聯合太平洋集團 (UNP) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Union Pacific First Quarter 2024 Conference Call. (Operator Instructions) A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website.

您好，歡迎參加聯合太平洋 2024 年第一季電話會議。 （操作員說明）正式示範之後將進行簡短的問答環節。 （操作員說明）謹此提醒，本次會議正在錄製中，今天演示的幻燈片可在聯合太平洋公司的網站上找到。

It is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Thank you, Mr. Vena. You may now begin.

現在我很高興向大家介紹你們的東道主，聯合太平洋公司執行長吉姆‧維納先生。謝謝你，維納先生。你現在可以開始了。

Thanks, Rob, and good morning to everyone. Beautiful day in Omaha, 60 degrees, a little bit of rain. It is absolutely perfect for railroading. So why don't we get started? And thank you for joining us today to discuss Union Pacific's first quarter results.

謝謝羅布，大家早安。奧馬哈美好的一天，60 度，有一點小雨。它絕對是鐵路運輸的完美選擇。那我們為什麼不開始呢？感謝您今天加入我們討論聯合太平洋公司第一季的業績。

I'm joined in Omaha by our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President of Operations, Eric Gehringer.

我們的財務長 Jennifer Hamann 與我一起來到奧馬哈；我們的行銷和銷售執行副總裁 Kenny Rocker；以及我們的營運執行副總裁 Eric Gehringer。

As you'll hear from the team, we continue to execute our multiyear strategy to establish Union Pacific as the industry leader in safety, service and operational excellence. We, again, took positive steps towards that goal in the first quarter. While challenges outside our control persists, we are establishing a foundation for long-term success.

正如您將在團隊中聽到的那樣，我們將繼續執行多年策略，將聯合太平洋公司打造成安全、服務和卓越營運方面的行業領導者。我們在第一季再次為實現這一目標採取了積極步驟。儘管我們無法控制的挑戰仍然存在，但我們正在為長期成功奠定基礎。

Now let's discuss first quarter results starting on Slide 3. This morning, Union Pacific reported 2024 1st quarter net income of $1.6 billion or $2.69 per share. This compares to 2023 1st quarter net income of $1.6 billion or $2.67 per share. We're pleased to be able to report earnings growth in a tough environment, especially since last year's results included a $0.14 per share real estate gain.

現在讓我們從幻燈片 3 開始討論第一季業績。相比之下，2023 年第一季淨利潤為 16 億美元，即每股 2.67 美元。我們很高興能夠在嚴峻的環境下報告獲利成長，特別是因為去年的業績包括每股 0.14 美元的房地產收益。

First quarter operating revenue was flat as solid core pricing gains and a positive business mix were offset by lower fuel surcharge revenue and reduced volumes. Normalizing for the impact from fuel surcharge, freight revenue was up 4% versus last year. Expenses year-over-year were down 3%, driven by lower fuel prices and productivity gains. This was partially offset by inflation, increased transportation workforce levels to compensate for new labor agreements and higher depreciation.

第一季營業收入持平，因為核心定價的穩健成長和積極的業務組合被燃油附加費收入下降和銷售減少所抵消。考慮到燃油附加費的影響，貨運收入比去年增加了 4%。由於燃料價格下降和生產率提高，費用年減 3%。這部分被通貨膨脹、運輸勞動力水準增加以補償新的勞工協議和更高的折舊所抵消。

Our first quarter operating ratio of 60.7% improved 140 basis points versus last year. This also represents a 20 basis point improvement sequentially from the fourth quarter, which further demonstrates the strong work by the team. Look, it's a great start to the year. I'm pleased with how the Union Pacific team is coming together to unlock what's possible for our company. But there's a lot of work to do. I'll let the team walk you through the quarter in more detail, and I'll come back and wrap it up before we go to question and answer.

第一季營運率為 60.7%，比去年提高了 140 個基點。這也比第四季度連續提高了 20 個基點，進一步證明了團隊的出色工作。瞧，今年真是個美好的開始。我很高興聯合太平洋團隊齊心協力，為我們公司創造無限可能。但還有很多工作要做。我會讓團隊更詳細地向您介紹本季度的情況，然後在我們進行問答之前我會回來總結一下。

So with that, Jennifer, why don't you go through the first quarter financials?

那麼，詹妮弗，你為什麼不看一下第一季的財務狀況呢？

All right. Thanks, Jim, and good morning. I'll begin with a walkdown of our first quarter income statement on Slide 5, where operating revenue of $6 billion was flat versus last year on a 1% volume decline that was significantly driven by a 20% reduction in coal shipments. In fact, excluding coal, volumes would have been up close to 2% year-over-year even in this tough freight environment.

好的。謝謝，吉姆，早安。我將首先在投影片 5 上詳細介紹我們第一季的損益表，其中 60 億美元的營業收入與去年持平，但銷量下降了 1%，這主要是由於煤炭運輸量減少 20%。事實上，即使在嚴峻的貨運環境下，如果不包括煤炭，貨運量也將年增近 2%。

Looking in at the revenue components further, total freight revenue of $5.6 billion declined 1%. The single largest driver of the year-over-year decrease was a 25% reduction in fuel surcharge revenue to $665 million as lower fuel prices negatively impacted freight revenue 375 basis points. Solid core pricing gains and a favorable business mix combined to add 350 basis points to freight revenue. Reduced coal and rock shipments as well as increased soda ash and petroleum carloads drove the positive mix dynamic. Excluding fuel surcharge, freight revenue grew 4%, a solid start to the year and a demonstration of the great diversity of the UP franchise.

進一步查看收入組成部分，貨運總收入為 56 億美元，下降了 1%。年比下降的最大推動因素是燃油附加費收入減少 25%，至 6.65 億美元，因為燃油價格下降對貨運收入產生了 375 個基點的負面影響。穩固的核心定價收益和有利的業務組合相結合，使貨運收入增加了 350 個基點。煤炭和岩石運輸量的減少以及純鹼和石油裝載量的增加推動了積極的混合動態。不計燃油附加費，貨運收入成長了 4%，這是今年的良好開局，也體現了 UP 特許經營的多元化。

Wrapping up the top line, other revenue increased 4%, driven by increased accessorial revenue that included a one-time contract settlement of $25 million. Switching to expenses, operating expense of $3.7 billion decreased 3%, as we generated solid productivity against lower demand. Digging deeper into a few of the expense lines, compensation and benefits expense was up 4% versus last year. First quarter workforce levels decreased 2% as reductions in non-transportation employees more than offset a 4% increase in our active TE&Y workforce. Although our training pipeline is significantly reduced, we continue to carry additional train services employees as a buffer for our operations and to offset the impact of newly available sick pay benefits and work rest agreements.

總而言之，其他收入成長了 4%，這主要得益於輔助收入的增加，其中包括 2,500 萬美元的一次性合約結算。轉向費用方面，營運費用為 37 億美元，下降了 3%，因為我們在需求下降的情況下保持了穩定的生產力。深入研究一些費用項目，薪資和福利費用比去年增加了 4%。第一季的勞動力水準下降了 2%，因為非運輸員工的減少超過了我們活躍的 TE&Y 勞動力 4% 的成長。儘管我們的培訓管道大幅減少，但我們繼續運送更多的火車服務員工，作為我們營運的緩衝，並抵消新提供的病假薪資福利和工作休息協議的影響。

While talking about workforce levels, I do want to mention one quick housekeeping item. As some of you might be aware, we are in the process of transferring operating responsibility for certain passenger lines in Chicago to Metro. As part of that, in June, we will be transferring around 350 mechanical employees to Metro. On a quarterly basis, this will lower both revenue and expense by roughly $15 million. Cost per employee in the first quarter increased 5%, reflecting wage inflation and additional costs associated with new labor agreements. Fuel expense in the quarter declined 14% on a 13% decrease in fuel prices from $3.22 per gallon to $2.81 per gallon.

在談論勞動力水準時，我確實想提一個快速的內務管理專案。你們有些人可能知道，我們正在將芝加哥某些客運線路的營運責任轉移給 Metro。作為其中的一部分，我們將在 6 月將大約 350 名機械員工轉移到 Metro。按季度計算，這將使收入和支出減少約 1500 萬美元。第一季每位員工的成本增加了 5%，反映了薪資上漲以及與新勞工協議相關的額外成本。由於燃油價格從每加侖 3.22 美元降至每加侖 2.81 美元，下降了 13%，該季度的燃油費用下降了 14%。

We also improved our fuel consumption rate by 1% as locomotive productivity more than offset a less fuel-efficient business mix given the decline in coal shipments. Purchased Services & Materials expense decreased 6% versus last year, as we maintained a smaller active locomotive fleet, and our logistics subsidiary incurred less drayage expense. In addition, a little less than half of the year-over-year variance related to resolution of a contract dispute.

我們還將燃料消耗率提高了 1%，因為機車生產率的提高足以抵消煤炭運輸量下降帶來的燃油效率較低的業務組合的影響。採購服務和材料費用比去年下降了 6%，因為我們維持了較小的活躍機車車隊，我們的物流子公司產生了較少的短駁費用。此外，略低於一半的年差異與合約糾紛的解決有關。

Finally, Equipment & Other Rents declined 8%, reflecting a more fluid network seen through improved cycle times and lower lease expenses. By controlling the controllables in our cost structure, first quarter operating income of $2.4 billion increased 3% versus last year. Below the line, Jim noted last year's real estate transaction and other income, and our interest expense declined 4% on lower average debt levels. First quarter net income of $1.6 billion and earnings per share of $2.69 both improved 1% versus 2023. And our quarterly operating ratio of 60.7% improved 140 basis points year-over-year, which includes a 60 basis point headwind from lower fuel prices.

最後，設備及其他租金下降了 8%，反映出透過週期時間的縮短和租賃費用的降低，網路更加流暢。透過控製成本結構中的可控因素，第一季營業收入為 24 億美元，比去年同期成長 3%。在此線下方，Jim 指出了去年的房地產交易和其他收入，以及由於平均債務水平較低，我們的利息支出下降了 4%。第一季淨利為16 億美元，每股盈餘為2.69 美元，均較2023 年成長1%。 。

Turning to shareholder returns and the balance sheet on Slide 6. First quarter cash from operations totaled $2.1 billion, up roughly $280 million versus last year. Growth in operating income as well as the impact from 2023 labor agreement payments are reflected in that increase. In addition, free cash flow and our cash flow conversion rate both showed nice improvements. As planned, we paid down $1.3 billion of debt maturities in March. That resulted in our adjusted debt-to-EBITDA ratio declining to 2.9x at the end of the quarter, and we continue to be A-rated by our 3 credit rating agencies. Also during the quarter, we paid dividends totaling $795 million.

轉向投影片 6 上的股東回報和資產負債表。這一增長反映了營業收入的成長以及 2023 年勞動協議付款的影響。此外，自由現金流和現金流轉換率均顯示出良好的改善。按照計劃，我們在 3 月償還了 13 億美元的到期債務。這導致我們調整後的債務與 EBITDA 比率在本季末下降至 2.9 倍，並且我們繼續被 3 家信用評級機構評為 A 級。同樣在本季度，我們支付了總計 7.95 億美元的股息。

Wrapping things up on Slide 7. As you'll hear from Kenny, our overall outlook on the freight environment hasn't changed a lot since January. Yes, there have been some pluses and minuses from our original outlook, but in totality, we still see the same economic uncertainty. What I am certain of, however, is that our service product is meeting and will continue to meet the demand in the marketplace. And when volumes strengthen, we will be ready to provide our customers with the service they need to grow with us. In addition, as evidenced by our first quarter results, we will continue to generate productivity that improves our network efficiency.

在投影片 7 上進行總結。是的，與我們最初的展望相比，存在一些優點和缺點，但總的來說，我們仍然看到同樣的經濟不確定性。然而，我可以肯定的是，我們的服務產品正在並將繼續滿足市場的需求。當銷售量增加時，我們將準備好為客戶提供與我們一起成長所需的服務。此外，正如我們第一季的業績所證明的那樣，我們將繼續提高生產力，提高我們的網路效率。

Also demonstrated by those first quarter results is our commitment to generating pricing dollars in excess of inflation dollars. If you set fuel aside, our price commitment as well as expectations for positive mix in 2024 should allow us to pace freight revenue ahead of volume.

第一季的業績也證明了我們致力於創造超過通膨美元的定價美元。如果不考慮燃料，我們的價格承諾以及對 2024 年積極組合的預期應該使我們能夠將貨運收入的速度置於貨運量之上。

And finally, with capital allocation, we plan to start -- restart share repurchases in the second quarter, a further demonstration of the confidence we have in our strategy and the momentum that is building. The actions we're taking to improve safety, service and operational excellence are reflected in our financials, and continuing on with this strategy will drive shareholder value in 2024 and well into the future.

最後，在資本配置方面，我們計劃在第二季重新啟動股票回購，這進一步證明了我們對我們的策略和正在形成的勢頭的信心。我們為提高安全性、服務和卓越營運而採取的行動反映在我們的財務數據中，繼續實施此策略將在 2024 年乃至未來推動股東價值。

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

現在讓我將其轉交給肯尼，以提供有關商業環境的最新資訊。

Thank you, Jennifer, and good morning. As Jennifer mentioned, freight revenues totaled $5.6 billion for the quarter, which was down 1% as core pricing was offset by lower fuel surcharges and a 1% drop in volume.

謝謝你，詹妮弗，早安。正如 Jennifer 所提到的，本季貨運收入總計 56 億美元，下降了 1%，因為核心定價被較低的燃油附加費和貨運量下降 1% 所抵消。

Let's jump right in and talk about the key drivers in each of our business groups. Starting with Bulk, revenue for the quarter was down 4% compared to last year on a 5% decrease in volume and a 1% increase in average revenue per car. Solid core pricing gains across most Bulk segments were largely offset by low natural gas prices that unfavorably impacted our coal index contracts and lower on fuel surcharges.

讓我們直接討論一下我們每個業務部門的關鍵驅動因素。從散裝業務開始，本季營收較去年下降 4%，銷量下降 5%，每輛車平均收入增加 1%。大多數散裝業務的核心定價收益在很大程度上被低天然氣價格所抵消，天然氣價格對我們的煤炭指數合約產生了不利影響，並且燃料附加費下降。

As stated, coal continued to face difficult market conditions in the first quarter as warmer temperatures overall led to record low natural gas prices and caused significant declines in demand. Grain and grain products volume was up for the quarter with increased shipments of corn to Mexico as well as more shipments from Canadian origins. Lastly, despite strong truck competition, food and refrigerated shipments increased as a result of new business for dry goods solid demand and network service improvement.

如上所述，第一季煤炭市場繼續面臨困難，因為氣溫總體升高導致天然氣價格創歷史新低並導致需求大幅下降。本季穀物和穀物產品銷量有所增加，其中運往墨西哥的玉米以及來自加拿大的玉米發貨量有所增加。最後，儘管卡車競爭激烈，但由於乾貨新業務的強勁需求和網路服務的改善，食品和冷藏運輸量有所增加。

Moving to Industrial. Revenue was up 4% for the quarter, driven by a 1% increase in volume. Strong core pricing gains and a positive mix in traffic were partially offset by lower fuel surcharges. Our strong business development efforts in petroleum allowed us to capitalize on windows of opportunity along with new domestic contract wins. Demand improved for our Petrochemicals business in both export and domestic markets. However, challenges with high inventories and weather negatively impacted our rock volumes.

轉向工業。在銷量成長 1% 的推動下，本季營收成長了 4%。強勁的核心定價收益和積極的交通組合被較低的燃油附加費部分抵消。我們在石油領域的強勁業務發展努力使我們能夠利用新的國內合約贏得的機會窗口。我們的石化業務在出口和國內市場的需求都有改善。然而，高庫存和天氣的挑戰對我們的岩石量產生了負面影響。

Premium revenue for the quarter was down 3% on a 1% increase in volume and a 4% decrease in average revenue per car, reflecting lower fuel surcharges and truck market pressures. Automotive volumes were positive due to business development wins with Volkswagen and General Motors, along with continued strength from dealer inventory replenishment. Intermodal volumes were positive in the quarter, driven by strong international West Coast demand, which was partially offset by the international contract loss I mentioned in January and soft market conditions in domestic intermodal.

本季保費收入下降 3%，銷量增加 1%，每輛車平均收入下降 4%，反映出燃油附加費下降和卡車市場壓力。由於大眾汽車和通用汽車業務發展的勝利，以及經銷商庫存補充的持續強勁，汽車銷量呈正增長。在國際西岸強勁需求的推動下，本季多式聯運量呈正成長，但部分被我一月份提到的國際合約損失和國內多式聯運市場疲軟所抵銷。

Turning to Slide 10. Here is our 2024 outlook as we see it today for the key markets we serve. Starting with Bulk, we anticipate continued challenges in coal as inventories are projected to be at record levels and natural gas futures remain depressed. We are hopefully watching grain, particularly as it relates to new crop conditions and fourth quarter export demand. We expect domestic grain demand to be stable.

轉向幻燈片 10。 這是我們今天對我們服務的主要市場的 2024 年展望。從散裝開始，我們預計煤炭將繼續面臨挑戰，因為庫存預計將達到創紀錄水平，而天然氣期貨仍然低迷。我們希望關注糧食，特別是因為它與新的作物狀況和第四季的出口需求有關。我們預計國內糧食需求將維持穩定。

Lastly, we are optimistic about grain products, as we continue to see growth in biofuel feedstocks. Additionally, we recently won incremental grain products business out of Iowa that started moving earlier this year by demonstrating our consistent service products and developing competitive solutions to support our customer's business.

最後，我們對穀物產品持樂觀態度，因為我們繼續看到生物燃料原料的成長。此外，我們最近贏得了愛荷華州的增量穀物產品業務，該業務於今年稍早開始透過展示我們一致的服務產品和開發有競爭力的解決方案來支持我們客戶的業務。

Turning to Industrial. The rock market will be challenged to exceed last year's record volume. However, we expect petroleum and petrochem markets to remain favorable due to our focus on business development, supported by our investments in the Gulf Coast and operational excellence.

轉向工業。搖滾樂市場將面臨超過去年創紀錄的銷售挑戰。然而，由於我們專注於業務發展，並得到我們在墨西哥灣沿岸的投資和卓越營運的支持，我們預計石油和石化市場將保持有利。

And finally, for Premium, on the intermodal side, we expect to see consistent, strong West Coast imports in the near term, but it's still too early to predict what will happen in the back half of the year. On the domestic intermodal side, we continue to see market softness, but expect our strong service products and diversified set of IMC and private asset partners will set us up well when demand returns. For Automotive, we will see continued strength due to our business development wins and improved OEM production.

最後，對於Premium，在多式聯運方面，我們預計短期內西海岸進口將持續強勁，但現在預測今年下半年會發生什麼還為時過早。在國內多式聯運方面，我們繼續看到市場疲軟，但預計我們強大的服務產品和多元化的 IMC 和私人資產合作夥伴將為我們在需求恢復時提供良好的支援。對於汽車產業，由於我們的業務發展勝利和 OEM 生產的改善，我們將看到持續的實力。

In summary, coal and domestic intermodal will put pressure on our volumes this year, but the team has taken action. As you saw in the first quarter, excluding fuel, we were able to grow revenue even as we face lower volumes overall. I am confident that with our improved service products, we will continue to win new business and take trucks off the road. On the price side, we are having deliberate conversations with customers on price increases to overcome inflationary pressures. And those conversations are backed up by an efficient service product that Eric's team has given to our customers so that they can compete and win.

綜上所述，煤炭和國內多式聯運將給我們今年的運量帶來壓力，但團隊已經採取了行動。正如您在第一季看到的，不包括燃料，即使我們面臨整體銷售下降，我們也能夠實現收入成長。我相信，憑藉我們改進的服務產品，我們將繼續贏得新業務並使卡車不再上路。在價格方面，我們正在與客戶就漲價問題進行深思熟慮的對話，以克服通膨壓力。這些對話得到了埃里克團隊為我們的客戶提供的高效服務產品的支持，以便他們能夠競爭並獲勝。

We have a great franchise, along with being the premier cross-border rail provider to and from Mexico that positions us well to serve markets in both the U.S. and Mexico. Our legacy service and the new service offerings we've added allows us to win in the marketplace, and we see strong opportunities in front of us to grow with our customers.

我們擁有強大的特許經營權，並且是往返墨西哥的首屈一指的跨境鐵路提供商，這使我們能夠很好地服務美國和墨西哥的市場。我們的傳統服務和我們添加的新服務產品使我們能夠在市場上獲勝，並且我們看到了與客戶共同成長的巨大機會。

And with that, I'll turn it over to Eric to review our operational performance.

接下來，我會將其交給 Eric 來審查我們的營運績效。

Thank you, Kenny, and good morning. Moving to Slide 12. We exited 2023 with strong operational momentum across the board. And while weather quickly presented its challenges, the team rose to the task. The speed with which our service product recovered is a testament to our strategy and the resiliency of our network. We continue to see meaningful year-over-year improvements in our metrics. This is a direct result of our steadfast focus on providing industry-leading safety, service and operational excellence.

謝謝你，肯尼，早安。轉向投影片 12。雖然天氣很快就帶來了挑戰，但團隊還是勇敢地完成了任務。我們的服務產品恢復速度證明了我們的策略和網路的彈性。我們繼續看到我們的指標同比出現有意義的改進。這是我們堅定致力於提供業界領先的安全、服務和卓越營運的直接結果。

Starting with Freight Car Velocity. Improvements in terminal dwell and overall network fluidity led to a 4% improvement compared to first quarter 2023. Sequentially, Freight Car Velocity declined 6%, primarily due to shifts in product mix between our Bulk, Manifest and Intermodal services. Particularly, we are seeing an impact from declines in Intermodal and Bulk shipments, which generally contribute higher average daily car miles. Key is that our service product remains consistent, and we are delivering what we sold to our customers. We want our customers to win. And if they win, we win.

從貨車速度開始。與2023 年第一季相比，碼頭停留時間和整體網路流動性的改善導致貨運速度下降4%。聯運服務之間的產品組合發生了變化。特別是，我們看到了多式聯運和散裝運輸下降的影響，這些運輸通常貢獻了更高的平均每日汽車里程。關鍵是我們的服務產品保持一致，我們正在向客戶交付我們銷售的產品。我們希望我們的客戶獲勝。如果他們贏了，我們就贏了。

To further deliver on the service we sold to our customers, we recently introduced a new measure Service Performance Index, or SPI. As the name implies, it's a combined metric that reflects the actual service provided, and we believe it's a better measure than trip plan compliance alone. For those customers with specific transit commitments, we measure against that. And for the many customers who rely on our historical performance to inform their rail transportation planning decision, SPI provides a measure that aligns with this practice.

為了進一步提供我們向客戶出售的服務，我們最近推出了一項新的衡量服務績效指數（SPI）的措施。顧名思義，它是一個反映所提供的實際服務的綜合指標，我們相信它比單獨的旅行計劃合規性更好。對於那些有特定運輸承諾的客戶，我們會對此進行衡量。對於許多依賴我們的歷史績效來為其軌道運輸規劃決策提供資訊的客戶，SPI 提供了符合此實踐的衡量標準。

For the first quarter, both Intermodal and Manifest and Auto SPI saw a sizable 14 and 7-point year-over-year improvement, respectively. The team also delivered safety performance in the quarter, both on derailment and personal injury fronts. As we continue to emphasize the culture of safety, we're also investing in technology and process, ensuring our employees have the tools they need to operate safely and efficiently. Our goal is clear, we want to lead the industry and drive tangible change so everyone goes home safely each day.

第一季度，Intermodal、Manifest 和 Auto SPI 年比分別大幅提升 14 點和 7 點。該團隊在本季度還提供了在脫軌和人身傷害方面的安全表現。在我們繼續強調安全文化的同時，我們也投資於技術和流程，確保我們的員工擁有安全和高效操作所需的工具。我們的目標很明確，我們希望引領產業並推動實際的變革，讓每個人每天都能安全回家。

Now let's review our key efficiency metrics on Slide 13. While maintaining focus on enhancing safety and service, it is equally crucial that we do so in a cost-effective manner, enabling Kenny and the team to compete in a broader range of markets. In alignment with this objective, we saw year-over-year improvement across all of our first quarter metrics, indicating that the efficiency of our railroad is on the right track.

現在讓我們回顧一下投影片13 上的關鍵效率指標。的市場中競爭。為了實現這一目標，我們看到第一季的所有指標均同比有所改善，這表明我們鐵路的效率走在正確的軌道上。

Locomotive productivity improved 10% compared to first quarter 2023, as the team continues to run an efficient operation and a transportation plan that requires fewer locomotives to satisfy the demands of the business. In fact, we have reduced our active fleet by about 500 locomotives compared to last year.

與 2023 年第一季相比，機車生產率提高了 10%，因為團隊繼續高效運營，並製定了需要更少機車來滿足業務需求的運輸計劃。事實上，與去年相比，我們的現役機車數量減少了約 500 輛。

Workforce productivity, which includes all employees, improved 1% as average daily car miles declined slightly and employees decreased 2% compared to 2023. While overall workforce counts declined, our train, engine and yard employees increased 4%, as we continue to support our training pipeline, scheduled work agreements and provide the capacity buffer necessary to navigate an ever-changing environment.

與2023 年相比，包括所有員工在內的勞動生產力提高了1%，因為平均每日汽車里程略有下降，員工數量減少了2%。堆場員工增加了4%，因為我們繼續支持我們的培訓管道、預定工作協議並提供應對不斷變化的環境所需的能力緩衝。

Train length improved 1% compared to first quarter 2023. After a particularly challenging January due to winter weather, we quickly adjusted to set train length records in both February and March. Notably, manifest train length increased by around 300 feet. While train length increased for nearly all train categories year-over-year, declines in intermodal shipments, which generally move on longer trains, moderated sequential performance.

與 2023 年第一季相比，列車長度增加了 1%。值得注意的是，明顯的列車長度增加了約 300 英尺。儘管幾乎所有列車類別的列車長度都同比增長，但聯運貨運量（通常使用較長列車運輸）的下降影響了連續表現。

Although we are encouraged by these results, there are ample opportunities ahead for us to further improve asset utilization and the efficiency of our network. For instance, we are leveraging technology to automate terminal functions and engineering renewal activities, increasing energy management utilization to improve fuel consumption and developing car plan optimizers to reduce car touches. While these are just a few of key initiatives, running a safe, reliable and efficient railroad for all our stakeholders is vital. And as we move forward, we will continue pushing the envelope in our pursuit of industry-leading safety, service and operational excellence.

儘管我們對這些結果感到鼓舞，但我們仍有充足的機會進一步提高資產利用率和網路效率。例如，我們正在利用技術實現終端功能和工程更新活動的自動化，提高能源管理利用率以改善燃料消耗，並開發汽車計劃優化器以減少汽車接觸。雖然這些只是一些關鍵舉措，但為我們所有利益相關者運營一條安全、可靠和高效的鐵路至關重要。隨著我們的前進，我們將繼續挑戰極限，追求業界領先的安全、服務和卓越營運。

So with that, I'll turn it back to Jim.

那麼，我會把它轉回給吉姆。

Thank you, Eric. Turning now to Slide 15. Before we get to your questions, I'd like to quickly summarize what you've heard from our team. First, as you heard from Jennifer and Kenny, our volume outlook in some markets continues to be challenged. We are mitigating those challenges by driving efficiency in the network, which is driving stronger financial returns, and this provides confidence to start repurchasing shares in the second quarter.

謝謝你，埃里克。現在轉向投影片 15。首先，正如您從珍妮佛和肯尼那裡聽到的那樣，我們在某些​​市場的銷售前景繼續受到挑戰。我們正在透過提高網路效率來緩解這些挑戰，從而推動更強勁的財務回報，這為第二季開始回購股票提供了信心。

Kenny provided you with an overview of the first quarter volumes and laid out some updated thoughts for the year. Coal is going to be a headwind. It is what it is. We need to outperform what our markets give us naturally to offset that impact. And if we provide the service we sold to our customers, I'm confident they'll grow with us. It's also imperative that we generate pricing for the value we're providing our customers.

肯尼為您提供了第一季的概述，並列出了今年的一些最新想法。煤炭將成為逆風。就是這樣。我們需要超越市場自然給予我們的表現，以抵消這種影響。如果我們向客戶提供我們出售的服務，我相信他們將與我們一起成長。我們還必須根據為客戶提供的價值來制定定價。

Lastly, Eric walked you through the progress we're making across safety, service and operational excellence. When I look at how we're performing, I see improvement across the board. The network is operating fluidly and efficiently, allowing us to meet the demand in the market. And that drove the financial success, as you saw here in the first quarter. There's certainly more to do, but we're on the right path.

最後，艾瑞克向您介紹了我們在安全、服務和卓越營運方面的進展。當我觀察我們的表現時，我看到了全面的改進。這個網路運作流暢、高效，使我們能夠滿足市場需求。正如您在第一季所看到的那樣，這推動了財務上的成功。當然還有更多工作要做，但我們正走在正確的道路上。

At the end of the day, we're demonstrating continuous improvement, getting a little better each day. In the long run, our focus on being the best across the spectrum will generate sustainable long-term value for the years ahead.

歸根結底，我們正在展示持續改進，每天都變得更好一點。從長遠來看，我們專注於成為各領域的佼佼者，將為未來幾年創造可持續的長期價值。

One final item for you all, a Save the Date. We are planning an Investor Day on September 18 and 19 in Dallas, Texas. More details to follow, but we're excited to lay out more of our vision to demonstrate what's possible for this great company of ours.

為大家準備的最後一項是「保存日期」。我們計劃於 9 月 18 日至 19 日在德克薩斯州達拉斯舉行投資者日。更多細節即將公佈，但我們很高興能夠闡述更多我們的願景，以展示我們這家偉大公司的可能性。

And with that, Rob, we're ready to take on some of the questions.

羅布，我們已經準備好回答一些問題了。

(Operator Instructions) And our first question comes from the line of David Vernon with Bernstein.

（操作員說明）我們的第一個問題來自大衛‧佛農（David Vernon）與伯恩斯坦（Bernstein）的對話。

So it seems like the operations are working pretty well, Jim. I'd like you to maybe talk about kind of what you're doing with Kenny and his team to start focusing on growth that's maybe different or hasn't been done at UNP in the past. We know there's been a couple of the joint services with the CN and the Falcon and stuff like that. But internally in terms of focusing the team on more business development efforts, can you just kind of talk to us a little bit about what kind of changes you're making or what kind of initiatives you're emphasizing to start driving a little bit more growth on the networks?

吉姆，看來營運進展順利。我希望您能談談您與肯尼和他的團隊正在做的事情，以開始關注可能不同的成長或 UNP 過去從未做過的成長。我們知道與 CN 和 Falcon 以及類似的東西有一些聯合服務。但在內部，為了讓團隊專注於更多的業務開發工作，您能否與我們談談您正在做出什麼樣的改變，或者您強調什麼樣的舉措來開始推動更多的工作網絡上的增長？

You bet. David, thanks for the question. And I'll just summarize real quick what we're doing. And then, Kenny, maybe you want to get into a little bit more of the specifics, okay? So if we look at what we're doing on the railroad side, and that's very important in how we're going to be able to grow and grow with our customers is our customers -- some customers we have expect speed and resiliency in the model. And others, it is -- speed is less of a concern. It is consistency in the model. So if you take a look at what we're doing, we are building the fundamental blocks that we are able to provide a service like no one else. We can go from and we're out there selling it. So in the high-speed market to market, we have a service that operates very high speed, 2,000 miles in less than 2 days, that makes us competitive against other modes of transportation.

你打賭。大衛，謝謝你的提問。我將快速總結我們正在做的事情。然後，肯尼，也許你想了解更多細節，好嗎？因此，如果我們看看我們在鐵路方面所做的事情，這對於我們如何能夠成長並與客戶一起成長非常重要，那就是我們的客戶——我們期望鐵路方面的速度和彈性的一些客戶。而其他人則認為──速度並不是那麼重要。這是模型的一致性。因此，如果您看看我們正在做的事情，您會發現我們正在建立能夠提供獨一無二的服務的基本模組。我們可以離開，然後我們就在那裡出售它。因此，在高速市場對市場中，我們提供的服務運行速度非常快，不到 2 天即可行駛 2,000 英里，這使我們與其他運輸方式相比具有競爭力。

If we look at the consistency, we want our customers to win. And the best way for us to grow is with the customers that we have, whether it's the automobile business that we handle, whether it's the export business that we handle, whether it's in the Gulf, whether it's our access into Mexico and our interchanges with the other railroads and how we can originate, and we all win together. So we're doing all of that. I'm spending -- Eric might say, I'm not -- he wishes I would spend more time on some other things, so I still look at the operation. It's still there. I think there's a lot more that needs to be delivered.

如果我們著眼於一致性，我們希望我們的客戶獲勝。我們成長的最佳方式是與我們擁有的客戶一起成長，無論是我們處理的汽車業務，無論是我們處理的出口業務，無論是在海灣地區，無論是我們進入墨西哥的通道以及我們與其他國家的交會處。所以我們正在做這一切。我正在花費——埃里克可能會說，我沒有——他希望我花更多的時間在其他事情上，所以我仍然專注於操作。它還在那裡。我認為還有很多事情需要交付。

And when you do an analysis, and the way I like to do a regression analysis on what the operation is like, I'm comfortable, but there's more to do. And the pressure is on to be more consistent and faster and be able to deliver a better service product. We do that, we win. But I've also spent a lot of time with Kenny and his team and myself personally, meeting with customers, understanding what they need to win, our present customers and future customers. And I think we continue down this path with consistent service. And the value that we can provide to customers for them to grow is such that they want to partner with UP, and we want to partner with them because we want our customers to win, and I really like where we are. And if we can keep this consistency, David, going, which I'm very confident we can, then I think, Kenny, I hate to tell you, it should be pretty easy for you to grow the business in a way you go.

當你進行分析時，我喜歡對操作進行迴歸分析的方式，我很舒服，但還有更多工作要做。我們面臨的壓力是要更一致、更快，並且能夠提供更好的服務產品。我們這樣做，我們就贏了。但我也花了很多時間與肯尼和他的團隊以及我自己一起，與客戶會面，了解他們需要贏得什麼，我們現在的客戶和未來的客戶。我認為我們將繼續沿著這條道路繼續提供一致的服務。我們可以為客戶提供幫助他們成長的價值，他們希望與 UP 合作，我們希望與他們合作，因為我們希望我們的客戶獲勝，我真的很喜歡我們現在的處境。如果我們能夠保持這種一致性，大衛，繼續下去，我非常有信心我們可以做到，那麼我想，肯尼，我不想告訴你，你應該很容易以你喜歡的方式發展業務。

All right. So look, David, you hit it on the head. What are we doing differently? And I just want to talk to you about some of the product development that Eric and I and our teams are doing together. You look at the Phoenix ramp. We're excited about it. We're seeing that volume come in there and grow sequentially. It just gives our customers and BCOs more optionality.

好的。所以，大衛，你看，你擊中了我的頭。我們的做法有何不同？我只想和你們談談我和艾瑞克以及我們的團隊正在一起進行的一些產品開發。你看看鳳凰城的坡道。我們對此感到興奮。我們看到交易量出現並持續成長。它只是為我們的客戶和 BCO 提供了更多選擇。

Port of Houston is one. We put that service back on. We've been excited about the growth that we've seen come out of there, and we'll continue to add on to the destinations that are there. We started off with 5, now we're at 11. You look at Inland Empire, we just added on a new product there. Now we're going to 20 cities, east of Chicago with the CSX and the NS on the unit train side. Because we are seeing the cycle times improve, we're naturally getting more volume, so we like that piece.

休士頓港就是其中之一。我們重新啟用該服務。我們對那裡的成長感到興奮，我們將繼續增加那裡的目的地。我們一開始有 5 個，現在是 11 個。 看看 Inland Empire，我們剛剛在那裡增加了一個新產品。現在我們將前往芝加哥以東的 20 個城市，其中 CSX 和 NS 位於單元列車一側。因為我們看到週期時間有所改善，所以我們自然會獲得更多的銷量，所以我們喜歡這件作品。

On the finished vehicle side, you talk about product development. business that's coming off of the water that's getting land bridge that we're moving back east. Look, this lower cost that we have really opens up new markets for us at great margins. So we're on offense. I mean we're pushing every lever we can to get business onto our network. We got a beautiful franchise, as Jim mentioned, and we're taking advantage of it.

在整車方面，您談論的是產品開發。我們正在向東移動的陸橋正在從水面上發展起來。看，我們的成本降低確實為我們開闢了新市場，利潤率很高。所以我們是在進攻。我的意思是，我們正在竭盡全力將業務引入我們的網路。正如吉姆所提到的，我們擁有一個美麗的特許經營權，我們正在利用它。

All right. If I could maybe squeak one quick follow-up. How is the FXE performing with the extra volume? I know south of the border, there's been a lot that shipped over onto that. And then, are you thinking about sort of expanding capacity over the Eagle Pass Gateway to maybe accommodate future growth out of Mexico?

好的。如果我可以快速跟進一下的話。 FXE 在額外音量下的表現如何？我知道在邊境以南，有很多東西被運到那裡。然後，您是否正在考慮擴大 Eagle Pass Gateway 的容量，以適應墨西哥未來的成長？

David, real quick, I've spent a lot of time, I think I've made like 8 or 9 trips down to Mexico already in the 8 months I've been here, working very closely with FXE with our ownership position in them. We know where the points of concern are. FXE has done a good job of identifying what they have to do, and I think they run a good service product. They're going to continue with the same goal as we have to strive, and we're working together on it. In fact, in a couple of weeks, I'm going to ride a train, head end of a freight train, down on the FXE to take a look at their railroad even more.

大衛，很快，我花了很多時間，我想在我來這裡的 8 個月裡，我已經去墨西哥 8 或 9 次了，與 FXE 密切合作，我們在其中擁有所有權地位。我們知道關注點在哪裡。 FXE 在確定他們必須做什麼方面做得很好，我認為他們運作著良好的服務產品。他們將繼續朝著與我們相同的目標努力，我們正在為此共同努力。事實上，幾週後，我將搭乘貨運列車的火車頭，沿著 FXE 進一步了解他們的鐵路。

The border, we have processes in place to make it easier for our crews to not stop right at the border and get trains across, which just makes sense, just like between Canada and the U.S. at International Falls. So we are in the process of cleaning up those items that limit the speed and the efficiency for our customers to get across the border. So I'm very happy to see where we are. And we're trying to work as one railroad. I don't like to give other railroads my excess locomotives, and you can understand why, I don't have to explain it. But we have provided FXE some locomotives to make sure that they can move the traffic that's out there. And they've seen a large growth. Their number is -- I'll let them give you the exact number, but the -- we see growth in Mexico, both northbound and southbound, and that's a market we want to use those 6 touchpoints we have to get into Mexico and optimize it for Union Pacific.

在邊境，我們制定了流程，讓我們的工作人員更容易不用在邊境停留並讓火車過境，這是有道理的，就像加拿大和美國之間的國際瀑布一樣。因此，我們正在清理那些限制客戶過境速度和效率的物品。所以我很高興看到我們現在的處境。我們正在努力作為一條鐵路來運作。我不喜歡把我多餘的機車交給其他鐵路，你也能理解為什麼，不用我解釋。但我們為 FXE 提供了一些機車，以確保它們能夠移動那裡的交通。他們看到了巨大的成長。他們的數字是——我會讓他們給你確切的數字，但是——我們看到墨西哥的成長，無論是北向還是南向，這是我們希望利用我們必須進入墨西哥並優化的6 個接觸點的市場聯合太平洋公司。

Our next question is from the line of Justin Long from Stephens.

我們的下一個問題來自史蒂芬斯的賈斯汀朗。

So it was good to see the OR improve a little bit sequentially despite the typical seasonality that you see. And in the outlook, you talked about profitability gaining momentum. But can you help us translate that into how you're expecting the OR to trend over the balance of the year? It seems like we're tracking towards the sub-60 the rest of 2024, but is there anything on the horizon that could prevent that from happening?

因此，儘管您看到的是典型的季節性，但很高興看到 OR 逐漸有所改善。在展望中，您談到了盈利能力的增強。但您能否幫助我們將其轉化為您對今年餘下時間的 OR 趨勢的預期？看來我們將在 2024 年剩餘的時間裡朝著低於 60 的目標邁進，但有什麼可以阻止這種情況發生嗎？

Thanks, Justin. We are not providing OR guidance, but -- so I'm not going to comment on your number. But I think the way that you're describing it in terms of what we expect from ourselves is to continue to make improvement. You heard Jim talk about the fact that we made good gains, but there's more to do. And that's really our focus, is to continue to do that quarter-over-quarter to make gains. Obviously, we're doing that in an environment that we can't totally control.

謝謝，賈斯汀。我們不提供 OR 指導，但是 - 所以我不會對您的電話號碼發表評論。但我認為你所描述的我們對自己的期望是繼續改進。你聽到吉姆談到我們取得了不錯的成績，但還有更多工作要做。這確實是我們的重點，是繼續季度環比地做到這一點以獲取收益。顯然，我們是在一個我們無法完全控制的環境中這樣做的。

We control a lot of things, especially about our service product and our cost structure and how we go into the market and how Kenny and his team are pricing, but we are doing that against an economic backdrop that's a little uncertain. We don't know what's going to happen with interest rates yet. So those are the things that do have an impact on us, including fuel prices. So just stay tuned. We feel really good about the setup and are very confident about our ability to perform.

我們控制很多事情，特別是我們的服務產品和成本結構，以及我們如何進入市場以及肯尼和他的團隊如何定價，但我們是在一個有點不確定的經濟背景下這樣做的。我們還不知道利率會發生什麼事。這些確實對我們有影響，包括燃油價格。所以請繼續關注。我們對這個設定感覺非常好，並且對我們的執行能力非常有信心。

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。

Congrats on the strong results. Eric, obviously, you and the team have done a phenomenal job with the operations and the metrics. We've kind of been stuck in this 155,000-ish 7-day carload number. I will be curious to get your confidence and perspective on how much more you can handle when Kenny gives you that to handle. How you feel comfortable about moving 5,000, 10,000 more carloads per week, if you can talk about that?

祝賀取得強勁的成果。埃里克，顯然，您和團隊在營運和指標方面做得非常出色。我們有點陷入了 7 天 155,000 輛左右的運載量。我很想知道你的信心和看法，當肯尼給你處理這些事情時，你還能處理多少事情。如果您能談談，您對每週運輸 5,000 輛、10,000 輛以上的貨物感覺如何？

And then just, Jennifer, related to that this question that was just asked, the weather gets better from 1Q to 2Q, you move more industrial carloads. It's a pretty meaningful advantage as you move from 1Q to 2Q, if you can just talk about any. And fuel, I think fuel noise moderates a little bit. If you can just talk about anything that I'm missing there as we think about from 1Q to 2Q that might be on the negative side of the ledger.

然後，詹妮弗，與剛才提出的這個問題相關，從第一季到第二季天氣好轉，你移動了更多的工業車輛。當你從第一季轉向第二季時，如果你能談論任何一個的話，這是一個非常有意義的優勢。至於燃油，我認為燃油噪音有所緩和。如果你能談談我在第一季到第二季所遺漏的任何事情，這些可能是帳本的負面影響。

Good. I'll start with it, Amit. Thank you very much for that question. Now I want to be really clear right off the bat. We have the capacity to be able to handle more than 155,000 carloads. What brings us tremendous confidence is when you think about the 5 critical resources that we have. We clearly have enough terminal capacity. We clearly have enough mainline capacity. More specifically, we've talked about in the past and continue to maintain a buffer in our crew base. We have a couple of hundred extra crews based across the system that are available. As to your point, when that volume comes on, we have the crews.

好的。我就從這開始吧，阿米特。非常感謝你提出這個問題。現在我想立即說清楚。我們有能力處理超過 155,000 輛車。當你想到我們擁有的 5 種關鍵資源時，帶給我們巨大信心的是。我們顯然有足夠的終端容量。我們顯然有足夠的幹線運力。更具體地說，我們過去曾討論過並繼續在我們的船員基地中保持緩衝。我們在整個系統中還有數百名額外的工作人員可供使用。至於你的觀點，當該卷播放時，我們就有了工作人員。

Locomotives, in my prepared comments, I said that over the last 12 months, we've been able to store 500 locomotives due largely because of the increased fluidity in the system. Those are available to us. As Kenny brings more volume to the railroad, we don't have to wait a week, we don't have to wait 30 days, they're parked across the system available to us.

機車，在我準備好的評論中，我說過在過去 12 個月裡，我們已經能夠存放 500 輛機車，這主要是因為系統流動性的增加。這些都是我們可以利用的。由於肯尼為鐵路帶來了更多的運量，我們不必等待一周，也不必等待 30 天，它們停在我們可用的系統中。

And then, of course, on the car side, we have cars not only spaced across the system that we call out the ready cars, but we actually have been working with customers in which we're storing cars right at their facility, so the moment they're ready to give us that load, we're ready to pick it up.

當然，在汽車方面，我們的汽車不僅分佈在系統中，我們調用準備好的汽車，而且我們實際上一直在與客戶合作，我們將汽車存放在他們的設施中，所以一旦他們準備好給我們提供負載，我們就準備好承擔它。

Now when you think about capacity, the final thing you have to think about is the work that we do on train lengths. We talk often about driving volume variable approach to how we operate the railroad. Train length is one of the ways we do it. At a 300-foot improvement in our manifest quarter versus same quarter last year, that's a huge lift. That's a massive accomplishment by the team. Building train length in the manifest network is one of the hardest things we do. What that tells you is if we're really good at the hardest things we do, as the intermodal volume starts to come back, we don't have to add train pairs on. We can take some of the latent capacity we have in our existing train peers and utilize it. So we're ready.

現在，當您考慮容量時，您必須考慮的最後一件事是我們在列車長度方面所做的工作。我們經常談論如何透過推動量變方法來運作鐵路。火車長度是我們做到這一點的方法之一。我們的季度清單與去年同期相比提高了 300 英尺，這是一個巨大的提升。這是團隊的一項巨大成就。在清單網路中建立列車長度是我們所做的最困難的事情之一。這告訴你的是，如果我們真的擅長做最困難的事情，隨著聯運量開始回升，我們就不必增加列車對。我們可以利用現有列車同行的一些潛在容量並加以利用。所以我們準備好了。

So, Amit, the only thing I would add is, and you know, I've never given guidance on operating ratio because it's a result of how you operate the railroad, and that's really important. But ex-fuel, a 60.1% last quarter with where the volumes were, what we did with price and what we did with efficiency on the railroad, that's a pretty good number. It's okay in the way I look at the world. Some people would say it's excellent. I go, it's pretty good.

所以，阿米特，我唯一要補充的是，你知道，我從未給出過有關運營比率的指導，因為它是鐵路運營方式的結果，這非常重要。但不包括燃料在內，上季度為 60.1%，考慮到銷量、我們在價格方面所做的工作以及我們在鐵路效率方面所做的工作，這是一個相當不錯的數字。我看待世界的方式沒問題。有人會說這太棒了。我去，挺好的

So I see moving us forward, and unless we get surprised, Kenny does his job properly, and we are able to return the proper price because of the great service and the product that we're delivering, and we continue to operate the railroad efficiently, and numbers underneath and the numbers that people don't see every day that I look at, make me very comfortable that we have a clear view of how we become more productive down at the ground level in this railroad driving decision-making closer to the people that need to make the decision and not trying to do it here in Omaha in like the headquarters.

所以我看到了推動我們前進的動力，除非我們感到驚訝，否則肯尼會正確地完成他的工作，並且由於我們提供的優質服務和產品，我們能夠返回適當的價格，並且我們將繼續有效地運營鐵路，以及下面的數字以及我每天看到的人們不會看到的數字，讓我感到非常舒服，因為我們清楚地了解如何在這條鐵路的地面層提高我們的生產力，從而推動決策更接近需要做出決定的人，而不是試圖在奧馬哈總部這樣的地方做決定。

So, Amit, I'm not going to give a number, but I'm comfortable with where we're headed in the long term for Union Pacific.

所以，阿米特，我不會給出具體數字，但我對聯合太平洋公司的長期發展方向感到滿意。

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

我們的下一個問題來自 Evercore ISI 的 Jon Chappell。

Jim, I was going to ask just kind of where you left off. In January, you kind of admitted somewhat modestly that it would be difficult to improve the margin without a volume tailwind. And here you are with 200 basis points of core improvement with volumes down year-over-year. So what was the, I guess, change in the last couple of months? Eric touched on a lot of things, but how are you able to make such a huge improvement in such a short period of time? And what's your comfort in the sustainability of that when you actually do get a volume tailwind in the network?

吉姆，我正想問你剛才說到的地方。一月份，您有點謙虛地承認，如果沒有銷量的推動，很難提高利潤率。現在，核心改進了 200 個基點，但銷量較去年同期下降。那麼，我想過去幾個月發生了什麼變化呢？艾瑞克談到了很多東西，但是你怎麼能夠在這麼短的時間內取得如此巨大的進步呢？當您確實在網路中獲得了流量順風時，您對這種永續性的信心如何？

Well, let's start with the end of the question. I love volume, and I love revenue. So at the end of the day, that's really important to us to be able to drive it forward. And what we've done is we worked hard. It looks easy sometimes to operate a railroad and especially as complicated as the Union Pacific network is because it is complicated. It's not a linear railroad. It's very, very spread out in the way it operates. But I think we're focusing the people at the right level. We're doing the right things when it comes on the expense side and headcount and everything that's involved in it, making sure that we don't impact service. And I think we did a great job of it, and I can see us improve in every one of those.

好吧，我們先從問題的結尾開始。我喜歡銷量，也喜歡收入。因此，歸根結底，推動它向前發展對我們來說非常重要。我們所做的就是我們努力工作。經營鐵路有時看起來很容易，尤其是像聯合太平洋鐵路網這樣複雜，因為它很複雜。它不是直線鐵路。它的運作方式非常非常分散。但我認為我們正在將人們的注意力集中在正確的層面上。在費用方面、員工人數以及涉及的一切方面，我們正在做正確的事情，確保我們不會影響服務。我認為我們做得很好，而且我可以看到我們在每一項方面都取得了進步。

So Kenny is going to deliver, Eric is going to deliver and the rest of us are going to make sure that we do everything we can possible to make sure that this company moves ahead because if we can have better margins, it opens up markets to us, even more markets than what we have today. So that is the end game, and you basically have asked me what our strategy is, and I'm looking forward to delivering it in the next couple of years.

因此，肯尼將交付，埃里克將交付，我們其他人將確保我們盡一切努力確保這家公司前進，因為如果我們能夠獲得更好的利潤，它就會打開市場我們，甚至比我們今天擁有的市場還要多。這就是最終的遊戲，你基本上已經問了我我們的策略是什麼，我期待在未來幾年內實現它。

Our next question comes 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。

Congrats for the team on some great results in a tough volume environment. But I wanted to dig into, maybe flipping Amit's question a little bit on the other side. You've been focused on these operations for 8 months now. I want to understand the more room to run, right? So you're getting service to where you want, but -- maybe is there a continued ability to pull out locomotives and cars as you continue to get more efficient? Maybe just give kind of some examples of -- Eric talked about increasing train life. Isn't there ability to go further before the volumes come online? But just -- PSR typically is, you focus on improving the service and then you get the ability to pull out the equipment and employees as you move forward, so maybe just talk about the opportunity to keep doing that.

恭喜團隊在艱難的批量環境中取得了一些出色的成績。但我想深入探討，或許可以稍微翻轉一下阿米特的問題。您已經專注於這些操作 8 個月了。我想了解更多的運行空間，對吧？因此，您可以在您想要的地方獲得服務，但是，隨著您繼續提高效率，也許是否有持續的能力來拉動機車和汽車？也許只是舉一些例子——艾瑞克談到了延長火車壽命。在卷上線之前是否有能力走得更遠？但 PSR 通常是這樣的，你專注於改善服務，然後你就有能力在前進的過程中撤出設備和員工，所以也許只是談論繼續這樣做的機會。

Yes. Listen, great question. And I'm going to give Eric to talk about how he sees and what's moving forward and Kenny, but let me just summarize the way I like to look at things is you always try to optimize the network operationally and look for ways to be able to drive efficiencies in the network. But the base plan always is what did we sell to customers, what did we tell the customers we're going to deliver and make sure that that's the base plan. And from that, you build it up.

是的。聽著，好問題。我將讓埃里克（Eric）談談他的看法以及未來的發展，肯尼（Kenny），但讓我總結一下我喜歡看待事物的方式是，你總是嘗試在運營上優化網絡並尋找能夠實現的方法。但基本計劃始終是我們向客戶銷售什麼，我們告訴客戶我們將提供什麼，並確保這是基本計劃。從那時起，你就可以建造它。

So we see improvements not only in train length -- we had a few more cars on every train, that's very efficient in the network. It allows us to have better capacity. But we also look at how we handle the terminals, touch points in the cars, how can we forward the cars without touching them for a longer distance.

因此，我們不僅看到列車長度的改進——每趟列車上都多了幾節車廂，這在網路中非常有效率。它讓我們擁有更好的能力。但我們也會研究如何處理終端、汽車中的接觸點，以及如何在不接觸汽車的情況下將汽車運送到更遠的距離。

And the next piece for us is how fast we can react to our train plan so that it takes us way too long right now and to be able to adjust our train plan so that we still provide the service that we sold. So we have tools in place, and we're developing them even further that allow us to change our plan in a much shorter period of time, in a few days or a week versus weeks so that we can optimize the railroad even more. So very excited about that, and I see that as being a positive step.

我們的下一個目標是我們對列車計劃的反應速度有多快，這樣我們現在需要很長時間才能調整我們的列車計劃，以便我們仍然提供我們銷售的服務。因此，我們已經有了適當的工具，我們正在進一步開發它們，使我們能夠在更短的時間內（幾天或一周而不是幾週）改變我們的計劃，以便我們可以進一步優化鐵路。對此感到非常興奮，我認為這是積極的一步。

Eric, Kenny, anything to add?

艾瑞克、肯尼，還有什麼要補充的嗎？

I'll start building up with that. So, Ken, to Jim's point, when you look at our quarterly performance from a dwell perspective, and we had a 5% improvement in our car dwell during the quarter, that's a full half of 1 hour off of every car on the Union Pacific. That's how we are able to move the cars faster. Now when you think about that going beyond that, to Jim's point about being agile, we took out 4,000 touchpoints just in the first quarter as we looked for more and more ways to be able to modify the transportation plan to move the cars faster.

我將開始以此為基礎。所以，肯，吉姆的觀點是，當你從停留的角度來看我們的季度業績時，我們在本季度的汽車停留時間提高了5%，這相當於聯合太平洋航空​​公司每輛車節省了整整半小時1 小時。這就是我們能夠更快地移動汽車的方式。現在，當你考慮到更進一步的問題時，就Jim 所說的敏捷而言，我們僅在第一季度就刪除了4,000 個接觸點，因為我們正在尋找越來越多的方法來修改運輸計劃以更快地移動汽車。

Now you build off of that and you start to get to the fundamentals of the railroad, the improvements we've made in recrew rate. There's still opportunity there. Certainly, our investments in technology, both with [RCO] as well as [Mobilinx], that's about getting more productive in the yards. Even when we think about the brake-person deal that we signed last year that we spoke about working to ensure that we have capitalized on all those opportunities.

現在，您在此基礎上開始了解鐵路的基礎知識，以及我們在重新編組率方面所做的改進。那裡仍然有機會。當然，我們對 [RCO] 和 [Mobilinx] 的技術投資是為了提高船廠的生產力。即使當我們想到去年簽署的煞車人員協議時，我們也談到了要努力確保我們充分利用所有這些機會。

We've talked about locomotives, 500 already out. We see more opportunities. You hit on train length to start your question, but also sometimes things we don't talk about, our purchase services, we made great progress, as Jennifer reported in the quarter on purchased services. We did that from everything from maximizing the material movement using trains instead of trucks to how many vehicles we have on the railroad.

我們已經討論過機車了，已經出了 500 輛。我們看到了更多的機會。您點擊火車長度來開始您的問題，但有時我們不談論的事情，我們的購買服務，我們取得了很大的進步，正如詹妮弗在本季度關於購買服務的報道。我們從各個方面做到了這一點，從使用火車而不是卡車最大限度地提高物料運輸，到鐵路上有多少車輛。

You've seen what our headcount has done over the last year. We've aligned our fleet from a vehicle perspective to that, to about 600 vehicles coming out. So everything is in play right now, Ken. We look at it every single day. We work through it every single day. And the biggest thing that we're looking for is how do we ensure that we make meaningful changes to not only improve our service product, but also make us safe while we drive financial success.

您已經看到我們的員工在過去一年中所做的事情。我們從車輛角度調整了我們的車隊，大約有 600 輛汽車。所以現在一切都在發揮作用，肯。我們每天都會看它。我們每天都在努力解決這個問題。我們正在尋找的最重要的事情是如何確保我們做出有意義的改變，不僅改進我們的服務產品，而且在我們推動財務成功的同時確保我們的安全。

Ken, anything to add?

肯，有什麼要補充的嗎？

I mean we talked about the efficiency. It shows up in the product development that we talked about. It shows up in all these small discrete things like adding more cars right at the customer's plant and asking for more business by customer, by plant.

我的意思是我們討論了效率。它體現在我們談到的產品開發中。它體現在所有這些離散的小事情中，例如在客戶的工廠中添加更多的汽車，以及按客戶、按工廠要求更多業務。

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。

So the 3.5% price/mix number in 1Q, kind of how do you think about that over the course of the year? And obviously, puts and takes on the macro, truck pricing, et cetera, and some movements in the mix side as well. So how do we think the number evolves?

那麼第一季 3.5% 的價格/組合數字，您如何看待這一年的情況？顯然，宏觀因素、卡車定價等因素以及混合方面的一些變動也受到影響。那我們認為這個數字是如何演變的呢？

So -- we're probably not going to give you a number, Ravi, which isn't going to surprise you, but I'll let Kenny talk to the markets. But just from a mix perspective, with intermodal probably staying weak through most of the year, that probably is going to give us the ability to have some positive mix within our business as we think about that for the rest of the year. Kenny?

所以，我們可能不會給你一個數字，拉維，這不會讓你感到驚訝，但我會讓肯尼與市場交談。但僅從混合的角度來看，由於多式聯運可能在今年的大部分時間裡保持疲軟，這可能會讓我們有能力在我們的業務中進行一些積極的組合，因為我們在今年剩餘的時間裡考慮這一點。肯尼？

Yes. I've been very encouraged and proud of the commercial team and the conversations that they're having with customers on price, articulating the inflationary pressures that are there and working with those customers to price to the market, taking a little bit more risk to price that business. And at the end of the day, our service product has improved, as you can see in the results, and we're talking to our customers about that and aligning that with the capital investments we're making. So it is not a coincidence or by luck, we are having very deliberate conversations with our customers.

是的。我對商業團隊以及他們與客戶就價格進行的對話感到非常鼓舞和自豪，他們闡明了存在的通膨壓力，並與這些客戶合作根據市場定價，承擔更多的風險為該業務定價。最終，我們的服務產品得到了改進，正如您在結果中看到的那樣，我們正在與客戶討論這一點，並將其與我們正在進行的資本投資相結合。因此，這不是巧合或運氣，我們正在與客戶進行非常深思熟慮的對話。

Understood. And if I can squeeze a super quick follow-up kind of, I think you had said in other revenue, there was a contract settlement and there's a claim settlement and other expenses as well. Is that the same one? Or Are they 2 different ones?

明白了。如果我能擠出一個超快速的後續行動，我想你在其他收入中說過，有合約和解，還有索賠和解和其他費用。是同一個嗎？或者它們是兩個不同的？

Those are 2 different ones, Ravi.

這是兩個不同的，拉維。

Our next question is from the line of Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

Just wanted to kind of follow up on that last question from Ravi. In terms of just the mix, it sounds like it's getting better from here. Maybe, Kenny, you can give us some color in terms of the pace of renewals as it was always going to take a bit of time to touch through the rest of the business and services helping with that momentum. So it would be helpful to hear that.

只是想跟進拉維的最後一個問題。僅就混音而言，聽起來似乎從這裡開始變得更好。肯尼，也許你可以給我們一些關於續訂速度的信息，因為總是需要一些時間來接觸有助於推動這一勢頭的其他業務和服務。所以聽到這會有幫助。

And then just secondarily, similarly on the labor agreements in coal, like are both of those with coal network rightsized to the big drop you've seen right now? Or is there a little bit more to do? And on the labor side, you obviously had some new agreements to adjust for as well. So just trying to figure out where those 3 things stand in terms of where they are now and sort of looking at the rest of the year.

其次，煤炭領域的勞工協議也類似，煤炭網路的兩個成員是否都根據你現在看到的大幅下降進行了調整？或是還有更多事情要做嗎？在勞工方面，顯然也有一些新協議需要調整。因此，我只是想弄清楚這三件事目前的情況，並看看今年剩下的時間。

Yes, I'll start off. Thanks for the question. I said that back in January, it's not like we woke up January 1 and started deciding that we needed to have these deliberate conversations with customers. These started well early last year. And we've shared this. We can touch close to half of our price annually. The other half is in multiyear deals. I touched on it a little bit, about the deliberate conversations that we're having, the risk that's out there. And then I'll talk about a couple of markets.

是的，我要開始了。謝謝你的提問。我在一月份說過，我們並不是在 1 月 1 日醒來並開始決定我們需要與客戶進行這些深思熟慮的對話。這些工作從去年年初就開始了。我們已經分享了這一點。我們每年可以觸及近一半的價格。另一半是多年期交易。我稍微談到了我們正在進行的深思熟慮的對話以及存在的風險。然後我會談談幾個市場。

You look at domestic intermodal, those spot markets, if you look at it, here where we stand today, they are the same that they were from a spot market perspective last year, so this has been a long time, same thing on the contracted rates. Those contract rates have been where they are for a long time, over 8 months. And so the good thing, if you're an optimist like I am, there -- you know you're at the trough, but the thing you don't know is when things will improve or get better. And we're not in a position where we're going to forecast that they -- when that will happen.

你看一下國內多式聯運，那些現貨市場，如果你看一下，我們今天所處的位置，它們與去年從現貨市場的角度來看是一樣的，所以這已經很長一段時間了，合約上的情況也是如此費率。這些合約費率已經維持了很長一段時間（超過 8 個月）。因此，如果你像我一樣是一個樂觀主義者，那麼好的事情是——你知道自己正處於低谷，但你不知道事情什麼時候會有所改善或變得更好。我們無法預測它們何時會發生。

What I will tell you, and I talked about the product development already, we're prepared. We're ready. We're working with Eric's team, and we're bringing on more volume that comes on. And so we'll see what happens there, but I can tell you that we're prepared and excited.

我要告訴你的是，我已經談到了產品開發，我們已經準備好了。我們準備好了。我們正在與埃里克的團隊合作，我們正在帶來更多的銷售。所以我們會看看那裡會發生什麼，但我可以告訴你，我們已經準備好並且很興奮。

And Brian, to your question about crews and the coal lines, so every single week, we review every board across the system. And we're looking, just as you pointed out, for changes in the market that shows up an increased or reduced demand. We've made adjustments. We'll continue to make adjustments.

布萊恩，關於你關於工作人員和煤炭線路的問題，所以每週我們都會審查整個系統的每個董事會。正如您所指出的，我們正在尋找表明需求增加或減少的市場變化。我們已經做出了調整。我們將繼續進行調整。

And it reminds me to make sure that we remind ourselves a year ago, we were talking to all of you about 200, 250 borrow-outs across the system. For the third month in a row, we have 0 borrow-outs across the entire system. Now that doesn't mean that with some seasonal adjustments to some business like grain harvest, we might put some out there, but it's a massive accomplishment, and I give the team credit for it because they've been able to manage the crews in a way that we don't have any borrow-out. So agility, all day long.

它提醒我要確保我們提醒自己，一年前，我們正在與你們所有人談論整個系統的 200、250 筆借出。整個系統的借出量連續第三個月為零。現在，這並不意味著隨著對穀物收穫等某些業務的季節性調整，我們可能會在那裡放一些，但這是一項巨大的成就，我對此給予團隊信任，因為他們能夠在我們沒有任何借用的方式。如此敏捷，一整天。

Our next question comes from the line of Jordan Alliger with Goldman Sachs.

我們的下一個問題來自喬丹·阿利格 (Jordan Alliger) 與高盛 (Goldman Sachs) 的關係。

You've alluded to this a few times this morning, but productive and cost takeout, certainly seem better than we would have had in our model, particularly in areas such as PT, which you have alluded to as well as the rents. Can you maybe talk to some of the sustainability of the current trend line? Because it was quite a bit of a delta versus what we've seen lately as we move forward from here.

您今天早上已經多次提到這一點，但生產力和成本支出顯然比我們模型中的情況要好，特別是在您提到的 PT 以及租金等領域。您能否談談當前趨勢線的一些永續性？因為與我們最近從這裡開始前進時看到的情況相比，這有相當大的增量。

Yes. Jordan, thanks for that question. So I think you're right. You're hearing a lot of positivity by the team because we know that there are more opportunities. And first, it's building the momentum, it's sustaining the momentum and then keeping the cost out. And so if you think about equipment rents, that really is all about continuing to drive the car velocity, continue to drive the cycle time and the dwell that Eric referenced. So those are directly impacting that line.

是的。喬丹，謝謝你提出這個問題。所以我認為你是對的。您會聽到團隊的許多正面態度，因為我們知道還有更多機會。首先，它正在建立勢頭，維持勢頭，然後控製成本。因此，如果您考慮設備租金，那麼這實際上就是繼續提高汽車速度，繼續提高埃里克提到的周期時間和停留時間。所以這些都直接影響這條線。

And then purchased services, certainly, the locomotive fleet is a big part of that, as we continue to use our locomotive fleet more protectively and reduce those numbers, that's an opportunity to sustain and potentially improve there as well as across the rest of the contract services that we use, is we're being smarter and looking deeper at every dollar that we're spending. And that's been one of Jim's messages to the team is, when you're looking at the resources, spend the dollars like your own and make sure that it's a wise dollar that's being spent and that you're getting the appropriate return for it. So feel good about continuing to make progress.

然後購買服務，當然，機車車隊是其中的重要組成部分，隨著我們繼續更加保護性地使用我們的機車車隊並減少這些數量，這是一個維持和潛在改進的機會以及合同的其餘部分我們使用的服務，是我們變得更聰明，更深入地審視我們所花費的每一美元。 Jim 向團隊傳達的訊息之一是，當您查看資源時，要像花自己的錢一樣花錢，並確保您所花的錢是明智的，並且您可以獲得適當的回報。因此，對繼續取得進步感到高興。

Our next question is from the line of Brandon Oglenski with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

This is actually Eric Morgan on for Brandon. I just wanted to ask another one about mix. I appreciate the detail on the impact to yields, but I was just curious if you could speak to any effects on margins just because with coal being down, big drag on volumes right now in international intermodal as well. Should we be thinking these sort of mix swings helped to drive the strong OR in the quarter? Or is it really just an RPU impact?

這其實是艾瑞克摩根為布蘭登代言。我只是想問另一位關於混合的問題。我很欣賞對收益率影響的細節，但我只是好奇你是否能談談對利潤率的任何影響，因為煤炭價格下降，目前國際多式聯運的運量也受到很大拖累。我們是否應該認為這些組合波動有助於推動本季的強勁 OR ？或者這真的只是 RPU 的影響嗎？

Yes. Thanks for that question. So mix does help on the RPU. And when we think about mix, there is some different mix in terms of the cost profile that's behind that. Our opportunity and our job is to improve the profitability of every line of business that we have. And so we are very proud of our manifest franchise. That's really our sweet spot for sure. But as Eric talked, intermodal, grain, coal, those are very profitable businesses for us as well to the extent that we can drive greater train length, So -- I'm not going to say we're totally agnostic, but we want to grow, and we want to grow across all lines of business. And so I think if you see us do that, you're going to like the margins that come from them.

是的。謝謝你提出這個問題。所以混合確實對 RPU 有幫助。當我們考慮組合時，就其背後的成本狀況而言，存在一些不同的組合。我們的機會和工作是提高我們所擁有的每條業務線的獲利能力。因此，我們對我們明顯的特許經營權感到非常自豪。這確實是我們的最佳選擇。但正如艾瑞克所說，聯運、糧食、煤炭，這些對我們來說也是非常有利可圖的業務，因為我們可以開更長的火車長度，所以——我不會說我們完全不可知論，但我們希望成長，我們希望在所有業務領域中實現成長。所以我認為如果你看到我們這樣做，你會喜歡他們帶來的利潤。

You bet. And just to sort of -- why don't I summarize the way I look at the quarter and what we see moving forward? First of all, if you look -- if you take a look at our results, our industrial, and that's what I love about Union Pacific is our industrial originations, the Mexico product that is non-intermodal, which gives us a different level of return and price capability, is strong. And that's what we want to see. And that was -- that's what helped us in the first quarter, and I can't see that changing, except I just don't know where the macro items are going to be in the short term in the U.S.

你打賭。我為什麼不總結一下我對本季的看法以及我們對未來的看法？首先，如果你看看我們的成果，我們的工業，這就是我喜歡聯合太平洋公司的原因，那就是我們的工業起源，墨西哥的產品是非聯運的，這給我們帶來了不同水平的回報和性價比能力，很強。這就是我們希望看到的。這就是第一季對我們有幫助的因素，我看不到這種變化，除非我不知道美國的宏觀計畫在短期內會發生什麼變化。

I was hoping with all the products that we ship and handle for people and consumers that I would have seen an interest rate cut in the next few months and maybe it will happen later on this year. So an interest rate cut would help us in what people are spending on their homes from lumber and number of products. But if you take a look at where we are, and that's what I like, we leverage that franchise we have in the Gulf in originations in the middle of the heartland of the United States.

我希望我們為人們和消費者運送和處理的所有產品都能在未來幾個月內看到降息，也許會在今年稍後發生。因此，降息將有助於我們減少人們在木材和產品上的房屋支出。但如果你看看我們所處的位置，那就是我喜歡的，我們利用我們在海灣地區擁有的特許經營權，起源於美國中部的中部地區。

And we always look for ways to improve our efficiency. We drive better return with whatever price we get out of the international and domestic business. And every time I see a train full of box cars and tank cars, it's music to my ears when those wheels roll by. So thank you very much.

我們一直在尋找提高效率的方法。我們以任何價格從國際和國內業務中獲得更好的回報。每當我看到一列裝滿棚車和油罐車的火車時，車輪滾動時的聲音就在我耳邊響起。非常感謝。

Next question comes from the line of Jeff Kauffman with Vertical Research Partners.

下一個問題來自 Jeff Kauffman 和 Vertical Research Partners 的電話。

Congratulations, this quarter, a tremendous result. I wanted to take a step back, a question for Kenny. What are you seeing in terms of customer commitments to near-shoring or rebasing manufacturing? And then in terms of coming back to the rail, your service metrics are up. And clearly, there's a flywheel effect there, but what are your customers telling you they need to see, those that maybe took business away before they would bring that business back?

恭喜，本季取得了巨大的成果。我想退一步，問肯尼一個問題。您對客戶對近岸生產或重新調整生產基地的承諾有何看法？然後就回到鐵路而言，您的服務指標有所上升。顯然，那裡存在飛輪效應，但是您的客戶告訴您他們需要看到什麼，那些可能會在恢復業務之前奪走業務的人？

Yes. Thanks for the question. On the near-shoring piece, it's real. You've seen the amount of investments that's there. We've got a strong commercial presence that's there, and you look at the overall rail, I'm talking the rail industry market share into and out of Mexico, is still relatively low if you put it in the mid-teens or so.

是的。謝謝你的提問。在近岸部分，這是真實的。您已經看到了那裡的投資金額。我們在那裡擁有強大的商業影響力，你看看整個鐵路，我說的是進出墨西哥的鐵路行業市場份額，如果你把它放在十幾歲左右的話，仍然相對較低。

Our new service product that we have in place at this time has been picking up steam and we've seen it grow. We've seen it grow in that North-South corridor. We've seen it grow in the traffic that we put on, the new product that we put on going in the Southeast, so tremendous growth there.

我們目前推出的新服務產品正在加速發展，我們已經看到它的發展。我們已經看到它在南北走廊中生長。我們已經看到我們在東南部投放的流量和新產品的成長，那裡的成長如此巨大。

There is also a more carload business that will come online and more plants that will come online, some of them for some of the autos that are going to come on and some just other what I'll call just industrial pieces. We're set up for that. We're engaging those customers. Our network strength and franchise gives us an opportunity to move a lot of that, both the feedstocks in Mexico and the finished product out of Mexico, so a very strong place for us, the 6 gateways. We had a great quarter coming into and out of Mexico, and we want to build on that.

還有更多的整車業務將上線，更多的工廠也將上線，其中一些用於即將上線的汽車，還有一些只是其他我稱之為工業件的工廠。我們已經為此做好了準備。我們正在吸引這些客戶。我們的網路實力和特許經營權使我們有機會將大量原料轉移到墨西哥，並將成品運出墨西哥，因此這對我們來說是一個非常強大的地方，即 6 個門戶。我們在進出墨西哥的季度表現出色，我們希望在此基礎上再接再厲。

As far as those customers coming back to us, with every month that we are able to sustain and ensure reliable product, we're able to capture a little bit more business, but we're also able to sit down with them and talk to them about adding the 1 or 2 carloads or talk to them about a truck lane piece or talk to them about their rail versus truck by lane percentage. So the stronger service product is certainly a positive for us, and our commercial team has been very aggressive out there hustling to get every carload.

就那些回到我們身邊的客戶而言，我們每個月都能夠維持並確保可靠的產品，我們能夠獲得更多的業務，但我們也能夠坐下來與他們交談與他們討論增加1 或2 輛車廂的情況，或與他們討論卡車車道的部分，或與他們討論鐵路與卡車的車道百分比。因此，更強大的服務產品對我們來說無疑是積極的，我們的商業團隊一直非常積極地爭取每一車貨物。

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

我們的下一個問題來自瑞銀集團 (UBS) 的湯姆·瓦德維茨 (Tom Wadewitz)。

Nice performance on the OR and the network and everything, so congratulations on that. I wanted to just get a little more color, I think, Jennifer or whoever else wants to jump in on the expense side, I know you've got a couple of questions, but comp and benefits, how do we think about that going forward? Is headcount stable? Did that go down a little bit?

手術室、網路和一切方面的表現都很好，所以恭喜你。我想獲得更多的色彩，珍妮佛或其他想要參與費用方面的人，我知道你有幾個問題，但是薪資和福利，我們如何看待未來？人員數量穩定嗎？是不是有點下降了？

And then on the purchase services line, I know, kind of storing locomotives, cars, that's helpful, but is that -- should we model that kind of flat looking forward? Or I guess you said there's a onetime where you didn't identify whether that's kind of small or meaningful, so I think just from a modeling perspective. And -- is there kind of further improvement? Or how do we think about it sequentially on comp and benefits and purchase services?

然後在購買服務方面，我知道，儲存機車、汽車，這很有幫助，但是——我們應該為這種公寓建模嗎？或者我猜你說有一次你沒有確定這是否有點小或有意義，所以我認為只是從建模的角度來看。還有──還有進一步的改進嗎？或者我們如何依序考慮薪資、福利和購買服務？

You bet, Tom. So let me start with the purchased services. So I think I did say that the one-time item there accounted for about half of the year-over-year decrease. So you should set that aside when you're thinking about rolling that forward. But again, as you heard me talk on another question, we still obviously think we have opportunities there.

你敢打賭，湯姆。讓我從購買的服務開始。所以我想我確實說過，一次性項目約佔同比下降的一半。所以當你考慮向前推進時，你應該把它放在一邊。但同樣，當你聽到我談論另一個問題時，我們仍然顯然認為我們在那裡有機會。

If you switch to comp and benefits then, back in January, we said we thought that we would probably see about a 5% increase in that line for the year. We were at 4% here in the first quarter, so really kind of right online there. And I think you know the drivers, they're wage inflation, they're the sick pay benefits, some higher guarantee pay, offset by what we're doing to improve our overall productivity and how we're managing the headcount.

如果你轉向薪資和福利，早在 1 月份，我們就說過我們認為今年該專案可能會增加 5% 左右。第一季我們的成長率為 4%，所以確實是在線的。我想你知道驅動因素，他們是工資通膨，他們是病假工資福利，一些更高的保證工資，被我們為提高整體生產力而採取的措施以及我們如何管理員工人數所抵消。

When you think about those new contract benefits in terms of the sick pay, it's also -- when we're rolling out the work rest agreements, that is resulting in a little bit of an elevation in terms of our TE&Y headcounts in anticipation of those benefits. And so really, the way to think about that is that we're paying a little bit more due to those agreements for the same unit of work. But I think what's encouraging there is we're offsetting that with some of our productivity, and that's our plan going forward.

當您考慮病假薪資的新合約福利時，當我們推出工作休息協議時，這也會導致我們的 TE&Y 員工人數增加，以應對這些情況好處。事實上，考慮這個問題的方法是，由於相同工作單元的這些協議，我們必須支付更多的費用。但我認為令人鼓舞的是，我們正在用我們的一些生產力來抵消這一點，這就是我們未來的計劃。

Okay. So that kind of comp and benefit plan probably is stable is the right way to look at it?

好的。那麼這種薪資和福利計劃可能是穩定的，這是正確的看待方式嗎？

Yes. I mean, obviously, if there's a significant change up or down from a volume perspective, that can have an impact, but I think we feel like we're in a pretty good place right now.

是的。我的意思是，顯然，如果從成交量角度來看出現重大變化，這可能會產生影響，但我認為我們感覺現在處於一個非常好的位置。

It's a great way to look at it, Tom, in the short term, you'll see in the next few quarters. But the challenge, and one that we know that we have to tackle, is we have wage inflation. You deal with that absolutely, and you have a great service product and you price properly. I think we're doing the right things there so that we don't impact our customers to the point where they can't win in the marketplace.

湯姆，從短期來看，這是一個很好的看待它的方式，你將在接下來的幾個季度中看到這一點。但我們知道我們必須應對的挑戰是薪資上漲。你絕對會處理這個問題，並且你擁有優質的服務產品並且定價合理。我認為我們正在做正確的事情，這樣我們就不會影響我們的客戶，以至於他們無法在市場上獲勝。

But efficiency-wise, if you look at how the number of cars we're switching for employee and everything that we're doing with technology, I'm very comfortable that we'll figure out a way to change that slope on that line on what it costs us and the number of people per car to be able to hand the business level that we're at. So a little bit -- it's a lot of hard work, but I see over the next couple of years for us to get back in line to where we were.

但就效率而言，如果你看看我們為員工更換的汽車數量以及我們利用技術所做的一切，我很高興我們會找到一種方法來改變該線路的坡度我們的成本以及每輛車的人數才能達到我們目前的業務水準。所以，這是一項艱鉅的工作，但我預計在接下來的幾年裡，我們將回到原來的狀態。

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

我們的下一個問題來自巴斯克梅專業隊與薩斯奎哈納隊。

The owners of your Western competitor made some very public comments about really wanting more margin and profitability out of that business just a few months ago. Can you speak to if you've seen anything different in either how they approach the market or operate their business? And is or can that create opportunities for you to grow in the midterm?

就在幾個月前，您的西方競爭對手的所有者發表了一些非常公開的評論，表示確實希望從該業務中獲得更多利潤和盈利能力。如果您發現他們進入市場或經營業務的方式有什麼不同，您能談談嗎？這是否或能夠為您在中期成長創造機會？

Bascome, it's a great question. And did I like to hear that? Absolutely. But because I think we're in an industry where we provide for the price that we charge very competitive and we beat most modes of transportation. So I think you need to be smart on how you price, and I think you need to make sure that we provide the service for that price that we sold.

巴斯科姆，這是一個很好的問題。我喜歡聽這個嗎？絕對地。但因為我認為我們所處的行業提供的價格非常有競爭力，而且我們擊敗了大多數運輸方式。因此，我認為您需要明智地定價，並且我認為您需要確保我們以我們銷售的價格提供服務。

So we compete every day against our competitor, and we're here to win. And hopefully, they're prudent in the way they look at their markets, and I don't tell them what to do. They need to do theirs. And we're very comfortable that we're doing the right things. And I think head-to-head, we'll put our complex of what we have, including the Mexico piece, and I think it gives us a great opportunity to compete. And you have to love it, great competition against the great. The railroad is a wonderful thing. I love it. It makes us better. It makes the whole industry better. So I love the comments, but we'll see what their actions are as we see them go down the road.

因此，我們每天都在與競爭對手競爭，我們就是為了獲勝。希望他們看待市場的方式是謹慎的，我不會告訴他們該怎麼做。他們需要做他們的。我們很高興我們正在做正確的事情。我認為，在正面交鋒中，我們將把我們所擁有的綜合體，包括墨西哥的部分，我認為這給了我們一個很好的競爭機會。而且你必須喜歡它，與偉大的人進行激烈的競爭。鐵路是一個奇妙的東西。我喜歡它。它讓我們變得更好。讓整個產業變得更好。所以我喜歡這些評論，但當我們看到他們的行動時，我們會看看他們的行動。

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

我們的下一個問題來自斯科特集團和沃爾夫研究公司。

So Jennifer, Kenny sounded a bit better on price. I know last quarter, you talked about price/cost is a margin headwind for the year. I'm just wondering, are we getting any closer to that becoming a tailwind, right, if we can combine some of the productivity stuff with price/cost that the margins could get pretty good. I just don't know if we're getting closer to that inflection yet. And then can you just clarify that if we've seen the full impact of the coal RPU headwind from lower nat gas, or if there's another step-down coming there?

所以珍妮佛、肯尼在價格上聽起來比較好一些。我知道上個季度，您談到價格/成本是今年的利潤逆風。我只是想知道，我們是否更接近成為順風車，對吧，如果我們能夠將一些生產力因素與價格/成本結合起來，那麼利潤率可能會變得相當不錯。我只是不知道我們是否正在接近這種拐點。然後您能否澄清一下，我們是否已經看到了天然氣下降帶來的煤炭 RPU 逆風的全面影響，或者是否還會出現另一次降壓？

Yes. I'll let Kenny talk -- take that coal question. But you're hearing it right. We're putting a lot of pressure on Kenny and the team to go out there and deliver the price, and they're very much stepping up to that and are taking on that challenge and being aggressive in the marketplace. Obviously, we improved our margins in the quarter. So the combination of our volume, which was down a little bit, but price and productivity is what's driving the margin improvement. I can't say that we're accretive yet from just a pure price inflation standpoint, but that absolutely is the goal. We are though exceeding, just the dollars are exceeding the inflation dollars. We're still very confident of that. Kenny?

是的。我讓肯尼談談──回答煤炭問題。但你沒聽錯。我們給肯尼和團隊施加了很大的壓力，要求他們走出去並提供價格，他們正在努力應對這一挑戰，並在市場上積極進取。顯然，我們本季的利潤率有所提高。因此，我們的銷量略有下降，但價格和生產力的結合推動了利潤率的提高。我不能說，僅從純粹的價格通膨的角度來看，我們已經實現了增值，但這絕對是我們的目標。我們雖然超過了，但美元超過了通膨美元。對此我們還是很有信心的。肯尼？

Yes. I just want to reiterate what Jennifer said, we'll exceed our inflationary dollars. On this coal question that you have, we're looking at the same things. You're looking at in terms of the natural gas futures, and we're talking to our customers, similar to my comments around domestic intermodal. Yes, I think we're at the trough levels, when they will come up is yet to be seen. They're still depressed. We'll see if we get some seasonal lift here going into the spring and the summer. I want a hot, muggy summer so we can move more business. But if that doesn't happen, we'll see what Eric and the team to do for us to efficiently move the coal business. Thank you for the question.

是的。我只想重申珍妮佛所說的話，我們將超過通貨膨脹的美元。關於你提出的煤炭問題，我們正在考慮同樣的事情。您正在關注天然氣期貨，我們正在與客戶交談，類似於我對國內聯運的評論。是的，我認為我們正處於低谷，何時會上升還有待觀察。他們仍然很沮喪。我們將看看這裡是否會在春季和夏季出現一些季節性的提升。我想要一個炎熱、悶熱的夏天，這樣我們就可以開展更多業務。但如果這種情況沒有發生，我們將看看艾瑞克和他的團隊為我們做些什麼來有效地推動煤炭業務。感謝你的提問。

I'm telling you, and I have to jump in on this one here, Kenny and team and everybody, coal is what it is, and I said it in my prepared comments on purpose. We have other markets that are going to take care of that coal business. It's tough to replace the number of the trains that we originate, but we used to originate a heck of a lot more than we do today, and we need to be able to grow it. So we can hope, and I'm not into hope. I'm into, let's go out there, deliver, have the right processes, have the right things possible, and we go deliver and we win.

我告訴你，我必須在這裡插話，肯尼和團隊以及每個人，煤炭就是這樣，我在準備好的評論中故意這麼說的。我們還有其他市場來處理煤炭業務。更換我們創造的火車數量是很困難的，但我們過去創造的火車數量比現在多得多，而且我們需要能夠增加它。所以我們可以抱持希望，但我不抱希望。我認為，讓我們走出去，交付，擁有正確的流程，盡可能地做正確的事情，然後我們交付，我們就贏了。

And I've spoken about our franchise a few times on this call. That's what allows us to win. We provide good service and will more than offset anything that happens over the long term with coal. It is what it is, okay? I don't see it coming back to a large level that it will change us. It might do it for a short term, but that's the way I look at it, and that's the way the team here at Union Pacific is. We're going to win regardless of what happens to one commodity that we ship.

我在這次電話會議上多次談到了我們的特許經營權。這就是我們獲勝的原因。我們提供良好的服務，並且足以抵消煤炭長期發生的任何問題。就是這樣，好嗎？我認為它不會在很大程度上改變我們。它可能會在短期內實現這一目標，但這就是我的看法，這就是聯合太平洋團隊的做法。無論我們運送的一種商品發生什麼情況，我們都會獲勝。

Our next question is from the line of Stephanie Moore with Jefferies.

我們的下一個問題來自傑弗里斯的史蒂芬妮摩爾。

So, Jim, really nice progress here across safety and service. So in terms of customer engagement post these improvements, what are you hearing from customers? Are you seeing engagement accelerate at all? Kind of what's the opportunity from here? And then maybe on the flip side, I'd love to hear, have you noticed any challenges to the network, maybe revenue holds looking to fill that, that were maybe less apparent? I'd love to get your thoughts.

所以，吉姆，在安全和服務方面取得了很大的進展。那麼，在這些改進後的客戶參與度方面，您從客戶那裡聽到了什麼？您是否看到參與度有所加速？這裡有什麼機會？然後也許在另一方面，我很想聽聽，您是否注意到網路面臨的任何挑戰，也許收入正在尋求填補，這可能不太明顯？我很想聽聽你的想法。

It's a great question. I think it's -- when I came back to work, a lot of people thought that the only thing I'd concentrate is on operations, and I have been spending some time there. But I have spent a lot of time speaking to customers. I did it the first week I was on the job. I've followed up with them. I've gone to meetings when we bring them in, our Industrial, our Bulk, our Premium business.

這是一個很好的問題。我認為，當我回到工作崗位時，很多人認為我唯一要關注的事情就是運營，而我已經在那裡度過了一段時間。但我花了很多時間與客戶交談。我上班第一週就這麼做了。我已經跟進了他們。當我們引入工業、散裝和高端業務時，我會參加會議。

So the feedback is they want us to win, and they see themselves winning in the marketplace if Union Pacific can be successful in what our strategy is. So the feedback has been positive. There's always some markets and some customers that we have to truly understand what their impacts are and where they are because we want them to survive and win. So we're doing everything we can. And maybe, Kenny, you can speak a little bit more about our engagement and what we're doing with customers.

因此，反饋是他們希望我們獲勝，如果聯合太平洋公司能夠在我們的策略上取得成功，他們認為自己將在市場上獲勝。所以反饋是正面的。總是有一些市場和客戶，我們必須真正了解他們的影響是什麼以及他們在哪裡，因為我們希望他們生存並獲勝。所以我們正在盡我們所能。肯尼，也許您可以多談談我們的參與以及我們與客戶所做的事情。

Yes. If you look at it, so far this year, our face-to-face meetings, the strong customer engagement strategies. We have a lot more, significantly more contacts with customers, and we're touching them in different ways. One of the unique strategies that we have as I'm looking at Eric, 1/3 of our meetings have an operating leader or a local operating person is there. And we're doing that to see how we can grow more business specifically. So strong customer engagement strategy at all levels, and we're going to keep at it. Thanks for the question.

是的。如果你看看今年到目前為止，我們的面對面會議，強大的客戶參與策略。我們與客戶的接觸越來越多，而且我們以不同的方式接觸他們。正如我所看到的艾瑞克（Eric），我們擁有的獨特策略之一是，我們 1/3 的會議都有一位營運領導者或當地營運人員參加。我們這樣做是為了看看如何能夠具體地發展更多業務。在各個層面都有如此強大的客戶參與策略，我們將堅持下去。謝謝你的提問。

Our next question is from the line of Elliot Alper with TD Cowen.

我們的下一個問題來自 Elliot Alper 和 TD Cowen。

This is Elliot on for Jason Seidl. My question is on international intermodal. So the outlook calls for pretty muted international intermodal for the year, I guess. We would appreciate some more context around that. I mean, I understand there was a customer loss that you called out last quarter. We've seen some strong volumes coming out of the West Coast ports, I guess. Should we continue to think about that continued acceleration on the West Coast mostly offset? Or could there be some upside if the strength on the West Coast continues?

這是艾利歐特為傑森·塞德爾所做的發言。我的問題是關於國際聯運。因此，我認為今年國際多式聯運的前景相當黯淡。我們希望能提供更多相關背景資訊。我的意思是，據我所知，您上季度稱存在客戶流失情況。我猜，我們已經看到西海岸港口的出口量強勁。我們是否應該繼續考慮西海岸的持續加速大部分被抵消？或者如果西海岸的強勢持續下去，是否會有一些上行空間？

Elliot, thanks for the question. So a few things here. Let's set aside the contract loss you referenced. It's been strong. International intermodal has been strong for us, a little bit of a pleasant surprise for us that we've been able to capitalize on it. We're seeing more IPI business or business that's going into our network increase by a few points. We are aware that there has been a small impact on the positive side because of some of the challenges with the Panama Canal. We'll see what happens if some of the BCOs are a little bit more concerned with any labor issues on the East Coast.

艾略特，謝謝你的提問。這裡有一些事情。我們先把你提到的合約損失放在一邊。一直很強。國際多式聯運對我們來說一直很強大，我們能夠利用它，這讓我們有點驚訝。我們看到更多的 IPI 業務或進入我們網路的業務增加了幾個百分點。我們知道，由於巴拿馬運河面臨一些挑戰，正面的影響很小。如果一些 BCO 更關心東海岸的任何勞工問題，我們將看看會發生什麼。

But as we go through the second quarter, I feel pretty good about those volumes staying where they are, as we talk to our customers in their pipeline. I'd like to see as we move a few weeks out what happens in the second half of the year. So I'm not ready today here in April to bet on what's going to happen in the second half of the year.

但當我們進入第二季度時，當我們與管道中的客戶交談時，我對這些銷售保持在原位感到非常滿意。我想看看幾週後下半年會發生什麼事。因此，今天四月我還沒準備好對今年下半年會發生什麼事進行打賭。

The last thing I'll end with, and I've said this quite a bit, I do like the fact that regardless of what happens at the West Coast, we're preparing for if it does get transloaded, more products were to get to the East Coast that I talked about, those 20 cities that will move with the NS and the CSX, our Phoenix product and us being holistically and leveraging the entire franchise to go after more business out of the Port of Houston. Thanks for your question.

我要結束的最後一件事，我已經說過很多次了，我確實喜歡這樣一個事實：無論西海岸發生什麼，我們都在準備，如果它確實被轉運，更多的產品將會被運走。到我談到的東海岸，那20 個城市將與NS 和CSX 一起移動，我們的鳳凰城產品和我們從整體上利用整個特許經營權來追求休士頓港的更多業務。謝謝你的提問。

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

下一個問題來自 RBC Capital Markets 的 Walter Spracklin。

So I want to take a little bit of a bigger picture on the competitive environment and how you interact with your competitors, both East and West. When we were at -- we were attending a recent session with the -- with Southern campaign, they called out the CP, KCS, CSX as a natural alliance. Just curious whether you see yourself as naturally being able to cooperate, coordinate operations to bring a more effective, higher service product to your customers.

因此，我想對競爭環境以及您如何與東方和西方的競爭對手互動有一個更大的了解。當我們參加最近與南方競選團隊舉行的會議時，他們稱 CP、KCS、CSX 是天然的聯盟。只是好奇您是否認為自己自然能夠合作、協調運營，為您的客戶帶來更有效、更高的服務產品。

Is there one company in particular or -- that you could align a little bit closer with given the network interplay between the companies? Just curious what you're thinking about longer term in the absence of acquisitions or mergers. Could there be increased cooperation that allows you to bring a higher service to the customer?

考慮到公司之間的網路交互作用，是否有一家公司是特別的，或者您可以與這家公司更緊密地合作？只是好奇在沒有收購或合併的情況下您對長期的想法是什麼。是否可以加強合作，讓您為客戶提供更高的服務？

Walter, I appreciate the question. You have to think about it that 40% of the traffic that we either originate or receive starts somewhere else. So when you put that number in perspective, we can't be choosy and say that we'd rather partner with one Eastern railroad or one Canadian. I guess, I can't call CP or CN Canadian railroads anymore. I apologize to both of them, but international railroads. And what we need to do -- and all the short lines that we touch. The way I look at it is what is the best and the fastest and the quickest. So if we're all efficient, we all have good service, we all are smart in running a very fluid railroad that has buffer to be able to handle the ups and downs that naturally occur, Walter, we all win. So I don't have a preference.

沃爾特，我很欣賞這個問題。您必須考慮到我們發起或接收的 40% 的流量是從其他地方開始的。因此，當你正確看待這個數字時，我們不能挑剔地說我們寧願與一家東部鐵路公司或一家加拿大公司合作。我想，我不能再打電話給 CP 或 CN 加拿大鐵路了。我向他們兩人道歉，但向國際鐵路道歉。以及我們需要做什麼——以及我們接觸到的所有短線。我的看法是最好、最快、最快。因此，如果我們都很高效，我們都有良好的服務，我們都聰明地運營著一條非常流暢的鐵路，有緩衝能夠處理自然發生的起伏，沃爾特，我們都會贏。所以我沒有偏好。

Now I love it that we get to compete with some of them, and we say, we originate lots of many cars, and we say to them, which one wants the business, is it CSX or NS or is it CN or CP. And I think we compete on some. But when we work together, which we are, we have very detailed meetings with CPKC, with CN, with NS and with CSX to talk about on that interline business, how do we make those interchanges fluid, so we don't spend 24 hours to interchange cars at some interchange when we go one way or the other. So we can win and beat trucks, especially in that speed network that requires that kind of work.

現在我很高興我們能與他們中的一些人競爭，我們說，我們生產了很多汽車，我們對他們說，哪一個想要這項業務，是CSX還是NS，還是CN還是CP。我認為我們在某些​​方面存在競爭。但是，當我們一起工作時（我們確實如此），我們會與 CPKC、CN、NS 和 CSX 舉行非常詳細的會議，討論聯運業務，我們如何使這些換乘變得流暢，因此我們不會花費 24 小時當我們走一條路或另一條路時，在某個交匯處換乘汽車。因此，我們可以贏得並擊敗卡車，特別是在需要這種工作的速度網絡中。

So, Walter, no preference, best one wins, and we want to be able to tell people, you want to interchange with us because -- versus the other carrier in the West, the BNSF because we have the best model, we are the fastest, we can get the markets and we move quick. And once we get there, because the customer looks at it end-to-end, how good are you at origination, are you on time, how fast you get it over the road. And that's why I look at the -- I don't look at train speed, it's an illogical measure on productivity on the railroad. I look at car velocity, and that's what's important. So hopefully, I answered your question, Walter.

所以，沃爾特，沒有偏好，最好的獲勝，我們希望能夠告訴人們，您想與我們交換，因為 - 與西方的另一家航空公司 BNSF 相比，因為我們擁有最好的模式，我們是最快，我們就能佔領市場，而且我們行動迅速。一旦我們到達那裡，因為客戶會端到端地審視它，你的起源有多好，你是否準時，你在路上的速度有多快。這就是為什麼我關注——我不關注火車速度，這是衡量鐵路生產力的不合邏輯的指標。我關注汽車速度，這才是重要的。希望我回答了你的問題，沃特。

It does. Congrats on a great quarter.

確實如此。恭喜您度過了一個出色的季度。

Our final question is from the line of Ben Nolan from Stifel.

我們的最後一個問題來自 Stifel 的 Ben Nolan。

And as much as we, you guys don't want to talk about specific markets. One of the things that I've been hearing about lately a lot is more crude by rail. Kenny, I was wondering if you could elaborate a little bit on that. Is that something that you guys are seeing? And as you think about sort of the outlook going forward, how needle moving is that to the business?

和我們一樣，你們也不想談論特定市場。我最近經常聽到的一件事是鐵路運輸更加粗糙。肯尼，我想知道你能否詳細說明一下。這是你們看到的嗎？當你思考未來的前景時，這對業務有多大影響？

Yes. Thanks for the question. You heard my comments around our petroleum markets and business development wins there. And it's a type of oil that we're moving that we're excited about, and it's moving right now domestically. We've seen some strength. Eric's team has been able to help us grow a little bit of that business and get as much of it as we can. So we don't see that kind of traditional crude by rail that we saw 10 years ago, but we're seeing another emerging commodity in the market that we're excited to be moving, and it's going great for us.

是的。謝謝你的提問。您聽到了我對我們的石油市場和業務發展勝利的評論。這是我們正在運輸的一種石油，我們對此感到興奮，而且它現在正在國內運輸。我們看到了一些力量。埃里克的團隊已經能夠幫助我們發展一點業務，並盡可能多地獲得它。因此，我們沒有看到十年前那種透過鐵路運輸的傳統原油，但我們在市場上看到了另一種新興商品，我們很高興能夠運輸它，這對我們來說非常有利。

Rob, just let me -- if that was the last question, let me just summarize real quick because I think there's a few key points that I want to make sure that we highlight. One is, I think, the last 2 quarters have shown what's possible for this railroad. And that's really important to us is what's possible. We will have headwinds. We have a wage increase coming July 1. That's a headwind.

羅布，請讓我——如果這是最後一個問題，讓我快速總結一下，因為我認為我想確保我們強調一些關鍵點。我認為，一是過去兩個季度已經展示了這條鐵路的可能性。對我們來說真正重要的是可能性。我們將會遇到逆風。我們將於 7 月 1 日加薪。

We have certain segments of our business that are down and can be up and others that are up that are going to impact us. But the way we look at it, and I'm so proud of this entire team and the entire railroad, if you look at what we're doing is we're making ourselves more efficient, we're driving decision-making to the right level, we're providing service that we sold our customers at a high level. And the franchise that we have and the network that we have gives us every possibility to win in the long term. That's the goal.

我們的某些業務部門正在下降，但可能會上升，而其他業務的上升將對我們產生影響。但我們看待它的方式，我為整個團隊和整個鐵路感到自豪，如果你看看我們正在做的事情，我們正在提高自己的效率，我們正在推動決策制定正確的水平，我們提供的服務是我們向客戶提供的高水準服務。我們擁有的特許經營權和網絡為我們提供了長期獲勝的一切可能性。這就是目標。

I'm looking forward to in September deep diving what we look like in the next 2 or 3 years, have a longer-term plan for everybody. And I'm sure I'm going to run into some of you before. But, otherwise, looking forward to the next quarter that closes. April is a great start with where our carloads are, and this is a great railroad, great franchise, and I'm looking forward to moving it forward.

我期待在 9 月深入探討未來 2 到 3 年的情況，為每個人制定長期計劃。我確信我之前會遇到你們中的一些人。但是，除此之外，期待下個季度結束。四月對我們的車輛來說是一個好的開始，這是一條偉大的鐵路，偉大的特許經營權，我期待著推動它向前發展。

Thank you very much for joining us today.

非常感謝您今天加入我們。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。