吧？我們需要改進。話雖如此，最終，每個客戶告訴我們他們真正關心的是什麼，就按你說的去做。我可以調整。這確實是他們想要從我們這裡得到的。所以我們現在正努力給他們提供他們可以信任的標記，因為我們在下半年度過並使用我們並使用我們的多式聯運產品來滿足他們的需求，對嗎？我們仍然 - 與卡車的替代模式相比，我們可以以極具競爭力的價格進行大量生產，只要我們繼續改進我們的服務產品並承諾我們可以實際交付的東西，我們就可以可靠地做到這一點。肯尼？

All I'll add is that we are always looking at our customer success metrics. We talk about it often, we engage our customers, and that could continue to evolve.

我要補充的是，我們一直在關注我們的客戶成功指標。我們經常談論它，我們吸引我們的客戶，並且這可能會繼續發展。

I mean it strikes me as during some of these questions and service reviews with the STB and customers complaining about service, there's a big disparity around the definition of what rail service is. And I mean, as you guys think about how you approach that business and how you contract with customers, is there something that you guys can do to better clarify kind of what that service level would be and maybe even use pricing to incentivize it? Because it does occur to me that there is a large customer in UPS that does get good service. Obviously, they pay for it. But most other customers that are complaining about things like service, the ambiguity around what is service and that matching of price for service doesn't seem like it's maybe as tight as it could be. Is that something you guys are working on or thinking about at all?

我的意思是，在與 STB 和客戶抱怨服務的一些問題和服務審查中，對鐵路服務的定義存在很大差異，這讓我感到震驚。我的意思是，當你們考慮如何處理該業務以及如何與客戶簽訂合同時，你們是否可以做些什麼來更好地闡明服務水平，甚至可能使用定價來激勵它？因為我確實想到UPS中有一個大客戶確實得到了很好的服務。顯然，他們為此付出了代價。但大多數其他抱怨諸如服務之類的東西的客戶，關於什麼是服務的模糊性以及服務價格的匹配似乎並不像它可能的那樣緊密。這是你們正在研究或正在考慮的事情嗎？

Yes. We absolutely price for the product that we're providing to the customer base. We've got plenty of room to run there to continue doing that, as you point out, more effectively. And the other thing that you're pointing out is process, and we're working really hard right now on business process between ourselves and our customers to be crystal clear on what the service product is and what we can do and how much we can do and then helping customers manage their business around that and managing our business around that as we continue to grow and improve our product. So yes, there's a lot of work around that, David, right now.

是的。我們絕對為我們提供給客戶群的產品定價。正如您所指出的，我們有足夠的空間繼續這樣做，更有效地進行。您要指出的另一件事是流程，我們現在正在努力處理我們與客戶之間的業務流程，以明確服務產品是什麼，我們可以做什麼以及我們可以做多少做，然後幫助客戶管理他們的業務，並在我們繼續發展和改進我們的產品的過程中管理我們的業務。所以是的，大衛，現在有很多工作要做。

Our last question is from the line of Jairam Nathan with Daiwa.

我們的最後一個問題來自Jairam Nathan 和Daiwa。

I just wanted to follow up on a few questions that you already answered regarding recessionary and plans there. So I think in the past, your interest figure has been pretty nimble in cutting costs in the event of a volume decline. But do you foresee any changes to how you can adjust your labor given the difficulties that you had this year? To get crew availability up, do you see a different approach in the event of a recession or a volume downturn?

我只是想跟進您已經回答的關於衰退和計劃的幾個問題。所以我認為在過去，你的興趣數字在銷量下降的情況下會非常靈活地削減成本。但是，鑑於今年遇到的困難，您是否預見到調整勞動力的方式會發生任何變化？為了提高船員的可用性，在經濟衰退或銷量下滑的情況下，您是否看到了不同的方法？

Yes. Jairam, fundamentally, the answer is no. We still -- if there were a catastrophic downturn in the industrial economy, the goods economy, we'd adjust very quickly to it. Now having said that, on the margin, like we talked about very early in the call, we would be much more thoughtful about where and how much and how we would make those employees available to us when volume returned. So you'd probably see marginally some different behavior but fundamentally, we have the ability, and it's proven to adjust our business to whatever the environment is.

是的。 Jairam，從根本上說，答案是否定的。我們仍然——如果工業經濟、商品經濟出現災難性衰退，我們會很快適應它。話雖如此，就像我們在電話會議早些時候談到的那樣，我們會更加仔細地考慮當數量恢復時我們將在哪裡、多少以及如何讓這些員工為我們提供服務。因此，您可能會看到一些不同的行為，但從根本上說，我們有能力，而且事實證明，無論環境如何，我們都能調整我們的業務。

This concludes the question-and-answer session. I'll now turn the call back over to Lance Fritz for closing comments.

問答環節到此結束。我現在將把電話轉回給 Lance Fritz 以結束評論。

Yes. And thank you again, Rob, and thank you all for joining us this morning. We appreciate it. We appreciate the Q&A with you. We look forward to talking with you again in October to discuss our third quarter results. Until then, take care.

是的。再次感謝你，Rob，感謝大家今天早上加入我們。我們很感激。我們感謝您的問答。我們期待在 10 月再次與您交談，討論我們的第三季度業績。在那之前，請小心。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。